The only thing harder than getting a coin is keeping a coin, especially when the cost of education, affordable housing and good avocado toast just keep rising! Join Syd and Special Guest, Kevin L. Matthews II, for a Sugar Free discussion about finances, 401(k)’s, Investing and building generational wealth.

Kevin Matthews is a former Top 100 financial advisor (as named by Investopedia) and founder of @BuildingBread, a financial education consultancy designed to educate and advise both organizations and Individuals on the basics of financial literacy, investing and retirement  planning. He has managed over $140mm during his financial advising career and is author of the best-selling book— Starting Point: How to Create Wealth that Lasts. For more information on Kevin, visit www.buildingbread.com.

ENROLL IN A COURSE: Ready to start investing but don’t know where to start? Take one of Kevin’s AMAZING financial literacy and investing courses by clicking this link: https://buildingbread.thinkific.com/?ref=85305c

Show Notes

I read an article recently that stated 60% of Millenials making over $60,000 live paycheck to paycheck. What factors/obstacles are keeping us from financial stability?

• Inflation is outpacing earnings
• Cost of living is too high
• College tuition is too high
• Childcare is expensive

How much of your current salary should you be saving for retirement?

• 12-15% including any matching or contributions provided by your current employer. However, you can work up to that gradually if you’re not ready to put a full 12
• The goal for a comfortable retirement should be to save at least $2.1 million or 25x your current salary for retirement. Start NOW.

Is $100k still THE marker for financial stability?

• It depends on your location. One hundred thousand dollars may be enough if you live in Oklahoma, maybe not if you live in New York.
• Generally the marker for annual earnings is probably closer to $125,000 for financial stability but may go up or down depending on location
• You should be striving to have a solid structure and plan in place to achieve financial stability. The plan should include paying your bills, emergency savings, investing and saving for retirement.

How much do children cost?

• The average cost for caring for one child is $300k-$400k from age 0-18 years old, but you don’t need all of that on day one.

What tools do you recommend for new investors?

• Public – a social media app for investing

Best advice for saving and investing

• Start now and be consistent
• The key to investing is time and consistency. Small amounts add up to sizeable amounts over time.
• You can save and invest no matter how much you’re making. If you had put $100/mo in Google stock from 2012-present, you would have $74k now. It’s okay to start small.