The 4 Financial Foundations You Need (+ the Missing Catalyst)
episode
Wealthy After 40: Retirement Planning and Budgeting for Gen X
16 min
1 speaker
3 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
Welcome to the Wealthy After 40 podcast, the show for Gen X women and couples who are ready to ditch financial stress and feel confident about retirement. I'm your host, Dailene Higgins, money coach and retirement strategist, to help you gain clarity and confidence with your money by creating a spending plan that aligns with your financial goals and dreams so you can spend intentionally, save consistently, and feel at peace about your future. Join me every week to understand your money, simplify your decisions, and take intentional steps toward the life you want. Welcome to the episode. So we've been talking about retirement quite a bit. And in the last five episodes, I've shared with you the framework I use to
to help clients like you get to retirement. But I also want to share with you the things we specifically work on inside that framework. Because I've heard from many of you saying, I'm still trying to, and I get answers like get my kid to or through college, pay off student loans or other debt and wanting to buy a second home that they don't have time to think about retirement or that isn't something they're trying to accomplish right now. I understand that. We're going to have an episode about I don't have time to think about retirement in the new future. But I decided that it was best for us to go back to the basics so that you understand the financial foundations of money.
What are the four core financial foundations I should know?
And this doesn't change anything that we've been talking about. It's just been a while since I've dove into these specifically. And to name them, they are savings, debt, managing debt, emergency fund, and then systems. Those are your financial foundations. And understanding these and the simplicity of these is where you're going to want to be. Now, in this stage of life, most of you are over 40. You're juggling quite a bit. A lot is going on financially, life-wise, changes, all of the things. And so I think in this stage, you feel like you need to complicate the systems. Because life feels complicated. Life actually is complicated. Been there, done that. It's all of the things. You're becoming an empty nester, getting the kids off to college, or you're transitioning to maybe downsizing or career, what's happening there.
All of these things as we progressively get older. It just becomes... complicated there. And so we're busy. We've done okay with money. You've done just fine. But there's some things that aren't quite pegging into place, helping you get to those goals. easily. You're striving, you feel like you're just, and you're like, okay, I've just got to make this more complicated, and you don't. So let's go back to the foundations or the basics. And to do, I've given you the list. Here are some things I want you to start thinking about. And we're going to cover those, and then I'm going to share what's going to be coming up on the podcast. Are you saving consistently and in a manner that to make those goals and dreams a reality?
You want those things to happen, but are you saving in that direction, intentionally saving for the things you need and want to do? Next question, are you managing debt so that you still remain in control and it doesn't control you? Remember, I don't believe debt is bad and I don't believe you have to be debt free, but it doesn't need to control you. Do you have an emergency fund? I still don't like that word, but we're using it here because everybody knows what it is for the most part, future episode coming. And if you do have an emergency fund, have you defined its specific use or uses? That's probably more key than what we're calling it, the specific use for that.
How can busy Gen Xers simplify money systems instead of complicating them?
And the last question I want you to think about for this episode is, do you have savings for not only your dreams and goals, but your unexpected expenses as well? Are we preparing? Are we planning? Are we remembering those? So again, as I said, the financial foundations you need are, and these are just listed very broadly. We're going to discuss them. But savings, debt, emergency fund, and systems.
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Chapters
3 chaptersSpeakers
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