"I'm Getting a Promotion - What Should I Do Next?"

Money Guy Show

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

Education, Investing, Business

4.7 • 3.1K Ratings

🗓️ 30 October 2023

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

How should you adjust your saving and investing strategy over time as you get raises and promotions? We'll walk you through that question and more in today's Q&A episode! Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content 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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Daniel has a question for you.
0:09.4	Not our Daniel.
0:10.4	Different Daniel.
0:11.4	I feel better about it now.
0:12.4	Captain Chaos can sit back down.
0:13.9	No, this is an interesting one.
0:15.6	He says, I expect my income to increase more than the average throughout my career.
0:21.1	I'm working towards an executive position.
0:24.2	Can I think about savings percentage differently than normal income increases?
0:30.0	What do you think?
0:31.0	Okay.
0:32.0	So that's a great question and I actually had a conversation, Ron, you know I've
0:36.7	talked about this a ton because a lot of our financial means out out there do have
0:41.0	these rapidly advancing income trajectories.
0:43.9	What I'm making today will likely be significantly less than what I make five years from now,
0:48.0	10 years from now, 15 years from now.
0:50.2	So if I know that my income is going to go up, should I really think about my savings
0:53.7	rate?
0:54.7	Here's what I think can be your saving grace in that scenario.
0:59.5	If you save 25% of whatever it is that you're making presently, you're going to set yourself
1:04.7	up for success so that as your income increases and as you continue to save 25% of that income,
1:13.4	you're likely going to allow yourself to save at the appropriate rate to be able to create
	...

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