This week's Money Buddy
TJ is a financial planner, the founder of Modern Wealth Builders, and the host of the podcast, Do More With Your Money.
After graduating from Virginia Tech, where he studied economics and actuarial science, T.J. has spent his entire career in the financial services industry as a financial planner. T.J. is passionate about helping millennials use money intentionally as a tool to build toward financial flexibility and independence.
1. What small thing can you do to get started with investing?
The hardest part of investing? Just getting started. But here’s the good news: starting small is still starting! Open a Roth IRA today—seriously, right now. Set up an automatic $10 deposit each month. Think of it like a subscription to your future. That $10 might not seem like much, but it builds the habit. And once you’re in the game, it becomes way easier to increase those contributions over time.
But here’s the kicker—make sure that money is actually invested. A lot of people open accounts and forget to buy investments, leaving their money sitting in cash. Choose a simple, low-cost index fund like a total stock market or S&P 500 fund and set it to auto-invest. Once you’ve done that, you’ve officially started your investing journey. And trust me, your future self will thank you.
2. How can you invest simply?
The key to stress-free investing? Keep it simple. You don’t need to pick individual stocks, time the market, or chase the latest trend. In fact, doing less is often better! Stick to a diversified index fund like an S&P 500 fund or a total world stock market fund. These allow you to own a slice of the best companies in the world—without having to pick winners and losers.
Another huge tip? Automate everything. If your workplace offers a 401(k), set up automatic contributions (especially if there’s an employer match—free money!). You can also set up automatic transfers from your checking account to your Roth IRA or brokerage account. That way, investing happens without you even thinking about it. And here’s the best part: you never have to time the market. Just keep investing consistently, and let compound interest do the heavy lifting.
3. What simple financial planning step can help your finances now?
If there’s one step you can take today that will make a massive difference, it’s getting organized. Track your finances—your income, expenses, savings, and investments. Whether you use an app or a spreadsheet, knowing where your money is going is a game-changer. When you track your spending, you’ll naturally start finding ways to cut back on things that don’t matter to you, leaving more money for investing and saving.
Another must-have? A written financial plan. Jot down your financial goals—both short-term and long-term—and how you plan to achieve them. When unexpected money comes in (a tax refund, bonus, or side hustle income), you won’t have to wonder what to do with it. Instead, you’ll know exactly where to put it to keep making progress.
Enjoy your week and get out there and have a money talk!
