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Episode 021: Listener Questions: Balancing Retirement and Education; Getting Started
Manage episode 444527956 series 3540814
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Summary In this episode, Mike and Amy address listener questions regarding financial planning for military families, focusing on the balance between retirement savings and education funding. In their answer to the second question, they discuss foundational financial steps, the importance of emergency funds, debt management, and life insurance. The conversation emphasizes the need for strategic planning and trade-offs in achieving financial goals while preparing for retirement.
takeaways
- Balancing retirement and education savings is a common struggle for families.
- It's important to consider your family's philosophy on supporting kids.
- You can't get loans for retirement, but you can for education.
- Make sure you're contributing enough to get the full match from the government.
- Having an emergency fund is essential for financial stability.
- Pay down high-interest debt to avoid unnecessary costs.
- Life insurance is crucial for families with young children.
- Diversifying across accounts can provide more flexibility.
- You need to start thinking about your post-military life early.
- Living on less than you earn is key to financial success.
Chapters
00:00 Introduction
02:28 Balancing Retirement and College Savings
12:48 Considerations for Military Families
13:19 Foundational Steps for Financial Stability
18:53 Planning for Long-Term Care and Big Purchases
21:06 Living Below Your Means for Financial Success
Submit a question: [email protected] Operation Retirement Readiness: www.operationretirementreadiness.com
Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/
Schedule a consultation with Amy: https://www.instarfp.com/contact
Disclaimer: This podcast represents the views of the hosts and any guests. It is for informational purposes only and should not be considered tax, financial, or legal advice. All information is regarded to be from reliable sources. The hosts are not responsible for any losses, damages, or liabilities that may arise from the use of this podcast. This podcast is not intended to replace professional, individualized advice.
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