How to Make a RETIREMENT PLAN in 6 Steps (Financial Planning 2023)

Подписаться 25 тыс.

Просмотров 5 тыс.

50% 1

In this video I share 6 quick and easy steps on How to Make a FINANCIAL PLAN for Retirement. [You might also like this video...➡️ ROTH IRA vs 401(k): • Roth IRA vs 401k ] Saving money for retirement can be complex, but it can also be very simple. This retirement planning video is intended to help provide you with a template on how you can calculate & how you can make a financial plan for retirement.
-----
Call if you WANT TO ASK ME A QUESTION...
➡️ bit.ly/KSchollCoaching
-----
MY WEBSITE
👨‍💻 www.kscholl.com
-----
Support the channel - random referral links:
➡️ BLENDERS SUNGLASSES: Get $20 off your order of $50 or more: rwrd.io/dhqkw4a
➡️ Nice & affordable WATCH STRAPS from StrapsCo: strapsco.com/?ref=161
➡️ My MAGNETIC COLLAR STAYS on Amazon: amzn.to/3q70ZPE
➡️ Hey! I'm using SoFi INVEST 📊 to buy and sell stocks (and pieces of stocks) with ZERO fees. Open an Active Investing account with $100 or more and you'll get $25 in stock. Use my link: www.sofi.com/invite/invest?gc...
➡️ STUDENT LOAN REFINANCE WITH SoFi: www.sofi.com/invite/student-l...
➡️ 50% OFF QuickBooks Online Subscription for first 6 months: refer.quickbooks.ca/s/kylescholl
-----
➡️ Share this video with a friend: • How to Make a RETIREME...
-----
➡️ Subscribe for more videos: / @financial_awareness
-----
HAVE A SPECIFIC QUESTION?...SCHEDULE A FINANCIAL CALL WITH ME!
🤝 bit.ly/KSchollCoaching
-----
MY WEBSITE
👨‍💻 www.kscholl.com
-----
OTHER VIDEOS YOU MAY LIKE
Best Spac Stock (SoFi): • IPOE Stock - BEST SPAC...
401(K) Rollover Options: • 401k Rollover Options ...
401(k) VS Roth IRA: • Roth IRA vs 401k
Tax Rates: Marginal vs Effective Tax Rates: • Effective Tax Rate vs ...
Tax Bracket Management: • Tax Bracket Management...
Backdoor Roth IRA (how to do it): • Backdoor Roth IRA EXPL...
Roth Conversions EXPLAINED: • Roth IRA Conversion EX...
-----
Timestamps / Chapters
0:00 - Intro
0:24 - Step #1 - Start with WHY
0:46 - Step #2 - Identify Monthly Income
1:14 - Step #3 - Do some MATH
3:09 - Step #4 - Identify Sources of Income
5:15 - Step #5 - Identify Total Amount Needed
5:53 - Step #6 - How much to save per Month
8:09 - My Thoughts
ABOUT ME 👇
I've been involved in people's financial decisions for 15+ years (7 yrs Real Estate experience & 8+ yrs as a former Financial Advisor)...I now bring the financial successes, mistakes, failures, and best financial habits/tips to you through these videos.
My mission is to bring Financial Awareness to the forefront of your daily decisions so you can: improve your quality of life, increase your net worth, and grow upon your financial literacy. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, entrepreneur, and of course...my experience as a Former Financial Advisor.
This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience.
Subscribe if you are interested in:
#RetirementPlan
#FinancialAwarenessWithKScholl
#FinancialPlanning
DISCLAIMER: I am not a financial adviser or a certified public accountant. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.

Опубликовано:

31 июл 2024

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 22

@Financial_Awareness 3 года назад

➡️ROTH IRA vs 401(k) 2021: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-zNra51EEJ2c.html ➡️ Hey! I'm using SoFi INVEST 📊 to buy and sell stocks (and pieces of stocks) with ZERO fees. Open an Active Investing account with $5,000 or more, and you'll get $50 in stock. Use my link: www.sofi.com/share/invest/1736016

@ramzee2581 2 года назад

Thanks for the info K !! Happy thanksgiving

@Financial_Awareness 2 года назад

@Ram Zee - Happy Thanksgiving to you & your family as well!

@unorthodoxsavings9552 3 года назад

My retirement plan is set up pretty nicely, I follow similar steps in this video! I’ve been noticing you’re producing a lot more content recently I like the hustle !

@Financial_Awareness 3 года назад

@Unorthodox Savings - Thanks, Joe! Yeah we’ve done all the traditional stock market stuff for a long time and are just now dipping our toes into real estate...so you’re way ahead of me there man! Appreciate you!

@roburb73 3 года назад

My military retirement is not only a huge financial benefit with the pay, but that Tricare medical benefit is amazing.

@Financial_Awareness 3 года назад

@Rob Urb - Very grateful and appreciative of your service, Rob...thank you! Yeah, financial plans with multiple income sources (ss, pension, real estate, etc) ANNND stock market portfolio assets are top notch! Thanks for checking out the video, boss! I'll have to learn more about Tricare. Hey, I'm curious, does having those income streams impact your risk tolerance in selecting your stock market funds/tickers?

@roburb73 3 года назад

@@Financial_Awareness , To answer your question - ABSOLUTELY! I'm overly aggressive, to the point my planner tells me I may want to lower the risk a little. 🤣😀. I keep telling him I have a retirement, and my wife is a federal employee and she'll also have a pension at 57, and then we add SS for the two of us. I will.neber be worried "where the next paycheck" is coming from. My wife is in the most secure gig in the world and does well herself. With her income and my retirement, we will never make below $180K in today's dollars. Appreciate the words. I had a blast serving for the 27 years I did!

