Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market.
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
As a financial advisor it's good to see people getting this kind of information out here. I've been trying to get people to see this for years now people have money for everything they want but when it's something they need like savings debt reduction or income protection they don't have the money smh
$10000 bucks is the average credit card debt?? That's nuts! I think I forgot to pay off the balance one month (like $500) and the interest fee was shocking! as well as ding to my credit score.
$500, that's not too bad. My friend owed his credit card upwards of $20,000, which is crazy because all he ever seemed to do was smoke weed in his mom's basement, and he wasn't using a credit card to buy the weed.
You should be able to have your cc company set it so that the entire amount you owe at the end of each month is automatically PAID OFF IN FULL. That's what I do.
I tried to get a 20-something who was one of my wife's coworkers to start contributing to their 401K plan. The company matched half of your contribution up to 10%. I suggested she do the 10%, and immediately get 5% more put in by the company. She didn't just decline the idea, she did vehemently. Talk of stocks going down, losing money, etc. I countered with yeah, they can go down, but you're getting an immediate 50% return on your money. You can't beat that. She said she just can't find room in her budget to contribute 10%. I told her that the $4 coffee in her hand actually was costing her $6. She had no idea what I was talking about and I let it go.
Been there too. Apparently some people either don’t understand or really prefer spendable money now over having more money in their retirement account. Good on you for trying though, that’s all you can do
What a shame. I program for a living and for 10 years, I worked at a company that matched me dollar for dollar in my 401(k). You better believe I put money in there every year!! I just recently lost my job (I'll find another), but already have enough in my 401(k) to retire on, not to mention my wife's 403(b), her pension and both of our social security checks (when we're old enough to retire). It's much easier when you invest from day one. You don't miss the money. Otherwise, you ALWAYS make an excuse as to why you don't have enough to invest. Sure, if you're making $8 an hour, I can understand the argument more. But if you're making $85K a year, you better damn well find a way to invest, even if it's $1,000 a year.
I've tried getting my younger coworkers, some still living with parents, to put away money that they don't have to wait for retirement to access this is simply an investment account. Out of 5 coworkers I got 0 to do it. To these young people 10 years is way too long to wait to spend money they have right now because they are so young that 5 or 10 years is an astronomical amount of time in their perspective. To an older person we know how quickly this time passes. They'd rather purchase a nicer car to drive around in and look good in than be financially secure.
@@dall1911 I feel like schools should actually teach one class on investing in high school. * There is not a single 30 year block of time where the S&P 500 hasn't averaged at least a 10% rate of return, even if you include the great depression, the dot com bubble burst, the housing crash of 2008, nor this current downturn. Translation: when you get your first job out of college, invest in your company's 401(k) and put that money in a fund that matches the S&P 500 and you'll be able to retire comfortably. * The S&P 500 goes up 8 out of every 10 years. Honestly, you don't even need to know this fact. Just put your money in the S&P 500 from when you're young, keep putting money in every paycheck and you'll be able to comfortably retire * If your company gives you a match on your 401(k), TAKE THE MONEY! You're literally saying, "No thank you" to free money if you don't. I'm down $100,000 in my 401(k). Guess what? I'm still up 11% over the last 11 years and already have enough money to pay off the mortgage in my house, my student loans, my wife's student loans and both of my kid's student loans and still have enough to live off of. The only reason why I haven't done so yet is that I'm not old enough to retire yet. Please, if you're young, INVEST IN YOUR RETIREMENT! I know, if you're 24 years old, retirement seems a million years off. It's amazing how quickly you blink and you're 55.
Hi Chris. I'm a frequent viewer of your video's. Thanks to you and a couple of other mentors I watch . My wife and I just purchased our first home. My wife found a program that qualified us to get in our home. Our incomes and our saving and our network of friends and family now we're gonna pay a mortgage not rent. Planting seeds for bigger things in the future. Keep making videos.
That is very true...in addition, debt is affecting your health. You think about your bills and worry how you will pay them. Eliminate your DEBT....and start living.
