Tag Archives: 401K

You Can Save More for Retirement in 2019

**You Can Save More for Retirement in 2019**



View Time:44:23Minutes



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all right VIPs this episode is jam-packed I'm gonna give you the ins and outs on the word focus I'm also talking to Mindy she just got to baby step number four and she's trying to figure out should she keep investing or pay off her son's student loan debt mm-hmm and guess what the 401 K and 403 B just got a raise I'm gonna tell you the new amounts you can put back for your dreams I'm wide awake higher I've wanted to spend time with my family we're just shy of two million dollars now in the awaken CHD dreams really clear right there welcome to the Chris Hogan show home of everyday millionaires I am your host Chris Hogan this is your show where your life and your money takes center stage it's your life VIPs take charge well I'm excited to be back with you VIPs we've had a lot going on we got a lot of callers a lot of questions but I need to hear from you so if you've got a question or you want to share a success story or a win call and leave me a voicemail the number to call is eight four four two eight three nine three eight three again the number to call is eight four four two eight three nine three eight three or you can also email me the email address has asked at Chris Hogan 360 dot-com we've had incredible questions you all are on the ball and plugged in and I absolutely love it so keep letting us hear from you you're the reason why we are here all right I'm going to the phones because that's what we do I've got Justin calling in from Jefferson Georgia Justin how are you I'm doing good oh I'm focused and not finished my friend how can I help you today well I actually have a success story and then a question if I can do that absolutely about well say in the beginning of September I sold my house and with the profits that I made four minutes paid off all my debt and everything like that and kept ten thousand in the bank Justin I'm proud and I am proud of you man so tell me this that's not the good part well let's just say I wasn't living Dave Ramsey in current fashion so oh we thought well we'll be in a good spot into my ten thousand with my dipping in the savings habits went down to eight thousand really quick and so and me and my wife were actually having being at the truck dealership together buy me a truck because I wanted the truck and so for some reason that week I started listening to Chris Hogan and Dave Ramsey on Park and decided to meet with a smart smart rester pros that one up and within five minutes of going on the website Daren with capital choice called me and set up a meeting came to my house two days later and when I actually thought about stop listening to your show and stop the meeting until the next week so I could go get my truck he was gonna I mean he's gonna talk me out of the truck Justin you were trying to silence my voice in your head he met with us for three hours Wow just poured into it and I'm thinking and I had no idea about smartest phrase no idea about what it called some honest cover you catch one my hat to pay this guy and you know he never talked about a call he said yeah if you invest this is how much you know the company percentage-wise knows never forced me he's like what we need to do is get you on the budget get you get your emergency fund built up and things like that and so ever since that night my wife you see the nerd and I was the free spirit by far but since that night we kind of changed home and I'm 100% nerd nerd it out home that's my budget I look at it 10 times a day I you know I've listened I haven't listened to music in four weeks of just listen the podcast with you Dave and you can call me right and I'm just going home and if it goes to my plan that I figured out which is this is shocking the crap of my wife the case she's like what her young ones you don't know because she's getting mad at me because I'm like no you can't bother you all the sudden does the money nerd right right which is which is you know Chris I can't tell you how much it's helped me even my rush of when my wife's because you know as husbands we try to gain that trust with her wife into it you know first time in a while she told me the other day she's like yeah it helped me to trust you a whole lot more while in the past you won't trust what's wrong and because I blew everything and so you know if if I if I have fallen everything right and we don't make more or make less we should be able to have a fully funded or at three months of the expenses emergency fund by the end of the year that is very common and then hopefully by the before I'm 40 have a house and have it paid off that's fantastic I'm going home and I'm my question for you is of course I've been running my financial advisor ragged he's probably tired of hearing from me but uh you know I'm ready to get ready to investing my question is I know you may say three or six months of expenses is it better than to get three and then graduate build up to six or what we want to do is to move into a house when we're renting right now well then I want to tell how when we're trying to save 10 to 20 percent down so would it be better to get three months of expenses and then start going down home saving up for a house and their investor do I invest in between okay I'll save up for six months instead of three I guess I guess I'm trying to figure out what's the quickest path and what's going to make it at compound interest yeah no I hear you brother and I'm proud of you I tell you the focus you have and what you've been doing proves this it matters to you and I love hearing that in your voice and I love the actions that you've taken I'm proud of you so here's the deal people ask all the time about how much do I need to have in an emergency fund so Justin the bottom line is you want to be focused and understand that I need this money tucked to the side so if life happens on there so you want to be very very aware so dual income both of you working you've got money coming in you'd be fine with the stable job have in three months however if your self and loyd or your seasonal or your a commission salesperson that's where I'm gonna tell you to go for more than like six months because what you're gonna have when you're commissioned or self-employed you're gonna have those peaks and valleys that happen with your income so you can level it off by having six months I love that you all are talking you're in communication and you're working together now you don't need to look at the budget ten times in a day okay I'm gonna tell you just just just just the tip it might be a little obsessive let's cut it down to five and you'll be fine but you know where it's happening and I like that you're telling money where to go instead of wondering where it went VIPs if you're listening out there here's the deal all you have to do is make a decision all you have to do is decide just like Justin to be able to be in control and know hey this is what's going on it doesn't mean you can't have fun we're just doing it intentionally right we don't want to live for the day we want to live in the day and we're preparing for our dreams Justin thank you so much for taking the time to call in I'm telling you right now you have motivated a lot of listeners out there other people right now are making decisions Justin based on what you did so great job and thank you for sharing well VIPs you know one of my favorite parts that DW and I came up with here recently was the whole panicked and pumped we were getting emails in from people kind of describing their situation so what I'm about to do is turn into coach Hogan and I'm gonna read these emails and we're gonna talk to people first up I've got a panicked email and this is coming in from Greta Greta says I'm 63 my husband 64 and we're far from retirement status we still owe a hundred and thirty-four thousand on our home so we're thinking of selling and downsizing we started meeting with one of the investment professionals and put 15,000 toward gross stock mutual funds we only make 80 thousand we're hoping to sell some land worth almost forty thousand I have a 401 K a fifteen thousand we started the Roth IRAs but not much so far my husband is about to go on Medicare and I have a big decision to make it work about medical options I'm healthy with no chronic illness I'm very overwhelmed and have made too many bad visions I don't have time to keep making mistakes so I wanted to know your opinion about which plan I should go with at work is it the standard medical plan or HSA okay well Greta first of all thank you for sharing with me and the VIPs about the panic that you're feeling you're feeling pressure you're feeling the anxiety of not being exactly where does you want to be the good thing is is that you're not done yet and I like that you've started to take some steps in the direction that you want to go remember our actions have to meet our dreams and when that connects like that with work and sacrifice that's where you can make some things happen now I like the fact that you and your husband you guys are talking about this and you and you're making some changes you've got some land that's worth about forty thousand that you're looking to sell that money can also go to your dream but is regard to your the health plan about what you should go with I'm gonna tell you looking at your scenario with no chronic illness and the amount of time you've still you've said you're going to be working you've got things you need to do that that standard medical plan is the thing that I would look at I'm gonna compare the deductibles I'm gonna compare the monthly costs right and really understand the overall coverage how does it relate for you as an individual how does it relate for you and your husband and so running those numbers to see and really understand that is the way to go now if you've got questions on it because a lot of those forms can have a whole lot of medical terms and a whole lot of twists and turns reach out to one of the insurance II LPS who can walk through it with