GMR 147: Answers to Common Money Questions
Financial education and inspiring you toward financial freedom is a big part of why Getting Money Right exists. In this episode, we’re answering your most common money questions to help you make better decisions, and reach your money goals.
Show Notes
Common Money Questions
What is a safe level of debt to have?
None is best!
Consumer debt should be avoided completely.
For home or business purchases, a sizable down payment is best.
Should I be paying off debt or saving for retirement?
Paying off debt is important but should not be done too extreme.
Do not put off saving for retirement too long or you will lose out on years of compound interest gains.
Pay off debt with a debt snowball that fits your budget, while you begin to save for retirement and increasing it after the debt is eliminated.
How much do I need for retirement?
Set your lifestyle to what’s best for you according to your income level.
Calculate the monthly income you will need in retirement and using a retirement calculator or the 4% rule, adjust the monthly saving amount you need to achieve your goal.
How do I know how much money is enough for me?
Determine a proper lifestyle based on your values.
Learn to be content with your lifestyle.
Resist the cultural pressure to live beyond your means.
Focus on the things that matter in life, and use your resources to help others, which will provide you fulfillment and purpose.