Ever wondered how top financial experts navigate their personal finances? In this blog post, prominent figures such as a CEO and a financial planner share their insights on managing money. The article begins with the idea of adopting a backward-planning approach and wraps up with the importance of increasing protection plans before spending, encapsulating a total of nine valuable insights. Read on to uncover the wisdom behind their financial strategies.
- Adopt a Backward-Planning Approach
- Balance Security with Growth Opportunities
- Prioritize a Well-Structured Budget
- Focus on Long-Term Financial Stability
- Automate Financial Transactions
- Prioritize Saving and Investing
- Leverage Technology for Financial Planning
- Embrace the Power of Compound Interest
- Increase Protection Plans Before Spending
Adopt a Backward-Planning Approach
When I think about how I managed my finances when I was younger, it’s like looking at a different person. I remember asking my girlfriend for money to pay rent, and that’s when we had a heart-to-heart about our finances. She encouraged me to get my act together if we were going to build a future together, and that really shifted my whole perspective on money.
After that, we started budgeting together, and I began diving into finance books, audiobooks, and podcasts to learn more. One of the biggest changes for me was adopting a backward-planning approach. I set financial milestones based on my age—like where I want to be by 40, then 50—and work backward in five-year increments to figure out what I need to do now to achieve those goals. This strategy has taught me the importance of living within my means and being proactive about my financial future. Now, I’m all about making informed decisions that align with my long-term goals and values.
Taylor Kovar
CEO, The Money Couple
Balance Security with Growth Opportunities
My journey with financial management has been quite the transformation, starting from my days as a banker through to running my business today. During my banking apprenticeship, I was all about traditional financial principles—savings accounts, fixed deposits, and conservative investment strategies. But my time at N26 really opened my eyes to the fintech revolution and showed me how technology could completely change our approach to money management.
The startup world, especially during my time building my company, taught me that sometimes you need to take calculated risks with your finances to grow. Working with over 100 startups has also given me a unique perspective on how different funding strategies can make or break a company—something I apply to both business and personal finance. Now, I focus more on diversifying investments and maintaining a healthy cash flow rather than just saving, which has proven crucial in growing spectup.
I also believe in investing in yourself and your business—something I learned during my consulting days at Deloitte, where I saw how strategic investments in innovation could yield substantial returns. The biggest shift in my perspective came from seeing both sides of the table. Working in traditional banking and then being part of the startup ecosystem has taught me to balance security with growth opportunities.
Niclas Schlopsna
Managing Consultant and CEO, spectup
Prioritize a Well-Structured Budget
Throughout my career, I’ve noticed a marked shift in how I manage finances. In my early days, I was far more prone to “gut-feel” decisions and often leaned toward immediate opportunities rather than a holistic, long-term approach. I had a higher risk tolerance, perhaps due to a mix of youthful exuberance and less understanding of the implications of financial missteps.
As I grew older, I gained a broader understanding of the financial landscape and the legal implications of economic decisions. I learned the importance of the “boring” stuff: a well-structured budget, emergency savings, a diversified investment portfolio, and strategic estate planning. These foundational elements became my stepping-stones to financial stability.
A significant turning point was when I played a crucial role in the growth of a software company and later acquired a transportation company. The responsibility of numerous employees and stakeholders riding on my decisions made me adopt a more meticulous approach to financial management.
Today, much of my work revolves around helping clients avoid the financial missteps I once made. My experience taught me that one of the greatest risks to wealth is not a failing economy or volatile stock market, but rather poor financial planning. If I could advise my younger self, it would be to spend more time understanding the financial and legal environments, as doing so pays dividends, literally and figuratively, in the long run.
Mark Pierce
Founder & CEO, Wyoming LLC Attorney
Focus on Long-Term Financial Stability
As I’ve grown in the jewelry-appraisal industry, my approach to managing finances has become more strategic and disciplined. In my early years, I focused on immediate gains and spent more freely. Now, I prioritize long-term financial stability, investing in tools and training that enhance my expertise and business growth. The turning point was realizing the value of strategic investments over impulsive spending, which has significantly strengthened my business’s financial health and sustainability.