you but I think that standard medical plan is going to be the plan that's going to give you the most kind of understanding and the most coverage overall for you in your situation so take a deep breath Greta understand where you are is not where you want to be but you're not done yet so let's keep taking steps and when the negative thoughts pop in when you start to feel overwhelmed again I want you to just say out loud I'm not finished right just say that out loud and then I want you to find a Bible verse if you have one that comforts you or find some kind of quote that you can go to quickly and remove that negative thought because negatives love to hang on they're always lurking around the corner Greta ready to jump on you when you're happy when things are going well so just find something to remind you that yes you are making progress you're moving forward you're not going backward I hope that helps you with where you are keep taking steps be careful of what you tell yourself rather because we are the person we have to be the masters of our domain and our mental space is really important so guarded tell yourself positives and keep going forward girl I'm proud of you all right next up I've got a pumped email in from Patrick Patrick says in 2016 I got tired of over drawing my bank accounts I started watching you all on YouTube I started my first budget and eventually began to write cheques without borrowing money from my dad I paid off my last student loan in 2016 saved up six months of expenses then decided to pay off the house I hit baby step 7 before turning 35 I'm currently investing 20% into retirement and I'm just shy of 15,000 in retirement and savings and growing I was able to send a check to a relative going through a cancer scare and now I'm donating money for a friend going to Bulgaria to donate winter socks it's an amazing feeling knowing that I can make a difference because of a decision I made over two years ago Patrick I am pumped for you to I mean to think about the the progress that you made you started you woke up over drawing at the bank you realize those fees and things that they charge you that's money there they're making money off of you making money off of your mistakes but you got plugged in and you got some information and more importantly you made a decision and I am proud of you for the progress that you're making I mean you're focused you've got a fully funded emergency fund you're investing and you and you're focused on paying off the house and did it and you hit baby step seven prior to age 35 that's fantastic and then my friend Patrick you're doing the best thing you can do with money and that's giving it away being able to help friends or family in need and able to support some charities and you're right this difference is because of a decision you made two years ago vips if you're hearing Patrick what happened is as he made a change he knew better was available he got the information and then he keeps doing it this is where you can be as well regardless of where you are in regardless of where you start off you've got an opportunity Patrick I'm proud of you listen VIPs if you're out there and you're panicked or you're pumped I want you to send me an email the email address is asked at chris hogan 360 dot-com just put panicked or pumped in the subject line and we hopefully will get you here on the air would love to hear from you alright VIPs I want you all to know we're just a few weeks out from Christmas and I want to put a bug in the air I wanna let you know something because I'm excited as you know I'm passionate about spreading the message that anyone in this country can become a millionaire well guess what on January 7th that's less than a month from now my new book everyday millionaire so will be available to the public that's right you've heard me talking about it and guess what it's finally here and to celebrate the launch guess what I'm doing I'm gonna hit the road in the month of January I'm headed out on book tour and we're going everywhere we're going from New York to LA Chicago to Seattle and I want to meet you I want to hear your stories I want to hear about your struggles and I want to hear about your successes so to find a list of dates and cities just go to chris hogan 360 dot-com slash events let me repeat that go to chris hogan 360 calm slash events and we'll even have some giveaways at each location did you hear that we're celebrating the american dream people it's alive and it's well so seriously i don't want you to miss this and i'd love to see you so again go to chris hogan 360 calm slash events i would be honored to see you and meet you out on book tour it's so exciting you all to be able to get out and to meet people we'll be doing book signings in bookstores they'll have the information online I'll be doing local media taking questions and really walking through this whole everyday millionare movement so would love to see you and would love to meet you well you all know me I love thinking right I love thinking about where we are versus where we want to go and I'm not just somebody that comes on talking to you all this is something I'm really a student of but I want you to do me a favor for those of you that are right now if you're listening to it and you're at work or you're relaxing right now you got a pen and paper right there I want you to write down this word focus F Oh see us okay write down the word focus now for those of you that are driving right now or you're on a treadmill listen to me don't stop keep your hands on the wheel keep your eyes on the treadmill keep doing what you're doing you can go back and listen to this later but the word I want to talk to you about is focus and and here's what I mean by this I love acronyms you won't know me but with focus it stands for this follow a plan overcome obstacles coach ability understand what's at stake and see the goals focus so let me break it down for you when I say focus the F stands for follow a plan I think in anything we want to do or achieve in life we got to have a plan got to have a recipe we got to know what it is we're trying to accomplish and the steps to be able to get there so I want you to develop a plan and be able to follow it the o is for overcome obstacles I firmly believe that things pop up just to see if we're serious about what it is we said we want to do you see when an obstacle comes we have to make a decision do I go over it under it or through it or do I just stop and I think a lot of people typically stop when things get a little tough when you get an obstacle that pops up in your way but for those that are focused and committed they don't stop they refuse to be denied so I want you mentally to prepare for obstacles but also expect to be able to overcome them because you can the c is for coach ability I want you to constantly be a student I want you to constantly be learning hearing new information gaining new perspectives talking to people getting people around you that believe in you that can cheer you on and guide you I think the more information we get the better advantage we have for dealing with whatever comes in our way the U is for understand what's at stake I think when we understand that our dreams our goals are all the things that we desire are at the end of the trail of hard work and when we work hard and we stay focused nobody can deny us that nobody can keep us from what it is we're wanting to accomplish but we have to have that internal motivation don't wait to get motivated by external don't wait on something else to get you hyped up or excited for a little bit I want that motivation to come from inside you because you know what it is you're chasing and more importantly you know why it matters so much to you and the S is see the goals I want you to see yourself crossing the finish line I want you to expect to win you K I'm surprised people tell me all the time you know they hope it works out or they hope to win I'm wired a little different I expect to win you know why I expect to put in the work I expect to stay motivated I expect to overcome obstacles so yes I have this expectation of wanting to win and I expect it and so when it's it gets personal to you because you know what it is you're trying to accomplish but kind of tell you in a little something else VIPs you also know who stands to gain if you got little people running around your house or you got people that are counting on you that you don't want to let down that you want to make sure you're providing and doing what's necessary for them it helps put things in perspective it helps you to understand what it is and why it matters so much so that did you know is focus fo you see us focus and follow that acronym I think you can follow that in any phase of your life and it can help you move forward and also to be able to make improvements anywhere and everywhere alright VIPs you know I need to hear from you if you've got a question or you want to share a win call me and leave a voicemail the number to call us eight four four two eight three nine three eight three again that number is eight four four two eight three nine three eight three and you can also email me if you prefer the email addresses asked at Chris Hogan 360 dot-com all right I got to get back to the phones but I got a I got Michael here in Bentonville Arkansas Michael how are you I'm doing great Chris are you all brother I am focused and not finished how can I help you today yeah my wife and I are trying to decide how long we should stay in baby step three B before moving on to step four okay we've got about a five-year window before we can comfortably purchase a home professionally there's a chance I could get moved around in the next five years so we're really trying to save up a huge downpayment and and then I'm also wondering since we do have that five-year period would it be wise to invest our downpayment and a conservative mutual fund so since we have a little bit of a longer window there okay now you tell me you're trying to save up a huge downpayment when you say huge Michael how much are you talking about man 20% you know we've got 2,000 today I'd love