Money pro tips: A Q&A with financial adviser Jeff Rose

by Policygenius
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Money pro tips: A Q&A with financial adviser Jeff Rose

Each week, we ask a personal finance or business expert for their money pro tips. This week we talked to Jeff Rose, certified financial planner and founder of Good Financial Cents.

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Last thing you resisted buying?
A Tesla Model S. I've been craving a Tesla for quite some time, but still haven't made the plunge.

How did you resist it?
Because I have amazing willpower. (Laughs). What I actually have is an amazing wife who speaks truth into my life. Both of our cars are paid off and work just fine. The other factor is that we have four kids and the Model S doesn't work for our family. Wait, does the Cybertruck have a third row?

Last thing you splurged on?
Shoes, shoes, shoes and more shoes. After I turned 40, I became a sneakerhead for the first time. My sneaker of choice is the Nike Jordan 1. I can't tell you how much I've spent on Jordan 1 shoes in the past year, but I do know it's more than a couple thousand.

Why did you OK the splurge?
Because even though I've spent a lot of money on shoes in the past year, it's still cheaper than a Model S.

What's your current money goal?
Our current money goal is to pay for our new pool and pool house with cash. It's supposed to be done by the spring, and can't wait.

How are you working toward it?
Right now I'm focused on increasing revenue channels across my online business, but I'm also cutting back on buying more shoes for a bit.

Money thing you're most proud of?
Reflecting back on the last year, my family has been able to travel, go out to eat, and splurge on experiences that I never had the opportunity to enjoy as a kid. What makes all of this even more exciting is that we've never once had to worry about what the cost was. To me, that's the epitome of financial freedom.

A money regret?
I currently don't have any money regrets. When I was younger, I definitely did. I racked up a ton of credit card debt and waited to start investing. But those mistakes became the fuel and inspiration for what I have accomplished today.

Smartest money decision you made?
No question, it was when I started investing in my 20s, and putting $25 a month into a crappy mutual fund. Although that fund didn't make me a ton of money, it opened up the realm of possibilities. Because I started investing that small amount into a fund that I didn't quite understand, it allowed me to learn more about stock market investing and how the affluent become wealthy.

Biggest money stress right now?
I have more cash than I'm proud to admit, and it's been sitting for quite some time. As a former financial planner of 16 years, I know that the best time to invest is right now. Either way, I haven't allowed myself to invest just yet.

Best financial advice you ever got?
The best advice I ever got was to invest into myself. Although at the time, I didn't fully understand what that meant. As my career has advanced, and I've started several businesses, I now understand what that means. For me, that has been not just investing into traditional investments like stocks and mutual funds, but also into coaching programs, books, master classes, conferences and other things that allow for personal development.

The worst financial advice you ever got?
It was to open up a credit card to purchase a new TV. At the time, I could barely afford the payment. Thankfully I didn't do it and I waited until I could pay cash.

What would you do with a $1 million windfall?
I would sit on it for six months after placing it into a high-yield savings account.

Book, podcast, newsletter or blog you recommend to help people be better with money?
The book that had the biggest impact on my life was Dave Ramsey's “The Total Money Makeover.” Another amazing option is David Bach’s “The Automatic Millionaire.”

Hardest part of starting a business?
The hardest part of starting a business is that you only know what you know, which means there are a lot of things that you don't know. When I first started my business, I felt like I had to do all the things, otherwise the business was going to go under. And while that was true for a while, I was resistant to outsourcing and hiring help. But when I finally made that giant leap, that's when the business really took off.

Most rewarding part of starting a business?
The most rewarding part of starting a business is the control that you have over your own destiny. Starting something from the ground up and doing so on your own and seeing that business take off, while also helping people in the process is something I'll always be proud of.

Image: Nastia Kobzarenko