@@MrDorf007 Many people use debt to their advantage though…eg if you have £1,000,000 it’s much better to invest it in different investments/assets than just spend it on a £1,000,000 house without a mortgage
I am the person this video describes. Now at 56 years old I have barely any retirement savings because, honestly, I just didn’t understand or know. I perceived investing as something only rich people did and never understood exactly what my 401K was for. My 401K is thankfully state sponsored and well over three decades old. Unfortunately because I didn’t understand I didn’t pay nearly enough into it. There isn’t enough in there to retire on, let alone live off for more than a few years. I do have a budget but I barely make enough to cover all the expenses. At nearly 60 years old I work hard physical labor to make ends meet but I enjoy it. I have diagnosed ADHD which could net me disability payments but I don’t want my earnings potential restricted so I don’t apply. I do contribute as much as I can regularly to a Roth IRA and hope to work long enough to maximize social security payments. I just bought my own small place but will still have to rent the land. I’d rather this be a cautionary tale than a sob story. I was in a good place financially but moving states and getting a (small) mortgage at my age really wiped me out savings-wise. So younger people: save a little, save regularly, that shiny new car, the fancy house, the matching furniture, all of that can wait. Trust me. Buy all that AFTER you’ve established a regular savings habit. Don’t use your savings for it. I’m old, but still trying, I believe I can still turn it around. Don’t wait as long as I did to start though!
Thank you for sharing. You are what my 30 year old self saw coming back in 1997 when I was working dead end jobs after getting out of the Army, blowing my GI Bill for a useless degree and getting deep in debt. I turned it around but it was quite stressful.
@@DavidEVogel honestly, I don’t know. I have a lot of talent but not a lot of connection. I also fight nearly debilitating ADHD on a daily basis but I still work on finding ways to work around it.
Sadly...most people who have watched this....will do nothing to change their financial situation. But then there are the few that will say....I will change starting today, and make their financial future a priority. The choice is yours to make.
i dont agree especially in USA, we have the most Nobel prizes in Economic than everyone else combined. So it is safe to say the average people of the most Economic Nobel prizes recipient country will have a good understand of basic finance.
@@leepialong ok but what is it per ca-pita ? The US has about 380 million people (53 Noble Prizes) vs UK with 67 million people (9 Noble Prizes) vs Canada with 39 million people (4 Noble Prizes). Should Canad or the UK win once more...all 3 counties would have equal amount of winner per ca-pita. So these 3 countries are close to being equal. With that said there is nothing wrong with having pride in your country.
Frugal living in hard times really can save lives. Living frugally can create new opportunities, but our consumption-oriented society is conditioned differently
A lot of the issues can be boiled down to a lack of financial literacy. A lot of people get the basics wrong like having savings accounts that pay no interest, not knowing how to pick and use credit cards effectively, picking random stocks instead of using index funds, panic selling at lows and buying at highs, not budgeting their money and paying off high interest loans last. Also, people buy stuff that they don't need like paying off a car note and immediately purchasing another car and getting another loan instead of putting that money toward a house.
I am 34 years old, have $100,000 in my 401k, make over $120,000 per year, have over $200,000 equity in my house, and have $85,000 in my savings account. I also came from a childhood where I was desperately impoverished. I changed that by making difficult decisions and working extremely hard.
If you are bragging about that, its not very impressive. I'm 37, and have over 700k net worth, and I dont even own a house. I have 3 rentals with tons of equity, i guess minimum 500k, only $50k in my retirement accounts and $150k in cash/individual stocks. Your equity in the house and 401k doesn't generate income and not liquid while my rental properties bring me cashflow every month covering half of my expenses.
@@JoseMendoza-mw7oi I’m guessing you were trying to find a way to casually throw your portfolio out there when you found my comment. I’m happy for you that you are financially stable, and are in a good position for your future. I’m also pretty sure that you have a major ego problem. There are folks out there who are rush beyond any of our imaginations that could humble you and what you have, and they did it at an earlier age. There is always someone better off, healthier, more attractive, stronger than you out there. No need to tear down the folks below your station in order to feel superior.
I get it, invest in safe heaven assets because the profit level usually drops in these times. Can't help but stay invested with hopes high. I recently saw an article about people that are still able to pull up heavy profits up to $500k within amidst the recession, and I'd like to know such strategies, that's all.
@@spaceship30 true, I wasn't impressed with my gains initially, unlike my previous performances and I pondered on how to diversify into better assets, therefore, touching base with a portfolio advisor, and that same year 2022, I pulled a net gain of $400k. In my opinion, nothing beats expertise!
@alchemists7112 Ashley Breanne Haley is my FA. She has the flexibility and expertise to meet your needs I believe, you can verify her yourself on the web, sure you will find some winning too.
