Jeff Nagel, Founder MoneyNosh
We are pleased to have Jeff Nagel share a “First Car” money memory and moment with us.
Jeff Nagel has spent over 30 years helping financial institutions market their products and now focuses his time empowering each and every person to achieve financial security through his startup MoneyNosh!
In His Own Words
I’ve always been a saver. It started with my 50¢ allowance; I took half of it each week and put it into one of my four Beatles banks. When I made money shoveling snow, cleaning beaches, counting inventory or working in a factory up through college, I continued to save as much as I could.
When I bought my first car, I was able to pay for it with my savings instead of taking out an auto loan.
Can you guess what I did with the money I wasn’t spending on car payments?
Each month I put that amount into a separate savings account. Whenever my car needed repairs or it was time to replace it, I wasn’t forced to borrow.
This taught me two valuable lessons:
First, it’s extremely important to put aside savings for emergencies and future goals. Even starting with small amounts on a regular basis can make a big difference over time.
Second, it’s much easier to form good financial habits early on than it is later in life. Because I made “car payments” to myself directly from my paycheck, I never missed the money. If I had to start doing that now, it would mean spending less on something I’m already used to. And nobody likes giving something up.
When I began my career in financial services, I marketed credit card cash advances (high-interest loans) to people who couldn’t afford it. Every night I went home feeling terrible about my job. Seeing people struggle with their finances over the years motivated me to make a change. That’s why I now spend my time developing an e-Learning game to teach adults to make better money choices. And I’ve never been happier.
Discover more about Jeff Nagel and his mission by visiting MoneyNosh.com
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