Season 1, Episode 9: How much do I need to save for retirement?
How to calculate your retirement goals, without (too much) panic, anxiety and fear
What's my number? How much money do I need to put into my retirement account between now and when I stop working?
Sara and Caitlin walk through an online retirement calculator to show how to figure that number out, without freaking out. You might need a chocolate milkshake for this one.
The good news is that we share the many factors that you can play with to get closer and closer to the amount you'll need to live on later on.
This week, the one thing Women on the Verge of a Financial Breakthrough can do TODAY to take the first, or next, step towards building a strong financial future is going online and trying out a retirement calculator. (This is the one we use in this episode.)
Ask us your dumb investing and finance questions on our ask us page!
This episode was edited by Jes Rowe. Music by Bad Bad Hats and Devmo.
Transcripts for Episode 9: How much do I need to save for retirement?
Episode 9 transcripts
Music intro by Bad Bad Hats
Caitlin Hey, welcome to Women on the Verge of a Financial Breakthrough, a podcast where we're figuring out finance one very dumb question at a time. I'm Caitlin Meredith, a coach and mediator based in the Bay Area and.
Sara I'm Sara Glakas, I'm an investor advisor and the founder of Black Barn Financial and the Austin Women's Investing Group, which you can find on MeetUp.
Caitlin So I met Sara when she was my teacher in an Investing for Beginners class, and one of the class exercises was to estimate how much we would need for retirement. And you might as well have asked me, like what to pack on a submarine trip to the Arctic or something. It just felt a unknowable be ridiculous and see so scary. Like, how could I actually do the math to get to that number? Because there was no way from where I was sitting then to get any number that would be so big, I couldn't sit at the top of it. But over time, I had to get used to this idea that it was doable and maybe there were more variables in it that I could have control over than I thought. So welcome to our podcast and figuring out your own submarine trip to the great unknown of retirement.
Music transition by Bad Bad Hats
Caitlin So. We've been talking about all these fundamental principles and encouraging women to do one thing every day to create, to plan, their financial futures. But such a key part of it is trying to figure out what, what should the goal be? Like, where, how do you even know how much I should be saving, how much I'll need when I retire? Like this is the whole point for the people we're talking to, right?
Sara Totally
Caitlin So I will need money when I retire. Like, yes, let's make millions regardless of that. That would be amazing. But just in case we don't, let’s have a good financial future plan, which really just meanas knowing that we're going to have enough money to take care of ourselves and our families and whatever else we need to do after we retire, right?
Sara Yes
Caitlin That we’re no longer working, earning the cash dollar money that comes into our bank account every two weeks, every month, every whatever. What, how will we live after that? That's that's the crux of it, right?
Sara Yes. I mean, that's the question everyone wants the answer to, right? Am I on track? And ultimately, am I going to be OK?
Caitlin And it's a little bit different than creating intergenerational wealth, I feel like we’ll cover that in other areas. This is just like the bare bones. You know, how will I live? How will I pay the bills that I pay now? So one of the things that we had people do people, women on the verge of a financial breakthrough do is figure out their baseline spending budget every year. Budget seems like the wrong word. The amount that goes out of their bank account monthly, yearly to support their lifestyle
Sara and like cash flow out,
Caitlin cash flow out.
Sara That sounds much nicer. Right?
Caitlin And so that's super important as well as income. We asked people to look at what their income, what's the cash coming in every month? Now is the day we try to tackle this thing called the retirement calculator. It's also the time value of money calculation, just figuring out. How to get the money you're going to need when you stop working, so I never I go back and forth, where do you start with the money that you could possibly save every month? Or do you start with the number that you have to reach by the day you retire? Like, what's the best way to think about it?
