Low Income, Late Start: What Should I Do?

Money Guy Show

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

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.6 • 2.8K Ratings

🗓️ 10 February 2025

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

"Is there a good way to know how much to contribute if you are behind? I’m 32 with about $40k invested. I make $55k in gross annual income. I’m currently saving 25% between 401k and HSA (including match). I'm honestly not sure how much more I could contribute realistically, but I like to have goals to work towards."

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	Low income, late start, what are you to do?
0:10.0	Brian, I am so excited to talk about this because people ask us all the time, hey, based on where I am today, I think I may be behind.
0:18.0	I don't know, maybe I've made a mistake that is insurmountable.
0:21.6	I want you guys to speak into it.
0:22.6	And we love that we get to speak into that kind of stuff.
0:25.6	We love that we get to answer the things that you care about.
0:29.6	We love it so much that every Tuesday at 10 a.m. Central, we do a live stream where we want to answer your questions and load you up so that you can do money better.
0:38.3	So with that, right now we have the team out in the wings collecting your questions so that we can load you up.
0:45.3	So with that, senior content developer, Megan, I'm going to send it over to you.
0:50.3	Did you write that down on the sticky?
0:52.3	I just pulled out.
0:53.3	I was sitting here thinking there's no way he's going to stick this.
0:56.0	Thought about it all week.
0:57.0	Fifth times the charm, Bo.
0:59.0	All right.
1:00.0	We're starting.
1:01.0	Siburn.
1:02.0	Dropping bombs over there.
1:05.0	All right.
1:06.0	Cool.
1:07.0	Cool, cool, cool, cool. All right, we're starting off with a question from MH. They say, is there a good way to know how much to contribute if you are behind?
1:14.7	I'm 32 years old with about $40,000 invested.
	...

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