Catching Up to FI
Tactical Tips and Tripwires: The DIY Financial Planner's Guide | Cody Garrett | 112
Dec 22, 2024
Cody Garrett, founder of Measure Twice Money and an expert in advice-only financial planning, shares 24 common DIY investment mistakes. He highlights pitfalls like underutilizing employer benefits and misapplying the 4% rule. Cody emphasizes the importance of strategic planning as you approach retirement, discussing topics such as Roth accounts and health insurance. The conversation wraps up with a delightful Holiday piano medley, perfectly capturing the festive spirit!
01:05:39
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Quick takeaways
- Effective money allocation requires assigning clear roles to every dollar, ensuring it meets immediate or future needs efficiently.
- Finding a balance between aggressive and conservative investing is crucial, particularly as retirement approaches to avoid detrimental financial decisions.
Deep dives
The Importance of Giving Every Dollar a Job
Allocating money effectively requires giving every dollar a job and a use by date. This means determining when and how each dollar will be used, whether for immediate expenses, gifts, or charitable donations. For funds intended for spending within three years, high-yield savings or safe investment options like Treasury bills are recommended, while longer-term investments can afford more risk. Understanding this concept can help investors avoid cash drag in their portfolios while still meeting their financial obligations.
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