Latest / The Curve / RTC77: Why we’re no longer talking about retirement.

Transcript

RTC77: Why we’re no longer talking about retirement. · The Curve

0:00
Welcome to Raising the Curve, a podcast designed to teach you everything you need to know
0:05
to be better with your money.
0:07
And the wise words of Amy Shurma were slipping carrots into the brownie recipe.
0:11
I don't really get the saying.
0:14
It's kind of like eating vegetables that actually taste good.
0:17
You know, I'm like, still not ready to eat.
0:19
Are you on the script?
0:20
It's basically like saying, investing in finance can be boring, but it totally doesn't
0:26
need to be.
0:27
OK, OK, so we're making it fun by putting the carrot.
0:31
OK, the vegetables are good for you.
0:33
It's the brownie recipe.
0:34
OK, we got there, we got there.
0:36
OK, OK.
0:36
Well, you've really got a finance mate.
0:38
Yeah, one of us has to.
0:40
This is a joke.
0:41
OK, come and learn alongside me from Vick Harris, ex-fun manager.
0:45
Well, I'm going to ask all the questions that you wish you could.
0:48
And I'm going to be eating all the brownie you wish you could.
0:50
Oh, that's so not the joke, Vick.
0:53
Oh, OK, just come and talk and learn and laugh with us.
0:56
Because together, we really can raise the curve.
1:01
So I'm wearing the world's shortest skirt right now.
1:05
Well, I think it looks amazing.
1:06
And I'm like so conscious.
1:08
So excited to look in the video.
1:09
This whole thing.
1:10
I'm like, oh, dear God.
1:11
But one day I wear, I'm like, God, I'm not fleshing.
1:13
And then it reminded me in the weekend, we watched Bridget Jones.
1:16
Oh, how good.
1:17
It was so good.
1:18
But the scene with her boss is like, I have a problem.
1:24
And she was like, oh, gosh, watch.
1:25
She's like, he's like, you've left your skirt behind.
1:28
Is it sick today?
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I was like, oh, I'm Bridget Jones.
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I have left my skirt behind.
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I was like, look, I was walking into the bus stop
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and I swear, everyone's looking as far to short and never in a year.
1:40
I was like, I'm just so good.
1:42
I'm 34.
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I can't wish skirts this short.
1:45
But I think that's more the sea.
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I'm not going to get all full of soft gun at the desk.
1:48
But this is the what the beast you're ever going to look.
1:50
Isn't that what's it saying of like, you know,
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there's definitely that, but there's also the idea
1:55
that like, who says that you're too old to wear a short skirt?
1:58
Me.
1:59
Yeah, but who says you're too old to wear a bikini?
2:00
You know, like we're told that.
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And this is what I, this is actually is a really good tie.
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And I was thinking, because in the weekend,
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friends of mine were talking about how they really into the dead bot look.
2:08
And I was like, this is fucked.
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That the dead bot and getting old and gray is hot.
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But yet, if we age, no, we're told this.
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Do you know what I mean?
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Yeah.
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This is not true.
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Like old Hugh Grant.
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Oh, you know?
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Like, oh, it's a lot more huge.
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Oh, and that.
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It's just like giving better with age.
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I ever see this is what we've been told.
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So we all think it's true.
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Yeah.
2:32
Whereas the people imagine, of course,
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we're like, oh, love the mumbot, the mumbot is hot.
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We'd be like, thank God.
2:39
They have it so easy.
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You know, we tell them that they look a little bit, you know,
2:44
podgy here and there and gray and they're like hot and sexy.
2:47
And if the alternative for us is all of a sudden, we're told it's not hot.
2:50
Like, we're in a skirt.
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Sorry, but you have to wear the skirt.
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And if you don't, I'll buy it off here.
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It's so good.
2:57
So speaking of giving hotter with age and, you know, wanting a nice retirement.
3:03
There you go.
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That was a bad secret.
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No, it was a bad secret.
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But the reason we are talking about the R word,
3:11
which I hate using by the way.
