Is This The Year?

January 17, 2024

On today's episode of the "The Runway Decade Podcast," hosts Bill Bush and Pete Bush, advisors at Horizon Financial Group discuss the new year, the excitement for growth at Horizon Financial, and the critical importance for individuals turning 50 to consider comprehensive financial planning.

Episode Highlights:
  • 01:40: The discussion focuses on the positive outcomes for Horizon Financial Group and its clients in the previous year. They express anticipation for the growth and opportunities in the new year.
  • 02:51: The hosts talk about to the move into a new building in 2023, where Bill reflects on the significance of this move and emphasizes the importance of having long-term goals and being prepared for unexpected opportunities.
  • 04:19: The hosts talk about the challenges of resisting tempting treats during the holiday season, such as chocolates, candies, and Mardi Gras King Cakes in Louisiana.
  • 05:31: Bill mentions turning 59 in August and reflects on the changes and milestones experienced during his 50s, such as moving back to Baton Rouge.
  • 07:46: Pete poses a key question, asking whether this will be the year for individuals to make a financial plan. The hosts discuss the awakening that occurs in one's early 50s when the realization of retirement and financial planning becomes more apparent.
  • 09:37: The conversation delves into the financial challenges faced by Gen Xers, including student debt and the shift from traditional pensions to 401(k) plans. The hosts mention the responsibilities of the "sandwich generation," dealing with both children and aging parents.
  • 10:58: Pete emphasizes the importance of acting, making a plan, and seeking advice. He encourages listeners to make progress on their financial goals and use the matrix as a tool for self-assessment.
  • 11:28: Bill and Pete discuss the concept of financial leaks, emphasizing the importance of stopping the leaks in one's financial life. They highlight the significance of assessing savings rates and managing unexpected expenses.
  • 12:47: Pete introduces the concept of the retirement bill, comparing it to a mortgage. He encourages listeners to calculate how much they need for retirement and treat it like a bill to be paid down.
  • 15:30: Pete and Bill emphasize the importance of seeking advice and taking action to avoid financial regret and anxiety.

Key Points:
  1. The hosts express enthusiasm for Horizon Financials’ growth in the upcoming year and stress the essential role of thorough financial planning.
  2. The conversation underscores the importance of financial planning for individuals hitting the milestone of turning 50, emphasizing the need to evaluate and address potential financial leaks.
  3. Listeners are urged to proactively pursue their financial objectives, with an emphasis on seeking advice, crafting a plan, and taking tangible steps to sidestep regret and anxiety.

Tweetable Quotes:
  • "Turning 50 is monumental, and as the older Gen Xers approach retirement, it's time to ask, 'Is this the year to create a solid financial plan?'" - Pete
  • "In the runway decade, turning 50 is a pivotal point. Evaluate your financial matrix, address potential leaks, and set the stage for a confident retirement." - Pete
  • "As we navigate through 2024, remember, political dynamics may change, but your financial goals remain. Seek advice, make a plan, and thrive!" - Bill

Resources Mentioned:

The Runway Decade