Patrick Traverse

Personal Finance, Investing, Lifestage Based Planning
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“Patrick Traverse is a financial planner and investment manager. He founded MoneyCoach to be the firm he wished he hired as an investor when he played professional hockey. Patrick was awarded one of the Top 100 Most Influential Advisor by Investopedia.”
Firm:

MoneyCoach

Job Title:

Owner

Biography:

Patrick Traverse, founder of MoneyCoach, decided to get into financial services after an 18-year professional hockey career. His journey to his new career started as a young investor during his early twenties as he became frustrated with the type of help he was getting from his advisors. He felt compelled to learn on his own about everything he needed to know to make proper financial decisions. His new passion for the intricacies of the markets and personal finance pushed him to choose financial planning as a second career.

Patrick and his team know that clients are busy with their life and sometimes feel they don’t have the time to get to learn everything they need to know. Patrick thinks it is important that he advises his clients on every facet of their financial life. He feels that every piece plays hand in hand with each other and if an area of their finances is neglected, it could mean that their whole life plan could come down crashing.

After more than 4 years in the business, Patrick founded MoneyCoach in 2016. He uses his experience as a top-level athlete to help his clients become financially successful. He feels that the most important missing component that most investors do not have is accountability. By being their financial coach, Patrick guides his clients to control their money. Not that money is everything, but so much of our lives depends on how we manage money!

Education:

Organizational Leadership, Quinnipiac University

Assets Under Management:

$10 million

Fee Structure:

Fee-Only

CRD Number:

6089405

Disclaimer:

MoneyCoach LLC and/or Patrick Traverse offer Investment advisory and financial planning services through Belpointe Asset Management, LLC, 125 Greenwich Avenue, Greenwich, CT 06830 (“Belpointe), an investment adviser registered with the Securities and Exchange Commission (“SEC”). Registration with the SEC should not be construed to imply that the SEC has approved or endorsed qualifications or the services Belpointe Asset Management offers, or that or its personnel possess a particular level of skill, expertise or training. Insurance products are offered through Belpointe Insurance, LLC and Belpointe Specialty Insurance, LLC. MoneyCoach LLC is not affiliated with Belpointe Asset Management, LLC. Additional information about Belpointe Asset Management is available on the SEC’s website at www.adviserinfo.sec.gov.

Videos
  • Patrick Traverse Investopedia Interview
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5 weeks ago
    Financial Planning, Choosing an Advisor
November 2017
    Personal Finance, Financial Planning
November 2017
    Personal Finance
November 2017
    Retirement Savings, Retirement Plans, Retirement, Taxes
November 2017

All Answers
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    Debt, Financial Planning
Am I overspending?
88% of people found this answer helpful

It depends of what your goals are. You shouldn't compare to others as you might want something that out of the norm. Many young adults these days are trying to find financial freedom early in life. Many of these people are trying to save more than half of their take home pay, but if you have a normal goal to be able to work until 65 and live a comfortable life while you're working and in retirement, here's a few of the metrics that you can follow:

  • You should try to save 15% of your before-tax income. Use different types of accounts (401k, Roth, Individual) to get different benefits. If you are diversified that way, you should be able to have money for whatever life throws at you.
  • Try to maintain to housing expenses to no more than 25% of your net income. This includes rent or mortgage payment, insurance on your home and real estate taxes. This should make sure you are not house poor.
  • Maintain your committed expenses below a max of 60% of your net income (And that is the ultimate max!!!) These expenses include your housing expenses and any other bills you get on a regular basis. Your goal should be to lower this amount as you pay down debt and earn more. 
  • Lastly, you should have about 20% of your net income to spend on your lifestyle expenses. This is anything that makes your life more enjoyable (restaurant, clothes, trips, entertainment...) As your other expenses are lowered compared to your net income and you are staying on track to reach your investment goals, you should be able to spend more of your income on lifestyle expenses. Which is what it should be about.

You should be proud of yourself! At the age of 22, you are light years ahead of most people your age. If you put together a budget plan like I just demonstrated for you, you will be successful at controlling your money. You will make money a key to more freedom instead of having it become a source of stress in your life.

I hope this helps.

6 days ago
    Investing, Asset Allocation, Stocks
What does the P/E ratio tell you about the value of a security?
86% of people found this answer helpful
August 2017
    401(k), IRAs
Should I stop contributing to my 401(k) and build up my cash?
86% of people found this answer helpful
October 2017
    Mutual Funds
Can I use my mutual funds as a savings account?
86% of people found this answer helpful
October 2017
    Financial Planning, 401(k), Asset Allocation
Where should I invest some extra cash?
83% of people found this answer helpful
July 2017