Before Jeff Rose got into the world of professional finance, his money situation looked similar to that of many other Americans. Rose was a college dropout with over $30,000 in credit card debt. His biggest financial obstacle was … himself. He eventually escaped his self-created path of financial destruction to become a self-made millionaire. And, now, his mission is to help wealth seekers achieve financial freedom by getting their poor money habits out of their own way so they can unleash their entrepreneurial spirit.
Rose is a certified financial planner, author, blogger and Iraqi combat veteran. He is best known for his blogs Good Financial Cents and Life Insurance by Jeff, and his book, “Soldier of Finance: Take Charge of Your Money and Invest in Your Future.”
Click to find out Rose’s best advice for building wealth.
What is your money mantra?
You are your greatest investment.
Before achieving financial success, what was your biggest obstacle? How did you overcome it?
Myself. I was in extreme denial of the spending problem I had. Thankfully my girlfriend — now wife — called me out on it, and I was able to get my spending in check.
What advice would you give your younger self about money?
Invest sooner. I started investing at 24, but I started working when I was 16 and could have invested a little bit of money sooner.
What is the best piece of advice you received along your financial journey?
Your past money failures don’t define you. I’ve made so many money mistakes — it would make most money experts cringe. From losing $5,000 on a failed penny stock experiment to almost losing my butt on a real estate opportunity, I’ve lost track of how many mistakes I’ve made. If I let those experience define me as a failure and not pushed on, I would have never discovered all the other amazing opportunities ahead.
What is the best thing you did to boost your net worth?
I recognized that buying “stuff” doesn’t build wealth, but buying assets does. In the beginning of my wealth-building journey when funds were limited, buying assets included investing in books, conferences and coaching programs. That led to building several businesses, offline and online, that helped generate additional revenue streams. Now, these businesses make me money and are also assets that I can eventually sell for a profit.
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How do you define financial security, and how has it contributed to a fulfilling, meaningful life for you and your family?
Financial security is making enough money to allow my family to live the lifestyle we want without concern about paying the electricity bill next month. As a family, we love to travel, eat out and attend sporting events — the joy of having three boys! — so our cost of living is higher than most. So it’s been important to create a lifestyle business that supports all the things we enjoy to do together.
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