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, a certified financial planner, author, and founder of Good Financial Cents. Here's a look at how he manages his finances and his best advice for others.
Last Thing You Resisted Buying
Q: What was the last thing you resisted buying?
A: A new drone.
Q: How did you resist it?
A: I convinced myself that the drone I currently have is still in good condition and that I didn't need to upgrade just yet.
Last Thing You Splurged On
Q: What was the last thing you splurged on?
A: A trip to Hawaii with my family.
Q: Why’d you OK the splurge?
A: My family and I love traveling, and we had been planning this trip for a while. It was a chance to create memories with my kids that will last a lifetime, so I was comfortable spending the money.
Current Money Goal
Q: What’s your current money goal?
A: To continue building passive income streams that can replace my active income.
Q: How are you working toward it?
A: I'm investing in real estate and online businesses that generate revenue without requiring a lot of my time. I also focus on creating content that can generate passive income over time.
Money Thing You’re Most Proud Of
Q: What money-related achievement are you most proud of?
A: Starting my blog, Good Financial Cents, and turning it into a successful business. It’s allowed me to help others with their finances while also achieving financial independence for my family.
A Money Regret
Q: Do you have any money regrets?
A: Not investing in Amazon stock earlier! I remember when it was under $50 per share, and I hesitated because I thought it was overvalued at the time.
Best Financial Advice You Ever Got
Q: What’s the best financial advice you’ve ever received?
A: The importance of paying yourself first. My mentor told me to always set aside money for savings and investments before spending on anything else. This simple habit has made a huge difference in my financial life.
Worst Financial Advice You Ever Got
Q: What’s the worst financial advice you’ve ever received?
A: The idea that you should avoid all debt at all costs. While it's important to be cautious with debt, some debt, like a mortgage or student loans, can actually be beneficial if managed properly.
What Would You Do with a $1 Million Windfall?
Q: What would you do if you received a $1 million windfall?
A: I’d invest a large portion of it into real estate and dividend-paying stocks to generate more passive income. I’d also set aside some for charitable giving and maybe take another family trip.
Hardest Part of Starting a Business
Q: What was the hardest part of starting your business?
A: Getting over the fear of failure. There were times when I doubted whether I could make it work, but I kept pushing forward because I believed in my mission to help others achieve financial success.
Most Rewarding Part of Starting a Business
Q: What was the most rewarding part of starting your business?
A: Seeing the impact I've been able to make on people's lives. When I get emails or comments from readers who say that my advice has helped them pay off debt, start investing, or achieve a financial goal, it makes all the hard work worth it.
Want more money pro tips? Check out our finance blogs.
Description: A person reading financial tips from Jeff Rose, reflecting on their own money management strategies.
