Scott and James discuss misleading financial rules to avoid.

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Listener Question:

How do you both think about the common wisdom that you should have a certain multiple of your income saved by a specific age (e.g. save at least 1x your salary by 30, 3x by 40, 6x by 50, 8x by 60, and 10x by 67)?

I am in a situation where my income has tripled between ages 30 and 35. As an example, let's say I had 100K saved at age 30 (1x my salary), but I'm 35 and my salary is now 300K. I don't have 900K saved in retirement, in fact, it's about half that. Am I in trouble?

Planning Points Discussed

• Utilizing Time Efficiently
• Capital Appreciation
• Purchasing Power
• Other issues (IRAs, Inflation, Financial Goals, etc.)

Timestamps:

2:30 - We're on YouTube HERE!

6:17 - How Much Do I Need To Save?

8:52 - How Much Money Do I Need?

12:54 - Portfolio Changes

14:45 - Income Diversification

18:21 - Aligning Your Financial Goals

LET'S CONNECT!

James

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Scott

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