In this episode of the Prosperity podcast, the hosts, Spencer Shaw and Kim Butler, discuss guidance for managing finances for a couple aged 25 with a net worth of $50,000. The hosts review a previously given AI recommendation and give revised insights. Initially, they discuss the importance of building an emergency fund of three to six months worth of living expenses, tactics for investing in retirement through 401(k)s and IRAs, and investing in one’s financial education. They also discuss building a diversified investment portfolio via index funds and ETFs and the importance of setting financial goals and the associated futility with long-term financial goal setting due to life’s unpredictability.
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Best-selling author Kim Butler and Spencer Shaw show you how to take more control of your finances. Tune in to The Prosperity Podcast to learn more about Prosperity Thinkers thinking and strategies today!
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Links and Resources from this Episode
- For resources and additional information of this episode go to https://prosperitythinkers.com/podcasts/
- The importance of building an emergency fund
- Suggestion to have six to 12 months of living expenses
- Investing in retirement and contributing to a 401k or IRA
- The need to invest in financial education
- Concept of diversifying investments and issues with the definition
- Setting financial goals in the short, medium and long-term
- Importance of emergency funds and protection plans
- Why retirement funds shouldn’t be top priority for young adults
- The difference between an emergency fund and opportunity fund
- What are estate planning and cash flow control
- The call to action to email for guidance on cash flow control
- Importance of setting targets and taking action towards those targets
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