Jeff, Massey, David Bach discussed on Massey on Money

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Be giving you ways to connect with Jeff you're coming up a little bit later in the show it is a special edition of Massey on money today special guests coming up just moments from now we sit down with a best selling author David Bach he shares with us about his brand new book that has just come out it's called the latte factor and we find out why he wrote it and what it means to him his family what he hopes it will mean to you and your family when it comes to finances for all generations and we talk with David just a little bit from now so make sure you stay tuned to that and Jeff I know you're proud dad you're also proud grandfather here and I was thinking about about just the advent of those children being born I have three myself and you never really truly feel ready for kids do you I mean think back you have when you had your first did you feel ready for that child to be born no absolutely not and I think most people that I know that first child coming around you know might have been a bit of a surprise me the moderates of general plans about when to have children but when it happens it's like oh wow all right yeah I'm gonna be a father no well what we do and that's a whole new phase of life and you have some interesting conversations with your spouse about what's going to happen in this a lot of disconnect with people when they when they were you know about to get married or when they're planning on getting married and having children yeah I just read an article in the paper recently where this lady was writing and saying Hey you know we should be getting married soon he wants to have a child right away but I would like to wait a little bit I would like to add a couple of years you know how to YA present that conversation with him without breaking his heart I would go well it's kind of interesting because if you don't agree and having children I'm thinking that's a pretty important conversation they have with you soon to be spouse boy it sure is that would be up there at the top of the list for me and you bring up some good points there just feeling maybe not one hundred percent ready because you don't know what to expect you've never walked to that that path before and it may be the same is true for when you bought your first home or started a new job in any new phase of life Jeff was it whether it's Perrin heard or whatnot it brings those new challenges what do we do as humans we adjust we tried a test at least but I wondered this Jeff how does someone adjust how could I adjust to our listeners adjust if they were forced into retirement earlier than expected how often do you see that concerns about being forced to retire or maybe just not being ready and and having your hand your hand pressed in that matter what do you tell people you know lately we haven't seen it quite as often but when the market tank back in it earlier oh nine you know a lot of companies cut back in a lot of people the way I put it were in invited to retire early you know that's a nice way of putting it yeah I mean they're they're job was just cut out from under them and many people just weren't prepared because many thought well I'm I'm gonna work on the five six seven years and all of a sudden they lose their job and they've been at that job in some cases for decades and built up a very strong salary at that company and now it's gone and then where they have to do and they have to kind of circle circle the wagons so to speak the kind of figure out all right I need to be protected I have first and then how do I go about correcting this situation that I'm now found and it's different for everybody but the primary focus is to determine what are your expenses and what's your income going to be and once you get those two things under control you can maybe breathe a little easier Jeff no one wants their hand forced especially when it comes to their retirement date but let's talk about some of the things that could cause us to have to retire early for whatever reason well one of the bigger ones you know sadly is when people all of a sudden have a severe health of it no if they diagnosed with cancer or something you know tough like that that that could be life and you know and they may have to retire early and much earlier than anticipated so that's a big one and another one I mentioned a moment ago was haven't seen as often but if an economic downturn happens and companies are just cutting back well that's that's a more probable one to happen more across the board and that we do see on a fairly regular basis we had somebody come in recently he was the chief financial officer of a big firm and he knew that guns sold out and was kind of anticipating that something would happen but here is sixty years old and now that job is gone and he's at a point where you know Gee whiz I'm sixty you know should I just stay retired can I afford to stay retired or should I go back to work you know I had a job that was all consuming he said my job was my life you know worked into the evenings every night you know not all of sudden go from that to she was I don't have any hobbies and what am I going to do with all this time I have a my hand so it's a it's a big transition so that's an important one and you just have to kind of figure out you know what step should you should you be taking you know and what do you want to do so when it comes to being faced or forced with an early retirement he was a lot of things you have to consider so we put together a checklist that can help you prepare for retirement whether it's the retirement time line you were expecting or all of a sudden it was pushed upon you either way we think our checklist to be very beneficial for you to get and if you'd like to get a free copy of this checklist all you need to do is text the word checklist two four oh one two hundred seven two hundred and we'll we'll get that checklist out to you again just text the word checklist you don't need to send any kind of message just checklist two four one two hundred seven two hundred again two hundred seven two hundred and we'll get that checklist right out to you and just website if you'd like to learn more is Massey on money dot com I'll spell Massey for you it's M. A. S. S. E. Y..

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