"Is Retirement Even Possible?"
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 20 December 2023
⏱️ 27 minutes
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Summary
Transcript
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| 0:00.0 | Next up we have a question from Pixel Dearest. It says I've been trying to convince my friends who are all servers in their 20s that they should start investing now, but they don't believe retirement is even possible for them. |
| 0:23.4 | What can I say to help them? |
| 0:26.7 | Man, so one, it's got a, |
| 0:28.9 | I would go Socratic method here, right? |
| 0:31.4 | That's the way I would approach this pixel. First |
| 0:33.2 | the question says, okay, you don't think, you don't think retirement's even |
| 0:37.2 | possible. So what's that mean? We're gonna be doing this, bro? |
| 0:39.2 | It means, you know, is that, doesn't mean like we're gonna do this forever? Like, 50 year old us, we're going to be doing this forever? |
| 0:42.6 | Like 50 year old us, we're going to like be servers, |
| 0:45.3 | we're going to have the aprons, we're going to be waiting on tables. |
| 0:47.4 | And by the way, there's nothing wrong with being a server. |
| 0:49.0 | I was my, one of my most favorite jobs in the entire world. |
| 0:51.6 | I absolutely loved getting to do it. But I knew at that |
| 0:55.0 | stage of life it probably wasn't what I wanted to do forever. And even if you're someone who's choosing |
| 0:59.3 | that vocation as a career, I bet you don't want to be doing that in your 50 60s 70s and so on so |
| 1:06.8 | so you ask a question okay you don't think you're gonna retire what are you gonna do you |
| 1:10.9 | have to work forever well no I don't want to do that well |
| 1:13.3 | okay then let's let's back off into this what if what would be required for us to |
| 1:18.3 | not have to work well have to have some money saved up okay well we're in our |
| 1:21.6 | 20s have you ever heard about this thing that these |
| 1:23.7 | guys called the money guys talk about, called the wealth multiplier? Have you ever seen what us, even |
| 1:28.8 | us in our early 20s, working for the future, what our money can turn into if we just trade just a |
... |
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