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Financial Symmetry: Balancing Today with Retirement

When considering retirement, do you wonder what financial opportunities you may be missing? Busy lives take over and years pass without taking advantage. In this retirement podcast, Chad Smith and Mike Eklund unveil financial opportunities, to help you balance enjoying today so you are ready to retire later. By day, they are fiduciary fee-only financial advisors who answer questions about tax savings, investment decisions, and how to save more. If you’ve been putting off your financial to-do list or are just not sure what you’ve been missing, subscribe to the show and learn more at www.financialsymmetry.com. Financial Symmetry is a Raleigh Financial Advisor. Proudly serving clients in the Triangle of North Carolina for over 20 years.
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Now displaying: Page 1
Mar 8, 2021

It’s always fun to peek behind the curtain and see the strategies and process people use for their decision making.

Video recap: https://youtu.be/DDp2dBUhrSg

During this conversation, we review some of my core beliefs around:

  • importance of tradeoffs - how every financial decision affects others
  • being intentional in being a good steward
  • Defining the balance between enjoying today while saving for tomorrow
  • Structuring your money management around the give, grow, owe and live philosophy

4 Primary Uses of Money

You can use it to live, give, owe or grow. For us, we rank these in the following order: give, grow, live, owe.

Giving is at the top of our budget. Giving first breaks the power of money and releases its hold over people. Therefore, tithing to our church has been at the top of our priority list.

We then focus on the growth aspect. This starts with automating our savings so that we can reach 15% of our income. As for how we invest we focus on various types of accounts from 401K to Roth IRAs to 529s for the kids. We explain in the episode how we've set up a system to where we don't lose sleep over our 90% stock allocation.

With 3 yr old twins, a large part of our spending goes to daycare costs. My spouse and I try to spend our money on the things that create joy, including going to NC State sporting events and going on camping trips.

I've always used debt as a tool for large, low-interest purchases such as his home and car. We only hold one credit card and doesn’t want to open any more accounts than are necessary.

Outline of This Episode

  • [4:25] What are Cameron’s money influences?
  • [9:07] How does Cameron divide up his resources?
  • [15:27] Does he worry about his 90% stock allocation?
  • [21:26] How does he see debt?
  • [26:30] What was the best money he spent in 2020?
  • [31:15] The power of small wins

Resources & People Mentioned

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