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I know you do.
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Because retirement sounds so dire.
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I mean, like, I actually am not afraid of getting old.
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My granddad was the coolest person ever and he lived to be nearly 104.
3:25
But let's be honest, we should be making most of our able fit bodies now.
3:30
And I think retirement has, well, it is, it sounds like we're going into it.
3:35
This allows part of your life.
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So it is, I can feel like I feel like it can be a bit frightening for some people.
3:42
And you don't want to think about it.
3:43
You don't want to address it.
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Because it is the last part of your life.
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Basically what we're doing in this episode is we want to re-brand retirement.
3:50
Yeah.
3:51
And why is that?
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I think if you re-branded it to a 20 year holiday.
3:55
Yeah.
3:56
That would get me excited.
3:57
Yeah.
3:58
I guess the point is, though, is we want to call it the 20 year holiday because we think
4:04
by calling it that it might make people actually want to save money for that time.
4:10
Yes.
4:11
Because at the moment, I sure should, I'm not putting much aside.
4:14
Yeah.
4:15
Like I'm putting 75 dollars a week into my queue, which is nothing.
4:18
But that's better than nothing.
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But I think also, re-framing it as a 20 year holiday, it gives us the visualization of,
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okay, we're not going to be working.
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We're going to be on holiday.
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We're going to be spending money for an extended period of time.
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It's a bit easier to comprehend how much we will need.
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Because people like retirement retirement.
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I don't know how much we need.
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I don't know how much we're going to spend.
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Like, you know, all that kind of stuff.
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So the 20 year holiday is a bit easier to get excited about the, also, get a figure of how much
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you're going to need.
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And for you to say to someone, what do you know how much you need for a time that everyone's
4:56
answer is going to be like, you know, enduring.
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I don't want to answer questions.
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And also, like, just keep walking and not talking to us.
5:02
Yeah.
5:04
But we were like, how much do you reckon you need for a 20 year holiday?
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Honestly, the responses were quite funny.
5:10
Yeah.
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People were like, well, where am I going?
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What am I going to do?
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It's not the point.
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I can't even figure out how much I need for five days initially.
5:17
Yeah.
5:18
A 20 year holiday.
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A few numbers.
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Yeah.
5:22
But also people not thinking of retirement like that.
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Yeah.
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People were like, oh, that's what you're talking about.
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It's like, yes, well, that's what retirement is because you're not working.
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And you're spending money, which is effectively a holiday.
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I think the reason that we all think about it like, oh, snow's fast.
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I don't want to talk about it.
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It's because we imagine retirement to be boring.
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Like we're playing Bingo or Beckham and all cards.
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We might get one visit a week from a grandchild.
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If you have a plan and you're actually wanting to have a cool retirement and do fun things,
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kind of actually does sound exciting.
5:55
I want to start with a few facts about the retirement age around the world.
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Because there's recently been a really big uproar in France,
6:03
because France is changing their retirement age from 62 to 64,
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which is one of the youngest retirement ages in the developed world.
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But there was protests in the street, everything.
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And I think this just shows.
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So young.
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Totally.
6:18
So young.
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Imagine if the government gave you money from 62.
6:21
Yeah.
6:22
What's 65 in New Zealand?
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66 in the UK.
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And Australia, 67 was increasingly 67.
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67.
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It's going to be 70 by 2050 in Australia.
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Really?
6:36
Why is that?
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Because the age expectancy is going up.
6:39
Yeah, people are living longer.
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So therefore the government's got to pay you more.
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They've got to pay the pay pension every year that you're alive.
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So the longer that you live.
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And you know, back in the day, people are probably talking about 70.
6:51
You know, when you go through all the,
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because in London, they have all those old school graveyards.
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And you go, I hope it sounds really weird,
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but I kind of don't mind.
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I actually find it quite fascinating to go through and look
7:01
all the gravestones and see.
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And some of them were like, you know, the 1200s, 1300s.
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And they died so young.
7:07
Yeah.