Ramon Khan
CMO & Cofounder at Alloy, The Alloy Market
Automate Financial Transactions
One of the biggest changes I’ve made is setting up automated transactions. By automatically splitting my paycheck into different accounts for investments, savings, and everyday spending, I’ve put my finances on autopilot. This not only reduces the mental load of constantly making financial decisions but also ensures consistent progress toward my goals. I used to stress over every penny, but now I realize that done is better than perfect.
I also make sure to keep some “fun money” readily available. Life is too short to constantly worry about sticking to a strict budget. While it’s important to be responsible, it’s also important to enjoy yourself and create memories. Sometimes that means breaking the budget a little, and I’m okay with that.
Ultimately, I’ve learned to find a balance between planning for the future and enjoying the present. It’s a constant learning process, but I feel much more confident and in control of my finances now compared to when I was younger.
JJ Maxwell
CEO, Double Finance
Prioritize Saving and Investing
Managing finances now, compared to when I was younger, is a whole different ball game. In my early days, I was all about instant gratification—spending on things I wanted right away. Saving was a low priority. As I got older, the importance of financial stability and planning for the future became crystal clear.
Now, I prioritize saving and investing. I set specific financial goals and track my progress regularly. I also build an emergency fund to cover unexpected expenses. Learning about compound interest and seeing how small, consistent contributions can grow significantly over time was a real game-changer.
What shifted my perspective was understanding the peace of mind that comes with financial security. It’s not just about having money; it’s about having the freedom to make choices without financial stress.
Austin Rulfs
Founder, Sme Business Investor, Property & Finance Specialist, Zanda Wealth
Leverage Technology for Financial Planning
I’m now more focused on leveraging technology and approaching cost-effectiveness to manage my finances. Earlier, I planned my finances manually, focusing on saving rather than investing.
Now, I use NerdWallet for financial planning. It allows me to make better and more informed financial decisions through standard financial literary content, including articles and tutorials. I can import financial transactions, track my credit scores, and manage cash flow conveniently. It helps me invest my money by understanding market forecasts and the availability of beneficial sources.
Cost-effectiveness changed my perception of financial planning. Previously, I only cared about saving money from my earnings. Later, I observed that reducing my expenses could also contribute to more informed financial planning. So, I invested in smart technologies at home and the workplace to lower my expenses.
With these strategies, I can not only save my financial resources but also invest them with more informed choices. I suggest using technology in planning and working on cost-effective measures to manage your finances. You can also consider investing in proper financial channels rather than just saving money.
Sovic Chakrabarti
Director, Icy Tales
Embrace the Power of Compound Interest
In my 20s, I focused on building up savings and making sure I had a cushion for emergencies, but I didn’t think much about long-term investing. My perspective shifted once I realized that saving alone wasn’t going to build real wealth. The key turning point came when I understood the power of compound interest and how early investments could grow exponentially over time. Now, I prioritize investing in low-cost index funds and consistently contribute, regardless of market fluctuations—practicing dollar-cost averaging.
Another big change is how I approach debt. When I was younger, I viewed all debt as something to avoid, but I’ve since come to understand that certain types of debt, like a low-interest mortgage, can actually be beneficial. It frees up cash flow for investments that can potentially offer higher returns than the interest you’re paying.
The biggest lesson has been recognizing that financial management is less about timing the market and more about time in the market. Staying disciplined and automating my savings and investments has been key to my current approach. I’ve also learned to balance enjoying life now while still planning for the future—an aspect I used to overlook.
Ben Sporn
CEO, Joy Wallet
Increase Protection Plans Before Spending
When you first bring in income—and I was in the industry when this happened—you easily let your lifestyle expand with your wallet. I remember I took some trips and covered my friends. Then, as you get older, you realize how not-invincible you are. Now, when I receive raises or more income, I first put money away and often ensure I increase my protection plans (like the right amount of disability coverage and an umbrella policy for property and casualty) before I take a trip. It sounds boring, but with the fun, I think more about the future as well.
Kristin Thompson Poelker CFP®
Financial Planner
