Summary

The conversation explores the topic of discretionary income and how it relates to mountain biking and financial planning. The hosts discuss the importance of having a plan for saving and spending, and how to determine when it's okay to use discretionary income on expensive hobbies like mountain biking. They emphasize the need to prioritize and be intentional with spending, while also considering the physical and mental benefits of engaging in enjoyable activities. The conversation also touches on the challenges of resisting marketing and trends in the mountain biking industry, and the importance of planning for health insurance in retirement. In this conversation, Joel, Doug and OG discuss the importance of having a money coach and the benefits of coaching in various areas of life. They also delve into the topic of healthcare costs in retirement and the options available for coverage. They emphasize the need for planning and budgeting for healthcare expenses, as well as the importance of investing in one's health and well-being.

Keywords

discretionary income, mountain biking, financial planning, saving, spending, prioritizing, intentional spending, physical benefits, mental benefits, marketing, trends, health insurance, retirement, money coach, coaching, healthcare costs, retirement, planning, budgeting, investing in health, Stacking Benjamins

Takeaways

Having a plan for saving and spending is crucial for making informed decisions about discretionary income.

Prioritizing and being intentional with spending can help balance financial goals with enjoying expensive hobbies like mountain biking.

Engaging in enjoyable activities, like mountain biking, can have physical and mental health benefits.

Resisting marketing and trends in the mountain biking industry can help avoid unnecessary spending.

Planning for health insurance in retirement is important, especially for individuals who engage in high-risk activities like mountain biking. Having a money coach or financial advisor can provide valuable guidance and help improve financial outcomes.

Planning and budgeting for healthcare costs in retirement is crucial, as healthcare expenses can be significant.

Investing in one's health and well-being is an investment, not an expense.

The Stacking Benjamins podcast offers a fun and entertaining approach to discussing personal finance topics.

Titles

The Physical and Mental Benefits of Engaging in Enjoyable Activities

Prioritizing Enjoyment: Using Discretionary Income for Expensive Hobbies The Benefits of Having a Money Coach

Planning for Healthcare Costs in Retirement

Sound Bites

"Having too much money is also important to focus on."

"If you've got it, it's okay to spend it."

"Financial planning is uniquely personal."

"Having the right team in your corner...having a money coach in your corner."

"Anytime that you can have professional counseling around the thing that you want to get better at, you're going to see some immediate results."

"Fidelity estimates that if you're 65, you should earmark $300,000 of your retirement account specifically for healthcare costs in the future."

Chapters

00:00 Introduction: The Importance of Saving and Avoiding Excessive Debt

06:11 Using Discretionary Income for Expensive Hobbies

09:29 Determining When to Use Discretionary Income

15:01 Resisting Marketing and Trends in the Mountain Biking Industry

19:17 Balancing Priorities and Making Informed Spending Decisions

21:38 The Satisfaction of Engaging in Enjoyable Activities

23:04 Knowing When to Upgrade Equipment and Avoiding Unnecessary Spending

24:00 Planning for Health Insurance in Retirement for Mountain Bikers

24:29 The Benefits of Having a Money Coach

27:14 Planning for Healthcare Costs in Retirement

32:04 The High Cost of Healthcare

36:20 Investing in Health: An Investment, Not an Expense

46:27 Stacking Benjamins: A Fun and Entertaining Podcast on Personal Finance