1
00:00:00,341 --> 00:00:03,107
Speaker 1: Hi, I'm Stacey Hyde
and I'm back for another episode

2
00:00:03,107 --> 00:00:05,732
of Better Financial Health in
15 Minutes or Less.

3
00:00:05,732 --> 00:00:11,848
And let's get real here there's
been kind of a month or so that

4
00:00:11,848 --> 00:00:16,625
we haven't posted and part of
the reason was I was out in

5
00:00:16,664 --> 00:00:20,734
Colorado enjoying the cooler
weather out there.

6
00:00:20,734 --> 00:00:25,951
But it made me think about
goals and about how, especially

7
00:00:25,990 --> 00:00:29,064
when you're younger, you know,
just getting out of school or

8
00:00:29,125 --> 00:00:33,582
just starting your family, like
thinking about retirement and

9
00:00:34,505 --> 00:00:38,652
what your goals should be, can
be really hard because you don't

10
00:00:38,652 --> 00:00:42,328
know what you're going to be
doing next year, much less 30

11
00:00:42,387 --> 00:00:43,049
years from now.

12
00:00:43,049 --> 00:00:47,320
But that doesn't mean that you
shouldn't start setting money

13
00:00:47,401 --> 00:00:47,841
aside.

14
00:00:47,841 --> 00:00:53,156
But, as I've said on here
before, not everything you save

15
00:00:53,277 --> 00:00:56,744
for should necessarily be in a
retirement account, because

16
00:00:56,805 --> 00:01:00,682
those retirement accounts have
rules you have to be 59 and a

17
00:01:00,722 --> 00:01:05,912
half to get money out without a
penalty, all of those types of

18
00:01:05,951 --> 00:01:08,947
things which they're great and
there's huge benefits.

19
00:01:08,947 --> 00:01:16,070
We'll talk more about other
subjects in the one big ditaful

20
00:01:16,131 --> 00:01:20,581
bill on our next episode, but I
wanted to talk about that and

21
00:01:20,781 --> 00:01:23,664
because it did make me think
about goals and because it did

22
00:01:23,683 --> 00:01:29,209
make me think about goals when I
was starting my career, I had

23
00:01:29,248 --> 00:01:31,430
never I'd been to Colorado once.

24
00:01:31,430 --> 00:01:38,516
But as I got older and my kids
got older and my husband and I

25
00:01:38,596 --> 00:01:45,361
started doing different things,
we discovered that we loved the

26
00:01:45,382 --> 00:01:48,831
Mountain West and so that became
one of our goals was to own

27
00:01:48,939 --> 00:01:50,942
property out in Colorado.

28
00:01:50,942 --> 00:01:56,852
But had we not and quite
frankly that would have never

29
00:01:56,912 --> 00:02:02,087
occurred to us early on because
we we would go on beach trips.

30
00:02:02,087 --> 00:02:05,513
We did take our kids skiing
when they were younger, but we'd

31
00:02:05,513 --> 00:02:09,902
never been out there in the
summertime, and so if we had

32
00:02:10,103 --> 00:02:15,811
waited to save for that until
after we decided that that was a

33
00:02:15,811 --> 00:02:18,895
goal of ours, we never would
have been able to do it.

34
00:02:19,540 --> 00:02:26,570
But early on we were diligent
savers, really tried to live

35
00:02:26,591 --> 00:02:30,842
within our means, and a real
hack to doing that and I share

36
00:02:30,882 --> 00:02:36,189
this with my daughter and the
children of clients that we work

37
00:02:36,189 --> 00:02:43,387
with the real key to being a
sort of a magnificent saver is

38
00:02:43,828 --> 00:02:47,655
when you start out your career
you're usually not making a ton

39
00:02:47,699 --> 00:02:48,080
of money.

40
00:02:48,080 --> 00:02:52,955
But then if you really get in
there and you start working hard

41
00:02:52,955 --> 00:02:55,784
and you work somewhere where
they recognize you for what you

42
00:02:55,824 --> 00:03:01,000
do, you probably get some pretty
big pay increases pretty

43
00:03:01,120 --> 00:03:06,552
quickly If you can maybe raise
your standard of living a little

44
00:03:06,552 --> 00:03:06,812
bit.

