NerdWallet's Smart Money Podcast
Budget Like a Boss: A Financial Planner’s Tips for Achieving Your Money Goals
Oct 7, 2024
Magda Doemeny, a certified financial planner with NerdWallet Advisors, shares valuable insights on financial planning and behavioral budgeting. She explains the role of CFPs in helping individuals align their financial goals with personal values. The conversation delves into overcoming societal pressures, creating sustainable financial habits, and the transformative power of personalized advice. Listeners learn practical strategies for setting priorities, managing financial anxiety, and achieving long-term success, all while emphasizing the importance of self-reflection and realistic mindsets.
26:46
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Quick takeaways
- Working with a certified financial planner ensures personalized, fiduciary advice that aligns financial goals with individual values and circumstances.
- Behavioral budgeting encourages sustainable financial habits by integrating emotional awareness into budgeting practices, helping manage spending while achieving long-term financial stability.
Deep dives
Understanding Financial Planning
Financial planning involves a comprehensive process that starts with assessing an individual's current financial picture, including their assets, income, and debts, while also considering personal circumstances and future goals. Different people may require varied financial advice based on their objectives, such as accumulating wealth for future generations or spending all savings before death. For example, a person with anxiety about money may need a larger emergency fund than typically suggested to ensure peace of mind. This personalized approach aims to create a strategy that aligns with an individual’s aspirations and their unique financial situation.
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