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
4.7 • 3.1K Ratings
🗓️ 21 August 2023
⏱️ 29 minutes
🧾️ Download transcript
Summary
Transcript
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| 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. |
... |
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