Episode 7: How To Have $1,000,000 at 65 - A Roadmap For Achieving Long-Term Financial Goals

10/30/24 • 14 min

In the seventh episode of the Melby Money Show, host Shaun Melby discusses practical strategies for long-term investing with the goal of reaching a million dollars by the age of 65. The episode begins with an overview of the upcoming 2024 presidential election and its potential impact on personal finances, highlighting key differences in economic policies of Donald Trump and Kamala Harris. Shaun then guides listeners through essential financial steps to secure their future, regardless of election outcomes. Key topics covered include the importance of early saving, the magic of compound interest, and actionable tips for different life stages. Additionally, Shaun emphasizes maintaining a diversified portfolio, preparing for potential changes in tax laws, and the long-term benefits of disciplined financial habits. Sponsored by APR, the episode offers insights into understanding the true cost of borrowing. Listeners are encouraged to start their wealth-building journey today with clear, manageable steps.
00:00 Introduction to the Melby Money Show
01:04 Current Events: 2024 Presidential Election and Your Finances
02:24 Financial Tips for Election Season
04:43 Understanding APR: The True Cost of Borrowing
05:52 Achieving a Million Dollars by Age 65
06:36 The Power of Starting Early
09:13 Saving Strategies for Different Life Stages
10:53 Practical Tips to Supercharge Your Savings
11:52 Conclusion and Final Thoughts

This podcast is for informational and educational purposes only. This podcast is not financial advice.

This podcast is for informational and educational purposes only. This podcast is not financial advice.

Previous Episode

Episode 6: Stepping Outside Your Comfort Zone - A Path to Personal and Professional Growth

In the sixth episode of the Melby Money Show, host Shaun Melby explores the transformative power of stepping outside your comfort zone. He explains how growth and progress often come from tackling fears and embracing new challenges. The episode highlights the hidden costs of staying in your comfort zone and offers practical strategies to help listeners push beyond their boundaries. Additionally, Shaun breaks down the current economic landscape through the lens of the Sahm Rule and discusses its potential impact on job security and financial planning. This episode aims to equip listeners with the tools and motivation to kickstart personal growth in various aspects of life, from career advancements to improving mental and physical health, all while maintaining financial stability.
00:00 Introduction to the Melby Money Show
00:34 The Power of Leaving Your Comfort Zone
02:02 Current Events: The Sahm Rule and Job Market
06:12 Understanding Moral Hazard
07:51 Revisiting Comfort Zones
09:44 Financial Growth Outside Your Comfort Zone
11:12 Personal Growth and Health Benefits
13:34 Conclusion and Final Thoughts

This podcast is for informational and educational purposes only. This podcast is not financial advice.

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Episode 8: Create A Budget Today, Change Your Life!

In the eighth episode of the Melby Money Show, host Shaun Melby underscores the critical role of budgeting in achieving financial freedom and stability. Shaun explains that budgeting is not about restriction but empowerment, providing a solid foundation for meeting financial goals such as home buying and retirement. He also discusses the concept of a 'soft landing' in the economy, referencing significant events of 2022 and examining current economic conditions and investment opportunities.

00:00 Welcome to the Melby Money Show

00:45 The Importance of Budgeting

01:51 Current Events: Economic Soft Landing

02:26 Understanding the Yield Curve

04:52 Implications of a Soft Landing

07:12 Financial Homework and Strategies

07:38 Sponsor Message: Asset Allocation

08:24 Adapting Your Asset Allocation

08:58 The Foundation of Your Finances: Budgeting

09:42 Transforming Day-to-Day Life with a Budget

10:43 Overcoming Budgeting Roadblocks

12:21 Creating a Budget That Works for You

14:55 The Impact of Budgeting on Investments

15:46 Adjusting Your Budget Over Time

16:20 Conclusion and Farewell

This podcast is for informational and educational purposes only. This podcast is not financial advice.

Melby Money Show - Episode 7: How To Have $1,000,000 at 65 - A Roadmap For Achieving Long-Term Financial Goals

Transcript

Episode 7: How To Have 1M at 65 - A Roadmap For Achieving Long-Term Financial Goals

[00:00:00] Welcome to the seventh episode of the Melby Money Show. I'm your host, Shaun Melby. In past episodes, we've explored a lot of mindset shifts around money. So in today's episode, we're going to talk a little bit more about concrete, examples of investing for the longterm. And how someone could have a million dollars by the age of 65. It might sound ambitious, even overwhelming. But it's more ac