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unfortunately I do sometimes wonder
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whether my industry the retirement
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advising industry is unnecessarily we in
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a group of the US population that
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frankly many of you my viewers are part
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of and that's the group that's very good
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Savers already and perhaps you're too
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good of Savers and you're sacrificing
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your journey so in today's video I'm
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going to share with you five thing five
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signs that you might be over saving in
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un necessarily sacrificing having fun
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today in order to prepare for a stronger
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and a a brighter future so let's jump in
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and the first one is if your favorite
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word is someday you know someday I'm
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going to go on a trip you know to to New
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York City and and and see the sky
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skyscrapers and and go to some shows and
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if someday maybe isn't coming like you
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thought it would you know if you thought
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you were sacrific ing for a year or two
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maybe you're sacrificing when you're
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putting yourself through college or
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trade school and you said when I get out
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of out of this then I'm going to splurge
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on myself and do some nice thing so if
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your favorite word is someday and and
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MPA guilty is charged it happens to me
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sometimes as well so that's the first
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sign the second sign is if you're
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putting off Adventures if you're putting
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off opportunities to improve yourself
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and to continuously grow and
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continuously learn because it's it can
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be
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expensive right for instance one of the
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things I like doing my adventure right
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now is is travel traveling to different
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countries but you know I have a tendency
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to only go on these trips when I can
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score a really good deal on airfare and
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you know what sometimes like I'm here in
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New York City right now and it's as I
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record this it's early fall and it's
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absolutely gorgeous here so could I have
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gotten lower airfare in February when
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it's cold and and glue me out probably
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um un fortunately for me I was able to
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get inexpensive airfare in the fall but
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if you're postponing Adventures if
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there's things that you want to do um if
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there's things that people that you love
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people in your life that want to do but
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you're constantly pushing it off and
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saying well we'll do that someday but
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you're you're postponing these
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Adventures or you're postponing learning
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either new hobbies or maybe new skills
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now learning new skills probably is
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going to have a pretty good return on
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investment for you but what about new
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hobbies I would argue that that's the
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spice of life that that's the return
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that all of us want which is the joy how
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much joy am I getting out for out of
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this investment and there's there's a
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really good book that talks about that
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it's called it's got a strange title
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admittedly it's written by Bill Perkins
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and it's called die with zero that talks
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about there's these periods of time that
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make sense for us to to do certain
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activities for instance if you've got
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young kids you know going to Disney
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World is probably something you want to
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do before they're teenagers and they get
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jaded uh and and and they're cynical
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right so there's a a pocket for that and
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then there's also a pocket for
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um a period of time that makes sense for
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us to do the activities that we we want
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to do I learned to skateboard I learned
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to surf in my 50s um and and I'm no
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longer in my 50s and I'm really glad I
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did that because it was easier to bounce
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back when when I wiped out um after that
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I could still learn to do those things
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now but you know my my my teenage years
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were the best years to have learned that
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but I didn't do that so if you're
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postponing Adventure
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the next one
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is sometimes when we're good at saving
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money sometimes when we're good at
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investing money we're afraid to take
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risk maybe we have a job that pays
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really well but maybe it requires us to
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work 10 or 20 hours a week more than
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what we wish we had to maybe we're
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working 50 or 60 hours a week instead of
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40 and maybe there's another job that
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doesn't pay as much but would give us
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better quality of life and maybe we're
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afraid to do that because you know we
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don't want to give up that salary or
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maybe in the back of our minds we know
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that there's another chapter in our
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lives and we want to switch careers but
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we're fearful to give up that warm and
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cozy feeling that we have in our current
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career that we know we're good at that
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we've done for 5 10 15 or 20 years so if
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you're afraid to to take risk that might
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be a sign that you're saving too much
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that you're not enjoying the journey
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along the way now I'm not saying that we
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should sacrifice our financial security
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and so for Point number three I want to
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share with you what the Fidelity
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Investments Fidelity is one of the
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largest custodians in the United States
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they have a report that they put out and
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they say this is how much money you
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should Benchmark to save by age and I
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want to share that here cuz if if you're
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three four five times the amount that
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Fidelity is saying you should have saved
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at a certain age maybe you can afford to
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ease off the throttle a little bit I'm
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not I'm not saying to not save any more
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money I'm not saying to put your
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financial future at risk but I'm saying
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to blend it to to to seek you want both
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if you can you want to enjoy today and
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also um prepare for a secure future but
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Fidelity's numbers would say
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by the time we're 30 years old we should
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have one times our salary saved by the
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time we're 35 years old we should have
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two times our salary saved by the time
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you're 40 we should have three times our
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salary saved by the time we're 45 we
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should have four times our salary saved
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by 50 we should have six times so let's
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say you're making $100,000 a year and
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instead of
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$600,000 which is what Fidelity saying
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you should have saved at 50 let's say
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you've got $2.5 million saved I'm just
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throwing out numbers maybe you're 30 and
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and and you're making 50,000 a year
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instead of having $50,000 saved maybe
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you've got $150,000 which is saying
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you're you're ahead of the game and
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maybe you can you can ease off that
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throttle a little bit let me just finish
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the Fidelity table people 55 Fidelity
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saying they should have seven times
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their salary say people 60 Fidelity says
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eight times and by the time you're 67
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you should have 10 times your salary if
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you're making 50,000 a year that would
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be$ 500,000 you're making $100,000 a
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year that would be a million dollar but
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if you're way ahead of that maybe that's
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a
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sign that you can you can ease off the
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throttle a little bit and then I also
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want to talk about as we get older as
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our savings start to to accumulate our
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money starts working harder for us than
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we're working for our money because the
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growth on that existing base and a great
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place as our money's working harder for
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us a great place for us to buy back some
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of our time to throttle back to work
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less is to hire other people for tasks
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that are easy to hire other people for
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I'm thinking like you know for me mowing
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the lawn um when my kids were young I
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wanted them to see Dad out mowing the
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lawn so I mowed the lawn but you know
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what when they went away to college I
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paid somebody to do that and we've paid
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somebody we haven't always paid somebody
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to clean our house but we do now those
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tend to be the easy ones and the other
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big bang for the buck might be investing
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in our health and maybe that means
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somebody does some meal prepping for us
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to make that easy or uh there's
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different services for like $100 a year
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you can get groceries delivered to your
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house um this is not sponsored by the
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Walton family and Walmart but um Walmart
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plus offers grocery delivery and it's
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one of the best $100 I spend a year so
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if you're not having other PE if you're
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not buying back your time maybe it's
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time to think about throttling back and
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if you also want to see not just how
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much you should save which is what that
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Fidelity report was but what the average
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income is for retirees in the United
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States that's why I made this video up
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here take a look I think you'll find it
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fascinating I suspect you're doing
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really well I'll see you in the next
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video thanks for watching this one
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byebye
