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Money Guy Show
"I'm Getting a Promotion - What Should I Do Next?"
Oct 30, 2023
Learn about adjusting saving and investing strategies with raises and promotions, and the benefits of aggressive saving and investing. Discover the advantages of a HDHP and HSA, and compare Roth 401k and pre-tax 401k options. Find out how to stay motivated in investing and prioritize personal happiness.
24:12
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Quick takeaways
- Saving 25% of your income and avoiding lifestyle inflation leads to future financial success.
- Consider your specific needs and goals when choosing an insurance plan, such as opting for a high deductible plan with an HSA for future medical expenses.
Deep dives
The importance of saving 25% of income
Saving 25% of your current income sets you up for future success, especially if your income is expected to increase. By saving at this rate, you can maintain a satisfactory lifestyle and create a retirement income replacement. The key is to resist the temptation to inflate your lifestyle as your income grows.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode