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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.

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...

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Misleading Financial Rules That You Should Avoid

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Frequently Asked Questions

How long is this episode of Real Personal Finance?

This episode is 18 minutes long.

When was this Real Personal Finance episode published?

This episode was published on December 21, 2022.

What is this episode about?

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...

Can I download this Real Personal Finance episode?

Yes, you can download this episode by clicking the download button on the episode player, or subscribe to the podcast in your preferred podcast app for automatic downloads.
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