131: Back to Basics: Essential First Steps to Taking Control of Your Finances (rerun)
About this episode
The episode discusses essential first steps to take control of your finances, focusing on cash flow and the importance of an emergency fund.
"It's not about deprivation. It's about balance. It's about taking care of your today self and your future self." Join our hosts, Stephanie McCullough of Sofia Financial and Kevin Gaines of American Financial Management Group, as they simplify the world of financial planning, starting with understanding cash flow. They tackle how to monitor the inflow and outflow of your money, without yet worrying about its source or where it's going. Learn the importance of observing more than one month of data, as things can fluctuate from month to month. Stephanie and Kevin further explore the significance of setting up an emergency fund and how much cash you should ideally have available. Listen as they explain why it's essential to have a cash cushion to cover unexpected expenses. They provide insights on how to calculate the amount you should have in your emergency fund and why it may need to be increased if your future seems uncertain. Also, discover the differences between cash and investments, and why cash is best for emergencies. They discuss the different retirement savings and investing options available, such as 401(k)s, IRAs, and target date funds. Gain knowledge on the benefits of…
More episodes of Take Back Retirement
- 139: What Women Need to Know about Moving Investment Accounts
- 138: What Women Need to Know about the Estate and Gift Tax System (Rerun)
- 137: Rethink Retirement: Taking Charge of Your Next Chapter with Andi Simon
- 136: 10 Things To Do When You're 10 Years Out From Retirement
- 135: Smarter Social Security: Getting What's Yours Without Panicking
- 134: Impact Investing for the Rest of Us: Making a Difference Without Millions with Missy Sue Mastel
Explore listener stats, chart rankings, contacts and more on the Take Back Retirement podcast page.