Sara Yeah. So I think it's going to be an iterative process, right? So if I'm starting with myself or with a client, I start with the status quo, right where you can tell me how much you have today. That's your present value. You can tell me how long you think you're going to continue working and putting money into this account. That's your number of years. You have a general idea of your rate of return, maybe, right? We can talk about the nuance around that number. You can tell me how much money is going into investment and retirement accounts. So that might be through your 401k and your match or you're contributing to a Roth IRA, whatever. That's the payment that's going into your accounts. And once you have those four things, you can calculate something called your future value, which is the size of your nest egg. When you think you're going to hit retirement and then you can see if it's enough and make adjustments where necessary.
Caitlin And I guess, yeah, that makes sense. And I just want to point out, though, for some people, including myself by age 38. Yeah, I think it was then that number you were asking for how much you're already giving every month. That would have been a big fat zero. Yeah. So I just want to make it clear you don't already have to you don't need a number there if you haven't been able to contribute to a retirement account or start one yet. That doesn't mean you don't. You can't start one today. You can start it today. So that number will be zero for historical contributions. That's not necessary in planning a financial future. That can start today, no matter what your past was.
Sara Right. Oh, that's a really good point. I, you know, when I start with it, I think I assume that there is a status quo amount, even if it's small or too small that is going in there. But the number that we're actually looking for is the number, the amount of savings that could be going in there if you tried really hard and or made some adjustments and or just started saving. So if it's, you know, zero, like you said, if it's zero up until today and then tomorrow you start putting $50 dollars per month in your account. When you use the retirement calculator, you do $50 per month.
Caitlin Right. And I mean, I just think for me, it crept up on me like I was freelance, so, you know, a big enough deal to do my taxes every year, and it was sort of like, Oh, next year, I'll figure out that next piece. And that didn't happen until I took your class, so I just want to make it very clear that having zero history in the retirement arena investment account arena does not disqualify you from anything going forward.
So we're going to do this experiment on a retirement calculator and the one that we're using today for this demonstration, actually, we found on Schwab.com, Schwab is s c h w a b, and if you just Google Schwab and retirement calculator, you'll find it. There's a bunch out there and we're not endorsing one or the other. We just found this and it seemed intuitive to us about the questions it asked because some of them are super wonky and they use words that no one outside of the financial world uses. And I didn't know what to put, and I would have had to call Sara the whole time. So we're going to try doing this together. You can do it along with us or just listen to this and then find your own. Because spoiler alert, the one thing a woman on the verge of a financial breakthrough can do today is play around with figures on the retirement calculator. It can be scary the first time I did this, it was sort of devastating. I hate to use that term when I'm encouraging other people to do it. Maybe I should rethink that, but I just want to warn you that the amount it's going to take could be more than you ever can imagine yourself having because we're talking about a number a that's some distance in the future and is an accumulation. It's not like your salary every year. Am I on target with that? Am I the only one that looks at the big number at the end, and is like, gulp.
Sara No. That happens all the time. I would invite people to let go of their preconceived notions about how much they need. There's lots of numbers that are thrown around. Just round about, oh, you need this many millions of dollars or that many millions of dollars, which can be demoralizing the very beginning. So I would just say let go of some of your preconceived notions. These are just numbers. One of the things that I love about investing in finance and learning this is you over time will figure out the levers you can pull to change your own destiny financially. That's what the retirement calculator is for. So don't try to get the right answer. Don't freak out if the numbers don't fit into what kind of be your own worldview of your own financial picture is. We'll just like run the numbers, let them kind of tell a story, but it's not necessarily the story of your life.
Caitlin You're so inspirational. I love the talk about levers. I wouldn't say it that way, but you're exactly right, because when I've played with it before, I'll feel like, you know, just I'll have zero money at the end. And then when I play with a few things, I'm like, Oh, got an extra seventy thousand dollars off of that little experiment. And I did nothing. Nothing changed in my reality. But it is like as much as you could treat it, not as a game, but as some information points that you can manipulate a little bit. Sit with, see, and that next year, your financial picture could be a little bit different. And so they might change, they could go up or down, whatever. So with that said, we're going to get started that we've told you not to freak out. So listen to us, don't freak out.
Sara This is just information.
