4 Financial Goals to Focus on In Your 40s


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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
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
said hey if you have something financial or something jazz related that you want to go on the wall send us a picture send
us something I would put it on the wall they sent a cup I already called the teaser about it but thanks Jenny I
really appreciate it if you're one of our customers please do not send gifts I'm not allowed to accept anything over
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
have to send me anything but if you do have something you want on the wall it is finance related or something jazz
related that fits that sticks somehow this wall is actually really large we're gonna back this whole thing up to show
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
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
advisor with jazz wealth comm we are trying to do things differently I won't use this as an advertising piece because
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
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
40 years 40 year olds and look this one's no joke right so while we do videos for the younger crowds and we
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
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
gonna give you four tips which by the way that's not Photoshop for tips anyways
for tips first thing when you're in your 40s games over I'm not like for life but the game is
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
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
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
get something a little bit more cheap you know cheaper and I'll probably pay off my debts and things and it was like
what what do you mean but yet they wanted to know exactly how much they would have for retirement so it's not
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
next portion of your life is gonna be so we're not financial planners here however in our new nest egg we can build
an entire financial plan for you that then me and you can talk about we can get together every so often and go are
you paying off your debts on schedule did you bump up your debts whatever the plan may be are you investing enough are
you investing aggressively enough things that we'll all get to in a second but that's tip number one a real short one
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
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
started in your 40s like you haven't really saved for retirement or maybe it did the 401k a little bit but you
haven't really dove in and and started to make a dent in your retirement then chances are you're going to need more
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
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
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
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
it if from forty to sixty seven we assume that you'll have a let's say a 7% return
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
thousand in retirement that's not gonna cut it right so that won't actually work for you and so for that reason one
account may not be enough right maybe you have something else maybe you have a pension maybe of a 401 K or something
like that but that one accounts not going to be enough right so don't just assume that that opening a Roth IRA and
putting money in or opening an IRA whatever you decide is gonna do the trick
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
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
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
40s and you go I want this much in retirement don't be worried if they try to tell you there's an additional
account that might be the one time I agree with other advisors giving you advice outside of what would be sort of
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
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
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
get to show off some stuff here number three tip number three you have debts now it is very important
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
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
a little bit now here's part of it if you have debts right inside of nest egg you can set
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
gonna be using this for all our tutorials Louis Armstrong if I just kind of zoom up here can you yeah look how
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
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
twenty-five dollars a month minimum towards that and so what we can see this is just easy calculation he's going out
until April of 2023 before he pays off his debt okay that's fine now Louie Armstrong happens to be in his 40s in
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
this what if we say should I go with the highest to lowest interest rates or should I go with the lowest to highest
balance let's start with the highest to lowest interest rate all right so if we go like that and we say now Louis
Armstrong is gonna pay an additional $200 a month right he's serious about paying off his debts he's gonna do 200
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
gonna save see over here on the right he's gonna save twenty five hundred ninety six dollars and he's gonna pay
this debt off fifteen months sooner this is not rocket science this is not like we all get great it's a cute little
graph and everything but this is important to know so if you have debts it could be a house that you have down
here it could be other credit cards whatever it's just important to know where you're going to land
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
just a really simple clean way to have your debt quantified by and by how much you're gonna save I
don't think it makes much of a difference here because the way I entered these things it doesn't make any
difference so I have to add more debt here for a Louis Armstrong for the lowest to highest balance to make a
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
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
debts paid off I can invest that that might be the point where we try different accounts that have higher
balances things like that to work with so just wanted to point that out that's on the new nest egg coming out for
customers here real soon some of you already trying that debt so number three that was debt you gotta know when you're
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
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
through it so that's number three take your debts seriously and number four the investments that you do have if you have
retirement investments it is dead serious for you to be invested correctly so now you've got the Roth maybe you've
got your 401k whatever it is now the investments inside of that it is so important that those investments are
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
give you one more example here using nest egg because this is something we're plugging in right now if I can put it
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
everything I've put in for him and he's got a 73 percent chance of having everything he wants in retirement
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
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
we make little tweaks to this it could mean a huge difference like right now Louis Armstrong is invested aggressively
with us at jazz wealth if for some reason he said I am scared of the markets I I want to invest very
conservatively in a preservation type mode let's see what happens all of a sudden because he has the wrong
investments for his age look what happened now he's down to 42% based on everything that's been put in so by
having the wrong investments it means he's most likely not going to get to his goal if we were to become even more
aggressive and switched to our aggressive stock fund then that shows that he's you know he's bumping up he's
got a greater chance of success and we can drill down even further to see exactly what type of risk he's taking by
the way got a great video coming out maybe I'll do it over the weekend yeah great video coming out on exactly how
much risk to take but anyways so that's that's tip number four is the investments that you do have it is super
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
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
the time and you're invested incorrectly you're going to be you know behind the game nobody wants to be behind the game
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
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
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
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
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
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
with the mixer that we got so we've got to do a little exchange there should you invest in blockbuster yeah you missed
your opportunity on that one right now how about MCI or remember Wachovia or even Enron things like that I could
probably layman brothers we could go on and on if you're looking for an account buster yeah on Blockbuster
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
changing this live set up to maybe something in the evenings or just adding a video in the evenings I have so much I
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
subscribe button if you haven't already really appreciate that check us out at jazz wealth check out our portfolios
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.