Make Smarter Money Decisions That Support Your Retirement
episode
Wealthy After 40: Retirement Planning and Budgeting for Gen X
18 min
1 speaker
3 chapters
transcribed 1 month ago
Transcript
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Your car just blew a motor. Your mom needs help with medical bills. You got a raise. These are all money decision opportunities, but they don't have to send you into a tailspin. Let me show you how the system we discussed last episode will help you make choices that move you forward, not sideways. Hey there, and welcome to Wealthy After 40. I'm Dailene Higgins, your podcast host and financial coach. If you're a Gen X woman or couple who's worried about retirement, maybe you feel like you're starting late or don't have enough saved, you're in the right place. This show is all about ditching the financial stress and creating a retirement plan that works for your life now and later. So grab your favorite drink, settle in, and let's figure this out together.
Welcome to the episode. We are on phase three of my Retirement Ready framework. Last three episodes are... part one, part two, but also an overview. So if you missed those, please be sure to go check those out. Today's part three, today's phase of the framework is your money decisions. So in the intro, I shared events that can happen. And it's when these events happen that you need to make a decision. The problem with making money decisions when you don't have a system, you're typically reacting quickly without quote evidence, right? You're using emotion. You're like, I've got to get this solved. You hurry and think of an option and then you take, you make the decision, which is good. You're making the decision, but more than likely,
you're going to regret this decision later or realize maybe it wasn't the best decision. Or heck, you may not even know that, but you're just still trying to make your way through your money, trying to be like, now this is happening, now this is happening, not realizing it could be stemming from that initial decision. Now, we are a sandwich generation and we are feeling the squeeze. Life Life is really lifing for us. We are helping parents. We're still helping kids, but we're also saving for our own future. And the problem with emotional money decisions is that we are stuck without that system to support it. And we are thinking, I have to do this instead of I want to do this. And that's what phase three is all about, right?
is taking us from the move of, I have to help my parents, I have to help my children, or I have to save for my future, that have to mentality to, I want to do this, and getting really specific for my parents, for my children, for my future. That is what phase three is all about. It's a new decision-making process. So when you are faced with a financial decision, and the ones I'm specifically talking about right now are the decisions that someone is asking you to do or something is having you do. It's pressed upon you. It feels like it's an urgency, immediate thing. It's not from a desire within, okay? Let's start there. And so initially, there is emotions with that. Parents, children, family members, whatever it is, what you need to do first is
is work through the emotion. We're not going to quickly act on making a financial decision. We've got to understand the request. We've got to understand the person's need. We are dealing with another person and we need to start separating the facts from the feelings. Now you're probably thinking, I thought you were a financial coach. Yes, I am. And I have been trained as a life coach as well. So I really help clients understand money is more than just numbers on a piece of paper. There is life happening that takes effect on our money. That's what this phase is all about. Learning to separate the facts from the feelings is what I really help clients with. I had a recent client put in a situation and when she came to the coaching session, it was basically saying, I have to do this.
That is what I'm trying to help individuals realize is that your money is limited. I don't care who you are, even billionaires. They can't go wild. And you're thinking, but they can't. Have you heard of the lottery winners going broke? Have you heard of the big NFL players going broke?
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Chapters
3 chaptersSpeakers
1 identifiedMore from Wealthy After 40: Retirement Planning and Budgeting for Gen X
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