Navigating Competing Goals and Priorities in Personal Finances

Money Roots

About the Guest(s):

Becky Eason is a financial planner at Rooted Planning Group. With a background in finance and a passion for helping clients navigate their financial goals, Becky brings a wealth of knowledge and expertise to her role. She has experience working with clients at various stages of life, from early career professionals to those in retirement. Becky understands the challenges of balancing competing goals and priorities and is dedicated to helping her clients create a financial plan that aligns with their unique circumstances and aspirations.

Episode Summary:

In this episode of the Money Roots podcast, Becky Eason, a financial planner at Rooted Planning Group, discusses the challenges of balancing competing goals and priorities, particularly for individuals in the early stages of their careers. Becky shares her personal experiences and provides practical advice on how to navigate financial decisions when faced with everyday expenses, short-term goals, and long-term goals. She emphasizes the importance of creating a budget, prioritizing goals, and openly communicating with partners about financial aspirations. Becky also highlights the significance of saving for retirement and offers insights on how to allocate resources effectively to achieve multiple goals simultaneously.

Key Takeaways:

• Balancing competing goals and priorities is a common challenge faced by individuals at various stages of life, including early career professionals.
• Creating a budget is essential to determine available cash flow and identify excess or shortfall of funds.
• Short-term goals, such as travel or vehicle replacements, can be achieved by saving a little each month and prioritizing based on personal preferences and financial circumstances.
• Long-term goals, like retirement or saving for children's education, should not be neglected, and it is advisable to save at least the amount of the employer match in retirement accounts.
• Open communication with partners about financial goals is crucial to ensure alignment and avoid potential tension or misunderstandings.

Notable Quotes:

• "Money is a very limited resource, so every day you have to make decisions on how you're going to spend it." - Becky Eason
• "Saving for retirement is important, and at the very least, make sure you save the amount of your employer match." - Becky Eason
• "Writing down your goals and regularly reviewing them helps you stay true to what you want for yourself and your family." - Becky Eason

Resources:

• Rooted Planning Group - Website
• Money Roots Podcast - Website

Listen to the full episode to gain valuable insights on how to navigate competing goals and priorities in your financial journey. Stay tuned for more episodes of the Money Roots podcast for expert advice and guidance on personal finance.

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.