Retirement Plan Live: Dreams for Our New Home
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Welcome to the second installment of Retirement Plan Live. This is the episode where we run the initial numbers for Joelle\\u2019s retirement. We\\u2019ll walk through the 3 categories to define Joelle\\u2019s base needs, wants, and wishes and put number values to each of these areas.\\xa0
In addition to the interview with Joelle, you\\u2019ll hear listener questions about how to feel comfortable about retirement, converting 401Ks to Roth IRAs, and how my personal journey finding health insurance has turned out.\\xa0
As a bonus, you\\u2019ll hear an interview with Joe Saul-Sehy from the\\xa0Stacking Benjamins podcast\\xa0who\\xa0has written a new book called\\xa0Stacked. Listen in to hear if it is worth the read.\\xa0
Check your email this weekend to receive a free retirement planning worksheet
If you are following along with\\xa0Retirement Plan Live and\\xa0creating\\xa0your own retirement\\xa0plan, make sure that you are signed up for the 6-Shot Saturday weekly newsletter. In this Saturday\\u2019s newsletter, you will receive a link to a simple worksheet that will help guide you through your own retirement plan the way that I am walking through Joelle\\u2019s retirement plan.\\xa0
6-Shot Saturday is full of tips, news, listener questions, and more, straight from\\xa0the Retirement Answer Man\\xa0to your inbox. Simply head on over to\\xa0RogerWhitney.com, scroll down to the bottom of the page, and enter your name and email address to sign up.\\xa0
Financial behavior is at the heart of all money management issues
Have you ever listened to the Stacking Benjamins podcast with Joe Saul-Sehy? If so, you\\u2019ll want to check out his new book,\\xa0Stacked. If you haven\\u2019t heard his podcast, check it out on your favorite podcasting app. Joe joins me today to discuss why he wrote his new book, how he wrote it, and why it\\u2019s important.\\xa0
Did you know that 150 million Americans have cried about money? This number doesn\\u2019t only include people who live paycheck to paycheck, people who earn more are also concerned about money. These people aren\\u2019t crying about the loss of the mega backdoor Roth or cryptocurrency. They are crying about their financial behavior.
Many people who are educated about money and finances still struggle with their financial behavior. Mastering your finances isn\\u2019t about what you know, it\'s about what you do.\\xa0
Stacked\\xa0helps readers take action to improve their financial situation
Traditional finance books often overcomplicate finances or hype certain complicated financial strategies.\\xa0Stacked\\xa0helps readers understand what they should be thinking about when it comes to financial matters and why they should think about them.
Since Joe discovered that people need actionable items to complete to successfully change their financial behavior he decided that his book should help readers change their financial behavior through action.\\xa0The book is based on achievements that are built on micro-actions. Its format is award-based, similar to the way that many educational apps gamify learning.\\xa0
Joe begins financial planning with the end in mind
Joe\\u2019s book begins with the end in mind. It is goal-based and helps readers create a timeline to put their goals in perspective. Since most of us are visual learners, the book helps to plot things visually so that readers can begin to work on their financial problems.\\xa0
As you read, you\\u2019ll be able to visualize your goals so that you can put a list together to understand what you truly value and how that applies to your financial plan. Check out\\xa0Stacked\\xa0if you are interested in a light-hearted approach to a serious subject matter that gives you actionable items to get you closer to your financial goals.\\xa0
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
RETIREMENT PLAN LIVE WITH JOELLE
- [3:04] Joelle\\u2019s base spending needs
- [8:50] Joelle\\u2019s future expenses
- [20:25] Budgeting will be a new experience for Joelle and her husband
- [23:49] Joelle\\u2019s aspirations
- [29:35] They plan to age in place
LISTENER QUESTIONS
- [34:25] A 401K to Roth transfer question
- [38:39] How to help Tracy\\u2019s husband retire again
- [43:04] My health insurance journey
- [46:10] Reverse mortgages
JOE SAUL-SEHY INTERVIEW
- [47:09] Money management can be stressful
- [51:22] How Joe wrote his book
- [59:23] Begin with the end in mind
- [1:07:00] Joe\\u2019s goals for his book
TODAY\\u2019S SMART SPRINT SEGMENT
- [1:10:19] What will you wish you would have done at the end of this year?
Resources Mentioned In This Episode
BOOK -\\xa0Stacked\\xa0by Joe Saul-Sehy
BOOK -\\xa0How to Begin\\xa0by Michael Bungay Stanier
BOOK -\\xa0Half Time\\xa0by Bob Buford
BOOK -\\xa0The Second Mountain\\xa0by David Brooks
PODCAST -\\xa0Stacking Benjamins\\xa0with Joe Saul-Sehy
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