Summary
The conversation explores the topic of discretionary income and how it relates to mountain biking and financial planning. The hosts discuss the importance of having a plan for saving and spending, and how to determine when it's okay to use discretionary income on expensive hobbies like mountain biking. They emphasize the need to prioritize and be intentional with spending, while also considering the physical and mental benefits of engaging in enjoyable activities. The conversation also touches on the challenges of resisting marketing and trends in the mountain biking industry, and the importance of planning for health insurance in retirement. In this conversation, Joel, Doug and OG discuss the importance of having a money coach and the benefits of coaching in various areas of life. They also delve into the topic of healthcare costs in retirement and the options available for coverage. They emphasize the need for planning and budgeting for healthcare expenses, as well as the importance of investing in one's health and well-being.
Keywords
discretionary income, mountain biking, financial planning, saving, spending, prioritizing, intentional spending, physical benefits, mental benefits, marketing, trends, health insurance, retirement, money coach, coaching, healthcare costs, retirement, planning, budgeting, investing in health, Stacking Benjamins
Takeaways
Having a plan for saving and spending is crucial for making informed decisions about discretionary income.
Prioritizing and being intentional with spending can help balance financial goals with enjoying expensive hobbies like mountain biking.
Engaging in enjoyable activities, like mountain biking, can have physical and mental health benefits.
Resisting marketing and trends in the mountain biking industry can help avoid unnecessary spending.
Planning for health insurance in retirement is important, especially for individuals who engage in high-risk activities like mountain biking. Having a money coach or financial advisor can provide valuable guidance and help improve financial outcomes.
Planning and budgeting for healthcare costs in retirement is crucial, as healthcare expenses can be significant.
Investing in one's health and well-being is an investment, not an expense.
The Stacking Benjamins podcast offers a fun and entertaining approach to discussing personal finance topics.
Titles
The Physical and Mental Benefits of Engaging in Enjoyable Activities
Prioritizing Enjoyment: Using Discretionary Income for Expensive Hobbies The Benefits of Having a Money Coach
Planning for Healthcare Costs in Retirement
Sound Bites
"Having too much money is also important to focus on."
"If you've got it, it's okay to spend it."
"Financial planning is uniquely personal."
"Having the right team in your corner...having a money coach in your corner."
"Anytime that you can have professional counseling around the thing that you want to get better at, you're going to see some immediate results."
"Fidelity estimates that if you're 65, you should earmark $300,000 of your retirement account specifically for healthcare costs in the future."
Chapters
00:00 Introduction: The Importance of Saving and Avoiding Excessive Debt
06:11 Using Discretionary Income for Expensive Hobbies
09:29 Determining When to Use Discretionary Income
15:01 Resisting Marketing and Trends in the Mountain Biking Industry
19:17 Balancing Priorities and Making Informed Spending Decisions
21:38 The Satisfaction of Engaging in Enjoyable Activities
23:04 Knowing When to Upgrade Equipment and Avoiding Unnecessary Spending
24:00 Planning for Health Insurance in Retirement for Mountain Bikers
24:29 The Benefits of Having a Money Coach
27:14 Planning for Healthcare Costs in Retirement
32:04 The High Cost of Healthcare
36:20 Investing in Health: An Investment, Not an Expense
46:27 Stacking Benjamins: A Fun and Entertaining Podcast on Personal Finance