to get 40 to 50,000 dollars over the next five years okay there's our income we feel like that's reasonable okay and tell me this in the job that you're what kind of job do you have will you relocate every five years yes I'm actually a pastor at a church that's opening some new locations so we could get moved around okay because of that okay and would it be a movie of every five years or would you have an opportunity to sit still for a little while so we definitely have an opportunity to sit still we're a little more younger right now we're both in our 20s so the the moving should slow down over the next five years okay and where you do you know where you're considering being relocated to Northwest Arkansas right now and there's not sure what the pker looks like okay okay well you're right I mean and especially in the ministry there are all kinds of options and opportunities in different places the main goal is that you and your wife stay in control so I I want you at minimum to have 10% and I like the fact that you're going in with 20% because that's going to help you avoid PMI private mortgage insurance okay have you heard of that yes okay cuz yeah for the VIPs that hadn't heard of that private mortgage insurance protects the bank it doesn't protect you as an individual so I can add a hundred fifty to three hundred dollars a month to your payment so Michael you guys are wise to be able to stay focused on saving I think that is a smart idea but thinking about where you may move to I think it's a good goal to have a set dollar amount you mentioned forty or fifty thousand you know the opportunity to be able to have that as a goal whether you all are taking on extra jobs or being intentional I think you and your wife talking together to come up with a dollar amount that's a goal and the sooner you all get there like you said then you can move forward into the investing so that's what I would do you and your wife talk and again doesn't matter where you're moving to you know exact exactly how much money you're gonna have and what you're looking to spend that's the key Michael it's staying in control of what you're doing and where how much you're gonna spend so stay focused on that keep saving it up let that money you all as you have your budget meeting once a month look at the dollar amount talk to each other about the balance find some things to do to help that go faster and it'll help keep you guys on track and you'll be motivated about what you're doing next as you move forward in life so thank you again Michael for your call I appreciate that all right back to the phones I've got Mindy on the line in Virginia Mindy how are you thank you for taking my call today yes ma'am it's an honor to speak with you well I'm calling because my husband and I then get free for about a year and went on baby step four but a few months ago we had to bring bring our son home from college for medical reasons and we decided to take over his debt which is mostly student loans my question is should we temporarily stop our investments and our individual retirement plans to throw everything we have at is debt to get it paid off in about four to six months okay well let me back up a second until you congratulations on being debt-free and being on baby step four that's a great job how much did how much debt did you guys pay off we paid off approximately 45,000 we did sell a house I'm in the military so we had had it listed you know or rented out for a while so we felt that from that help yeah but we got pretty aggressive yes you do attacking at all yeah that forty five thousand you paid off what was that was it critical doors it was credit card of consolidation Jacques oh yeah junk is about right Mindy that's what you call that but I like that you guys got focused and got it intentional and thank you for your service as well yeah and so your son it was in college had a medical emergency you brought him home the student loan debt how much student loan debt does he have he has approximately 25,000 and do this situation I mean I don't I don't have a problem telling you about it basically my son's and treatment for alcohol addiction disorder yes he's a 21 year old alcoholic and with the addiction he probably has an underlying mental health disorder they you know that they're trying to treat as well so we really don't know when he's going to be able to support himself again and then we hope that he'll go back to school but without student loans and we don't want to send him back or out back in life with all these obstacles if we can help okay well I love the fact that you guys are being there to support him and my prayers go out to him for him to get healthy so what year in school was he here it was a senior this 25,000 and student loan debt was that for this year or prior years it was last year he used the first ten years he used my Montgomery GI Bill and we kept telling him that no we didn't have the money set aside no I just says we paid off we didn't have some money put back for college fund when we gave him many many months of warning you know you're going to have to get out there and do like you've said on the show about scholarships and applying for grants and things and well here's the reality I mean with you and your husband how much do you all have save for retirement we're right at about a hundred grand now my husband was always doing really good with contributing to a 401k I always kind of went banking on my 20-year pension when I retired but after we got it through the debt and then we read your book and started you know we used her tool and figured out that we were you know on transit man we if we just put a little bit away and I started investing in life in my PSP and we could really just kick it up a notch so I jumped up to 20% and he jumped his up to 15% so right well and that's not gonna be an accident because you guys are focused on you're clued into it you know the the good thing is is that your son was a senior and so really looking at this and understanding the opportunity for him to you know once he gets healthy to get plugged back in to Community College you know being able to work during the day go to school at night or whatever it is the options are but as far as you guys taken on the student loan debt no not at all no you know for him getting healthy and understanding the reality of what do you have to do when you're an adult and let's take care of your responsibilities and and so you know but here's what I don't want Mindy I'm so glad you called in on this because as parents you all are doing a great job supporting him in his time of need but you know what I don't want I don't want you guys to get in the habit of trying to take care of it for him that he never learns to be an adult does that make sense he life's gonna knock us down but what we got to have is a good support network but eventually we got to stand up but you know what else I don't want Mindy I don't want you and your husband becoming a burden to him later in life you see when people don't have enough for retirement that's exactly what can end up happening your children or family end up having to take care of you and so no that's not what you want so I tell people all the time they tell me on airplanes I travel more than anybody in this building you know what they tell me on the flight be sure to put on your oxygen mask first before you try to assist others you know why because without your own oxygen mask you're not able to help so I want you to make sure you're securing your financial future taking care of your retirement and put yourself in a position to be able to help or to support people if need be but know you don't need to take that on it doesn't need to be something that you make your responsibility you can be there to support but you don't want a hamper and so I'll be praying for your son to get better and you and your husband stay focused on what you guys are doing as you're working this plan in this process in unison well VIPs do you know your net worth there's a lot of confusion out there around this idea of what net worth means so let me make it simple net worth means it's what you own minus what you owe okay now those two words sound familiar so let me say it again net worth is what you own minus what you owe so the first step to becoming an everyday millionaire is knowing where you stand right now here today so I want to help I've got a new tool let's call the net worth calculator it's only six questions takes you less than five minutes and you're gonna get practical advice on how to help you to become an everyday millionaire so seriously it takes less time than going through some of these drive throughs out there so get started now check out the net worth calculator at chris hogan 360 com slash net worth or you can text the word Hogan H o GA n to three three seven eight nine I want you to discover where you stand learn your next steps to become an everyday millionaire so be sure to check out the net worth calculator today well I was doing research and I wanted to make you all aware of some some new information the title of the article is how much will you be able to save for retirement in 2019 this is coming from the Washington Post and it was talking about essentially where we stand the IRS just announced their cost-of-living adjustments that affect workplace retirement plans and it's important for you to know the maximum amount you're able to contribute but also catch-up contributions along with IRA rules so you can properly plan for the year now you know when your own baby steps four through seven right this is where you've attacked debt right with baby step number two you've built up an emergency time emergency phone with baby step number three and now you start to move into baby steps four through six this is where you start doing things all together investing really attack in the house and and then and moving forward for your dreams well I want people to be able to save and so you have to be able to take advantage of these retirement accounts that's offered through your employer as well as other individual retirement accounts it's a great way for you to