Why You Should Crockpot Your Savings & Skip the Microwave

We're featuring one of my favorite vault episodes from 2018 that was a listener favorite. I hope you enjoy it!

All personal finance experts can agree on one thing – starting to save early will almost always help you reach your lifestyle goals quicker and with more ease than those who wait longer. When you think about your savings there are two ways you can save – the crockpot style or the microwave style.

Inspired by a recent industry article in Financial Planning Magazine, thinking about a crockpot for your savings strategy makes pretty good sense. With any crockpot recipe, the idea is simple. You gather all your ingredients ahead of time, throw them into the crockpot, turn it on low and slow for 6-8 hours, and then you have an almost always perfect meal sure to wow anyone.

What You'll Learn

• We’ll chat about the crockpot method of savings
• Why a crockpot method might make more sense than microwaving your savings
• Focus on saving little by little over time with consistency so whenever you reach the age you would like to quit working, your investments and savings have spent some time “cooking together.”
• Let’s talk about what you can and can’t control with your savings
• Some guidelines to always keep in mind with savings

Links Mentioned:

• 401(k) Calculator
• How Much to Save for Retirement
• Investor Questionnaire
• Risk Tolerance Profile (just pretend it’s in USD)

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