Caitlin It's just information. And it's a starting point to start to set goals and to have a clear picture, whatever that picture might be. It's not so bad, after all, it's amazing or holy shit, and you can do something about any of those scenarios. So that's the take-home here. So we're on Schwab.com. Oh, God, first is going for my age, OK? I am 46 so I'm putting that here. Oh, I put 56. All right. I just got robbed
Sara Put in your correct age.
Caitlin OK, so I'm 46. What age do I plan to retire? I mean, quite honestly, I can't imagine ever, but because I love my work, but I what's the normal one Sara?
Sara 67
Caitlin 67?
Sara Yeah.
Caitlin Okay. 67, I'm putting 67. What's your investment style? So we have a whole range here from low risk to high risk. I'm imagining Sara from what you've taught me that the higher risk I put on this spectrum means the more stocks that I'm investing in, bonds and cash would be super low risk. Am I learning? Sara’s nodding her head. I'm learning
Sara You’re learning. I'm just going to sign off and
Caitlin I'll take it from here.
Sara A-plus, you’ve arrived.
Caitlin Sorry, Women on the Verge of a Financial Breakthrough. It’s just us. OK, so if I put, I remember Warren Buffett said for his wife he wants, who is older than I am, that he would put her at 90 percent stocks, 10 percent bonds. Is that - I'm assuming that's not at the very highest risk, but at one below. And in fact, Schwab is telling me that's considered moderately aggressive, 80% stocks and 15 percent fixed income and five percent cash. I actually I don't want 80. I want to go, I want to be a little bit bolder, so let's see what it says. High risk - 90% stocks, five percent cash investment Sara for the purpose of this exercise, what do you want me to do?
Sara Why don't we go moderate?
Caitlin OK,
Sara The next one down, so there's four radio or five radio buttons, and Caitlin is choosing the fourth one, which is
Caitlin Moderately aggressive, so 80% stocks, which in all honesty, until you've drilled this in my head, I would have gone in the middle one just for lack of anything to say, which would be moderate 80 is that 60% stocks, 35 % bonds. So given no other information, I would just say, like the middle road, that's got to be the safest. But because I'm one of your followers, Sara, I'm going to do this moderately aggressive, OK, our little cult of two. OK, now. So I'm pressing next. We're going for it. OK, what is your current annual household income? I'm going to put $75,000 here. Do you know what? Do you know what the average median income is?
Sara That's probably a little higher than average. But I think 75 is a good number.
Caitlin OK. We're just going to, this is just one number. Yeah. Just how much have you save for retirement so far? OK, because I've been trying a little bit, I would say, let's put $100,000, so not zero, although that might be our number. I'm going up a $100,000, which feels to me way behind my other friends that have been doing it forever. But it makes me feel like I've done something.
Sara Yeah, this isn’t your friends’ retirement calculator, it's your retirement calculator.
Caitlin Right, so I’m going to put one million dollars.
Sara Or your pretend one. So, so here to get this number. This is your present value, just
Caitlin OK. So the way that I think, I think, OK, well, I could probably do $400 a month. But it's not asking me the math, it's asking me the years of 400 times 12. That's the number here that it's expecting me, whatever my monthly contribution would end up being for the year?
Sara Yes. It’s asking you…
Caitlin Don’t worry, people, I’m going to use a calculator for this one so we don’t have to come edit it later. I don't want to screen using a calculator for this one so that we don't have to edit it later. OK. $4,800.
Sara Nice.
Caitlin That’s what I'm saying I can contribute a year.
Sara And Caitlin, I know that you are self-employed, so you don't have an employer match. But if you did have an employer match through work, you would add that to this.
Caitlin Oh, so that's going to help a lot. So if I worked for an employer that matched one for one, I would then do whatever two times 4,800 is?
Sara Exactly.
Caitlin We'll let you do the math on your own. We're not going to hand feed you this stuff, OK? So just make sure that if that applies to you, that someone is matching your retirement contributions, that you include it because that that definitely counts. How much Social Security income do you expect to receive in retirement? I thought none because it's all going away. Do we know?
