Q&A: Why Your Retirement Math Isn’t Adding Up

Afford Anything

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Business, Investing

4.6 • 3.4K Ratings

🗓️ 26 November 2024

⏱️ 69 minutes

🔗️ Recording | iTunes | RSS

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Summary

#561: Joanne is confident that her short and long-term financial plans are set, but she’s not certain about the medium-term. What’s the proper way to allocate money for different time horizons? Jessie is intrigued by Paul Merriman’s simple portfolio recommendations but wonders about his lean away from growth stocks. Are value funds generally better for everyday investors? Nancy is worried she’ll miscalculate her financial independence number because her net worth includes pre and post-tax money, plus liquid and illiquid investments. What’s the right approach? Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode. Enjoy! For more information, visit the show notes at https://affordanything.com/episode561 Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (00:00) Joe, did your clients severely miscalculate their own FIRE number? (03:14) Joanne (31:42) Jesse (47:00) Nancy P.S. Got a question? Leave it at https://affordanything.com/voicemail Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Joe, when you were a financial planner, did you ever have a client who tried to calculate
0:05.2	their own retirement number or their own financial independence number, but they severely
0:10.9	miscalculated?
0:12.6	No, actually, not that I can remember.
0:15.1	What I do remember, though, which is equally as interesting is people would come to me specifically because they wanted to know
0:23.7	how much they needed what that number was and how close they were.
0:28.5	And then kind of gross, the question I didn't like, how do I compare to everybody else?
0:32.5	That part I didn't like because it didn't matter.
0:34.9	But that's what everybody wonders.
0:36.0	But a lot of people, though, came to me because they're like, I bet you've got the good calculators and you've done this before.
0:41.9	So can you help me come up with that number? Absolutely. Wow. Well, we are going to answer a question
0:47.3	from a listener who is trying to calculate her financial independence number, but she's worried
0:52.1	that she is acutely miscalculating this.
0:56.3	Uh-oh.
0:57.0	Exactly.
0:58.2	Major uh-oh.
0:59.5	We're also going to hear from a listener who is wondering about some of the advice that our guest,
1:04.8	Paul Merriman shared on our recent interview.
1:08.2	Paul Merriman very much advocated for value funds, but she's wondering,
1:12.0	what about growth funds? Why value and not growth? So we're going to answer her question,
1:17.0	but we're going to kick off with a question that comes from someone who is confident about the
1:23.6	money that she's saving for the short term, confident about the money that she's saving for the short term, confident about the money that she's saving
	...

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