3265: Can You Really Save More Tomorrow by Scott Spann of Financial Finesse on Intentional Spending

Optimal Living Daily - Personal Development and Self-Improvement

Optimal Living Daily LLC

Health & Fitness, Mental Health, Education, Self-improvement

4.6 • 3.2K Ratings

🗓️ 28 July 2024

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3265: Scott Spann highlights the importance of starting early with retirement savings and the benefits of gradual increases through strategies like automatic contribution rate escalation. He uses Sharon's story to demonstrate how small, consistent efforts can lead to significant financial security and flexibility later in life. Read along with the original article(s) here: https://www.financialfinesse.com/2015/01/26/can-you-really-save-more-tomorrow/ Quotes to ponder: "It is just too easy to convince ourselves that we can save more tomorrow when we have a better job, when we pay off those loans, or when those other life challenges disappear." "Sharon’s secret to success over the past two decades was to put any salary increases into savings without giving herself a chance to spend it." "It may be tough to go from saving 5% to 15% in one move, but going from 5% to 6% is quite painless, especially if the increase can be timed to coincide with an annual raise." Episode references: Nudge: Improving Decisions About Health, Wealth, and Happiness: https://www.amazon.com/Nudge-Improving-Decisions-Health-Happiness/dp/014311526X Employee Benefit Research Institute: https://www.ebri.org Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the optimal living daily episode 3265.
0:04.0	Can you really save more tomorrow by ScottSpan of FinancialFinesse.com
0:10.0	and I'm Justin Molick.
0:12.0	Welcome back. This is the Sunday Bonus episode where I share an extra episode from the optimal living daily network.
0:18.0	And today's comes from optimal finance daily.
0:21.0	Please do subscribe to or follow optimal finance daily wherever you're listening to this to
0:26.2	keep all of this going.
0:27.7	Really helps a lot.
0:29.2	But for now let's get right to the bonus episode and Diana's commentary as we optimize your life.
0:39.5	Can you really save more tomorrow by Scott Spann of FinancialFines.com.
0:45.8	We hear a lot in the news about concerns that Americans aren't saving enough for retirement.
0:50.6	It's not surprising for news to lead to an increased concentration on saving for the future.
0:56.0	On average, retirement planning may be the top financial planning priority, but that doesn't
1:00.9	necessarily mean that everyone shares this sense of urgency.
1:04.0	The 2013 Financial Finness Generational Research study
1:08.0	highlighted the fact that employees in the under 30 age group
1:12.0	were the only group that didn't select retirement as their top
1:14.9	financial planning category. Instead they ranked managing their cash flow at 78% and
1:20.7	getting out of debt at 59% as their top two financial priorities.
1:25.0	This makes sense to me. Financial priorities and vulnerabilities are expected to vary with age.
1:30.0	Some of these differences are a result of particular life stages where others may simply be more
1:35.7	generational in nature. A common message that I hear from people that I meet within the middle
	...

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