Tom Peterson is a Financial Advisor with Raymond James Financial Services in Clearwater, Florida and a Certified Financial Planner. If you’re looking to set yourself up for financial success, this is the episode for you! You’ll learn about the wake up call that COVID-19 gave him, how to start building wealth when you're young step by step, which debt you should pay off first, traditonal IRA accounts vs. Roth IRA accounts and when to use what, what to consider when buying a house, the 28/36 rule and his 3 money habits to get to his best financial self. _____ In this episode, Learn about: 4:35 - 7:12: Economic impact of COVID-19 on small businesses 7:42 - 9:03: Reevaluating personal finances in the wake of COVID-19 9:46 - 10:41: Setting up a Rainy Day Fund - 3-6 months of expenses saved 11:04 - 14:14: What Debt to pay off first 19:09 - 19:51: Find one source for your finance information  23:30 - 25:02: Explaining 401Ks and retirement accounts  25:39 - 27:01: Roth IRA vs. Traditional 401K tax advantages 31:32 - 33:18: House buying tips— budget vs. expenses, identifying the fluff.  42:31 - 43:04: What can I do with my cash vs. what can I do by putting a bigger downpayment on my mortgage  43:32 - 46:09: Investing — thinking of it as gambling more than investing when you get started. “Buy when others are fearful and sell when others are greedy”  _____ Tom’s 3 Money Habits to get closer to his best financial self: 1. Spend money heavily on the things and experiences that you really really enjoy and cut costs immensely on the things you really don’t care about 2. Automate your finances and savings 3. Educate yourself on finances