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All of them are like 20s and 30s.
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Well, most of them were doing hard labor.
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But I think that's what's sad.
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If you think about people working to 70,
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if they're a road worker or in labor intensive physical jobs,
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that's kind of, well, that's the thing.
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It's all well and good raising the retirement age.
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If you're in an office job and you're like,
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it's sort of, you know, I've just got to sit in my office for another couple of years.
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Yeah, I'm working hard labor.
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You know, the body is actually able to cut.
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You're like hanging out for retirement,
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because they're like, thank goodness my body has been working.
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That actually makes me feel really sad.
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So I think this whole conversation is,
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you need to figure out how,
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when you want to retire and then be how much you need
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in order to sustain that 20, 30, 40-year holiday,
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what it that is.
7:55
So I face mine off 65 years of age,
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so 20 years roughly.
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So I face, like the thing with these calculations
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is that there's so many assumptions.
8:04
Yeah.
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Like if I lived for another 10 years, I'm screwed.
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It's so hard though, because of, for example,
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like even just thinking about flats and what,
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like what I'm spending money on,
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a huge amount of my money is going on right into the moment.
8:17
Yes.
8:18
And welcome to London.
8:19
Yeah.
8:20
Yeah.
8:21
No, no, it's not that it's a surprise.
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I think it's just, I actually think I would rather
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spend more on my rent,
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be in a place that I really love,
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that I can meditate on,
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I can cook beautiful food,
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I can eat it.
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I think my home brings me so much joy.
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I would weigh rather spend more money on that a week
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than going out for dinners,
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going out for dinners,
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but get makes me super anxious.
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Because I prefer not spending 100 pounds on dinners.
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Like I want to be able to be in a house or a home
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that makes you feel at ease and relaxed and whatever.
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But then if I'm spending that much money,
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say like 1,200 pounds a month,
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that's a shit load of money that I'm,
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like that's most of my salary going on rent.
9:07
But that's what brings me joy now.
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So I find it really hard to compensate
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a cut back on those things that are bringing me joy.
9:15
Yeah.
9:17
For my 40-year holiday.
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And it's hard,
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and we get questions all the time about,
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how do you balance like travelling
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while you're young and experiencing life
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when you're young versus saving for the future.
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And it's a hard one.
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It is.
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The whole thing is that $100 now saved or invested.
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It's not $100 in the future.
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You know, it's multiple times more than that.
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Because you maybe just explain that for anyone who maybe
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hasn't listened to this podcast before,
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just welcome the way that interest wins interest on interest
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and how that money will grow.
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Because I think there's a,
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I think that that concept sometimes sounds a little bit like
9:52
just save a dollar.
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It's like, oh, yeah, cliche.
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This is what is called compound interest,
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which I love.
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And if there's one concept you can understand about
10:02
and be studying, it should be compound interest.
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And like so to say,
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it is interest on interest on interest.
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So what does that mean?
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It means if you're investing $100,
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then that $100 you've invested it
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and it grows by say 10%.
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Then you have $110 at the end of that year.
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Now, you're not taking that money out.
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You're keeping that invested.
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So you're now starting from a higher base.
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So you're starting from the 110.
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So now you've got the same return of 10%.
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As you did the previous year.
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But because you're starting from a higher base,
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that 10% is a higher dollar value.
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So it starts to accumulate
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and you get this kind of exponential growth.
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And you start seeing it compound.
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So the interest is compounding on top of each other.
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So for example, that $100,
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if you're like, look,
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I don't want to go out for dinner and spend that $100.
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I'm actually going to take that money
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that I would have spent on dinner
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and invest it in stock market
11:02
and I'm going to leave it there until retirement.
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That $100 turns into over $1,000.
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So that's like 10 times your money.
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If you're left in there for 30 years.
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I love that. That's such a good analogy.
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I could do that easily.
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If I knew,
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if someone says to me,
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this is the end goal that you're going to get,
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I can give up things now
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for the future benefit.
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But if you're just saying,
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in this, it's going to grow.
