Show Notes
This episode of the Retirement Answer man is filled with some debt-crunching, retirement building, volatile market enduring advice to help you put your financial life in order. The feature segment of the show features the story of Jamie and Ruth, a couple who paid off over $83,000 in debt in just over 30 months. 30 MONTHS! It’s a testimony to what a unified goal and lots of hard work can do. You’ll hear Jamie’s account of how that one decision has changed the course of their lives and set them up to have a greater vision for their future! What should you do when the markets are so volatile?
The recent roller coaster that has been the S&P 500 has a lot of people in a conundrum. Do you change your retirement plan when the markets fluctuate so much, or do you stay the course? Roger Whitney says you have to keep your overall strategy in mind when making any decisions during volatile times. If your goal is to set aside money for retirement, you should be very slow to make changes in your strategy because of a temporary spate of volatility. The long term historical averages show that your investments are more than likely going to be alright by the time you retire. Find out a couple of other tips Roger has for you in this episode of The Retirement Answer Man.
When it comes to retirement and financial planning it’s so tempting to feel like you don’t measure up.
Think about it. We’ve all made those bad financial decisions. None of us has done everything we could have to save up for our retirement. What do you do when you realize that you haven’t measured up to the ideal you held out for yourself. Roger Whitney advises that you’ve got to come to grips with the truth that you are enough. What you’ve been able to do is enough. You can’t go back and change things. All you can do is to make changes moving forward, and you can do that, because you are enough. Hear more of Roger’s thoughts on this episode.
30 months to pay off $80,000 in debt. An amazing story!
When Jamie and Ruth made the decision to do everything they could to pay off their debt as fast as possible, Jamie didn’t even have a job. He’d been laid off and they didn’t really know how they were going to be able to accomplish such a crazy goal. But they were determined. Throughout the 3 years they worked to pay down their debt, Roger took all kinds of extra and radom jobs, and their income actually went up! They hammered away at their debt until they were able to pay it off. Now their future is different and their attitudes about life and what they can do in the near future to make the world a better place has grown. Hear their story as Jamie tells it, on this episode of The Retirement Answer Man.
Coming in October 2015: Group coaching based around the question, “When can I realistically retire and what will it look like?”
Roger is super excited to announce that coming up next month he’ll be starting some group coaching relationships to help you develop a plan for your retirement that is practical, simple, and doable. The space for these groups will be limited, but Roger’s convinced that anyone who participates will get a ton of value out of the time they spend in these groups. If you’d like to be a part of these groups, contact Roger at
Roger@wwklc.com OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
- [0:24] Overview of today’s show.
- [1:47] Thanks to iTunes reviewers! And could you leave yours?
- [2:23] Thanks to you for leaving your feedback on the listener survey.
- [2:48] The focus of October’s shows: When can I realistically retire? and what will it look like?
- [4:13] November’s new program to coach you toward retirement.
THE HOT TOPIC SEGMENT
- [5:46] The markets are still volatile: What are basic things you can do?
- [6:25] The importance of cash reserves.
- [7:40] A quick best case VS worst case scenario to consider.
- [13:59] The importance of understanding the historical averages.
PRACTICAL PLANNING TIP SEGMENT
- [14:35] Roger’s thoughts after visiting his grandmother who recently passed away and what it has to do with his contentment.
- [16:50] Why it’s OK to not be enough.
MAIN TOPIC SEGMENT - Listener Questions
- [18:01] Jamie and Ruth’s “get out of debt” story, as featured on the Dave Ramsey show.
- [21:49] The key to paying off tons of debt in a short time.
- [22:42] Jamie’s story as told to Roger.
- [23:45] What Jamie thinks of when he hears the word “retirement.”
- [24:33] Is peace an internal state regardless of what you’re doing financially?
- [25:43] Why retirement will not be sitting around and playing golf for Jaime.
- [27:28] The “We’re debt free scream” story, from Jamie’s lips.
- [28:38] How aggressive Jaime and Ruth were in paying off their debt.
- [31:27] What worries Jamie about retirement and financial independence now that their debt is paid off.
- [32:20] How do you know when you have enough?
- [34:42] It’s never too late to start.
- [34:47] What is the worst financial decision you’ve ever made?
- [37:03] The hardest thing to manage in the financial realm.
- [37:47] How hard was it to become united in their communication as a couple.
- [38:25] The resources that have impacted Jamie the most.
- [40:23] How do you want to be remembered Jamie?
What is Retirement Answer Man?
A top retirement podcast. Roger Whitney, CFP®, CIMA®, CPWA®, RMA, guides you on how to actually do retirement well financially and personally. This retirement podcast isn't afraid to talk about the softer side of retirement. It will teach you how to retire with confidence. Two-time PLUTUS winner for best retirement podcast / blog and the 2019 winner for best financial planner blog. This retirement podcast covers how to create a paycheck, medicare, healthcare, Social Security, tax management in retirement as well as retirement travel and other non-financial issues you'll need to address to rock retirement. Retirement isn’t an age OR a financial number. It’s finding that balance between living well today and feeling confident about your retirement. It’s about gaining more freedom to pursue the life you want. Join the rock retirement community at www.rogerwhitney.com