I hit the jackpot when I asked Josh Roberts at Roseman Wealth Advisors a question. Josh knows a lot about budgeting for retirement. He and my hubby serve on Bethesda Health Clinic’s board together where they look at the clinic’s numbers at each meeting. Financial planning is Josh’s wheelhouse.
Budgeting for Retirement
At our house lately, we’ve been spending time trying to figure out how budgeting for retirement may look. A girl can dream, right? I’ve been asking tons of tough questions about retirement and finances. You know how I love good questions.
Not only did Josh answer my original question, he also gifted me with an amazing list of simple questions to clarify budgeting for retirement or any financial planning.
Josh Roberts’ List of Simple Budgeting for Retirement Questions
“I think it (budgeting for retirement) comes down to five questions, “ wrote Josh.
Here’s Josh’s list for you, my reading friends, because it’s never too soon (or too late) to think about finances. Plus, I love passing along great advise for, yes, free!
#1 Am I giving what God is calling me to give?
#2 Am I investing enough to provide for my future?
#3 Am I saving enough to cover known and probable future expenses?
#4 Is my spending in line with my values and priorities? In other words, am I minimizing spending on things that are not important to me and maximizing spending on things that are important?
#5 Is the sum of all of these four categories no more than my income?
Numbers Make Me Nervous
We’ve been trying to analyze our current budget, trying to think about how future retirement will change our money habits. Hopefully, with the right numbers I could compare where we currently spend, invest, and save. I get a little nervous about anything that involves numbers.
When I googled my question, there seemed to be too many budgeting options available online. Apparently, I am not alone in dreaming of retirement. I asked Josh which percentage numbers he likes for retirement. Josh’s list of questions were well-timed for David and I. He also offered reassurance that can comfort us all, especially those of us who find math daunting.
Comforting Words for Us All
“As long as the answer to each of these (five questions) is yes, then I wouldn’t put too much energy into trying to conform to the averages or rules of thumb,” writes Josh.
Phew! That’s a relief! Instead, he suggests creating a personal philosophy of how to manage money. Notice the word purpose plays an important role in using money wisely.
“The purpose for your financial resources (and all other resources) is to facilitate you living out the purpose that God created you for,” writes Josh. “The thing that excites me the most about what I do is helping people align their finances with their life purpose and seeing how powerful that alignment can be. Powerful alignment requires an intentional plan, otherwise known as a budget.”
Intentional Plan, Not a Budget. What a Relief!
Intentional plan sounds so much less threatening than, ugh, a budget! Thank you, Josh, for letting me pass along your wisdom to my reading friends.
May I pray for you (and me, too!)?
Dear Father, You promise to provide for us as You provide for the lilies of the field. Yet, we find ourselves stressing over how complicated finances (and lack of them) can be. Thank You for the clarity that comes when we remember our priority is to honor You. Help us be people who are responsible stewards with all the blessings You entrust to us. Give us wisdom as we teach our children to be responsible stewards, too. Allow our hearts to be sensitive to the needs of those around us. Give us power and conviction to stay true to our purpose. For Your glory and in Jesus’ name, we pray. Amen.
We love to hear from you!
What have you done to pass along financial responsibility to your kiddos? How do you hold yourself accountable for your finances? When was a time that you learned an important money lesson? How do you know when you’re on track with your life’s purpose?
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Cathy Krafve, Texas Columnist, Speaker, Radio Host, and “almost” Author focusing on fellowship in Marriage, Family, and Community, invites your stories, ideas, and questions at CathyKrafve.com. Truth with a Texas Twang.
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