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Money Guy Show

"Should I Put More Money Toward My Loans or Retirement?"

Money Guy Show

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

Education, Investing, Business

4.73.1K Ratings

🗓️ 18 January 2023

⏱️ 26 minutes

🧾️ Download transcript

Summary

How much money should you put toward high-interest debt vs saving for retirement? We'll walk you through that question and more in today's Q&A episode! Watch more exclusive content only on YouTube! Visit our website - Get our FREE financial resources - Check out our course, Know Your Number! - Sign up for our Financial Order of Operations course - Get easy to understand answers to your financial questions Follow us on social media! -Instagram -Twitter -Facebook -TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,

0:07.0

investing, taxing.

0:09.0

You've got financial questions, he's got financial answers.

0:12.6

It's Brian Preston, the money guy.

0:16.0

Buckuy fan 14 has a question.

0:19.0

I'm 26 and investing 40% of my growth income.

0:23.6

This is my first year investing this much.

0:25.8

I keep checking my accounts and see the money going down this year.

0:30.4

How do I stay motivated to keep investing?

0:35.9

Step one, this is really easy, Buckuy fan.

0:39.0

Go to moneyguide.com slash resources.

0:41.1

I want you to download what we call the wealth multiplier.

0:45.0

It shows how valuable every dollar can be at each age.

0:50.4

So for you at 26, we've got a little chart, little grid, which got out of 26.

0:54.8

I want you to see what every dollar you are saving can turn into.

0:59.2

And then what I want you to do is I want to take your 40%.

1:02.0

I'm going to do round math because I can do it in my head.

1:05.5

Let's say that you make $100,000 a year and you're saving $40,000 a year towards your

1:10.3

own $1 bills.

1:11.3

I want you to take $40,000 and multiply at times that wealth multiplier.

1:16.7

That is what those contributions this year are on pace to be by the time that you get

1:21.9

to 65.

...

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