@@ocean9861 I usually do not take pointers online but curiously searched for Ashley Breanne Haley on the internet, fortunately, i came across her site and scheduled with her. She is grade-A, thanks for sharing.
I have a vehicle and a motorcycle. I don't have a house. I have a little debt but I am able to easily pay it bi-weekly because I have a good paying job that allows me to have loans, credit cards while also being able to invest money and put more money in another saving account for emergencies. If I had to right now I could take out $5,000 cash for an emergency and that is a security that I have never had in over 20 years and it feels good.
It's weird that there's a disconnect between credit cards and your own money for most people. When I use a credit card it feels like my money I'm using, I don't even think about that being money I have to pay back later as it only takes the click of a mouse to move the money over. Then again I've never had to live pay check to pay check.
Most people spend like they are rich. I actually have less disposable income after investing and saving than I did coming out of college. This is because my wife is financially illiterate so I have to mitigate her as a financial liability. It's a shame because I get the crazy woman every time I try to bring up finances with her. So my plan is to allow her to run through $50k and show her the balance sheets so she SHOULD have a visual on the tangible effects of her irresponsibility. Maybe that will affect a change. In any case, we are financially sound despite her. Which is a sad state to be in.
get a divorce, man. obviously one person has to spends more than the other, but if it's to the point where it's going to financially ruin you, is it really worth it?
It might, but from my experience it won't. It sucks, but you got to just keep saving that much harder. We somewhat decided that she will spend now and I will save. So I put 66% of my pay into my 401K as well as 50-$100 a week into a brokerage. I pay for the water, sewage, heat, solar panel loan and internet (and that is all my money "gone"). She pays for the electric bill and all the food. She makes like $1-2/hour (depending on tips) but I work 60% more hours than her.
You should do a search on narcissism and co-dependency. You may be shocked to see how the script of that matches your situation exactly. How could they possibly know exactly how both of you act? Because it's the same script for everyone. You only get one life, don't waste it.
Could you make a video regarding the newer trend of "pay over time" Credit cards, which set a fixed interest for a large purchase provided you tack on monthly payments for that purchase as well? There are also "flex loans" which are advances from your existing credit line but are treated like loans, with a fixed number of payments, etc. This is sure to make people get ever more into debt, as they make large purchases more attractive and spurs using more of your credit line.
Yes, it called installment loan after your purchase. I used it couple times, for example, I purchased some finishes, bathroom cabinets, light fixtures etc. on Wayfair for $1500 to complete remodeling on my rental property. I broke it down on 6 bi-weekly payments with Afterpay, and when i had tenant moving in, they paid me deposit and first rent, I paid it off earlier. It works perfect for me since i paid no interest, got nice discount from Wayfair on high-quality materials which cost me less than Home Depot, and i didnt want to spend too much cash. I paid it off within 2 months instead of 3. It's like a credit card, if you use it carefully, it will work perfect for you. If not, you will end up paying high interest
I was speaking with my coworkers yesterday and they’ve defending debt to keep their carefree lifestyle going… since they know that the government will eventually bail them out with welfare or some other financial support… on the taxpayer’s (ie responsible people’s) dime… the government needs to STOP rewarding irresponsible behavior!
It's important to realize credit cards are a tool, and tools can be used for good or bad. In my 20+ years of owning credit cards, I have never once paid any penalties and paid maybe $10 of interest in all that time (had to pay less than the minimum due to emergency) and received thousands in cash back. Credit cards can be great if you know how to use them
Very stupid how most people spend as much as they make no matter how much they are making. 🤯 It should be common sense to spend less money than what you make in a month and build up savings. And to pay off cards in full each month so no interest builds up.
I use my credit cards like I would cash. I always have the money to pay it in full every month. I'm able to get about $400 to $500 a year in rewards which I invest. Spending cash actually hurts me less than seeing the numbers in my ledger. I don't track cash expenditures as I rarely use cash. Sadly at 40 I was only able to really start saving and investing in my mid 30's.
I think starting to save and invest in the 30s is pretty typical if you are someone that has to foot the bill of your own college, car, and house like myself. Although I was able to put a little into retirement early on despite those other essential expenses, I wasn't able to seriously contribute to retirement accounts until my mid 30s. I will be 41 this year and expect to finally max out my 401k and planning to pay off my house next year.
