A financial setback could hit any of us at any time. How will you rebound? What steps should you take first and what financial changes should you make? Managing money in a crisis if FAR different than following the normal rules, and today’s guest, Michele Cagan, knows first-hand what it’s like to experience a major financial setback. Today she’ll share her journey and advice for you if you’ve suffered a health crisis, divorce, death in the family, disability, or any other of life’s crises.
During our headline segment, we dive into a piece about life expectancy in the U.S. and how it could impact your financial plan. Assuming a life expectancy that is too short or too long can both lead to problems with your plan. We also listen to a TikTok video about real estate investing and the power it could have on your financial freedom (but don’t worry, we’ll give you our brutally honest opinion on that and share some of our own stories).
We also help answer Scottie’s question about rolling over an old 401k during our Haven Life line call. Scotties a proud Iowan! …and we’ll be sure to include Doug’s trivia!
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- U.S. Life Expectancy Fell by 1.5 Years in 2020, the Biggest Decline in Generations (The Wall Street Journal)
- Fueling the FIRE movement: Updating the 4% rule for early retirees (Vanguard)
Our TikTok Minute
Big thanks to Michele Cagan for joining us today. To learn more about Michele, visit her website. Also grab a copy of her book The Financial Recovery Workbook: A Step-By-Step Plan for Regaining Control of Your Money and Your Life During and After a Personal Financial Crisis.
- The first email was sent in 1941. What addition to the message officially made the message an email?
Need life insurance? You could be insured in 20 minutes or less and build your family’s safety net for the future. Use StackingBenjamins.com/HavenLife to calculate how much you need and apply.
- Scottie’s wife recently quit her job and wants our advice on whether to roll over her 401k to an IRA or leave it be.
Want more than just the show notes? How about a guide with STACKS of related, deeper links?
- Check out The Stacker, our email that comes with every Monday and Wednesday episode, PLUS a list of more than 19 of the top money lessons Joe’s learned over his own life about money. From credit to cash reserves, and insurances to investing, we’ll tackle all of these. Head to StackingBenjamins.com/STACKER to sign up (it’s free and we will never give away your email to others).
Check out these shows Joe was recently interviewed on
- Joe was interviewed by the Texarkana Gazette for their new podcast
- Joe was also on the Weiss Investor Podcast to share his financial story
- We talked to David Greene from Bigger Pockets about real estate investing and the BRRRR method: A Better Way To Buy Investment Real Estate With David Greene.
- Paul Merriman talked to us about spending habits and investing young: 5 Million Dollar Ideas (with Paul Merriman)
- Jane Bryant Quinn joined us to talk about ways to make your money last your lifetime: Make Your Money Last (with Jane Bryant Quinn)
- We talked to Nicholas Stuller about hiring the right financial professional and asking the right questions: How To Hire The Perfect Advisor (for you), with Nicholas Stuller
- Amanda Lannert joined us to talk about employee benefits and how to navigate them: Ultimate Guide To Workplace Benefits (with Amanda Lannert)
- Beating The Street by Peter Lynch. Get a copy here.
Written by: Brooke Miller
Miss our last show? Listen here: Six Investing Mistakes That Keep You Poor