meta_pixel
Tapesearch Logo
Log in
Money Guy Show

"They're Making Me Retire - 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

4.62.8K Ratings

🗓️ 14 August 2024

⏱️ 35 minutes

🧾️ Download transcript

Summary

"I'm an air traffic controller that has to retire at 56. I have TSP and 30-40% pension... but I feel like i am losing so much compound growth by forced early retirement. Any suggestions?"

We'll walk you through that question and more in today's Q&A episode!

Jump start your journey with our FREE financial resources

Reach your goals faster with our products

Take the relationship to the next level: become a client

Subscribe on YouTube for early access and go beyond the podcast

Connect with us on social media for more content

Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.

Transcript

Click on a timestamp to play from that location

0:00.0

All right, I have a good question coming up from Young Money. We've got to get to it.

0:10.0

Is he a rapper? I don't know.

0:13.0

You should ask him in the chat if you're young money, if you're a rapper, let us know.

0:16.8

He says, my seven-year-old is a huge fan.

0:19.8

Start him young, right?

0:21.7

And he had us open in Utma to put savings and put 20%

0:26.1

allowance in which which we match. Isn't that great he said so he wants to be a

0:31.8

millionaire this seven-year-old is he on the right track how does one know if he's on the right track to become a millionaire at any age

0:41.2

well so one kudos to you whatever you guys are talking about at home is awesome for like, you know, do you know what the wealth multiplier is for seven? I'd like to know.

0:51.1

No, just to give everybody context, I lose my mind. I even named a company 88 times over because when I found out that for a 20 year old, $1 has the potential to become 88 dollars.

1:03.2

I like that number because the Dolorians

1:05.3

and all kind of other cool stuff too.

1:06.8

But for a seven-year-old, a dollar

1:10.8

has the potential to become $322 by the time they retire.

1:16.7

So that's, I mean that's so much more even powerful than the 20 year old.

1:21.3

And here's what's crazy.

1:22.3

What was that number?

1:23.4

93 dollars. Oh no, 322.

1:25.9

Three hundred and twenty two. And to be a millionaire he only needs to be saving and

1:29.6

investing 26 dollars a month. If he if for all my trolls that think that we don't take into

1:35.1

account inflation, if he wants to be a dose millionaire, he needs to be saving $52.

1:39.4

What I think is crazy is that he said he's putting 20% of his allowance into this and the parents are matching it.

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2025.