I agree, but try not to depend on it. Think of social security as a bonus to your existing retirement plan. The closer you are to retirement, the more accurate your plans become. If you think you can't save and invest enough for your retirement, outside of social security, look at your current lifestyle and determine if you can live on less and/or if you can make more money. The earlier you make the changes the better off you will be. Right now we're trying to see if we can make more. So investing in ourselves and side hustles.
I’m nearly 64 and haven’t made a million dollars in my entire life yet. Fortunately I own my house (been building it since 2001) mortgage free & have been debt free other than wife’s Yaris for the last 4 years, but only was able to start a 401 about 5 years ago. We now have about 130k but there is no possible way for half of the population to put away more $ than they’ve ever made. Some guidance for the masses that don’t have much would be greatly appreciated.
This is cap. I see people around me drinking 6 dollar coffees, driving European cars, having fancy watches like Rolex. My subordinate, just bought a 600k house. My best friend just coped an 100k+ Beamer. For his birthday he spent over 2k at the club with table service. Everyone is rich except me. I’m still driving 2008 Honda Civic
So glad I woke up to these facts earlier in life. Still got a late start but it has paid off and I can now pull the plug on work at 57. doing a budget, tracking income and outgoing and then controlling that has given me control over my money instead of it controlling me. If you plan it out, you can even prevent owing any tax in retirement. I just wish someone would have shown me in my 20s instead of learning it in my 30s, but that's water under the bridge. Looking forward not backward. I was able to show our daughter how this money thing works and she is so far ahead of the game than we were at her young age. Fully funded ROTH each year, 401K at work and another external taxable invetments to serve as a bridge for early retirement if she wants to do that. A little delayed gratification today pays huge rewards tomorrow.
The idea of retirement really isn’t that enjoyable. My dad retired at 66 and after 3 months switched to working 15-20 hours a week cause he was so bored. I prefer the idea of semi-retirement. I think there is a sense of accomplishment that people miss when they retire.
My job automatically takes 6% for retirement and matches it. I never see the money and don't have to think about it. It keeps up with my paycheck and after 40 years of investment when I start getting money it will be a huge amount. Wouldn't have it any other way.
10 $ save a day towards retirement from age 20 to 65 at 8% average growth per year =1,500,000 $ ! But beware of inflation, your monthly paiement towards your retirement plan should increase over time.
my favorite are all the younger people trying to tell me, not using credit cards is stupid. "I earn airline miles" .. LOL yeah kid, that's how you get financially stable in life, with airline miles. You do your thing, I will continue to put away every month and grow my money. You can grow your airline miles
@@bluecollarbullionballer4269 like making less than it cost to break even. Or just having higher expenses than one can afford. In other words somehow not making more than one spends.
I don’t know where you’re getting your preconceived notions from, but this is not accurate from my experience. Most people I work with and know dislike people who think that way. Maybe I just live within a pocket of people that don’t think the way you’re describing and my horizons need broadening, or maybe it’s the other way around. I agree with you that people don’t think about their future enough, but wanting the government to take care of them is the part I disagree with.
Maybe you should change the people you hang out with I don't know.I hang around people that invest and read constantly to improve myself.I don't know your situation or your dreams.However if we never change and learn I belive you won't grow.I am just some guy on RUclips what do I know.Just sharing my life experiences and choices I have made.Good luck with your journey in life.
It always freaks me out when people say "grosheries." I plan to work at something until I die. Not so much because of money as because I believe human beings _need_ to work - and not just work, but work toward some goal. It doesn't have to be lucrative, but it does have to feel important.
If there is one key to the stock market: bad news is Great news, the fed will eventually turn the money printer back on and the Quantitative Easing will resume, causing stocks to soar!!!
If people can live with 45k, and you earn 100k. with 30k student loan, it should have been an easy math, no? yet people can blew those 55k margin for some reason.
Rural people only have $6 in the bank before payday wages are still around $12 an hour. 5 years ago was like $8 an hour for many adults. Time poverty is bad they drive like crazy people because they have no time. Will correct when they go to EV's with most that can't afford them forced to slowdown. A bad thing also! The wages are just too low for anything!