Sara So you have an option here on the Schwab calculator to say yes, calculate automatically, just please leave it there. If you make it zero, you are not being reasonable and you're making your life way more difficult than it needs to be. I am a firm believer that Social Security will exist in some form or fashion, when we all retire. If you're closer to age 67 right now, your benefits will probably be what they say at the Social Security website. If you're kind of in the middle. So I'm 42ish, maybe my
Caitlin Maybe she’s 41, maybe she’s 43. She’s not telling.
Sara I'm pretty sure I'm 42. I’ll turn 43 in July, I think. But anyway, so I think the kind of in the middle, there's a chance that either my benefits would be reduced or I would get them later. And then if you're much younger than me, if you're in your 20s or early 30s, there's a really good chance that your benefits would be reduced or begin later in life. But
Caitlin There’s no way to know that right now.
Sara No way to know. And something will be there. Social Security is a very popular program. It is not going to go bankrupt in the way that people want you to think where nobody's getting any benefits.
Caitlin Good news.
Sara So all that to say. Yes. Calculate automatically. Age Social Security, Social Security will start. This is where, here you should put 67, Caitlin.
Caitlin OK, so it asks me age Social Security will start. I'm going to match that to my retirement age that I put up top, 67.
Sara Yes. Match it to your retirement age.
Caitlin How much supplemental income do you plan to receive each year in retirement, not including Social Security or investment portfolio income? What what would that mean?
Sara So your rental property,
Caitlin rental property or alimony? I mean, if that was going to be continuing, then right?
Sara I think it's if you expect something like alimony to continue your whole life or for most of your life. OK, if you get a distribution from a trust and opportunity and for a lot of people, do you have a pension? A teacher? Or are you a state employee or a federal employee to a pension plan? And that's where you would put this,
Caitlin Look at you, so clever, getting a pension.
Sara I know. Good for you.
Caitlin There is no freelance pension. OK, would you like me to put in a dummy figure here so that we can see that? Or are we going freelance or without?
Sara I would say maybe put some conservative estimate for like if you kept your rental property and some supplemental income coming in.
Caitlin $700 a month? $1,200? What’s? You don't care.
Sara Don't care.
Caitlin I don't know what a pension would be. OK, I'm going to put $1,000. That is just some magic money that I’m getting
Sara Hold on, this is each year, so it's
Caitlin OK, so I'm put in. You know, I have to tell you on all these calculators, they're all a little bit different. So that is something you have to pay a lot of attention to, whether they're asking you months or years or periods, which why bother? Nobody thinks of their life in periods. But anyway, this one is asking us each year. So I'm putting $12,000 based on the idea that I'd get $1,000 a month from a rental property, a pension or something. How much money do you plan to spend each year in retirement? OK, estimate as a dollar amount or percent of the income, which you suggest?
Sara I think the right number is something like. If you assume it's probably not 100 percent of your income, it's probably a little bit less because one of the things you're doing each year is saving part of your income, not spending it, right? Not flowing through to your budget. So what did we assume? $75,000?
Caitlin Yeah.
Sara And you get maybe another $12,000 a year on top of that?
Caitlin Okay.
Sara So, I mean, I would maybe estimate somewhere between 80 and 85 % of the income that you already put into,
Caitlin You're going to have me do the percentage? OK. Now Sara, I'm confused because I'm going to put the percentage and I'm going to put 85%, but I thought that you'd have me put in the number, which I don't have offhand. But that is what I'm spending a year now in my current lifestyle. I thought you'd have me put that, you're not.
Sara I must have known that you wouldn't have that.
Caitlin You read me, lady.
Sara If you had done the homework…
Caitlin Well, I did it, I just don't have that spreadsheet. But, and I clearly have a mental block for what that could be, but so what you're telling me is either as possible. So if I do a percent of income, we're just saying 85%, whatever I'm making now, I'm going to be spending 85% of that per year after retirement and no longer getting my professional income.