45
00:03:06,812 --> 00:03:09,206
If you're not in the safest
neighborhood, maybe move to a

46
00:03:09,247 --> 00:03:11,842
little bit safer neighborhood,
maybe get a little more reliable

47
00:03:11,842 --> 00:03:15,893
car, but beyond that you don't
really change what you do.

48
00:03:15,893 --> 00:03:19,568
And you start saving that money
and setting it aside and

49
00:03:19,647 --> 00:03:22,806
investing it not just putting it
in a savings account, earning,

50
00:03:22,967 --> 00:03:27,123
you know, maybe 4%, but actually
investing it and letting it

51
00:03:27,183 --> 00:03:27,685
grow.

52
00:03:27,685 --> 00:03:32,342
Then, by the time you get to be
old, like me in your middle 50s

53
00:03:32,342 --> 00:03:33,989
you have options.

54
00:03:33,989 --> 00:03:35,466
There's things that you can do.

55
00:03:35,466 --> 00:03:37,727
We work with a lot of people.

56
00:03:37,727 --> 00:03:41,502
The thing they want to do is
leave the workforce early so it

57
00:03:41,542 --> 00:03:43,348
can open that as an option.

58
00:03:43,348 --> 00:03:52,462
Force early, so it can open
that as an option.

59
00:03:52,462 --> 00:03:53,444
It can be like us wanting a
second home.

60
00:03:53,444 --> 00:03:55,048
It could be helping your
children buy their first home.

61
00:03:55,048 --> 00:03:57,774
It can be anything that you
don't know now that.

62
00:03:57,774 --> 00:04:03,062
But by being diligent, setting
that money aside, saving and

63
00:04:03,122 --> 00:04:07,250
investing it, you give yourself
options.

64
00:04:07,250 --> 00:04:11,802
It also means that as you're
going through, there'll be

65
00:04:11,883 --> 00:04:14,788
things that you may think, oh, I
kind of want that.

66
00:04:14,788 --> 00:04:18,704
But then you look at it and
you're like, but really, are we

67
00:04:18,744 --> 00:04:20,276
going to have time For us?

68
00:04:20,838 --> 00:04:24,475
The big purchase that we really
thought hard about but

69
00:04:24,615 --> 00:04:27,867
ultimately said no to and oh,
thank God we did was buying a

70
00:04:27,887 --> 00:04:28,168
boat.

71
00:04:28,168 --> 00:04:31,879
We literally own everything for
a boat except the boat.

72
00:04:31,879 --> 00:04:33,562
But guess what?

73
00:04:33,562 --> 00:04:34,665
We can rent a boat.

74
00:04:34,665 --> 00:04:36,267
It doesn't cost that much money
.

75
00:04:36,267 --> 00:04:40,257
But if we bought a boat, it
would cost a ton of money,

76
00:04:40,517 --> 00:04:43,500
there's lots of costs associated
with it, it would cost a ton of

77
00:04:43,500 --> 00:04:44,601
money, there's lots of costs
associated with it, and we

78
00:04:44,622 --> 00:04:46,504
wouldn't have used it very much.

79
00:04:46,504 --> 00:04:53,129
And so we, thankfully, made the
decision not to buy the boat.

80
00:04:53,310 --> 00:04:54,531
It could be anything.

81
00:04:54,531 --> 00:04:56,172
For some people that's a
motorcycle.

82
00:04:56,172 --> 00:04:59,617
For some people, for a lot of
people, it's an RV.

83
00:04:59,617 --> 00:05:02,923
You know, really, look at, is
that something that I can rent

84
00:05:03,064 --> 00:05:07,658
and use and see if it's going to
be something that we really,

85
00:05:07,718 --> 00:05:08,259
really want?

