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Just kick it off right there I mean -- PC stocks down today.
Maybe shouldn't be a knee jerk reaction from one or two days.
What are the best strategies.
For -- -- and putting trying to put your arms -- -- time horizons will will maybe a little bit different for every wind but.
We'll we'll start with that those in the twenties and thirties -- -- just just really getting into the the planning for their retirement and that's where the first steps they should take.
Well the first thing everybody -- realizes is they're looking for the wrong -- they're looking to create some magic number and accumulate some magic number.
When in fact retirement is all about cash flows that they can forget the magic number and focus on what I how they wanna live and what's it gonna take and retirement.
They're going to be a lot about further along the path then how much money should -- it -- -- saving and what's my magic number so.
Going back to the twenty year old -- mean this is pretty simple the twenty euros is all about staying out of debt.
You know if they the only kind of debt they should have -- -- a car alone may be a student loan but.
They really need to get back to the -- idea is if I can't afford to pay cash for a can't afford to buy it.
And the other thing for twenties and thirty year -- that I really want to point out I think this is super interesting is that.
If they're married couple for instance they need to live on one of their paychecks.
And banks -- arrested people go all my guys you know but I have a twenty year -- 28 year old son in the military that they device in the military.
He doesn't make a lot of money but they live on at one paycheck kids Brian they save his wife's paycheck and lot of young people go oh my gosh I never thought about that so.
I think bottom line is a lot of going back to the basics and started to prepare for you know some forty years in the future and it's never too early to began.
Nurture going to be you know -- full screen with sort of revamping your retirement savings we can pull -- as some of the points that you're talking about reigniting your dreams here.
You obviously the twenty's and thirty's they're still formulating the dreams you know quantify the finding your expected source of income let's let's start with the rig guiding your dreams LA and we'll work our way through the -- here.
What's -- you know and reigniting your dreams you know I think it's really funny working with people of all ages inspect terms it's quite interesting that.
When your in your twenties and thirties you can formulate your dreams and they always think that the distance between here and then as a straight line.
And of course as you and I both know.
Life has this way of having turns and dips in the a lot of -- you know get their first -- they get the job and they get fired and they get married and they get divorced they started business and and so really and truly you know I I'm a big goal setter and I believe and I reading that my dreams about every Sunday night but I'm probably on the excess.
So ideally they are they got.
You have really and we I always -- -- about your preferred future.
You know where is it that you wanna live some day how do you wanna live do -- -- have a home and Dallas Texas and I'm I know a mountain home relate come.
And then start backing into -- -- what's it gonna cost in Friday's dollars in the.
And that's -- quantify that brings us to the next step right -- -- yeah reality today the cash flow we are talking about it is the most necessary thing for retirement here.
The needs the wants -- likes wishes and desires.
Yeah yeah I -- in -- my website I'm sure -- give it to him at the end is that we -- we say start building your house of security.
And it's so easy.
And if you think about a foundation I call those the needs if you look forward and say -- in retirement.
My needs are my non negotiable items and especially for retirees or people getting close to that.
What are your not negotiate higher are non negotiable items of course housing.
-- utility bills health insurance you know those kind of thing right.
Ended the bottom line is you find those non negotiable needs with investments that are -- -- gonna produce a safe and predictable income stream.
Yeah let's talk about -- ended does sources of income you really need to have that outlined in in a pretty good understanding of what you can expect.
And clearly if you start right over time start early that's when you get you know compounding interest it.
Working for you.
Right and an especially things like for people are getting ready to retire you know.
Should they take Social Security -- -- should they delay it remember after the age of 65 between 65 and seventy.
If they don't take it they don't have to take it they get an 8% annual increase on their Social Security so.
You you can hear your sources of income they should include such -- security.
I guess if you -- twenty years old I might not weigh so heavily on had to have not right here it's gonna be there.
But for 5055.
Year old who's gonna be some form of social security and sports I think demands of being means tested but are they gonna have -- Austria the gonna have a pension.
Truthfully you know what my husband and I.
We did all of our planning and we never relied on a pension or social security and let me tell you something.
Was I glad because my husband works for a very major airline right now.
And last November basically this airlines going into bankruptcy so we know where that pensions going and I'm so relieved we never counted.
And -- -- -- -- don't count the chickens before they -- -- to -- thus dog doesn't.
Guy you're existing financial resources and and finding the gaps that we can those -- and -- merge these two together obviously.
You're saying you know you don't necessarily count on the pensions are the Social Security ending -- use that as.
As up having I would take it.
Yeah I mean -- that comes in great it's -- but don't count and I think that what's really cool about this next generation the twenty and thirty year olds.
-- -- -- reading a separate second book is called the age of self reliance.
These young people they know they're not gonna have the safety nets that their parents' head.
And I'm so glad that they know it and they're already a generation of self reliance.
And so what they have to do is figure out what their resources but -- the number one thing they should do is say.
If I invest my money and that's.
Does it now or will in the future produce an income -- think about this I want them to start focusing on things like dividend producing stocks.
You know and I want them to focus on industries that are not gonna go way the -- of cereal industry and you know Campbell Soup and toilet paper at all than the essential items -- tried -- if they weren't and it.
-- does -- say that consumer Staples ideally we BS had a number of investors coming on talk about that of late and Erin Botsford done permanent financial consultant thank you for joining us from our Dallas bureau.
We I gave you want more on this her website is called the big retirement risk dot -- you can give more.
-- this detail on now revamping your retirement savings and as -- says she does it every Sunday night so I never.
Too soon or too late to to revamp that and look into -- these.
-- the gaps in in finding the resources that you can count on not some some vital information there that you so much for joining us.
Thanks for having me.
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