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In Episode 35 of the Union Strong: NJSPBA Voices Podcast, host Vinny Rizzo engages in a critical conversation with Jim Kompany, chairman of the PFRS Investment Council, about the importance of financial fitness for law enforcement officers. The episode covers essential topics such as budgeting, managing expenses, creating emergency funds, and making smart investment decisions. Jim shares valuable insights on setting financial goals, managing credit card debt, and leveraging union resources, including the newly formed PBA Federal Credit Union. This episode serves as a practical guide for officers to take control of their personal finances and ensure a secure future.

00:00 Introduction and Guest Introduction

00:58 The Importance of Financial Fitness

03:37 Starting with a Budget

04:03 Recording on Location

04:35 Breaking Down Expenses

07:15 Daily Habits for Saving Money

12:00 Credit Card Mistakes and Solutions

14:23 Paying Down Debt vs. Building Savings

15:56 Union Financial Resources

16:27 Union Benefits and Financial Resources

17:54 Seeking Professional Financial Advice

20:57 Understanding Emergency Funds

21:49 Retirement Planning for First Responders

24:48 Investing vs. Saving: Key Differences

25:40 Types of Investments: Stocks, Bonds, and Mutual Funds

31:29 The Importance of Financial Discipline

33:20 Conclusion and Final Thoughts

Music from #Uppbeat (free for Creators!):

https://uppbeat.io/t/matrika/smack-that

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