In a recent episode of the "Money & You" podcast, host Michelle Perkins engaged in a rich discussion with Jonathan Grimm, a licensed financial advisor and author of "The Future Poor." You can listen to a previous episode with Jonathan Grimm as well (ep. # 150).In “The Future Poor,” Jonathan Grimm explores the flaws in the American financial system and challenges conventional wisdom about retirement, suggesting that the traditional goal of retirement may not be beneficial for many individuals in today’s world..The conversation focused on the evolving landscape of financial planning, particularly the concept of retirement and its relevance in today's economy. Grimm emphasized that traditional retirement advice may no longer be viable, as many individuals will face difficult conversations with their financial advisors about the inadequacy of their retirement plans in the coming years.The episode highlighted the need for a shift in mindset regarding work and financial planning, advocating for a transition from "meaningless labor" to "meaningful work." Grimm pointed out that older adults often report higher job satisfaction, suggesting that continued engagement in work can be beneficial for health and well-being. The discussion also touched on the complexities of financial tools, such as life insurance, and the importance of understanding their potential benefits. Grimm discusses various financial tools such as life insurance, 401ks, and Roth IRAs. He emphasizes that these tools can be utilized in multiple ways to achieve better financial outcomes, rather than adhering to conventional uses that may not serve individuals' best interests. This conversation is significant as it challenges conventional financial wisdom and encourages listeners to rethink their relationship with money and work, fostering a more empowered approach to financial planning. 00:01 - Mindset and money connection 06:23 - Rethinking retirement conversations 11:30 - Economic bubbles and retirement 19:23 - Meaningful work over retirement 25:35 - Financial tools for better living 36:00 - Understanding life insurance value 41:51 - Investing within life insurance Key Takeaways: The traditional retirement model may not be sustainable for future generations, and alternative strategies should be considered. -Understanding economic trends and financial tools can empower individuals to make informed decisions about their financial futures. -Engaging in meaningful work can lead to greater job satisfaction and overall well-being, challenging the notion of retirement as an endpoint. -Financial education and community support are crucial for navigating the complexities of personal finance. Jonathan Grimm can be reached at thefuturepoor.com and offers a free life insurance review for anyone considering life insurance, but unsure about the one they are about to purchase. For more tools and conversations about money mindset, practical money tips, confidence, and financial empowerment… Subscribe to the Money & You Podcast:Apple Podcasts Please rate and review & share the podcast with your friends and family members who want to better understand money, and feel more confident and in control of their financial lives. It's sooo important to us!! Join the Limit Free Life Community Blog: https://limitfreelife.com/newsletter Learn more about Michelle Perkins: https://limitfreelife.com LinkedIn: Michelle on LinkedIn Instagram: @livealimitfreelife YouTube: https://www.youtube.com/@michelleperkins-limitfreel2446
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