All opinions expressed by the Program Participants are solely their current opinions and do not reflect the opinions their respective parent companies or affiliates or the companies with which the Program Participants are affiliated.
Investments or strategies mentioned in this program may not be suitable for you and you should make your own independent decision regarding them. This material does not take into account your particular investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. You should strongly consider seeking advice from your own investment adviser.
“NAME, tell us a little about your personal life and some more about
your work and why you do what you do.”
I’m 51 and I have my life segmented into three buckets, each of which is a blast in its own way. First, I work 50 hours a week with my clients making sure they can retire on their own terms, educated any kids that need educating, and make smart use of insurance so they will never be poor.
Second, I am a father of a 16-year-old son and a 19-year-old daughter with special needs. I have half custody and when I have them we have fun, going to the gym, fishing, riding law tractors, bowling, playing pool, video games and hitting the hot tub. Great thing about my daughter, is she won’t ever grow up so I don’t have to either.
That brings me to my third bucket, which is my time with my fantastic, stay-at-home artist girlfriend. We are constantly on adventures at home and out and about. Covid kept us home but we took a boat out fishing 40 times. Prior to COVID, we were on track to see a game in every major league baseball park with my parents over 3 years. We just have a lot of fun.
______________
We then get into these questions and others:
• What do people need to know about your work?
A little time with me pays off big later in life. You’re always working on a plan, it’s either yours or someone elses. When it comes to your finances, it’s best to make it your plan.
• Why is it important?
Good finances builds resilience and flexibility. Life will give us all our bad days, months and years. Good financial planning will allow us too survive the bad times, such as COVID or the Great Recession, so we can thrive in the good times and roll the way we want to roll.
• When should they think about this and get started with it?
Never too soon. First time someone earns a dollar, they should set a dime aside. Get on the clock legitimately, even as a teenager, and fund a Roth IRA for tax free compounding. Save 10 percent and you’ll never be poor. Save 20 percent and you’ll always be wealthy.
• Who should they talk too about this?
Your podcast. If a person is attracted to this, they should do it themselves. Get their own info and go hard. If not, find a professional who, like the Skynyrd song Simple Man, you can love and understand. I like to say, use your head but trust your gut.
• How do they get started?
One step at a time. Save a cash cushion and then invest systematically at as low as $25 a pop.
• How do they incorporate this into their lives?
Bad habits are easy to develop and hard to live with. Good habits are hard to develop but easy to live with. Good financial habits are like other good habits, health for example. I go to the gym so I’m not a fat ass. I made a vow never to be short, bald and fat. Well I am 5’ 8”, bald, so I only have one variable to control—not getting fat. So I go to the gym and after a while it’s a habit I enjoy. Same for saving and investing. Do it for the future you. Start one deposit at a time.
We close the show with your difference-making tip and how our
listeners can apply that tip. Give us your best stuff here!!!
“NAME, Savage Nation is ready for your difference-making tip, what do
you have for them?” ________________________________
Make finance a game. Every dollar you pay in a utlity bill, buy a ulitity investment. How soon before that investment pays your bills.
My girl smokes so I do that with sin stocks.
Another game for parents is coupons for college. Shop at grocery store and use the electronic coupons. The receipt tells you how much you save. Put the savings in a college account or even a roth IRA.
For parents and grandparents, fund roth IRAs for kids and grandkids. They have to earn the money to be eligible, but you can make the deposit. I do this in my personal life and also with many of my clients. It’s a great way to teach about investing and help the next generation out. The saying give a person a fish and she has a fish. Teach people to fish and they eat fish for life. This strategy both gives a fish and teaches to fish.
Each of these has the habit in common—Inch by inch it’s a cinch, but by the yard it’s hard.
“That is great stuff, I think that warrants a C’MON!”
“NAME, thank you for coming on, where can Savage Nation learn more
about you?” ____(website, social media)
go to simpleandbig.com to sign up for my newsletter, learn more about my book, and get in touch. Go to amazon to buy the book.
“Savage
Michael Lynch CFP is a financial planner with the Barnum Financial Group in Shelton CT and the author of Keep It Simple, Make It Big: Money Management for a Meaningful Life, October 2020. He can be
reached at mlynch@barnumfg.com or 203-513-6032.
Securities, investment advisory and financial planning services offered through qualified registered representatives of MML Investors Services,LLC. Member SIPC. 6 Corporate Drive, Shelton, CT 06484, Tel: 203-513-6000. Any discussion of taxes is for general informational purposes only, does not purport to complete or cover every situation, and should not be construed as legal, tax or accounting advise. Clients should confer with their qualified legal, tax and accounting advisors as appropriate.
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