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Episode 110: Think $1 Million is Enough to Retire? Think Again with Darryl Lyons

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My Guest on the Show…

Author, speaker, entrepreneur and money-behavior expert Darryl Lyons is on the show today to talk to the middle class about our behavior with money.

If you’re not on food stamps or you’re not vacationing on your yacht, then you and I both would be considered the middle class…and we have unique challenges.

All of us our continually hyper-marketed to on a daily basis to get us to spend our money on “stuff” right now and putting off any kind of delayed gratification.

Think about our credit cards, Amazon one-click, Apple-Pay, “Hey Alexa”, and all the other ways to spend money without really “feeling” money.

Genius, right?

But what happens when our spending doesn’t leave room for saving and we don’t save enough? Did you know that $1 million is no longer enough to retire with and saving 15% of your gross income still isn’t going to get you to your goals?

And how much should you have saved at each age (30, 40, 50, 60, 70, 80…)?

How do you know when you have enough saved and what are things you should be doing to ensure you pivot into chapter two of life with enough to start chapter two.

Ben vs Arthur Example

Photo Credit DaveRamsey.com

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The Money Peach Podcast is brought to you by my #1 online program for showing you how to budget, how much to save, how to manage your debt payoff, when to save for retirement, what to teach your kids about money, and how to build a legacy to last beyond your lifetime.

If you find yourself continuing to live paycheck-to-paycheck and wondering where all the money went at the end of the month, it’s time to finally make a positive change. Welcome to the class they forgot to teach you about money – Awesome Money Course.

 

Mentioned in this Episode


Read more: How Much You Should Have Saved (by Age) | Investopedia

Follow us: Investopedia on Facebook

Read more: Here’s How Much You Should Have Saved by 30 | Nerdwallet

Read more: When a $1 Million Retirement Nest Egg Isn’t Enough | CNBC

18 to 80 by Darryl Lyons (book will be released in October)

 

Show Notes


Money is 10% math and 90% behavior [2:47]

Defining middle America [5:27]

How much should you have saved for retirement at every age? [6:12]

Why $1 million is not enough to retire [8:53]

Time vs investment [12:00]

Ben vs Arthur [13:22]

Prepare, pivot, purpose [16:38]

Biggest behavior mistakes [20:30]

Chris Peach Author 150x150

Chris Petrie

Chris (Peach) Petrie is a personal finance expert, money coach, speaker and podcaster.

In 2011, Chris and his family were exhausted from living paycheck-to-paycheck and facing a mountain of debt. They started going against the society standards of misbehaving with money and made the decision to take back control of their lives and money. Within seven months they paid off $52,000, started saving like crazy and began building real wealth.

The word spread fast and Chris started showing friends how to create a budget over dinner. Soon after he started showing their friends how to do the same and eventually Chris started teaching personal finance classes around the community. As the need for the classes grew, Chris launched Money Peach in 2015.

Money Peach was created to help everyday people remove the stress and fear of money by showing them how to save more, make more, and keep more of their money.

Chris Peach has been featured in places like Business Insider, The Huffington Post, Elite Daily, and CheddarTV.

When Chris isn’t at “work” he can be found at the Crossfit gym or riding on the fire truck — Chris is also a full-time firefighter in Phoenix, Arizona.

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