How to Choose Between Competing Financial Priorities (Determining the Winner)
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 12 July 2024
⏱️ 38 minutes
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| 0:00.0 | Hey, how to choose when your financial choices are creating an internal tug of war? Brian I am excited to talk about this because we live in a unique |
| 0:16.3 | environment right now we're trying to make wise financial decisions is not easy |
| 0:21.9 | I mean I mean making good decisions has always been hard but right now it seems |
| 0:26.2 | that there are some forces at play that there are things that we want to do and oftentimes |
| 0:31.2 | they're noble things that seem to be in conflict and intention with |
| 0:35.0 | one another and so we want to help walk through how do I decide what makes the most |
| 0:38.6 | sense. |
| 0:39.6 | So it is a tug of war because you feel like every dollar is competing on where should it go to |
| 0:44.7 | maximize your financial life. The good news is if you go to moneygau.com slash |
| 0:49.0 | resources we have the financial order of operations to be your guide, but let's jump right in. |
| 0:55.1 | Yeah, so here's one of the first number one things that people are trying to figure out right now. |
| 1:00.5 | Do I save for a home or do I save for retirement? |
| 1:04.3 | Oh, wow, that's a big one. |
| 1:06.3 | We go right into the deep end and here's the thing. |
| 1:08.9 | Both of these things are noble, they're good. |
| 1:13.0 | So how do you know where you should start first? |
| 1:15.6 | Well, I think the answer to, should I save for a home |
| 1:18.5 | or should I say for retirement comes down to, no surprise? |
| 1:21.6 | It depends. It depends on a number of factors. What are your goals? What's your |
| 1:26.1 | timeline? What's your current financial position? You have to kind of work through each one |
| 1:31.0 | of these to determine what makes sense for me because two very |
| 1:34.3 | similar people can be in a similar situation and one person might buy a home |
... |
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