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CalPERS Quick Tip | Choosing a Retirement Date

Participants commonly ask, “When’s the very best time
to retire?” While there’s no one-size-fits-all solution
to that concern, there are a few things you need to consider when choosing a retirement
date. Choosing a retired life day is an important
choice, and also can depend upon a variety of elements. One approach is to figure out just how much cash
you’ll require in retired life, and also work in reverse from there– considering the 3
elements that influence your pension: your solution debt, advantage element, as well as last compensation.Now, Solution Credit rating is your total time spent on duty with CalPERS-covered companies. Obviously, the longer you work, the much more solution credit you’ll earn. But since of the means it’s determined, 10 months of permanent work throughout a amounts to one full year of solution credit history earned. If you function full-time, starting in July, you’ll earn one year of service credit report by the
following April, as well as won’t make any type of a lot more in May or June. Something to consider if you’re aiming
at a bump in solution credit history prior to retirement.Depending on your company, you may have the choice to transform your

unused sick leave to service credit report when you retire
.( As a matter of fact, 2,000 hours of authorized leave amounts to one year of solution credit). Trip as well as other leave kinds, nonetheless, can’t. be converted; so, you could decide
to utilize those hrs while you’re still utilized,. gaining more service credit as you postpone retirement. We recommend calling your employer’s. employees office for specifics on how your extra leave time is handled.Now allow’s consider your advantage variable,.

which is the percent of pay you’re entitled
to for each and every year of service debt you’ve. earned. It’s based upon the retired life formula contracted. by your employer, and your age at retired life.
When you’re eligible to retire, your benefit. factor enhances with each quarter year of
age– that is, 4 times annually based. on your birthday. If you were born on February. first, then your advantage factor would raise on that day, however on May first, once more. On August first, and also then again on November.
So, retiring on or after your following birthday celebration. quarter can imply a higher benefit aspect, causing a higher pension quantity in retired life. The third variable influencing your pension plan is. last settlement, which is a standard of your greatest monthly pay price. Your last settlement duration may cover your. last 12 or 36-months of work, depending
on your beginning date and your employer’s agreement. arrangements. To optimize your last settlement quantity,. take into consideration preparing your retired life day around
a promo or any various other event resulting in. a pay raise.Check out the retired life estimate calculator.

in” My CalPERS “to discover just how changes to your solution debt, benefit element, and. last payment amounts may affect your pension plan.
Which should aid in choosing a retirement. date that works finest for you. To find out more regarding preparing for retirement,. visit education

It’s based on the retirement formula got. After that your advantage factor would certainly increase on that day, after that once again on May first, once again. The third factor influencing your pension is. Which need to help in picking a retired life. To discover even more regarding intending for retirement,.

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RRSP MISTAKES in Canada to AVOID! // Tax Free Investing & Retirement Strategy // Canadian Tax Guide

hey guys it'' s adrian here the canadian in a.
tee shirt as well as today i'' ll be breaking down the most significant rrsp blunders to prevent in canada the rrsp.
the licensed retirement cost savings strategy is just one of the most powerful investing devices available to.
everyday canadians to money their retirement if made use of appropriately you can decrease your tax obligation expense as well as.
develop long-lasting riches for the future however the regulations can be complicated and a great deal of canadians are.
not making use of the rrsp appropriately in this video clip i desire to address some of one of the most important errors.
concerning the rrsp that you may not know and also could be costing you a great deal of cash in the lengthy.
run ensure you see my previous two video clips rrsp described where i go over how the rrsp works.
the policies to adhere to tax deductions withdrawals and my investing approach to get one of the most out of your.
tax obligation protected development click the pop-up on top right or click the web link in the box below to enjoy.
those videos initially to learn what you need to carry out in an rrsp this video is everything about what you need to.
refrain in an rrsp as an incredibly quick summary the rrsp is a tax sheltered account developed to fund.
your retirement the rrsp uses 2 main benefits one it permits your financial investments to grow tax-free.
this is very powerful and also your financial investments will certainly grow much quicker inside an rsp than they.
would in a non-registered account the 2nd benefit is that the rrsp permits you to delay your.
taxes for many years or years up until retirement you have the ability to reduce the amount of taxes you pay currently.
in your high revenue years as well as pay a much smaller sized tax bill when you retire as well as are in a much reduced.
tax bracket the catch is that there is a restricted amount of payment area which is why you.
have to be clever and also make the many of it and also that takes us to our first mistake using the rrsp.
as an interest-bearing account this is aggravating because the name itself is misguiding it has words.
savings in the name yet really the rrsp ought to be used as an investing account the actual power of the.
rrsp is to spend in the lengthy term and also have your investments grow and also intensify tax-free year after.
year but using your rrsp as an interest-bearing account is truthfully squandering its power rates of interest are.
traditionally reduced so your interest-bearing account at a large bank will pay you around 0.1 percent in passion.
that is pitiful also the very best interest-bearing account in canada eq financial institution just pays 1.25 percent as well as that.
doesn'' t also match inflation you'' ll hardly gain any type of passion revenue and also so you'' re hardly conserving.
any cash on tax obligations anyway instead if you invest in top quality supplies and etfs as well as hold them in an.
rsp you can accurately earn over seven percent each and every single year which'' s the sort of earnings.
you intend to conserve tax obligations on i talk concerning this in better detail in my tfsa mistakes video a great deal of.
those mistakes apply to both the tfsa as well as the rrsp so make certain you inspect that video out as well the.
rrsp is a lot more challenging as well as there'' s a whole lot more that'can go wrong to make sure that ' s what i intend to focus. on in this video however here ' s the lower line to build lasting wide range hold financial investments in your.
rrsp leave your cost savings from it much like the televisions state you have a restricted quantity of contribution.
room and also it is your duty to keep track of how much offered space you have however unlike.
the tvsa your rsp area depends on your revenue and there is no minimal age restriction so even if you are a.
teen as long as you earned revenue you can open up an rrsp prior to the age of 18.

Here'' s just how it works. your rrsp contribution room will certainly be 18 of your made earnings from the previous year earned income.
includes your routine employment revenue from your work plus your net service income as well as web rental.
revenue notification that made revenue does not include investment revenue so returns and also capital gains.
do not gain you rrsp space allow'' s claim you run an incorporated service and also you make a decision not to pay.
yourself a salary and you just pay on your own in rewards this does not count as earned revenue.
You won'' t earn any kind of rrsp payment space also note this 18 quantity is covered at a yearly maximum.
for 2022 this maximum is 29 2 hundred and also ten dollars so if you make two hundred thousand.
dollars a year you don'' t get eighteen percent of that in rsp space you ' re covered at twenty.
9 thousand yet if you make a hundred thousand dollars a year you'' ll gain eighteen percent of. that or eighteen thousand bucks in rrsp room but this is very important you'' ll just get this brand-new. room next year when you file your income tax return so if you'' re a new canadian as well as you simply started functioning.
this year you can'' t place any kind of cash right into your rsp yet you just acquire that rrsp contribution space following.
year when you file your taxes you obtain tfsa room as quickly as you start staying in canada but the rsp.
is one year behind since the government doesn'' t recognize just how much cash you made till you file your.
tax obligations and also much like the tfsa unused payment space is not lost it obtains lugged forward so wear'' t. stress if you can'' t max out your rrsp annually remember it'' s your obligation to understand your. readily available space as well as stay below your limitation fortunately you wear'' t have to compute your rrsp area by hand.
the government does it for you after you submit your income tax return in the springtime you'' ll obtain a notification. of analysis and near the bottom it will tell you your available rsp area based upon your earnings but.
throughout the year it is your obligation to track all of your payments as well as remain below.
this number do not over add to your rsp the fines will be serious if you exceed your.
restriction you will be charged a charge of one percent each and every single month on this excess amount that'' s. 12 a year in costs that ' s huge and almost as negative as charge card financial obligation so please prevent this there is.
no financial investment that'' s worth a surefire loss of 12 so stay within your limitation practically the.
government offers you a buffer of 2 000 over your restriction prior to you obtain punished yet.
don'' t try to video game the system as well as make the most of this you won'' t have the ability to deduct this two thousand. dollars it'' s simply there to provide you some flexibility if you make a truthful mistake among the common.
blunders that obtain people in problem is over contributing due to pension plan modifications.
if your company uses you an rrsp or pension plan strategy matching program then your company'' s. contributions will certainly additionally take far from your offered room if i put in 5 thousand bucks. into my work'' s pension plan and also my company matches that 5 thousand bucks my offered room goes.
must avoid these company rsp programs typically talking company rrsp programs will certainly take cash.
out of each paycheck and also put it into a shared fund where you will have no control or versatility.
with your money and also in addition to that they will certainly bill you enormous monitoring costs generally around.
two or 3 percent that'' s big and what are you really paying for instead you can open your very own.
rsp account with a broker like questrade which is my personal favorite and also you will certainly have total.
control of what to do with your money you can even duplicate the exact same financial investment portfolio by.
getting etfs at a portion of the cost of mutual funds etfs will normally only charge you between.
0.1 percent and also 0.6 in monitoring fees that will save you a lots of money in the future again if.
your employer offers matching payments then take advantage of it and also max out that free money.
sure you'' ll be stuck paying high costs in a mutual fund however you are increasing your cash straight off the.
bat so it'' s well worth it but if your job doesn'' t supply any kind of matching after that skip it and open your.
own rrsp account one incentive your company rrsp strategy will certainly promote is the ability to minimize the.
tax obligations from each income rather than paying tax obligations adding to an rrsp after that waiting a whole.
year to receive that tax reimbursement why not minimize the tax obligations from each income this way you reach.
accept it give it to your employer or hr division that form is generally a guarantee you make with.
the federal government that you will add allow'' s state five thousand bucks to your rsp by completion of. the year currently every income you obtain throughout the year will certainly be a little bigger due to the fact that.
you'' ll be strained less you ' ll be taxed as if you already declared a 5 000 rrsp reduction you''
re. just early so now you'' ll receive the very same tax refund but instead of waiting till next year.
you get to enjoy the tax obligation reimbursement right now spread throughout the entire year just make certain.
you keep your promise and also add at the very least five thousand bucks into your rsp this year to be.
clear i simply chose 5 thousand dollars for this instance you can select any kind of number you want as long.
as it'' s within your offered room below'' s another error that can cause over contributing unlike.
the tvsa you do not obtain new rsp space on january 1st the rrsp calendar begins on march second of.
annually and this is due to the fact that of the 60-day guideline when it comes to rsps the first 60 days of the.
brand-new year are treated like the previous year so if you add to your rrsp before march 1st.
the very first 60 days you can claim that tax obligation reduction against your income for last year this permits you.
to prepare in advance as well as lower your forthcoming tax obligation costs before you submit your income tax return in the spring however.
if you have maxed out your rrsp do not add any type of more money up until march 2nd sure it'' s a brand-new. year in january however not when it concerns rsps january as well as february the very first 60 days are still.
dealt with like in 2015 so you'' re still maxed out practically speaking you won'' t know specifically just how.
much brand-new rsp area you'' ll gain up until you in fact submit your tax return but you can make a reasonable.
evaluation keep in mind take 18 of your gained revenue from the previous year which will be your brand-new.
rsp space and if you wish to add to your rrsp prior to the march 1st deadline i suggest.
utilizing the immediate deposit attribute with questrade i have an entire video tutorial showing you tip by.
tip exactly how to make instantaneous deposits so check that out this is just one of the several reasons that questrade.
is my favorite online broker in canada and also if you'' d like to start click my recommendation link. in package listed below and also you ' ll get 50 in compensation open market discounts for the first thirty day when you.
register that primarily indicates that your first 10 stock trades will be commission complimentary that conserves.
you 50 plus i'' ll get a small referral bonus offer as well as well as when it comes to your offered space.
only the cash you place right into an rrsp counts as a contribution any type of revenue made inside the rrsp.
will not take away your readily available space so also if your rrsp is maxed out if you generate income from.
funding gains returns or leaks this will not press you over your limit so put on'' t worry this is.
the exact very same with the tvsa as well as i talked concerning this factor in greater detail in my tvsa blunders.
video clip below'' s one more error to avoid for both the rsp and the tfsa do not hold dangerous or speculative.
possessions in your rsp these consist of penny stocks marijuana supplies ipos crypto etfs anything that'' s. exceptionally unpredictable and most likely to collapse and also burn if you bet as well as shed in your rsp not only will.
you shed money yet you will permanently lose that valuable payment space it'' s gone and you never
. get it back and unlike a non-registered account there is no advantage to marketing a stock muddle-headed.
in an rrsp you put on'' t reach declare a funding loss and also you put on'' t obtain to minimize your tax obligations you simply.
shed cash without advantage at all so in an rrsp hold quality developed companies that have a.
solid future do not bet in an rrsp and i would urge you to prioritize u.s returns supplies.
and also etfs in your rrsp given that only the rsp account will certainly allow you to forgo the 15 withholding tax obligation.
on u.s rewards again i discuss this point in much higher detail in my tvsa errors video clip.
Please check that out right here in this video i want to concentrate on the a lot more fascinating errors particular.
to the rrsp now let'' s discuss claiming the rrsp tax reduction this is very essential you do not.
need to declare the rsp tax deduction immediately simply because you place cash into your rsp this.
year does not imply that you have to declare the tax obligation reduction this year you can lug onward.
that tax obligation deduction to a future year where you'' ll be in a greater tax obligation brace and also therefore that.
reduction will conserve you a lot more money in tax obligations let'' s check out an instance let'' s say you reside in.
ontario and you make a tiny income of 45 000 that puts you in a low tax bracket with a low.
tax obligation price of 20 percent if you add 10 thousand bucks into your rsp and you declare that.
tax deduction you will conserve twenty percent of that so you'' ll receive 2 thousand dollars as.
a tax obligation reimbursement that'' s wonderful however we ' re still in the lowest tax obligation bracket so we ' re obtaining. the tiniest possible take advantage of this rrsp deduction remember i put on'' t have to declare this tax obligation.
reduction right away i could put the money right into my rrsp as well as allow it grow tax-free but i can choose.
to carry forward that reduction to following year if i anticipate a larger income back to my example.
if following year my wage raises to 65 000 currently i'' m in a larger tax bracket with a.
higher low tax price of 30 percent given that i continued that rrsp reduction now i.
can assert that exact same 10 000 deduction however i saved 30 of that so now i get 3 000 as a tax obligation refund i.
simply obtained an additional 1 000 in tax savings just for waiting one year to drive this point residence.
let'' s say i bring for the tax reduction for 5 years and now my wage has made a substantial jump.
to a hundred as well as fifteen thousand bucks currently i'' m in a high tax obligation brace with a minimal tax obligation price of.
forty three percent now if i claim that very same 10 thousand buck rsp reduction i save forty 3.
percent of that so i get 4 300 as a tax obligation refund that'' s greater than double the tax obligation financial savings if i had.
declared it in the reduced tax obligation brace some typical recommendations you'' ll listen to is wear ' t add to your. rsp when you ' re young delay until you have a high earnings to make payments but that'' s just half.
true you should certainly add to your rsp also if you remain in a reduced tax obligation brace the earlier.
you invest the more time your financial investments will certainly have to expand tax-free inside your rsp just put on'' t. claim those tax deductions right now lug those ahead to a future year to obtain real tax cost savings.
that'' s what i did i purchased my rsp while i was in college as well as making really little cash.
from sideline however i begun early and i let my financial investments expand tax-free for 3 years till i.
had a high-paying job and after that i made a decision to assert those rrsp deductions which conserved me a whole lot of.
money but you have to intend ahead just since your income will grow following year doesn'' t mean that you.
should wait it'' s only worth bring forward those tax obligation reductions if your higher income will push.
you to a higher tax bracket back to my example if i'' m making 65 000 a year in ontario and also next.
year my salary boosts to 70 thousand bucks i'' ll still remain in the very same tax obligation bracket with a.
minimal tax obligation rate of 30 percent so whether i claim the deduction this year or following year i''
ll. obtain the very same 3 000 in savings so there'' s no point in waiting if you'' re going to be in the exact same tax.
brace following year after that don'' t wait declare the rrsp reduction right away and also invest that tax reimbursement.
that will offer your financial investments a whole added year to expand tax-free make certain you prepare ahead.
as well as run those numbers and also keep in mind each province has different tax obligation braces in this instance i.
was just discussing ontario you'' ll notice that i stated to invest your tax obligation reimbursement do not.
waste your tax reimbursement on pointless spending the whole point of the rrsp is to minimize your tax obligations.
currently providing you more cash to invest with today and allow that money grow for many years and also years when.
you receive your tax reimbursement i would certainly encourage you to invest that cash back into your rrsp to gain.
one more refund following year or place that money in your tvsa or if you have kids place it in an resp to get.
the 20 of cost-free federal government grants put on'' t leave cost-free money on the table take advantage of these tax.
sheltered accounts and take a look at my resp explained videos to see just how the resp works and also how to obtain.
the totally free government give money for your kids when it concerns rrsp withdrawals there is a heap to.
speak about as a matter of fact i currently made a whole video on rrsp withdrawals so please check that out however this.
is necessary you must not take out from an rrsp until you remain in retirement technically you'' re not. secured you can always choose to withdraw from your rrsp early however you shouldn'' t do it for 2. primary factors first whenever you take out from your rrsp you will be completely tired on that quantity as if.
it was regular work revenue so if you'' re in a high tax bracket with a limited tax rate of 40.
percent you will be tired 40 of that withdrawal amount that'' s substantial the point of the rsp is to. withdraw that money when you'' re in retired life where you'' ll be in a much reduced tax obligation bracket as well as so.
you'' ll pay much much less in tax obligations the 2nd drawback is that when you withdraw from an rsp you don'' t. restore that payment area it'' s gone permanently this is different from a tpsa where you can.
take out money and also gain that area back next year however with the rrsp as quickly as you make.
a withdrawal that room is gone so now you'' ve missed out on out on a lifetime of tax sanctuary growth as well as.
that'' s a big opportunity cost i always urge you people to purchase the long-term but this.
way of thinking is much more essential with the rrsp always maintain this in mind the money you invest.
in an rrsp needs to be money that you will not touch for many years also for decades withdrawing early.
from an rsp must only be utilized as a last option i'' ve said this many times it is so crucial.
to develop an emergency situation cost savings fund that you can depend on if you require money you never ever wish to.
be compelled to sell your financial investments however if your financial savings simply aren'' t sufficient then take out from your.
non-registered account or perhaps your tvsa if you need to those accounts are far more versatile as well as.
you will restore that tvsa room next year however if you take out from the rsp you never obtain that space.
back so please avoid it so there you have it individuals those are several of the greatest errors to prevent.
in your rrsp this is the third video i'' ve made on the rrsp as well as there'' s still a lot more to speak.
around so stay tuned for even more rrsp videos where i'' ll discuss both exemptions that enable you.
to take out from your rrsp without paying tax obligations and that'' s the home buyers plan and also the long-lasting. learning plan i'' ll additionally go over approaches to lower your taxes throughout retired life using a rif.
spousal earnings splitting and other factors to consider like oas claw back rrsps are incredibly effective.
however they can be made complex so i'' ll be right here to aid damage it down many thanks for watching people as well as.
make certain to such as comment as well as subscribe if you located this video clip valuable every thumbs up and comment.
actually does assist me construct this channel on youtube and hit that bell icon to be notified of my brand-new.
videos and if you'' d like to follow me on instagram or facebook at canadian tee shirt click the link in.
the box listed below or click the web links on my homepage many thanks every person and also i'' ll see you guys on the following.
episode of the canadian in a t-shirt bye individuals.

