The Best You Podcast with Nick Carrier
Health & Fitness:Fitness
187. Tom Peterson - How to Start Building Financial Wealth
Tom Peterson is a Financial Advisor with Raymond James Financial Services in Clearwater, Florida and a Certified Financial Planner. If you’re looking to set yourself up for financial success, this is the episode for you!
You’ll learn about the wake up call that COVID-19 gave him, how to start building wealth when you're young step by step, which debt you should pay off first, traditonal IRA accounts vs. Roth IRA accounts and when to use what, what to consider when buying a house, the 28/36 rule and his 3 money habits to get to his best financial self.
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In this episode, Learn about:
4:35 - 7:12: Economic impact of COVID-19 on small businesses
7:42 - 9:03: Reevaluating personal finances in the wake of COVID-19
9:46 - 10:41: Setting up a Rainy Day Fund - 3-6 months of expenses saved
11:04 - 14:14: What Debt to pay off first
19:09 - 19:51: Find one source for your finance information
23:30 - 25:02: Explaining 401Ks and retirement accounts
25:39 - 27:01: Roth IRA vs. Traditional 401K tax advantages
31:32 - 33:18: House buying tips— budget vs. expenses, identifying the fluff.
42:31 - 43:04: What can I do with my cash vs. what can I do by putting a bigger downpayment on my mortgage
43:32 - 46:09: Investing — thinking of it as gambling more than investing when you get started. “Buy when others are fearful and sell when others are greedy”
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Tom’s 3 Money Habits to get closer to his best financial self:
1. Spend money heavily on the things and experiences that you really really enjoy and cut costs immensely on the things you really don’t care about
2. Automate your finances and savings
3. Educate yourself on finances
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