Financial Tips with Daniel
Finance 101: Budgeting, Saving, & Investing
Holly: Hello and welcome everyone to financial tips with Daniel! Today we’re talking financial basics. Daniel, what can tell the average investor about getting their finances on track?
Daniel: Well, even though I work in a complex financial world, I like to keep it simple. It really comes down to 3 practices, that if you can master, you can do very well with your finances.
Holly: oh, really? It only takes mastering 3 practices? Okay I can handle that, what are they?
Daniel: Yes, that’s right. It comes down to these 3: budgeting, saving, and investing. They are very simple concepts in theory, but not always easy to practice.
Firstly, you have to budget. If you aren’t in control of your money, your lack of money will control you. You have to spend less than you earn, period or you will always be a slave to the system.
Secondly, saving. You need to be setting money aside each month for your future. You can start with whatever income level you’re at, whether it $5, $500, or $5,000/month, we could all be doing better with our monthly budgets.
Thirdly, investing. After you’ve budgeted and saved, you can put that money from your savings to work for you. You can invest in the stock market, bond market, an annuity if that’s right for you, or even real estate. If you invest intelligently, you can see positive returns in the long-term that will grow your wealth.
Holly: Wow that’s excellent. It seems so simple.
Daniel: It doesn’t have to be complicated. That’s why you can hire someone like me to take care of all the boring details so you can get back to enjoying your life.
Holly: Well this was a great chat about financial basics. After an investor gets those practices under their belt, what can they focus on next?
Daniel: After perfecting these basics, investors need to focus on keeping taxes down and optimizing their retirement accounts.
Holly: Wow, that sounds like a great topic for our next session!
Daniel: Great idea! Let’s talk about it.
Holly: Alright, well that’s all we have time for today. We’ll see you next time for “Financial Tips with Daniel” Have a great day!
When Daniel is not giving financial advice or managing investments, he enjoys renovating properties, real estate investing, drinking coffee, hanging out with friends, spending weekend trips in his camper van, and exploring the outdoors on a hiking or biking trail in his hometown of Roanoke, VA and beyond.