On episode 77 of Ask The Compound, Ben Carlson and Duncan Hill are joined by RWM Advisor and CFP Ross Cohen to discuss retirement goal setting, when to spend and when to save, finding the highest yield, and much more! Submit your Ask The Compound questions to askthecompoundshow@gmail.com! Thanks to Birddogs for sponsoring this episode! Enter promo code "ATC" and get a free Yeti style tumbler with every order: ►00:00 - Intro ►01:53 - Retirement Goal Setting ►6:00 - Lifestyle Spending vs Saving ►11:53 - Finding the Highest Yield ►16:23 - Investing for your Kids ►21:20 - Tax Planning 👕 Check out The Compound shop: 🎙️ Listen to our podcasts: The Compound and Friends: Animal Spirits: Ask The Compound: Talk with us about your portfolio or financial plan here: Check out Ritholtz Wealth's automated investing platform, Liftoff: Instagram: Twitter: Tik Tok: Facebook: Investing involves the risk of loss. This podcast is for informational purposes only and should not be regarded as personalized investment advice or relied upon for investment decisions. Duncan Hill, Ross Cohen, and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here “Likes” or other comments are not intended to be endorsements of Ritholtz Wealth Management, or their employees and are not compensated. All thoughts and opinions expressed herein are those of the commentators, who may or may not be clients, and are not influenced or compensated by Ritholtz Wealth Management, or any of its affiliates, in any way. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: #thecompound #personalfinance #investing...(read more)
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Saving money is an essential aspect of life, and it is crucial to plan how much money you need to save for your future. Everyone’s financial goals are different, and they depend on their lifestyle, expenses, and income. Hence, it is important to identify your financial goals before you determine how much money you need to save. The first step towards saving is to create a budget. It is essential to understand your expenses and income to identify how much money you can save. Start by analyzing your monthly expenses and categorizing them into necessary and discretionary expenses. Necessary expenses include rent, food, utilities, and medical bills, while discretionary expenses include entertainment, shopping, and dining out. Once you have identified your expenses, try to cut back on discretionary expenses to save more money. The next step is to determine your financial goals. Ask yourself questions like, "Do I want to buy a house in the future?" or "Do I want to retire comfortably?" Once you have identified your financial goals, you can calculate how much money you need to save to achieve them. For example, if you want to buy a house, you need to save for a down payment, closing costs, and moving expenses. Similarly, if you want to retire comfortably, you need to save enough money to cover your expenses and maintain your lifestyle. Saving for emergencies is also essential. Experts suggest saving three to six months of living expenses in an emergency fund to cover unexpected expenses like medical bills, car repairs, or job loss. If you have dependents or a high-risk job, consider saving more. Moreover, it's crucial to save for your retirement. Experts suggest that individuals should save 15% of their income for retirement. Retirement savings should be invested in long-term investments that offer compound interest. In conclusion, there is no specific amount of money that everyone should save. Saving goals and the amount of money you need to save will vary depending on your lifestyle, expenses, and income. It is essential to create a budget, determine your financial goals, save for emergencies and retirement, and stick to the plan. Remember: with discipline and determination, you can achieve your financial goals and secure your future. https://inflationprotection.org/what-is-the-required-amount-of-money-to-be-saved/?feed_id=106807&_unique_id=6486bb07d07bc #Inflation #Retirement #GoldIRA #Wealth #Investing #401k #529 #advisor #BenCarlson #diversification #DuncanHill #economy #Finance #financenews #financialliteracy #housing #howtoinvest #inflation #interest #interestrates #investing #investingforbeginners #money #MoneyMarket #mortgage #personalfinance #Podcast #realestate #retirementplanning #RitholtzWealthManagement #ritholtzwealthmanagementpodcast #ROTH401k #RothIRA #SaveMoney #SavingsAccounts #savingsrate #stockmarket #Stocks #TaxPlanning #yield #ThriftSavingsPlan #401k #529 #advisor #BenCarlson #diversification #DuncanHill #economy #Finance #financenews #financialliteracy #housing #howtoinvest #inflation #interest #interestrates #investing #investingforbeginners #money #MoneyMarket #mortgage #personalfinance #Podcast #realestate #retirementplanning #RitholtzWealthManagement #ritholtzwealthmanagementpodcast #ROTH401k #RothIRA #SaveMoney #SavingsAccounts #savingsrate #stockmarket #Stocks #TaxPlanning #yield
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