@Financial_Awareness 3 года назад

@@roburb73 - LOVE IT, brother! Get after it! Regarding risk, I tend to lean that same way as well...the larger and more diversified our wealth becomes the more risk I’m willing to take in a few concentrated areas. Good stuff, boss...appreciate you. 👍🏻

@peterkarantonis3495 3 года назад

Great video. Multiple streams of retirement income is similar to selling multiple product lines. Oftentimes, all sell good. Sometimes one is down and the others keep us afloat. Occasionally, two are down and one is increasing.

@Financial_Awareness 3 года назад

@Peter Karantonis - Love that! Nice to have some diversity in product lines and revenue streams. Appreciate you, Peter! 👊🏻👊🏻

@northinvestor 3 года назад

Great video sir with good advices! My goal is to aim to retire before my 30's!

@Financial_Awareness 3 года назад

@North Investor - Awesome! Hope you’re able to hit your goal! What happens during your retirement from 30’s+? Appreciate you taking the time to check out the video. Cheers!

@northinvestor 3 года назад

@@Financial_Awareness Thank you so much and actually I invest a lot on the stock market and at 22 while being a college student I have surpass the 100k on that point and with some friends we are looking to buy our first rental property and our goal will be to buy 1 new every year so like that we can go live in one and made the others work for us! With hard work I'm sure I'll succeed so after I will have the choice to do what I want!

@Financial_Awareness 3 года назад

@North Investor - That’s a great plan! Thrilled to hear that you have an outline to jump into real estate as a means to both keep you busy during your 30’s and beyond while building your wealth. When I read comments like this using the word “retire” I usually ask myself, “...what will they do with their time?” So, based on your last response what I presume you mean is financial independence by 30, BUT that you’ll keep working...by choosing to do what you want - real estate. As an elderly millennial myself who’s had a little financial success and an established family I will share that your life today in your 20’s will look very different in your 30’s (potentially different friends, relationships, possibly kids, possibly a higher/more expensive lifestyle, etc). Your life will evolve and your taste for nicer things may impact your ability to hit your F.I.R.E. goal...so keep an eye on your emotional decisions and make sure that you’re enjoying life while on the ride...we only live once. Enjoy it while you can. Lastly, dude, super proud of you to hit and surpass the $100k mark at such an early age...well done & keep it up boss! Appreciate you and happy to have you around the channel. Cheers!

@pedroneto6938 3 года назад

Thank you! Very helpful and clear.

@Financial_Awareness 3 года назад

@pedro neto - Thank you! Appreciate you taking the time to check out the video! Hope a few of my other videos are not a waste of your time. Cheers!

@angelap.1929 3 года назад

In other retirement videos it says expected growth 4% and on this video it says assuming 7% in the future right? How come? Is it possible? Realistically, what do you really believe? It is my understanding that %return isn’t even 1% now in days right? I’m new to all this… sorry!

@Financial_Awareness 3 года назад

@Angela P - No worries…great question. The average rate of return over the past 10 years for the Vanguard S&P 500 ETF (VOO) is greater than 10%. There is the actual rate of return over time that we can see in hindsight and then there is rate of return that you have to assume/project over future years…people typically use past performance as a reference/guide for what the hypothetical future performance could be…yes, it is possible to average more than a 7% rate of return…yes it’s possible to get 4%. The answer to how much rate of return you can hope for/expect is based partly on an investor’s risk tolerance and asset allocation. The more risk you take the higher the rate of return you would want. Realistically speaking, what I believe is irrelevant because I am merely a spec of dust in the overall picture of how the market could perform moving forward and I’m not in the business of making predictions. Lol. That said, if you have a long enough time horizon and a high enough risk tolerance then achieving a good rate of return is very possible. Also, and most importantly, your savings rate is a higher indication of your wealth building efforts having success…a 10% rate of return on $1,200 saved per year is only $120 of growth, but a 6% return on $3,600 saved per year is $216….so focus more on HOW MUCH you can save first then focus on how well to invest those funds to achieve the rate of return needed for you to accomplish your financial goal (which for most people is retirement). Hope that helps! Appreciate you checking out the videos! Cheers!

@abyadkheri7466 2 года назад

hello , my husband and I are 56 working self employed making 65000 a year, planing to retire by 65 what do you think best calculation for our Traditonal IRA step 3 was littil confusing

@MrCGorney 2 года назад

Love your videos. What is the benefit of a traditional IRA over a non IRA brokerage account? You get $6k of tax deduction but after that it seems to not be a benefit but I’m sure I’m missing something.

@Financial_Awareness 2 года назад

@Charles Gorney - Hey thanks man! Appreciate you taking the time to check out the vid and channel. Nah, you’re not kissing much…other than the immediate tax deduction the other huge benefit is tax deferred growth…vs a non-qual brokerage account that someone would trade in/out of often where you’d owe short term cap gains…or obviously long term cap gains taxes if you hold positions longer than 12 months. Personally, among other accounts, I own both Trad IRA and two brokerage accounts…each play a certain role within our financial plan. The brokerage accounts are for more short term to medium term goals and IRA is more long term…sometimes the investing within each account reflects those time horizons. Thanks for your question…hit me up if you have any more. Cheers boss!