“I Want to Achieve My Financial Goals Within Five Years. What Should I Be Doing Now To Get There?“ (Listener Intervention)
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What financial questions are on your mind?
I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand. It's time for some money rehab. So I've been doing this whole financial education thing for over a decade. And I have to say, the economic landscape has never been harder to navigate. And so Bank of America and I are teaming up to help you money rehabbers answer the big financial questions that are on your mind right now. Like, how do I talk to my friends about money? Should I combine finances with my spouse? How do I make my money work harder for me? You know, all the biggies. So Bank of America and I are doing six episodes together where I talk with real money rehabbers about their financial dreams and navigating this economy. You're about to hear the first episode and it tackles the topic of how to live the life you want now while also building toward the financial future you want for yourself.
When you're setting out on a path to financial freedom, you're inevitably going to hit a fork in the road that divides you from what you want right now and what you think you should provide for yourself in the future. That's what today's money rehabber called me to talk about. She feels like she's at that fork in the road and she needs help deciding which way to turn.
How can I balance present spending with future goals?
The good news is she doesn't have to choose. With a thoughtful, intentional spending plan, which is what I call a budget, by the way, because it sounds more fun, you can set your future self up for financial success and enjoy the present, which is exactly what I want to talk to her about today. So here's how it went down. Max, welcome to Money Rehab. What's your question?
I'm feeling pretty good about where I am right now in terms of how much I'm making and I feel like I'm able to live the life that I want right now as much as someone in my early, early 30s. But I wouldn't be able to just like fast forward 10 years and live how I want to live when I'm 40, if that makes sense. Like I want to buy a house someday, but I couldn't now. So I want help figuring out what I should be doing to set myself up to be able to meet my financial goals that will later come.
Well, I love this question. But before we can talk about how to get the financial future you want, we need to talk about what you want for your financial future. So can you describe what your dream life looks like?
Well, I work in marketing and I'd like to have my own firm someday.
I love that. Okay, cool. So let's get a little more granular. You mentioned that you want to buy a house. Do you want to buy a house where you are now? Or do you want to move to another city? Do you want to have kids? Do you want to retire early? Do you want to work till you're 92? I mean, tell me all the things, Max.
Right. Fair. I live in New York City and I don't really see myself buying an apartment here. It's just like way too expensive for what you can get. I think I would move outside of the city, but stay close. I'm not exactly sure where that'll be. And yeah, I do want to get married. I do want to have kids. I have two sisters and we're really close. So I've always kind of pictured having three kids. I don't feel the need to live in a super rich and crazy luxurious life when I'm older. But I do. I know I don't want to worry about money. I want to feel like I can always get what I need. I think that building up my firm is going to take time. So I'd rather not. have that be really successful than retire early.
What does your dream financial future look like?
And when you picture buying this house, how old are you in this picture? Is it 20 years from now? Is it 10 years from now? Five years from now?
I'm 31. And I'd like to buy a house before I'm 40. So I guess I'll say I'm shooting to buy in five or six years, I guess.
Awesome. All right. Well, unfortunately, dreams have price tags. Do you have a sense of how big you want this home to be? I'm just trying to get a sense of what our budget is here.
Well, let's say I do have three kids. I'd like everyone to have their own bedroom. So I guess a four bedroom? They wouldn't necessarily all have to have their own bedrooms from birth. Growing up, my family lived in a four bedroom house and I shared a room with my older sister until I was maybe eight-ish. And then the spare room was used as a guest room.
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Chapters
6 chapters
1
What financial questions are on your mind?
0:02–1:13
2
How can I balance present spending with future goals?
1:13–3:19
3
What does your dream financial future look like?
3:19–4:55
4
How much do I need to save for a house?
4:55–6:00
5
What is my current financial situation?
6:00–7:13
6
How can I best utilize my monthly savings?
7:13–16:37
Speakers
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