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Cars = #1 Wealth Killer

in today'' s video we ' re going to discuss the primary wealth awesome in america our cars hi if you ' re new to the channel my name is tay from economic turtle where we discover to expand our wide range slow as well as constant you may be believing hey what are you speaking about aren'' t there so several various other things that ought to come prior to a cars and truck settlement that is damaging our wide range exactly how regarding the climbing expense of wellness care or stagnating earnings and also what about the insane rising cost of living rate that is damaging our buying power of course all real and also i put on'' t disagree that most of these items impact our riches in detrimental methods however if you can hear me out for the rest of this video i want to help you comprehend why i think our automobiles are actually the top wealth killer here in the united states yet initial let'' s begin out with some history lessons so we have context concerning autos in america let'' s encounter it we as americans are obsessed with cars as well as nothing states american as our cars these days it'' s tough to see the distinction between cars and truck culture and also american culture as cars and trucks have come to be such a considerable part of our lives considering that they initially happened and a large reason for why they lingered for as long is that they'' re the epitome of condition this allura condition that keeps chauffeurs hooked days completely back to the ford design t the very first budget-friendly american car that transformed america as we recognize it over 100 years ago and also ever since vehicles have remained to represent itself as an expansion of ourselves as well as as a result our identification and our standing sign a means to show the world how effective we are when someone parks their lamborghini right following to our 10 year old honda civic don'' t a number of us think male what does this guy provide for a living just how is he so rich he is so amazing in my mid-20s i made one of the greatest acquisitions of my life an all new volvo s40 i had actually simply gotten my recent promo in the military as well as i was making respectable cash obviously i was still living income to paycheck i validated the purchase by claiming that i deserved it as well as i functioned hard for it and also while that could have held true the truth is that i can have gotten a more affordable car and made use of that additional money to pay down debt or buy my future yet i didn'' t because i desired that status symbol i desired the car that would certainly churn heads when i drove now a volvo wasn'' t truly linked with turning heads but at the time i certain really felt like i was someone and also that is truly the core trouble with autos they'' re frequently psychological acquisitions we purchase them with our heart not with our heads and when we do that we usually end up overpaying as well as making inadequate financial decisions much like i did all right now that you had an excellent laugh at my money mistakes allow'' s really check out some numbers and see exactly how automobiles are essentially eliminating our riches allow'' s try to comprehend the average cost of owning an automobile at the time of this video the typical price of a new auto in the united states is around 48 000 as well as considered that the majority of brand-new autos are purchased funded the ordinary regular monthly vehicle payment floats around 700 however when we consider the continuous prices like insurance policy gas or upkeep truth cost of ownership is in fact much greater and we aren'' t even factoring depreciation when buying a brand-new car a new car can lose up to 20 of its value the minute you drive it off the great deal as well as it doesn'' t stop there typically a car will lose about 11 percent of its worth annually for the initial 5 years so if you acquired that 48 thousand buck cars and truck in just 5 years it'' ll be worth less than half of what you spent for as well as after ten years you'' ll deserve much less than a 3rd so it'' s not a surprise that many individuals are upside down on their auto settlements the lower line is that car payments generally are a poor concept specifically big automobile payments like 700 a month there may be special scenarios where a car settlement might make good sense for instance you initially intend on getting a new car with cash money however you picked funding rather since they were providing an absolutely no percent interest however these scenarios are not typical the huge bulk of people aren'' t using auto payments to aid out their money flow scenario picture a typical person who began their initial work at the age of 25 and also settled into a 700 auto payment for their entire life this person would certainly trade his or her cars and truck over the years but would always have that auto repayment each time the car is paid off we would certainly head straight to a dealer to grab a new one and if we did this for thirty years we would have paid over 250 000 in automobile payments alone and also ultimately we would only have an older automobile worth almost nothing to show for it as well as even worse as i pointed out previously this figure doesn'' t consist of the money we paid for upkeep insurance and other connected expenses with owning a vehicle now envision that we did something radical and also chose to bypass or reduce this hefty brand-new car payment for our whole life we determined to purchase a smaller sized brand-new automobile or a trustworthy previously owned automobile or even more radical usage alternating methods of transportation and also leased autos just when we required one in these situations let'' s minimize our regular monthly cars and truck cost by half the national average vehicle payment as opposed to investing 700 a month we rather invest 350 monthly and also we spend the extra 350 in a great reduced cost index fund for following three decades just how a lot do you assume we'' ll have in our financial investments after thirty years at a typical 8 percent rate of return over half a million bucks the total contribution quantity is around 126 000 yet the intensifying included near extra four hundred thousand bucks for financial investments for half a million bucks i personally put on'' t mind driving a humble economical vehicle versus an auto that supposedly reveals my wealth to the rest of the world that actually doesn'' t appreciate me anyways automobile payments are not a lifestyle and if we believe that since we had one since we could remember it'' s time to alter that mindset it'' s simple at fault exterior aspects for our life and cash troubles but what is fascinating is that usually we blame every little thing else but our high automobile repayments for our lack of ability to obtain in advance we condemn our companies for not providing us the raising we are worthy of or our parents for not enlightening us enough we criticize wellness insurance premiums the cost of groceries the housing market as well as even the rate of gas yet exactly how usually do we focus our initiatives over auto repayments frequently not so several people myself included have actually ended up being socially conditioned to think that a big car settlement is a truth of life because having a nice cars and truck is a way of living it'' s an extension of that we are we wouldn'' t head out to the shopping mall using scruffy clothes so how can we be on the road with a review vehicle we inform ourselves that everyone has a cars and truck settlement which is regular and also alright and if we'' re mosting likely to have an auto settlement anyways we could too obtain the vehicle we desire right this type of reasoning is so extensive and also so ingrained into our culture that it'' s almost an epidemic the reality is that we don'' t demand to think this means as well as in reality it is very harmful to assume this method since it'' s harmful to our wide range okay currently that we recognize the damaging influence of having an automobile payment is to our riches what can we do let me show to you some useful pointers top pointer is a bit basic but it is to delay gratification or discovering postponed gratification if this is something we fight with and also i entirely understand with people who like getting brand-new cars and trucks if we'' re completely truthful with ourselves myself consisted of buying a brand-new auto is fun not just do you reach take pleasure in the sought after new auto odor but you reach display in front of your family and also good friends and also despite exactly how much the benefit costs it really feels so excellent to drive your brand-new cars and truck off the whole lot and also cruise ship down the road however that is a short-term reasoning as much of us myself consisted of may have experienced initial hand the brand-new auto smell the exhilaration you feel when you reach drive a new auto to function i'' m sorry to say however these feelings are temporary as well as they'' re short lived after a rather brief amount of time the new automobile enjoyment turns into ordinary uneventful truth soon your auto isn'' t'so new anymore it ' s just something that you drive to costco on a weekly basis if we wish to do something different as well as construct our riches at the same time we require to transform our brand-new automobile mindset let'' s learn to delay gratification if you presently have a vehicle and also have been thinking of obtaining a new one see if you can drag it out for a number of even more years the simple act of delayed gratification can suggest hundreds of thousands of dollars in the long run 2nd pointer is a little bit a lot more useful as well as that is to think about purchasing used as i pointed out earlier among the best unfavorable monetary impact of getting a brand-new cars and truck is its devaluation a brand-new cars and truck can actually lose as much as 20 of his value the moment you drive it off the car park after 5 years it'' ll deserve no greater than fifty percent of its initial value a made use of lorry decreases at a much slower rate than a brand-new car this is because when you'' re behind the will of the auto it will have already gone through most of its depreciation as well as it'' s more affordable thus your regular monthly repayment if you pick to fund will be much lower if you'' re bothered with the problem of a made use of automobile due to the fact that you never purchased one consider a licensed used automobile you'' ll still save cash by buying a used car yet gain added self-confidence the dependability of the lorry basically accredited previously owned or cpo are cars that fulfill makers establish requirements as well as carry some kind of guarantee versus problems similar to a new vehicle service warranty the 3rd idea is to never ever rent an auto renting a vehicle is tempting due to the fact that the monthly settlements are much reduced than acquiring a vehicle nonetheless it obtains rather costly over time when you lease you'' re basically paying for using the vehicle for the first 2 to 3 years of his life when the cars and truck decreases one of the most when your lease mores than you either have to rent another cars and truck or acquisition one starting the cycle throughout again getting a brand-new automobile might be costly initially however once you settled the lendings you at the very least own the car and won'' t have any kind of auto payments as long as you proceed to drive it with renting you wear'' t have this alternative you will certainly always have a cars and truck payment the fourth suggestion may appear a bit severe yet is to think about no car if you live in an area where there is a good mass transit and also you put on'' t have to commute far away for job it could be practical to ditch your car completely not only will you save money on vehicle settlements but you also reduce gas insurance policy and upkeep expense it may not be one of the most glamorous service however it is an useful one that can liberate a considerable amount of cash monthly automobiles are among the largest wide range awesomes out there if you actually wish to build true riches you require to be mindful of your cars and truck options and also prevent the temptation to spend too much there'' s absolutely nothing incorrect with possessing an auto however there is something wrong with allowing the automobile own you think thoroughly about your requirements and make clever economic choices that will certainly aid you expand your riches gradually thanks people for watching if you'' d like to learn more about a few other means to conserve money examine out a few of my video clips below up until next time all the most effective [Music]

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F.I.R.E – 6 Uncomfortable Truths we discovered about Early Retirement & how to mitigate them

