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What We’ll Cover
Kealan and Cody dive into another listener Q&A where they answer the question, “How does setting a finish line affect saving for retirement?”. As with many things, setting a financial finish line flips around much of the traditional personal finance wisdom. Kealan and Cody first break down some of the traditional wisdom on saving for retirement. Afterwards, listen as they share their thoughts on how setting a finish line changes our strategy and goals for retirement.
Quotes to Remember
- “If you can say, this is a lifestyle that I am perfectly happy with, and will be into retirement, then you can get a ballpark estimate for what it will cost to fund that.”
- “You can make the mistake of putting so much energy into the forward looking mindset of saving for retirement that you miss out on all sorts of opportunities for generosity and the rich life that Paul talks about.”
Links from the Show
- Finish Line Calculator
- Finish Line SPRINTs
Bible References from the Show
1 Timothy 6:17-19 | The Uncertainty of Riches
17 As for the rich in this present age, charge them not to be haughty, nor to set their hopes on the uncertainty of riches, but on God, who richly provides us with everything to enjoy. 18 They are to do good, to be rich in good works, to be generous and ready to share, 19 thus storing up treasure for themselves as a good foundation for the future, so that they may take hold of that which is truly life.
Luke 12:16-21 | The Parable of the Rich Fool
16 And he told them a parable, saying, “The land of a rich man produced plentifully, 17 and he thought to himself, ‘What shall I do, for I have nowhere to store my crops?’ 18 And he said, ‘I will do this: I will tear down my barns and build larger ones, and there I will store all my grain and my goods. 19 And I will say to my soul, “Soul, you have ample goods laid up for many years; relax, eat, drink, be merry.”’ 20 But God said to him, ‘Fool! This night your soul is required of you, and the things you have prepared, whose will they be?’ 21 So is the one who lays up treasure for himself and is not rich toward God.”
Matthew 6:19-21 | Where Your Treasure Is, Your Heart Is
19 “Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal, 20 but lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in and steal. 21 For where your treasure is, there your heart will be also.
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