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It's like, yeah, but how much?
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What is that quantified?
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What does it mean?
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It's kind of good to think like,
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if you're thinking,
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should I go to dinner?
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Should I not?
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It's only $100.
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But if you're like,
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should I go to dinner?
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Should I not?
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It's over $1,000.
11:42
Yeah.
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It's kind of a bit of a no-brainer.
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So it's just,
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it's just a good thing to kind of think in your head.
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It's not just $100 that I'm spending now.
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It's future money that I'm spending now.
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And it's future money that's 10 times more.
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Is that where do we do a fun game?
11:56
So say I took twice a month.
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I don't go out and spend that $100.
12:01
Yeah.
12:02
So times that by 12.
12:03
So it took that,
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so it'd be 2,400 a year.
12:06
Can we times that by 10?
12:08
$200 a month.
12:10
30 years.
12:11
$300,000.
12:13
Oh my God, I'm totally going to do that.
12:18
Yeah.
12:19
So for 300,000 dollars.
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When we're sitting on this couch in 30 years' time,
12:24
you'll be free.
12:25
I really want $300,000.
12:27
The key thing is patience.
12:29
Like honestly, everyone looks down.
12:31
I want $300,000 and you want it now.
12:33
It's like patience.
12:34
Like this is going to take a while,
12:36
but we need patience.
12:37
Like going to the gym.
12:38
You're not going to see results straight away.
12:39
But if you keep it and keep going,
12:41
you will start seeing results.
12:42
I mean, like I might get myself a star chart or something.
12:45
Yeah.
12:46
I might actually get myself a star chart.
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And then next to it,
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you should write the amount that it is.
12:51
Like I don't know, at the end of each year.
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But how much you,
12:54
the dollar amount that you've saved,
12:56
but then how much the value is.
12:58
It's like I said to myself, I could do this.
13:00
But actually, I'm not going to.
13:02
I'm going to invest that money.
13:03
Yeah.
13:04
And I could put a little star on my star chart.
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I'd be really motivated by that.
13:09
Because you can see a bit of tangibility.
13:12
That's the problem with investing.
13:13
And so out of sight, out of mind, it's so.
13:15
And it's just on a screen.
13:17
Yeah.
13:18
It's not tangible.
13:20
So my target is 1.6 million.
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And people might be listening going,
13:24
oh my gosh.
13:25
Well, that's a lot of money.
13:26
And it is a lot of money.
13:27
That freaks me out.
13:28
I'm like, how on earth am I going to get to that amount?
13:31
But trust me.
13:32
That's really not an energy.
13:33
No, I'm not.
13:34
At 1.6 million holy shit.
13:37
Like that's.
13:38
But then when I break it down, I'm like,
13:40
that's doable.
13:41
But just an isolation.
13:43
That's.
13:44
That scares me.
13:45
Yeah.
13:46
But that is essentially $80,000 a year.
13:50
For 20 years.
13:52
But remember that money is still growing.
13:54
Right.
13:55
So I'm not taking all of that out at retirement.
13:58
And putting it in cash and putting it in my mattress.
14:01
No.
14:02
I am leaving it in the bank in a safe investment.
14:05
So like a low risk investment.
14:07
So maybe like 3% return.
14:09
Which would be one.
14:10
So that's about 40,000 a year.
14:12
But what's a low like what would be a three return deposit or like a higher
14:16
returning savings account.
14:18
But it would be very low risk.
14:20
You can have all of it in a low risk here.
14:22
Probably in a low returning.
14:24
So maybe it is a really conservative fund or you know,
14:28
putting part of it in.
14:29
I don't know.
14:30
Yeah.
14:31
Maybe for people who are listening who don't understand investment horizon.
14:33
You could just do a quick.
14:34
Yeah.
14:35
Well, yeah, because I don't want to risk losing that 1.6.
14:38
I've built it up over 30 years.
14:40
I don't then want to keep it in the stock market in case they lose it.
14:44
So it's like, I want to put it into a.