international hey what are the hideous sides to.
retiring very early um aren'' t you bored every day just existing around doing nothing don'' t. you guys bother with lacking cash hey guys invite back to an additional gorgeous.
day here in Paradise Bali a lot of you have been asking me many concerns like the.
above so today I'' m gon na run with 6 unpleasant realities concerning early retirement.
As my recommendations for mitigating them based on our own experiences reaching fire and.
being retired right here in Bali Indonesia for the previous 2 years so uneasy truth number.
one retired life is a trip not a location for the document lying around all the time not doing anything.
in retired life is a misconception it'' s constantly wonderful to have a couple of days of that occasionally however actually.
you do that for long stretches of time as well as you'' re possibly going to be hit really really difficult with.
feelings of monotony absence of self-worth as well as you'' re gon na be missing out on a sense of gratification retirement.
isn'' t a destination like Bali or Boracay it really is the beginning of a New Journey in your life it'' s. that stretch of time where you ultimately do those things you intended to do yet constantly couldn'' t. since you were so busy making cash to survive it can be anything taking a trip the globe.
Creating that publication or studying that say cross stitch side hustle if you never obtain past the.
myth you'' ll most likely end up obtaining bored and after that wind up returning to work and also losing out on this.
Outstanding Life Adventure so like every various other trip start planning what is this epic experience you.
wish to invest your retired life money and time on second if you got tired during your.
retirement stuff perhaps you'' re doing it wrong so for a great deal of individuals their retirement Jam.
is about taking a trip the world right that'' s a super common one and also it'' s amazing enjoyable you never ever
. really feel much more alive and also it'' s such a terrific obstacle due to the fact that actually you need a lot of various skills.
to take a trip correctly right you require Road smarts to browse the towns and also scams as well as various other concerns.
when driving you need to be able to prepare your plan publication the most effective travel offers know exactly how.
to haggle your costs and also things like riding a motorcycle and scuba diving and also at the.
begin it'' s always impressive it ' s so extraordinary yet on exhilaration and also sense of accomplishment starts to.
plateau and also then you'' re gon na strike that point of decreasing returns and it wasn'' t just. in travel either it was also my painting my services my surviving The Wanderer life thingy I.
find that when love to stay mainly undirected most Quests really often tend to lose their flavor.
with time another way of putting this is perhaps you feel on your own falling under torpidity or.
that worked really well for me one either I start drilling deep down into the details of.
what I'' m doing or 2 I make it right into a business take my papa baking is his terrific love in retirement.
He'' s not simply pleading anyhow for the enjoyable of it the last few years he'' s in quest of cooking.
a tastier sourdough bread any individual has actually ever before come throughout out of 365 days in a year he is possibly.
baked regarding I'' m thinking possibly 400 sourdough loaves two loaves each bake he fine-tunes the dishes.
the starter the method the active ingredients he does some reverse design of sourdough bread that'' s. readily marketed outside it'' s been possibly three years and he'' s still going strong so he established his.
own unique sourdough bread objective and also Target and also criteria instead of simply serving as well as yogurting.
for enjoyable I ended up being competent teachers in both and at some point began both a yoga business and.
a browse school as well as you know I discovered so a lot a lot more about both in the entire procedure whatever.
Search out there if you start really piercing down there'' s always a lot more Enhancement to be had.
much more individual development to pursue please claim you enjoy Ceramic don'' t simply do it aimlessly to pass time.
brighten up your abilities get in competitions come to be a specialist Potter do compensations as your.
retirement side rush or educate ceramic courses when you keep pushing on your own to those greater.
criteria because you'' re either really drilling down right into the craft of it or you'' re running it.
as an Enterprise you'' ll discover brand-new procedures of efficiency therein and you will be burnt out not to.
state if you'' re really like us on lean fire whatever site revenue you produce will certainly assist settle.
the cost of your interests and also leisure activities so you wear'' t need to tap on your long-term Investments.'isn ' t that an actually bargain so 2 years earlier at the age of 38 I retired with my husband here.
in Bali it'' s quite early by many standards and also it'' s been a completely fantastic journey we''
ve. learned a whole lot and also I really hope the understandings we are showing to you individuals work if you'' re on. your very own fire Journey or already neck deep in retired life smack that like switch show to us in.
the remarks listed below what your retired life looks like so far how you'' re maintaining active as well as whether you.
concur or disagree with the points we made below currently on the third awkward reality it'' s. hard that you must protect your time you most likely retired so you can invest your time doing nonetheless.
you please whenever you please many of us will have spent the large bulk of Our Lives.
so far earning a living which means usually somebody else is routing your time either your.
manager or your clients and we obtain actually used to that so then in retired life self-directing your.
time comes to be something new as well as type of international as well as if you look at retired folks in Singapore.
after working jobs that entire lives a lot of them finish on in retirement functioning as cost-free.
child care solutions for their grandchildren if that'' s their best desire as well as for some.
typical older folks it certainly is after that it'' s wonderful I ' m actually
happy for them but. for some it may not actually be that but they locate themselves doing it anyway sort of like by.
default because they'' re simply so used to permitting somebody else to guide their time for them there'' s. always going to be people around who will attempt to capitalize on your spare time asking you to.
run duties for them possibly or like for us below in Bali we get so lots of demands from both people.
we understand personally as well as complete strangers of the net asking us to do stuff like strategy their.
holidays reveal them around Bali Etc naturally we love hosting buddies as well as family members and also we.
appreciate helping individuals typically however smartly speaking our own exclusive lives would certainly simply disappear.
if we were to captivate all the demands we get you'' ll need to find out just how to say no to people and also. how to strike equilibrium retirement is as much about sharing your time with the individuals who matter.
to you as it is regarding having time for your very own personal development as well as advancement simply know.
uneasy fact number four it'' s most likely gon na be just you and your loved one from.
currently on out so upon retired life your social scene is going to alter considerably everybody else is at.
job or active with their very own things you'' re either gon na need to learn to appreciate your own firm.
a lot or if you'' re lucky adequate to have actually retired with your significant other that'' s who you ' ll. probably be spending majority of your retirement with so best learn to get along companionably good.
interaction is key as it'' s simply generally being a thoughtful and respectful human being through.
the pandemic and on the roadway this previous decade I'' ve seen so several people who seem really surprised.
by the person the other half really is when they begin retirement and start traveling with each other.
24 7 a day but building that Convenience to do stuff on your own and building that wonderful.
relationship with your partner can additionally possibly be the most rewarding component of your.
retired life journey as well as your personal development prior to I show to you the 5th uncomfortable.
reality just the quick word from our sponsor of today'' s video MooMoo Singapore the supply.
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to get professions you'' ll receive one free Coca-Cola show to regarding 80 Sing dollars if you deposit.
ten thousand Sing bucks and perform seven buy trades they'' ll offer you a 108 Sing dollar Cash money.
voucher no inquiries asked I strongly think that in today'' s day and age to be economically capable.
necessarily indicates one have to be putting the cash to help them in one method or an additional so why not.
make the most of these deals now for even more details click on the web link in the summary listed below.
unpleasant fact number 5 your money strategies are never ever as sure-fire as you think all retirement.
whether it'' s the normal kind or fire truly all boils down to the monetary preparation behind it.
right and the most unpleasant fact of all might be that your retirement funds are never.
as fail-safe as you prepare for specifically if your strategies are meant to spend 30 40 also 50.
years in the situation of very early retirement expert forecasts and presumptions fail you made a.
mistake in your portfolio preparation because of all the buyers that we all bring Bear markets occur.
blacks on occasions grey Rhino occasions so numerous points regardless of the plan despite exactly how much stress.
testing you did before you studied it the unexpected typically occurs as well as the sooner you come.
to terms with this awkward fact the quicker you can move on to hatching against the risks.
You can forecast most senior citizens they'' re functioning their financial preparation and much less Help around.
the four percent drawdown rule right so the U.S stock exchange has had a sensational Run for the.
last 10 12 years or so now of program points are looking a little different for the foreseeable.
future so those who have actually been traditional and also that have actually abstained from tapping their long-lasting.
investments will have much more reproducing space now to come through this bearish market however long it may.
last pals who have actually been following our trip for some time currently recognize that a dominant portion of.
our retired life right here in Bali contains rental income from a number of property Investments.
as well as regrettably in the last two years considering that we started retired life Europe is a video game up in arms.
soaring Power rates have actually driven up the expense of living across the globe and also all over enormous.
rising cost of living is now a massive concern the good news is we have so far taken care of to settle whatever disturbances.
we'' ve knowledgeable but essentially yet an additional awkward truth in retirement is that managing.
your cash to make it last till completion takes up more time than you believe wear'' t just go to rest on.
it continuously aim to expand the eggs in your basket as well as be open to adjusting your cash strategies.
like rebalancing your portfolio or transforming just how you invest your retirement Toolbox as different.
possibilities provide themselves for time you might not require to function for cash any type of longer however doing.
stuff that fuels your personal growth as well as that generates some added side revenue as an incentive is.
never a Bad Point awkward reality number 6 no factor sweating the small stuff y'' all recognize I ' m. a big fan of basic frugal living and no pretenses whereas delighted dining in an expensive dining establishment.
as we are eating at the local Battle spaces here occasionally a lot more pleased actually however a lot of us.
can likewise quickly get brought away diving right into with the itsy bitsy details of economical living you.
understand investing two hours below seeking out offers and also promo codes that end up conserving you 10 bucks 3.
hrs there figuring out exactly how to optimize your air miles need to you secure that 3.5 dealt with.
down payment price now or wait till next week where possibly it may be 3.7 I suggest it can be enjoyable.
and afterwards it can additionally be a poor use of your time you can do it if you take pleasure in the obstacle.
simply know that as long as you obtain the large stuff right your retired life is most likely mosting likely to function.
out just great so wear'' t sweat the tiny things big things include stuff like keeping on top.
of your general General expenditures you recognize doing your tax obligations right keeping a balance after that.
Diversified profile so as long as you keep on top of every one of that I believe that'' s about 95 of.
the big image actually on the other hand what I'' m likewise stating is that if you blow up your retired life.
finances by for instance attempting to go huge or go home on crypto no quantity of voucher cutting is.
gon na save you from having to go back to a task so yeah that'' s my take on not sweating the tiny.
things we'' re all retire at some time of Our Lives whether early or late voluntarily or unwillingly.
all of it come down to choice and progressed preparation just what I'' ve directly observed is that if.
you removed all the noise and also diversion in life what do you think are the real money we.
genuinely traded the way I see it is four things it'' s money time Youth as well as health and wellness simply consider it.
everything we do throughout our entire lives is truly us trading among these for the other an.
early retired life is that a person abnormality where you are in a setting to spend all 4 currencies at the same time.
concurrently and that optimizes your experience of life a really clear illustration of this is.
traveling you can travel in your 60s and also 70s certain that'' s what lots of people will certainly finish up doing as well as it'' s. excellent you understand you see these people really delighting in seeing new things being very happy yet it'' s frequently.
in the kind of like great deals of cruise trips around the globe as well as that'' s cool down also yet they'' ll never. experience what it'' s like to attempt finding out to surf or sail and also obtaining all salty and also burned as well as.
muscle mass achy however gladly tired oh they'' ll never ever try anything more vigorous as well as adventurous.
like say backpacking your means with Europe you know crushing in brand-new hostels satisfying crazy individuals.
from Iceland or wherever and also doing silly things together we all have 2 lives the life that we.
currently live as well as the life we could possibly live so then which life would certainly you select inform me in.
the comments below and also put on'' t tell me you wouldn'' t retire early due to the fact that you simply wouldn'' t actually recognize. what to do that'' s simply a cop-out response because yes well you'' re too careless to do the research.
and also try new things and recognize on your own thanks for seeing as always speak.
once more next Saturday bye foreign.

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Retirement Advice for Tom Brady – or anybody thinking of leaving the workforce!

if you'' re an nfl football fan last weekend was a. weekend break for the ages all the games were incredible the packers shed which is awesome and also.
the bills and also the chiefs all those lead changes in the last two minutes that was.
extraordinary and also if you'' re a tom brady follower you might have seen his last video game the rumor.
out there is that he may be hanging up his football footwear to invest even more time with his.
household so to aid tom gradient and also anybody else was thinking of retiring i have retirement.
recommendations for tom brady we'' re mosting likely to start with the inquiries i would ask and after that we'' ll go to a. principle i call securement which really encompass the three things you need to be believing regarding.
if you'' re mosting likely to retire before we obtain right into the details allow me tell you i am daryl rose as well as.
i'' m the voice behind obtain economic toughness currently and also i do these videos to assist you create safety and security.
simpleness many of all monetary stamina at any kind of age or phase of your journey via life fine.
so below are the inquiries that i want tom to be considering as he tries to find out.
what he'' s mosting likely to do the first inquiry is what are you mosting likely to do when you hang up.
your football shoes you obtained ta do something so i wan na make certain that tom either maybe he.
enters broadcasting or he'' s a going across guard or something yet he'' s obtained ta spend his time in some way.
when we retire we got ta recognize what we'' re gon na do i desire them to know just how much retirement is gon na.
expense does he spend 5 thousand bucks a month six thousand bucks a month six hundred thousand.
dollars a month we require to understand just how much it sets you back and after that we got ta find out exactly how he'' s gon na. pay because if tom retires he ' s not mosting likely to be making 25 million bucks or 30 or whatever he.
makes so he'' s mosting likely to need to have a concept of'exactly how he ' s mosting likely to cover perhaps gisele has to go back. to function i don'' t recognize however he ' s reached have a concept what he ' s going to pay what could go wrong.'I wear ' t want tom running out of'money so he ' s obtained to assume concerning that what if he has long.
term healthcare demands later in life since of all the blasts i indicate there'' s a great deal that. goes right into it inflation is a huge bargain right he'' s mosting likely to most likely to the supermarket he'' s going to be. truly amazed at how the costs have altered as well as lastly we wish to consider.
priorities due to the fact that when you retire it'' s an actual good time to assume about top priorities like for.
example i'' m in my our community residence today we sold our large residence practically a year ago as well as now we reside in.
this condominium it'' s fantastic i really feel fantastic because the we pay much less for taxes for maintenance for the.
home loan everything so our priorities change so tom'' s probably living in a quite huge house.
right now however he might wish to look possibly he'' ll search in this area and see is is there a modification is.
there a shift in exactly how i sight things so those are the concerns we wish to ask everyone needs to ask.
those concerns if they'' re retiring at some time in the near future currently i wish to aid.
tom with a principle i call securement or secure retirement this is my proprietary method.
to help a guy like tom have security simpleness many of all monetary stamina at any kind of age or stage of.
his journey with life so what we intend to do is struck on three different variables so securement.
or secure retired life lives right in the middle below in this red area it'' s a little it ' s a venn. representation as well as the reason i have a style such as this is because you got to do a little of each point.
to have that protected retirement tom'' s got ta create some revenue right we chatted before perhaps he requires.
6 thousand bucks a month to live i wear'' t know he needs to produce some earnings he desires to protect.
his nest deck he'' s possibly made several bucks and he wants to secure that savings and also.
also and also i wear'' t understand if this is really possible for an individual like tom but it might be possible for.
you watching this video today he wants to pay less sales tax obligation so right here'' s the example i make use of when i. explain this let'' s state you wish to run a marathon you can'' t simply pick and choose what to do or.
be great at to run the marathon as an example if you have wonderful nourishment and you educate hard.
Then you acquire new footwear the day of the race you'' re going to have sores and.
your day is mosting likely to be among tremendous pain it'' s reached be all 3 so the method.
i teach people for retirement in order to have safety and security simplicity a lot of a monetary.
strength is you'' ve obtained to be in below so tom you ' re most likely viewing you ' re most likely.
watching possibly sitting at a beach someplace you desire to produce income you intend to secure.
your savings and also you wish to pay less income pack as well as you want to do all three and also not one or the.
various other to the detriment of these other variables darrell do you believe individuals like our videos beats.
me how do we learn we can inquire how like this if you like our video clips give us a thumbs up.
listed below anything else indeed subscribe by doing this you'' ll see our material immediately inform the customers why.
we do this to aid them create safety simplicity above all financial toughness in the future.
got it to subscribe just click the switch listed below.

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Managing Personal Finances: Government and Independent Sources for Financial Advice

when it concerns handling your personal.
finances there are a number of government-funded as well as independent organisations which offer a.
selection of resources and services to give you with financial recommendations as well as inevitably to aid.
you make the most out of your money whether you'' ve got lots of disposable revenue or you'' re facing.
financial difficulties let'' s take a glance at each of these in even more detail first up it'' s. residents guidance which is a network of independent Charities that offers complimentary private guidance.
and also details on a variety of monetary related issues such as benefits financial debt banking.
pensions as well as insurance next up it'' s independent economic consultants these are specialists that.
be experts in supplying financial recommendations to people they are called independent because.
they are not connected to any certain financial institution or item significance that they can.
deal suggestions on a variety of economic products and solutions from different companies such as.
investment retired life preparing tax preparation in insurance policy and defense as well as estate.
preparing they collaborate with customers to understand their economic objectives as well as offer suggestions.
on how to attain them but also for their proficiency they permit us to charge a fee for their solutions.
and they might additionally receive commission from the products that they'' ve advised an additional means.
of gaining information which can aid you with your individual financial resources is with rate.
contrast websites such as gocompare go contrast and also compare the marketplace compare the. simples these on the internet platforms allow users to contrast.
the costs for a wide variety of items and services such as insurance policy home loans debt.
cards broadband and energy the concept behind these web sites is to make it less complicated for you.
to locate the very best bargains on the marketplace which subsequently helps to make far better economic.
decisions and also helps to reinforce your personal finances but it'' s vital to be.
aware that some cost comparison websites may have Financial arrangements with several of the.
providers and might not give an entirely objective contrast allow'' s now proceed to the.
money recommendations service which is an additional source of complimentary and impartial suggestions on financial issues.
it'' s a government-funded organisation which aims to offer Monetary suggestions to everyone in the.
UK despite their conditions covering crucial topics such as budgeting saving credit score financial debt.
and pensions the service likewise offers devices and also sources to aid individuals handle their money.
and also make more enlightened monetary choices currently if you find yourself in debt you can transform.
to a debt counsellor for recommendations and also support financial obligation counsellors are individuals or organisations that.
assist individuals to manage their financial obligation for instance they can produce you a budget as well as a debt payment.
strategy negotiate with lenders and also enlighten clients on their legal rights when it pertains to handling.
financial institutions as well as collection agencies to help take care of financial debt repayments even more it'' s additionally feasible to.
obtain an individual voluntary Arrangement which provides individuals with independent recommendations.
about their financial debt with no predisposition from a certified insolvency practitioner this also suggests that.
you'' d become part of an official and legally binding arrangement with any lenders to pay back all or.
component of what you owe over a set amount of time.

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Why Stealth Wealth Is The Best Way To Build Wealth

Commonly, normal individuals are happy and are
clear concerning their revenue and wage. It is even regular to speak regarding just how much is
your cost savings. Yet it is various for the rich. Have you ever before noticed that some well-off individuals
One of the goals in exercising stealth wide range is to live typically to conserve some of your wide range. This additionally means that you do not get to save. Riches?
Why would certainly other wealthy individuals like to keep their riches hidden as well as not desire other individuals to recognize that they are exceptionally rich? 1. To Avoid Assumptions Once people get a hunch that you are not like them or have even more money than them, they always get this suggestion of making you an atm machine or a bank. They expect you to aid them each time due to the fact that they are much less lucky than you. Various other individuals anticipate that you want to zero your checking account for them.
It ' s not because you ' re self-centered that you chose to practice stealth wide range.
Most affluent individuals who wear ' t desire their riches concealed often get this unreasonable treatment.
Be careful that there are more elements than these. Stealth Wide range? You are not always able to.
There are several tiny indicators that might allow you know whether or not a person has severe riches.
You could be able to determine whether or not a person has hidden their riches by observing the things that they can not do or have. For example, if they do not ride stunning cars and reside in a typical location in a typical-sized residence, you can presume that they are rich. On the other hand, this doesn ' t truly mean anything. People who do not want other individuals to identify exactly how much cash they have will do lots of points, such as staying clear of driving costly automobiles or appearing to have an extreme amount
of intelligence. Individuals that take part in the exercising stealth wide range take great pains to appear as though they are no various from anybody else.You Have to Keep Your Wide Range Hidden Those who have never been affluent can have a challenging time comprehending the factors behind why all these rich pick to conceal their cash. After all, doesn ' t a large component of the enjoyment that comes with cash contains revealing it off? Millionaires
are folks similar to you and me; someone can be your next-door neighbors or a lecturer that simply surrendered from the class. Preserving the place of their hidden riches is often the only way to guarantee its protection. When they discover their lot of money, good friends as well as family may approach them for monetary help. Even though billionaires may well have adequate cash in retirement in convenience, it ' s possible that they may'not have adequate revenue to support every one of their member of the family and also buddies staying in comfort too. There ' s always a remedy to your riches.
Allow us understand in the comment section. And that ' s a wrap!.

