EPISODE · Dec 21, 2022 · 18 MIN
Misleading Financial Rules That You Should Avoid
from Real Personal Finance · host Scott Frank and James Conole
Scott and James discuss misleading financial rules to avoid.Join the Real Personal Finance Community and click on "The Nation"We're on YouTube here!Listener Question:How do you both think about the common wisdom that you should have a certain multiple of your income saved by a specific age (e.g. save at least 1x your salary by 30, 3x by 40, 6x by 50, 8x by 60, and 10x by 67)?I am in a situation where my income has tripled between ages 30 and 35. As an example, let's say I had 100K saved at age 30 (1x my salary), but I'm 35 and my salary is now 300K. I don't have 900K saved in retirement, in fact, it's about half that. Am I in trouble?Planning Points DiscussedUtilizing Time EfficientlyCapital AppreciationPurchasing PowerOther issues (IRAs, Inflation, Financial Goals, etc.)Timestamps:2:30 - We're on YouTube HERE!6:17 - How Much Do I Need To Save?8:52 - How Much Money Do I Need?12:54 - Portfolio Changes14:45 - Income Diversification18:21 - Aligning Your Financial GoalsLET'S CONNECT!JamesYouTube LinkedIn WebsiteScottFacebook Twitter WebsiteENJOY THE SHOW?Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play.
Embed this episode
What this episode covers
Scott and James discuss misleading financial rules to avoid. Join the Real Personal Finance Community and click on "The Nation" We're on YouTube here! Listener Question: How do you both think about the common wisdom that you should have a certain multiple of your income saved by a specific age (e.g. save at least 1x your salary by 30, 3x by 40, 6x by 50, 8x by 60, and 10x by 67)? I am in a situation where my income has tripled between ages 30 and 35. As an example, let's say I had 100K save...
Ready to play
Misleading Financial Rules That You Should Avoid
No transcript for this episode yet
Similar Episodes
No similar episodes found.
Similar Podcasts
No similar podcasts found.