Nov 9, 2024
How do you know if you're financially fit?
Doug Hoyes and Ted Michalos break down the essentials of financial "fitness", covering the importance (or unimportance) of positive net worth, stable cash flow, emergency funds, retirement planning, life insurance, budgeting, and more. This episode is packed with expert insights to help you evaluate your financial health and make informed decisions for a financially “fit” future.
Timestamps:
(0:45) – Ted Michalos on Financial Literacy Month
(2:00) – What does it mean to be financially "fit"?
(3:35) – Defining positive net worth and positive cash flow, which is more important?
(7:30) – Example of a cash flow analysis
(9:10) – The importance of an emergency fund (do you need one?)
(12:00) – Is a retirement plan essential?
(14:30) – Financial jargon sounds complex – Doug and Ted keep it practical
(16:00) – Do you need a budget or any financial plan at all?
(21:30) – Setting a savings goal: Why it matters
(24:30) – Life insurance and financial security
(25:00)
– Final financial literacy advice from Doug and Ted
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Disclaimer:
The
information provided in the Debt Free in 30 Podcast is for
entertainment and informational purposes only and is not intended
as personal financial advice. Individual financial situations vary
and may require personalized advice from a qualified financial
advisor. Always consult with a financial professional. The views
expressed in this episode do not necessarily reflect the opinions
of Hoyes, Michalos & Associates, or any other affiliated
organizations. We do not endorse or guarantee the effectiveness of
any specific financial institutions or strategies
discussed.