meta_pixel
Tapesearch Logo
Log in
Money Guy Show

Do I Need to Save 20% for Retirement Forever?

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Investing, Business

4.73.1K Ratings

🗓️ 21 August 2023

⏱️ 29 minutes

🧾️ Download transcript

Summary

Do you always have to save 20 to 25 percent of your income for retirement, or can that amount change at different points in your investing journey? We'll walk you through that question and more in today's Q&A episode! Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

Kaleb asks, do you encourage rewarding yourself when you hit each major milestone, such

0:12.1

as 100K, 250K, et cetera?

0:15.4

If so, is there a percentage amount or limit that you should spend for a trip, or a nice

0:20.8

car, or something to your work?

0:22.8

What do you think about this psychology of rewarding yourself for milestones?

0:26.6

Yeah.

0:27.6

You go.

0:28.6

I'll share what my goals were, and then I'll let you give the older wisdom on looking

0:37.6

back on it now from a completely different position.

0:41.2

So I had a goal.

0:42.2

I went out of my own in the early 2000s and started my first company, and I told my wife

0:46.7

because the first two or three years were really a struggle.

0:49.8

If I had not done all the saving and having the cash reserves to get us there, this thing

0:54.8

would have flopped severely because it took a lot longer to get clients and get growth

0:59.3

and traction in the beginning.

1:02.3

But when I told my wife when I started in 2002, I was like, you know, at some point,

1:06.4

when I'm making $200,000 a year, because at that point, I was like, this is wealth.

1:11.5

This is rich.

1:12.5

I like to buy myself a Rolex.

1:15.8

Fast forward.

1:16.8

I can't remember.

1:17.8

Well, I do know, because I remember the year I bought it.

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2026.