My parents got lucky cuz they got government jobs right out of high school an back then u didn't need a bachelors degree to get those entrie level government jobs like u do now an those government jobs have pensions so when they both retired they each git pensions so they get a pay check for the of there life even tho they no longer work thus they didn't need 401ks they have been retired since early 2000s an built there dream house my dad designed in 2007 an now that house is paid off an so are there cars an everything else they have no debt an living the good life. Idk why everywhere doesn't have a pension that how it used to be back in the day before 401k became a thing
don't let your spending increase equally with your income. I make good money but 90% of my coworkers work more hours than I do and still live paycheck to paycheck.
Those are developing countries, though. The people in poor countries will look at Americans and think how stupid Americans are for wasting their privilege of being born in a rich country.
Retirement is overated if everyone was able to retire who is gonna work and serve and take care of people like me who saved and sacraficed and invested our money ..🤣🤣🤣
If we only had access to the kind of insider information some have on investments. Reality is more like, contribute to an account all year and see the balance go down from January to the end of December. This type of result is sure to encourage people to "invest" for their future. In South Carolina costs aren't too high, yet.
I wasn't financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly basis via my investment all thanks to my adviser Susan Kay Mack, and got 5 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made. Great video!
When it comes to the stocks and investing, most people don't know where to start. Fortunately, great investors of the past and present can provide us with guidance
Buy a car that's at least four years old and pay cash! Let someone else take that depreciation hit. The average new car loses 46% of it's value in three years.
A four year old car...would still be 15-25k......56 percent of americans do not have 1000 cash......maybe you mean buy a car that is 15-20 years old at 5-8k. Used cars are 70 percent over inflated, just like the housing market-- everything will crash, 2024 at earliest.
@@thewindozer Exactly. If you need a car (and I mean NEED, as in the old one is not fixable) buy new if you can find something that's not marked up $20k. Used cars are just stupidly overpriced right now. Especially in the salt belt states. I've seen 5 year old used cars with the bottom rusted out going for $5k less than new.
These are shocking statistics. But what really amazes me is that I've been hearing the same statistics for decades and nothing seems to be improving them. You would think that the constant messaging would have gotten some traction in peoples' and policymakers' minds and the future would look better for most Americans.
I agree. Unfortunately our kids do not get enough personal finance exposure as they are in high school. A single semester class is not enough to get them to understand. On top of that, the human mind is wired for now and not the future. Advertisers recognize this and drive our minds into thinking they have to have the latest and greatest.
The people who need to hear it generally aren't researching personal finance topics. On top of that, hearing the message and actually changing habits and behavior is another. On top of that, many people struggle to pay basic bills or are in such a hole of debt already, that they aren't at a stage of investment. Certainty, more people should save and could if they cut back, but for all the reasons above, it won't improve anytime soon regardless of messaging like the one in the video. I wish people were more educated and disciplined, but I'm not holding my breath that the average American will suddenly change their ways.
If everyone saved enough for retirement, everyone would retire at 50 and our workforce would diminish. Why work when you can just live and let your investments work for you? We need a lower class.
@@burkles4456 every time I tell someone I plan to retire at 48, their question is always "But what are you gonna do???" as if not having a job will render me useless.
@@arvia1984 We also heard that a lot as well. I think that the people saying that lack imagination. I retired at 51 and I can tell you that my days are full and fulfilling and I have never looked back or regretted my decision.
I've worked as hard as I can but it's impossible to raise a kid with a disability and no family or social support or backing. I will have to work til I die. I pray to die soon because life is so miserable to work for nothing and end up completely disabled well before retirement age.
I'm 40 and wish I had started investing when I was 20 instead of 35. I'm doing alright due to some good moves and will retire in 5-10 years but really regret not starting sooner. A lot of people put it off because they find it confusing. It's not that complicated even, even if you know nothing about the stock market, just keep buying VTI or SCHD or a mix of both and never sell, no matter what the market is doing, and I guarantee you'll thank yourself 20, 30 or 40 years later.
if you make 50k a year, its hard saving a million dollars for retirement, and getting by. You need to buy basic necessities, and have only 20% of your income saved every month.
@@661.julian4 I'll probably never make 50k a year and I'll be a multimillionaire tax free by the time I'm 65. All it takes is time and consistent investing :). If you just invest $250 a month in the S&P 500 in a roth ira for 35 years you'll be a millionaire tax free.
