Have you ever felt like you’re constantly juggling your Finances?
It’s no wonder why so many people are feeling overwhelmed—and it’s not just because they’re juggling bills and other responsibilities like paying rent or buying food. It’s also because they don’t know how to manage their money.
That’s why we’re here: to help you take control of your financial future—and get there in record time!
We’ve got a special guest on today’s interview who will walk you through the basics of finance so that the next time you hear about personal finance, you can confidently make an informed decision about whether or not it’s worth your time and effort.
Today we have James Bowman, host of the Gen-Z Mon-E Podcast. He’s an educator and financial coach who has served 5 years in the United States Army.
His podcast is geared towards Gen Z, the generation now coming of age and starting to build wealth. The podcast provides solid advice for young adults on how to make money and keep it.
Let’s get started.
Q1) Could you please give us a little background about yourself and let people know who you are and what you do?
My name is James Bowman. I am a 5 year Army Veteran. I currently work as Port Truck Driver, and I create a Finance Podcast that targets Gen-Z to teach them how to earn more and begin investing! I invest in Index Funds and Real Estate Primarily.
Q2) Since you served 5 years in the army, do you think the discipline you learned there helped you in managing your finances?
I always contribute my current success to the lesson I learned while serving in the Army. One of them is discipline. The main way it translates is learning that even when I don’t want to do something, or don’t feel like doing something, I have to do it in order to get to where I want to be.
Q3) What unique and lesser-known facts can you tell our readers about retirement investing?
The biggest expense of our lifetime is taxes. Therefore using different retirement accounts to lower your biggest lifetime expense is a benefit that much outweighs the discouraging feeling of locking up the funds.
Being an Average investor will bring extraordinary returns while trying to be an extraordinary investor often leads to below-average returns!
Q4) For our Gen-Z audience, can you share some tips on how they can take care of their finances well?
You need to take your advice from the old wealthy people instead of the young rich people. Wealth is easy to accumulate but difficult to retain.
3 things to stay away from while investing are anything Easy, Quick, or a Secret.
Q5) Where on the list of priorities should paying the credit card debt come from?
Eliminating high-interest-rate debt is the immediate step after establishing a small emergency fund ($1k per person in your household).
The only 2 things that would take priority over credit card debt would be IRS debt and Pay Day Lender debt.
Related Article: How to Pay off Credit Card Debt in 2023? Step-by-Step Guide
Q6) We all make mistakes when it comes to money. In what ways do you adapt to recover from your money mistakes?
First, you must realize that you are going to make mistakes. Then you must identify the root of the mistake and solve that problem. Examples include Compulsiveness, Lack of Delayed Gratification, Lack of Purpose, etc.
Q7) What are your opinions on why we should save money? Should people be saving their whole income or a part of it?
I believe everyone should be living below their means. This will result in Saving, debt payoff, or investing.
I personally believe that everyone should save as much money as possible without sacrificing their happiness. Spend on things that make you happy, and keep on things that don’t!
Q8) What is your viewpoint on Dave Ramsay? Do you recommend the viewers follow his tips?
I can confidently say that no individual has helped more people build wealth than Dave Ramsey.
I absolutely recommend that views follow his teachings up to Baby Step 4. With that being said, his teachings after that are effective but not optimal.
Q9) Why do you always want to have a specific amount of money in your fixed deposit at all times? Should everyone follow that rule, or is it something you wish to do?
My main point in becoming financially free is to remove financial problems from my list of worries. Therefore, an easy way to not worry about bills being paid on time is to have my monthly bills covered and automatically drafted from my account.
Q10) What pointers would you like to give to everyone who is struggling with their investment decisions?
The decision you make on where to invest your money does not matter as much as you decide to invest! So just pick a proven investing method, and do it!
Related Article: The 9 Steps to Financial Freedom That Are Actually Possible
Q11) Before wrapping up, are there any more insights or advice you would want to share for the people who want to become financially stable and invest skillfully?
You have to find a reason outside of yourself to build wealth. If your only reason to build wealth is for yourself, the odds of you sticking to it long term is lower compared to building wealth to help others.
Wealth gives you options. Options to give your time to others, to give resources to others, to give opportunities to others.
Conclusion
If you’re a Gen Z or millennial (or even just someone who’s been around the block a few times) like us, then you know that the conversation about money is one of the most important conversations you can have.
The truth is, keeping your finances in order is a complex task. If you’re struggling to make ends meet, it may feel like you’re constantly juggling. Sometimes you may even feel you’re just making it up as you go along. But this doesn’t have to be the case.
If you want to learn more about finance or just want some good advice on navigating this crazy world of debt obligations and rising costs, check out his podcast called Gen-Z Mon-E.
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