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You Can Save More for Retirement in 2019

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



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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

How to Save Money - Tips That Grew our Savings to 400,000 | Build Wealth

**How to Save Money – Tips That Grew our Savings to 400,000 | Build Wealth**



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We’re sharing our strategies for how to save money that helped us save over $400,000. If you want to know how to become wealthy, the key is to set financial goals and manage your money with intention. That means budgeting and investing your money wisely.

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We are Tasha & Joseph a millennial couple balancing kids, jobs, money, and life.

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today we're gonna talk about what it takes to save $400,000 hi I'm Joseph and I'm Tasha with one big happy life and we hope you find balance build wealth and live happy everything that you need to create the life that you want now before we dive into today's video we wanted to personally invite you to our brand new money masterclass the four essential keys to creating your financial dream life so this masterclass is gonna be all about giving you the financial tools and strategies that you need to create a money plan for the life that you actually want to live so you definitely don't want to miss out head on over to one big happy life dot-com forward slash masterclass to join us there live for all the good stuff yeah so this is the last time this year that we'll be offering a free live masterclass so you definitely want to go over and reserve your spot go to one big happy life comm slash masterclass and we'll see you next week right up front fYI poor Joseph is sick he is taking one for the team right now shooting this video with me for you guys so there may be some sniffles along the way just excuse there was one but alright so to kick this video off we wanted to start by taking a trip down memory lane right because we didn't always have a four hundred thousand dollar nest egg once upon a time he had zero so we actually started saving back in you know around 2011 and we eat yeah because for a long time we were in school especially me you know she worked for a little while outside because you know the Marine over here but we did do a lot of Education and while it would have been great for us to go ahead and put something away for a rainy day or retirement we didn't do that what we're in school yeah so we started in 2011 like a hundred dollars a month each and then it took us about four years to save our first hundred thousand now along the way we got employer matching and we always made sure to increase our savings every single year but then only about two years later we hit 200,000 and we actually did a video on it so definitely check that one out because I mean the the jumps from starting out to when you start really making some huge leaps it's a little bit different and it and it's really really fun yeah so then we hit three hundred and fifty thousand just earlier this year in May of 2019 there's also video about that we'll drop that down below so you can watch the whole journey which is awesome and now we are at four hundred thousand dollars which is really incredible I won't say though but the thing that we won't say is it's not unexpected right this is what we've been planning for from the very beginning we expect it to be exactly here exactly now and so we're gonna be sharing some of the strategies that you can implement in your life to create your wealth building plan yeah and so even when we started our savings way back in 2011 we still had the goals of when we were going to have a million dollars and we wanted to have a million dollars by the time I was 40 and so that is certainly still on the table even though like markets have been up and down and all that kind of stuffs going on but because we have made that that commitment and that we're definitely saving and we've saved enough and started to get more and more aggressive you know we're gonna hit that goal I feel certain yeah our millionaire target date is 2025 so that's about six years away so here's what's awesome also about hitting this four hundred thousand dollar milestone it means that we've pre-funded our retirement account so if we stopped saving investing today because all of this money is invested it's not sitting in a safe that's invested if we stop saving today investing today assuming an average rate of return of eight percent and the market has averaged ten over the past thirty years then we'll have four million dollars at retirement so we could stop saving today and retire very comfortably just on the nest egg that we've managed to amass up to now which is our like mid mid to late 30s and of course we don't intend to stop investing and saving that money for retirement but now each dollar that we're investing does one of two things or both it either increases the lifestyle that we can have when we're in retirement or it can let us retire earlier just depending on what we feel like at the time so let's talk a little bit about keys to success right and some of these are financial principles and some are kind of mindset money planning principles so we're gonna start with the mindset money planning stuff because really that is where it all starts so number one no one believed that you actually can build wealth we see so many comments of people saying things like oh I wish or oh wouldn't that be nice but the reality reality is that you absolutely can build wealth but it's about making the decision that you are going to start making choices in your life to help facilitate that like I just sent an email out to our newsletter and if you haven't joined you should head on over to one big happy live.com and sign up but talking about the five hundred and sixty-six thousand dollar mistake that I made which is that when I was 18 years old I didn't start saving $100 a month back then if I had I would have an extra half a million in my retirement account account at traditional retirement age just a hundred dollars a month and I absolutely could have saved $100 a month back then had I been more responsible with my money even though I was only making $14,000 a year I totally could have saved $100 a month yeah and kind of going hand-in-hand with that mindset that the belief that you can build wealth no matter what position you're in is then the next step making that commitment to start that saving and in any amount of