Is THIS Investing Mistake Costing You Millions?
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.6 • 2.8K Ratings
🗓️ 4 October 2024
⏱️ 43 minutes
🧾️ Download transcript
Summary
"I'm 33 years old with a decent amount of debt. I'm worried about time missed out of the market so i'm maxing my Roth IRA before paying my high interest debt due to the time it would take to pay off. Thoughts?"
We'll walk you through that question and more in today's Q&A episode!
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Transcript
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| 0:00.0 | Let's see if I can say this username helicopter o'dactyl. He has a question for you. |
| 0:13.0 | It says, my wife and I were 30 and on step 8 have seen our incomes increase 200 plus percent |
| 0:20.7 | over the past five years. We save a third of our income, but still feel |
| 0:26.8 | guilty over lifestyle creep. Any advice on how to think through this? |
| 0:32.0 | Yeah. Well, Brun, you do such a good job. Any advice on how to think through this? |
| 0:32.6 | Yeah. |
| 0:33.2 | Well, Brian, you do such a good job of talking through this. |
| 0:36.3 | I'd love to hear your thoughts, because you've been a great resource to me over the years. |
| 0:41.5 | One thing I just want to throw out there, |
| 0:43.6 | I'm gonna say Heli, is that lifestyle creep is not bad. |
| 0:49.2 | We get this horrible rap and people talk about how it's a name. |
| 0:52.4 | Lifestyle creep. Lifestyle creep, |
| 0:54.0 | Lifestyle Crete. Expanding your lifestyle is not the worst thing. |
| 0:57.2 | Yeah, lifestyle creep is okay. I mean that's what you want. You want that you |
| 1:02.1 | want your life in your 30s to |
| 1:03.5 | look better than it did in your 20s and life in 40s better than the 30s. |
| 1:06.7 | That's okay you just can't make you just can't make it to where your lifestyle creeps |
| 1:11.8 | at a pace that outpaces your savings rate or your wealth |
| 1:16.3 | building rate but lifestyle creep in and of itself is not necessarily a bad thing so |
| 1:20.3 | what would you tell heli who's had like this 200% increase over the last five years and still is feeling guilty? |
| 1:25.0 | Well, I mean I always bring things back to a basic understanding so you know what the plan is and you know where you're headed is that remember we always talk |
| 1:34.4 | about make wealth and that's that phase of life where you're trying to you really got to focus on the |
... |
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