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Planning Retirement the RIGHT Way (with Veronica McCain)

so you'll pick me up tonight 
at 7 45. yo well no I got a   few things to take care of first but 
why don't we make a quarter to eight I'm 45. live from Joe's mom's basement it's 
the stacking Benjamin show [Music]   I'm Joe's mom's neighbor Doug and good news 
today is all about getting your way which is   my favorite here to help us work out our goals 
and find happiness we welcome retirement coach   Veronica McCain for our Tick Tock minute we'll 
discuss tips on getting your vocab right to   succeed in the corporate world in our headlines 
why is it that instead of money at the end of the   month the month seems to go too many days for 
our wallet we'll share an explanation from one   popular publication plus we'll throw out the Haven 
Lifeline to Lucky stacking Benjamin's listener Jim   who wants to know what percentage to put into his 
Roth IRA and then I'll share some heartbreaking   trivia and now two guys who like to color way 
Outside the Lines the Philistines it's Joe and oh [Music] and a happy Monday to you stackers nice open 
duck you know given your history I think that   was fantastic we got a great show today fantastic 
show Veronica McCain is here I can't let that go   what do you mean given my history I am Flawless 
day after day show after show let what go I don't   know what we're talking about Veronica giving 
my history great open given my history Veronica   McCain is here today she is a retirement coach 
and uh oh gee we don't get enough time to talk   about just retirement so I'm I'm super happy we 
get to do that sweet I'm gonna retire after this   Marathon recording episodes podcast for the 
last freaking week and a half so you can go   on vacation so like yeah by the time people hear 
this I've had a wonderful vacation in Spain which   meant that uh that yeah we've been talking to 
each other a fair amount lately however we got   a fantastic show today not only Veronica became 
we got a fantastic Tick Tock minute super happy   headline today comes to us from the Wall Street 
Journal the oh gee sorry the Wall Street Journal   The Wall Street Journal are they like the Ohio 
state of newspapers forgot to put the emphasis in   the right place and they get angry those Buckeyes 
no it's the Ohio State I thought it was just oh no   no it's the this is from the personal finance 
section it's written by our friend Veronica   dagger a Veronica writes why it's now easier to 
underestimate your expenses and overspend let's   dive in Veronica writes many people have a gap 
between what they think they spend and what they   actually spend this gaps wide recently is the 
financial and psychological effects of higher   prices further strain people's budgets Elevate 
inflation is rippled through Americans wallets   for more than a year now some have cut back While 
others have increased their spending to keep up   credit card balances were staying relatively flat 
for a while but have jumped higher recently oh   gee you and I let's take it from here I think 
that this is a year where it's crucial to have   your finger on the pulse of what your expenses are 
you know you hear people joke about eggs you hear   people joke about the grocery store of course for 
a while there you saw the gas pump that seems to   have leveled off at least where you and I live but 
I think if you don't have your finger on the pulse   you're just gonna have less money at the end of 
every month well the availability of credit cards   and accumulating that Consumer Debt really makes 
it easy to continue to live the life that you want   to live even if the cost of living has increased 
a little bit because you don't feel the pain of   that right away you know it's like that kind of 
slow death by a thousand paper cuts type of thing   it's like you have a little bit of a balance that 
carries over then you have a little bit more of a   balance that carries over and a little bit more of 
a balance that carries over and so that's a really   good really good signal I think is if you if you 
go month to month and you're not paying off your   Visa bill every single month or if you had been 
and now you're not yeah that's a good trigger to   go like whoa what changed here that'll snowball 
pretty quickly listen to this statistic just to   tell you how many people are not paying off their 
credit cards Veronica writes in the fourth quarter   of 2022 the average household's credit card 
balance was nine thousand nine hundred ninety   dollars up nine percent from a year earlier nine 
percent higher it's a huge big number according   to wallet Hub customer Finance website meanwhile 
the average credit card interest rate of course   rose with spread right yeah uh to record high of 
about 20 percent last week according to bank rate   those are some there's some big downsides for 
not tracking your expenses yeah thinking about   the math on that real quick it's like okay ten 
thousand dollars at twenty percent you're spending   150 100 you know 200 a month of Interest that's 
not going to pay that off if you think okay well   I make 80 grand after taxes bringing home you 
know 60 after taxes and health insurance and   401ks and all that sort of stuff that's a solid 
chunk of your annual budget that's just going to   interest payments that doesn't really accomplish 
anything for you so if you're one of those people   that that balance is increased on I think it's 
really important to figure out how to tighten   I think one way if you have an accountability 
partner a spouse a friend that you're working with   I really think this can be way easier than people 
think that it is Cheryl and I just have a weekly   meeting we meet for 20 minutes it's over wine or 
over pancakes depending on what time of day it is   it's not complicated we just look through it OG 
and I think it can be that simple it doesn't have   to be you know you're using what you know I love 
the tiller money app I think it's fantastic how it   takes a spreadsheet and downloads everything every 
day and you've got whatever numbers you want you   can plug those into your spreadsheet and get it so 
you can slice and dice however you want I like the   cube app as well we of course have lots of fans 
who use YNAB as a great budgeting tool but it's   not really it doesn't even have to be that hard 
it just has to be having just a finger on on the   pulse like where where's our money actually going 
you know it might have been you who mentioned it   years ago oh gee it could have been Paula pant but 
but a lot of people feel handcuffed when they feel   like the advice is look at your budget every 
month and decide all the details that you're   spending on and I think that's one of the things 
that intimidates people or just is a huge Downer   against budgets I don't think you have to do it 
forever and ever I honestly think you set up a   budget we use whatever template you want to use 
make your own or use some of the ones that Joe   mentioned and then you check in on it for let's 
say the first six months or eight months however   long it takes you to establish habits for just the 
way you live just the normal everyday stuff and   then once you've sort of curtailed yourself from 
essentially taking out a loan to buy that pair of   pants or that whatever that thing is you think you 
need uh I don't think you need to check in on that   budget that often I think it's I mean honestly 
I'm checking in on mine every maybe six months   to a year I think that I think the big Point here 
Doug with inflation having gone up as quick as it   did the point is to have these early warning trip 
wires that if you're not going to check it that's   fine but you got to have a tripwire that alerts 
you then that stuff is real and it's different   than it was three months ago because to OG's point 
if you don't catch it early this gets Beyond you   I mean but Wells Fargo's PR team finally getting 
getting ahead of the story here and got themselves   in this piece listen to this I like this money 
grows much faster than most people expect because   interest is not interest says Michael learsh head 
of Wells Fargo and companies advice and planning   center it's a great quote a similar concept 
though applies to inflation prices rise and if   inflation remains high prices continue to grow on 
top of already inflated prices leaving people off   guard quote people get constantly surprised that 
their money isn't going as far as they thought it   would and in fact the cost of eating out and going 
for drinks continues to take Dina lion aback even   though the 36 year old married mother of one's 
dining out and ordering in far less than she did   a year ago some prices still give her sticker 
shot she says the difference between cooking at   home about ten dollars for nice pasta and quick 
sauce from canned tomatoes versus Italian takeout   for now 50 bucks is astronomical said Miss line 
who lives in Brooklyn I think those trip wires   are are what you if you're not going to set it up 
Doug well let me ask you this I mean given your   history with money how exactly do you set up your 
own tripwires so we focused all of our spending   on One credit card I have a rough idea every 
month of what that that number should look like   at the end of the month and if it's significantly 
higher I kind of raise an eyebrow and then I start   scrolling through transactions and realize okay 
those are all legit time to cut it back that's my   trip but you know then where to cut well then 
I start to it's usually uh the same thing for   probably 90 percent of Americans Amazon but uh 
Amazon could be anything though I know that's such   a brilliant way for them to disguise what you're 
buying that it just says Amazon yeah because   you're like there's no way I spent forty one 
thousand dollars on Amazon last year yeah you did   like well what did I buy wouldn't you like to know 
right I bought Fruit Loops and a backhoe exactly but yeah then I just dig in a little bit if if 
the number is significantly higher usually when   that has happened it's because of a couple of 
big purchases and I know right where it was and   um I know that that big purchase isn't going 
to happen again the next month it's you that   for me that's usually what it is it's not the 
trickle effect of Amazon it's usually some big   some big Bill I had but uh yeah that's that's my 
tripwire yeah I just know that given your history   that we really need to make sure that um people 
hear the story you are harshing on me today what   is happening what am I doing I don't give up 
your history and what then you you yeah yeah   harsh on my open what is going on I don't I'm just 
saying that given your history there we go again I   think we need we need to make sure that people 
hear the story like it's a it's a great tale   hey uh speaking of great Tales time for a tick 
tock minute this is the part of the show where   we either have some Brilliance from the people at 
Tick Tock or we have hashtag brilliance from those   very same people uh Doug which one do you think 
we got today this one's legit it's solid yeah well   more solid than my backdrop which is just about 
fell over I love it how people are about to see   they're about to see all the canned goods here 
in the basement when your professional backdrop   goes bye-bye I think you're correct doug because 
oh gee today what we're going to talk about is   how to succeed in corporate life how to how to 
figure out the right things to say let's listen   one of the most important skills you'll need 
to learn if you want to be successful in the   corporate world is how to speak like an absolute 
[ __ ] week and a great way to do this is just   to totally ignore the basic principles of 
English grammar so first take a random noun   and then change it into a verb so a word like 
idea becomes ideate then take that new verb and   turn it back into a noun so id8 becomes ideation 
then take that now and change it back into a verb   so ideation becomes ideation Inc finally take the 
new verb and change it into a meaningless seven   word cluster an all hands Blue Sky ideationing 
session then sit back and wait to be promoted right that immediately it's pretty 
funny after your blue sky ideation   session you're you're good that's pretty 
funny brilliant Joe tell them some of   the we've got some of that same kind of 
corporate phraseology here that that just   develops organically just happens we have 
we've come up with our own lexicon here uh   OG we need to talk to you over by the can 
peaches we say that you're getting canned   first time Doug got canned he thought it was a big 
deal oh God I was remember that yeah I was I I had   Joy I mean uh tears in my eyes and when it's nice 
outside so you know we want to leave the basement   we meet up by the clothesline which we call Doug 
getting hung out to dry there it is we didn't need   the bump this is serious work OG we're all trying 
to get promoted here hey coming up is a woman that   I don't think we need to promote a lot because 
when it comes to retirement planning people   take it way too cavalierly oh gee you know this 
better than most people spend more time planning   their family vacations than they do planning their 
retirement which shows why so many people are not   successful at retirement planning well Veronica 
McCain worked a full career and then realized that   as a second career which we may talk about as well 
she was going to become a certified professional   retirement coach and a charter retirement 
planning counselor after 31 years of Public   Service work decided you know what time to do that 
other thing that I've really really wanted to do   so she founded Savvy retirement coach with the 
mission to provide holistic retirement planning   Concepts focused on self health and wealth we're 
going to talk to Veronica here in a second about   doing a better job planning retirement but Doug to 
get there I think you've got some history well I   think of it as trivia you call it history 
tomato well given your history of doing the   trivia I think we should just have the trivia now 
there's some massive punchline coming I can tell   I don't know what it is but okay fine here's 
the trivia Joe hey there's stackers on Joe's   mom's neighbor Duggan did you know that on this 
day in 1956 Heartbreak Hotel by Elvis Presley   became a number one hit the Smash Hit was written 
by the Queen Mother of Nashville Mae Boren Axton   and Tommy Durden Axton played a recording of 
Heartbreak Hotel for Elvis at a disc jockey   convention in Nashville and the rest is history 
so since we're on the topic of hotels I got some   hopefully not heartbreaking Hotel trivia for 
you my question is if you're evaluating hotels   as an investor what is the difference between 
these statistics average daily rate ADR versus   average published rate or APR I'll be back right 
after I asked Joe's mom to celebrate Elvis by   making me a peanut butter and banana sandwich 
while I tee up Heartbreak Hotel on my Walkman Burning Love Joe's mom's neighbor Doug and we are 
commemorating the anniversary of Elvis Presley's   Heartbreak Hotel becoming a number one hit on 
this day in 1956 with some Hotel related trivia   so my question was if you're evaluating hotels as 
an investor what is the difference between these   statistics average daily rate versus average 
published rate in maybe our most thrilling   trivia question yet try to stay awake non-hotel 
investors the average published rate is believe   it or not this is going to be amazing are you 
ready I'm just settle down because I know the   excitement is building it's the amount a hotel 
asks for rooms well the average daily rate are   you ready for this I know you've been waiting 
by your device all day just trying to figure   out what this definition is that is the amount 
they're actually getting paid for the rooms   if you're a hotel investor this is the opposite 
of boring because if those numbers are close   together it means the hotel is in demand and 
if they're far apart you know maybe not so much   maybe I should suggest our writing team retires 
So speaking of retirement Let's help you get there   permanently it's time to learn how to create 
your retirement your way with Veronica McCain and I'm super happy she's here at the card table 
with us Veronica McCain joins us how are you that you're here because we're about to talk if 
this goes according to plan we're about to talk   about all the things that you and I think people 
should talk about during retirement but often kind   of gloss over because they're you know just don't 
get me wrong we're gonna talk about the money too   but it's about more than money but as a way to 
get there Veronica I've always believed that   if you want advice it's helpful to get it from 
somebody who's kind of walked that path right   when I was a financial planner I had been one 
in a long time but when I was the fact that I   worked with 200 families and I'd seen retirement 
over and over and over again should give people a   little bit of comfort that yes you want to do this 
once I've done it a bajillion times but but I had   not at that point ever retired you have actually 
retired tell me about that do you remember the   countdown to your retirement oh yeah definitely 
I mean I remember when I was working you did you   know you do the usual countdown on your calendar 
kind of exiting out the days until it actually   hits and then that when that day comes I think 
you get a overwhelming emotions because then I   realized you know I'm leaving my work and my work 
was not just work for me I actually had you know   work family what did you do by the way I worked 
for the federal government so I was a associate   director over several various departments within 
an agency a very small agency about 300 people but   um because you're a small agency you kind of 
have to sometimes do a lot so oversaw a lot of   different departments yeah so so you have this 
flood of emotions where the emotions about loss   were they about excitement I don't know is it now 
all the above is it purpose yeah I kind of had an   idea sort of what I wanted to do so I kind of knew 
what path I was going to take once every time I   know it's going to go into some type of coaching 
field didn't know exactly what way I was going to   go with it at first I thought maybe more in the 
Executive coaching area but then as I thought   about that more it kind of gave me flashbacks for 
work so then I decided to get into more of the   the retirement because people were asking me so 
many questions about you know what do you do and   what you retire how do you feel your days and that 
kind of thing so um you know as I was approaching   looking into the coaching area I did look at 
retirement coaching and I said oh this will be   an interesting field to pursue because I like to 
motivate people to have people get excited about   their goals and what they want to do in life and 
I like the kind of the financial side as well so   um you know that's why I decided to kind of lean 
more toward the retirement coaching but getting   back to when that final day came yeah I think 
it was when I had the actual retirement you know   sometimes that work to give you a retirement uh 
party and you see everybody and they're like uh   say something say something and then when I got up 
to say something all of a sudden I started feeling   like I was gonna cry yeah I was looking out at 
everybody and I was like wow I'm you know this   is this is really the end um even though I had 
something you know like I said to look forward   to going through I didn't expect that emotion to 
come over me like that but it did and I think a   lot of people experienced that when the final 
day comes of their retirement there is like a   I don't know I mean it's just morbid but there is 
like a death I mean you're it is it is your last   cake right right you've been to see other people's 
cake but all of a sudden you realize this is your   last slice yeah it is that that's exactly what 
it is it's kind of you know that you're gonna   try to keep in contact with the people that 
you work with and try to have some kind of   relationship but it does change it really does 
because you just you know everything usually that   you talk about with people at work is work related 
stuff and over time when you retire that kind of   goes by the wayside with you so do you feel like 
we're too Cavalier about that about that process   about the uh you know the fact that we're going 
to have these emotions we just think oh I'll deal   with it when I get there yeah I think a lot of 
people are just so caught up and I'm going to be   retired I'm going to be tired I can do whatever I 
want it's so exciting or whatever so yeah I think   you don't really feel like that you're going to 
have those type of emotions I think you just feel   like you're going to go to this next chapter 
in your life and it's going to be oh this this   burst of excitement and it is I'm not saying that 
you're not going to have it but I do think there's   also a period of of where you kind of adjust uh 
to you know what you've left behind in your job   and your identity and all that with that and 
then going forward pursuing what what you had   to look forward to in retirement so it's kind 
of a mixed bag those first couple of years you   tell your own story but you also tell stories 
of a few other people in the workbook one is   a woman named Susan Susan seems a little lost 
can you tell our stackers about Susan Susan is   the one who the days and the walls were kind of 
closing in yes yeah yeah she was the one person   in the book that I talk about and the people 
that I talk about the book are actual people   that I coach I just use different names and 
scenarios names change to protect the guilty yeah she was kind of diverse and this is a this 
is a lot like when you're working you're kind of   looking forward to those days that you have off 
where you can kind of do some things that you   want to do but then when you retire and it's every 
day it gets a little daunting if you really don't   have an idea of what you're going to be doing to 
for your days your day-to-day life I think is the   hardest thing that most people struggle with when 
they retire they have some huge aspirations maybe   of traveling or doing that but once they're 
sitting in their house house on a day-to-day   basis and in the you know the walls of you know 
has kind of quiet and not a lot going on you   don't have that routine of going to work anymore 
it's kind of like what do I do on a day-to-day   kind of thing and that's kind of challenging but 
what Veronica separates your workbook from a lot   of the retirement discussions I've seen is that 
you take this day to day and challenge all of us   to think really bigger about our life like I got 
this feeling even in the beginning Pages as you're   telling the story that well let me just quote 
you you wrote a big void needs to be filled in   retirement but it should not be filled just with 
things to keep you busy like this is not just a   March to the Grave this is a whole different 
piece of your life and it shouldn't just be   about rearranging the salt and pepper shaker every 
day or you know figuring out that the dog needs   to go for a walk like you challenge us to think 
a lot bigger about this period exactly it is an   exciting time for you to think bigger about your 
life because it's probably the first time in your   life that you're actually able to do what you want 
to do on your own schedule and hopefully have the   finances to do that so I think it's more than just 
trying to fill your days with just the stuff to do   and I think a lot of times when you first retire 
if you don't really have an idea of what path   you're going to go down once you retire that's 
what you start doing you start trying to just   okay let me do this do this and do that and you're 
not feeling you're still not feeling fulfilled so   I'm hoping in the workbook I give you exercises 
to help you because people struggle with like   what does this mean purpose meaning fulfillment 
or whatever yeah those are I think sometimes big   words that we use but I hopefully going through 
some of the exercises in the book you will be able   to figure that out by going through the exercises 
and then trying to say okay well what do I really   want to look for as far as my next chapter in my 
life of what I want to pursue and what I want to   do more than just these little small things that 
are keeping you busy I get uh coaching from a   group called strategic coach long time stackers 
have heard me talk about them before but we have   we have a workbook similar to yours with these big 
questions about leadership and about coaching but   you do the same thing here with retirement and 
this is not guys this is not a long workbook but   if you're doing this right it may take you months 
to fill this stuff out because I could see myself   Veronica peeling off maybe two pages and really 
because the thought that goes into each page of   this is really the important part well let me give 
everybody some of the tips from the book that you   have early on because you have workbook pieces 
and then you have some tips here's some tips   early on for when you first get to retirement to 
kind of send you on this path while you're filling   out the workbook schedule activities you enjoyed 
during when you took time off from work journal   and reflect on your expectations of yourself as 
a retired person I love that word Expectations by   the way read books and articles listen to podcasts 
and a variety of topics to discover what most   interests you now and volunteer for different 
organizations to discover how you most enjoy   helping people and helping help being out it feels 
to me Veronica like you're challenging people   also to don't be afraid to explore like go go try 
stuff expecting that it might not be a fit exactly   that's exactly right Joe I want people to not be 
kind of Trapped into thinking they have to have   everything planned out to just go out and just do 
things that they find intriguing or they interest   them and then from there they can determine what 
they want to continue to pursue what they don't   want to continue to pursue but don't don't limit 
yourself on what you what you think you should be   doing or how you should be doing it this is a time 
for you to be adventurous and explore at different   Avenues and things that interest you and a lot of 
times that's kind of a hard thing to do for people   because they've lived this kind of structured life 
up to this point with work and all that and to try   to say oh just go out here and do whatever and try 
to figure it out it can be a little intimidating   like whatever what yeah yeah so I'm hoping that 
the exercise in the book gives you clue you know   kind of cute used to okay these are some things 
volunteering doing some other things that you   know she thought about what maybe when you were 
younger and didn't pursue kind of go back to those   times of those thoughts and and try to figure out 
if there's um things that you want to pursue now   so yeah it's it it's funny because I I really 
went through this crisis where I felt like not   just there's a lot of stuff not interest me but 
but I'm like okay I want to get involved in my   community I want to get involved in organization 
but but which ones I don't this could sound very   horrible Veronica but I just didn't I just didn't 
care about any of them and then I realized that it   wasn't about that I need to just go get involved 
and when I found out and ultimately at first it   was the Arthritis Foundation I got involved 
with I found out about juvenile arthritis I   found out about all of these things happening in 
the arthritis Community I got involved in walking   trails around town and I realized how walking 
trails uh not only your Healthy Living but   beautify a city but they're also very inexpensive 
ways for cities to raise property values like I   learned it by exploring exactly what you're saying 
to do in the book exactly that sounds so great Joe   because that's exactly what I'm hoping people 
would do once they start retiring just like you   said you did you just started going out and doing 
things and as you started doing those things you   learned so much and it got your interest even more 
into whatever activities you were pursuing the one   thing that people have to realize when they retire 
you have to be just to be intentional you have to   go out and do it it's not going to come to you and 
a lot of times I think you know when I'm working   uh coaching with clients they're like well I don't 
know I don't know I'm like well you got to go out   and try you can't it's not going to come to you 
you've got to go out there and pursue it and once   you do and when you know you will see oh okay this 
doesn't just me or this doesn't interest me but   you've got to go out there and do it can we talk 
about that what you just said about you kind of   kicking people in the butt and and kicking them 
out the door to go you know like my mom used to   say don't come back inside until that light turns 
on you know we we back when kids went outside   side maybe I'm dating myself there but you end 
almost every chapter of this workbook with who   are going to be your accountability Partners it 
seems to me like accountability partners are a   big piece of this tell me about how you how do you 
find these people Veronica maybe just before you   retire yeah and sometimes say you know who they 
can be they can be trusted friends and and people   that you know I think sometimes there are people 
that are asking you questions about yourself and   are intrigued about you as an individual but you 
do have to find sometimes an accountability person   because in retirement there's nothing pushing 
you to do anything and if you don't sometimes   have somebody that you can hold accountable and 
if you can't find someone within your your network   I would advise you to look for a coach because 
that's because what they can be as well pursue   look um for a retirement coach or a life coach 
or or someone in that field because they can be   your accountability partner but if you're finding 
that you're struggling trying to get stuff done   and you're not really getting out there or you're 
bored and you're restless and you want to not get   some pickup and you're like you definitely need 
to look into getting somebody to be accountable   and help you because I even have coaches that I 
work with and I'm a coach yeah yeah me so it's   just something that just like I said it helps 
you keep you accountable to someone to keep   you motivated to do things I think that kind of 
like you Veronica I just get this feeling that uh   with my coach if I say it out loud to Mary Lou 
it means I gotta go do it like that if somebody   tells you or if you tell your coach then you 
then you have to go do it I want to stick with   this theme of uh friends and family a little bit 
because those might be some of the people you're   bouncing stuff off of but you also say if you're 
having trouble finding your sense of purpose that   friends and family might be a good Outlet yeah 
and that's what I found for me that's why I said I   want you know I knew I wanted to go into coaching 
I wasn't really sure which way I wanted to go and   the reason why I decided to be a retirement coach 
is because friends and stuff are saying you're   good at coaching and talking about this retirement 
stuff or whatever and I'm not like you should   do something with that and that's why I pursue 
becoming a retirement coach but I think oftentimes   friends and family see things within you that you 
don't even see yourself they recognize talents and   things that you have that you're like oh okay 
you're right I do enjoy that you kind of brush   it off and maybe not pay attention to where they 
might be and I think when you're listening to your   friends and family you have a tendency because you 
trust them to listen to their guidance a little   bit maybe more than somebody else that doesn't 
really know you so I say I always lean into   your friends and families to help you if you're 
trying to figure out maybe you know some things   you might want to do they might say well you're 
good at organizing or you're good at accounting   or you're good at this or whatever and they might 
give you some cues to help you figure out where   that next chapter is going to be in your life in 
retirement so definitely look for them for that   I like the fact that you go through a lot of 
this first about about purpose and value and   meaning before you get to the money in chapter 
two because your chapter two then really is   structured around okay now that you know that we 
can focus on spending money where it's important   and saving money where it's not and hopefully I 
