4 Financial Goals to Focus on In Your 40s

https://www.youtube.com/watch?v=zSA43L2_wXw

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hey what's good everybody happy happy Thursday actually got a cup from Florida cancer one of our customers customers of
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ours that sent us a cup of nice little things so it really a couple videos ago actually maybe it's been about a month I
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said hey if you have something financial or something jazz related that you want to go on the wall send us a picture send
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us something I would put it on the wall they sent a cup I already called the teaser about it but thanks Jenny I
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really appreciate it if you're one of our customers please do not send gifts I'm not allowed to accept anything over
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a hundred and I'm not allowed to give something over a hundred dollars and I don't I don't want a gift so you don't
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have to send me anything but if you do have something you want on the wall it is finance related or something jazz
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related that fits that sticks somehow this wall is actually really large we're gonna back this whole thing up to show
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you more of it but happy to put it up there send me a picture or a comment or something I will put it on the wall okay
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today I'm talking to the forty-something okay so if you never met me before my name is Dustin Tibbets I'm a financial
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advisor with jazz wealth comm we are trying to do things differently I won't use this as an advertising piece because
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I'm gonna show you a little sneak peek of nest-egg 2.0 coming up here as we talk about this but I'm talking to the
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40-somethings today it was suggested by one of our viewers that we do a similar video that we did the other day but for
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40 years 40 year olds and look this one's no joke right so while we do videos for the younger crowds and we
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do some simple things like if you invest $28 a week and things like that to give you raw numbers now that we're in your
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40s we can't play games right so it's time to get serious about this and the first thing that I want to cover for I'm
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gonna give you four tips which by the way that's not Photoshop for tips anyways
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for tips first thing when you're in your 40s games over I'm not like for life but the game is
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over as far as your finances you need a specific plan of action okay so I talked to a lot of 40 years old 40 year olds
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actually about an hour ago I just got off the phone with one and the guy said what he was 40 he's saving sport he's
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gonna be 45 he said I think I'll pay off my house in the next 10 years I think I'll probably downsize my car you know
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get something a little bit more cheap you know cheaper and I'll probably pay off my debts and things and it was like
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what what do you mean but yet they wanted to know exactly how much they would have for retirement so it's not
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time to say I think I'll do this I think I'll do that it's time for a specific specific plan of action for what your
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next portion of your life is gonna be so we're not financial planners here however in our new nest egg we can build
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an entire financial plan for you that then me and you can talk about we can get together every so often and go are
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you paying off your debts on schedule did you bump up your debts whatever the plan may be are you investing enough are
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you investing aggressively enough things that we'll all get to in a second but that's tip number one a real short one
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it is time for a specific plan and it doesn't have to be boring okay it can be a lot of fun to create something
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especially in our new nest egg so a little bit more of a pitch there for you tip number two if you're just getting
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started in your 40s like you haven't really saved for retirement or maybe it did the 401k a little bit but you
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haven't really dove in and and started to make a dent in your retirement then chances are you're going to need more
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than one account all right so I'll give you an example where's my can we erase this let me know if you can hear me okay
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with this new mic over here in the corner playing some games here until we get the new mics let's say you're 40 all
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right so if you're 40 years old you go I want to retire when I'm 67 we got 27 years to go not a problem but if you are
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40 you're gonna retire at 67 and all you do is put the max in a Roth let's say that's all you have that's not gonna cut
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it if from forty to sixty seven we assume that you'll have a let's say a 7% return
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right and you only are able to put the 5500 in a Roth IRA the total number comes out to only four hundred and nine
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thousand in retirement that's not gonna cut it right so that won't actually work for you and so for that reason one
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account may not be enough right maybe you have something else maybe you have a pension maybe of a 401 K or something
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like that but that one accounts not going to be enough right so don't just assume that that opening a Roth IRA and
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putting money in or opening an IRA whatever you decide is gonna do the trick
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it may take multiple accounts we do that for so many customers that they're like well I got a 401 K and they don't match
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and I got a Roth that I'm gonna start and I put some money in and that's good but what else do I do they get it right
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we have to add more to that so don't worry if it's either us or some other advisor you talk to even you're in your
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40s and you go I want this much in retirement don't be worried if they try to tell you there's an additional
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account that might be the one time I agree with other advisors giving you advice outside of what would be sort of
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the norm there so you may need more than one type of account and also the tax benefits do you look we always pitch the
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Roth we always say that's a good way to go and it is but let's weigh the tax benefits of everything you have let's
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see where it actually makes sense all right I'm too excited I want to get on to the next one here because now I
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get to show off some stuff here number three tip number three you have debts now it is very important
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that you know exactly how you're gonna pay those debts off and I'm gonna mess this up I just know it but I have to try
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this here is oh did it work here is the new nest egg here yeah it worked okay I'm gonna get out of the way
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a little bit now here's part of it if you have debts right inside of nest egg you can set
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this up and what we can do I'm gonna use this example client here this is Louis Armstrong who's our example client I'm
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gonna be using this for all our tutorials Louis Armstrong if I just kind of zoom up here can you yeah look how
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cool that is you could see it on the screen Louis Armstrong has two forms of debt okay right here he's got a $35,000
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balance on a credit card and he's got a $2,500 balance on a credit card as well he is currently paying eight hundred and
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twenty-five dollars a month minimum towards that and so what we can see this is just easy calculation he's going out
