Payne Points of Wealth Podcast

What You Need To Think Of At Each Stage Of Your Financial Journey Ep#80

By April 20, 2022April 21st, 2022No Comments

What’s up! It’s episode 80 of Payne Points of Wealth and inflation is now officially at a 40+ year high! The highest level since December of 1981! Are we finally there? Is the economy going to go off a cliff or is the fact that you couldn’t get a ticket to Miami to go for the weekend say that the economy’s in really good shape? We’re gonna explain that for you today. We’re going to talk about every stage of your financial life, whether you’re 20, 30, 40, 50, 60, 70, or 80 and what you need to be thinking about right now to make sure you’re going to be completely financially independent. We’re going to give you our playbook so go check it out!

You will want to hear this episode if you are interested in…

  • Inflation hurts! How do you offset inflation? [1:56]
  • What you DON’T want in your portfolio [3:55]
  • With all this horrible news why is the market going up? [7:16]
  • The Tipping Point [10:23]
  • 20’s [10:51]
  • 30’s [12:33]
  • 40’s [14:33]
  • 50’s [16:01]
  • 60’s [18:03]
  • Hidden Facts of Finance [22:06]

This week on the tipping point: What you need to think of at each stage of your financial journey

What should you be thinking about at 20, 30, 40, 50, 60, 70, maybe even 80, when it comes to your financial journey?

In your 20s: The best thing you can do in your 20s is to save every penny you can because compounding works best when you start early. The earlier you start the more money you’ll make. Use a Roth account if you can so that your money grows tax-free for life.

In your 30s: This is the stage where you want to start to consolidate and bring everything together into what I would call a more concerted effort, as opposed to just having a hodgepodge of investments in different places. You should also start building an estate plan and your health savings plan.

In your 40s: When you get into your 40s, hopefully, you’ve listened to our advice and you have accumulated wealth, and you’re at a point where you have to get serious about the savings, especially college funding. Do this with 529 plans.

In your 50s: This is when you realize that you may not be working with the right financial advisor. If you take a look at your financial plan and realize you don’t have one but instead, you have a collection of investments that were either bought or sold to you in mutual funds, annuities, stocks, and bonds. Make sure that you make those course corrections before it’s too late. You can also make catch-up contributions at this age. Start looking at long-term health care as well.

In your 60s: This is when you decide when to retire, look at how much money you’ll need in retirement, and how you’ll draw on your portfolios to get it. This is where you have to get really strategic in your planning because now you’re there.

This week’s hidden facts of finance

  • As of 2020, it’s estimated that Americans saved over 60 million commute hours per day with remote work.
  • The electronic system was 5% of the cost of a car in 1970, it’s expected to be 50% by 2030.
  • Monte Python And The Holy Grail’s budget was 200,000 pounds and was raised by 10 investors contributing 20,000 each. Three of those investors were Pink Floyd, Led Zeppelin, and Genesis.
  • In 1994 Jeff Bezos famously spotted that the internet was growing at 2300% per year. That made him leave his high-paying private equity job to start Amazon.

Resources & People Mentioned

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