Shaun Melby, CFP® Melby Wealth Management, LLC
About Shaun Melby, CFP®
My name is Shaun Melby and I am the founder of Melby Wealth Management, LLC. At the time of my certification, I was one of the youngest CERTIFIED FINANCIAL PLANNER™ practitioners in the country.
I have over a decade of experience in the financial industry while working closely with some of the biggest names in music. I believe the financial planning process is the best way to create and maintain wealth, so I formed Melby Wealth Management to help as many people as possible work towards achieving their dreams and obtaining financial peace of mind.
I grew up in Onalaska, Wisconsin and moved to Nashville, Tennessee in 2005 to earn a BBA in Finance as well as Music Business from Belmont University. My wife and I call Nashville, Tennessee home and in 2019 we welcomed our first child into the world.
During my spare time, I enjoy going to Nashville Predators games, cheering on the Green Bay Packers, checking out the local dining scene, traveling, playing with our dogs Hank and Bo, and spending time with family and friends. I also serve as Treasurer for the Crieve Hall Neighborhood Association.
Investing isn’t for the faint of heart. One needs to have a plan and stick to it; yet, it’s easier said than done. Falling victim to one of these mistakes is easy to do. Being aware of what they are will provide you with the right mindset to know if one of these thoughts is making some noise.
A river cutting through sedimentary rocks throughout millennia can create something mind-blowing like the Grand Canyon. Just like the Grand Canyon wasn’t created overnight, your investments need consistent contributions and decades of appreciation to build generational wealth. Too often, we invest for a couple of years into a 401(k) or IRA thinking our few thousand-dollar investments should be a hundred-thousand dollars. And when that isn’t the case, we give up contributing altogether.
In short…probably not. According to a study by Northwestern Mutual, 21% of Americans have zero retirement savings and 33% have less than $5,000 saved for retirement. Also, 33% of Baby Boomers have less than $25,000 saved for retirement. According to the same study, the average amount Americans have saved is $84,821 and only 25% have more than $200,000 saved for retirement. What’s more crazy is almost 75% of Americans believe Social Security will “not at all likely” or “somewhat likely” be available when they retire. A study by Provision Living states Millennials would like to have $687,000 saved for retirement, but will likely only have $357,000. At least Millennials have time to change investing contributions. Baby Boomers are right at the doorstep of retirement and are in bigger trouble as their ideal retirement would have $574,000 savings but realistically will have $228,000. The dichotomy between fantasy and reality is great for all generations. We know there is a problem but are not taking the necessary precautions to deal with that problem.