14:47
It's going to sound scary for people.
14:48
And why would I lose it?
14:50
Because I don't have because I need to live off it.
14:53
So I'm withdrawing money from that 1.6 every year.
14:57
So I don't want to lose that money.
14:59
I want to keep that at 1.6 or higher for as long as I can.
15:03
So the reason that workers leave is would move it from a high
15:08
returning, which would be something like the stock market,
15:10
which is on average seven to eight percent a year.
15:13
Into a low of returning investment, which would be like a term deposit or
15:17
a savings account is because when we're investing for long periods of time,
15:22
say 20, 30 years, it's fine to go for the risky because yes,
15:26
there's going to be years where it's going to be years where it's down,
15:29
but it's fine because over the long term,
15:32
historically, you'll be getting much better returns by having it in a higher
15:35
returning.
15:36
Yes.
15:37
Yes.
15:38
Fun.
15:39
So you're taking the risks you're getting that rewards in terms of.
15:42
Exactly.
15:43
So the risk is now in retirement, sorry, in her 20-year holiday.
15:47
She doesn't have 30 years.
15:49
She might only have 10 or five, and she doesn't want that money to be in
15:54
super high-risk investments.
15:57
In case there's a bad year, you need to take more money out, right?
16:00
So you're basically putting in a more of a safe zone,
16:03
because you've already built it up to what you need in retirement.
16:06
So you don't need to risk that on higher, on years in the stock market
16:10
that might be bad or might be good.
16:12
Yes, and I think there might be some people going,
16:14
but didn't you just say it's a 20-year holiday,
16:16
so isn't that long enough to invest in the stock market?
16:18
Yeah, that's a good one.
16:19
Yeah, and I totally get that.
16:20
But it's more because between now and when I retire,
16:24
I'm not touching that money.
16:26
I am literally investing and it's growing and it's compounding,
16:29
like we said, whereas when you reach for the 20-year holiday,
16:33
we'll get there.
16:35
You are withdrawing money each year,
16:37
so you're dipping into your investments.
16:39
So you don't want, say, one year,
16:42
if the stock market's down 20%,
16:44
you have to withdraw money at those low prices.
16:47
So you want to try and keep it at that higher level
16:51
for as long as possible.
16:52
And in order to do that,
16:53
you kind of need to take it out of those investments
16:56
and put it in something that's not going to fluctuate.
16:59
Anyway, so 1.6 is my target.
17:01
And so with that, I am having to contribute.
17:07
So I've got 30 years into retirement
17:09
and I've already saved $130,000 in my Kiwi Saver.
17:13
Oh, it's such a hot deal.
17:15
It's so cool.
17:16
It's so hot.
17:17
It's good.
17:18
Don't you think?
17:19
No.
17:20
I have got a hundred and thirty.
17:23
No, I mean, it's in Kiwi Saver.
17:25
So I feel like I don't have it if that makes sense.
17:27
Oh, my God.
17:28
You know, over here, can I probably go like 15?
17:30
Yeah, but that's...
17:31
No, my God.
17:32
Don't.
17:33
Compared to his default joy.
17:35
But like, it's just shit because I wish I'd known sooner.
17:38
And I would have done it so much earlier.
17:40
But honestly, like, these people listening,
17:42
you're probably in their 50s going, oh, my God.
17:44
You know, I've only got 15 years of your time.
17:46
And so it's kind of...
17:48
I don't know.
17:49
Just so annoying.
17:50
You know, it's kind of...
17:51
You now have the knowledge
17:53
and you're in a much better position
17:55
than you would have been if we hadn't done the curve
17:58
and you hadn't learned this.
17:59
Yeah, I don't know.
18:00
Sometimes it makes me annoyed.
18:01
Because I'm like, how on earth did someone not tell us sooner?
18:04
It's really wild to think.
18:06
And I know, like, there will be people listening
18:08
who are much closer to retirement.
18:10
And that's way scarier, I guess.
18:12
But I just...
