Things I Do with My Money That I Wouldn’t Necessarily Tell My Clients to Do
When it comes to personal finance, no two approaches are identical. What works for me might not be what I recommend to my clients. Here are a few things I do with my own money that I wouldn’t necessarily advise for everyone:
1. I track every penny I spend.
Personally, I enjoy tracking every single purchase. It helps me stay aware of where my money is going, and I’ve found tremendous value in doing it for years. But I understand that this approach isn’t practical for everyone.
While I don’t believe all my clients need to track every cent long-term, it is a good tool to know generally where your money is going and make sure it aligns with your goals. Find what works for you!
2. I have no debt and no credit cards.
This might be controversial, but I have no credit score—because I’ve never used credit. I’ve never taken out a credit card or a loan. Personally, I used to have strong opinions about the credit system in our country, but those opinions have developed over the years. I have never advised my clients to avoid credit entirely as everyone’s situation is different.
For many people, responsibly using credit cards and building a strong credit history can be a powerful tool. It was important to me to achieve financial success without credit, but everyone’s path is different. If you’re curious about my perspective on this, feel free to reach out—I’d love to share more of my journey from no credit to credit.
3. I deposit my paycheck directly into my high-yield savings account.
For most clients, I recommend using a checking account for day-to-day expenses, with a portion of their paycheck going to savings. However, I’ve taken a different approach: I deposit my entire paycheck into a high-yield savings account and then transfer only what I plan to spend into my checking account.
This strategy ensures I save first, but it requires a higher level of organization and discipline than I wouldn’t suggest for most people.This is just another example of how my personal finance journey is going to be different than yours.
4. I max out my Roth IRA all at once.
Dollar-cost averaging is a strategy I recommend to nearly all my clients—investing a set amount regularly throughout the year to minimize the impact of market fluctuations. But in my own finances, I often max out my Roth IRA as soon as possible, usually at the beginning of the year when I receive extra income from bonuses or side hustles.
This way, I can front-load my contributions and later focus on increasing my 401(k) contributions. It’s a bit of a timing game, and while it works for me, I generally recommend a more hands-off approach for my clients.
Why Personal Finance Should Be Personal
These examples highlight how personal finance isn’t one-size-fits-all. What works for me might not be the best choice for my clients—and vice versa. That’s why financial coaching is so important: it allows us to create personalized strategies that work for each individual’s unique circumstances.
Personal finance is personal, and your approach should reflect that. Ready to create a financial plan that works for you? Let’s chat!
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