How did a college swimmer and circus acrobat become a financial representative? You're about to find out.

Today, we sit down with Tripp Crosthwaite of Lifetime Financial Growth, to talk about his path into financial planning and the habits that can help people build a stronger financial foundation. Tripp’s background is anything but traditional. He studied biology at the University of Kentucky, competed as a swimmer, worked in medical device sales in Arkansas, and even spent time performing acrobatics with a circus group. He eventually returned home to Michigan and found a new way to use his problem solving skills by helping people with their finances.

Tripp explains the difference between having individual financial advisors and working with a financial planner who sees the full picture. He compares financial professionals to the different people who help maintain a car. One person may handle the tires, another the oil, and another the transmission. In the same way, people may work with insurance professionals, CPAs, attorneys, HR departments, and investment professionals. A financial planner can sit in the middle and help coordinate those relationships.

A major focus of the conversation is creating better savings habits. Tripp recommends what he calls “saving by default and spending by decision.” Instead of waiting until the end of the month to save whatever is left, the goal is to make saving an automatic part of the budget. Once that money is set aside, the remaining income can support bills, lifestyle expenses, and the things we enjoy.

We also talk about balancing long term goals with living life today. Saving does not mean avoiding every purchase or experience. The goal is to place money into the right buckets so there is room for both future needs and current priorities.

Tripp also emphasizes that our ability to earn income may be our most valuable financial asset. A house or investment account may seem like the obvious answer, but those assets still depend heavily on continued cash flow. If an illness or accident prevents someone from working, protecting that income becomes critical.

Finally, Tripp explains the relationship between wealth accumulation and wealth distribution. Building wealth requires putting money into the appropriate short term, long term, investment, and cash buckets. Retirement then requires thinking carefully about how those assets are withdrawn.

Outside of his financial work, Tripp stays involved with the Royal Oak Chamber through its Ambassador Committee and Young Professional Network. His message throughout the conversation is simple: good financial planning starts with education, strong habits, and better conversations.

(00:00) Intro

(00:31) Meet Tripp Crosthwaite

(00:59) Performing With a Circus Group

(03:36) Returning Home to Michigan

(04:49) Financial Advisor vs. Financial Planner

(06:38) Building Better Financial Habits

(08:16) Save by Default, Spend by Decision

(10:03) Balancing Saving With Enjoying Life

(11:52) Your Most Valuable Financial Asset

(13:29) Wealth Accumulation vs. Distribution

(14:39) Tripp’s Michigan Happy Place

(16:32) Royal Oak Chamber Involvement

(17:43) How to Contact Tripp

Learn more about the Royal Oak Chamber of Commerce: https://www.royaloakchamber.com/

Connect with our host:

Jon Gay from JAG in Detroit Podcasts - http://www.jagindetroit.com/

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