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Pt. 2: Money Moves to Make and Avoid in Your 20s, 30s, and 40s - PB96

Aug 21, 2018

Don't forget to check out Part 1 of our discussion, What We Wish We Knew About Money in Our 20s

Rich and Marcus kick off the show continuing to build on last week’s episode. Marcus is recapping the financial books he’s read thus far in 2018. It’s important to digest this information and then come up with a plan that’s right for you. Everyone is at different stages in their lives and the strategies that make sense for wealthy parents in their 50’s are going to be different for millennial’s who are just beginning their financial journey. Consider your lifestyle now and the life you want to live as you grow older. It’s never to late to start but you need to begin planning for retirement right now.

Highlights:

  • Use your 20’s to learn, 30’s to apply and 40’s to teach.
  • If you made financial mistakes early in life, it’s much easier to recover then if you make financial mistakes in your 40’s and 50’s.
  • In mid life you’re likely making the most money you’ve ever made in your life, but you’re likely spending the most as well.
  • On average, the pay that you make in mid life is the amount of money you will take home for the rest of your career.
  • Most people don’t start saving or considering retirement until they have kids and a family.
  • Money creates freedom. You can wake up and dictate your day, rather than the day dictating you.
  • Make sure you have an emergency money fund. The amount you put in that fund is up to you. But it’s important to plan for the unexpected.

The Takeaway: It’s never too late to start to plan for retirement. You want your money to have begun transitioning to working for you; instead of you working for money AS SOON AS POSSIBLE.

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