Episode 19: Providing Security For Yourself
More than ever, it's important to put a plan in place to feel financially secure, even amid uncertainty. Working toward being “work-optional” means having enough cash-flowing assets that living expenses are covered without touching retirement accounts. Wherever you are in life right now, your steps won't look the same as anyone else's – maybe you're just getting started on retirement, or maybe you're in survival mode and can't save much right now. Give yourself grace. To get started on a savings plan: start small with no more than 2 goals and automate what you can; check in every few months to adjust contributions or goals; and if you get a raise or a better-paying job, split the extra 50/50 between enjoying it and boosting savings. There's no sense depriving yourself of everything you love just for the future - strike a balance between deprivation and YOLO.
Key Takeaways
Being “work-optional” means having enough cash-flowing assets to cover expenses without touching retirement funds.
Savings plans should start small, with no more than 2 goals at a time.
Splitting a raise 50/50 between enjoyment and savings avoids all-or-nothing thinking.
A sustainable financial plan balances deprivation with enjoying life now.
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Music credit: Neon Fairies by Wolves
Note: This episode is from our previous podcast, Confident Money.