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until April of 2023 before he pays off his debt okay that's fine now Louie Armstrong happens to be in his 40s in
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this example so we have a plan of action for his debt right already we can see that's fine but what if we can fine-tune
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this what if we say should I go with the highest to lowest interest rates or should I go with the lowest to highest
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balance let's start with the highest to lowest interest rate all right so if we go like that and we say now Louis
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Armstrong is gonna pay an additional $200 a month right he's serious about paying off his debts he's gonna do 200
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200 extra dollars a month to try to pay off his debt now when we take a look at this we're actually able to see he's
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gonna save see over here on the right he's gonna save twenty five hundred ninety six dollars and he's gonna pay
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this debt off fifteen months sooner this is not rocket science this is not like we all get great it's a cute little
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graph and everything but this is important to know so if you have debts it could be a house that you have down
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here it could be other credit cards whatever it's just important to know where you're going to land
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do you know with the debts that you have when they'll be paid off and how much if you pay a little bit earlier so this is
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just a really simple clean way to have your debt quantified by and by how much you're gonna save I
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don't think it makes much of a difference here because the way I entered these things it doesn't make any
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difference so I have to add more debt here for a Louis Armstrong for the lowest to highest balance to make a
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difference so in this case we know what it what it takes if you said I can't do I can do a hundred extra dollars a month
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if I do that I'll be nine months I had a schedule at that point I can take that not that 100 dollars plus the 825 my
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debts paid off I can invest that that might be the point where we try different accounts that have higher
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balances things like that to work with so just wanted to point that out that's on the new nest egg coming out for
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customers here real soon some of you already trying that debt so number three that was debt you gotta know when you're
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paying off your debts have a plan it could be a simple plan that you see a nest egg it could be a more complex plan
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that me and you go through again we're not financial planners but I'll use every tool that we have to help you get
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through it so that's number three take your debts seriously and number four the investments that you do have if you have
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retirement investments it is dead serious for you to be invested correctly so now you've got the Roth maybe you've
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got your 401k whatever it is now the investments inside of that it is so important that those investments are
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correct they are on the track that you want to be on for your retirement or for whatever you're saving for I'm gonna
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give you one more example here using nest egg because this is something we're plugging in right now if I can put it
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back on the screen here is mr. Louis Armstrong's retirement and on the right we see his current plan he's got a with
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everything I've put in for him and he's got a 73 percent chance of having everything he wants in retirement
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there's no need to like get all geeky about it he's got 73 percent chance of everything that he hopes to do he hopes
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to retire down here at the bottom at 65 he hopes to have $5,200 in retirement income you get what I'm saying here if
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we make little tweaks to this it could mean a huge difference like right now Louis Armstrong is invested aggressively
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with us at jazz wealth if for some reason he said I am scared of the markets I I want to invest very
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conservatively in a preservation type mode let's see what happens all of a sudden because he has the wrong
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investments for his age look what happened now he's down to 42% based on everything that's been put in so by
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having the wrong investments it means he's most likely not going to get to his goal if we were to become even more
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aggressive and switched to our aggressive stock fund then that shows that he's you know he's bumping up he's
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got a greater chance of success and we can drill down even further to see exactly what type of risk he's taking by
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the way got a great video coming out maybe I'll do it over the weekend yeah great video coming out on exactly how
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much risk to take but anyways so that's that's tip number four is the investments that you do have it is super
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super important that they're invested correctly I don't care if it scares you I don't care if you you know you're not
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sure you need to learn a little bit let us get you started and then you'll build confidence over time because if you lose
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the time and you're invested incorrectly you're going to be you know behind the game nobody wants to be behind the game
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so that was our video on investing your money goes for your 40s this is the time to be selfish about you this is the time
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to get detailed about you the bulk of this is that you need to be detailed about your goals and I can help you with
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it I'm more than happy to help you with it we'll use nest egg we'll talk on the phone will work through email whatever
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it takes we'll make sure you have the right investments and then we'll start to tweak that plan so I hope you enjoyed
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our little video today if you have any questions I'd be happy to answer now on the little chat thing I've got it on a
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different screen today so no good the sound was good love it love it love it I got a lav mic coming but it doesn't work
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with the mixer that we got so we've got to do a little exchange there should you invest in blockbuster yeah you missed
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your opportunity on that one right now how about MCI or remember Wachovia or even Enron things like that I could
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probably layman brothers we could go on and on if you're looking for an account buster yeah on Blockbuster
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class class because all right I'm gonna wrap it up there I appreciate all of you guys that watch live I think I might be
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changing this live set up to maybe something in the evenings or just adding a video in the evenings I have so much I
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want to get out there we'll continue to do it I appreciate all of you guys watching if you have a moment hit the
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subscribe button if you haven't already really appreciate that check us out at jazz wealth check out our portfolios
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which we'll be adding into nest egg the performance of all of our portfolios thank you so much

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About Jinger Jarrett 38 Articles
Jinger Jarrett is a full time freelance writer, author and internet marketer who teaches small businesses how to get started online and then market their businesses for free. She is also a US Army Veteran and seeks to connect with other veterans who are interested in starting a business or are currently business owners and want to connect.