have an idea there you start off with some good   tips you talk about traveling a lot of people 
in retirement want to travel uh you say to be   a conscientious traveler what is what does that 
mean yeah everybody always says when they retire   they want to travel and then all of a sudden 
they just start going places and not really   thinking of where they really want to go and why 
they want to go there I kind of had to regroup   because when I first retired I kind of I think 
everybody does that you go through that I just   want to get out and go go go go go go and you're 
just going everywhere but you're spending money   going everywhere and so you want to kind of 
maybe reel that back in it's okay to have that   little brief period of doing that but you want to 
reel that back in and really think about you know   where is it where do I really want to go why do 
I want to go there what do I want to experience   once I get there make sure you're spending your 
travel dollars on things that are value to you   and make yourself more conscious of the type 
of traveling you're doing I know I did a lot   of girlfriend getaway travels you know spy and 
all that and that's great but I really want it   I want to explore the world that's what I really 
want I want bigger trips and so you know you need   to just be conscious of what your goal is as far 
as you're traveling and where you what you want to   see and make sure you're you know you're putting 
your money into that type of travel versus just   doing things yeah yeah what I really like that 
you shine a light on is now that you're retired   you can really lean into off season and one thing 
that's not in your workbook that I love about off   season that Cheryl and I have found because she 
is a somewhat flexible job and I could travel   whenever man off season you get more of the local 
experience because the places aren't full of a   bunch of tourists people are more likely to be 
able to linger and talk to you like off season   is great but to your point you save you save a 
bunch of money there too exactly and I travel   now that's all I do is try to travel off season 
because just like you say as far as you want to   make sure with your dollars that you're spending 
them in a conscientious way as far as when you're   traveling too going off season I feel like those 
retirees the best time for you to travel because   you really get a feel for everything without 
the crowds and like you said the pricing is   better you're able to enjoy it in a different 
way what are some other ways that new retirees   and people that are stackers that maybe are are 
getting close to retirement can think about areas   where they might be able to save money besides 
on discount or off season travel at first I would   just look in your budget overall of what you you 
know you have developed as far as your I think   everybody should be tracking their costs before 
they retire and coming up with a overall budget   um what they think their retirement is going 
to be but some of the things you can look at is   cars you know the insurance and things of that 
nature look at that to see if there's ways you   you can save on that once you retire there's 
also lots of discounts and stuff like we were   talking about off Seasons but also if you kind of 
pursue looking you know if you want to go to Parks   or whatever whatever your um interest might be 
looking for ways you can get discounts on things   of that nature and just be aware of any ways you 
can save money with traveling it's just a lot of   different ways out there too for other things as 
well two big ones I really like that you had uh   if you've got two vehicles you might be able to go 
to one you know think about what you think about   Transportation evaluate your life insurance do 
you need it anymore are you financially solvent   enough where maybe you could get rid of that and 
then a medical one which I really liked was hey   this medical thing is going to get expensive 
stay healthy which also gets you out of the   house I feel like Veronica again you're kicking 
people's butt out of the house I definitely with   the medical and the exercising and now that you've 
got all this time you've done definitely can get   a nice physical routine into your everyday life 
just simple walking I know I take morning walks   every morning and not just for exercise but for 
meditation purposes for me as well but yeah we   all know the medical cost is a big expense when 
you retire and we also know that you get more you   know seditary in your way you're not as active as 
you were where you were working so I do recommend   that you do have a physical fitness routine for 
yourself when you retire to keep yourself healthy   so you can reduce those medical costs because 
a lot of the Medical classes stuff you can   prevent yeah and things that you could be doing to 
prevent you get but you got to start early on your   retirement and start doing things to keep yourself 
healthy when we go to the doctors at a certain   age you're all getting those oh you're close you 
know borderline there's water flush that and stuff   it's time for you to really you know we're at that 
point you can do things within your health to keep   yourself more healthy so yeah yeah definitely I 
look at a hamburger now and my cholesterol goes up   I just look at it I don't know how that medically 
happens but it's crazy that is we all we all know   that feeling with people that own their house 
you have a section of your workbook to go through   Renovations on your house and thinking about 
your housing situation this is the number one   area in our budget our house what are some of 
those key considerations about our housing we   should be thinking about yeah a lot of people 
like especially if they want to stay in their   houses should look in as far as their as I call 
Aging in place in the houses and look how well   their house is going to be able to support them 
once they start aging and look at you know I have   a checklist in there of things that you should 
look at as far as your stairs and your appliances   and just repairs and stuff that you might need 
to do to your house as you start getting older   those kind of costs if you're not prepared for 
them can wreak Haven on your retirement budget   so if your house is where you want to stay then 
you definitely need to look at it like even the   showers grab bars and um stuff yeah steps if 
that's going to work as you get older I know   with my husband he had had accident he couldn't 
go up the steps but it made me start thinking   you know as we age you know we're not able to go 
up the steps how are we going to do it because   we don't have bedroom on our main level so those 
are the things that you need to really think about   if you're going to decide to stay in your house 
so what you need to do and kind of come up with   a plan so it doesn't all hit you at once because 
sometimes it does you know unfortunately it'll be   unexpected like your husband's too I mean there's 
no you know Tuesday everything's fine Wednesday   the game's changed exactly and you need to kind of 
be thinking about that especially like I said if   you plan on stay in your house what your game plan 
is and start trying to figure out how you can get   your house accessible so that as you age it'll 
it'll still suit you yes you talk about moving   and about a lot of people of course think about 
moving when they retire and you also talk about   friendships and I'm glad that you coupled the two 
of those together because one thing I've always   thought and now I know we're here to interview you 
Veronica but I'm going to pontificate for just a   second no problem because I feel like people think 
of moving wait we talked about being too Cavalier   with this whole thing this especially to me is 
an area where people are too Cavalier I'm just   going to move closer to to my kids and what you 
find is that your kids are really busy they got   a bunch of stuff going on you become a full-time 
babysitter but you don't end up interacting with   them in the way that they want and all of 
these close friendships that you developed   over the last 30 40 years I'm a guy who lived for 
a decade in Texarkana I moved away to Detroit for   two years and Veronica we came back and not 
because I have family here in quotes because   all my friends are here I see some of my friends 
as my friends are getting older you know I find   them getting vacation houses that are far away 
and we're we never get to see them anymore and   I feel like this loneliness this isolation that 
we put ourselves into because we think it's great   like we're I feel like we're way too Cavalier 
about that but anyway I will shut up I'm gonna   get off my steps duel what do you think do you do 
you're sad at all Joe that is exactly what people   do they're very Cavalier they have this idea of 
oh I'm gonna live here and it's going to be this   great but they have no special connections there 
yes or I'm gonna go near the grandkids and the   grandkids are getting older the grandkids are 
going to grow up they're not going to be here   forever be little kids they're gonna grow up and 
have their own things or even if they're already   older they you know have their own activities and 
stuff to do so that's why in the in the workbook   I give a checklist you know it just even asked 
them oh yeah we want you close by and I say also   don't let your only connections be your kids your 
grandkids or your kids you know you need to have   other social connections outside of them because 
a lot of people say I'm a little bit closer for   the children and that might not work out so yeah 
it's one of those things that I think everybody   has this idea of how it's going to be yeah this 
grandiose kind of idea so not true so not true   and that's why hopefully when you go through 
the workbook and you look through the checklist   and if you do the exercises that are focused on 
that you'll have a clear perspective of whether   that's a great move for you or not whether it's 
going to work for you and as you retire because   I think it's hard harder once you get there to try 
to move back so oh agree yeah yeah uh you talked   about how I was a retiree now you know you're not 
forced to get up and go to work you don't have to   now lead the charge like you did in your career 
Veronica with your department with your agency   time management then becomes really important 
then for retirees if you're going to get what   value you want out of life so you talk about 
morning routine daytime routine idea week   again accountability Partners but but I 
wanted to end by talking about this time   management system for retirees you call it uh 
postek p-o-s-e-c can you walk us through that   one of the things that people struggle with 
the most and I kind of alluded to that before   is you had a routine when you were going to 
work once you retire that routine is no more   and I find a lot of times with new retirees 
especially that's where they feel the most lost   is there's no structure to the day anymore they're 
kind of and all you know all over the place and   don't know how they can spend time sometimes just 
Milling around not doing anything or whatever so   I want you to I you know sometimes when I tell 
people you know structure they kind of you know   like that's why I'm not working anymore I 
don't know why not I don't like yeah well   easy easy there all right if you want to try to 
put me back at work with destruction my name is this is the whole purpose of retirement I thought 
for me to just kind of Mill around and not do   anything but I thought we find that when people 
do that they get very bored so I just ask that   you just think of your days and more how am I 
going to start my mornings how am I going to   get up in the morning get started and get going 
through the day I think once you get that start   up in the morning of what you're gonna do it kind 
of guides you through the rest of the day but you   do need to think about how am I gonna just get 
my day started you know when you don't have an   alarm clock to get you going every morning so yes 
the workbook is is my retirement my way it's a   workbook for the newly retired it's funny the way 
that you go through goal setting like a 30 year   old would just reminds me the purpose is important 
no matter no matter where you're at in life and uh   the book's available everywhere correct yes it 
is yes well thanks so much Veronica for helping   our stackers get successful with their retirement 
it's funny we talked to a guy Wes moss in Atlanta   about his book what the happiest retirees know 
and it's so funny how it lines up so well like   if you read that and do your workbook you're 
gonna implement this and you're more likely to   be one of those happy retirees so thanks for 
this work no thank you thanks for having me   this is Daryl from Pennsylvania when I'm not busy 
arguing with a four-year-old um stacking Benjamins oh gee I love that we can talk to Veronica 
for over 25 minutes and uh the concept of   asset allocation doesn't even come didn't make it 
doesn't make the cut we're so busy talking about   what about my efficient Frontier it's all going to 
change I mean not the efficient Frontier but just   your emotional landscape I totally agree with her 
you see it all the time you go through this this   metamorphosis when you hit retirement and even get 
close to it that I think most people are way too   wait I guess they're not expecting it's a whole 
different world I mean if you've been successful   in your entire life this is the transition I 
mean just inside the money concept not not all   the other stuff that she was talking about right 
like time and energy and all that sort of stuff   but just the money piece of it transitioning from 
being a good saver your entire life to being a   good spender for the rest of your life in and of 
itself is a difficult change so hard to make that   switch and it's even harder when you don't really 
know what you want yeah you're much more likely to   just hold on to the money and the thing that you 
underestimate is time you don't have forever to   decide what you want to do would you rather have 
Charlie munger's money at uh 90 or his wisdom at   uh or you know what is he a hundred or something 
like that is his you want to trade places with   him basically no nobody would trade places with 
Charlie hunger right now for all the money in the   world well what if Charlie Munger likes what 
he's doing I understand that I'm just saying   like nobody would trade places with him because 
of the time you know because he's 90 something   oh like he's got billions of dollars so it's not 
it's not necessarily always about the money I see   what you mean but so you so to Joe's Point you'd 
end up with a really really happy last two years   of your life yeah that's right well it's our 
it's our friend uh doc G's book about hospice   you know about these people who spent their 
whole life chasing dollar bills or people   that spent zero time chasing dollar bills they 
spend all their time going no I don't need any   money and then they realize if I would have 
had some I could have had better family time   that's a good book hey let's throw out David 
lifeline and tackle some of life's most important   questions our friends at Haven life insurance 
agency Doug they put what you value first I   tell you what uh white breasted nut hatches white 
breasted nut hatches yeah what is that that's a   bird and it's also a realization that you've 
become old because one day you're joy riding   your frat brothers brand new car to Florida when 
all he thought was you were like driving around   the block and you're like we're going to Florida 
and the next day you're getting out your bird   ID app because some Bird shows up outside your 
window what is that at least it's an app and not   a book yeah true but uh and then I also spotted a 
fairly rare for my area a brown merger [Laughter]   both of those are fantastic names for birds and 
I saw them both this morning but you know you   know number one thing OG is it's an app on his 
phone but the thing that makes him proudest is   that it's his most used app on his phone like he 
gets that report from Apple and they're like you   open that Bird app a lot well thank you next 
to his uh walking step counter app and the one   that monitors his blood pressure he's he's also 
the continuous glucose monitor blood pressure   number of steps in the New Balance app 
I don't see a problem with any of this   to order new shoes every six months given his 
history Anything Could Happen hey uh speaking   of anything happening we should uh go ahead and 
throw a Paving Lifeline because the answer that   question Doug was your loved ones in your time 
with a bird app it's why they've made buying   quality term life insurance actually simple more 
time to catch the brown and merger beeping out of   the hole hey havenlife now 
please go there and then fast forward this 15   seconds to get us out of this bird discussion 
their application's simple getting us to cover   his decision their parent company Mass Mutual is 
more than 160 years old so you know that they've   done this before hey uh today we we I I love 
Karen repine our show Runners notes for us this   is uh Jim from Wisconsin calling in and Karen 
says Jim from Wisconsin a real person not Doug thanks we actually have a real Wisconsin 
idea is that was is it wisconsinite or   is it just cheese head do you just 
say cheesehead yeah I think that's   the preferred term it's in their 
state either Constitution hey Jim hey guys Jim here and I actually am from 
Wisconsin I have a question about what   percentage to contribute to my traditional 401K 
versus my Roth 401k I'm five to seven years away   from retirement maxing out my 401k contributions 
I read somewhere that when you have saved six   times your annual income you should move all 
your future contributions to the Roth option   what's the thought process in deciding how much 
to put where I'll be looking for that shirt thanks   Jim thanks for the call thanks by the 
way for proving that you're really from   Wisconsin uh Burton from Minnesota needs to 
learn from Jim he's got to put some Midwest   on that uh yeah if you're listening 
from last week take a note from Jim   it's a good effort Jim I'll give you that 
I mean you made a You made an attempt but [Music] it didn't you don't 
think Jim really talks like that   but that is not a Wisconsin accent oh not 
as good as yours was is that what you're   saying I don't know what you're talking 
about not as good as the interloper yeah   Jim thanks for the call oh gee have you heard 
this uh rule of thumb that he's using six times   nope six times what six times something I've 
never heard that gym next time something I've   never heard it yeah the answer to when should I 
put money in a Roth 401k versus a regular 401K   is largely determined by your ability to pay the 
taxes today you know you think about it if you're   making a hundred grand and you're contributing 
the maximum to your 401k you're putting 22   000 in your 401k this year which if it's pre-tax 
is going to lower your taxable income to 78 000   before your deductions and all that other sort of 
stuff that roughly is going to save you maybe four   or five thousand dollars in federal taxes because 
of that contribution not including any state taxes   if you switch to the Roth side then that deduction 
doesn't appear in your W-2 so you effectively are   going to have a four or five thousand dollar 
additional tax withholding throughout the year   so it's you know back to our discussion at the 
beginning of today your budget is going to be   affected by call it 400 bucks a month if you can 
afford that if you can fold that into your budget   and not go into credit card debt or not have to 
borrow more money for cars or student you know   like if you can deal with it then obviously it's 
better to pay your taxes today well not obviously   but it makes most sense I think to pay your taxes 
today because it's a known thing you know in the   future all of that money becomes tax-free forever 
and there's no there's no government requirements   of withdrawals there's no government requirements 
of those distributions that you have to take once   you are retired it's all in all the roths side 
is way way better but it comes at a cost which   is that 500 bucks a month well and I think I would 
think OG you know he talked about doing the Roth   later in the pretext earlier I would think that 
to pay that cost and to make it even more worth it   because of the fact that you are prepaying the tax 
you need those assets to grow much much much more   so I would think that at the very least flipping 
that around and doing the Roth first makes more   sense like the further you are away do the Roth 
don't don't do pre-tax first and then switch to   Roth I would do Roth as early as I can and switch 
to I mean if I'm choosing one or the other which   you and I know this most people that listen to 
this don't we haven't had this discussion a long   time we don't think either one of these is right 
we think you should be doing some of each because   you don't know what the future is going to hold 
but certainly or Roth first approach versus the   other way around it doesn't make more sense 
if you're thinking about it from the kind of   historical context of your earnings you're going 
to make the least amount of money early in your   career and the most amount of money on the back 
end right like usually that's how it works you   your income continues to increase throughout 
your career so if you have to pay your taxes I   would rather pay them at a lower rate if possible 
versus when I'm 50 and I'm making 200 000 a year   maybe that's the time to use the pre-tax bucket 
because of the fact that most 401ks come with   company matches and those matches are also pre-tax 
I think that if you can start out doing a Roth   early in your career and continue to do it your 
entire career you'll end up with a good enough   balance of Roth 401k and pre-tax because of the 
company matching contributions being pre-tax but   if you're really trying to optimize tax brackets 
and that sort of thing you can kind of manipulate   it as you get toward those higher tax brackets 
the problem with all of this of course is that   we're taking a very big guess at what tax rates 
are the day you withdraw the money how do we   know whether or not this worked pre-tax versus 
Roth well if you put the money in a Roth 401k   and you take it out in the future you're betting 
that today's tax rates are better than tomorrow's   tax rates you're saying I'd rather pay taxes today 
than in the future because the future I think are   going to be higher that's what you're saying and 
the vice versa is also true if you put the money   in pre-tax today you're saying I think I can take 
this money out at a better tax rate in the future   then I can pay it today so I'm you know I'm at 
a high tax bracket today I think I'll be in a   lower tax bracket in the future the only way that 
you know whether or not you're right is after you   know that you're right because we don't have 
the chart that says what are tax rates in 2037   because if we did then we would be able to 
calculate it and say with certainty this is   a better choice based on the circumstances 
all we're saying is I think I might have a   lower tax rate in the future or I think 
tax rates might be higher in the future   the one thing that I can say is that if Congress 
doesn't change any of the rules Roth contributions   Roth growth and earnings are 100 tax-free forever 
so I don't care what the tax rates are in 20 years   from now when I take the money out because it's 
tax-free yeah if I'm gonna lean I'm leaning toward   pay the taxes today be done with it that said 
slots approach too by the way which is to say   you got the cash today pay it today so that you 
don't look at your IRA and go I've got a million   bucks in my IRA it's like no you don't you have 
500 000 in your IRA because half of it is for the   government Doug I think this is really important 
uh stuff for you I mean given your history with   taxes and I have no history with taxes so I'm 
good well maybe that's the point you gotta earn   something to pay taxes maybe that's the point big 
thanks to you Jim for the call if you would like   to call and ask a question you know what we will 
send you a Haven life stacking Benjamin's greatest   money show on earth circus t-shirt and Jim from 
Wisconsin really from Wisconsin is getting one   cent his way slash voicemail gets you the shirt 
and we're happy very happy to send it to Jim as   I stare ready Doug as I say that I don't know why 
I'm staring at Doug as I said Jim well he sounds   hideous what are you talking about well it's 
just I mean it's like a fiction just thing right   this gym it's like the the State Farm guy that's 
who you're talking to I know I think it's Jim I   think somebody's having a tough day there OG well 
before we say goodbye today time for our community   calendar man we've got a great week over on the 
stacking deed show where Crystal Hammond and Alan   Corey dive into real estate Alex e Edwards is 
a guy who helps uh has helped a lot of people   in the southeast part of the United States 
get out of intergenerational poverty through   real estate teaching some real estate helps them 
learn how to buy houses how to learn to do it in   a responsible way he's going to be their guest on 
tomorrow's show over on stacking Deeds of course   our other sisters show the earninginvest podcast 
doc G always has guests who dive deep into Allah   into some some topic that is uh always exciting 
and a fantastic and a fantastic discussion he   has a friend of ours Fritz from the retirement 
Manifesto coming up on Thursday Fritz is a guy   who retired young documented his retirement an OG 
to Veronica's Point earlier in today's show Fritz   has really done it right this guy is so busy but 
now doing that second career I think he serves on   a couple of boards he Volunteers in the city of 
Asheville in a couple different capacities one   is working with animals he's always out in his 
wood shop this guy has so much going on he's not   sitting there wondering what he's going to do 
so if you're interested more in in retirement   Fritz will be over on earn invest of course here 
on Wednesday the draft the NFL draft is Thursday   so we've got Rob Welch he and a former NFL player 
wrote a book together about going pro with your   money we're going to talk Wednesday about no 
matter what you're trying to go pro in how do the   pros treat their money A lot of pro players about 
to get a big payday on Thursday and as we already   know a lot of them don't do the right thing with 
that sudden money OG it goes in the wrong place   that's what's coming up this week thanks so much 
for hanging out with us today if you're somebody   that's my kind of person and will leave a 
review for people that they only know via   podcast or maybe you've hung out with this 
on one of our social media channels please   leave a review of the show that helps us so 
much helps new stackers realize what they're   getting into a little different take on money 
than maybe some of the other shows out there   thanks to everybody who's done that Mom puts those 
on her refrigerator if you're not here though to   hang out with us on social media you're not here 
just for Doug's trivia you're here because of the   fact that you're worried about the economy you're 
worried about your money and and how it works   together and as a lot of those fears begin to ramp 
up for people you might be feeling anxious to make   some moves in your finances what I'd like you 
to do instead is check out this free guide that   OG and his team have put together that'll help you 
plan more and panic less no matter what the market   does it has some great insights on what you should 
be doing and smart questions to ask yourself so   that you make financial decisions your future self 
will thank you for head to   guide that's guide to get that 
free guide from OG all right that is what's going   on in the community man a lot of takeaways today 
but Doug what are the top three man well Joe first   take some advice from our guest Veronica McCain 
and create your own unique roadmap to retirement   second take a memo from our Tick Tock minute 
to up your vocab game and Excel above the   competition I'm sure you'll get promoted in no 
time but the big lesson turns out five times in   a row is the limit to singing Heartbreak Hotel 
at the top of your lungs after that Joe's mom   starts to get irritable and make threats now that 
I think about it probably was the hip thrusting thanks to Veronica McCain for joining us 
today you can find her book my retirement   my way a workbook for the newly retired to 
create meaning set goals and find happiness   wherever finer books are sold we'll also include 
links in our show notes at this show is the property of SB podcasts LLC 
copyright 2023 and is created by Joe salsi   High our producer is Karen rebein this show was 
written by Lacey Langford who's also the host of   the military money show with help from me Joe and 
Doc G from the earn an invest podcast Kevin Bailey   helps us take a deeper dive into all the topics 
covered on each episode in our newsletter called   the 201 you'll find the 4-1-1 on all things money 
at the 201 just visit 201   Tina eichenberg makes the video version of this 
show Once We bottle up all this goodness we ship   it to our engineer the amazing Steve Stewart Steve 
helps the rest of our team sound nearly as good as   I do right now want to chat with friends about the 
show later mom's friend Gertrude and Kate Younkin   are our social media coordinators and Gertrude is 
the room mother in our Facebook group called the   basement so say hello when you see us posting 
online to join all the basement fun with other   stackers type basement 
not only should you not take advice from these   nerds don't take advice from people you don't 
know this show is for entertainment purposes   only before making any financial decisions 
speak with a real financial advisor I'm Joe's   mom's neighbor Doug and we'll see you next time 
back here at the stacking Benjamin show foreign [Music] the after show this is uh the part of 
the show that doesn't exist if you're   new here what happens in the after show stays 
in the after show getting back to your clothes   I think that singing Heartbreak Hotel at the 
top of your lungs just you know given your   history might not be might not be great well 
since my baby left I find a new place to dwell   they're down at the end the lonely streets 
called speaking of speaking of Doug's history   um there's unfortunately OG a doctor 
out there who has violated HIPAA rules   and um got us audio from Doug's latest therapy 
session and uh well I thought that as long as   they broke the rule we didn't we should probably 
play it look at the look OG can't wait for this   he is so excited about that well I think 
this is bad I think doctor shouldn't be   doing this but as long as they have let's no 
this is this is Doug's latest therapy session you what well you had waffles for dinner and you had   waffles for breakfast so we're 
gonna eat something else oh I oh I don't know sounds like you're obsessed now 
you're really crying pretty good there now   everybody is thinking about waffles like that 
brain worm is in there and you're going to   be thinking about it now for the rest of the 
day well I I think I I mean I I really think   that uh you shouldn't be thinking about waffles 
given your history you're begging for me to ask   I've resisted this whole time I'm not gonna 
ask I'm not gonna ask why you keep harping   on my history so OG and I saw this uh this video 
that these guys said that that if you really just   want to mess with somebody just end as many 
sentences as possible when you talk to them   with given your history just say it over and over 
and see what happens and watch them watch Doug   unravel the entire show they melt it is surgically 
effective like it has just been driving me crazy   I said it's Alyssa I don't even 
remember what it was about but I just   you know she was like brushing her 
teeth or something and said well you   know given your history and she's 
like what is that supposed to mean you know just totally like around everything 
to a halt just like you said yeah I think that   is a bad marital move I said this will work 
well with Doug I would not yeah I would not   do that right before bed because you are not 
sleeping that night stackers you may or may   not want to try that your results May Vary but 
ours ours I thought today were pretty good Doug   didn't know what the hell was going on 
actually now that I know it's actually   more impressive that you found a way to 
dodge my question the whole the whole   episode you know given your history of course 
yeah I'm not not enjoying your company anymore

