Finance Experts: 5 Money Moves I'd Make if I Were Starting From Scratch
Everyone has financial advice they'd give their younger self. The difference is that financial advisors have spent years watching good decisions compound and learning about expensive mistakes the hard way.
If they could rewind the clock knowing everything they know now, these are the five money moves they'd make first.
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1. Build Your Financial Foundation Before You Chase Wealth
Every expert agreed that the priority isn't investing — it's creating stability. Ralph Estep Jr., licensed public accountant (LPA) and founder of Saggio Management Group, suggested that building a solid foundation in the form of an emergency fund is the first thing he would do if he could do it all over again.
"Build a small buffer before anything else, even if it's just $1,000 to $2,000 in a separate savings account. Nothing can throw off your progress faster than putting a car repair on a credit card in the second week. Focus on stability first, then work on optimization."
Gabbie Kelly, a certified public accountant (CPA), business mentor and founder of The Profit Mama, said her step in building a financial foundation if she could go back in time would be to “map the non-negotiable monthly costs” such as housing, utilities, food, transportation and health insurance. With that baseline established, everything else would have to be fit into the budget as possible.
2. Take the Employer Match, Then Build the Right Accounts
Once the basics are covered, experts recommend creating a simple financial system instead of chasing complicated investing strategies.
Estep said he would have spent his first responsible adult year focusing on three things: “tracking exactly where my money goes, paying off any high-interest debt and getting any free money from an employer 401(k) match.”
The accounts he would open, in order, are a checking account, a separate high-yield savings account for the emergency fund and then a 401(k) up to the match and a a Roth IRA.
3. Eliminate Expensive Debt Without Sacrificing Long-Term Growth
The next financial move is tackling debt and building credit. Epifania Maphosa, a licensed financial advisor and founder of Wealth & Keys, said she would prioritize paying down anything with high-interest debt, such as a credit card, "because the guaranteed return from eliminating that interest often exceeds expected investment returns.”
Estep and Maphosa both said that they would not, however, prioritize debt over contributing enough to get their employer match in a 401(k) “since that match is like getting an instant 50 to 100% return."
4. Delay Lifestyle Upgrades, Not Retirement Savings
Another step that the experts would have made is resisting the temptation to reward yourself too soon. Lifestyle upgrades are nice, but only after you've locked in the essentials. You don't want to deal with lifestyle creep before you've even squared up your prior debts.
“I would not delay building an emergency fund, contributing to retirement or investing consistently," said Maphosa.
5. Automate Good Habits and Focus on Long-Term Systems
The biggest lesson is that lasting wealth comes from repeatable habits, not perfect timing.
Estep and Maphosa would lean into such actions as automating savings, investing and more. Estep also recommended scheduling a 15-minute weekly money check-in, which “helps you catch small problems before they become big ones."
“Even modest, consistent actions taken over time can produce remarkable results," said Maphosa.
For those who are no longer in their youth and can’t go back in time, Estep reassured that "Starting over is not a failure. I've seen clients rebuild in their 50s and still retire comfortably. The numbers are often kinder than the shame people feel about it. Focus on progress, not perfection."
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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