What Should I Do With Extra Income?

Money Guy Show

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

Education, Business, Investing

4.7 • 3.1K Ratings

🗓️ 30 August 2021

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

If you or your spouse go back to the workforce, what should you do with that extra household income? And what should you do with an old 401(k) from a previous employer? We'll walk you through these questions and more in today's Q&A episode! Subscribe on YouTube! Download FREE Financial Resources from the show Sign up for our Financial Order of Operations course Let’s make sure you’re on the path to financial success - then help you stay there! The Money Guy Show takes the edge off of personal finance. We’re financial advisors that believe anyone can be wealthy! First, LEARN smart financial principles. Next, APPLY those principles! Then watch your finances GROW! Visit our site for more info. 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, taxes.
0:09.0	You've got financial questions, he's got financial answers.
0:12.6	It's Brian Preston, the money guy.
0:16.4	This next question is from Jordan.
0:18.6	In Jordan said, where is saving for items like vacation or new appliances in the food?
0:26.4	I think one of the things that happens is someone...
0:29.5	Does the food course learn.moneyguide.com?
0:32.5	They go through the food course and they, all right, I got to do this.
0:35.5	I got to do 25%.
0:38.0	It's good.
0:39.0	We want you to be motivated in that way, but you also have to live life.
0:42.5	There are also decisions you're going to have to make all along the way that if your
0:46.8	washing machine goes out, you might have to replace it.
0:49.7	If something happens, you might have to replace.
0:52.0	If your kids are getting older and you really want to create memories, you might have to
0:56.6	deviate from that 25%.
0:59.1	Your goal should be to get to 25% as quickly as you can.
1:04.5	Stay at 25% for as long as you can, but don't get super, super stressed out.
1:10.4	If you have to pull away from that for things that actually make sense to pull away from
1:15.5	it.
1:16.5	Like replacing and appliance or doing something to create memories, that doesn't mean every
	...

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