Show notes
“That habit of being able to save consistently is more important than figuring out what investment to make and also will help you to become a millionaire one day.”This episode is part 2 of my conversation with Rick Drew. He is the Founder and Managing Director of SEDNA wealth management. He is passionate about helping individuals build wealth at every stage of life through customized planning and personalized investment advice.If you weren’t able to follow this episode, please go back and listen to part 1. Join us in part two of this interview as Rick shares about budgeting, savings, and investments. [00:01 – 09:59] Budgeting Rick shares some advice and the essentials of budgeting Your finances are personal; no one solution works for everyone.Separate your money into different categories The main reason for budgeting is not just to track your spendings but also to give you peace of mind about how much you could spend in all categories.Have a minimum of 4 different accounts for four different categories.Consistent salary income within your household (to pay the significant bills)Grocery bills accountdiscretionary spendings and income (vacation and entertainment)Emergency savings and retirement account[10:00 – 17:55] Saving Vs. InvestingRick talks about the reason for savings.Save enough money to take care of ourselves when we can no longer do the same job or earn as much as we do now.It gives us the option to have in the future.Rick talks about different methods of savings.Figure out the best investment that suits your goals and your emotional attachment to investment.Rick talks about his role as a financial planner in helping his client to make investments.That habit of being able to save consistently is more important than figuring out what investment to make.Tweetable Quotes: “The main reason for budgeting is not to just track your spendings but to give you peace of mind about how much you could spend in all categories.” - Rick Drew.“Save enough money to take care of ourselves when we can no longer do the same job or earn as much as we do now.” - Rick Drew.“That habit of being able to save consistently is more important than figuring out what investment to make and also will help you to become a millionaire one day.” - Rick Drew.Find out more about Rick by visiting his website, and you can connect with him through LinkedIn.Surviving to Thriving is brought to you by Knight Protection Services. A veteran-owned and operated company, Knight Protection Services employs a diverse group of former law enforcement officers and military veterans of the highest integrity, with extensive experience in risk assessment and crime prevention. Find out more by visiting https://knightprotectionllc.com/.For More Information About Surviving To Thriving: http://tothriving.org/