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Living longer / RETIREMENT – IELTS writing task 2 – Band 7.0+ essay

What are you going to do when you retire ? Now, I recognize many of you individuals.
are possibly rather young and you'' re probably not also believing.
regarding retired life at this phase. Yet retirement'' s a pretty vital point, since when you stop
. functioning and also as you grow older, you have to determine what.
you'' re going to do with your life. Very good concern. And both you and I need to start assuming now since we are going to require our pension plan soon. When you retire, you are completing work. When you stop functioning and also you claim a pension. So, what are the problems of individuals living longer? This is a question that took place in the.
current creating task two component of the test.So Jay, would

you'' d like to review this recent question? Absolutely. The inquiry goes: Nowadays, individuals are living.
longer after they retire. What are the issues triggered by this? And also what actions can be taken.
I assume this is a difficult concern. Keep tuned, we'' re going to come back and give you some suggestions.
inquiry. Correct, Chris? It'' s right, and it'' s among the possibly 4 types.
of question you'' ll get in the examination. As well as you do require to respond to.
What'' s the initial component of the inquiry, Jay? Exactly.And the second part of the concern: What procedures can be taken?
like supplying a service. What options might you assume.
of to resolve this trouble? Currently, my recommendation to you is: When it'' s a two-part concern, you need to have a minimum of 2 body paragraphs, since you possibly need to be.
considering topics for every. We are mosting likely to check out the troubles initially, there are a couple of various issues.
that we can think about, as well as after that we'' ll speak about the options. Nowadays, Jay, people are living till 85, 100, 90, 95 Exactly, and the retired life.
age hasn'' t changed very much. No, I believe it'' s sixty-five, approximately around … Sixty-five. It depends upon your nation. Tell us which nation you''
re. from, and also what is your old age? It'' d interest learn. Now, because the retired life age has not transformed, and people are living longer, that suggests individuals currently live a lot more during their retirement.What various other problems brought on by this? Well, since they are not bringing in earnings. from their work, from their career, it could
potentially trigger. economic strain on a country, due to the fact that the country, the federal government is offering economic help for people. who go to retirement age. To ensure that ' s one significant huge trouble.
That ' s a great concept, and also I just wanted to discuss that word.Economic strain.'Pressure is a wonderful word, which means stress.

