DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing Saving Without Social Security
Nov 25, 2024
Discover a unique take on budgeting with the 10/10/80 plan, emphasizing saving and giving first, especially if Social Security isn't in your future. Listen in as the hosts share personal tales of car expenses and Thanksgiving meal debates, blending humor with financial wisdom. Dive into the intricacies of clergy pensions and the complexities of Social Security, highlighting crucial strategies for savvy retirement planning. This insightful discussion balances lighthearted culinary chats with serious financial topics, making it a fun and informative listen.
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Prioritize Saving and Giving
- Prioritize giving and saving before spending.
- Automate these processes to ensure consistency and avoid impulse purchases.
Clergy and Social Security
- Clergy often face unique financial challenges due to lower salaries and opting out of Social Security.
- This requires a higher savings rate to compensate for the lack of Social Security benefits.
Tailor Your Savings
- Adjust savings based on individual financial situations, considering factors like existing savings, inheritance, and spending habits.
- There's no one-size-fits-all approach to saving; it depends on your circumstances.