Ep 37 How much should I be setting aside for savings?

Smart Wealth: Navigating Your Financial Future

In this episode of Smart Wealth, Brett Cranson and Omari Whyte discuss the critical importance of savings rates in financial planning. They emphasize the need for individuals to regularly review and adjust their savings rates, ideally aiming for a starting point of 4% to 10% of their income. The conversation highlights the significance of consistency in saving, the power of compounding over time, and strategies for young investors to build wealth. The hosts also stress the importance of aligning savings rates with investment goals to achieve financial success.
Takeaways

• Review your savings rate annually to ensure growth.
• Start saving at least 4% to 10% of your income.
• Consistency in saving leads to better financial outcomes.
• Compounding can significantly increase your wealth over time.
• Young investors should prioritize financial literacy.
• Incrementally increase your savings rate by 1% each year.
• Align your savings rate with your investment return needs.
• Investing early can lead to substantial long-term benefits.
• A high savings rate can reduce the need for high investment returns.
• Financial planning is essential for achieving retirement goals.

Chapters
00:00 Understanding Savings Rates
03:03 The Importance of Consistency in Saving
06:02 The Power of Compounding
08:49 Strategies for Young Investors
12:05 Aligning Savings with Investment Goals
LinkedIn Brett Cranson: linkedin.com/in/brettcranson

LinkedIn Omari Whyte: linkedin.com/in/omari-whyte
For business inquiries, please head over to
https://www.uptownwealthmanagement.com
https://www.familyfirstadvisors.ca
email:
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Brett Cranson & Omari Whyte have been helping Canadians with their Financial, Retirement and Estate Planning since 2003. Our office is based in Toronto, ON, Canada - but help Canadians Coast to Coast.