be able to grow your money I've told you all timing compounds in compound interest got tongue-tied time and compound interests are the best ways to grow money so you need to know a few of these updates so I want to tell you for the year of 2019 the threshold for workers who contribute to employer sponsored 401 KS 403 bees and 457 s the and as well as the federal government Thrift Savings Plan will be increased from eighteen thousand five hundred dollars check this out you got a little bump here is being increased to nineteen thousand dollars so we can contribute more okay the limit has been increased now let's say you're behind alright and you're over the age of fifty you all have heard me talk about catch-up provisions this allows people over the age of 50 to be able to do a little bit more well listen to this the catch-up contribution limit for people that are 50 and over who participate in 401 KS for three B's 457 s as well as the federal government thrift savings plan also known as the TSP that will remain at six thousand dollars so you can do the six thousand over and above now the nineteen thousand it gives you an extra opportunity to put some money away if you're behind the yearly limit for IRA contributions will also get a boost so it's getting a $500 boost from 5502 6593 print that out be aware of it talk with your spouse if you're married and make sure you're talking to your investment professional you're smart vest or pro so you're getting prepared to know what extra you can do for the upcoming year so it's a great opportunity to stay informed and as I see things like this I want to make you all aware again the title of the article is how much you will you be able to save for retirement in 2019 and we got this from the Washington Post so again well I got to be aware we want to stay plugged in and clued in to what's going on and what we can do to help ourselves well VIPs I want to hear from you if you've got a question or want to share a win call us call me and leave me a voicemail the number to call is eight four four two eight three nine three eight three again the number is eight four four two eight three nine three eight three and you can also send me an email if you'd like the email addresses asked at Chris Hogan 360 dot-com all right I'm going back to the phones let's see here I've got Debbie here on the line Debbie how can I help you hi Chris I think so taking my calls Oh welcome and 1:59 single and getting close to retirement stand among steps four and six okay and so my question is right now I'm currently paying six hundred extra on my home okay and say then five hundred a month in four five seven accounts and so I didn't know if I should continue on that to the next two to three years or if I should maybe not pay as much on my home and put that more into my four five seven accounts okay gotcha Debbie tell me this how much do you have saved for retirement right now I have two hundred and eighty one thousand and the four five seven and thirty thousand in an IRA which I also wondered if I should take that out now that I'm past fifty nine and a half and put that put and set aside tax money and then put that on the house as well okay gotcha gotcha so looking at this your your house that you're in right now how long have you been in it eight years is this the house you plan to stay in yeah okay so this is the house okay good and do you know how much you owe on the house 177 thousand okay 177 and what is your household income okay so I like the idea that you're paying extra on the house okay I really do because a couple of reasons number one you said this is the house you like it you plan to be there do you know how much offhand how much your mortgage payment is I'm paying eighteen hundred a month okay and that's including the extra six hundred yes okay okay you know 24 I'm sorry 2,400 okay gotcha so the payments eighteen hundred with the extra six under you're paying is 24 right okay so imagine this though Debbie imagine that eighteen hundred not having to leave you no you know I mean can you imagine that that money you're not writing it to the bank or mortgage company anymore that's gonna stay in Debbie's account and see the value of that especially as you move toward retirement that's the focus and that's the goal you want to be able to keep your money with you not sending a bunch of it out to other people so I like that you're paying on the house I like that you're paying extra and I think I want to keep you on track now I would tell you this the money you have in the IRA I want you to talk to a smart investor pro I don't like you pulling this out just yet okay because right now you have two hundred eighty one thousand put aside for retirement but if we look at this you it puts you you know at the tweet 320 range when you look at your your 457 as well as the money you have in the IRA so again this money was designated for retirement so the pulling it out and and and taking the penalties and paying the taxes on it no reason to do that let's let that keep growing and run the numbers and look at what that could look like for you so mindset is beyond defense to Daddy not only are you investing for your future but we have to be aware this is where we don't want to bring any more payments into your life we're trying to get payments out of your life so keep on attacking that keep attacking that house keep investing for your financial future and it's a good thing you know you have an opportunity all right so I want to talk to you all I've got an incredible group if you want to join a community of other future millionaires I want you to head over to my facebook page go to facebook.com slash Chris Hogan 360 and click on the group section and join Hogan's everyday millionaires I'm actually gonna take a quick question from this group right now Tony asks from the Facebook group I'm asking the group's opinion on college funding how much do you fund before associate's degree a bachelor's a masters or doctorate well Tony you know looking at this that's gonna vary I'm a big believer in in-state schools I feel like you can get a quality education at a state school especially as you start to talk about the associate's degree as well as bachelors looking at it in state those anywhere for between nine and ten thousand dollars some states are cheaper some are a little bit more expensive but that's an opportunity and so as you're walking through this and understanding what the educational savings account that ESA as well as the 529 the options you have to be able to put money aside you know I think that the bottom line is is you've got to be on a budget and be consistent now also with those remember you've got an opportunity to be able to invest that money to also get some growth so if your kids are younger using an educational savings account even if you're putting one to two to three hundred dollars a month away that's great but what if your kids are older a lot of people tell me Chris my kids are older I'm on baby step two or I'm a baby step three I don't have that money put aside there's an opportunity for them to be able to get a higher education they just may need to look at Community College going in and knocking out their prerequisites take the history take the foreign language take the math for one to two to three hundred dollars a class as opposed to a two thousand dollar credit hour course we have options now there are also scholarships and grants that are available but young people as well as parents gonna have to put in the time filling out the paperwork the money is out there and it's available we just have to put in the effort so that's associate's degree in bachelors you start to get into master's degree and doctorates now you're starting to run into some money now I don't know about you I'm firm believer if parents want to help the young people go to school and get their undergraduate degree great if somebody's pursuing a masters or a doctorate this is something they need to be looking at right they need to understand what is that and even if you have to pay per class had a few people that I was in grad school with that they paid they saved up money and paid for a semester sometimes they had to take a semester off to go work some more and save up more money I'd rather it take you longer to get the degree and get it without debt than to take on a bunch of student loans so you're gonna the the costs are gonna graduate substantially with the master's degree and doctorate so you got to go into it with your eyes wide open and does it make sense is getting that advanced degree gonna help you move forward in your job and in your career so run the numbers be very aware and let's make smart decisions there nothing wrong with taking a couple classes right as you work full-time at night or even online as an option but be aware and again there's no law out there that says that parents have to pay for their kids education that's just not there parents are able to support they can guide the young people by giving them the right kinds of information so they can make wise decisions because young people have to do their part as well they got to have the grades they need to get this test scores with the SAT the AC T and be able to do their job oh and VIPs by the way real quick come talking about the SAT and AC T these are the tests you have to take to be able to get into college or to go to a college out of state be aware that that test can be retaken right if your young person took it and they didn't get as good of a score as they want or a good as of scores you think they could do you can retake that there's not a limit on that and how a friend of mine had his college aged person retake the test their test score jumped 12 points okay 12 points which then made them eligible for some scholarships did you hear that scholarships it's an opportunity so I wanted to let people know that just so we can be aware well listen I want to thank all of you thank all the callers my everyday millionaire Facebook group my phone screen of Amanda Bobby my tech guru and of course DW producer so until next time VIPs remember don't make excuses make progress

