How to Start The Financial Order of Operations!

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How to Start The Financial Oder of Operations

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When I talk to younger adults, and retirement/investing comes up, I always recommend looking you guys up.

SOAP-jfue

I love the humanity of the golf stories. It is one of the reasons I follow you all, your advice is real just like you all are. I need financial advice from people that know how to communicate human to human.

zumapuma

You guys are the Foo Fighters of finance.

.beers

The actual content of this video is literally mostly about golf. 🤣❤

curtiswfranks

Step 0 of the FOO: GET A JOB, *ANY* JOB
Why would that HAVE to be step 0? Because step 1 is Deductibles Covered and the most practical way to get health insurance is through an employer. Even IF you skip this step and go without health insurance, AND you skip the employer match, AND you have no debt ... once you've shortcut your way to step 4, now how you gonna save 3-6 months of expenses 🤔?

Love all the work you guys are doing keep it up God Bless you all!

shawnjackson

Thanks for sharing this golf story 😂 This definitely makes you guys more personable.

christopherbellboy

btw - obviously the golf 'made it in'
i think Brian's right - i know of 2 people: 1 person who took it up in 30's & another in low teens
30's - good athlete, very good tennis player - attempted 'the tour' BUT all sorts of rough around the edges play and difficulty putting
low teens - gorgeous looking strokes and booming 300+ drives > at 6'3" and wiry strong (great tennis player) - OK, your point, father could afford the fees ... 🙂

Great that you focused on the first four of the FOO to have them make sure they had the foundation right and got their head into the game correctly ---- great video.

kevinkanter

Any FOO adjustments for me at age 63? I just started looking at FOO, but I am on step 4. Step 4 will take several months. However, I just see no way anything other than Social Security will contribute significantly to my retirement income, hopefully at age 70. Let's just take that as a given, for now.

BrettOssman

Gosh that Golf story is so hilarious and relatable. I am in Bo's shoes and have always been a gifted athlete. I was starting varsity football as a sophmore, I was voted captain of baseball teams, I had never encountered a sport that I couldn't jump in and at least be above average... until Golf. When I was in the military, my sergeant took me to the driving range every day for 2 weeks and I did not get any better. Not even a little bit. I can't hit the damn thing straight to save my life. So I decided that for me golfing is just a "for fun" sport and my job on the course is to be the comic relief lol Even when i was playing once a week, the best I shot on 9 holes was a 65 lol

infosecdefender

What budget software do you guys use/recommend?

theconservativeminimalist

So if you stsrt part way through your financial journey and already have money saved but don't have emergency reserves, should you pull money out of your investments to make emergency reserves, or just stop putting money into investments moving forward until emergency is filled up?

dom

Hey there! Kevin here! Aloha from Hawaii!! Thank you for taking my question and uploading it! I refer to this video and share this with my friends and coworkers! After watching the most recent videos, the FOO provides such a great foundation and easy-to-follow process. My current situation is what if we are doing steps 5-7 concurrently per paycheck/month? Since we don't have enough lump sum to max out step 5 at the beginning of the year, I'm only doing monthly deposits. Also, I am attempting to get to step 7 of the 25% savings rate by increasing my contributions towards a 401k, and 401k ROTH. However, I'm unable to fulfill the max of step 6. Since I didn't max out my ROTH, should I decrease the 401k to a minimum and max out the ROTH? This would definitely require more payroll adjustments. Just wondering if this is a hard stop or more of a guidance. We also have a rental that fits somewhere in the higher order (Step 7) so does the rental require its own step1 and 4? Hope that provided some context and the origin of where my question came from. So many questions, decisions, and lots more savings to do! On the sidebar, I just started to learn how to golf!! Definitely challenging. Thank you again!

KevinYuHawaii

In these inflationary times - what would you consider "high-interest debt"

TechieTrevor

Don't know if anyone still monitors this, but why is #4 not bundled in with #1? If you are laid off, for example, you need what #4 would pay NOW, like a mortgage, utilities, etc..

BrettOssman

I love you guys and Ive started contemplating my path thru FOO but my situation is a bit different than most. I’ve been working for General Motors for 7 years now and my company offers 6.4% plus 1 dollar for every hour up to 2000 hours into my PSP 401k no match required. My insurance is fully paid for with No deductibles just a very low $25 bucks for Dr. Visits and most major things are 100% covered. That includes my family at no additional cost. I’m wondering if I just skip the first 2 steps or is there maybe a different path for me.

Williampigg