The purchasing power of that money in the future will be non equivalent to what it is to day. Prices double about every 20 years. What a million dollars bought you 20 years ago, back at the turn of the century, is now two million to reach that. If we apply a like the four or five % rule, that's a forty thousand or 50 thousand dollar a year life style. But it's not at all what it was.
#350: Anonymous and her husband have set themselves on the path of saving for retirement. But an old mistake haunts them: a financial planner convinced them to buy a mix of whole and term life insurance, which costs them $700 per month. Do they need whole life insurance, and where else can they save their money?
Mike has $60,000 in cash earning one percent interest. He has plans to buy a home and get married in three to five years. Where else can he put his cash to earn a little more? Is the stock market too risky for such a short time horizon?
Anonymous and her future husband are wondering: what’s a realistic amount to spend on a wedding?
My friend and former financial planner Joe Saul-Sehy joins me to answer these questions on today’s episode. Enjoy!
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode.
To subscribe to the show notes, go to https://affordanything.com/shownotes
Learn more about your ad choices. Visit podcastchoices.com/adchoices