Is this really how much money you need to retire?

**Is this really how much money you need to retire?**



View Time:2:43Minutes



Financial expert and author Chris Hogan on retirement goals, planning and scams.

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How To SAVE Money and Buy Gold & Silver

**How To SAVE Money and Buy Gold & Silver**



View Time:18:23Minutes



A simple approach and lifestyle I choose in order to maintain my wealth, my work, my labor. Get out of debt. Take on NO NEW DEBT, kill your credit cards, get rid of all monthly expenses or limit them as much as you can. Don’t live beyond your means, SAVE, SAVE, SAVE. PART II Please also watch this video titled “You Cannot Save Money and Still Live Life:
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Channel .999 Silver Coin Now Available:
all right YouTube this is kind of just going to be a adult testimonial kind of me sharing my approach to preparing myself for retirement for savings for the future at this working stage of my life because I'm up those years in life where I'm productive and able to work and gain income but there will come a time where that won't be the case as much in the future thus we have to save and prepare for the futures as best we can and spend and use as many of these wisely as we do as pass through us and come into our possession the analogy I have for these is they're kind of like I guess you could say salmon or fish swimming in a stream and here a big grizzly bear and you got to catch as many as you can to fatten up for the winter and there's only going to be a fixed amount that swim by you and there's only to be a fixed amount that you're capable and able to catch and grab and well you know we all have different friends different family members and they all have different goals and objectives in life different priorities and sometimes you might feel like oh you know my I'm not doing as well as this person or look how much fun they're having look at all those vacation pictures on Facebook we're going to look at their car back wow they have a brand new car how did they afford that and one thing you need to remind yourself and consider it times is things are not always as they appear they may seem one way but they're not always this this underneath there might be a whole lot more to the story than what you are able to perceive in just your observations of friends and family not that it's any of our business but we're all human you can't help but consider you know where you're at and in life and where other people are at and in comparing things at times a lot of us keep our finances private however here through anonymity I can share with you and be a little bit more open in discussing my views on this and maybe clue you in on a little bit of the way that I've been able to accumulate a fairly good stack for someone in my age and my income level because believe me I am NOT wealthy I'm wealthy in things that value that matte matter most but financially you know I I do okay I'm a middle to low income earner but I'm able to save and that's the big thing because every little bit counts one way that I believe all of us can save more and I can do better at this myself as well is how fiscally responsible we are treat your house your life almost as if you're the mom I don't want to say treat like you're the government because then you would you'd go overboard you'd accumulate a billion dollars with a debt on a $25,000 your income but what you can do is look at your overall budget look at what comes in every month try to do this with me and cut out every single bill every monthly expense that you don't absolutely need cut them reduce it if you have a smart phone and your smart phone plan is $100 a month or $50 a month for data get rid of it get a dumb phone that just takes phone calls that you need I've had the same cell phone I've had the cell phone right here for eight years I'm not kidding you it's about a $10 a month family plan that I'm part of take that other money and put it into metals do you really need to cruise the internet when you're sitting on a bus do you really need to be sitting there at work on your lunch break playing Scrabble with somebody sure some of you might put a value on that but in the big scheme of things does it really matter if anything I think those smartphones have a drawback socially because you're missing connections out there in the world that you might otherwise have had people to meet conversations to have because you're so clued in on staring at your smartphone that's one area that we can all cut back on I think financially pay cash for things don't use your credit cards do you have to buy a brand-new car does everybody have to own the latest car my vehicle was made in 1994 – Toyota runs like a top I maintain that I take care of it I have no car payment on it don't have a car payment it's not your responsibility to stimulate the economy it's not your job to create jobs in Detroit own a 10 or 15 year old vehicle the newest vehicle a friend of mine is who is very well-off told me you should never buy a vehicle ever newer than two years old always buy a two year old vehicle let someone else take that depreciate of hid as soon as you roll a brand new vehicle off the lot you lost money never buy a new vehicle abide by that rule trust me with that rule just do it there's no argument that you can give me to convince me otherwise I will not buy a brand new vehicle it's not going to happen ever as I said in one video when I showed you that really large stack on my friend's gold if you really want to have gold if you really want to stack gold and silver and have a lot of it and be wealthier one day you need to forego other things you have to want other things less it's work now and play later or play now and work later that's just the way it is the more comforts the more toys the more things that you buy the less you will have in the future every dollar that comes into your possession right now that you spend you will not get that dollar back again it's just the way it is somewhere in the big scheme of things on this planet and in this universe you are going to earn a fixed amount of these some where is that number in your entire working lifetime that number might be five million might be six million might be seven hundred and eighty nine thousand three hundred and forty two dollars and eighty two cents but there is a number out there with your name on it and that's the fixed amount of these you're going to get and once you blow them want a dollar here five dollars here on that twenty dollars on this you go to the store impulse buy that get yourself a latte here and there buy a couple of drinks get this I work with a guy I got to share this with you please stand by for this story this is and you're not going to see this on CNN or cable news but I got a friend me and him almost make the identical income he works with me he has no kids no house payment it's like 400 bucks in rent he's got a truck payment that's it perpetually broke and I'll tell you why and it's very obvious I don't I don't know why he doesn't see it people try help I'm talking to him but he lives life I mean he could say he lives it to the fullest but he's always you know partying or going to this hanging out with guys over here and the glowing of the