In this episode, we're joined by Nicholas Roth, CFP®, Financial Planner at Foster & Motley, Inc., who shares valuable insights on effective savings strategies and the importance of financial planning to meet various life goals.
Key Takeaways:
(00:59) Saving at least 15% of your gross income is a good rule of thumb.
(01:34) Power savers aim to save 25%-50% of their gross income.
(02:12) The FIRE movement advocates for saving 50%-70% or more of your income.
(05:02) Raising a child can cost nearly $250,000.
(07:19) Compounding interest is crucial for financial growth.
(07:59) Passive income streams can supplement your savings.
(09:26) The decline of pension plans has shifted retirement savings responsibility.
(11:33) The unknowns in life make it hard to know if you're saving enough, but 15% is a solid target.
(12:35) Financial planning should adapt to life changes and priorities.
(13:41) Clear goals are a necessary part of financial planning.
Resources Mentioned:
Einstein's 8th Wonder of the World -
https://www.nasdaq.com/articles/this-is-the-8th-wonder-of-the-world-according-to-albert-einstein.-and-utilizing-it
Foster & Motley, Inc. | Website -
http://www.fosterandmotley.com/
Connect:
info@fosterandmotley.com
+1 513-561-6640
LinkedIn: Nicholas Roth -
https://www.linkedin.com/in/nickroth14/
LinkedIn: Foster & Motley, Inc. -
https://www.linkedin.com/company/fosterandmotley/
LinkedIn: Patrice Sikora -
https://www.linkedin.com/in/patrice-sikora-a1918212/
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