When Can I STOP Saving Money?

Money Guy Show

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

Education, Investing, Business

4.7 • 3.1K Ratings

🗓️ 18 October 2021

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

If you're saving 25% of your income for retirement, is it okay to spend your disposable income on vacations and other fun things? Or should you try to always save as much as you can? We'll walk you through that question 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.
0:15.6	All right, we've got a question from Jordan.
0:19.0	He said, if we reach 25% savings, right, is it okay to spend disposable income on vacations,
0:25.9	cars, all those things that they want?
0:28.6	Or is it always a goal to save more?
0:31.3	So how do you make that decision and when is one right over the other?
0:34.8	Yeah, so that's a great question.
0:37.0	Again, this is one of the things that the financial order of operations allows you to do, is
0:42.0	it allows you to kind of put some guardrails to protect you from yourself.
0:44.8	Because a lot of people don't realize this.
0:47.5	Ruby, do you know what the hardest thing is for a really good saver?
0:56.8	And their whole financial journey, hardest thing for a really good saver.
1:00.8	A really good saver.
1:01.8	We see a lot of people have trouble spending money.
1:04.2	They have trouble spending.
1:05.2	They don't know when it's okay to let their foot off the gas as Brian would say.
1:09.4	And it manifests in two ways.
1:10.8	So we have those folks, they're really, really good savers all the way to the get to retirement
1:14.4	and their retire.
	...

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