Establish Your Savings – The Savings Bucket with Jake Stone, Wealth Advisor

Having a robust savings plan is one of your most important assets. Unfortunately, our high school and college systems lack strong educational programs about financial literacy, leaving many people confused. How does a mortgage work? What do I need to save for? How does credit work? That is why our team member, Jake Stone, has a passion for educating clients. Jake has been with Carson Wealth for years. He started at the client management level and has risen to the role of wealth advisor. On today’s show, we will be discussing the “E” in W.E.A.L.T.H. which stands for “Establishing our Savings.” This is the first of three buckets we will focus on.

Having a strong savings plan gives you the freedom to live in the now. You aren’t worried about the future. Savings are readily available assets or liquid cash you can use if an emergency or opportunity arises. Generally, you want one year of minimum household expenses in your savings. However, there is more to a good savings plan than just emergency funds. Make sure you also have funds for vacations and big purchases. You’ll want to have a designated amount of money put away every month so when it is time to spend that cash you don’t have to adjust the rest of your financial plan.

We will also discuss the difference between investments and savings. A lot of people think that their 401(k)s or IRA are considered savings. These are investments for the future! With a healthy savings plan, you have available assets now. You don’t have to pull money from your future income buckets. If you do draw money from these accounts they are taxed.

With investments like stocks, bonds, or mutual funds you are waging more risk for a higher rate of return. With a saving account, you have very little risk and return, but you can access that money at any time for any reason. In order to reach financial independence, we have to save. Once we have those savings, opportunities become more easily accessible and emergencies are not as daunting.



1:22 – Jake’s backstory

5:13 – Why he wants to make money simple

8:09 – Establish savings

9:50 – Savings vs. investing

14:38 – Emergency and opportunity cash flow

15:57 – Saving buckets

18:04 – Only savings for retirement

19:46 – Options for ways to save

23:30 – Jake’s favorite golfer

25:36 – The process is the key



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Securities offered through Cetera Advisor Networks LLC, Member FINRA/SIPC. Investment advisory services offered through CWM, LLC, an SEC Registered Investment Advisor. Cetera Advisor Networks LLC is under separate ownership from any other named entity. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors. 19833 Leitersburg Pike, Suite 1 Hagerstown, MD 21742. Guests are not affiliated with Cetera Advisors Networks LLC, or CWM, LLC. Opinions expressed by the presenter may not be representative of Cetera Advisors Networks LLC, or CWM, LLC.

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