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Money Guy Show

How Can I Know If I'm Saving Enough?

Money Guy Show

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

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.62.8K Ratings

🗓️ 2 December 2024

⏱️ 20 minutes

🧾️ Download transcript

Summary

"​​Even though I'm maxing out my 401(k) at work I don't feel like I'm saving enough. How do you deal with this feeling?"

We'll walk you through that question and more in today's Q&A episode!

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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.

Transcript

Click on a timestamp to play from that location

0:00.0

Military Money Minute has a question for you.

0:09.8

It says, super excited for the show.

0:12.5

Dumb question.

0:13.6

No dumb questions.

0:14.7

Right, that's what I thought.

0:15.9

That's why I'm asking it.

0:17.0

Even though I'm maxing out my 401k at work.

0:20.1

I don't feel like I'm saving enough. How do you

0:23.5

deal with this feeling? This is, Brian, we've talked a lot about this. A lot of financial

0:29.9

mutants have this, I don't know if it's insecurity or lack of confidence. I'm not doing

0:36.8

enough. I'm not. I'm not. I'm not.

0:40.4

It's one of the very reasons why we came up with the financial order of operations. Brian,

0:44.1

will you hold the thing up? Can you hold the thing up for me? Oh yeah. I can do it. I can do it.

0:47.3

It's one of the reasons we came up with this nine step, tried and true process of what to do with your next dollar. If you want your free copy, you can go to money guy.com slash resources and download yours. One of the reasons that we did that is we wanted

0:59.9

to free financial mutants from that thought, oh, am I doing enough? Oh, am I putting my money in the

1:06.6

right places? Oh, I'm making the right decisions. If you can follow the financial order of

1:11.2

operations and you can arrive at the place where you're saving 25% of your gross income for the

1:18.1

future, for your future financially independent self, what that allows you to then do is

1:24.1

free yourself from the guilt and the lack of confidence and am I doing enough.

1:30.1

It's why we came up with the 25%. A lot of people think it's this restrictive thing that's going to

1:35.5

make it difficult and hard and I've got to like strive to get there. It's actually the exact opposite

1:40.8

for true financial mutants. It is a liberating thing that once I get that,

...

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