Sunday, June 04, 2023

Warren Buffet once said, “If you aren’t willing to own a stock for 10 years, don’t even think about owning it for 10 minutes.” Jason Blumstein, CFA® CEO and founder of Julius Wealth Advisors, couldn’t agree more. Like Buffet, the expert financial adviser and former football player believes in the long game. People are always chasing the present, said Blumstein, but it’s the ones who think long term who statistically perform better. In order to build real wealth, you need to dedicate time and discipline, he said, two principles that are underrated in today’s instant-gratification society.

Jason’s story began as a young boy growing up in South Florida, seeing his parents fall into financial hardship. At 10 years old, he didn’t fully grasp what was happening, but he understood enough to know that his maternal grandfather, Julius, bought them a house and had the financial means to help them get back on their feet.

Jason and his grandfather spent quality time together. Like most children, Jason would often watch cartoons. However, when Julius came over, he would switch to CNBC to watch the financials. This habit at first irritated Jason, but eventually started to interest him. Once he had Jason’s attention, Julius saw an opportunity to teach. He bought the youngster five shares of Goodyear Tire stock and five shares of Pepsi stock, two companies he knew Jason would recognize. The boy tracked his shares diligently, earning him a $300 profit and a lasting passion for finance.

As Jason got older his father told him that he couldn’t afford to send him to college and if he wanted to go, he needed to get a full scholarship. Having grown up playing sports and measuring 6 foot 2 and 275 pounds, he was the ideal offensive lineman. A friend approached him to play football for St. Thomas Aquinas High School, and even though he wasn’t observant at the time, Jason questioned if a Jewish boy could attend a Catholic school. He thought about the long game and quickly realized this was his vehicle to college. He was accepted to St. Thomas Aquinas, won a state championship, and landed a full football scholarship to Lehigh University, where he earned a bachelor of science in finance with a minor in communications.

A serious back injury ended Jason’s football career, and he decided to pursue the career in finance he always dreamed of. He worked at well-known financial firms including Price Waterhouse, Morgan Stanley and JP Morgan, where he built one of the most successful wealth management platforms in the company’s history. He was good at what he did, and he made a fine living, but he didn’t feel fulfilled.

For Jason, who describes himself as an extrovert, staring at screens and spreadsheets all day eventually got old. He moved on and joined a boutique investment advisory firm where he enjoyed working with people. After helping advance the company, he decided it was time to go out on his own and build something for himself, his family and for clients who want to join him on a long-term journey. He established his firm, Julius Wealth Advisors, named for his grandfather who taught him the meaning of money and empowered him to become the man he is today.

Julius Wealth Advisors is committed to continuing the legacy of financial literacy by educating clients about the concepts and discussions surrounding money. Many people fear the unknown, said Jason, who remembers shying away from Judaism as a kid because he didn’t know much about the religion. “First I met my wife, Miriam, then a Chabad rabbi who educated me, and I became more confident.” Today he is Modern Orthodox and sends his kids to yeshiva. “The financial industry might seem daunting,” he said, “but once you achieve financial literacy, we can work together to increase the long-term sustainability of your wealth and your future goals.”

As your adviser, Jason provides three critical services: financial planning, investing and behavioral coaching. The first two for the most part are self-explanatory and include focusing on your goals, cash flow, investments and so forth. Behavioral coaching, he says, is the most critical part of the process and is typically overlooked. There are many areas in life where a person needs a motivator or a coach to help them achieve their goals. It’s no different in finance, said Jason, who believes that even if you know how to save or invest money, you need someone to set up a disciplined structure that will help you reach your targets.

To get started Jason analyzes your numbers and your goals. “Your wealth is a function of how much you spend,” he said, and the best way to manage it is to automate your habits and bill your savings as an expense, like your mortgage or car payment. This process forces savings by making sure it happens regularly. For many people, it’s simply the surplus at the end of the month that when left sitting in the bank, they will likely find something to spend it on. By automating the process, that money transfers on its own, allowing you to build your wealth on a regular basis.

Jason said his target audience is typically clients in their mid-30s to mid-40s who have good income yet need to establish solid and disciplined habits at a younger age. “There is a conundrum in this industry,” Jason explained. “Firms typically only want to work with clients who have large assets, but how do you sustainably achieve this without proper guidance?” He also works with clients who have built or inherited assets and need advice on how to sustainably live off those assets.

We live in a wealthy country, yet so many people are struggling because they lack financial literacy, Jason said. It’s like the adage “Give a man a fish and he will eat for a day; teach a man to fish and you feed him for a lifetime.” Jason teaches his clients to fish and from there they develop a long-term relationship built on trust and integrity.

Jason recognizes that there are many financial advisory firms and that people have options. When asked what distinguishes him, he said the answer is simple: “I lived it.” Without the lessons and guidance his grandfather provided, he wouldn’t enjoy the financial security he has today. He created something from nothing, and now he wants to use his success and experience to help others live their best financial lives, too.

Jason lives in Englewood with his wife and two kids. His three areas of expertise are food, football and finance, and he’d be happy to talk about any or all three. To reach Jason, please call (201-289-9181) or email him at [email protected].

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