You might state economic. stress or financial pressure. They ' re both truly great ways to explain that. I was'assuming of an additional issue, in addition to the economic strain. would certainly be the stress on … Excuse me, stress on healthcare, Definitely. Stress on healthcare. What would be the issues there? Well, of course, as you age, you have a greater percentage or a.
greater possibility of having health issue. When you'' re younger you are healthy, you really feel great. As you get older, there are much more opportunities to. obtain ill, to establish condition, obtain harmed. Older people often tend to trigger extra.
pressure on the healthcare system, and it depends on the country. As well as this is a truly intriguing.
subject between myself as well as Jay, since I'' m from the UK and also Jay is from America. Why exists such a large distinction.
and also what'' s the distinction? Well, in America, the federal government truly doesn'' t. give way too much aid monetarily or in health and wellness care for.
people, whether their young or old.So, if you'' re overcoming all your life, you are anticipated to conserve cash, and also buy, and see to it that you have sufficient.
cash to survive as soon as you retire. Whereas in the UK, we have a complimentary medical care system where.
you can make use of the medical care system. Basically, whenever you want, currently, that can cause some issues. Because people might overuse the medical care system. They may use it, although they wear'' t require it. Living much longer, may have various effects in different countries.So in America,

what happens if people live longer and.
Well, they will certainly still obtain treated. It goes against the vow that they take.
will then enter into severe economic financial obligation. That the quantity of money that.
they need to pay for their health care will certainly go on to their monetary records, and also they will be expected to try to pay that off. OK, so these are 2 huge problems. The financial strain on the.
system and also the medical care stress, the stress on the medical care system. What do you believe could be some solutions? Well, the first option is something.
that my nation does is due to the fact that the government type of go back and doesn'' t take an active. role in aiding its people, there is no stress on the economic climate after that, since individuals that are.
expected to …

When you grow older, you are accountable for your very own.
well being and also your very own wellness treatment. OK, so I was thinking that in a place like the UK, where you can use the system as long as you want, perhaps we require to consider placing.
some stress on the young individuals currently to pay more tax. Yep. To prepare them for the future. Now, both Jay and I live in Australia. As well as Australia is a nation where.
we have a private pension system. As well as both Jay and also I pay into.
a private pension system, and also we know just how much money.
we will certainly have in the future.And that might

be can be a system that took on to make certain that youngsters pay into a system, so they know exactly how much they.
That'' s one means. That people need to work longer. I know there'' s a lot of resistance to this by individuals in their late fifties, early sixties.
near the end of their life time, complete of job as well as recognizing that they are close, so that they can see the.
light at the end of the tunnel is probably quite pleasurable for them, and supply them with a sense of alleviation as well.And after that to be told, no, I ' m sorry, you are mosting likely to need to function 10 more years. That'' s why people could.
In the IELTS examination, this was a recent concern.
subject for you to think of. Simply be prepared to create.
one topic in a paragraph. Make sure you explain your ideas as well as.
please usage examples from your own individual experience and also expertise. Maybe tell the examiner about.
the situation in your nation, whether you assume that'' s a good system, or whether you think there can.
be some adjustments to that system.And one even more

point, constantly bear in mind to have a look at the inquiry, and also invest just a brief amount of time recognizing what sort of question it is. In this instance we have a two-part question, as well as making sure that you answer both.
Thank you, Jay. Make certain you hear, you come and also join us on our IELTS daily application. The application is an extremely, very great means of improving your IELTS talking Your writing.
Jay, you are terrific today. Take care, everybody.

Retired life'' s a pretty important thing, since as soon as you quit
. Remain tuned, we'' re going to come back and give you some suggestions. What'' s the very first part of the inquiry, Jay? That'' s one method. I know there'' s a whole lot of resistance to this by individuals in their late fifties, very early sixties.

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Retire Rich: 2023 Ultimate Planning Guide (Step-by-Step)

– What's going on you guys. Welcome back to the channel. So in this video today, we're gonna be going over a ultimate guide to retirement planning in 2021. You already know I got my seltzer here. I gonna go ahead and
crack this bad boy open. And we're gonna get this
video started shortly. So at the end of the day, most
people do not want to spend the rest of their life working. And since your expenses don't
just magically disappear, when you turn 60 or 65 or
whatever that retirement age is you have to do things in order
to plan for your retirement. And so in this video, I'm
gonna go through exactly what you need to know to
start off this process of planning for retirement. This is going to include a
number of different topics. We're gonna talk about, how to tell when you can retire based on your level of income. We're gonna cover three primary ways that people derive
income during retirement, when to start saving for retirement, which is as soon as possible obviously, where to save for retirement? And we're also going to cover, how to make your retirement money last? Now real quick here, guys I just want to say thank
you to today's video sponsor which is T-Mobile.

We're gonna talk about
that more later on guys but I just wanna mention
here that T-Mobile offers their Essentials Unlimited 55 and up plan which is going to be
offering unlimited talk, text and data on two lines
at just $27.50 per line. It is a great option for people who are approaching retirement
age, who are looking to minimize those monthly recurring expenses. Compared to Verizon and AT&T
you can often save around 50% with T-Mobile. Not to mention guys, T-Mobile is the only wireless
company that offers a discount on the 55 and up plans regardless of what state you live in. Other companies like Verizon and AT&T only offer those discounted
plans in Florida. So you may wanna check that out. In addition, if you're thinking
about upgrading your phone and getting the latest 5G technology, 5G is included at no
extra cost with this plan. But more on that later. Now I'm definitely not looking
to waste your time here with this video guys. So I wanna go ahead and
identify who this video is for.

Well, mainly this video is geared towards people who are
approaching retirement age. You're probably not ready to retire but it's something that's on the horizon in the next 5 to 10 years. And you're wondering what things should you be aware of right now, and how can you get your ducks in a row for when you do approach
that retirement age. This video is also helpful
for those who are just looking to prepare for
retirement early on.

Even if you're in your
20s like me or your 30s, there's things you can start doing today that are gonna be relatively painless. And trust me, you're gonna
thank yourself later, when you have a lot of money set aside for your golden years. Now, many hours of research
did go into this video. So I just have three small
favors to ask you here, guys. First of all, if you are sitting there and watching this on your computer, go ahead and put your phone on silence and put it away for a little bit, because you wanna focus
all of your attention on this video, and not be distracted with all those social media apps, you can go back to those shortly. Also guys, make sure you pause the video and grab a pen and paper.

And if you need one, go ahead
and grab a beverage as well. We are gonna be here for a little bit but I promise to you that I'm gonna answer probably
every question you have about retirement planning in this video. So you're not gonna have to jump to like 10 different videos to get all
of your questions answered. Lastly guys, if you enjoy this video just go ahead and drop a like, it shows me that this
information was helpful and I'm not asking you
to like the video now but at some point, if you're
watching it and you say, "Hey, this was pretty helpful." That little thumbs up button
certainly does help out. Lastly, a few quick disclaimers
I have to make here.

I am not a financial advisor. This is not financial advice. You need to do your own research before investing in anything out there. Don't do what some guy on the
internet just tells you to do. I'm not here to sell you any products. I'm not selling any courses
or anything like that. And lastly, I have been
getting a lot of scam comments down below where people
are impersonating me. They're trying to get
people to send money. That is not me. I wanna put up two comments
on the screen here. This is a comment that's from me. And you can see the check mark and the different way that it looks versus this scam comment that
doesn't have those things. So if you're communicating with
someone down in the comments and it's me, make sure I
have that check mark in place otherwise you better
bet that is a scammer, and they're trying to take your money.

Hopefully YouTube does a
better job at policing this but for the time being, it
is utterly out of control. And I don't really know what else to do other than make this disclaimer
in every single video. That being said, guys,
let's get right into it and start off with when can you retire? And to be honest with you guys,
it's a pretty simple answer but the way of figuring this out is a little bit more complicated and we're going to cover that later.

But the truth is when
you're able to retire is when you no longer need
to rely on active income to pay for your expenses. So most people out there have a mortgage, they have car payments, they have different monthly expenses. And so in order to retire, you have to make sure that all
of those expenses added up, and even those unforeseen
expenses that you can plan for. Well, your level of income derived from your different investments needs to be enough to
cover those expenses. Otherwise you may have to go out there and get a different job to supplement your retirement income. And so for most people that may not be the ideal retirement scenario. So short answer here, guys, you can retire when your passive investment
income exceeds your expenses, but the longer answer is there's a calculation we're
gonna use to figure this out, that we'll discuss later in the video.

So next up, what are your different
options for retirement income? Well, this pretty much comes down to anything out there that
can make you money, but there's pretty much three main areas where people derive retirement income. The first one is your personal savings and your personal investments. So maybe you're somebody
who's worked a job for your entire life and you've been slowly
contributing to that 401(k). And then maybe you also
have some IRA accounts. Maybe you have a Roth
IRA or a traditional IRA.

And then beyond that, you might have a nest
egg with your savings. Maybe you have the taxable
brokerage account as well. And the goal is for
eventually all these things to be able to provide income for you to not have to work in
order to pay for your bills. Now, the second area
where people derive income for retirement is social security. However, we've certainly
heard a lot about this in recent years, and I don't
think it's such a safe thing especially for young people
to be reliant on that in the future because
social security is kind of in shambles right now
where we don't know how long it's going to last. However, if you are
approaching retirement age, that may be something you can count on for the time being is deriving income from social security. However, social security
alone, 90% of the time is not going to be enough
money to pay for your expenses unless you're living in like the smallest apartment in your entire city and you pinch every penny. And at least for me that's not my idea of a good retirement.

And just a couple of statistics I wanna share with you guys
here about social security, 40% of those who are 60
and above are 100% reliant on social security as a means of income. And so, like we said, here,
there's three different ways people typically derive income, but most people are just fully
reliant on social security which is something to be worried about. And if you're a younger
person watching this video, you don't want to put
yourself in that situation. Another surprising statistic here is that the social security trust fund based on the current rates is likely going to run out around 2035.

Now, are they gonna let
it run out entirely? Probably not. What they're gonna do is probably decrease payouts over time, which means that those who are reliant on that as income are gonna start making less and less money if they have to decrease those payouts. So that is why you really
don't wanna be in the situation where your reliant on this
social security income as a means to sustain yourself. And then lastly, the third source of retirement income for most people that's becoming less and less common is something called a pension.

Now pensions vary from company to company. In the past, it was
typically a percentage of your highest earning year
basically paid to you in perpetuity until you are passed away. But what they found is that these things are not very
profitable for companies. And it's very rare to
find any companies today that still offer this pension. But if you're an older
person watching this nearing retirement age, you may still have a pension plan to derive income during retirement.

So your best case scenario
here for retirement is that you're deriving income from these three different sources. Number one, personal savings
and personal investments. Number two, social security,
number three, your pension. That's like the perfect
scenario for retirement. However, unfortunately
only about 6.8% of people over age 60 are deriving retirement income from all three of those sources. So the vast majority of people
probably don't have pensions and some unfortunately don't
have any personal savings or personal investments. So that's the big picture right now. And that's why it's very
important to have your ducks in a row and start thinking
about this early on and planning that way. You can try to have a a
three-legged stool here where you're able to derive
income from multiple sources.

You don't want to be fully reliant on social security or fully
reliant on pension income or personal investments, personal savings. You wanna have different
things that are able to generate income for you
that way you're diversified. Because basically people
who are deriving income from one source are balancing
on a one-legged stool. It's not very stable. You wanna have multiple legs
to that stool, ideally three. And of course in that personal investments and personal savings
category, there's a lot of different things that
fit under this category. For most people, it's stocks and bonds but a lot of people also invest in things like real
estate or precious metals. And there's a lot of people who literally will
just put all their money in real estate, build up, you know a portfolio of 30 or 40 units. And then they live off of
that rental income cashflow. So there's many different
ways to skin a cat here, guys but just understand that
your goal here should be to derive money from
multiple different sources and have three legs to that stool. So next up here, guys, let's
answer the question of, when should you start
saving for retirement? Well, short answer as
soon as humanly possible.

Now, what I mean by this is when you're younger and
your expenses are lower. Let's say you're in
your 20s and early 30s. Maybe you don't have kids yet. Maybe you're still
living with your parents. This is your prime opportunity
to put as much money as you can into your 401(k), maxing out Roth IRA contributions, and basically holding onto
as much money as you can and putting it in
something that grows value. Because the main factor in how much money you have in retirement isn't based on how much
money that you invest.

It's how much time you
allow that money to grow. So even if you're in your
20s or 30s watching this, and you're thinking, "I don't really have a ton that I could set aside right now." It doesn't matter how much you put aside, the main factor is the amount of time that you allow that money to grow. So just for an example here, guys if you're looking to have $1
million in your retirement let's say your 401(k) for example you could invest just $300 per
month, over a 40 year period earning the average return
from the stock market. Or if you wanted to do it in 20 years, you would have to invest $1,750 per month. That's almost six times
more money to get you to the same result. So you can either invest
a smaller amount of money for a much longer time or you're going to have
to invest a lot of money for a shorter window of time. So the sooner you start,
the better off you are. And I highly encourage you to check out a compound interest calculator and play around with some of those numbers if you are a young person
watching this video.

If you're already close to retirement age and you didn't do these
things, don't worry. I still have more options for you that we're going
to discuss in a little bit. And again, it's important
to understand that truly it's never too late to start saving and investing for retirement. So even if you are in your
50 and you have no assets, you should still do something. You know, doing something is
better than doing nothing. It's gonna be a lot harder because you don't have that much
time to let your money grow, but it's never too late.

It's just important to
understand the sooner you start the better off you are. So now, let's talk about where you should be saving
money for retirement. And there's a pretty simple
process to follow here that most financial experts agree on and I'm going to teach
it to you right now. So the very first thing you should do before investing your
money in the stock market and opening up different
investment accounts is to set up an emergency fund. And this is just simply a liquid account. It sits there in a online savings account or a savings account at your bank or maybe a certificate of deposit. And so what you want
here is a rainy day fund. So what most experts
recommend is setting aside three to six months of
all of your expenses. So what you wanna do is sit
down on a piece of paper write down every one of your expenses, your car payment, your mortgage,
groceries, utility bills and come up with that figure. Let's say for most people maybe it's $3,000 per month
is their monthly expenses.

Well, I would encourage you to save up six times that expense
in a liquid emergency fund. So your very first step is to have let's say anywhere from
10,000 to $20,000 parked in a savings account
where it just sits there in case of emergency. And then you're not going
to invest that money. You just leave it sitting there. And if you end up taking
money out for an emergency like a car repair or a medical expense, you replenish that fund and
you keep that amount there. And of course, if your monthly expenses
are going up over time, you're going to want to
adjust your emergency fund accordingly to make sure you
keep enough money in there. So that's your very first
step is, begin saving up money for an emergency fund and
aim have three to six months of expenses sitting in a liquid account. The very next thing you should do after you have your emergency fund in place is to take advantage of any employer match with the 401(k).

So if you're not familiar, the 401(k) is an employer
sponsored retirement plan which allows you to take money pre-tax and put it away for retirement. And it also gives you
a pretty nice write-off on your tax return, which is
something else to consider. Now, I don't recommend
putting all of your money into the 401(k) because
it's hard to access it and you'd have to pay taxes and penalties to get that money out. However, if your employer
is offering a company match, you should maximize whatever
they're offering you because that's literally free money. So back before I was a
full-time YouTuber guys, I used to work for a utility company and they didn't have a
pension or anything like that, but they did have a employer match. So every dollar I would put in, they would match me with an
additional 50 cents up to 6%. So what I would do is I put 6% of my paycheck into my 401(k)
and then they matched me 50%. So I got another 3% for free. So, effectively 9% of my total pay was going into my 401(k) every
single week automatically.

So after you have your
emergency fund established, or at least started. You don't have to have
all that money there before you move to step two. You just want to kind of start that and begin putting a little bit over there every single week to build up that fund. The next thing is to take advantage of those employer 401(k) matches. After that, if you have any
high-interest debt, you know like personal loans, credit
card debt, things like that. You wanna pay that debt off next, because the average
return you're gonna see from the stock market is somewhere
around 8 to 10% per year. And so if you have high-interest debt, like let's say you have a
credit card with 25% interest, the most wise move you can
make financially is to pay off that debt because you're
paying way more in interest than you're gonna earn as a return. If you had $1000 invested and you're gonna make 10% in one year, you're going to make $100.

