The way people manage their finances can tell a lot about their journey in creating wealth that can lead to abundance and prosperity. No one can argue that many people in the United States and other parts of the world wish to live an abundant and prosperous life, which is why it is essential to understand and learn how to manage money correctly.
Financial expert and wealth coach David Hutchinson said that our finances could influence almost every aspect of our lives. However, Hutchinson revealed that most people lack the knowledge and understanding to manage money effectively. Through his experience, he has encountered numerous individuals and realized that almost anyone that you will ask in the country will tell you that they want to get rich, but unfortunately, people would only learn 5% of what they should know about money and their finances.
Financial literacy in the United States continues to decline. In the last ten years alone, the financial literacy of Americans fell by 8% since 2009, which reflects how most American adults find it challenging to answer basic questions about money. The less they know about money, the more they are prone to miscalculated financial decisions. In the end, the country might end up with many adults who are buried in debt and no savings.
Seeing the low number of financially literate individuals in the United States is a discouraging scenario, therefore, this concern needs the utmost attention. It is good to know that David Hutchinson, the founder and CEO of The Legacy Company, took the challenge of educating people about their finances. In the last ten years, his company is helping change the way people learn financial education. For Hutchinson, it is more than helping them create wealth but transforming them into financially sound individuals.
The Man Behind the Company
Hutchinson came from a middle-class family and grew up in a small American town. In the early part of his career, he served in the United States military. After completing his military duties, he left the military service and transitioned to work in the financial industry.
To build his expertise on this new career path, he first worked for prominent financial companies, such as Prudential and Wells Fargo. He started doing insurance and retirement for a couple of years and according to Hutchinson, he was lucky to have the opportunity to learn from top wealth managers in the field. The people who took Hutchinson under their wing are individuals who are managing hundreds of millions in assets and private equity and also run multiple businesses. The knowledge that he has learned from his mentors helped build the person that he is today. He also shared how such an experience prepared him to handle more high-end and wealthy clients.
In 2009, Hutchinson took the giant leap forward and founded The Legacy Company. He admitted that the company that took some time to build clicked with potential clients. Before the company gained prominence and developed stable cash flows, it was not bringing enough revenue to sustain it. To make ends meet, he did personal training and diet coaching on the side for the first two years. It was a slow start, but he never thought of giving up because he knew that things would get better as the years go by.
At present, Hutchinson is managing a growing team of hungry advisors set out to change the way people are educated on the financial game of life. He also collaborates with other elite money managers to help online clients grow, protect, and build their wealth.
A Holistic Way Of Thinking
Hutchinson explained that most people have a common misconception that wealth creation equates only to money and finances. Wealth creation involves all pillars of life – mind, body, family, and finances. If you only focus on finance, you might have a prosperous bank account, but it will not automatically translate into a feeling of fulfillment. Tangible wealth is only a part of the equation.
The Legacy Company has been advocating for the need to have the proper mindset and a healthy body hat, if people want physical and financial wealth in their lives. It is the reason why the company’s wealth strategies address the four pillars of life. Hutchinson said that the company recognizes the importance of a healthy body in wealth creation. Hence, part of their methods is to provide fitness, nutrition, or supplementation advice. Their objective is not solely about improving someone’s financial stability, but also to create a culture wherein individuals desire better physical wellness and nutritional health. He emphasized that a sound body and a sound mind will lead to abundance and prosperity.
To enrich the mind, the company offers mindset and mental wellness strategies. Hutchison explained that financial and fitness principles are nothing if people do not have the proper mindset and consistency. Tactical strategies and mindset go hand in hand to help you achieve a better outcome.
Moreover, family also plays a significant role in the generation of wealth. The Legacy Company addresses this pillar of life through its community and expert support. Usually, the best results and outcomes in life come from being part of a community or group that holds you accountable. Their clients are not clients or referral partners; instead, they are treated as members of the company’s community.
For the financial aspect, the company is proud to have licensed financial professionals educate clients about their finances, investments, and retirement plans, among others. Their team of advisors can teach anything, from the basics of money and financials to the long-term strategies of investing for retirement.
Hutchinson is sending an open invitation to everyone to create their true legacy. He and his advisors are willing to help anyone who wants to build their wealth through a more holistic approach. For him, wealth planning is a way of life towards abundance and prosperity. His goal is not to live forever, but to create something that will span from generation to generation and will be a way of being. That said, Hutchinson is urging everyone to create something powerful that lasts forever.