Tag: saving money
Your Parents Didn’t Save For Retirement…Could You Help Them Out?
Jason 0 Comments Retire Wealthy Retirement Planning Tips for Retiree's
Hey individuals I'' m Tae from Financial
Tortoise in this video I'' m going to speak to you regarding what are some of the following actions you can begin taking if you figure out that your parents sanctuary'' t conserved a lot for retirement financial concerns are oftentimes and primary issues for the santé generation a current market watch short article discuss how 23 percent of child boomers haven'' t conserved anything for retirement it'' s feasible that our moms and dads could be one of them as the Sandwich Generation you'' re not just needing to handle your very own finances but you also need to handle the price of your children in addition to your parents the inquiries are running via our minds are exactly how am I gon na stay for retired life while at the exact same time conserving for my kids university fund in addition to believing regarding my parents long term treatment remedy You can visualize it'' s not a beautiful photo when all the financial problems of several generations pile on top of each various other there is no best solution to this obstacle but I desire to show to you in this video three strategies that my wife and also I have deployed and also tackling a few of these obstacles number one beginning having a conversation with your parents early if the idea of having cash conversation with their parents make you really feel sick put on'' t'stress it ' s extremely normal it ' s not like you can conveniently broach the conversation saying hi there mother this dish is wonderful however hey incidentally
just how much to have in your 401k discussion concerning funds with your moms and dads is going to be really tough however if you put on'' t do it currently it ' s going to obtain much more hard later on an approach that ' s benefited us was to start a conversation by discussing our circumstance first and afterwards you can segue into their scenario You could claim hello Monica I just began a brokerage firm account have you heard of a brokerage firm account do you have another an instance is hey mother we simply completed repaying our pupil financings have you and that ever had to pay off any car loans any kind of significant fundings once more these conversations are gon na be awkward and also challenging in the beginning nevertheless you approach them with humility as well as with that judgment I'' m certain that you'' ll make progression even small progress is still a progression second strategy access to details so if you'' ve been able to have some conversation with your moms and dads getting access right into details will actually really aid start with basic products like if there have any wellness insurance policies what wellness insurance policy plans they have or if there have any life insurance policy plans this will really aid if somehow your parents wellness fails and also you require to tip in to aid at minimal just knowing where the King and also their interest-bearing account will certainly conserve a great deal of anxiety down the line for my wife and I to be sincere we in fact put on'' t understand where all of our moms and dads accounts are however we do recognize where to look if we require to number 3 obtain yourself into solid financial setting this I consider one of the most essential technique as well as the one that you in fact have the most control over allow'' s claim your moms and dads for whatever factor doesn'' t. want to speak about funds or doesn'' t want to let you into any of their. financial image these you can'' t control despite exactly how hard you try.
nonetheless when it concerns your individual financial resources you have full control you have.
control over just how much you spend just how much you conserve each and every single month if your.
parents sanctuary'' t conserved well for retired life there can come a factor.
where you have to utilize your very own individual funds to aid them as well as if you'' re. struggling economically this will certainly not just be challenging practically however.
psychologically also so my most vital approach if your.
moms and dads place'' t save adequate for retirement is to obtain right into a. strong monetary placement this is an extremely hard process this is a really.
difficult discussion for a lot of us who have a sensation that our parents.
haven'' t saved sufficient for retirement it'' s even difficult to believe about.
however ignoring it is not gon na make the issue go away by exactly how tough.
this may be I motivate you to start having these conversations or a minimum of.
start executing several of these approaches early as feasible I guarantee.
you you'' ll thank yourself later on thank you men for enjoying the video please.
let me recognize if any of you individuals ever before needed to have these really hard.
conversations I would enjoy to listen to exactly how it went and if you have any kind of other ideas.
or strategies that we can execute in our lives if you appreciate seeing this.
video clip please struck like or subscribe to the channel thanks.