bar after skiing and buying people beers and he himself drinking beer going out to eat traveling driving all over the country seeing this seeing that and I'm not saying in order to save and to have a nice little stash you need to forego everything you still need to live your life have a good but you need to do it intelligently and with some reservation and conservatively okay you don't want to you can either as my grandma used to put it you need to live within your means do not live like a millionaire if you are a hundred thousand heir and don't live like a billionaire if you're a millionaire it just doesn't work another wise thing my little grandmother said once was I'm going to try to do her voice a little bit and I I don't mean any disrespect like because I love her but she would say these young people do you want everything right now none of them want to work for it none of them want to save their money they just want it all right now and they don't care they just feel like they deserve it and they're entitled to it so they go out and they get whatever they want and they get it right now and they don't care if they go into debt for it when I was younger you worked and you saved and when you had money then you went and you bought things with it how smart is that could you imagine if we all live like that the credit card didn't exist until the 70s imagine having no debt not paying interest interest kills destroys any roads and eats your wealth like a disease it's like a dystrophy to your muscles it's horrible the more interest you pay it's your hemorrhaging money your hemorrhaging your dynasty you're not passing it on to your kids to their kids think of the wealth that families could accumulate and hold on to if they just did not accumulate so much debt the hundreds and thousands of dollars that are siphoned out of every household in this country due to excessive spending in debt imagine if they just loaned each other money instead of going to banks for it and the interest stayed in the families if there was interest I mean you see a pretty healthy amount of gold here I mean this is ten Krugerrands right here that reflects a lot of work for me that was a lot of labor for me to save and to work to just get this one little tuba coins to see ten Eagles over here that was a lot of work for me you know when I hold the gold outs I look at it and I realized I worked hard for that and no one's going to bust in to my bank vault and take this without my permission we all saw what happened to the Cypriots they trusted their banks and the banks took were attempted to take ten percent of their wealth away off the top to bail out the Russian mob and themselves and all that so I guess I'm trying to say is for each one of you out there that's part of this channel and hangs out and likes to think and discuss these things try to help I think a lot of you on the same page so I'm probably preaching to the choir and I apologize for that I don't mean I'm not preaching I'm not I don't want to talk to to you guys in that way but maybe it's all of our responsibility you guys as well to approach friends or family not in a condescending way not like not even like if you're educating them but maybe in casual discussion somehow maybe there's a way that you can talk to them and to we can create some kind of a movement away from going into debt because remember debt does not equal wealth that equals slavery and impoverishment because you can only serve two masters or one master you cannot serve both you cannot serve both I'm going to say it God and money and if you're if you have a debtor if you're if you're in debt and you were yourself or a debtor you are a slave to the the holder of that debt and you serve them and we should you know what's really important in life not even here none of this is but who we are our good deeds what we do and the legacy we leave behind and doing right I guess by God and treating everyone equally and loving each other or loving our neighbor our family our friends but I think debt is a major corrupting force in this country right now we see it all around us and one way to avoid it is to cut back have a net balance to your life when all of your when all the math plays out your assets your liabilities and it all comes out at the end make that number being the black keep it a net value who cares if it's one ounce of gold 20 ounces of silver just make sure you don't know anybody in you can go to bed a lot easier at night and it'll take the power away from the people to hold it think how much pleasure they get out of it knowing that everybody out there owes them when I say them I'm talking the debt collector the the bank's the financial institutions that hold your mortgage that hold the note to your car the furniture company that holds the note to your couch that you bought on credit so cut up your credit cards cut up your Home Depot card cut up your Lowe's card cut up your target card when they ask you hey do you want to apply for this card say no walk past them don't take the free candy and make conversation reduce your cell phone plan get rid of your cable plan sheesh have internet yeah because you can communicate and do things like that it's just so much more valuable you can make money on it you can sell things you can buy things and the internet I think is valuable but cut out as much debt as you can and monthly expenses reduce your car pant pay it off get rid of it do what you can to minimize the outgoing of money from your monthly income keep as many of these that come in as you can and really try to cite and cut off how much of this leaves you because it's like a red yeah another analogy would be like your total wealth is like a body in each one of these red blood cell that circulates and delivers oxygen and removes waste and keeps you healthy and if if you start hemorrhaging losing blood eventually you die so if you start hemorrhaging the more of these you lose the more dollars you lose the less cells you have circulating to deliver oxygen and nutrients to your body and to your life to your your family and it can be detrimental to you so try to cut off the hemorrhaging put a tourniquet on your spending and keep stacking if you can get some silver sometimes you got to really discipline yourself and forego other things other comforts sometimes it's very painful for me to go into a store and into to walk out with a quarter ounce of gold because I know if the rest of the month I will not be getting certain things you know I won't be it's not a whole lot of fun right there it's beautiful to look at nice to hold nice to put away somewhere but there's a reason you see gold coins and such a valuable and beautiful condition from 100 years ago or more they didn't get used a whole lot they basically find themselves here stashed away someplace as a wealth transfer or storage of wealth because that's all it is but if I do need it someday to get me through a certain point in time if I need the gold and the silver to buy a new house or a new car well there it is ready to do its job so appreciate it thanks for stopping by hope I can get a couple of comments out of you guys forgive me if it's so boring you're checked out five minutes ago so have a good spring day and try to save some money today while you're out there going about your business thanks

