Let's Get Back to Basics: Building a Strong Financial Foundation

In this practical episode of GenWLTH Podcast, Judy Robbins shares how she rebuilt her financial life after losing everything. She dives into fundamentals like creating a spending plan, implementing the 50-30-20 rule, and understanding retirement needs. Judy emphasizes the importance of income protection through living benefits life insurance and introduces listeners to tax-free retirement strategies that can provide financial security without market risk. Judy Robbins is a financial educator and coach who experienced firsthand how quickly financial stability can disappear after her husband's accident. Now, she helps others build strong financial foundations and implement protection strategies that can weather life's unexpected challenges. Drawing from her own experience of having to start over in her 50s, Judy is passionate about educating others on financial protection tools she wishes she had known about earlier. Key Topics Discussed: ● Creating a Spending Plan: How to track where your money is going and develop a realistic budget (5:20) ● The 50-30-20 Rule: Allocating 50% of income to needs, 30% to wants, and 20% to savings (10:15) ● Retirement Planning: Understanding how much you'll need and how long traditional accounts typically last (12:30) ● Tax Implications of Retirement Accounts: Why tax considerations matter for long-term planning (16:45) ● Market Risk and Alternative Strategies: How indexed accounts with "zero floors" can protect against market downturns (23:10) ● Income Protection Through Living Benefits: How certain life insurance policies can provide financial security during health crises (28:40) ● Tax-Free Retirement Strategies: Using permanent life insurance as a financial tool for tax-free income (34:15) ● The "Rockefeller Waterfall Effect": How wealthy families have used life insurance strategies for generations (38:50) Powerful Quotes from the Episode: "If you don't tell your money where it's going, it's just going to go. And we really need to track it to understand and be organized and to know where is it going." (7:40) "We buy insurance for our cell phone. We buy insurance for our tablets, our accessories, our computers, our jewelry, all of these things. But we're not protecting the number one moneymaker in our home, ourselves." (30:20) Additional Quote Options: "I want to teach you all the things that I've learned and I want to help you to build the most beautiful legacy. And let's create generational wealth for you and your family." (42:25) "What if that machine were you and you're the money-making machine in your house? Maybe you're one of two incomes. Maybe you're the only income and you have dependents." (29:10) "If there were a way that you wouldn't have to lose sleep and have anxiety watching the market every single day, every hour to see where your account was, I think that would be really beneficial." (24:50) "In order to make a change, you have to start changing things in your life. So I had to really get back to the bare basics." (5:05) "Wealthy people have been using life insurance for hundreds of years." (38:45) Loved this episode? Leave a review on Apple Podcasts or Spotify to help more people find these stories of financial empowerment. Follow Judy on social media and let her know what resonated with you. RESOURCES: WEBSITE: https://sixthandking.com/ CONNECT WITH JUDY: Facebook, Instagram, LinkedIn FREE BUDGET SPREADSHEET: Contact Judy for her personal spending plan template Produced and edited by Resilient Voice Media. Visit us at www.resilientvoicemedia.com.