Although many believe time is money, time is the one thing money can’t buy. The sooner you pay off your debts and establish an emergency fund, the sooner you can save for long term goals like retirement. 

To younger generations, retirement often seems too far away, but older generations have expressed their number one regret is waiting too long to start saving for retirement. However, young people tend to worry more about credit card debt, which can hinder progress toward building an emergency fund which helps ensure a strong financial foundation.

Regardless of age, the best way to prepare for your financial future is to follow the 5 Steps of Winning at Wealth.    

To review, the 5 Steps of Winning at Wealth are: 

  1. Understand what money is and how it differs from wealth creation.
  2. Learn to control your inflows and outflows with a budget like the 50-30-20 system. 
  3. Create an emergency fund to avoid liquidating long term investments. 
  4. Allocate your money in ways to productively grow it through investments. 
  5. Automate your actions and repeat the process. 

In this episode, John addresses common financial regrets and why it’s imperative to pay off debt, build an emergency fund, and save for retirement sooner rather than later. 

In this episode, you’ll also hear:

  • Top 3 financial regrets across different generations  
  • The impact of credit card debt on financial goals 
  • Advice for making wise financial decisions   

Must-listen moments: 

[00:02:21] Clearly, each year you wait makes the job of planning for retirement much more of a struggle.

[00:04:36] By not having an adequate emergency fund, you’re putting yourself at extreme financial risk and often will have no other way to deal with the burden except with high interest, expensive debt.

[00:10:25] Once you really understand how money works and put the process to work for you, you will begin to make progress faster than you could even imagine. The process of building wealth is extremely simple and largely under your control.

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Disclosure: The preceding program is sponsored by Fourth Avenue Financial, which is solely responsible for its content. Securities offered through J.W. Cole Financial Member FINRA SIPC, Investment advice offered through J.W. Cole Advisors. Fourth Avenue Financial, J.W. Cole Financial, and J.W. Cole Advisors are unaffiliated entities. The opinions expressed by John K. Burdette II should not be construed as specific investment, legal, or tax advice. All economic and performance information is historical and not indicative of future results. Investing may involve the risk of loss of principal. Any Tax advice on this show is not intended to be used by any person for the purpose of avoiding US federal or state tax penalties that may be imposed on such…