5 Numbers You Should Know That Most Americans Don’t
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 9 August 2024
⏱️ 36 minutes
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| 0:00.0 | Five numbers that you should know about's amazing how many folks don't have a |
| 0:15.6 | solid bead on the important parts of their financial life that they should |
| 0:20.6 | know and even worse I think there's some common misnomers around some of these |
| 0:24.5 | numbers that we're going to share today so we want to make you aware of five |
| 0:27.9 | numbers that are not difficult to discern but if you are equipped with these |
| 0:32.3 | numbers they can have a huge impact on your |
| 0:35.0 | financial life. |
| 0:36.0 | Well I want you to take an active role in your personal finance. |
| 0:38.0 | I feel like way too many people just let life happen to them and if you're not measuring if you're not planning are you really |
| 0:45.3 | doing anything other than dreaming and that's the part we want to kind of focus on |
| 0:49.6 | so we're going to help you cozy up to these important numbers so Brian let's jump into the first one. |
| 0:54.6 | Number one and this is a huge one this is one that gets us so excited |
| 0:58.6 | your savings rate and we say your savings rate what we're talking about is the percentage of your |
| 1:03.4 | pre-tax or your gross income that you are saving and investing for the future |
| 1:08.8 | this is a huge one. Well we get in trouble because people, when we say savings rate, and I, and sometimes interchangeably, I'm talking about savings, but sometimes I'm talking about investments. |
| 1:20.0 | So I love that we actually get to clarify this so we actually broke it into two columns. |
| 1:25.8 | Savings rate can continue can include a lot of different buckets. |
| 1:29.7 | It can be your emergency funds. |
| 1:31.6 | It can be any type of if you're saving for a future car, |
| 1:35.0 | home, or vacation funds, it can be 529s, and of course it can be your |
| 1:39.2 | investments and retirement funds, but that is different when we talk about that aspirational saving |
| 1:46.1 | and investing 25% goal. Yeah, we're talking about 25%, we're talking about money that is being |
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