18:13
I think it's, like, irresponsible.
18:15
I don't even know if it's the government or who it is.
18:17
But I just annoyed that so many of us
18:20
are going to be in potentially compromising 20-year holidays.
18:25
Because no one told us the best way to prepare for it.
18:29
Well, the average balance for Kiwi Saver and New Zealand,
18:32
which is effectively subrenuation in New Zealand,
18:35
is $25,000.
18:37
So there is...
18:39
How the F is anyone meant to live on $25,000 for 20 years?
18:43
Which is absolutely crazy.
18:46
So that's pretty bad, yeah.
18:48
And there's some crazy stat that's woman and retirement.
18:52
AKA the 20-year holiday.
18:55
Yes.
18:56
Have 40% less savings than men
19:00
when they reach retirement.
19:01
Yeah.
19:02
Which is...
19:03
40%.
19:04
Which is pretty depressing.
19:05
It's so much less.
19:07
But there is...
19:08
We'll link the calculator in this episode.
19:10
But there's really good calculators out there that show you,
19:12
okay, if this is how much I need at retirement.
19:14
And just do the simple calculation that I did.
19:16
It's 80% of your salary now for 20 years.
19:20
Just do that rough amount.
19:21
It's probably not going to be right, but it's the closest we've got.
19:23
And we want to keep it simple here.
19:25
We'd rather you just had a figure aiming to,
19:28
then nothing.
19:29
Because you can always adjust.
19:30
If it's maybe that you needed more,
19:32
you may be just a little bit less,
19:33
or if you overestimate amazing,
19:35
just have a little bit left over.
19:37
Take that figure, whatever that is,
19:39
and chuck it in this calculator,
19:41
and then it'll spit out
19:43
A, how much you need to contribute,
19:46
or B, how much you're going to have to grow it by,
19:49
you know, so if you're going to have to invest in the stock market,
19:51
if you're only growing it by three per cent,
19:53
and you've got it in the bank,
19:54
it's going to take you a lot longer to achieve your goal
19:56
than if you invest it.
19:57
Especially if you've got 20, 30 years,
19:59
you can go nuts.
20:00
Yeah.
20:01
Sorry.
20:02
Okay, I just feel like there's so many people
20:05
that I feel disempowered by this back.
20:07
I'm not trying to be making any noise.
20:09
But a lot of people will be listening,
20:10
just think it's just almost unachievable.
20:12
Like have you got any kind of words of wisdom
20:15
for people that are just feeling like,
20:16
holy shit, okay, yeah,
20:17
I need to save 1.4 million.
20:19
I just can't even fair them that right now.
20:22
Okay, well, let's use you as an example.
20:24
Okay.
20:25
So what you'd feel about how I can feel the energy draining,
20:28
and she's like, let's wrap this up.
20:29
This is depressing.
20:30
Oh, yeah.
20:31
Okay.
20:32
Okay.
20:33
So me, I've probably only got about $10,000 in my account now,
20:35
because I have a full stuff out,
20:37
because I just keep allowing the budget.
20:39
I've got about 25 invested in managed funds.
20:44
Yeah.
20:45
So it's 35.
20:46
And then I think I've probably got about 15,000 in Kiwi saver.
20:50
450,000 saves.
20:51
Okay.
20:52
So that's $300 a month.
20:53
Yeah.
20:54
And then you said that you could maybe save $200 more.
20:57
More.
20:58
Yeah.
20:59
So you only have 1.3 million at a time.
21:01
Actually, exactly.
21:02
So this is like, oh my God.
21:05
You're sitting to breathe,
21:06
but this is what I mean.
21:07
You've got so long.
21:08
So the fact that you're stressing now
21:10
is probably a good thing.
21:12
So that's why it's like, oh my God,
21:15
it's so true.
21:16
So that's why it's like,
21:17
oh my God,
21:18
it's so true.
21:19
It's so true.
21:20
So that's why it's like, oh my God,
21:21
it's so true.
21:22
It's so true.
