Money with Marty: Written retirement goals (Financial Safari)
It's never too late to save and plan for the future. Hear ways to become more stable financially now and into retirement.
financial safari for money with Marty. I'm Chuck Keeton. Glad you're with us here. And of course, Marty Hensley is who I'm talking about a true fiduciary here, a capital financial. And he has your best interest in mind. And we're gonna talk a little bit about written retirement plans because I know on previous programs, Marty had talked about the importance of not just winging it off the top of your head. You should have a written plan for retirement, and that entails several issues like thinking about building an emergency fund. Say you're 15 years away from retirement. It's never too late to save that four letter word to build an emergency fund for your retirement. That's absolutely right. And that's that's the probably the number one goal. The number one thing that we look at is to be sure that we have money in that emergency fund. That emergency fund in our world is for those emergencies. Something in my water heater breaks. I have a hole in my roof. I need to have my roof repaired. I need for new car tyres, whatever it may be. And generally speaking, we tell folks that that needs to be about three to six months of your living expenses. It's not a hard and fast rule, but generally when we say we want to build that emergency fund will ask a client or prospect. What are your monthly goals from a standpoint of income, what are your needs on a month to month basis? They'll tell us what that need is. Well, multiply that times three at a minimum and probably a maximum of six months. But somewhere in that 3 to 6 months is is what we think should be in that emergency fund shot. You should also try to create a passive income stream. What do we mean by that's exactly right? When when folks are planning for retirement, we have the growth face. That growth phase were in our twenties, were not thirties, were in our forties, probably into our fifties, and then we move into our sixties, which is on a retirement red zone. We believe that if someone is 10 years or less to retirement, that's what's called our financial red zone. We borrowed that from football. We get to the red zone there, 10 yard lining in. You don't fumble in the red zone. So what happens is in a red zone in the financial world is we don't want that financial fumble. That's where those folks that were affected imagine one to retire January 1 of 09 How horrible that was with 2008 the year before, and you saved all this money and boom, you've lost 40%. Your whole plan has changed your goals and objectives. That plant change, you're probably working a few more years. Then you would just to get back to where you were that that year going into 2009. And so that's why that income planets so critical is where am I going to get the income? How am I going to get the income? And I'm going to get the income in the most tax efficient manner that we could possibly get it? Absolutely. And if you're into retirement making money with your hobbies, if you wanna work, do something that you like and you might make a few bucks, whether you need it or not, that's absolutely right. I have a client that he was a cobbler, which is which is a profession that you don't see too much anymore. but Apple or Cherry. But he came in. He loved making some boots and things like shoes and things like that for his friends and family, and he made about 50 bucks per player. So he really enjoyed that retirement. So, yes, there's absolutely way to generate some income. That's a way to do it. And you can find out more in your retirement. Your written plan. They will sit down with your capital financials. Great segment there from Marty Hensley. I like the way that we're theme ing out this show as well. He was sitting there talking about truly getting that written plan in place. It's important, Thomas. I mean, you get a written planets. If nothing else, it's a guideline. You don't have to follow it exactly. And a lot of people don't want to be told what to do. Every single penny right hotel. But it gives you the guard rails of going up that winding mountain road back in the day before they started just going right through the mountain roads. Sure, I remember going around the mountain. The bear went over the mountain, but he had to go around amount of time to go over it. Oh, my dad was terrified. Absolutely. And if there's a show on one of those think Discovery or one of those networks where the they have the truckers in India? Yeah, sure. Well, it's almost off the road. There are no guide rails there. We don't want your retirement plan to be like that. No, absolutely not. And this is why we want to give you coach Pete, Marty Hensley or a member of the team. All you have to do to take advantage and get your total retirement income plan in place is called 888910 80 to 65 8889108265 Or you can text breeze to 3 42,000