The Cimifly Money Series — Tiffany Ward

Rule Number One: Pay Yourself First

This week, we’re talking money and investing with Tiffany Ward. Tiffany Ward is a mother, Crossfiter, and real estate investor. She started investing in real estate by buying a foreclosure at the age of 23 in Virginia. After moving into the property, she house-hacked it to decrease her expenses and boost her investable capital. In 2019, she turned to multifamily investing and in her first apartment deal invested out of state and served as a Key Principal. Tiffany has a passion for helping others achieve financial literacy and wealth creation. She is building a platform that will help others accelerate their progress towards financial freedom and early retirement.

1. Your name and what you do?

Tiffany Ward, full-time technical sales executive, working towards full-time real estate investing.

2. Do you have a budget? What tools do you use for budgeting?

Yes, but it’s very loose right now. I’ve used an excel spreadsheet, mint, and personal capital. I’ve also used the tools made available by most banks that track spending. At this point, I know what’s coming in and what’s going out — the only thing I don’t track close enough is my spending on food (it’s pretty outrageous).

3. What’s the best savings advice you have received and would give? What’s one tool you use for savings? Do you believe in saving your money in the bank or would you rather invest it?

Best advice — pay yourself first. Create separate bank accounts so that you don’t see the money and can’t easily/immediately transfer it to your checking account. Then, set up direct deposit to that separate account to automate saving — that way you never forget and never miss the money.

Next, direct deposit is a tool almost everyone has access to. I use the app Personal Capital currently which shows me my net worth.

I believe in saving money initially in the bank and then investing it into stocks, real estate, or a business venture. Your money loses value to inflation when it’s just sitting in the bank. You have to make your money work for you thru investing.

4. What type of investments do you have in your portfolio? And what’s your advice for folks on investments? Also, can you provide one hot investing tip?

I have stocks, life insurance, real estate, crypto, and cash. Diversify your investments — I don’t like all my money in place. This goes for banks, brokerages, financial advisors, and asset class. Always be open to learning about smart investments and different ways to grow your investments.

Learn about crypto, defi, and NFTs — this is the future and getting in early should yield some great returns.

5. What’s your advice on retirement? What should we be doing now that can prepare us for it?

Don’t wait to start saving and investing; the time is now. Get aggressive and be prepared to sacrifice today for a better tomorrow. Make it a priority in your mind and daily life. You don’t want to hit 60 and realize you can’t retire anytime soon.

Right now, you should be learning as much as possible and acting on that knowledge. Get a financial advisor — get life insurance, long-term disability, pay off bad debt, buy stocks, etc.

6. We all have one thing in common, we have a passion for money and are ahead of the curve or more disciplined than others. However, we are all human and have a vice. What’s your vice, what do you like to spend your money on? Do you plan for it or not? (Reason I ask this loaded question is to have people understand that you can love expensive things, but you have to be disciplined in acquiring them.)

My vice is food. I dislike cooking and eat out once or twice a day, pretty much every day. I don’t plan for it and it’s out of control, but I take comfort knowing that all my bills are paid, I’ve saved, I’ve invested, and I’ve given some away. I also don’t have consumer debt, so I know that anything I spend on food is “fun money”.

7. What’s your definition of financial freedom?

For me, financial freedom means not worrying about money and knowing that you can take care of any emergencies that might pop up. It’s forgetting it’s payday. It’s being able to help someone who is in need and not need the money back. It’s the freedom to live life on your terms, not based on the money you have (or don’t have!).