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Money Guy Show

When Should You Chase Your Dream Job?

Money Guy Show

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

Education, Business, Investing

4.73.1K Ratings

🗓️ 21 April 2021

⏱️ 35 minutes

🧾️ Download transcript

Summary

Should you go after your dream job when you're younger, or wait until you have a stable income and then chase that dream job? And when should you prioritize paying off your mortgage? We'll walk you through these questions and more in this week's Q&A episode! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

Well guys, as you know, one of our favorite parts to get into the show is we get to answer your questions.

0:04.4

You get to ask us questions and we are more than happy to load you up with our thoughts.

0:09.7

Today's live stream was wonderful. We have tons of really, really good questions in here.

0:15.6

And so I'm just going to kind of go through and answer some of them.

0:19.6

And Brian, what do you think? You want to give away some tumblers today?

0:22.6

It sounds great. All right, let's give away some tumblers today.

0:24.9

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

0:33.8

You've got financial questions. He's got financial answers. It's Brian Preston, the money guy.

0:42.1

Here, I'll ask you for this first one because it's one that we've talked about a little bit before.

0:46.4

You can answer this one pretty quickly. This is from Jeffrey. He said, should my military

0:50.9

retirement be part of my net worth statement? I'm going to expand that a little bit. How do I

0:55.6

think about pensions or other sources of future income? How do I show that in my net worth statement?

1:02.0

Or how do I think about that when I'm doing my annual net worth statement?

1:04.3

I'll go first talk about the concept and then we'll go specifically into his question.

1:08.8

Promise income streams are not the same as assets that go on your net worth statement.

1:14.6

So what I mean about that, but then I'll bring it back in before you freak out.

1:18.8

Social security. A lot of people are like, well, we're not putting social security on my net

1:22.4

worth statement. Or where do I put that pension on my net worth statement? Well, if it's just a promise

1:27.7

of future cash flow or payments to help you through retirement, I think it's a footnote to your

1:33.2

to your net worth statement. It's not actually an asset. Now, there's an exception to this.

1:38.3

What about pensions? Where every year they send you an annual statement with a lump sum opportunity

1:44.1

of what the benefit that's accrued to this point, yes, it potentially could be future cash flows.

...

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