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[The following is a partial transcript of this episode of The Scott Alan Turner Show. Listen to the full episode to hear this story, listener questions, money hacks, and inspiring stories of people that are changing their financial lives. Subscribe to the free podcast on iTunes or Google Play]
In This Episode
- Subscription based financial advice
- Why have responsible financial habits (Anyiah, WI)
- Great source of networking and making connections (Samantha Carter)
- How can I get my house built faster (Crystal, CA)
- How do I leave a good paying job (Esmeralda)
- I don’t know how to start increasing my retirement funds (Trevor, South Africa)
- Should I get a home warranty for a HVAC system that might break (Dorothy, Kansas)
- What happens if my savings exceed the FDIC limits (Marissa, San Diego, CA)
- Can I leave a job and contribute to a 457b when I return (Kevin)
There is something that everyone has to deal with, and it’s keeping me up at night.
When our twins were born they spent 5-weeks in the NICU at the hospital. I think the bill came out to $235,000. That would have bought one of my kids admission to Harvard. I’m glad for insurance. That bill would have been a nightmare.
You know, for my American listeners you’re probably already getting pummeled by the costs of doctor and dentist visits. Fidelity published their new 2019 report on how much people will spend on healthcare during retirement.
Whether you are ‘retiring’ at 35, or 65, healthcare is huge.
$285,000 for a married couple. That number just came out yesterday from Fidelity. You can be the first to share it with the people you know.
That number, keeps me up at night. If you’re like me your first thought is. No way. That’s too high. Well the premiums for Medicare are $200/month. That’s $72,000 in health care premiums over a 30-year retirement. And you haven’t even gone to the doctor, dentist, eye doctor, hospital, bought the silly OTC Guava juice, anti-oxidant memory fungus which you want me to pay for, or nursing home yet. $72,000 for being like a robot that never gets sick. Doesn’t happen.
- You know some people think they can make and save more later.
- The believe the money they do have will last longer than it will.
- And you know people are unrealistic about the future.
I get it, some people can’t save because they are getting out of debt. That’s ok, that’s your stage of life right now. You have to have a plan first before you follow the plan. You have to follow plan, before you complete the plan. The plan takes time.
If someone hasn’t figure out how long the money will last, there is no way of knowing how long the money will last. Even $1M doesn’t last long after taking the entire family on a couple Disney Cruises. You see I also believe there is magic in the Magic Kingdom. But it’s the kind of magic that makes your money disappear after a couple $13 diet cokes.
But what really gets me and keeps me up, are the people who have lost hope. The people who don’t believe. The people who I never hear back from. I’m always left wondering where they are now.
Aimie from Asheville, North Carolina. She reached out to me a year ago. I remember her, because I was in Asheville eating a donut when she contacted me. Does she have a plan to pay $285,000 in healthcare costs?
Marjorie who you heard on the show just two weeks ago. Marjorie couldn’t stick with her plan. I said I will hold you accountable. I will bother you on the first of every month for an update. No update. Does she have a plan to pay $285,000 in healthcare costs?
For people with aging parents who didn’t plan, have you thought about how to cover $4,000 a month in nursing home costs if they get sick? Those numbers are scary bad.
Working until you become plant food isn’t a great idea. What if you get sick? What if you become disabled? What if you live until 110?
- Know that hope is a wonderful thing.
- Know that prayer is a wonderful thing.
- Know that optimism is a wonderful thing.
Understand none of those things are plans. I hope and pray for a donut to arrive. Ahhhhh. It’s not falling from the sky folks. I’ve got to make a plan to go get one.
You can make a plan.
Make a plan, to make a plan. Get it on the schedule.
Those things keep me up at night as I think about how best to serve and motivate you to DO SOMETHING. As funny and as handsome as I am – oh wait that’s Thor isn’t it – listeners of the Scott Alan Turner Show must DO things. And please, you need to freaking report back. It helps me sleep better. I know you’ll want to give me an update if you haven’t in a while, or you never did after getting your question answered.
The day I started doing the show it was so you could feel secure yourself and for your family. There was – and still is – a lot of bad advice out there. There is some good advice too. My job is to help you become debt free faster, save money faster, and build wealth faster.
Good advice becomes bad advice when it’s not the best advice.
That makes sense, right?
Good advice becomes bad advice when it’s not the best advice.
Just like a good banana, becomes a rotten banana, when it’s no longer a ripe banana.
That’s gold Jerry. Gold! I don’t even know where I pulled that one out of during the show prep. That’s manna from heaven right there.
Remember that, because you see it’s going to be a guiding light in your life. Everyone will agree: good advice, becomes bad advice, when it’s not the best advice.
- Good advice will get someone out of debt. But the best advice will get you out of debt faster.
- Good advice will save you money. But the best advice will save you more money, and faster.
- Good advice will help you build wealth investing. But the best advice will make your investments bigger and sleep as well as Rip Van Winkle.
Instead of feeling scary bad, you’ll feel wicked at peace.
- If you’re in your 20’s you’ve gotta have a plan to get to 20% savings, once the debts are gone. And you’ve gotta talk with mom and dad.
- If you’re in your 30’s, you’ve gotta have a plan to get to 20% savings, once the debts are gone. And you’ve gotta talk with mom and dad.
- If you’re in your 40’s it’s time to start estimating if you’re on track for retirement. Or do you need to pick up the pace and save more. And you’ve gotta talk with mom and dad.
- If you’re in your 50’s it’s time to stop hoping about the future. It’s time to start crafting the future you want. How much do you need? How long is it going to last?
- 60’s + above – do you have all your estate planning done? How long is the money going to last? How are you teaching your kids to follow in your successes and avoid your mistakes?
Just imagine sleeping through the night – after your milk and cookies before bed – and money doesn’t keep you up.
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