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Money Guy Show
"We're About to Be Millionaires - Can We Reduce Our Savings?"
Jul 17, 2024
Explore topics like adjusting retirement savings as you approach millionaire status, optimizing down payments for first-time homebuyers, understanding trusts with the analogy of robots, and considering selling a car for a more reliable vehicle. Dive into financial planning strategies and personalized approaches to asset management.
33:16
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Quick takeaways
- Understanding financial goals influences decision to adjust retirement savings.
- Savings rate early on is more crucial than investment returns for financial success.
Deep dives
Considerations for Financial Independence
When hitting the milestone of being a liquid millionaire, the decision to reduce retirement savings depends on knowing your financial goals. Understanding your financial independence number and progress towards it is crucial. Celebrating millionaire status varies as it aligns differently with financial goals. Assessing the gap between current status and financial goals guides whether to adjust savings strategies.
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AI-powered
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode