In this episode of Inside the Plan with the 401(k) Brothers, Bill Bush and Andy Bush, advisors at Horizon Financial Group, talk about the ways that our thoughts and behaviors impact our lives, the effects of COVID-19 on savings and spending habits, and how all of this has an effect on our 401(k) strategies.
Episode Highlights:
- 00:41 – Bill Bush and Andy Bush talks about Phase 1 of the pandemic.
- 02:47 – How does James Clear’s book Atomic Clear speak to how we approach our 401(k) plans?
- 05:41 – What are the stories you tell yourself, thoughts, beliefs, actions and the habits you live the most?
- 06:22 – The stock market is investing in companies that will be more valuable later.
- 09:23 – What are the stats on personal savings and spending in April 2020?
- 07:22 – Are there 401(k) opportunities during this COVID-19 moment?
- 13:50 – Bill Bush and Andy Bush talk about how coronavirus impacted them personally and tightening up on spending.
- 15:30 – How do you want your savings to be put to use?
3 Key Points:
- Our internal monologues we have about ourselves guide our lives.
- Write out your thoughts and beliefs about retirement and prioritize them.
- Personal savings in the United States in April 2020 hit a historic high of 33% as spending declined by a record of 13,6% for the month.
Tweetable Quotes:
- “You are the average of the 5 stories you tell yourself the most.” – Andy Bush (quote by James Clear)
- “You have to believe that what you do today is going to impact you down the road when you do get to retirement.” – Andy Bush
- “20% of how you spend your time makes up 80% of the results.” – Andy Bush
Resources Mentioned:
