We had Sam Martinez, one of our financial advisors, ask Joy and David about a piece of financial advice they have received that they’re really grateful for. This is what they said…

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David: “Sam, you ask a good question. So, when I was back in college, I attended a presentation put on by our Economics department and they had some guy from the bank come in and he did a presentation on investing generally.

There were a lot of things talked about, but the two things that I held onto. One was this idea of compound interest, the idea that you can put money into some mechanism in the market and it grows and it grows on itself and the growth continues. It snowballs over time.

The second thing that he talked about was this idea of a Roth IRA and a Roth IRA is an account, a retirement account, that you could put after tax dollars into and then it grows tax free forever. It’s a beautiful thing and I fell in love with that idea of investing money and letting it grow and never paying taxes on it again. So, I did two things when I left that. It was actually, those two pieces of advice, those were the things that got me to start investing as a young person.”

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Joy: “Well you know, my husband and I, we’re also clients here at Wealthquest. We have an advisor who gave us a piece of advice recently that I’m really grateful for.

My husband and I have been in the practice of creating a budget and trying to follow it, but there were a lot of months where our spending felt sort of squishy and we’d get to the end of the month and wonder: how did this happen?

So, our advisor told us that the next step is to create a spending plan or a spending spreadsheet and start tracking what was being spent. A budget is great for projecting what you’re going to do; the tracking spreadsheet records what you have done.”

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