fbpx
U

Happy New Year and A Happy Retirement

January 12, 2010

Money-Guy 01-12-2010

Well, I’ve missed you guys. We took a few weeks off for the holidays, and I can only hope that absence has made the heart grow fonder. I thought a great way to start out this new year of financial topics was to touch on an area that I think a lot of people are probably thinking about right now. I’m sure many individuals have made the resolution for 2010 to get their financial house in order and, as part of that, get serious about saving for retirement.

It comes as no surprise that, considering the economic downturn of 2008 coupled with the significant recovery of 2009, many individuals don’t really have a good grasp of how they are doing in saving for retirement or, if they are already retired or nearing retirement, don’t know if they have enough to last.

This is the exact topic that was discussed in the February 2010 edition of Consumer Reports. In an articled tilted A happy retirement: 6 steps that work, the author walks through a study and survey that Consumer Reports did on currently retired and nearly retired individuals. In addition to some really good stats, the article also shares 6 steps to a successful retirement. As you listen to the show, I will expand on each of these:

  1. Live Modestly – Spend less than you make and don’t live beyond your means.
  2. Maximize Your Savings – If your employer offers an incentive match on your retirement plan, make sure you are taking advantage of that. It is FREE money!
  3. Reduce Debt – Being debt free or near debt free is almost a must in retirement. There is a significant psychological change that happens when an individual enter into retirement and it sure is nice to not have that additional debt burden.
  4. Don’t Invest Too Conservatively – Because of diversification, taking even a moderate amounts of risk can pay off. You don’t have to go out on a limb to get the best return. Adding multiple “risky” asset classes can actually reduce the overall risk of your portfolio.
  5. Study Your Options – Always have a plan B. When determining your retirement goals be sure to come up with both a best case and worst case scenario.
  6. Take The Intangibles Seriously – Remember that money is only a tool to help you reach your goals.

As you listen to the show I also share some insights from Dr. Thomas Stanley, author of “The Millionaire Next Door” and the newly released “Stop Acting Rich…And Start Living Like A Real Millionaire“. His new book is incredible, and he shares some pretty incredible thoughts on what it really means to be wealthy and successful.

Most Recent Episodes

Financial Advisors Share What They WISH They Knew About Money Earlier!

Have you ever felt like if you just knew this one thing about money earlier your finances would be in a better spot? In this episode, we’ll share the five biggest things we wish we knew about money earlier!   In this episode, you'll learn: What we wish we knew earlier...

Dave Ramsey vs. The Money Guy: Which Strategy is The Best?

Dave Ramsey has an incredible legacy of helping folks get out of debt and take control of their financial lives. We agree on a lot of things, but there are a few points of contrast. In this episode, we’ll discuss differences between The Money Guy Show and Dave Ramsey...

Top 4 Financial Mistakes We Saw This Year! (2022)

We saw some wild financial mistakes this year during the bear market. From making extreme changes to portfolio allocation, chasing the hot dot, and using too much leverage, we’ll talk about some of the biggest financial mistakes we saw in 2022 in this episode.   In...

How Millionaires Build Wealth! (With Dave Ramsey)

Join us for a very special episode as we welcome personal finance radio host and influencer Dave Ramsey to The Money Guy Show! There’s so much misinformation out there about building wealth. We had the pleasure of having a great conversation about how millionaires...

Do These 4 Things with Your Finances BEFORE 2023!

There are unique financial opportunities available at the end of the year - especially this year with the market down. In this episode, we’ll talk about what you need to do with your money BEFORE 2023! In this episode, you'll learn: What you need to do with your money...

How to Win When the Financial World is Burning!

Lately it’s felt like the financial world is in chaos, with rising interest rates, a falling stock market, and high inflation. Let’s talk about how to focus on what you can control and how to minimize the time spent worrying about what you can’t control. In this...

Financial Advisors React to RIDICULOUS Money Advice on TikTok!

The most powerful time to get serious about building wealth is when you’re young. So, what is the younger generation learning? Financial Advice (good and bad) is being produced in massive rates across online platforms and TikTok is the new frontier. Is there good...

Loss Harvesting: Why Wealthy People Love It (And You Should Too!)

Tax-loss harvesting: what is it and should you be doing it? In this episode, we’ll cover everything you need to know about tax-loss harvesting, including whether it makes sense for you, how much it could save you in taxes, and how to eliminate the downside of loss...

The Market is Crashing! (Where Should You Put Your Money?)

The stock market has not had a great year so far. You might be asking yourself, “Since the market is crashing, where should I put my money now?” In this episode, we’ll discuss how to invest when the market is dropping and how to make the most of your money. In this...

Will Rising Interest Rates Tank the Economy?!

The Federal Reserve is raising interest rates to combat inflation, and many are concerned about how it will affect the economy. In this episode, we’ll discuss what rising interest rates means for your wallet and how to make the best of it. In this episode, you'll...