How Early Financial Planning Helped This Young Carpenter Build His Future

As told to Northwestern Mutual

Matt could swing a hammer and read building plans since he was a teen. But financial plans weren’t in his wheelhouse. Just out of high school and working on construction sites, Matt was a disciplined saver—he bought a house at age 19—but mostly he considered money in the bank a source of funding for the next cool pickup truck.

Then he met Northwestern Mutual financial planner David Colby by chance on a jobsite. David showed Matt how his money could work for him, with a plan to help him save for his own business. Then Matt’s dad died suddenly, just before Matt’s wedding to Miranda, and David began managing both business and family planning for the young couple.

Now Matt’s construction company is booming, and Matt and Miranda are building their own home, with kids in mind. David helped the couple identify a path to long-term success. And there’s still money in the bank to buy the next truck. Here’s the inspiring story of how they did it.

What are your earliest memories of money and work?

Matt: I built my grandmother’s deck when I was 13, then I just kept building small things for people—shelf units or anything else I could build in the garage. In high school I was always in the trades classes; I knew I would end up doing work like that. I had summer apprenticeships where I got to be part of a crew. I remember as a kid collecting money I’d earned on jobs and putting the bills in the pages of a book. Then I’d go to my dad and swap all my twenties for hundred-dollar bills, which I thought was the coolest thing ever. I remember making my first $1,000. It took all summer, but at age 14, $1,000 is pretty awesome.

Miranda: Matt was a different type of high schooler. We were all just hanging out and enjoying our kid lives, and he’s building decks for people. What 13-year-old does that? That’s why I picked him. I saw that drive!

And after high school?

Matt: I started working full-time at a big commercial construction company, getting a paycheck every week. Being an adult with money to buy whatever you wanted was cool, and there were probably things I spent money on that didn’t make sense, like dream cars. But for the most part I just liked saving. Then I started moonlighting, working on home remodels after work, to make more money. I bought my first home when I was 19, now I’m 24 and on my second home.

How did you start working with your advisor, David?

Matt: I was doing a kitchen remodel for somebody who was also David’s client, and he stopped by one evening. I never thought I’d have a financial advisor, but we got in touch and had a meeting. He knew I had a retirement plan at my day job, but also that I wanted to start my own business and of course I was already doing my own jobs at night. I work in a dangerous field, so we talked about life insurance, long-term disability, and having a plan for when I would leave my day job. And then I told him I was about to get married, and that my dad was not doing well.

So your responsibilities were growing?

Matt: Yes. Miranda and I met in the seventh grade and started dating in high school. I wouldn’t quit bothering her and she finally caved in. My dad loved her; he knew she would keep me on track. He knew I had a good head on my shoulders, but I was still young and dumb. He passed suddenly at age 53 just before our wedding. The week prior, we were talking about wedding stuff, and he went and paid for Miranda’s dress. That was our last phone call.

Miranda: We couldn’t really go on a honeymoon. Matt spent the first few months of our marriage taking care of everything related to his dad.

How did David help through all of those changes?

Matt: When my dad died, David knew exactly what to do. He was like “Well, let’s take a minute, sit down. We’re going to handle it all.” I brought him this plastic bin full of my dad’s financial documents, and he just started working through everything. My dad was a big planner like me. There were retirement accounts and insurance, and his house was paid off. It was a big learning curve. But David helped me see how what my dad left for me could grow my own business and make his hard work do even more, so that when I hand it down to our kids, it will be 10 times better.

So then you were able to start your own construction business?

Matt: Yes, we’re building 200,000-square-foot warehouses. But on a family level, our focus right now is finishing my new shop and building our home, on four acres of riverfront property we bought. I’ve built grand kitchens for everybody else, but I never really built anything for myself.

Miranda: We’ve been dreaming about this ever since we started dating—he’s talked about having his own construction business. So it’s cool to finally see all the hard work, all of the date nights that we spent buying building materials, pay off.

And how does David help with your ongoing plans?

Matt: On the big picture, he’s able to walk us through all the things we can do with our money. I call him often to ask, “Does this make sense? Would this fit into our plan?” And we have some big future growth plans including children, and David walks us through every step of it.

What would you say to people who think financial advisors are for people nearing retirement?

Matt: When I met David I was just out of high school and working for a paycheck. The only thing I cared about was making money; I had no clue what to do with it once I had it. Now I understand there are so many ways to make money with your money. And thanks to David, I realize now that having any plan is better than no plan. With just one little step every day, you can walk somewhere.

This story has been edited and condensed from a recorded interview. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI.

The testimonial presented may not be representative of the experience of other clients and are not a guarantee of future performance or success.