Business Owners Resource Network

February 14, 2009

What is the lucky number?

Filed under: Financial Services — cresslinger @ 6:21 pm

images2In the spirit of yesterday…”Friday the 13th,”  the lucky number 13.  Lets talk about a question I get all the time from clients and potential clients.  “How much should I be saving/What is the lucky number?”  This is a relative question and requires a little more in depth questioning than just a generalized answer.  Each situation/person is different in the goals they set for themselves in the short term and long term.  Do you want the vacation home?  Travel?  Play golf all everyday?  All of these questions have an impact on how much would need to be saving to fund these lifestyle choices.  

My rule of thumb is to set aside at least 10% of your income.  Most people I talk with get overwhelmed with the idea that they need to save at least 10%, but do not take into consideration that it does not necessarily have to be all invested.  A lot of the times they are already doing that with contributions to their company 401K and personal savings accounts.  Ideally over time it should be a goal to increase that number to 20%.  

Everyone should be creating different buckets of money for certain goals that have different time horizons.  My next post we will discuss the different buckets and pros/cons of each.  

How much are you saving? 

Chad Esslinger, HighPointe Financial Group.  913-234-0307

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