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172 Past Due – How Am I Ever Going To Retire?

by Derek Sisterhen on September 12, 2011

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Past Due: Radio 172 – How Am I Ever Going To Retire?

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How am I ever going to retire? I’ve probably gotten that question a hundred times over the past few years. Given the Great Recession and market volatility, it’s easy to understand the concern of so many around us that they won’t have enough money for life after work.

Today we discussed some of the flawed logic behind the notion of “retirement”. I shared some of the wildly outlandish visions I had for my own retirement at one time, and how the force of our culture plays a big role in creating a discontented spirit toward the later years in life – particularly if savings is low.

We also covered:

1) A recent study showing that if most people had to pay for the kind of retirement they desire, they would need annual retirement income of 135% of pre-retirement income; talk about expensive taste!

2) The math Certified Financial Planners use to calculate how much you’ll need in savings in order to withdraw an annual “income” similar to your former income in your retirement years.

3) The notion that one should never retire, but use their vast experiences and skills to impact those around them and their community.

If you have a specific question, I’d be happy to answer it and further cultivate the wisdom of the Past Due Radio masses. The experiences of our listener base provide plenty of insight we all can learn from; don’t hesitate to ask – I’m happy to help!

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171 Past Due – Should I Delay Debt Freedom To Be A Best Man?

by Derek Sisterhen on September 5, 2011

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Past Due: Radio 171 – Should I Delay Debt Freedom To Be A Best Man?

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BJ and Sylvia wrote in from Germany looking for guidance on a dilemma: Do they attend BJ’s brother’s wedding (BJ being the best man, by the way) and delay debt freedom, or continue with their plan to become debt free and disappoint their family?

Talk about a can of worms! But hey, that’s life and money, isn’t it?

Because of the cost of travel back to the U.S., recent unexpected expenses, and changes in income, this is no little decision. Add to that the pressure of family expectations, and you have a recipe for major stress.

Today, we helped BJ and Sylvia by:

1) Discussing that there is an opportunity cost of getting out of debt – all those opportunities we have to say, ‘No’ to – and that we must assess just how much that cost weighs in our current strategy toward debt freedom.

2) Covering the four lists that everyone should make upon committing to getting out debt and controlling spending:

  • List of goals for the next 6-12 months
  • List of current expenses
  • List of reasons to use emergency savings
  • List of reasons to suspend the debt snowball

3) Unpacking the other areas where family and money tend to intersect – like Christmas, wedding and baby showers – and how to set the appropriate boundary so that you invest in those relationships without short-changing financial goals.

If you have a specific question, I’d be happy to answer it and further cultivate the wisdom of the Past Due Radio masses. The experiences of our listener base provide plenty of insight we all can learn from; don’t hesitate to ask – I’m happy to help!

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Past Due: Radio 169 – The Financial Plan For The Non-Conformist Family

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Josh and Sarah Gordon of thenonconformistfamily.com have agreed to be guinea pigs in the PDR lab! In their effort to avoid mediocrity, they’re seeking direction on some huge financial goals in their new world of self-employment.

Today we assessed their goals for the next 12 months, their income and expenses, and I issued a 30-day action plan for them. Here’s what we know about them:

Goals:

  • In the next 12 months, they’d like to pay off $10,000 in student loans and save an emergency fund of $2,500
  • They want to give away three $1,000 awards to people creatively addressing social concerns
  • They intend to live unconventionally (in tents, cabins, or vehicles) and travel extensively in North America

Income & Expenses:

  • Income – $2,904
  • Expenses – $2,012
  • Net Income/(Loss) – $892

30-Day Action Plan:

Over the next 30 days, The Non-Conformist Family needs to focus on two initial goals:

1) Tracking every dollar they spend to determine the accuracy of their planned spending (and cash flow potential)

2) Funnel every bit of extra cash flow into their emergency fund

In the days ahead, we’ll be revisiting The Non-Conformist Family to see how they’re progressing, answer questions as they arise, and provide guidance for them on their journey.

If you have a specific question, I’d be happy to answer it and further cultivate the wisdom of the Past Due Radio masses. The experiences of our listener base provide plenty of insight we all can learn from; don’t hesitate to ask – I’m happy to help!

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163 Past Due – Teaching Your Kids About Work And Reward

by Derek Sisterhen on June 24, 2011

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Past Due: Radio 163 – Teaching Your Kids About Work And Reward

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Susan and William of Raleigh, NC are the winners of the Kids & Money Contest! They wrote in about the numerous financial mistakes they made as a young couple and how they’ve systematically begun teaching their children – all four of them! – how to avoid them. In the years since getting married, Susan and William have paid off their debt and are working with each of their children to understand healthy, wise money management.

Today, we talked about the importance of connecting work with reward early in your children’s lives so that they understand the concept of earning what they want. We also discussed the need for parents to help their kids uncover their passions, and how work can assist in this effort.

In addition, we addressed the three camps that parents tend to fall into regarding teaching children the connection between work and reward:

1) The “Kids Should Just Be Kids” camp – they’ll have all their lives to work

2) The “No Work – No Pay” camp – kids work on commissions and only get paid for the jobs they do

3) The “Apathy” camp – mantra: “Oh, they’ll just figure it out”

Hanging in the balance is the legacy of the parents – whether positive or negative.

If you have a specific question, I’d be happy to answer it and further cultivate the wisdom of the Past Due Radio masses. The experiences of our listener base provide plenty of insight we all can learn from; don’t hesitate to ask – I’m happy to help!

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Too Bad Teenagers Can’t Hang Out At Sky Mall

September 20, 2010

In the month of August I spent 26 hours in seven airplanes. And not one of those seven airplanes was absent a complimentary copy of Sky Mall, the shopping catalog so transcendent, so magnificent they can’t even keep it on earth. It can only be enjoyed at 32,000 feet. Have you ever found yourself wondering […]

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123 Past Due – Kangaroos, Blue Jeans & Lessons In Economics

September 17, 2010

Past Due: Radio 123 – Kangaroos, Blue Jeans & Lessons In Economics Right-click to download Send me your feedback or leave me a voice mail: (919) 374-0501. Leave a review on iTunes “I come from a land down under!” This was my first live show back from my trip to Australia. The trip was full […]

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120 Past Due – Budgeting For Happy Wanderers

August 25, 2010

Past Due: Radio 120 – Budgeting For Happy Wanderers Right-click to download Send me your feedback or leave me a voice mail: (919) 374-0501. Leave a review on iTunes My wife and I love to travel.  We love going to far-off places, meeting new people, and experiencing the local culture.  The problem is that this […]

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Don’t Let Your Vacation Follow You Home!

May 20, 2010

How you prepare for travel and vacations can make or break how you achieve other financial goals. Here are a few ideas to plan your vacations so you remember them with smiles, not frowns.

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