In this episode Boldin Your MoneySteve Chen sat down with Jackie Cummings Koski Catch up with fiAfter overcoming poverty, divorce and single mothers, talking about her inspired a journey of financial independence. Jackie shares practical advice for late-stage starters in their late-stage, 40s and beyond, which lag behind savings retirement. They cover the importance of mindset, overcome the fear of investing and the importance of how to build wealth even if you start to be late. Whether you’re looking for guidance, motivation, or just rest assured, it’s not too late, this episode has something for you.
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Catch up with fi
[14:40] Better investment [29:58] [48:00] Open fire for the dummy [24:18] [25:37] J Collins’s Easy WayCatch up with the FI Facebook group
[34:03] The Psychology of Money: The Eternal Course of Wealth, Greed and Happiness by Morgan Housel [45:56] Link to WSJ articleTranscription
Steve Chen (40:25):
marvelous. I mean, it’s amazing. I think it’s amazing that the whole podcast and amplified video content, we can bounce back to each other here. Maybe you can share some of your stories, which are stories you helped with a great comeback or someone as great as yourself.
Jackie Cummings Koski (40:41):
Oh, my goodness. Well, we have a lot of guests on the podcast, so we have more than just professionals and experts. We have some real-life stories. I think the most interesting ones are Krista and Ed. They were young couples, I think they were in their thirties, maybe four boys, actually a case study of economics, and we followed them up. So it’s interesting how they share their stories and work with them, one of the most important things we see is their love and connection with each other because she’s a single mom and meets after she already has two kids, and the way they work together to figure out these things, they have student loans, they have to deal with the boys.
(41:34):
Even though they haven’t reached financial independence or retire early, they now have a lot of clarity. She has a luxury car and I drive a luxury car so there is nothing wrong with that, I don’t want anyone to be ashamed of it. But she recently posted that she sold the car, but when we worked with her it was something we didn’t need to judge, but after taking a very careful look at everything, she made the decision herself. This is its beauty. We can’t be the ones coming in, oh, you need to cut it, that’s it. When you don’t even know their values, you don’t know the backstory of why they made this decision or what it means to them. My job and any financial professional who is trying to help someone is to help people make their own decisions and let them build their own value system, we support it, we can improve the professional by listening to what they mean, and then when we understand that something or something may not be responsible on the surface, we can actually get more buys.
(42:49):
So even if she hasn’t obtained financial independence or retirement early, I like her realization that she is here alone.
Steve Chen (42:58):
I think it’s powerful when people have at least one plan and vision, they understand what’s going on, they’re taking action, they can see some progress, and then they know they’re OK, for example, if you start saving money and you start having some reserves, then I’m going to be under a lot of pressure and then I’m going to pay a lot of salary. And if there are side things that always do in our lives, there are not many financial shock absorbers to solve this slackness. It’s like nothing is perfect.
Jackie Cummings Koski (43:28):
I can say that every day we get feedback from listeners in the community through our Facebook page. We have a pipeline to talk, they can leave voice messages, they can leave messages on any social media platform or podcast player. Therefore, it just warms our hearts. Some messages we received. We just had a 30-year-old woman who was an immigrant who came to the United States. She is 38 years old. She said, I just listened to all 120 episodes of your podcast. This is where people should start. Everything is very helpful. It’s just hearing her voice and excitement, like, wow, I finally made sense. And I think one person would mention one person, but I keep doing it, but sometime when you talk to you, we talk to you.
(44:24):
Obviously, they asked us about finance or investment or something like that. Well, in my opinion, their average people are just like me and you, and they need to bring their financial situation together. So I always have side conversations with journalists, writers or interviewers. There is also a producer, and I was lucky to have a segment of Rachel Ratio and its producers a few years ago. I helped her make this segment and she hoped it was about 4 0 1 ks and people started investing. She wants to focus on target date funds. I told her, I said that ordinary people don’t know what they have invested in. This is what they want to see. Some of these target date funds are not all equal, so there may be an extra click, which will give you a printer that will show you everything in it.
(45:18):
If you are going to say 26, that is to belong to the entire parking index fund, and then you go into the target date fund and say you are only 80% in the stock market, which is not consistent with what you want. I said, hey, you, I think her name is Casey, I said, have you seen 401k? Do you know what’s there? She actually, I didn’t. Well, she sent me an email the next day and she was gone, oh, I finally got into my 401k and saw my own stuff and I took all your advice. So, when it happens organically, I’m always happy. Everyone needs some financial education.
Steve Chen (45:56):
Yes, it’s very interesting. We are actually lucky that the Wall Street Journal covered us and it was this guy, Jeremy Olsen, the main editor of personal finance there, who was planning himself. He just turned 50 and he became a 40,000 millionaire, and he shared, well, that’s fun. They have been working and saving, building some wealth, and now they are like, I have to really start focusing on how I am going to turn this money into income and make sure it lasts the rest of my life and keeps me going for a lifetime and collecting smart, smart, smart, considering health care and all the rest. But yes, everyone, even if they do business, always has lessons about how we can do better. OK OK Jackie, this is amazing. So, catch up with the FI podcast and the community and other stuff, we’re going to send people there. Are the other resources you found really helpful for other resources you think people should know?
Jackie Cummings Koski (46:50):
Yes, I think the biggest thing is that we talk about a lot of the community. So we have a very active Facebook group. We have 17,000 people there now
Steve Chen (47:03):
Always. Yes, you have to put it.
Jackie Cummings Koski (47:04):
Yes, it’s a welcoming, we’ll have events that we often have, maybe we’ll have webinars on a topic, or we’ll have face-to-face events at conferences, like the economy. We always work together. So the community part is huge. Apart from podcasts, maybe they will listen to podcasts and we tell them about the Facebook group. That’s where all interactions, activities, education is. We even have a lot of experts on our podcasts with previous guests, answering questions in this Facebook group. So this is probably the second most valuable resource I can return them. Of course, I wrote that little book called Fire for Dummies, and if you want something or guide of some kind of prescribed type, then a lot of what I talk about on the show is that book. It will take you step by step, starting with the psychological part, knowing where you are, and then hitting all these basic formulas for building wealth so that you don’t have to be closely related to your work, and you can achieve financial independence.
Steve Chen (48:12):
Amazing. Jackie, it’s great to hear your story and how you can help people who feel like they’re not starting on time and think it’s so for everyone. Now. Everyone wished they could have saved earlier and invested ahead of time, but it was great for people to see success. So Jackie, thank you for your time and for your work. It’s great to hear your story and hear the impact.
Jackie Cummings Koski (48:36):
OK, Steve, this is great. I’m glad to talk to you.
Steve Chen (48:39):
Similarly. OK, and then for those listening, check out all the feedback mentioned by the podcast. All comments are welcome and if you want to lead both of us, it will be very helpful for podcasts trying to grow their audience. OK, thanks.
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