When Do You Need to Change Your Savings Rate?

Money Guy Show

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

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.6 • 2.8K Ratings

🗓️ 24 March 2025

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

We start with a question from Brit: "If you are starting in your mid 30s, does the 25% rule still apply?" Then we answer more of your questions while hearing about Brian's dream content team outing and a slip-up that almost required our first on-air bleep. 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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:32.6	Britt M's question is up next.
0:39.8	It says, if you are starting in your mid-30s, does the 25% rule still apply,
0:46.2	or do you need to increase that to, quote, unquote, catch up for the years within the decade that you've missed?
0:54.2	I mean, she's talking about investing here.
0:55.9	So she's in mid-30s starting now.
0:59.0	They will correct me.
1:00.2	But Brett, and I have a mental block on it.
1:02.3	And if you just go to money guy.com slash resources, it's not titled, what will 25% do for you?
1:09.0	What's it title?
1:09.7	Come on, Megan.
1:10.7	How much should you save? How much should, Megan. How much should you save?
1:11.8	How much should you say?
1:13.5	For the love of all things.
1:15.0	Can we eventually name it so that we can search it off?
1:17.6	There it is.
1:19.3	How much you need to say?
1:20.5	We even have something we pulled up on the screen. I love the cross-reference on this because it lets you see where you are, what's your age is, what your savings rate if you started at those ages.
1:30.9	And you'll quickly see.
1:32.4	Now that doesn't mean because more than likely you have something, you know, but you can triage it, but at least gives you a head start to know if you're behind the curve, ahead the curve, or right where you need to be. And then I'll let Bo share after this, but you can also go to learn.money guy and do the
1:47.6	know-your-number course, and that will definitively answer that if you're ahead of the curve
	...

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