success is broken down into habits and getting better habits create more success and so even starting small investing a little bit of money starts that habit and like Tasha said if she had started when she was 18 the habit doesn't have to be huge just a hundred dollars and has mega impact a half a million at retirement is a lot of it so we're gonna pause just gonna check on what's happening with the puppy hold on a minute all right now he's back so next you're gonna want to actually crunch the numbers so we see a lot where people talk about they feel like they're not gonna be able to accomplish this or that financial goal but understand that the great thing about personal finance right is that you can in theory take all the feelings out of it and start by actually just looking at the numbers so we teach in wolf Builders Academy how to know your numbers so you don't have to feel like you can't save you can look at your numbers and start crunching them so that you can see first of all exactly how much you need to save because you don't necessarily have to hit the same savings goals as us right you want to make a plan that is tailored to you and then also see where in your budget you can tweak and out completely outside of your feelings and sticking entirely in the numbers so the first step to getting rid of those feelings of overwhelm and feeling like you can't do with this or that thing is to start by understanding and knowing what you can factually and actually do according to your numbers yeah and of course Tasha's dancing around one of the other things that you need to do which is take those numbers and incorporate them into your plan so your budget specifically hopefully your one year spending plan because that is the best way to get your overall picture of what's gonna happen for the entire year and make sure that something is not gonna come up that unexpectedly later on because you have a full year plan for that alright so now that we've talked a little bit about some of the mindset type issues and you should definitely check out the other videos that we have done in this series because we have been sharing golden nuggets along the way now we can talk about some really specific financial principles that we've that we employ one of the things that we've done to ensure that our nest egg is growing the way that it should be we've taken a look at which accounts we have been investing in and made some strategic rollover its meaning we've taken money from one type of account and moved it over to another and the reason that you might want to do this is looking for investments that have lower fees or just better returns and recently we have had both happen to us so we moved some money from one of Tasha's retirement plans into another because it had better returns and and a lot more options for investing on top of that and then we are about to make another rollover away from an investing company that says they're gonna start charging us $250 per quarter when they're not advising us they're doing nothing or money's just sitting there and some ETFs so we're gonna move it over somewhere else that doesn't have any fees so the next thing and we talk about this a lot because it's a big one if you crunch your numbers and you recognize that based on your current I am also sick and I'm on the verge of sneezing hold it hard time you mean our current house okay so based on your current financial picture if you look at your numbers and you're not able to hit your minimum savings rate you're not able to hit those savings goals then one of your best bets is to look for ways that you can grow your income and that doesn't necessarily mean side hustling it could mean and we highly recommend growing your income in your day job another thing that you should definitely do to help your in saving and investing habit is to go ahead and automate your savings so contact your employer's HR department if it's that big or just your boss and say hey I would really like my retirement investing to just come straight out of my paycheck where I don't even have to think about it and then have it just go immediately into the investments that you want hopefully you have that option as well the more steps that you can take out of your decision-making process the better it is and so you can you know make these decisions when you are you know best equipped to decide hey this is plan as opposed to you payday when you got that money you're like oh my gosh it's payday I want to go do this I'm gonna go out and this is hard to make those decisions so go ahead and automate it have automatic transfers so much better and then lastly don't be afraid to reevaluate your goals as necessary so a few years ago when Joseph and I decided that we wanted to bump up our minimum savings we were actually thinking that we might go ahead and retire early like retire in our 40s with just a million but over the years our vision for our lives has really changed and we realized that we enjoy doing things that cost more money things like being able to travel internationally even right now it's once a year but maybe multiple times a year things like being able to donate generously to causes that we believe in and so for us just stopping at that million and then retiring and living on like thirty thousand dollars a year which is very valid but you know we've just decided to pivot and so for us that meant we're not gonna stop working in our forties we're gonna push on probably to our 60s and Beyond and so the choice that we made is okay how can we live fulfilling enriching happy lives and continue to work and continue continue to build our nest egg in a way that makes sense and feels very natural and authentic to us yeah all right I hope that you take all this advice and our experiences to heart and can save however much you want for your retirement dream life and don't forget to sign up for the money master class at one big happy live.com slash masterclass see you next week right

Money Saving Tips | Best Strategy To Save Money Fast

**Money Saving Tips | Best Strategy To Save Money Fast**



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I understand how difficult it can be to save money on a consistent basis to achieve a certain financial goal you strive for. In today’s video, I share my mindset …

HOW TO SAVE MONEY- We Saved Over $350,000 with these simple tips

**HOW TO SAVE MONEY- We Saved Over $350,000 with these simple tips**



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We’re sharing our strategies for how to save money that helped us save over $350000 over the past seven years. If you want to know how to become wealthy, …