63 - Budget. Budget. Budget. A plan for financial wellness.

63 - Budget. Budget. Budget. A plan for financial wellness with Nick Daugherty the Financial Cop

In this conversation, Nick Daugherty shares his journey from being $80,000 in debt as a law enforcement officer to becoming a financial wellness advocate for first responders. He discusses the importance of financial education, the debt snowball method, and budgeting strategies that can help individuals manage their finances effectively. The conversation also highlights the impact of financial stress on relationships and the significance of open communication about money in marriages. Daugherty emphasizes the need for first responders to normalize discussions about financial wellness to prevent crises related to money management. In this conversation, Nick Daugherty discusses the importance of financial training, budgeting, and the eight phases of financial training tailored for first responders. He emphasizes the significance of having an emergency fund, being debt-free before retirement, and the benefits of home ownership versus renting. The discussion also covers investment strategies, risk management, and the necessity of seeking professional financial advice. Daugherty concludes by stressing the importance of budgeting as the foundation for financial success.

ABOUT NICK DAUGHERTY

Nick Daugherty began his career with the Grand Prairie Police Department (GPPD) in 2003. He semi retired in 2017 after serving as a patrol officer, SRO serving on a underage alcohol/drug task force, patrol sergeant, field training sergeant, fleet coordinator, and criminal intelligence sergeant. He continued to serve as reserve officer for GPPD until officially retiring in 2023.

During his career he was awarded numerous honors and commendations, including a lifesaving award, as well as being named officer of the month 4 times, Jim Thorne Officer of the year 2 times, and the Sergeant Gregory Hunter supervisor of the year award. Additionally, Nick holds a Master Peace Officer certification and a TCOLE instructor’s certificate.  

In 2011, Nick was approached by Grand Prairie Police Chief Steve Dye to create, and instruct, a progressive training block on financial wellness, “Building Financial Strength in First Responder Families”. This program became mandatory training for the entire GPPD force and has now been taught to over 35,000 first responders from thousands of agencies, academies, national conferences, and police leadership organizations from across the country. FinancialCop wellness training for first responders is now one of the largest financial wellness training groups in the country operated by first responders, for first responders!

Nick is also the CEO, and founder of FinancialCop LLC, a full-service financial firm for first responders, run by first responders as well as being a licensed life insurance agent. Additionally, he has completed classes through Ken Zahn’s Certified Financial Planning professional education program.

Nick also serves in various volunteer capacities nationally as a peer support and crisis coach, along with having served on the Texas Police Chief Association Officer Suicide Committee, focusing on the financial wellness impact in regards to officer suicide / PTSD.

Connect with Nick: https://financialcop.com

 

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