Saving for Flexibility
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 20 August 2019
⏱️ 11 minutes
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Summary
It seems like this year has been all about the FIRE movement: Financial Independence, Retire Early. But the more I hear about it, the more I realize that it's not so much about retiring early as it is about having options down the road. That's the case this week with Stacy from Indiana who is socking away a ton of money in order to have options. Where should she be putting her savings?
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Transcript
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| 0:00.0 | Welcome to the Jill on Money Call of the Week. We are presented by Marcus by |
| 0:08.3 | Goldman Sachs. Okay, so this is the episode that we drop in order to figure out how we can get you on the right paths in your financial life. |
| 0:19.5 | Now many of you, I just want to say this clearly, are already on a great path. |
| 0:24.8 | We just might be a good call to make sure you're doing what you should be doing. |
| 0:30.4 | Or if you feel completely overwhelmed by any of this, we want to help you out. |
| 0:36.4 | So all you have to do is send us an email. |
| 0:39.6 | The email address, Ask Jill at Jill on Money.com. |
| 0:44.0 | Ask Jill at Jill on Money.com. |
| 0:47.0 | That is what Stacy did. She is calling us from Indiana. |
| 0:51.0 | Hello, Stacy. How can we help you out? |
| 0:53.7 | Hi, Jill, thanks for taking my call. |
| 0:55.7 | Sure. |
| 0:56.7 | So my question is that I'm on the path to fire, if you will. |
| 1:01.7 | So I'm saving pretty aggressively, but I also want to make sure that I |
| 1:05.2 | might have flexibility to make a career change in the future if I might want to do |
| 1:09.0 | that. And so my question is really am I saving in the right places and particularly I'm |
| 1:15.9 | using a mega back door Roth IRA I know that's a lot of jargon but I'm |
| 1:21.1 | wondering maybe I should slow down and using that vehicle because maybe it's not as flexible as I'd like |
| 1:26.8 | Okay, great. So Stacy tell us a little bit about yourself. How old are you? I'm 36 years old |
| 1:46.8 | Okay. I'm single I'm 36 years old. I'm single. I am employed at a big corporation. No kids. I own my home and you know I could give you a rundown on my finances to be helpful. How much do you earn? |
| 1:47.8 | So I earn about $225,000. |
| 1:51.4 | Great and I presume so you're putting money into a retirement |
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