Money Pro Tips: A Q&A with Writer & Real Estate Investor Emma Pattee
Each week, we ask a personal finance or business expert for their money pro tips. This week we talked to Emma Pattee, a real estate investor and writer featured in Glamour, The Wall Street Journal, and The New York Times. Here's a look at how she manages her finances and her best advice.
Last Thing You Resisted Buying
Q: What was the last thing you resisted buying?
A: A new laptop. My laptop is five years old, and for some reason, that made me decide I needed a new one.
Q: How did you resist it?
A: It cost $1,000, and I told myself that if I didn’t buy it, I could spend that money on anything I thought would benefit my writing or business. So instead of it being a laptop or nothing, it was a laptop or anything I wanted. And that made me realize my old laptop was perfectly fine because I found something else I wanted more than a new laptop!
Last Thing You Splurged On
Q: What was the last thing you splurged on?
A: A novel writing workshop with Lidia Yuknavitch (with the $1,000 I would have spent on the laptop!).
Q: Why’d you OK the splurge?
A: Writing is my all-consuming love. And I try to always spend my money on a values-based scale (so writing > laptop > eating out > travel > clothes, etc.).
Current Money Goal
Q: What’s your current money goal?
A: Work five hours a week and make enough to pay the nanny so I can spend the rest of my work hours writing my novel.
Q: How are you working toward it?
A: Writing for The New York Times and doing some copywriting for select clients.
Money Thing You’re Most Proud Of
Q: What money-related achievement are you most proud of?
A: My husband and I have gone from complete money opposites to being very aligned on money, and it’s taken a lot of personal work and communication skills on both of our ends to get there.
A Money Regret
Q: Do you have any money regrets?
A: When I was in my 20s and more frugal, I often put money ahead of building friendships and community, and I regret that. I once skipped a dear friend’s bachelorette party because I didn’t want to spend the money, and when I look back, that was silly.
Best Financial Advice You Ever Got
Q: What’s the best financial advice you’ve ever received?
A: When you and your spouse fight about money, it’s not the two of you that are fighting. It’s your entire familial legacy passed down through the generations. You are just living out your great-great-grandparents’ money beliefs.
Worst Financial Advice You Ever Got
Q: What’s the worst financial advice you’ve ever received?
A: Your 20s are for experiences; your 30s are for saving money.
No. 1 Money Tip You Give to People
Q: What’s your number one money tip?
A: Get a prenup or postnup. It’s the kindest thing you can do for yourself, your spouse, and your children. Even if you have no money. Especially if you have no money!
How Do You Budget?
Q: How do you budget?
A: I used to do anti-budgeting, where I saved first and then just spent the rest. But I’ve just started using You Need a Budget, and I’m liking it.
Money Book, Podcast, or Blog You Recommend
Q: What money book, podcast, or blog do you recommend?
A: For investing, I recommend the Invested Development course. I love Kristin Wong’s column on relationships and money. And Mind Over Money by Brad and Ted Klontz.
Common Money Advice Question People Ask You
Q: What’s the most common money advice question people ask you?
A: I want to invest in real estate, but I don’t know how to get started.
Q: What do you tell them?
A: Give yourself a 90-day deadline and just do it. You can’t grow as an investor until you invest, so you just have to get started. I see too many people stuck in spreadsheet paralysis.
Want more money pro tips? Check out our finance blogs.
Description: A person reading financial tips from Emma Pattee, reflecting on their own money management and real estate investment strategies.