I’m not sure about how the 56% of Americans can’t afford a $1,000 emergency is calculated. If asked how I would cover a $1,000 expense I would use a credit card and pay it off the same month. I have thousands of dollars in savings but don’t like to touch it.
Bankrate has been conducting the survey for years, and the answer was phrased like "Charge to credit card and pay over time" based on a chart they posted on their website about the survey results. And the 56% figure was lower than it had been in previous years. Last year, instead of 44% of respondents being able to pay from savings, it was 39%. Since the survey was done in January, they might have new results next month.
Invest in what exactly? All the finacial services are corrupt and will charge extortionate fees to make them wealthier while giving you back minimum value.
The stock market has been a really tough one this past year, but I watched an interview on CNBC where the anchor kept mentioning " karina mattis ". This prompted me to get in touch with her, and from August 2022 till now we have been working together, and I can now boast of $540,000 in my trading portfolio.
Guys, while $500K isn't much money, it IS enough to retire off of and do so comfortably, just as long as you're willing to do so outside of an expensive country. No one said you have to retire in San Fran or LA or NYC. No one said you have to retire in the US, or UK or some other expensive country at all! There are MANY countries you can retire in on as little as $1k per month. * Ecuador * Belize * Panama * Costa Rica * Portugal (although nowadays, the further I am from Russia, the better!) * Colombia And so many more. Countries with great health care, low crime, great internet access. And if you're 62 and getting social security checks as well, you can live like a king in many of these countries.
< *_The crypto market has been unfavorable for months and i keep losing my money selling-off during dips,i"m very scared of holding right now,how do you guys still make so much_*
ME: No mortgage, no credit debt, no car payments, $780,000 estimated 2022 income, US ARMY paid for my kid’s college education to a private college (BS and MBA), net worth in 8 figures, 74 and still work for a large health insurance company. Can I retire????
Wealth takes time to build but can be lost quickly. One health problem can wipe out a lifetime of saving. Get in a relationship with a narcissistic or other highly destructive bad actor and you can hemorrhage money, health and sanity until you are broke. You can get up one morning to go to work and discover someone stole your car. Someone on wall street can wave a magic wand, "hurt the money" and after 12 years of house payments you are suddenly underwater $10K. And after the money is hurt nobody is hiring for the next year. It isn't surprising carrying credit card debt is common. I found myself with lots of credit card debt and no way to realistically pay it off so I filed for chapter 7 bankruptcy. All debt was waved, almost immediately my credit score bounced back to acceptable and within months I had $18,000 in available credit again. Most of what people are told about bankruptcy just isn't true. Making deals to live in dangerously extreme poverty to pay off debt over 5 years is what kills credit scores. I do have five years before age 62 with no money (and no debt). My plan is to spend $20K on a van small enough to use as my only vehicle but big enough to build out as a camper for me and my cat to live in. While I pay it off and build an emergency fund I plan on enjoying a lot of camping and hiking and then at 62 living out of it to travel and spend time in nature. I may even live in it for awhile working full time to divert my rent and utility money into paying it off quicker and building a bigger emergency fund. There are pretty casual seasonal jobs to make extra money without having to live in a terrible city working at a terrible job full time just to pay rent without any life worth living until you drop. I highly recommend the RUclips channel cheaprvling as a source of information on this topic.
It's INSANE that more than half the people don't have at least $1000 saved for an emergency.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market.
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
As a financial advisor it's good to see people getting this kind of information out here. I've been trying to get people to see this for years now people have money for everything they want but when it's something they need like savings debt reduction or income protection they don't have the money smh
$10000 bucks is the average credit card debt?? That's nuts! I think I forgot to pay off the balance one month (like $500) and the interest fee was shocking! as well as ding to my credit score.
$500, that's not too bad. My friend owed his credit card upwards of $20,000, which is crazy because all he ever seemed to do was smoke weed in his mom's basement, and he wasn't using a credit card to buy the weed.
I don’t get it. 10K on a credit card long term is insane.
@@MrOccyc It's only $170 per month interest
@@donkaster9738 Only $123,000 over 20 years, $951,000 over 40 #worth
You should be able to have your cc company set it so that the entire amount you owe at the end of each month is automatically PAID OFF IN FULL. That's what I do.