21:23
Yeah.
21:24
It sounds like a massive figure.
21:25
And like, oh my God,
21:26
I'm how I'm even going to get there.
21:27
I don't have the money now.
21:28
That's the whole beauty of compound interest.
21:31
Holy shit.
21:32
That's good.
21:33
Yeah.
21:34
That's amazing.
21:35
That's so good.
21:36
So I just need to make sure I do that extra time.
21:37
You have a few more years to retirement than I do.
21:41
You've got time up your sleeve, girl.
21:44
But this is what I mean.
21:45
People will probably sit in there too.
21:47
Let's say going, oh my gosh,
21:48
I don't have any savings or I've got a very low amount.
21:51
How am I even going to get to a level similar to back and so off?
21:55
But honestly, just have a play around with this type of thing.
21:58
Honestly,
21:59
they just make it so much more inspiring rather than depressing.
22:02
Okay.
22:03
Okay.
22:04
So the easy takeaway here is start now.
22:06
Look at your system out there.
22:08
Secondly, look at your salary.
22:10
What are you earning?
22:11
Take 80% of that.
22:12
This is obviously just a rough guy.
22:14
But it's what we've got to go off at this point.
22:16
So a rough guy.
22:17
There's about 80% of your salary.
22:19
Then times that by 20.
22:21
Times by 20.
22:22
Because yeah, we're having a 20-year holiday.
22:24
Again, that's not necessarily how long your holiday is going to be.
22:26
But it's a good starting point.
22:28
Yeah.
22:29
Might be 30, might be 15, might be 10, whatever.
22:31
But we're going to take 20.
22:33
Times by 20.
22:34
And then that's the bigger that you need.
22:35
Yes.
22:36
And then we put it in the calculator and you go,
22:38
okay, this is the amount that I need and you play around.
22:40
And then you enter how much you have.
22:42
Yeah.
22:43
So if it's 50,000, if it's 10,000, it's 100,000.
22:45
And then how much do you think you can contribute?
22:48
So like you say, you're doing $5 a week.
22:51
Then you can probably do an extra 200 a month, which is great.
22:55
And how many years you have into retirement.
22:58
So I might have a lot longer than us, which is great.
23:00
And others might not, but that's fine.
23:02
And then you use about 8% return.
23:04
Because that's what the stock market's done historically.
23:06
Okay.
23:07
Yeah.
23:08
So we're going to get calculated.
23:09
That's really easy to use in the show notes.
23:11
I mean, gosh, it'd be so cool if we could make our own.
23:13
And yeah.
23:14
And have a play around and be like, what if I want 2 million?
23:17
Yeah.
23:18
What would I have to contribute?
23:19
Small differences compounded over 30 years, 40 years,
23:23
and have a longer half is.
23:25
Okay.
23:26
Yeah.
23:27
Yeah.
23:28
Okay.
23:29
I feel way better.
23:30
I don't know if you have any questions.
23:31
Like, please get a touch.
23:32
Yeah.
23:33
That can love the dance.
23:34
Any questions please get a touch.
23:36
Because we want us to be something that you feel empowered
23:38
by not terrified like I did.
23:39
Yes.
23:40
The great thing with this is that you might actually be able to retire earlier.
23:43
Yeah.
23:44
You know, if you're like, wow, I'm going to hit my goal in 25 years.
23:48
Like how awesome.
23:49
Yeah.
23:50
That you can then retire at 60 and have an extra five years of holiday.
23:53
Yeah.
23:54
Yeah.
23:55
Yeah.
23:56
I have fun.
23:57
Thank you so much for listening to Raising the Curve.
23:59
These conversations are designed to teach you everything that you need to know to be
24:03
better with your money.
24:04
From saving, to investing, to talking to your friends about your salaries.
24:08
And if you liked what you heard, we would love it.
24:11
If you could hit subscribe button, please.
24:13
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24:17
And it would really make our week.
24:19
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24:20
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24:21
Lots of love.
24:22
See you soon.
24:23
Bye.