Ep 123: Nick’s Best & Worst Personal Money Moves

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Join Nick and Dave as they discuss Nick’s best and worst personal money decisions.

In case you missed our last episode where Dave discusses his personal financial best and worst, you can find it here: Ep 122: Dave’s Best and Worst Personal Money Moves

Watch on YouTube HERE

A Tough Career Decision

Nick graduated college in 2005, had a one-year-old daughter, and Michigan was already into the recession that hit the rest of the country. So jobs for finance majors in Michigan were not plentiful. He got hired about 3 months later as a financial planner and moved to Lansing.

What he didn’t know what that this job required passing some tests. And these tests cost money plus the materials to study. So here he was fresh out of college with a one-year-old, and he had to put his entire financial planning curriculum test stuff on a credit card and maxed it out. So he started a job in debt before he even got paid. Luckily, he passed the test in a couple of months, however, he was working on commission and had a big credit card payment, which he would never advise his clients to do.

Going Out on His Own

When Nick started his own company he left the credit union he had worked at for 7 years with a  salary and consistent clients and started his own business. He made sure he had a bunch of money in the bank and was able to cover his bills if it didn’t go according to plan and if his income went down.

It did go down by about a quarter from the previous year, but he was ready for that. That was a lesson in terms of being ready for it but also taking risks is a good thing. Betting on yourself can pay off.

Join us for more ups and downs

Listen to the entire episode for more stories from Nick’s life where he made different decisions about money and find out how they turned out.

Do you have a great, or not-so-great investment story that you’d like to share? We’d love to hear it.
Please send it to info@srbadvisors.com.

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