When Should You Chase Your Dream Job?
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 21 April 2021
⏱️ 35 minutes
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Summary
Transcript
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| 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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