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BiggerPockets Money Podcast

194: Finance Friday: Will I Still Be Able to Hit Retirement At 60?

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.53K Ratings

🗓️ 7 May 2021

⏱️ 80 minutes

🧾️ Download transcript

Summary

It’s a common concern among many Americans on whether or not they can retire on a timeline they feel comfortable with. In this episode, we talk to Deb, who’s having some of those same concerns. She has over $100,000 in assets (not including the house) and wants to be sure that she can provide a great life for her children all while saving more and more for retirement. Deb has read so many money and financial independence forums about mid twenty year olds with six-figure incomes and five-figure savings per month. Many people read about these stories and feel like they can’t compare, but if you’re in Deb’s situation, you’re already doing well with retirement savings! It can be dangerous to compare your journey to others who’s backstory you don’t know. That’s why we encourage everyone to save, invest, and spend at a rate that works for their goals! In This Episode We Cover Finding side-income sources and business that will help you with retirement savings Keeping an expense tracker and budget so you know exactly what you’re spending Having a sizeable emergency fund so you’re never in a bad position Giving every dollar a purpose in your budget Setting up your children with Roth IRAs so they can start investing sooner And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Welcome to the Bigger Pockets Money Podcast,

0:02.0

show number 194, Finance Friday episode,

0:05.2

where we talk to Deb about staying the course

0:07.8

and implementing incremental changes now

0:10.0

to create huge results down the road.

0:12.6

Peace of mind that I have about my finances

0:15.4

really helps me to sleep at night,

0:17.6

but the things that keep me up at night

0:19.6

is the kind of idea of sparing.

0:22.0

You know, it's not even the stress of it.

0:24.0

It's just, okay, what can I do?

0:26.1

Because, you know, constantly looking for more things

0:29.7

and unfortunately, I think I'm limited most by my energy

0:34.2

and my time.

0:35.2

You know, I think most people would agree on that,

0:37.7

but, you know, when you're working full time

0:40.0

and you're also trying to be a good parent

0:42.8

and you're trying to maintain a house

0:44.3

and you're trying to, you know,

0:46.0

build these side things to get things going.

0:48.4

Yeah, it just feels like so many balls,

0:50.8

but I don't know.

...

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