Sara Yes.
Caitlin However, if I had right here in front of me a spreadsheet telling me how much money I'm spending the cash out. I could also put that in a dollar amount here.
Sara Exactly.
Caitlin OK. We're going to do next. We're going in. Woo. Oh. OK. What's happening here? Your retirement summary, it already popped up. OK. Based on the information you provided, you will need to save an additional $589,000 to retire at the age of 67 with your current savings plan. That's very key here, when you see this alarming number in red, might I add, you know, it looks like they've designed it to raise your heart rate. I mean, it's not blinking, but it might as well be.
Sara Call Schwab! Call Schwab!
Caitlin Call Schwab! But what I would like to emphasize from this statement is it says with your current savings plan, so meaning if I manipulate some of these things, which will we're about to do, it might be a different picture. So here are some possible ways. Oh, they're so helpful. You can take the possible ways you can take to get on track. I would suggest different language, but OK. Change your retirement age to 75. So that's one of the variables we get to play with. OK, I got to work a few more years. And they're specifically saying to 75 that that would bridge the gap at my current retirement savings rate, with the plan I chose, I could get to where I need to go, but I'd have to work an extra eight years.
Sara Yes. And you said you'd like to work.
Caitlin Yes. I did. Bring it. I mean, who knows how I'll feel about it then… Increase your annual retirement contribution to $16,600? So I'm going to do the math here, people. I had told them I would, I could give $400 a month. And they're suggesting that I give instead $1,383 a month. Well, that's kind of that's a big that's a big difference between $400 and that. So almost an extra $1,000. Right? OK. But again, we don't have to be black and white. Let's say I say, OK, I can't do that, but maybe I can go up to $600 and then work to 70 or something. So these are all the variables we can play with, right? Yes. OK. Reduce your spending now. I am really against this one. Reduce your spending while in retirement to $47,800 per year. OK. I don't know what that looks like. I don't know where I'll be living or what. So maybe that's going to be totally possible. No big deal. I'll have to wait on the yacht
Sara You won’t be able to make payments on the yacht. You’ll have to lease to own.
Caitlin But what I really like about this is it shows the flexibility of the plan, like you're not stuck to your not painted in this corner.
Sara Yes. I mean, that's what I love about this calculator in particular and in having this conversation with yourself, because it becomes like a game of “would you rather” just does your kid ever play, like do you guys ever play?
Caitlin No but I did in high school. Don't tell my kid about it.
Sara This isn't like the dirty version, right? Like, it's just the financial version, where you look at these options and you're like, OK, like what? What can I do? What is easiest for me to do if you don't do any of them? Like, we're just here to tell you, you are just walking into a buzzsaw.
Caitlin There's a gap that you won't be able to bridge when you get there.
Sara And when you get there, it will be too late. Right now, you know, I'm going to plan to work longer. We're going to take care of my health and I am going to make sure I love what I do, and I'm going to definitely try my hardest to work to 75 or, and or, I'm going to look at my budget, and I'm going to find a way to find another one hundred two hundred eight hundred thousand dollars in order to save more money each month in order to buy back those years to get back to age 67. The reducing your spending while in retirement. That part is tough. That's like a serious lifestyle adjustment. I feel like for most people if
Caitlin Well and that you can't control right now, that you're not there yet, so you can't reduce that spending. Yeah, right? Like, you could do something if your plan could reflect those things, right?
Sara And maybe your plan could be, you know, I have siblings that I'll definitely want to live with or kids that we live in multigenerational home like, maybe that's the case. But for most people that I see, that part is the worst case scenario is you get used to living on $65,000 per year and now you have to take it all the way down to $47,800 like you're going to be moving, you're going to be living in a way that you are not currently living right now and you're not leaving yourself very much margin for error.