Simple Steps to Financial Freedom

**Simple Steps to Financial Freedom**



View Time:10:39Minutes



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You may have heard that money doesn't buy happiness and the person that told you that probably had a lot of money, but they aren't exactly wrong. I think what's closer to the truth is having money's not everything not having it is. Kanye West said that. And while I don't always take financial advice from rappers, Kanye's got a pretty good point. When you don't have money it becomes the source of a lot of pain, frustration, and anger. It consumes your life and becomes the lens with which you see the world. "Hey, how much did that cost?" "Oh, that must've been expensive." "Hey, I think you owe me 20 bucks. You can… you can pay me later. That's… Venmo?" When we don't have it, every problem seems to revolve around money. And while being rich won't fix every problem in your life, stacking up some money seems like a worthwhile pursuit. When you become financially free, you will no longer make every decision solely based on money. You don't take the job just because it pays better, you don't have to look at the price of organic groceries to make sure you can afford them, hell, you can take Uber Black to the airport …every once in awhile. Imagine being at a place where you never had to worry about money again. And maybe not even that far Imagine a place where money wasn't the major stressor in your life and on your relationships. The steps to get there are simple, but it's not gonna happen overnight. So let's get started. Step one: create an emergency fund. Save a thousand dollars and put it into an emergency fund that you'll only use in dire circumstances. I remember reading a story from Dave Ramsey from someone who literally put their emergency fund inside a frame with the words "break glass in case of emergency." Hold up though. Emergencies don't include beer money, vacations, or even an engagement ring. It's a… it's a minimalist ring. This money should only be used if, and when, shit hits the fan. When your car breaks down, when you need to replace your water heater, basically when your life would otherwise become completely derailed, that's when you go to the emergency fund. Why create an emergency fund? Because everything that can go wrong, will go wrong and instead of borrowing money from your family again, or pulling out your credit card, pushing yourself further into debt, you'll have something to fall back on. The great thing about the emergency fund is that it starts to give you that feeling of financial freedom. For the first time maybe in your adult life, you have some room to breathe. This step is the quickest way to finally start to gain some control back in your life. Step two: pay off your debt. About 80% of American adults are in debt and we've just accepted this as the status quo. Maybe we bought shit we didn't need to furnish an apartment we couldn't afford, or purchased a new car when we could've bought used. For me, one of the biggest problem with debt is that it restricts your monthly income. So when you're paying five to seven hundred dollars, even more on your mortgage, student loans, your car payment it severely restricts the amount of money you can save. The other thing I'll say is that you're gonna be saving thousands of dollars in interest if you're able to pay off your loans quicker. Forget about cutting back on your daily lattes, this is where you're gonna take the biggest step toward financial freedom. Let's say you have a hundred thousand dollars in student loans at a 5 percent interest for a twenty year term if you only pay the minimum for the entire period of the loan, you'll end up giving the bank over a hundred and fifty eight thousand dollars. This kinda feels like an emergency. So what's the best way to pay off your debt early? There are a couple takes on how to do this. You could tackle the high interest loans first. Each loan is a different amount with a different interest rate. By the numbers, the smartest decision is to attack the highest interest rate first, then take them out one by one. Another option is called "The Debt Snowball." It takes into account human behavior. By tackling the smallest loan first, we're able to knock it out quicker, which helps build momentum and motivates us to pay off other loans. So when I first got really serious about paying off my debt early I brought everything and organized it into a spreadsheet like this. I would log in a couple times a week sometimes I would log in every single day and just visualize what it would be like to pay off some of these loans. And I would just delete them, one by one, like a madman, like somebody who's completely delusional, and I would keep an eye on my monthly payments because I knew that if I could get them low enough, then I'd be able to move out of my parents' house. So this is what drove me. I started to have hope again. I started to feel like there was a light at the end of the tunnel and I would actually eventually be able to pay all this off. Step three: create a runway. What would it feel like to have six to twelve months worth of expenses in your bank account at all times? Imagine the kind of freedom and stability you'd have knowing that if you ever got injured, lost your job, or you couldn't find anymore clients, that you'd be taken care of for the foreseeable future. This is why having runway is so important. Open up a spreadsheet and take account of all your monthly expenses. Rent, groceries, internet, insurance, Netflix, your phone bill, etc. So pulling all of this information into my spreadsheet was an amazing way for me to start to see what's the absolute minimum that I needed to survive on? And as a freelance filmmaker with my income varying widely, this was a really powerful number to have. Okay, now for some tough math. Multiply that number by six months to get your first target runway goal. The next goal after that would be to get twelve months of runway. This number now becomes your baseline; it's like an extended emergency fund. Except I wouldn't put twenty two thousand dollars in a frame above your bed, I think the bank might be a little bit safer. Step four: start a retirement fund. Retirement funds are one of those things that you know you should do, but you haven't done yet, but eventually you'll get to it, but you probably never will. Retirement funds are those things that your friends talk about sometimes and whenever they do you just smile and nod, but really you're thinking, "fuck you, Brian, you're a piece of shit. I don't care what your stocks are," and then you think to yourself, "what's a 401k I'm gonna look that up." Personal finance is often about making short-term sacrifices for long-term gain. By saving a little bit each year you'll be able to set yourself up for a dignified retirement. First, compound interest is the shit, and here's why: So you have a lot of money, like you have ten thousand dollars, and then over the course of a year, that money is making money because you're investing it into stocks and stuff and then you have more money at the end of the year so then the next year you're making more money on top of that money and then that money's making even more money and then the next year you're making even more money. I'm just gonna do a quick illustration so it's not as confusing. Say you put ten thousand dollars into a 401k receiving a ten percent annual return at the age of twenty if you never touch that money until you turn seventy years old you'll have over 1.1 million dollars in the bank all that from simply putting away ten thousand dollars. Use a compound interest calculator online to see how much you could retire with based on your yearly savings. Alright, so for me personally, I invest at Vanguard vanguard.com, I invest primarily in low-cost mutual funds about ninety percent stocks, ten percent bonds. Now I chose this fund because it's essentially a snapshot of the U.S. economy. So since 1923 when the S&P started it has produced a return of around ten to twelve percent, and that's basically what this fund is giving me. Now that's over the long run, we're not talking about a five year period. So when you invest in the long run you're not checking your Vanguard account every day, every other day, you're putting your money in, you're making sure you have everything set, and then you're checking it maybe in six months, maybe in a year but you're not stressing out every time that the stock market's shaky. When 2008 hit, a lot of people lost money, but if you're investing in the long term, that's not gonna matter at all, because in thirty years, you're gonna eventually make your money back. Now there are many many variables that will factor into your own investment strategy, like your age, your income, how much money you'll think you'll need when you retire, how much risk you're willing to tolerate. Please do your research before investing. I'm not your financial manager, investor, or fiduciary. Read up and make a decision based on your life circumstances. This is not a definitive blueprint. If you're a freelancer and you can't stomach that much risk, or you'd feel safer if you had five thousand dollars emergency fund from the very beginning, then do that. Or maybe you can actually handle the extra risk and you decide, "I don't wanna build six months of runway, I wanna actually start investing in my future and my retirement right now." Then do that. I personally liked the idea of paying off my debt first, and then moving to my retirement fund, but for a lot of people if you're not able to pay off your debt that quickly, you may want to actually start your retirement fund now, especially if you have a 401k-match with your company because then you're gonna be able to take advantage of the compound interest. I wouldn't have been able to pay off my debt if it wasn't for reading books like Dave Ramsey's "Total Money Makeover" or Ramit Sethi's "I Will Teach You to be Rich." I recommend reading one personal finance book a year, or listen to one of a hundred podcasts on the topic. This will help you rest your priorities every year as we can sometimes get distracted by shiny objects. Once you've got a solid emergency fund, pay off your debt, padding your bank account with runway, and you've got your retirement fund started, you're on your way to financial freedom, and it won't take finishing your retirement fund to finally realize that having money's not everything. Is this an awkward time to ask for money? As you guys know, if you watch my channel a lot, I usually end my videos with a Patreon pitch. It's how I'm able to make these videos ad-free, but before I do that today, I wanna be very clear, if you do not have the money, if you are trying to pay off your debt, and you're trying to cut down as many expenses as possible, if you feel stressed out about buying a cup of coffee, please please please please please do not contribute to my Patreon this is not reverse psychology or anything, I truly want you guys to kick ass, I want you to do amazing stuff, and I want you to not feel stressed out about money, and I don't want you to make bad decisions with your money. That said, if you do have the money, if you do… if you feel so inclined and you're feeling great about it, I would love it if you would consider contributing to my Patreon account. I've been working my ass off to try to make really great videos and extra podcast episodes to add value to you guys, so these are some of the things that you can get from it. If you wanna support my channel I've set up a Patreon account, but I'm not just asking for your money. I've created tiers that get you access to content like my Patreon-only AMA podcast, and I also make videos on minimalism, filmmaking, and business. Learn things like how to grow an audience, or how to tell a great story through film. As always, thank you guys so much for watching, and I will see you next time.

