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My comment - "After talking to several people about household P&L, financial investments, and savings, it left me with the impression that many have planned their retirement and annual household expenses incorrectly.
Today, I received an article from the Motley Fool Wealth Management Group that supports that notion. It's an interesting, yet concerning bit of research, and worth the read. It tells me that many do not subscribe to paying themselves first, and it's possible that could be a financial planning mistake as you peruse this article."
I advocate for self-managing IRA/401-type accounts and Brokerage accounts. Stocks typically do better from an investment point of view coupled with at minimum Level 2 Option trading approval from the broker. It provides more than the typical financial planners or EFT. It allows you to manage the ups and downs of the market to conserve your gains YOY."
COL Randall C. Lt Col Charlie Brown Lt Col John (Jack) Christensen @PO3 Edward Riddle SFC James Baber SFC John Davis MSgt James Parker CMSgt (Join to see) GySgt Paul Hays
Today, I received an article from the Motley Fool Wealth Management Group that supports that notion. It's an interesting, yet concerning bit of research, and worth the read. It tells me that many do not subscribe to paying themselves first, and it's possible that could be a financial planning mistake as you peruse this article."
I advocate for self-managing IRA/401-type accounts and Brokerage accounts. Stocks typically do better from an investment point of view coupled with at minimum Level 2 Option trading approval from the broker. It provides more than the typical financial planners or EFT. It allows you to manage the ups and downs of the market to conserve your gains YOY."
COL Randall C. Lt Col Charlie Brown Lt Col John (Jack) Christensen @PO3 Edward Riddle SFC James Baber SFC John Davis MSgt James Parker CMSgt (Join to see) GySgt Paul Hays
Are You In The Top 3% of Retirees?
Posted from foolwealth.com
Finance
Personal Finance
Financial Planner (CPA)
Posted 1 y ago
Responses: 2
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I pretty much agree and have always advocated pay yourself first by having funds withheld up front so that you never physically see the money.
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SPC Jeff Daley, PhD “Paying yourself” is a favorite ‘guidance statement of mine! Too many people save, save and save throughout their lifetimes. They never learn to ‘pay themselves’ by spending money on their own, personal pleasure! Saving money for the ‘kids’ is a losing proposition. 99% of them will spend it all w/o a thought!
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SPC Jeff Daley, PhD
CSM Charles Hayden Agreed - Many kids when they move on to college due to their extracurricular activities to include sports, music, chess, etc. the school schedule is hectic and in the core courses none teach fiscal accountability. You can only do your best to pass that on to the kids at home when there is a bit more interaction. When they go off to college, all bets are off. What we did is to write a contract that included bonuses is they completed in four years and a smaller bonus at five years, none thereafter. That's the look from the 33K height. One of my girls worked hard to get the big bonus and my other missed both. Both met grade criteria. It taught them value and consequences of contracts.
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