4.6 • 2.8K Ratings
🗓️ 21 August 2024
⏱️ 26 minutes
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"I am so addicted to saving (30-35% savings rate) that I am worried I don't know how to turn it off. It is starting to affect my desire to enjoy today. My spouse is 30 and I am 32 and we have about $270K in retirements and $30K in a taxable brokerage. I still want to cheap out on family vacations. I feel like I have a sickness... Any advice on how to know when enough is enough?
We'll walk you through that question and more in today's Q&A episode!
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0:00.0 | Okay, this is kind of an interesting question. It's from Financial Princess. It says, I am so addicted to saving, 30 to 35% savings rate, that I'm |
0:18.7 | worried I don't know how to turn it off. It is starting to affect my desire to enjoy today. |
0:25.8 | My spouse is 30 and I am 32 and we have about 270K and retirements and 30K and taxable |
0:32.0 | brokerage. |
0:33.2 | I still want to cheap out on family vacations. |
0:36.0 | I feel like I have a sickness. |
0:38.0 | Any advice on how to know when enough is enough. I want to I want to defer to you because this this is one that I feel like this is like sweet spot for you but I want to tell them one thing that I would that I think they should do. |
0:50.0 | You should go to moneyguide.com slash resource check out a wealth multiplier and at 30 and 32 years of age |
0:57.2 | You should take that $300,000 a two seven year retirement 30,000 after tax and just put that in there, in the wealth multiplier tool |
1:04.8 | to see at your ages what just the work you've done so far |
1:10.1 | turns into by retirement. |
1:11.8 | That's the first thing that I would do. |
1:13.5 | Brian, what would you say to Financial Princess? |
1:15.9 | Because you've had this talk with me |
1:18.1 | no less than a thousand times. |
1:19.4 | Well, I love, first of all, Financial Princess, you came to the right place. |
1:24.0 | But I love this because you're not the only person that struggles with this. |
1:28.2 | I think a lot of financial mutants struggle with this. |
1:30.6 | And this is, for years, I had it in the 401k presentations when we go out to employers and talk but I think nobody was |
1:36.9 | connecting with it because they're not wired like us financial mutants is I was like there's all these |
1:40.9 | support groups out there for addiction. You know if you eat too much there'll be somebody will tell you that if you if you addicted to alcohol or some other type of substance |
1:50.9 | There's usually a support group what you don't see a lot of support groups |
... |
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