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This week, your Money Guys were joined on the show by special guest Alan Moore to discuss the various financial decisions that everyone needs to make at different stages and ages of their lives.
Alan is the co-founder of the XY Planning Network, the leading organization of fee-only financial advisors that specialize in working with Gen X & Gen Y clients. He’s also the President of Serenity Financial Consulting, a fee-only RIA and location independent financial planning firm. He currently lives in Bozeman, MT so that he can hit the slopes on powder days.
In this episode, Alan, Bo, and Brian each walk through some pitfalls to avoid, blind spots to be aware of, and solutions you can implement with your personal finances.
Alan takes on what younger generations should watch out for and think about. For those in their teens and 20s, he says to take your financial decisions seriously.
This decade isn’t a “throwaway,” and it’s never too early to think about developing financial independence and investing in your future. The decisions you make now do matter. Alan also has a few suggestions for people who are just starting out:
Bo picked up after Alan to help those at a little later stage in life — those who are in their 30s and 40s.
If you’re in this age group, you’re still young! But you’re not “entry-level” anymore, and it’s likely that this stage is bringing new experiences and life changes to you.
Bo brings up some common pitfalls that people in their 30s and 40s need to watch out for, including issues with your investment portfolios, spending temptation and lifestyle inflation, and simply forgetting to re-check your financial to-do list after you go through some big life milestones.
Brian then addresses the over-40 group and the financial decisions they need to think about and the blind spots to be aware of.
The biggest issue? Time flips on you, and it’s no longer an advantage but a liability. That doesn’t mean it’s too late to take action, but it does underline the fact that you do need to jump on your financial goals if you haven’t gotten serious yet.
Remember, “someday” is not a day of the week. Think about these things, and if you need to take action on anything, do it today:
No matter what your stage or age, there are financial decisions to think about — and to get right. It’s never too early (or too late!) to take smart action and improve your financial situation.
So no matter what group you fall into, keep up the good work in avoiding pitfalls and making the right money moves.
Want help with this? You can always reach out to financial pros to help get you on the right track. You can also email your Money Guys at [email protected] and [email protected] — and you can email our special guest, Alan Moore, at [email protected].
We appreciate all our listeners and members of Tightwad Nation — and you can show your appreciation for The Money-Guy Show by leaving us a review on iTunes. You can either go directly through iTunes or leave a review with this link. These reviews help new folks find the show.
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