Cars = #1 Wealth Killer
Jason 0 Comments Retire Wealthy
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]
Acute Wealth Advisors has tips on spending in retirement
Jason 0 Comments Tips for Retiree's
So you’ve save save save your whole life and then it comes time to retire and you’ve got to start spending that money down well for many baby boomers spending that cash isn’t as fun as they thought it would be Matt Deaton of acute Wealth Advisors he is here this morning to explain and Matt is one of the valleys leading financial advisors he and his partner Damon they have a weekly retirement radio show and they help folks prepare for retirement and Matt it’s it’s mind boggling really when it comes time to actually go out and spend the hard-earned money that you’ve worked hard for you said that some people can’t do it they’re they’re fearful why well part of its they’ve they’ve developed habits of saving their whole life and now it’s time to start spending I’ve got this client that I’m working with right now she had hurt us at one of our workshops and she came in and she was currently being with her advisor once a month because she was so worried about her money she had just retired she didn’t know what to do and as she talked and she talked through these things I found that she was basically paralyzing or spending she just really didn’t know what to do she I told her I said you have some investments but you don’t have a financial plan you don’t have a plan for how you’re gonna spend this money and so you’re really really scared about it oh yeah and so so we’re working with her to kind of put that plan in place so that she can you know and she doesn’t have to meet with her advisor every month right and be worried about this that she can go out and enjoy retirement all right so how do you suggest that those folks out there who might be like her how do they overcome their fear well I think there’s a couple things number one I think knowledge is power the more you can understand about a subject the better and so we believe when we sit down with someone to educate them and teach them and so we spend the first few appointments just talking and educating about those the other thing that we have started to do is we’ve started to do these college courses okay so we hold these courses that’s a community college close it’s two nights it’s for two hours each night so it’s not long it’s not extended but it’s enough time to go into depth on these classes in this subject so that people can now own their finances because now they can learn about fees they can understand how to analyze their statements all these things that people get petrified and worried about that cause the issues when they were and so this to our class it’s two nights for two hours it’s a I mean are we you’re teaching us basically how to spend so we’re taking notes oh there’s a workbook we’re gonna teach people how to maximize their social security so the first thing we’re trying to teach people is how to get the most out of their money okay but then once you understand that you’re gonna know okay this is the money I need to set aside for the income I’m going to need ten years down the road but this is the money money I can spend now so I can have some fun while I’m young and I’m healthy and I can move and I can go on the cruise and all the things you’ve been doing so it’s it’s a it’s a course that just starts from the basics and builds on them alright so after we finished this two-day course you’ve given us a plan of action our distribution plan do you suggest that we update that oh absolutely so just because you go to the one class or just because you’ve sat down with a financial advisor at one time you cannot just stop there you need to continue to develop and make changes to that because things are gonna change your health is going to change your spending is going to change and so you need to make adjustments to your financial plan and I would have to imagine that after they have this plan that they the fear is lifted a little bit absolutely because again instead of just having investments you have a plan and so if you’re an emergency and you have a plan a lot of the fear goes away you know what you’re supposed to do that class and go gosh darn it I gotta get out there and enjoy my retirement well that’s all probably overwhelmed and and excited well she’s turning to become more excited you know she’s been overwhelmed she’s been fearful now she’s starting to get where she’s like okay I can really enjoy the travel I don’t do it I can do it and I think that you know that fear is normal because we’re not getting the income anymore so we don’t want to stop our current lifestyle right great information well let’s give you some information let’s to give you the tools that you need to enjoy retirement if you want to learn more you can attend that upcoming two-day educational course that we were just talking about hosted by acute wealth advisors there are two courses that you can choose from in October now one is going to be held at Mesa Community College the other at Glendale Community College and if you call in the next thirty minutes you’re going to receive 50% off the tuition for that course so it’s half off four eight zero six two zero six nine zero seven is the number to call spaces filling up so be sure to reserve your seat today acute wealth advisors they have offices across the valley for your convenience learn more by visiting acute wealth advisors dot-com
