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Published Jun 10, 2024

Clever Hacks to Help You Thrive Financially

Rachel Cruze offers clever hacks for thriving financially by sharing insights on debt-free living, effective budgeting, and smart investing strategies. The episode empowers listeners to gain financial security through mindset shifts, practical tips, and the wise use of tools like high yield savings accounts.
Episode Highlights
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Episode Highlights

  • Smart Investing

    emphasizes the importance of working with a professional for smart investing. She shares that having an expert in your corner can help navigate the complexities of retirement accounts and mutual funds, ensuring long-term financial growth 1. Rachel also highlights the significance of budgeting as a tool to create investment margin, stating, "Tell your money what to do, and when you have a plan, you're going to feel like you got a raise" 1. Additionally, she advises starting early to benefit from compound interest and stresses the need for personal responsibility in maintaining consistency in investments 2.

       

    Retirement Challenges

    Rachel discusses the challenges Americans face in retirement planning, noting that many struggle to make ends meet, which complicates saving for the future 3. She stresses the importance of wise money management and investing as powerful wealth-building habits, despite their complexities 4. Rachel offers hope by suggesting that with the right strategies, such as budgeting and investing 15% of income into retirement, financial security is achievable 3.

       

    Investment Options

    Exploring retirement investment options, Rachel highlights the disparities in access to retirement plans like 401(k)s and Roth IRAs in the US compared to other countries 5. She advises maximizing employer match contributions and considering Roth IRAs for their tax-free growth benefits. Rachel warns against early withdrawals from retirement savings, emphasizing the importance of having an emergency fund to avoid "leakage" 6. She explains, "When you leave your money in there and let it grow over time, you're going to earn a lot more" 6.

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