Money Guy Show How Can I Know If I'm Saving Enough?
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Dec 2, 2024 Feeling unsure about savings even after maxing out a 401(k)? Discover how structured planning can boost your financial confidence. Young investors are guided on starting early with automated index fund contributions, while the importance of purposeful college decisions is emphasized. Strategies for saving for a home are also explored, comparing high-yield accounts and brokerage options. Finally, the hosts express gratitude for listener engagement and highlight resources for financial peace.
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Saving Enough
- If you're unsure if you're saving enough, follow a structured financial plan like the Financial Order of Operations.
- Aim for saving 25% of your gross income to achieve financial freedom and reduce guilt.
Negativity Bias
- Many people are drawn to negativity, even in financial advice, seeking drama over guidance.
- It's important to balance financial responsibility with enjoying life, avoiding becoming a miser.
Investing Early
- Start an automated investing plan early, even with small amounts, to benefit from compounding.
- Dollar-cost average into low-cost index funds like S&P 500 to build a strong foundation.