Don’t Worry About Retirement, Be Inspired Instead – Interview with Chris Hogan

Chris Hogan, Dave Ramsey speaker, interview on Steve Stewart podcast

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Special Guest, Chris Hogan

Many of us fear being unprepared for retirement – and that’s because we don’t have our number.

What is “our number”? My guest today is Chris Hogan, financial ROCK STAR and Dave Ramsey personality, shares how to find your number by taking the RIQ: Retire Inspired Quotient

Connect with Chris on Twitter, Instagram, or his website: Retire Inspired: It’s Not An Age, It’s A Financial Number,

The moment you get inspired, change can happen @ChrisHogan360 on “No Debt, No Credit, No Problems”Click To Tweet

Summary of our conversation

Chris Hogan profile pic 2015

Me: What is it that causes us to fear that ultimate day of retirement?
Chris Hogan: Fear is a very real thing. I wanted to make sure I set my family up for success. Many people see retirement as the end. It's not the end, it's the beginning of the best years of your life. If you've done it right you will have more of 2 things than ever before: Time and money

Me: What is the true definition of “retirement”?
Chris Hogan: Retirement is moving from the phase of what you have to doing to what you want to do – not just for you but for your church and community too.

Me: When you say we want to retire “inspired”, where does the inspiration piece fit in
Chris Hogan: It comes from two areas:
1) Being tapped into your dreams
2) Knowing that you’ve worked hard. You’ve stayed focused and sacrificed.
Then you move into the realm where you are being able to make an impact with others as a giver with your time, talent, or with your money.

Me: How does someone decide when it’s time or how much they need to have to retire?
Chris Hogan: We need to get our number first. We developed the RIQ (Retire Inspired Quotient). It can give people an idea of what it takes to live on in retirement. Simply plug in a few data points (inflation rate, rate of return, etc) to give you a better understanding of what you need to do today to retire inspired later.

Me: We can’t predict the future. How do you know what numbers to plug into the RIQ?
Chris Hogan: The RIQ already has some numbers plugged in there. You can adjust the withdrawal rate and play with the numbers. However, some people were able to take their RIQ and begin a conversation with a financial advisor.

Me: Many have just completed their open enrollment package at work. Is it too late for them to make the changes they need to retire inspired?
Chris Hogan: Not at all. There is typically a period you have to make changes. Reach out to your Human Resources director to find out what changes you can make today. The key is being intentional about what you are trying to accomplish. Stay plugged in and ask the right questions. Take your 401k information in to your investment professional and get guidance on what your investment options are.

Me: What would you say to someone who hasn't started yet?
Chris Hogan: No matter what someone else or some commercial tells you: IT’S NEVER TOO LATE TO DO SOMETHING. Don’t let another day, week or month go by without making changes. Have a plan.

 


BONUS!

Chris Hogan shares his background for:

> How his wife scored him a personal meeting with Dave Ramsey

> Why he moved from banking to financial coaching

> Working with professional athletes and well-known musicians


Also in this episode:

Part of my answer involved the following example:

  • Credit card #1: $1,000 balance, minimum payment $40.00
  • Credit card #2: $5,000 balance, minimum payment $200.00
  • Credit card #3: $15,000 balance, minimum payment $600.00

That’s $840.00 in minimums. If you can only send a total of $300 then ration it out:

  • Send credit card #1 the full minimum of $40.00 (leaving $260.00)
  • Send credit card #2 the full minimum of $200.00 (leaving $60.00)
  • Send credit card #3 the rest ($60.00).

NOTE: This will likely trigger some kind of fee (underpayment penalty). Remember, this is not a permanent solution and we are already past the point of maintaining a clean payment history.

If you want to follow a true pro-rata plan (sending equal portions according to the amount of debt you owe each creditor):

  • Credit card 1 is 4.7% of required minimums, so send $14.20
  • Credit card 2 is 23.8% of required minimums, so send $71.50
  • Credit card 3 is 71.4% of required minimums, so send $214.30

I would send the payments in the mail with a copy my budget. They don’t care about my budget – but it will make me feel better about my situation because I’m doing all I can!

Listen to the entire episode for the 5 steps before filing bankruptcy due to credit card debt.

Resources and links from this episode:

 

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