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5 Easy Tips To 💰Save Money💰…Money Saving Hacks
Jason 0 Comments Tips for Retiree's
I’m going to do a video on 5 simple things you can do to help your financial situation and I realized that I need to do a follow-up to the retired at 40 story video because there’s a huge need for financial education in this country and really everywhere it pertains to every single person doesn’t matter what your financial status is you can always use help and there’s always little tip tips and tricks that and things that you can do to better your status it always amazes me how scared people are to talk about their finances to put something on paper to basically take a look at where their money is going what’s getting saved and how everything is getting spent and I’ve met people time and time again that are highly educated very smart people but they know nothing about finances and they are terrible with money management so before we get into the 5 tips I want to strongly urge you to make a financial statement for yourself figure out where your money is going currently and figure out how much you’re saving and basically figure out where you can trim the fat for so many people a financial statement or just finances in general is like a bad word they’re just terrified of it but the only way that you’re gonna be able to improve your finances is to face the music alright so now that you’ve had a chance to go through your financial statement you definitely know where your money is going but how can we save more and what you really need to aim for is about 6 months of reserves especially if you’re getting ready to invest money into something or if you’re doing some kind of career change or some life-changing thing and all of these five tips will more than likely be a line-item on your financial statement so let’s go to financial tip number one hey I’m going to have to call you back I’m shooting a video right now so this first thing is something that we’ve all become very very accustomed to in the last 10 to 15 years and that is a cell phone and people tend to spend absurd amounts on their cell phones whether it’s the bill or the cell phone itself mainly the cell phone itself so that’s my first financial tip is shop on eBay or Amazon for a cell phone that’s refurbished or used or one this may be just a couple years old I actually just purchased a cell phone on ebay because I’m having trouble with my current one and I got on to my cell phone providers website and the most expensive phone that’s like mine now is $1,200 that’s insane to me so I got on eBay I found one that’s similar to the one I have right now it’s new but it’s a couple years old and I got it for less than $200 another thing that you can do is ask for some kind of loyalty benefit from your cell phone provider cell phone providers are constantly trying to earn your business and if you’ve been with them for a long time and you can convince them to keep you around by offering you some kind of benefit they’ll jump on the chance just by going into my provider recently I have a cell phone bill that was about a hundred and ten dollars a month I told them that I’ve been with them for close to 15 years they knocked it down to sixty-seven dollars and I have unlimited everything now tip number two is what I call going to youtube University or getting a YouTube education we live in the most amazing time ever right now there is information everywhere and it’s so easily accessible don’t ever stop educating yourself it’s so easy to find out how to do things these days you’re doing yourself a huge disservice if you don’t take advantage of that so how does that pertain to saving money well you can save money by doing tons and tons of things yourself instead of paying someone else to do it just look at the platform that you’re watching right now for instance you’re watching a video on how to do something so that how-to can be anything from changing brake pads on your car to changing the oil on your car to fixing a leaky faucet or the toilet flapper not working on your toilet all the way to how to the meal which brings me to my next point number three so food is a necessity in life but is it a necessity to go out to eat or go to Starbucks once or twice or every day the amount of money that people spend on food and going out to eat fast food Starbucks McDonald’s it really adds up quick and I don’t think that people realize how much money they’re actually spending on it because it’s just five or six or seven dollars here and there but if you add that up over the course of a month or a year or five years or ten years I think the result would be pretty staggering cook your meals at home pack your lunch for work make that fancy coffee at home it’s not that tough to do there’s so many great ideas and resources on YouTube and Pinterest and vlogs and blogs this channel included if you need a place to start scroll through my channel I have lots of cooking videos if you want to take that a step farther you can start growing your own food and if you don’t have a big green house like this you can grow a lot of food just in five gallon buckets even on a little deck if you don’t know where to get started see tip two number four is something that really hits home for me because me and my wife are