What We Wish We Knew When We Were 22! (About Money) No Dumb Questions with Connell McShane and Doug Flynn, CFP. Ep. 2

No Dumb Questions with Connell McShane and Doug Flynn, CFP

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In Episode 2 of No Dumb Questions, Connell McShane and Doug Flynn, CFP, share practical tips for financial success that they wish they knew when they were 22! Learn why starting early is key to building wealth, the power of compound interest, and how small, consistent savings can lead to becoming a millionaire. They also break down how to approach retirement savings like 401(k) plans and give advice on handling raises wisely. Tune in for actionable insights on managing your money smarter!
Connell and Doug emphasized the importance of financial literacy, starting early to achieve financial goals, and saving at least half of any raise received. They also discussed the concept of living within one's means, warning against living above one's means, and encouraged listeners to adopt this mindset. The conversation concluded with Connell expressing his intention to explore the implications of the upcoming election on personal finances in future episodes.
Importance of Early Financial Literacy and Planning
Connell and Doug discussed the importance of financial literacy and starting early to achieve financial goals. They emphasized the power of starting early, even with small amounts, as it compounds over time. They also highlighted the importance of taking advantage of employer-matched retirement plans, such as 401(k), to maximize savings. They stressed the importance of consistency and building good habits, rather than trying to make a big hit. They concluded by encouraging young people to sign up for retirement plans and take advantage of the free money offered through employer matches.
Financial Planning and Saving Strategies
Connell and Doug discussed the importance of financial planning and saving early in one's career. They emphasized the need to save at least half of any raise received, rather than spending it all on immediate wants. They also discussed the 80/20 rule, where 80% of one's income is spent on necessities and 20% is saved or invested. Doug suggested that this rule could be adjusted to 80/10/10, where 80% is spent on necessities, 10% is saved, and 10% is invested. They also warned against the pitfalls of overconfidence or pessimism when investing, suggesting that a more consistent approach is better. The conversation was framed as advice for young people starting their careers.
Living Below One's Means: Financial Success
Connell and Doug discussed the concept of living within one's means. Doug emphasized the importance of living below one's means, citing examples of successful individuals who have amassed wealth through this approach. He also warned against living above one's means, which he described as a recipe for financial disaster. Connell agreed with Doug's perspective and encouraged listeners to adopt this mindset. The conversation concluded with Connell expressing his intention to explore the implications of the upcoming election on personal finances in future episodes.
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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

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