Today's show started with a quote from William Shatner,"If saving money is wrong, I don't want to be right". If you’ve listened to the last three episodes you’ll see why you want to get your savings strategies right. Right now!
The first episode really delves into why we need more money, one of the most obvious reasons is, we don’t want to have to work forever. We also want to have funds available in case of an emergency, and a variety of other obvious reasons.
Episode 2 helps us take stock of where we’re at with our finances today and a good glimpse of what we have in front of us in order to achieve our financial goals.
Episode 3 helped us focus on the biggest financial goal most of us have which is retirement. This episode makes us look at what we need to have available in our savings if we want to have a specific lifestyle during our retirement.
Now we’re onto Episode 4 and in our discoveries from the last three episodes, we may find ourselves in a position to have to start saving more and being more creative about how we're spending our money.
We have to look at those extra little expenses that tend to collect almost daily.
Ben asked three simple questions to the attendees.
- How much money do we need to live on today
- How much money we have available to spend today
- And how much it is we need to save today to accomplish our financial goals for retirement.
With a few simple formulas and the spreadsheets that Ben, Chad, and Bob provide in Episode 2, they lay out a plan on how you can save enough money to use for your monthly expenses (non-essential), paying down debt, invest and even how much you need to pay yourself as a business owner!
Ben explains as you start saving you can look at how much you will need in the bank by the time you want to retire. That is relative to most people because we all have different ideas of the type of lifestyle we may want to live during retirement. Once again, Ben provides a simple formula that is designed to help you hit your target and live your preferred lifestyle for up to 30 years.
The plans laid out in today’s session will help you be prepared for a retirement living up to your preferred lifestyle, and you will be prepared for “just in case”.
Are you on track?