Common Sense Money with Daniel Prudhomme
This is the Stuff About Money podcast, and here, we talk about… well, stuff about money! Some episodes are super specific and get into specific case studies, but sometimes, it’s good to get back to the basics.
From Dave Ramsay, to teaching your children, to explaining the local dialect, Xavier Angel, CFP®, ChFC, CLTC and Erik Garcia, CFP®, BFA, host Daniel Prudhomme in a wide-ranging conversation about common sense finance.
Episode Highlights:
- Daniel shares his background growing up in Southwest Louisiana. (10:52)
- Daniel explains how they have tried to teach their kids about cash, using a piggy bank with a cylinder divided into three sections which are for: give, save, and spend. (15:32)
- Daniel shares that his budget is based on salary, not commission. (18:53)
- Daniel mentions the importance of putting funds like commission checks and income tax refunds towards savings, rather than immediately spending them. (24:55)
- Daniel discusses the importance of prioritizing wants and deciding whether they are necessary or urgent. (26:52)
- Erik explains that financial planning is about prioritizing what is most important to you and what drives you, through hard work, saving for a specific goal, or pursuing a passion that fuels and funds your work. (32:20)
- Daniel shares the story of how they saved up six months of emergency savings. (35:13)
- Daniel discusses the one thing about money that he would teach his three boys. (38:00)
Key Quotes:
- “You have to live below your means. I can’t rely on that variable of a commission so I tried to build everything on my liquidity on salary alone.” – Daniel Prudhomme
- “Delayed gratification is just having the discipline, right? I mean, it’s the same thing from a nutritional standpoint…just having that discipline, it has to mean something, you have to want the other side of it to implement this.” – Daniel Prudhomme
