Scott McEachern: young money superhero

Mortgage costs are always in the news as is the cost of living, so how does a young family have time to worry about the future? Scott McEachern is just the young man to help with that.

McEachern knows he looks and is young, but he’s been responsible with money as far back as he can remember, so he also knows what he’s talking about.

“My first money story that I remember was that I would save my change until I had a full roll of something,” said McEachern. “So I’d save 50 pennies or 50 dimes and then allow myself to spend the 50 cents or five dollars after that; and that was when I was eight-years-old. I have just always been responsible and now try to show that to others.”

McEachern credits his money-saving skills to his father, who has been in the insurance business for 38 years. The two share office space at their 339 Huronia Road location but the younger McEachern handles his own clients and is an independent financial adviser. While he has a wide array of clients, McEachern loves assisting young families who, like him, are planning a future.

“My wife and I have a son who’ll be three years old next month and another little one on the way so we know what young families are going through,” said McEachern. “I can empathize with them and I know the struggles they’re facing maybe better than someone older. I’m familiar with what daycare costs are nowadays compared to what they used to be; the same with mortgages being much bigger, it is a different economic situation and it is one that I as a 30-year-old family man can relate to.”

McEachern helps families calculate the amount of life insurance they need and helps people planning for retirement to figure out the amount they will require to live out a multi-decade retirement with dignity and independence. Most people who come see McEachern always have the same issue which he tries to help with, as well he likes to squash the one misconception that folks have about the cost.

“It is cheaper than you think,” said McEachern. “Honestly, most families just need a term plan for 10 or 20 years until their children are 18 or 20 years old. It’s like $20 to $30 a month as opposed to the $100 or more that people assume, which is what keeps them avoiding it all cost. The main issue though with younger families is they have one or two kids in daycare, either mom or dad on parental leave, which leaves money tight as daycare costs are almost as much as rent. My goal at that point is to help people not accumulate debt while they’re in that stage and then when the kids are in school we can allocate that now extra money elsewhere.”

Being smart with money isn’t the only passion McEachern has as he is a member of small business groups and charity organizations in the region.

“I do attend a number of networking events in the area to help support and learn about other businesses,” said McEachern. “It is a great thing when I can refer my clients to other local entrepreneurs and help everyone create a circle of support. I am also the Chair of the local Relay For Life which keeps me busy, we have a new location this year as we’re going to be over at Chappell Farms which we’re excited about. I’m also a board member and Recruitment Chair for the Simcoe County Young Professionals Association which helps young entrepreneurs and professionals under 40 years of age get together and network. I enjoy the networking and feel it is really crucial to anyone who runs a business.”

With long hours on the office talking finances and the responsibility of being a parent to young children, McEachern has an outlet that he looks forward to every week.

“My personal yoga is playing soccer,” said McEachern. “We play at the Barrie Sports Dome and its just so quiet and peaceful as far as sound goes, but the games help greatly; keep me in shape too.”