What's up! It's episode 80 of Payne Points of Wealth and inflation is now officially at a 40+ year high! The highest level since December of 1981! Are we finally there? Is the economy going to go off a cliff or is the fact that you couldn't get a ticket to Miami to go for the weekend say that the economy's in really good shape? We're gonna explain that for you today. We're going to talk about every stage of your financial life, whether you're 20, 30, 40, 50, 60, 70, or 80 and what you need to be thinking about right now to make sure you're going to be completely financially independent. We're going to give you our playbook so go check it out!
You will want to hear this episode if you are interested in...What should you be thinking about at 20, 30, 40, 50, 60, 70, maybe even 80, when it comes to your financial journey?
In your 20s: The best thing you can do in your 20s is to save every penny you can because compounding works best when you start early. The earlier you start the more money you'll make. Use a Roth account if you can so that your money grows tax-free for life.
In your 30s: This is the stage where you want to start to consolidate and bring everything together into what I would call a more concerted effort, as opposed to just having a hodgepodge of investments in different places. You should also start building an estate plan and your health savings plan.
In your 40s: When you get into your 40s, hopefully, you've listened to our advice and you have accumulated wealth, and you're at a point where you have to get serious about the savings, especially college funding. Do this with 529 plans.
In your 50s: This is when you realize that you may not be working with the right financial advisor. If you take a look at your financial plan and realize you don't have one but instead, you have a collection of investments that were either bought or sold to you in mutual funds, annuities, stocks, and bonds. Make sure that you make those course corrections before it's too late. You can also make catch-up contributions at this age. Start looking at long-term health care as well.
In your 60s: This is when you decide when to retire, look at how much money you'll need in retirement, and how you'll draw on your portfolios to get it. This is where you have to get really strategic in your planning because now you're there.
This week’s hidden facts of financeSee if you qualify for a complimentary financial review from the Paynes
Connect With Ryan, Bob, and Chris
Subscribe to Payne Points of Wealth
On Apple Podcasts, On Google Podcasts, On Spotify
The Dirty Secret Of The Financial Industry, Ep #101
Come on Jerome Powel…PIVOT!, Ep #100
Luck, Strategy, Or A Little Bit Of Both, Ep #99
The Greatly Exaggerated Death Of The Consumer, Ep #98
Are we heading from fear to FOMO?, Ep #97
Unhealthy Financial Food for Thought, Ep #96
5 Critical Questions Everyone Needs To Answer, Ep #95
Finance and Entrepreneurship with Rich Antoniello, Ep #94
The Surprises Always Come In The Positive, Ep #93
Buyer Beware: Wall Street Products That Get ̶B̶o̶u̶g̶h̶t̶ SOLD, Ep #92
Can You Pass Financial Independence Pop Quiz?, Ep #91
Are We Going Into Stagflation?, Ep #90
The Hard Truths of Financial Independence, Ep #89
What Do You Want To Be Free FROM To Truly Be Financially Independent?, Ep #88
Bear Market Survival Guide, Ep #87
Exposing Financial Untruths, Ep #86
Coping With Volatility… Are Your Emotions In Check?, Ep #85
If You’re Sitting In Cash Right Now… What Are You Waiting For?, Ep #84
Volatile Markets Make Bad Decisions Seem Rational, Don’t Fall For It!, Ep #83
Are You A Do-It-Yourself Investor Or Is It Time To Go Pro?, Ep #82
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
U.S Property Podcast
Aligned Money Show
Dubai Property Podcast
The Ramsey Show
The Clark Howard Podcast