Caitlin Usually not situated to take on a couple of side hustles, you know? Absolutely. Your earning potential just goes way down for several reasons. So this is where you can't do anything to make up for the time you have right now. Whatever you do with that time. But I also, what I like about this, and I think we need to just continue reminding ourselves that if nothing is fixed, the idea that I'm doing this retirement calculator in September of 2021, my financial realities, something could change drastically in six months and I can do it again. And there will be new opportunities like that. You're not that, like all of a sudden, I don't need that money, but if you can only truly afford $400, just do it, keep doing it. And then just with the caveat that when you have a little bit more breathing room in your budget that you come back to this and you add the extra $200 that you can afford, then you can grow this. It's not a fixed plan that you're on, right?
Sara It's like, it's a living document and like to that point, could you go back? Could we go back to the first page where you chose your
Caitlin Schwab's like, nope, you made your bed. You can go back to any. It's a three step process for them. So there's a bar where you can go back to step one. Which variable would you like me to change?
Sara Yeah, was one of the options they did not offer you, Caitlin, was what if you increase your expected rate of return by being more aggressive in your accounts?
Caitlin So, I’m going all the way, all the way going for it.
Sara Going for it.
Caitlin So now I'm going back to it. So I didn't change anything. I didn't change how much I have to save for. I didn't change how long I'm going to have to work, all that, except how risk tolerant I might be with that money. And OK, it's still in red. But now I have to save an additional five hundred and sixteen thousand eight hundred dollars to retire at 67. But, to bridge that gap, I can now only work to 74. And then the last version, it was 75. Mm hmm. I gained a year increase my annual retirement contribution to fourteen thousand three hundred instead of the sixteen, so adding maybe not eight hundred instead of a thousand or reduced by spending to forty nine thousand, which already feels more comfortable. So, yeah.
Sara So this is a case where if you run these numbers, sometimes people just the numbers tell you or encourage you to become more aggressive in your investing, which you know, if there was a fourth bullet point here. That would be on there, and again, like if it comes out like a game of would you rather work longer or take more risk in the stock market, would you rather save more money or save less money and let your investments do more of the work where it's all trade offs? Like, that's the story that the numbers are telling you. Which number do you want to turn? Which lever do you want to pull to get to where you want to go? That's what these retirement calculators are for. Not to scare the bejesus out of you and get you to shut down or not to scare the bejesus out of you and get you to call, you know, wherever the calculator is. It's just information because these are all trade offs.
Caitlin I'd like you to talk about the difference between someone who's 23 and doing this and someone who is 57. You know, like the different times of your life that you apply this information. On the one hand, the 23 year old is going to be like, they will have to save a million dollars to get to where they need to be, which sounds daunting, but they have so much time to do it in. Whereas someone who is five to 10 years from retirement has a lot less wiggle room, which doesn't mean you shouldn't do this. But you want to know this information as soon as you can. So I just answered the question for you, but you'll do it better, so you try.
Sara I mean, if you have more time, you will have more options and more flexibility, for sure. You'll have most people feel the freedom to be more aggressive with their investing and training, target that higher rate of return because behaviorally most people think I have time to wait out market crashes. I don't need the money yet. I can afford to absorb some of the volatility so I could be more aggressive. Just your your time, like you said too, is so valuable. Now, if we expect the stock market to double in value every seven to 10 years, every seven to 10 years that you have is a potential doubling of the money that you started with. That is super powerful. So when you're starting a little bit later, these bullet points become less palatable, much more difficult and sometimes require big shifts in your thinking. And that doesn't mean that it cannot be done. It just means that you should have this information in your in your brain as soon as possible so that you know if when you can afford to stop working and you know how much money you need to save which then it goes back into how much do you need to earn? How much can you afford to spend? All of these things come reflect back on themselves. If you're doing it, when you have more time, you have more time to make some mistakes and absorb them. And as your time horizon gets shorter, it's just not as forgiving,
Caitlin But it allows you to not be caught off guard, too. And so to be able to make a plan like, Wow, you know, travel's a really big it was really important to see my family in other parts of the country, whatever. So that that's a non-negotiable. But maybe I start looking at communal living situations like it allows you to make a creative and proactive plan versus getting to that point, like putting your head in the sand until you get to that point where you haven't had the time to plan and think it through and talk to a bunch of people about creative solutions.