86
00:05:08,259 --> 00:05:13,870
For us, we kept going out to
Colorado and we rented a place,

87
00:05:13,975 --> 00:05:17,463
and we really spent a week and
then a couple of weeks and

88
00:05:17,543 --> 00:05:21,059
figured out, well, we really
want to be here and we built a

89
00:05:21,119 --> 00:05:23,425
community there as well, and so
for us, that became a yes, we

90
00:05:23,444 --> 00:05:24,807
really want to be here and we
built a community there as well,

91
00:05:24,807 --> 00:05:27,033
and so for us, that became a
yes, we absolutely want to do

92
00:05:27,074 --> 00:05:28,857
this On paper.

93
00:05:28,857 --> 00:05:31,904
Does it make great financial
sense.

94
00:05:31,904 --> 00:05:35,021
It does, okay, I mean, if we
continue to get appreciation,

95
00:05:35,083 --> 00:05:38,223
yes, but it's more about a
lifestyle choice.

96
00:05:38,815 --> 00:05:44,067
And that's the thing about goals
is you are saving just

97
00:05:44,168 --> 00:05:47,663
generally and then, as you go on
, things get specific.

98
00:05:47,663 --> 00:05:50,819
You know, another thing that
comes up for a lot of people is

99
00:05:50,901 --> 00:05:53,925
we decided we wanted our
children to go to private school

100
00:05:53,925 --> 00:05:55,548
for middle and high school.

101
00:05:55,548 --> 00:06:00,680
That was not an inexpensive
choice and we didn't know that

102
00:06:00,721 --> 00:06:01,925
that was going to be a goal.

103
00:06:01,925 --> 00:06:08,363
We kind of thought it might be,
but we made the choice to send

104
00:06:08,384 --> 00:06:10,007
them to public school for
elementary.

105
00:06:10,007 --> 00:06:13,605
Save the money that we would
have spent and that funded their

106
00:06:13,605 --> 00:06:16,516
college and that was a good
goal for us and that was

107
00:06:16,536 --> 00:06:19,545
something that was more
immediate, that we could really

108
00:06:19,625 --> 00:06:22,283
see and kind of had a pretty
good idea that was going to be a

109
00:06:22,283 --> 00:06:22,605
goal.

110
00:06:23,415 --> 00:06:27,247
So I think sometimes we get
caught up in I don't know what

111
00:06:27,288 --> 00:06:29,855
my goals are, so therefore I'm
not going to save.

112
00:06:29,855 --> 00:06:32,163
That's really the wrong
approach.

113
00:06:32,163 --> 00:06:36,475
You really need to save
generally because it's going to

114
00:06:36,514 --> 00:06:40,225
give you options and even if
there is nothing big that you

115
00:06:40,264 --> 00:06:44,154
want to do, it can allow you to
maybe make different career

116
00:06:44,274 --> 00:06:44,795
choices.

117
00:06:44,795 --> 00:06:46,439
It can give you peace of mind.

118
00:06:46,439 --> 00:06:49,646
The number one thing couples
fight about is money.

119
00:06:49,646 --> 00:06:55,509
And if money is not an issue,
if there's good savings, things

120
00:06:55,569 --> 00:06:59,158
are set aside, that's not going
to cause issues with you and

121
00:06:59,177 --> 00:06:59,738
your partner.

122
00:06:59,738 --> 00:07:04,439
So you don't have to know what
your goals are to start saving

123
00:07:04,499 --> 00:07:04,880
for them.

124
00:07:04,880 --> 00:07:10,038
The goal can just be saving as
its own goal, because it has

125
00:07:10,360 --> 00:07:11,223
lots of virtues.

126
00:07:11,223 --> 00:07:15,976
And boy, if you've ever used a
financial calculator and looked

127
00:07:16,016 --> 00:07:20,124
at the value of compounding over
time, I promise you you will

128
00:07:20,163 --> 00:07:24,841
want to start as early as
possible, because time is your

129
00:07:24,922 --> 00:07:25,884
best investment.

130
00:07:25,884 --> 00:07:27,447
Thanks for tuning in.

131
00:07:27,447 --> 00:07:30,862
This has been another episode
of Better Financial Health in 15

132
00:07:30,862 --> 00:07:31,665
Minutes or Less.