Money Pro Tips: A Q&A with Licensed Adviser Warren Robbins
Each week, we ask a personal finance or business expert for their money pro tips. This week, we talked to Warren Robbins, a licensed adviser. 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: The Samsung Galaxy Note10. It’s a beautiful phone.
Q: How did you resist it?
A: Before I make any major purchase, I ask myself three questions: Do I need it? Do I want it? Or both? It’s got to be both for me to buy it — and the phone didn’t pass the test.
Last Thing You Splurged On
Q: What was the last thing you splurged on?
A: A washer and dryer.
Q: Why’d you OK the splurge?
A: Anyone with two kids will understand the importance of having a washer and dryer readily available, and it met my criteria for a major purchase: We needed it and we wanted it.
No. 1 Money Tip You Give to People
Q: What’s your number one money tip?
A: Be practical with your money and always think about purchases in terms of the three questions: Do you need it? Do you want it? Or both? It’s simple but effective.
Money Thing You’re Most Proud Of
Q: What money-related achievement are you most proud of?
A: Paying off my $15,000 credit card balance in full.
Current Money Goal
Q: What’s your current money goal?
A: Saving for a home!
Q: How are you working toward it?
A: My wife and I have opened up a Betterment account and we have set a "major purchase goal" for at least $50,000 for a down payment.
Best Financial Advice You Ever Got
Q: What’s the best financial advice you’ve ever received?
A: It’s simple and short and it’s been my guidepost my whole life: “Know where your money is going.” If you aren’t conscious of your spending, you’re essentially driving blind. You have to know where to make the cuts in your budget and where to increase spending.
Worst Financial Advice You Ever Got
Q: What’s the worst financial advice you’ve ever received?
A: “Get a whole life policy.” Whole life insurance isn’t necessarily a bad investment. It’s just not the right investment for most people. There may be other ways to maximize your investments and savings, and a financial professional can help you decide what’s best for you. For me (and for most people), term life insurance is the best life insurance type.
What Would You Do with a $1 Million Windfall?
Q: What would you do if you received a $1 million windfall?
A: Pay off our debt in full. Then I’d meet with a solid financial adviser about how best to invest and grow the rest of the money. It’s always prudent to meet with a financial professional, even if you think you know the right answers.
How Do You Budget?
Q: How do you budget?
A: I use two personal financial apps: Mint and Personal Capital.
Money Book, Podcast, or Blog You Recommend
Q: What money book, podcast, or blog do you recommend?
A: The first financial book that changed my life was Suze Orman’s “The Money Book for the Young, Fabulous & Broke."
Best Money You Ever Spent
Q: What’s the best money you ever spent?
A: My wedding.
Worst Money You Ever Spent
Q: What’s the worst money you ever spent?
A: A Nickelback concert.
Want more money pro tips?Check out our finance blogs.
Description: A person reading financial tips from Warren Robbins, a licensed adviser, reflecting on their own money management strategies.
