Keep Investing 37% of My Income Even If I Don’t Have a Goal?

February 22, 2023

In this highlight, we discuss the importance of investing with a goal in mind.


Lee, a 27-year-old, shares that he’s saving 37% of his income, with most of it going toward retirement. However, he’s unsure of what he’s saving for outside of that. He wonders if he should continue to save even if he doesn’t have a specific goal in mind.

Americans are generally addicted to consumption. So, when individuals start saving and building wealth, they become financial mutants. It’s easy to become addicted to saving money, but there’s a trap. There’s a fine line between being a Financial Mutant and a Financial Miser. If you’re not enjoying the phase of life you’re in, you may be veering into Financial Miser territory.

Lee agrees that many young people may not know what they’re saving for. He recalls his own experience of starting to invest without thinking about retirement, marriage, children, or where he was going to live. However, he knew that he should save for the future and put money aside to give himself options. If you’re in your 20s and saving but unsure of what you’re saving for, Lee argues that you’re saving to figure it out. Future Lee (35-40 years old) may have different goals, and he/she will be grateful that 27-year-old Lee put that money aside to build an army of dollars. The sooner you start stacking your savings, the more time you have for it to grow.

The point of the conversation is to check the happiness factor and fulfillment factor. I want individuals to stop and ask themselves if they’re happy. In my 20s, happiness meant being with my spouse and having an annual golf trip with my buddies. I knew that a fancy car or a nice watch wouldn’t make me happier, so I didn’t need those things. The key is to find the right balance between saving and enjoying your life.

In conclusion, saving money is crucial, even if you’re not sure what you’re saving for. Future you will be grateful that present you put money aside to build an army of dollars. However, it’s essential to find the right balance and make sure that you’re enjoying the phase of life you’re in. Remember, there’s a fine line between being a Financial Mutant and a Financial Miser.



Most Recent Episodes

What I Learned From Being BROKE!!! (And Why I Wouldn’t Change It)

No one disputes the fact that being broke isn’t great. We want to spread the word that no matter where you came from, you can build wealth. In this episode, Brian and Bo share personal stories about their journey to wealth and lessons they learned along the way....

Top 10 Mind-Blowing Money Stats (2023 Edition)

These 10 money stats will blow your mind! We’ll discuss the unbelievable amount of money Americans save, when most reach millionaire status, and how many Americans carry a credit card balance. Research and resources from this episode: Most Americans don't have enough...

Wealth Multiplier Revealed: The Magic of Compound Interest!

There’s a reason why Albert Einstein called compounding interest the eighth wonder of the world! Do you know exactly how it works and how much your dollars could turn into by retirement? The Money Guy Wealth Multiplier can show anyone just how powerful every dollar...

From $0 to Millionaire in 10 Years (Is it Possible?)

How can you become a millionaire in 10 years or less? We’ll discuss common ways we see millionaires build wealth quickly, including through real estate, entrepreneurship, and the stock market. Discover how real wealth is built and why building wealth quickly may not...

Financial Advisors React to INFURIATING Money Advice on TikTok!

Brian and Bo are BACK to react to some more TERRIBLE financial TikTok advice! Join us as we take a look at some of the worst financial advice on the platform and tell you what to actually focus on in your own financial life. Enjoy the Show? Sign up for the Financial...

Investing Showdown: Dollar Cost Averaging vs. Lump Sum!

It’s a debate as old as time: what’s better, dollar cost averaging or lump sum investing? In this episode, we’ll cover the nuances and pros and cons of both, including in-depth case studies comparing investors at different times. Research and resources from this...

Is Inflation Really Ruining Your Finances? (You Won’t Like the Answer)

Inflation has changed our daily living expenses dramatically over the last few years. While we can’t control all of our expenses, there are many things in your control that can help you become a Financial Mutant and build wealth better than your peers. Enjoy the Show?...

Are $1,000 Car Payments Becoming the New Norm?!

New data shows more Americans than ever have car payments over $1,000. Is this becoming the new normal? How much could having a car payment of $1,000 be costing you for retirement? For more information, check out our Car Buying Checklist!