I tried to get a 20-something who was one of my wife's coworkers to start contributing to their 401K plan. The company matched half of your contribution up to 10%. I suggested she do the 10%, and immediately get 5% more put in by the company. She didn't just decline the idea, she did vehemently. Talk of stocks going down, losing money, etc. I countered with yeah, they can go down, but you're getting an immediate 50% return on your money. You can't beat that. She said she just can't find room in her budget to contribute 10%. I told her that the $4 coffee in her hand actually was costing her $6. She had no idea what I was talking about and I let it go.
Been there too. Apparently some people either don’t understand or really prefer spendable money now over having more money in their retirement account. Good on you for trying though, that’s all you can do
What a shame. I program for a living and for 10 years, I worked at a company that matched me dollar for dollar in my 401(k). You better believe I put money in there every year!! I just recently lost my job (I'll find another), but already have enough in my 401(k) to retire on, not to mention my wife's 403(b), her pension and both of our social security checks (when we're old enough to retire). It's much easier when you invest from day one. You don't miss the money. Otherwise, you ALWAYS make an excuse as to why you don't have enough to invest. Sure, if you're making $8 an hour, I can understand the argument more. But if you're making $85K a year, you better damn well find a way to invest, even if it's $1,000 a year.
I've tried getting my younger coworkers, some still living with parents, to put away money that they don't have to wait for retirement to access this is simply an investment account. Out of 5 coworkers I got 0 to do it. To these young people 10 years is way too long to wait to spend money they have right now because they are so young that 5 or 10 years is an astronomical amount of time in their perspective. To an older person we know how quickly this time passes. They'd rather purchase a nicer car to drive around in and look good in than be financially secure.
@@dall1911
I feel like schools should actually teach one class on investing in high school.
* There is not a single 30 year block of time where the S&P 500 hasn't averaged at least a 10% rate of return, even if you include the great depression, the dot com bubble burst, the housing crash of 2008, nor this current downturn. Translation: when you get your first job out of college, invest in your company's 401(k) and put that money in a fund that matches the S&P 500 and you'll be able to retire comfortably.
* The S&P 500 goes up 8 out of every 10 years. Honestly, you don't even need to know this fact. Just put your money in the S&P 500 from when you're young, keep putting money in every paycheck and you'll be able to comfortably retire
* If your company gives you a match on your 401(k), TAKE THE MONEY! You're literally saying, "No thank you" to free money if you don't.
I'm down $100,000 in my 401(k). Guess what? I'm still up 11% over the last 11 years and already have enough money to pay off the mortgage in my house, my student loans, my wife's student loans and both of my kid's student loans and still have enough to live off of. The only reason why I haven't done so yet is that I'm not old enough to retire yet.
Please, if you're young, INVEST IN YOUR RETIREMENT! I know, if you're 24 years old, retirement seems a million years off. It's amazing how quickly you blink and you're 55.
That’s because we don’t teach financial literacy in our schools. Sad really
Hi Chris. I'm a frequent viewer of your video's. Thanks to you and a couple of other mentors I watch . My wife and I just purchased our first home. My wife found a program that qualified us to get in our home. Our incomes and our saving and our network of friends and family now we're gonna pay a mortgage not rent. Planting seeds for bigger things in the future. Keep making videos.
That's great to hear, George! Congratulations!
Debt is the thief of your future.
That is very true...in addition, debt is affecting your health. You think about your bills and worry how you will pay them.
Eliminate your DEBT....and start living.
Unless it’s good debt like a mortgage
@@MrDorf007 Many people use debt to their advantage though…eg if you have £1,000,000 it’s much better to invest it in different investments/assets than just spend it on a £1,000,000 house without a mortgage
I am the person this video describes. Now at 56 years old I have barely any retirement savings because, honestly, I just didn’t understand or know. I perceived investing as something only rich people did and never understood exactly what my 401K was for. My 401K is thankfully state sponsored and well over three decades old. Unfortunately because I didn’t understand I didn’t pay nearly enough into it. There isn’t enough in there to retire on, let alone live off for more than a few years.
I do have a budget but I barely make enough to cover all the expenses. At nearly 60 years old I work hard physical labor to make ends meet but I enjoy it. I have diagnosed ADHD which could net me disability payments but I don’t want my earnings potential restricted so I don’t apply.
I do contribute as much as I can regularly to a Roth IRA and hope to work long enough to maximize social security payments. I just bought my own small place but will still have to rent the land.