Cash Is King: Part 1 - Saving vs. Investing

**Cash Is King: Part 1 – Saving vs. Investing**



View Time:4:19Minutes



Cash Is King: Part 1 – Saving vs. Investing
BOOST RETURNS on liquid capital without giving up access to cash:

They say that beauty is in the eye of the beholder. Likewise, savings is magical, beautiful, powerful, but only for the person with the eyes to see its worth.

When I have savings – cash in my control that I can use – I’m more relaxed and confident. I’m infinitely more creative when I’m safe and at ease. I’m able to direct all my energy to producing, taking action to create the next thing instead of protecting and hiding out in fear of losing everything. If it doesn’t work out, I’m not going to crash and burn. It’s like the solid foundation beneath my feet that keeps me progressing instead of slipping backward.

When you save money, you keep it. You’re not seeking high returns. You don’t put it at risk. You can save money under the mattress, in a coffee can buried in the backyard, in the bank. No matter where you save, unless you spend it or it gets stolen, you aren’t losing your money. Saved money is safe money that is guaranteed to never go down in value.

Contrast this with investing. When you invest, you’re looking for returns. You take on risk with the hope to get a return. With the risk, you get the potential for growth of your money, but also the potential for loss. Invested money has a risk of loss, and can go down in value.

Enter the 1980s hype of the 401(k), where you could “save” for retirement and get returns too. You could also “save taxes”, but we’ll leave the tax issue completely off the table until another episode. If you put aside just $200/month for 45 years, at an expected 8% return, you could turn your account into over a million dollars.

Problem is, people came to learn that there were times when they put their money in, did all of the right things, but the market still mercilessly washed away their life savings as indiscriminately as the waves of the ocean wash away sandcastles built on the shoreline.

If you put your money at risk, it’s not saving, it’s investing. You can never apply compound interest principles to an investment because you’ll never see consistent, predictable returns.

And hoping to be lucky and not lose will only cause your blood pressure to rise over things that you can’t control, like when the bottom dropped out and the S&P 500 lost 57%, more than half of its value, in the 2 years from 2007 to 2009.

The rule of thumb is this: if it can lose value, it’s not savings. This disqualifies anything in the stock market, whether its mutual funds inside a 401(k), 403(b), IRA, or Roth IRA, and even equity in your home.

Years and years of putting money away where you have the potential for loss can never guarantee you a certain future, and any expectation of that actually working out in your favor is built on false hope and absolving of responsibility.

So while most people are busy believing the marketing and following the rules, investing in their retirement plans automatically with payroll deductions, and only saving if there happens to be enough left over, the ultra-wealthy who’ve transcended the system are doing just the opposite.

The successful prioritize saving. So much so, that they save automatically. Why? Because they have boring, predictable money that they can count on to be there when they are ready to make a deliberate investing decision in the right opportunity, such as buying assets at a deep discount during a time of crisis. Instead of investing on autopilot and saving when they can, they are saving automatically and investing intentionally.

Savings is like the safety net beneath the acrobats at the circus. With the buffer between the tightropes and the floor, the artists can confidently demonstrate the skill they’ve mastered. Without the safety net, they’d never scale the heights that they do.

It’s time to revive your savings, and reawaken to the power it has in allowing you to live a truly free life, not just in the future, but right now, where it counts. Because living free to be your most productive, creative, highest potential version of yourself today is the only way to set up for an amazing tomorrow.

To start prioritizing your savings, here’s what you can do today:

1) Write down any accounts where you are holding money
2) Go down the list and ask yourself these questions:

A) Does this account have the potential to go down in value? If so, it’s an investment.
B) Is it liquid and accessible?

IF you are weighted towards money at risk, turn the tables – set your savings to auto-deposit, every paycheck, and be ok staying in cash until not only a good opportunity but precisely the right opportunity, surfaces.



hi this is Rachel Marshall today I want to talk with you about reviving your savings you know over and over as I have conversations with people about their financial life I realize that they have fallen into the trap that almost all of us have that we have prioritized investing over saving now there's something really clear to distinguish the two that's often missed savings is a place where we store money that is guaranteed it is safe money and it's guaranteed to not go down in value investing on the other hand is something that has a risk tied to it so it has potential to grow but there's also the potential for loss now a lot of times people who are being planful and conscientious and they feel like they're making the best decisions that they can they're putting money aside for the future they feel like they're saving but they actually are turning out that they're investing so as you put money into qualified plans things like 401 KS 403 B's IRAs Roth IRAs and even equity in your home you're not saving but you're investing because the value of that account has a potential to go down so if you're looking at your accounts and you say well I have to be afraid of what the stock market will do because that could impact my money that I have stored somewhere that means that you haven't saved you've invested now I'm not against investing but the foundation has to be saving first because there's no way that you will be able to take advantage of opportunity unless you have a Opportunity Fund of savings now here is something really interesting if you look at the people who are ultra wealthy they have made savings a priority and they're automatically saving every single month a portion of their income when they make investing decisions they're investing purposefully and deliberately they're thinking through their options and choices and they're not just blanket money out into the investment world they're investing strategically now on the other hand most Americans are investing automatically with paycheck deductions and having money put into investment accounts that have the potential for loss and they're saving if they get the chance to do so at the end of the month if there's money left over and so what we look at is this great disparity between the amount of savings and the not investing where most people have a tremendously full investing tank and almost nothing in savings now we're gonna dig into a little bit more why savings is such a priority how to prioritize this and how to focus on this but the first thing that you can take is action steps today would be to list out all of the accounts of where you're holding money this could be a savings account CDs the stock market could be your 401k or your Roth IRA even the equity in your house as I mentioned earlier lists all of those accounts and say does this have the ability to go down in value or will it hold it's worth once you've done that go through the list again and say is this an automatic deduction is this something that I'm automatically having put into this account or is it something that I have to think through every month and what you want to do is set up your decisions today to match what the ultra-wealthy are doing so that you can gain control of your finances because I believe your money is much better in your control in your hands where you're deliberately investing thank you so much I'll see you next time and we'll talk more about savings Thanks hi this is Rachel I hope you enjoyed this episode of money secrets if you did like this video subscribe to our Channel and leave a comment below I would like to invite you to get your free cash flow generator to help you start keeping more of your money come on over to Marshalls insurance.com slash cashflow generator to sign up