Living with a financial finish line inherently requires living on a fixed income. Here, we discuss some practical strategies for maintaining a budget through normal fluctuation in expenses, weathering sudden emergencies, and planning for large expenses.
As the finish line movement has grown, an increasing number of retired people have asked the question, “What does a financial finish line look like if I’m already retired?”. Kealan and Cody tackle this questions along with a number of related questions like, “Does it make sense to keep all my savings and give it away when I die?”. They also share some practical advice and strategies for giving generously and effectively during retirement.
A financial finish line is a point at which you say, “Any money God blesses me with beyond this point, I will use to serve others and advance God’s kingdom.” But what does that look like for someone with an irregular income. Many people have varying sources of income through the year, like seasonal jobs, year-end bonuses, side gigs, temp work, and self-employment. Is a finish line still possible for someone in these situations? If so, how should they think about the process of choosing a finish line? Kealan and Cody break down all these questions and share their thoughts (and personal experience) with finish lines in the context of variable income.
Cody’s wife, Stephanie Hobelmann shares her experience feeling hesitant about the idea of a finish line. She shares how conversation and actively experiencing the joy of giving flipped her understanding of the finish line pledge. Stephanie now constantly seeks out opportunities to give and shares her joy of giving openly. She also shares advice for those who are interested in setting a finish line, but have a hesitant or reluctant spouse. Listen now to hear her story!
The Finish Line Pledge is undergoing a major transition from its original name, Aspiring to the Median, to the Finish Line Pledge. Along with that, the podcast is becoming the Finish Line Podcast, and IMPACT groups are becoming Finish Line SPRINTs. Listen as Kealan and Cody walk through why we’re undergoing this transition and what it means for the movement. They’ll also take the opportunity to look ahead to 2021 and what the next year holds for the Finish Line Pledge.
Kealan and Cody dive into another listener Q&A where they answer the question, “How does setting a finish line affect saving for retirement?”. As with many things, setting a financial finish line flips around much of the traditional personal finance wisdom. Kealan and Cody first break down some of the traditional wisdom on saving for retirement. Afterwards, listen as they share their thoughts on how setting a finish line changes our strategy and goals for retirement.
Kealan and Cody dive into another listener Q&A where they answer two finish line questions. The first is “Do gifts come out of our budget, or the excess?”. This is one of a variety of questions that get into the fine details of a finish line, sand one that is particularly relevant for December. The second question is “When is it okay to change my finish line? How should I approach that process?”. Anyone who sets a finish line will consider this question at some point, and the guys share a helpful framework to go about the process.
Kealan and Cody break down the question, “How do I choose a finish line for my spending?”. There are a number of practical considerations when choosing a finish line, and the guys break each of these down one by one.
Once your income passes your financial finish line, it’s important to have an account structure to keep things straight. This structure helps keep straight what money is for personal use and what money is set aside to use on others.