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Money Guy Show

How Much Should You Invest with a Lower Income?

Money Guy Show

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

Education, Investing, Business

4.73.1K Ratings

🗓️ 24 October 2022

⏱️ 29 minutes

🧾️ Download transcript

Summary

When you're just getting started with investing, how do you go through the steps of the Financial Order of Operations on a lower income? We'll walk you through that question and more in today's Q&A episode! Check out our NEW course, Know Your Number! Watch more exclusive content only on YouTube! Visit our website - Get our FREE financial resources - Sign up for our Financial Order of Operations course - Get easy to understand answers to your financial questions Follow us on social media! -Instagram -Twitter -Facebook -TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,

0:07.0

investing, taxing.

0:09.0

You've got financial questions, he's got financial answers.

0:12.6

It's Brian Preston, the money guy.

0:16.0

And I love this question from Creative Mechanic to kind of follow up on this.

0:19.5

What does the food financial order of operations look like for those of us with a combined

0:24.5

income of less than 50K a year right now?

0:27.4

So more at the beginning of the journey.

0:29.7

Are there any tips to maximize savings or to do the food in the best way with a lower

0:34.6

income?

0:36.6

I find that this is what's so cool about wealth is that it's on a scale that really

0:45.1

is so personalized to everybody in their journey.

0:49.0

Because look, we have educators that are clients of our firm that never made a great, never

0:54.4

had huge incomes.

0:55.4

Never had huge incomes, but either had pensions or they just were very diligent with their

1:02.0

savings.

1:03.0

And that's why we even, we had an earlier question saying, hey, can I move on from six

1:08.1

maxing out retirement once I hit 25% even if I'm not maxing out my 401K?

1:14.1

Of course you can because we want you to get to that step seven, which is hyper accumulation,

1:19.1

the three buckets as well as get to step eight, which lets you start funding the kids

1:22.9

college and so forth.

1:24.7

We have designed this so that it does work no matter where you are.

...

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