Education Week: Financial advisor gives advice on increasing wealth


By Anna Wilson

Editor’s note: Education Week coverage can be found in this section of the website.

A financial advisor told a BYU Education week audience Monday to make it a priority to reach a “point of choice,” a goal for future income that comes from establishing good financial habits.

Ryan C. Egbert, a Utah-based financial advisor, shared his financial formula during the presentation titled “Spontaneous accumulation: A behaviorally brilliant formula for prosperity.” 

Ryan C. Egbert shares his financial formula of “HX11,” including investing in a home, saving for retirement, paying off debts and making “$1 million decisions.” (Anna Wilson)

“This is about accumulating a large chunk of wealth so that the wealth can then give you that annual income for the rest of your life,” Egbert said.

Egbert quoted Elder David A. Bednar’s financial advice to initiate his discussion. Elder Bednar’s advice was for people to live within their means and to set aside money for unanticipated needs.

Egbert used the formula “HX11” to emphasize his suggested plan. “H” stands for home, suggesting that buying a home is a good financial decision. Egbert explained that houses will almost always increase in value and can be sold for a higher price. 

“X,”  representing Roman numeral 10, was used to explain that in order to have enough money saved for retirement, individuals should be putting at least 10% in their 401(k) retirement account. After questions from the audience, Egbert emphasized increasing this percentage over time to build wealth.

The first “1” in the formula refers to debt. By paying the minimum payment and then increasing the payment by 1% of income, people can pay off debt faster, Egbert explained. The last “1” is to make “$1 million choices,” little choices that add up over time.

Larry Anthon, an Education Week attendee, said Egbert gave some great ideas and made it simple. “This is not the first time I have been to this series of lectures; when I started going 20 years ago I had no money saved and I am now way past my point of choice.”

Egbert concluded the presentation with a few main takeaways: make getting to a point of choice a top priority, learn to be happy on any income, always save and invest and use the HX11 formula.

“Simplify, in almost all aspects of life, especially when you go to retire,” Egbert said. “The simple life is the happy life.”

Egbert will present Tuesday through Friday at 5:50 p.m. for the remainder of Education Week in the Madsen Recital Hall in the HFAC.

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