reitre wealthy

How to Improve Your Financial Health and Retire Wealthy – GDP018

3 Easy Ways to Save and Retire Wealthy

Setting a goal to improve our financial health and retire wealthy can be daunting.  We ask ourselves questions like:

“How much should I set aside per month?”

“There are so many choices when it comes to investment funds, which should I choose?”

“How do I save enough money to retire wealthy?”

At times, all we need is some guidance and an advisor to help guide the way.

In this episode, we interviewed Brian McGraw and Jon Graf.  Both are financial advisors and our show sponsors.  The advice given by the both of them in this interview is a game changer.

Key Takeaways from Episode

1. Have a written plan to retire wealthy
2. Stick to the plan
3. Protect the plan
4. The differences between Roth IRA, 401K, and Targeted Retirement Date Funds
5. The percentage of income you should be saving every month for retirement
6. Ways to be disciplined and stick to a plan
7. Why it’s important to protect your plan and family

Tip #1:  Retiring wealthy starts with having a written plan and saving now

In 1996, there was a great book written by Thomas Stanley called “The Millionaire Next Door.”  It was proven that most millionaires did three critical things to ensure they retired wealthy.

First, they had a written plan.  A written plan will give you a roadmap, some direction, and a goal to strive for.  Plus, the visualization of actually “putting pen to paper” and writing down your goals for retirement make them more realistic and visual.

Second, self-made millionaires live within their means.  Meaning, a lot of self-made millionaires start their professional lives living within a budget.   In this episode, both Brian and Jon explain why living on a budget doesn’t have to a challenge.  In fact, most of the time, it is simply shifting minor spending habits.

Third, most self-made millionaires started saving at a young age.  The younger you are when you start saving, the less you have to save and the easier it is.  However, Jon and Brian explain why it is never too late to start saving.  Even if you are well into your forties and fifties, there are programs and plans you can implement that can make a drastic positive impact to your retirement goals.  The worst mistake is never saving anything.

Tip #2:  Retiring wealthy means sticking to the Plan:

There are several different investment options out there.  One of the best ways to plan for the future is to be prepared for peaks and valleys in income.  Challenging situations can show up in several different ways in our lives and it can be tempting to pull money out of your retirement to pay for something you think you need now.  Ensuring that you put enough money into an emergency fund can definitely help cushion an unexpected financial blow.

Another way to stick to a plan is make sure you are diversified with assets.  In this episode, Brian and Jon explain the clear differences between a traditional 401K, a Roth IRA, and target retirement date funds.  There are tax benefits of each plans, however, Jon does a great job of clearly explaining the differences and advantages of each.

Finally, when we think about sticking to a plan, it doesn’t just mean we don’t dip into our retirement too early.  It also means, realizing that the market will go up and down.  As a result, our retirement funds will also go up and down.  Jon does a great job explaining why it is human nature to want to change an entire strategy or pull our money out of the market all together when the market takes a downturn.  Jon explains the theory of “buy on fear and sell on happiness” when it comes to sticking to your plan.

Tip #3: Retiring wealthy means protecting your plan

Would you ever think of driving your kids in the car without their seatbelt?  If you are here and reading this blog, then I imagine the answer is “Absolutely not!”  As parents, we want to do everything in our power to protect and provide for our family.  To protect our family against harm is literally wired within our DNA.  So, when it comes to protecting our family, we need to make sure they are protected if anything should ever happen to us.

Brian explains saving money to retire wealthy is an outstanding “offense.”  However, we have to think about having a “defense” as well.  Being able to provide income to protect and provide for our families is one of our most valuable assets.  We insure our homes, cars, and even new electronic devices.  So, why wouldn’t we insure the most important asset we have…our income?

Free Resources:

Check out a free chapter from: THE DAD’S EDGE on UNLIMITED PATIENCE HERE

Check out this free resource on: CONNECTION WITH YOUR SPOUSE

Check out this free resource on:  CONNECTION WITH YOUR KIDS

Links

Links and Books Mentioned in this Episode

Connect with Brian McGraw and Jon Graf:

Brian McGraw:

Jon Graf:

Thank You!

Thank you so much for checking out this episode of The Good Dad Project. If you haven’t done so already, please take a minute to subscribe and leave a quick rating and review of the show on iTunes by clicking on the link below. It will help us to keep delivering life-changing information for you every week!

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Trackbacks & Pingbacks

  1. […] Check out Episode 18, with Brian McGraw and Jon Graf from Thrivent Financial. These guys give excellent strategies for financial peace of mind. Also, if you haven’t read Dave Ramsey’s book, “The Total Money Makeover” …check it out. […]

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