Curt and Katie talk with David about managing finances, including student loan debt and retirement. We look at when to start saving, what to do when you’re starting to save for retirement later in life, and how much is too much to save. David also shares his concept of a Money Date and how you should start looking at your financial picture. He also talks about financial planning and when to seek a professional for support.

Interview with David Frank, Turning Point Financial Life Planning

In this podcast episode we talk about: Managing Personal and Professional Finances

How perfectionism can get in the way of saving
The importance of “just getting started” in saving for retirement
Saving money is a practice, not something you figure out once
Why it is important to save money as soon as you can

Navigating Student Loan Debt

Student loan debt and how overwhelming it is to look at these debts
The desire to pay off this debt as quickly as possible
David’s advice to save at least one time your annual income before aggressively paying off your student loan debt
The comparison of interest rates on your debt versus returns on investing money

Retirement and Investing in your Future “Starting to save and invest young is such great advice… and… it’s advice for time travelers”

For younger folks, the advice is to save as soon as possible
What to do if you are closer to retirement age and you haven’t started saving for retirement
How to determine when you can retire

“No one does this money thing perfectly, even if we start out of the gate pretty strong.”

What to do when life happens and you have to start over
David’s own story of having to start over
Societal fear due to 2008 and the Great Recession

David Frank’s Concept of “Money Dates”

Reserve time each week to look at your money
Start understanding how much you need to save
Idea: go to the Social Security Administration Website to see what you’re entitled to in social security

How Much Money to Save

The money mindset concerns that can get in the way of saving (or even looking at) your money
How much money is too much money to save?
Emergency funds and the feeling of safety and security
The risks of saving too much money
Quality of life questions when you are underspending
Online tools to identify what you need in retirement, so you know when you’ve saved enough
Actual numbers of what to save for retirement and what you can spend now

Financial Planning – When and why to seek help with your money

The complexity of the decisions related to paying debt versus investing
The number of options available to each person when making decisions on our money
Get feedback on how well you are doing on your practice financials and saving for retirement
Risk planning, financial planning, estate and incapacity planning
The importance of understanding your values when you look at how to spend your money
Financial planning when you don’t have a lot of money
Choosing what you sacrifice when you decide to invest in shiny objects
The problem of “shoulds” and getting financial advice from other therapists