fbpx
U

Finding Your Place in Life

December 6, 2013

life

Brian’s recent birthday is the inspiration for this week’s podcast. He reflects on the defining moments in his life so far, and shares his thoughts on the factors that determine your place in life, both financially, and emotionally.

The two key issues that he felt were pressing to address in this podcast are:

  1. Where should you be financially, and
  2. Doing things in life that make you happy.

Financially

Most people will tell you their goal is to be wealthy, but it is hard to put a dollar amount on what wealthy is. So, what is wealthy? There are three definitions we think do a good job measuring what wealth is.

         We like the Millionaire Next Door’s formula to define wealth if you are over 35.

                             Wealth =      (Age x Pretax Income)/10

         If you are under 35, we think the more appropriate way to measure wealth is to look at your savings habits. If you are able to save 15-20% of your pre-tax earnings, we think you are on the right track to becoming wealthy, and truly financially independent.

       The nominal number – Net Worth – The typical threshold for being wealthy is having a net worth of at least $1 Million. Most of the time when you ask someone what they consider “rich” or “wealthy” $1 Million is the number you hear.

Happiness

Most of our listeners are already on the right track to becoming financially solid or  they have already won the game. So, now what do you do? How do you live your life to get the most out of your time on earth?

–          “If money doesn’t make you happy, then you probably aren’t spending it right.”   –  Dunn, Gilbert, Wilson

As advisors the two main things we do cash flow wise for our clients are:

  1. Convince those that are behind to save more. 
  2. Convince those that have won the game to enjoy their money, or help them with how to give back.

It’s the perfect time of year to take inventory of where you are, if you’re behind the curve save a little more. If you are ahead of the curve, spend a little more. If you’re not happy with where you are at in life begin to make the changes necessary to put you on the right track.

Most Recent Episodes

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...

How to Be Wealthy By Age! (Can You Catch Up?)

How much does it take for you to meet your retirement goals by age, and what are some common traps your peers fall into? Learn more about how to be wealthy, mistakes to avoid, and exactly what a little extra saving can do for your retirement income. In this episode,...