Sara Yeah, absolutely. And the first step is doing these calculations that you just went through so that, you know? But the very basics of what you need to do in order to make this math work. Yeah.
Music transition by Bad Bad Hats
Caitlin Sara, that's our one thing, right today for someone a woman on the verge of a financial breakthrough. Her one thing to plan her financial future is to play around with this calculator. And if you've already done it once, come back with your current reality and do it with that. Just have it. Do you think people should do it every year? Am I over emphasizing that just. It's these data points where. I just don't want people to have it fixed, and definitely, you know, I'm staring at this red number five hundred and sixteen thousand dollars like that would be like telling me I'm going to have to perform Hamlet, you know, like what? I've. I want you to find that money. So to just not get paralyzed by this process and this idea that you'll keep coming back to it and your financial reality might change, you might get better, get worse, but that you can just manipulate it. Bunch of these things and it gives you a place to start thinking about. What do I want? What are the sacrifices I'm willing to make to make that freaking number not red?
Sara Yes, I would say annual is probably a fine place to start, but it might be revisiting it whenever something changes major. When you get a raise, you get laid off, right? Like when whenever your financial situation really changes in a material way, check back in on it and see how that change is going to impact the rest of the plan. Okay.
Caitlin Thank you so much for walking through this, and I'm so glad this one didn't ask me per period. I was like, Why are they asking me about my period? So weird? And then my dad's a hockey player like hockey, like periods like in hockey. Like, What the hell? And three,
Sara There's three in hockey, right?
Caitlin There’s three periods in hockey. There's countless in a woman's life. So I don't know why the finance gurus are putting it as your retirement calculator. No one thinks about that in terms of their life in that way. So avoid one of those because I'm boycotting them. But this was a good one. I know NerdWallet has one, go find one that makes sense if you're just spending too much time to even figure out how to answer the questions. I'm afraid you'll get so frustrated. You say I'm not going to do this anymore. So this one on Schwab was really intuitive and easy, and all the question marks actually tell you information you can understand, even if you're not Sara. Yeah, right? Thank you, Sara.
Sara Awesome. See you later!
Music transition by Bad Bad Hats
Sara Hey. Do you have any dumb questions about finance or investing? Send them to us at our web site womenontheverge.com
Caitlin Hey, so many thank you's to Kelly West, a woman on the verge in her own right who took the amazing photos for our album art and website helped with our website design, music, audio editing, cheerleading, mental health, everything. Emily Kleinsorge, our stylist that did our hair and makeup for our photos from Lucy Skyrocket. Lauren Gross and Taylor Gross, who helped us with our graphic design. And
Sara and our music is by Bad Bad Hats and Devmo.
Caitlin This episode was edited by Jes Rowe.
Caitlin If your partner is making you ask for money, giving you an allowance, taking your money or not letting you know about or have access to family income. This could be economic abuse.
Sara Learn more at thehotline.org or call one 800 799 safe.
Caitlin So Sara because you're a financial professional, when you have to read a disclaimer for this podcast,
Sara I would actually really love it if you could read the disclaimer and your best legal voice.
Caitlin OK. Doing it. This podcast contains general information that is not suitable for everyone. The information contained herein should not be construed as personalized investment advice. Past performance is no guarantee of future results. There is no guarantee that the views and opinions expressed in this podcast will come to pass. Investing in the stock market involves gains and losses and may not be suitable for all investors. Information presented herein is subject to change without notice and should not be considered as a solicitation to buy or sell any security.
Music outro by Devmo
Devmo I know the first thing you notice is that I'm covered in gold, the flick of the wrist it could turn a hot bitch cold, to get what you want in life girl you gotta be bold. Now Imma die rich, and I know...