My Money Planners - Episode 2 The Moore Family
Join My Money Planners Episode 2 as host Jacqueline Schadeck helps the Moore Family of Fullerton, CA reduce debt and plan for the future with advisors from Mutual of Omaha. Tune in at mymoneyplanners.tv.
Key Takeaways
- Pay off high-interest credit card debt by taking a 401k loan at a lower rate, then immediately build a 6-12 month emergency fund to prevent falling back into debt when unexpected expenses arise
- Small spending cuts compound dramatically over time—cutting just $10/week in discretionary spending grows to $55,000+ in retirement savings over 30 years at 8% returns
- Increase 401k contributions from 6% to eventually $1,000/month extra—this could grow a retirement portfolio from $2 million to $3.5 million in 30 years, increasing annual retirement income from $80,000 to $140,000
- Consider an Indexed Universal Life (IUL) insurance policy that serves multiple purposes: provides death benefit protection for your family, builds cash value for college expenses, and creates a tax-free income supplement during retirement
- Leverage unique assets creatively—the Moors can earn ~$45,000/year net by short-term renting their Disneyland-adjacent home, allowing them to afford a larger rental property in a less expensive area while covering their original mortgage
My Money Planners Episode 2: The Moore Family
In this episode of My Money Planners, a FinStream Personal Finance Reality Series, we meet the Moore Family of Fullerton, CA. My Money Planners host Jacqueline Schadeck works with real financial advisors to develop a plan for the Moore Family to help them reduce debt and plan for the future.Secure Your Financial Future
A financial planner can help you:- Plan for college expenses
- Prepare for a comfortable retirement
- Determine appropriate life insurance coverage
- Manage investments
- Optimize tax strategies
- Create an estate plan