If you have a $1000 on a credit card at 25% interest over
the course of one year you'd pay like 250 in interest. So even though you could invest
that $1,000 and make $100 you're still paying 250 in interest. So overall it's a net loss. So if you have high-interest debt, you got to get that paid down first before you begin investing in other stuff, just because that's your
wisest move financially. So after you have your
emergency fund in place and after you maximize your employer match and then you pay off your
high-interest debt, if applicable the next thing to consider is an IRA.

And in particular, I like the Roth IRA. Assuming you're able to contribute to this based on your level of income. Now I'm not gonna get into
a whole thing here guys on Roth IRA versus traditional IRA. I could probably spend 30 minutes on an entire video talking about that. So for now, we're just gonna
cover some very basic stuff about the Roth IRA. With your 401(k) as mentioned, you're contributing pre-tax income and you get the write-off. However, down the line when
you draw out of that account that is when you pay taxes. With the Roth IRA, you're actually contributing
post tax income. So you've already paid taxes on it, meaning you don't get any write-off. However, if you follow
the rules and you know you start drawing from
that by a certain age you don't actually have to pay taxes on the growth of your money.

So it's a very powerful account and it allows you to grow
your wealth tax free. The other advantage of the Roth IRA is you can pull out your
contributions at any time. So if you were putting a $2,000
per year of contributions into that Roth IRA, every single year, you can pull out those
contributions at any time, tax free, penalty free. You just can't touch the earnings or the growth of your money. So let's say you're putting
money into a Roth IRA. And then 10 years later, you decide that you want to invest in a
business or something. You can pull that money out
and pull your contributions out and not have to worry
about penalties and taxes.

So I liked the Roth because it's flexible, you can choose where you put that money. You can put it in stocks,
bonds, precious metals there's all kinds of different Roth IRAs. And you have access to that money where you can take out your contributions, if you do need to access it. So now assuming that you have
the emergency fund in place, you're maxing out your 401(k), you've paid off high-interest debt, you've maxed out Roth IRA
contributions for the year. After that, that's when
I would put that money into a taxable brokerage account where you're able to invest that money, you're able to touch it
you're able to access it.

The only thing is you pay
taxes on your dividends and taxes on those capital gains. But for the most part, that is the generally agreed upon plan for where you should save
money for retirement, is in these different things
that you have control of. And this is all within that category of your personal savings
and personal investments. As far as your pension goes that's all based on your employer, most of them are not
offering any pensions today. However, if they offer it and it's something you
have to contribute towards, if you expect to stay with
that employer for a long time and make a career out of it,
that is definitely a wise move.

And then you automatically pay into social security if
you are a W2 employee. So that's not really something
you have any choice over. So now let's go ahead
and cover how much money that you're going to
need in order to retire. Well, it's kind of a moving target and it's going to change
based on your lifestyle. I mean, are you looking to live in a one bedroom apartment and
drive a ten-year-old vehicle and you know, eat canned
beans for a living? Or do you want to retire
on a beach in Miami? So it all depends based on your lifestyle.

But there is again, another
generally accepted calculation that financial experts use, to calculate necessary retirement income. And it's something called the 4% rule that I'm gonna teach you right now. Also guys, just a quick reminder, I know I mentioned this earlier, but if you have found any
value in this video so far, a like would certainly be appreciated. It helps this video to be
shared with more people. And if you have any thoughts or questions leave me a comment down below. But anyways let's talk
about this 4% rule now.

Now, as far as the math behind this goes, I'm not going to get into it. If you wanna watch,
there's plenty of videos about the 4% rule that we'll
go into a lot more detail but essentially it's a
very simple calculation. What you're going to do,
is you're going to multiply your desired retirement income by 25. So let's say for example you wanna have $40,000 per
year of income in retirement. If that's how much money you want, you want to multiply that by 25. And that will tell you a rough idea of how much money you should have in your savings and your investments in your personal investment
and savings accounts. So for example, if you
wanted $40,000 per year, you would multiply that by 25 and you would come to the conclusion that you're going to want
to have $1 million saved and invested in these different accounts in order to sustainably derive $40,000 per year from that account
without running out of money.

Now, if you wanna be a
little bit more conservative, there is the 3% rule which
is going to be a multiple of around 33, but anywhere
between 25 to 33 times, your desired annual retirement income is how much money you
should have set aside saved and invested for retirement. So obviously guys, the main thing here is the
less money that you need per month based on your lifestyle, the less money you need saved and invested and the sooner you can retire. That's where that whole
FIRE movement comes from or Financially Independent Retire Early, that's people who live off of
as little money as possible. They save as much as possible and they aim to be retired in their 30s. And they're able to accomplish that by living off of as
little money as possible. I did a whole video on this
called how to retire by 30. If you guys wanna check it out at the end I will include a link down below. So now what I want to
cover here is what to do, if you're somebody who
doesn't have 25 to 33 times their desired annual income in a savings or retirement account.

Maybe you're already in
your 50s or early 60s. And you're saying, "What am I gonna do? I don't have money that's just going to fall out of thin air to put in this account,
what options do I have?" Well, let's cover those right now. The main things that you can do are surrounded by things
that you can control. And the main thing you can
control is how much money you're actually spending
during your retirement. So essentially you have two options.

You can try to make more money or you can try to spend less money. Now I'm more of a fan of
the offensive approach here which is figuring out
how to make more money. And so let's talk about that now. The first thing you could
do is figure out some kind of side hustle that you wanna
start maybe in retirement or maybe you wanna do this
before retirement and save up extra money and take all
that money and invest it. I've done a lot of videos
about side hustles. We're not going to get into them here but just understand that
this right here, this laptop this provides a lot of
opportunities to make money.

And it's certainly not rocket science, and I know a lot of people who in their later years have started
YouTube channels and blogs and these different things that allow them to make extra money on the side. So the first thing you wanna consider is, "Hey, let me look into
starting a side hustle." Second of all, pretty simple, spend less money now, pre-retirement. That way you can save
more money to invest. So if you're in your 40s
or 50s, and let's say for example, you're driving
a brand new luxury car and you're watching this
video and you're realizing, "Oh crap, I'm not
preparing for retirement." Maybe you make some
small sacrifices today, that allow you to save
and invest more money. So maybe you trade that car in and you get an economy vehicle and you take that difference
in your monthly payment, and you put that into your
Roth or your 401(k) instead. Another option, pretty simple, spend less money in retirement. We're gonna cover that
more in a little bit. I'm gonna give you guys some
tips on how you can do that.

And then lastly, option number four not the best one, which
is delaying retirement. Maybe you wanna push it
until age 70, age 75, which will allow you
to stay working longer. It will allow you to contribute money towards retirement accounts
and investment accounts longer and allow that money to
have more time to grow before you have to start drawing. So now what I wanna cover
here is a rough idea of how long your retirement
money is going to last. And I don't wanna sound morbid here guys but the truth is, you want
your retirement money to last until you pass away. And then you also wanna make
sure you have enough money sitting there to cover medical bills, funeral costs, and things like that because most people just
don't wanna be a burden on their family when they pass away.

Where they're out of
assets, they're in debt and then their family
has to scrape together 10 or 20 grand for a funeral. So it's not something that
we like to think about or really talk about but it is something that's important to prepare for. And so your goal here should
be to have enough money that you can have your money outlive you and cover some of those costs and maybe have a little
bit of money to pass on to your family as well,
maybe towards, you know college expenses or things like that. But anyway, let me give you
a couple of pointers here on, how long that money will last in a couple of different
factors to consider. Well, first of all how
long your money will last is going to largely depend
on your investments. Some of them are lower risk and some of them are higher risk. And so if you're investing
in higher risk assets, they may be more volatile but you may also see greater returns. On the other hand, if
you're super conservative and let's say you only put your money in fixed income assets, you may find that you're not taking on enough
risk, and you could find that your money doesn't last
as long as you need it to.

So, one of the main things
you have to understand with retirement is that asset mix. And for most people, it's a
split between stocks and bonds. And so that's the main
thing you wanna focus on is that allocation. If you'll have too much money in stocks and not enough in bonds, you might be taking on too much risk and your portfolio could be very volatile, going up and down in value all
the time, stressing you out. If you're too low-risk you might not be growing
your money fast enough and it might run out too soon. So figuring out that asset
mix is very important. Now as far as that number goes, there's a couple of different
rules of thumb out there, but one that most people agree upon is the 110 or the 120 rule. And it's based on your life expectancy. So, I actually am a fan of the 120 rule, which basically means
you take your current age and subtract it from 120. And that tells you how
much money you should have in stocks and the rest should be in bonds.

So for example, I am 25 years old, I would take 120 minus 25,
and that leaves me with 95. That tells me that 95% of my money should be in stocks and
only 5% should be in bonds. Whereas if we take a 70
year old, for example we would take 120 minus 70,
and that leaves us with 50. And that tells us that
50% should be in stocks, 50% should be in bonds. Now, of course, guys that
is a very basic example and it doesn't take into account your unique personal situation. So for exact numbers I
would actually recommend speaking with a financial
advisor and you don't necessarily have to have them manage your money, you can pay them for a
one-time consultation where you're basically saying,
"Hey I want you to tell me what my allocation should be, and help me understand how
that changes over time." But by far that's one of
the most important factors to consider is your asset
mix or asset allocation? Now in general guys, that 4%
rule that we discussed earlier has been pretty successful,
and most people have found that it lasts them around 30 years, which is a pretty long retirement.

That's about how long most
people expect to be around once they retire. However, the success of that
4% rule is largely dependent on that asset allocation we discussed. Because if you're not
taking on enough risk, and you're only earning
a very small return, you're going to dwindle
that money a lot sooner. Another important factor
to consider is taxation. And this varies based on the types of accounts that you have. As mentioned earlier, the Roth IRA is an account
where you put your money in and you pay taxes on the way in. But when you draw from that account you don't pay any taxes. Whereas with the 401(k)
it's tax-free going in but when you come out, you're
actually going to pay taxes.

So this tax situation
is largely dependent on your own investment accounts. Maybe one person has all
of their money in a Roth and somebody else has all
of their money in a 401(k). Those are vastly different tax situations. And this is a scenario again
where a financial advisor can look at this for you, and help you with some tax planning. And you can understand what
are the tax implications associated with your
different investments. So now that you have a
general idea of the factors that will tell you how
long your money will last, let's talk about some different ways to make your retirement money last longer. So the first thing you can do to make your money last longer, which is getting more and more popular is something called downsizing. So most people end up having a home where they raise their kids. And let's say that you're still
together with your spouse. You may now be in this situation where you have this three or four bedroom house, you're paying to heat all those bedrooms.

And you're maintaining this big house, when you're only utilizing
like 25% of that space. Even if your mortgage is paid off, you're still paying for
utilities and landscaping and things that on a much
larger property than you need. So you could downsize into an apartment or downsize into a smaller house. That's becoming more and more popular with the goal of reducing
your fixed monthly expenses. Another option, going back
to the side hustle idea, maybe you Airbnb, a part of your home or you do one of your bedrooms
or something like that, to figure out how to generate
income from that unused space.

But downsizing is a very popular option. Another one is reducing
your fixed expenses like your car payment, as
well as things like your utility payment and things
like your phone bill. So this is where I wanna
talk more about our sponsor for today's video, which is T-Mobile, because they have specific wireless plans designed for people in
retirement to save you money on those fixed monthly costs. So, 55 and up customers who live anywhere in the United States, not just Florida are able to get two lines
of unlimited talk, text and data on T-Mobile's network,
starting at under $30 each.

Which if you have an existing phone plan you have a general idea
of what you're paying, and I can tell you guys right now I'm paying a heck of a lot
more than $30 per line. Now you might be wondering if you're getting some really
cheap plan in the process and the answer is no. In fact, it comes with a lot
of different bells and whistles and extra perks. For example, it comes with the industry's best scam protection, unlimited
3G mobile hotspot data, international texting, no
annual service contracts, your very own dedicated
customer service team, as well as additional
free items here and there and discounts every single
week through T-Mobile Tuesdays. So oftentimes if you
switch from a carrier like, AT&T or Verizon, over to
T-Mobile with this plan, you could save upwards of
50% every single month. And while it may not sound
like a lot of money upfront when you factor in that cost
over the next 20 or 30 years, these little things you
can do to save money on those monthly expenses
really are going to add up. So if you are interested
in those 55 plus plans through T-Mobile, switching
carriers is very easy.

If you're ready to make the switch, you just have to stop
into a T-Mobile store, or you can call 1800 T-Mobile or visit, and I'll go ahead and
include links to all of that as well as the phone number down below, if you guys wanna go
ahead and take advantage of those discounted plans. Now another thing you can do
to make your retirement money last longer is falling
into that category of delaying your retirement. You can also delay taking social security, and this can lead to you having
a larger monthly benefit. So for every year that you wait, you're going to get an
additional 8% in social security, every single month. And if you wait until age 70
to start taking social security you can get up to 24%
more every single month. So if you can delay retirement, and delay taking your
social security benefit, that can result in
additional monthly income. Another great strategy is exactly what we're talking about here, which is having a retirement spending plan before you stop working.

So you do things in advance
to get your ducks in a row. You cut down on recurring monthly expenses like your phone bill,
maybe you take advantage of something like
T-Mobile's 55 and up plans. Maybe you downsize, or you
decide to Airbnb a spare room as us as a side hustle. You just start planning early on before you hit retirement
age, and then you think, "Okay, I haven't planned for this at all. Let's get something going." You're better off to plan in the beginning and get your ducks in the row early. Another suggestion that I have is utilizing credit card reward
points, because a lot of people in their later years want
to travel during retirement. We're in a unique situation right now with the global pandemic,
but once it's safe to travel, that's a popular thing
in your retirement age is seeing the world.

Well, if you're able to
effectively use credit cards and get free points for
travel or free miles, that's another way to get
more bang for your buck. And as long as you're not paying interest on those credit cards and you're paying them
off every single month, I would highly recommend utilizing
credit card reward points and bonuses for travel. Lastly, one of the
things that you can do is make investments in your health to make sure that you're
not having a lot of medical stuff coming up in retirement.

Hopefully you have some
plan for health insurance. So let's say now that worst case scenario, you're somebody who is
in retirement right now and you're slowly realizing that you're going to run out of money. You don't have enough for that 4% rule and maybe you only have
one leg to your stool, which is social security. What options do you have available to you, if you know, you're going to fall short? First of all, as covered
earlier, you can reduce expenses or pick up a part-time job or side hustle.

A lot of people in
retirement end up working 10 or 15 hours per week on the side. Number one for something to do, and number two, just to
have extra spending money. Another option is to tap
into the value of your home with a home equity line of
credit or a reverse mortgage. That's pretty complicated, not gonna get into that
too much in this video, but if you want to hear more about that leave me a comment down below, and maybe I'll do a whole video talking about the reverse mortgage. Another option that you may explore is, if you have a life insurance policy, you may be able to tap into the value of your life insurance policy and get something called the cash value, if you draw on that early. Again, complicated subject
maybe a topic for another video but if you have a life insurance policy, you should sit down
with a financial planner or financial advisor and ask
them about those options.

And one thing I want to mention here is, if you're somebody who's in retirement and you know that your
money supplies dwindling, don't ignore this problem. There are things that you can do. The longer you wait the
worst it's going to be. So I would start addressing
these issues now. So just to wrap up here guys, one of the main things
that I want to recommend as a call to action is it
may be worthwhile to sit down with a fee only certified
financial planner.

It's gonna cost you a couple
of $100 out of pocket, but they're going to be
able to help you answer a lot of questions you may have, such as asset mix, asset allocation. There'll be able to look at your different retirement accounts
and help you understand the tax implications,
because on the surface retirement planning is pretty simple. It comes down to your
expenses, your income, your lifestyle needs, and basically what you're looking to get
out of your retirement. But when you look into
the individual details that each person has with
their different accounts, that's where it becomes more personalized and more complicated. So I think you're going
to get a lot of value out of a fee only
certified financial planner that you pay an hourly rate to, that way you can get unique information about your personal financial situation. At the end of the day here guys, if you fail to plan, you're
essentially planning to fail.

And I want to discourage
you from doing that. This isn't the most exciting topic and it's certainly not on
the top of my to-do list but retirement planning is very important. So I encourage you to take
action on this advice today. I thank you so much for
watching this video. I hope you've got a
lot of value out of it.

Let me know down in the
comment section below what your thoughts are on this. And if you made it to the
very end, let me know too because I'm always curious
how many people stick around for full videos. Lastly, one last, thank
you here to T-Mobile for sponsoring this video. I have a link down below, if you wanna check out
T-Mobile's essentials, 55 and up plan, which is a great option to minimize your monthly recurring
expenses in retirement, to make sure that money lasts longer. If this is your first time
seeing me make sure you subscribe and hit that bell for
future notifications, and on that I hope to see
you in the next video.

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