both self-employed and we have been for 15 plus years so number four is insurance and although I don’t like insurance companies because I think they’re a giant scam it’s a necessary evil and you can also use that to your advantage you can put them against each other insurance companies much like cell phone companies are begging for your business and they’re constantly trying to outdo each other with with certain benefits or promotions so make them put their money where their mouth is and put them up against each other constantly and not just insurance companies you can do this with all kinds of different companies you should always be price checking these companies the ball is in your court make them earn your business all right I’d saved the best for last tip number five is taking advantage of bank account and credit card bonuses and this tip is begging for a separate video all on its own because I could go on about this for a long time but if you’re not taking advantage of credit card bonuses for sign ups or credit card cash back or travel miles or if you sign up for a bank account a lot of them will give you a large sum just for putting your money with them now I want to be clear I’m not promoting just going out and spending a bunch of money on a credit card but more putting the things that you already spend money on into the credit card it’s money that you’re spending anyways put your mortgage on a credit card if you can insurance is a good one it’s not super expensive but at least we’ll get you a couple hundred bucks on your credit card unless of course it’s health insurance and then you’re talking in my case thousand to twelve hundred dollars a month here’s another good one groceries it’s something that you always have to have and depending on how much you go to the grocery store it could add up to three or four hundred bucks a month sometimes six hundred maybe even more no-brainer here put your gas on a credit card you can always put your utilities on your credit card too if your utility company will allow it next from tip one your cell phone bill now depending on how much some of these are and if you are allowed to actually put them on your credit card you’re talking some pretty major money that you can get a bonus from if you’re getting two percent cashback that really adds up not only that but you’re increasing your credit score while you’re doing that so as long as you’re financially responsible and you pay this every month you’re reaping a large benefit a lot of credit cards will give you a 2% cashback they’ll give you a $500 signup bonus that’s free money in my opinion the free bank bonuses or even better than the credit card in my opinion because the bank account is something that you have to have anyway a lot of them will give you $500 for a small deposit as long as you put your direct deposit with them all the way up to I’ve seen $1,000 before and if you have a little bit more money to play with some of the online money market accounts like Capital One will pay you up to 2% or some even up to 2.5% just for keeping your money with them so some of these things may not seem like it’s saving you a ton of money but when you take up those extra fives and tens and occasional hundreds and you put them to work for you as opposed to something that you’re normally spending you’re not only saving the money because you’re not spending it but you’re putting it to work and doing something else with it and you’ll find that your your finances will start to collect very quickly so if you found the video helpful and you enjoyed the content take a second to give me a thumbs up it really helps out the channel and it helps the YouTube algorithm get this video out to people who actually need to see it also don’t forget to subscribe we do some gardening some frugal living some food preservation and cooking some gardening and you get to join me and my family on our retirement at the age of 40 after you’ve clicked subscribe click the bell notification also and it will notify you every time a new video comes out and it’ll keep you in the loop of the community all right I appreciate you sticking with me through this whole video so I’m gonna give you an extra bonus tip with an extra 100 or 200 or 300 or more dollars per month that you’re saving with just cutting back on a few things you take that extra money and you pay down debt with it the faster you get out of debt the closer you’re going to become to financial freedom and whenever you’re paying off debt always choose the smallest balance first because it gives you that extra little boost and if you can pay it off faster it gives you that extra bit of confidence to rock into the next one so once you’ve paid down your smallest debt move on to your next smallest debt take that money that you’re saving from the smallest debt that you’re not having to pay any more and add it to the money you’re saving from the 5 tips that I’m giving you and apply it to the next smallest debt and when that one’s paid off you roll it into the next one you roll that one into the next one and so on and so on in the meantime this is retired at 40 check out these other helpful videos if you have a minute remember to live a life simple and we’ll catch you next week oh hey I’m gonna have to call you back and shooting a video right now this is right my god get out of debt
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