[Music] All right, Boiling for Soup has a question for you guys. It says, "I'm 23 years old and on step six of the financial order of operations, step six, yes, step six. He's contributing around 177% of my income to retirement. I plan

to propose and get married within about 5 years, house later down the line. While I know prepaid future expenses is a step eight activity, it would feel wrong not to save for a ring and a wedding when I know it's coming. I am currently saving 10% of my post-tax income for these

future expenses. Am I making the right call now? Okay, first of all, producer Caleb over here physically laughed out loud. You can't, he doesn't have a microphone in front of him so you don't hear him, but Boiling Suit... But I mean, I know Boiling Suit, I mean, it's a great

name, I just want to make sure we give, we give that name, and then also I want to give some accommodations for saving 177% reaching step six, pretty incredible, but how heartless of an individual would I be when we designed the system B if I

didn't allow love to be part of this for engagement rings, honeymoons, and all the other just incredible stuff that happens with love. It's, you know, love, such an incredible thing, especially when you get to share it with coworkers and, and, and

talk to everybody about amazing things when you're thinking about getting engaged. I think, yep, that's awesome. Well, here's what, so your question is, is this okay, is this allowable, is it permissible? Well, this is where we want to take this opportunity to remind you that money is

nothing more than a tool, and it's a tool that allows you to accomplish your goals. And it sounds like one of your goals might be to get married, to get engaged, to tell all your co-workers about the engagement, if that is a goal that you

have and that's something that you want to do, then by all means, it's okay if you prioritize your finances in such a way so that you begin saving for that goal because odds are you probably want to do that before you get to step eight, before

you get to prepaid future expenses. All of us want to be financially independent, we want to reach retirement, we want to do those things, but not at the absolute cost of all the other short-term, intermediate-term goals that we're going to have. So what I think is amazing is you're 23

years old, you're already at step six. That tells me a few things. That tells me you have a fully funded emergency fund. That tells me you're getting your employer match. It tells me that you're maxing out your Roth IRA and or HSA, by

the way, you know how I know that, Brian? Will you hold the thing up? We have a financial order of operations, a nine-step tried-and-true process of what to do with your next dollar. So if you're on step six at 23, it tells me you've been

doing those things. So what I would love for you to do is strike the balance between, okay, okay, how can I continue saving, continue building, understanding how powerful my dollars can be, but also start putting some money aside for those near-term and intermediate-term goals. And what that means is, well maybe I

can't hit a 25% savings rate today because I have to allocate something to that short-term goal, but as soon as I get there I'm going to get back to that 25% savings rate as quickly as possible, cuz I know at age 23 how valuable my dollars

can be. And I'm also going to make wise, prudent decisions like when it comes to saving for an engagement ring. I'm probably not going to do like 12 months salary or whatever the rules are. I wouldn't even do two months. That's what they try

to tell you. I was sitting here thinking about De Beers and their rules. I'm like, wait, realize they have a huge conflict of interest. Is De Beers the one that came up with that? I mean, that's what I... I believe that is where the guidance I

mean, they're probably not, wink wink, nod nod, we don't want you to know we're the ones that came up with that ad campaign. But if you think about it, I mean, if you made 60 grand a year, um, you do two months, you're going to give a $10,000

engagement ring. That just seems... that seems a little extra. So I would go ahead and start, you know, this is part of a good exercise on what a healthy marriage looks like. Have communication, you know, and what... what, you know, kind of... you turn it into a fun little activity of you

know, if we were... if we were getting engaged, what, you know, what type of cut you want, you know, what... you know, what type of setting, you know, go, go check all that stuff out. But and, and, and don't feel pressure though that you have to to

buy a fidget engagement ring unless you can truly AFFORD that I feel like it's more I told you guys and I've said this for years and I'm just now starting to reach limits on this is that I I tried to buy an engagement ring back when when for me

that was going to be good while I was in this poor state but then it was going to be good as we added resources and wealth um I am realizing when you get around 26 27 years of marriage you might find your limits when you reach the point of you

can't take it with you and all of your your wife's peers are are getting upgraded rings but real real personal real feel like I do feel like though that my my plan for the first 30 years of marriage has worked out swimmingly well so make sure you get a ring that

will serve you well for the first 25 to 30 years of marriage

Can I Back Off Saving for BIG Expenses?

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The Money Guy Show

Question about saving for marriage while prioritizing retirement

A 23-year-old is on step six of the financial order of operations, contributing 177% of income to retirement.

He plans to propose in 5 years and is saving 10% of post-tax income for wedding expenses.

The question is whether saving for a wedding alongside significant retirement contributions is acceptable.

Money is a tool to achieve goals; if marriage is a goal, prioritizing savings for it is acceptable.

It's okay to prioritize short-term goals like marriage before long-term goals like prepaid future expenses (step eight).

Analysis of the individual's financial situation and advice

Being at step six at age 23 indicates a strong financial foundation (fully funded emergency fund, employer match, maxed-out Roth IRA/HSA).

Advice to strike a balance between continued saving and allocating funds for near-term goals.

The goal is to return to a high savings rate after achieving short-term goals.

Avoid excessive spending on engagement rings; don't follow the 'two months' salary guideline.

Make saving for the ring a fun activity, involving communication and planning with the partner.

Personal experience about buying an engagement ring and adjusting the plan over the course of a marriage.

Reflecting on the long-term success of a ring purchase strategy.

Recommendation to choose a ring that will serve well for the first 25-30 years of marriage.