Ep 56: Can You Keep Putting These Financial Matters Off?

Quick Preview

We’re all guilty of procrastinating from time to time. But today we’ll share some financial matters you want to be on top of and others you can take your time with. From taxes to debt, find out what you need to know about these money tasks.

Subscribe With Your Favorite App

YouTubeApple PodcastsSpotifyGoogle PodcastsAmazon MusicTuneIniHeartRadio

Show Notes

When it comes to your finances, there are some things you need to take care of immediately and others you can let slide for a while. Today we’re sharing some must-do money matters and some you don’t have to worry about right now.

Deferring taxes

Should you put off deferring taxes? This one depends. You can defer taxes by putting money in your 401ks, IRAs, 403bs, 457 plans, etc. It depends on what you think tax rates will be like in the future.

Debt

This one is like failing to exercise. If you fail to do it, it snowballs and puts your health in a bad situation. The same it true with debt. It’s really bad to put it off. You don’t want to pay a bank for money.

Estate planning

It is bad to put this one off. People procrastinate on this and then lose a loved one and find out why it’s bad to put this off.

Social Security

Is this urgent? It depends. You can take a reduced amount at 62 or get more at age 70. Every year you wait, you get an 8% bump.

Building a plan

Can you wait to put together a financial plan? No, you shouldn’t wait. Today is always the right day to put together a financial plan.

Listen to more of our conversation in the full podcast or use the timestamps below to jump to a specific section.

Use the timestamps below to jump to a specific section. 

[5:28] – Deferring taxes

[11:22] – Debt

[14:59] – Estate planning

[18:43] – Social Security

[22:26] – Building a plan

[26:17] – Mailbag: Mom’s house

Thanks for checking out this episode. We’ll talk to you again soon.

 

“The word “recession” – I think we automatically tie it to the stock market.”

-Scott Sierens