Welcome to Wealth Wednesday, on the Kanawha Valley Hustlers podcast. In this episode Joe Justice spoke with Alex Schnulo, a financial advisor and executive chair of the Metro Valley Society. They discuss the importance of financial planning, the ever-changing needs of individuals in different life stages, and the current market volatility. Let’s dive in!
Alex Schnulo shares his role as a financial advisor with Northwestern Mutual, where he helps individuals, families, and businesses with comprehensive financial planning. He emphasizes the significance of mitigating risks, ensuring solid cash flow, and setting achievable short-term, medium-term, and long-term financial goals. From securing life insurance and contributing to retirement plans like a 401(k) or IRA, to planning for college expenses or opening a business, Alex’s expertise helps clients create a strong foundation for future financial success.
The conversation touches on the timeless wisdom of starting financial planning as early as possible. Alex affirms that it’s never too late to begin, but the earlier one starts, the better. By allowing time for investments to compound, individuals can increase their chances of achieving their financial goals. He stresses the value of consistent and disciplined planning, regardless of one’s age or current financial situation.
Joe raises the concern about market volatility and the anxiety it can create for investors. Alex acknowledges these worries, particularly in the aftermath of the COVID-19 recession. He advises clients to have a long-term vision and to stay the course despite short-term market fluctuations. By having a well-defined plan and understanding their goals, investors can weather market volatility and take advantage of discounted opportunities.
To alleviate anxiety during market downturns, Alex recommends following the Warren Buffett rule: if the money isn’t needed in the next five years, consider investing it. He emphasizes the historical trend of the market’s long-term growth and highlights the potential benefits of purchasing assets at a discount during market downturns. By maintaining a well-allocated portfolio and trusting in long-term market trends, investors can navigate market volatility with confidence.
Alex also shares his involvement in the Metro Valley Society, an organization he co-founded with the aim of fostering a sense of community among young professionals in the Charleston and Huntington areas. The Metro Valley Society provides a space for individuals from different communities to come together, establish connections, and create a sense of belonging in the Metro Valley region.