I’d rather this be a cautionary tale than a sob story. I was in a good place financially but moving states and getting a (small) mortgage at my age really wiped me out savings-wise. So younger people: save a little, save regularly, that shiny new car, the fancy house, the matching furniture, all of that can wait. Trust me. Buy all that AFTER you’ve established a regular savings habit. Don’t use your savings for it.
I’m old, but still trying, I believe I can still turn it around. Don’t wait as long as I did to start though!
Thank you for sharing
I wish you the best.
Thank you for sharing. You are what my 30 year old self saw coming back in 1997 when I was working dead end jobs after getting out of the Army, blowing my GI Bill for a useless degree and getting deep in debt. I turned it around but it was quite stressful.
I believe I can still turn it around.
How?
@@DavidEVogel honestly, I don’t know. I have a lot of talent but not a lot of connection. I also fight nearly debilitating ADHD on a daily basis but I still work on finding ways to work around it.
6months cash minmum, 40oz of silver, 3 Oz of gold on a ring. Mankind's universal savings plan.
Keep the utility bills on a credit card and get some cash back. Can’t argue against that.
Help your credit score with a discount on electricity, sounds good to me
Sadly...most people who have watched this....will do nothing to change their financial situation.
But then there are the few that will say....I will change starting today, and make their financial future a priority.
The choice is yours to make.
i dont agree especially in USA, we have the most Nobel prizes in Economic than everyone else combined. So it is safe to say the average people of the most Economic Nobel prizes recipient country will have a good understand of basic finance.
@@leepialong ok but what is it per ca-pita ? The US has about 380 million people (53 Noble Prizes) vs UK with 67 million people (9 Noble Prizes) vs Canada with 39 million people (4 Noble Prizes). Should Canad or the UK win once more...all 3 counties would have equal amount of winner per ca-pita. So these 3 countries are close to being equal. With that said there is nothing wrong with having pride in your country.
@@MrDorf007 pride!? No, I am
talking financial well being.
Frugal living in hard times really can save lives. Living frugally can create new opportunities, but our consumption-oriented society is conditioned differently
I only have $3,600 in savings and $5000 in investments but im working my way up 🤞🏾 all about progress every month
👆Let's discuss I have something to
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A lot of the issues can be boiled down to a lack of financial literacy. A lot of people get the basics wrong like having savings accounts that pay no interest, not knowing how to pick and use credit cards effectively, picking random stocks instead of using index funds, panic selling at lows and buying at highs, not budgeting their money and paying off high interest loans last. Also, people buy stuff that they don't need like paying off a car note and immediately purchasing another car and getting another loan instead of putting that money toward a house.
With that being said I think I’ll bump up my 401k contribution 2% putting me at 15%
Great! 👍
My credit card debt is getting out of hand a little and will need to apply my tax return to catch up unfortunately to get on track
I am 34 years old, have $100,000 in my 401k, make over $120,000 per year, have over $200,000 equity in my house, and have $85,000 in my savings account. I also came from a childhood where I was desperately impoverished. I changed that by making difficult decisions and working extremely hard.
If you are bragging about that, its not very impressive. I'm 37, and have over 700k net worth, and I dont even own a house. I have 3 rentals with tons of equity, i guess minimum 500k, only $50k in my retirement accounts and $150k in cash/individual stocks. Your equity in the house and 401k doesn't generate income and not liquid while my rental properties bring me cashflow every month covering half of my expenses.
@@JoseMendoza-mw7oi I’m guessing you were trying to find a way to casually throw your portfolio out there when you found my comment. I’m happy for you that you are financially stable, and are in a good position for your future. I’m also pretty sure that you have a major ego problem.
There are folks out there who are rush beyond any of our imaginations that could humble you and what you have, and they did it at an earlier age. There is always someone better off, healthier, more attractive, stronger than you out there. No need to tear down the folks below your station in order to feel superior.
@@Prosecute-fauci Dude, i wrote that because you was bragging about your finances, your hard work ethics etc. That's it
Great video, I just turned 25 this year and Jan 1, 2023 will be my 5th year of maxing my Roth IRA.
Glad to hear it!
I get it, invest in safe heaven assets because the profit level usually drops in these times. Can't help but stay invested with hopes high. I recently saw an article about people that are still able to pull up heavy profits up to $500k within amidst the recession, and I'd like to know such strategies, that's all.
As you plan your retirement, be sure to talk with a financial advisor who can help you make the most out of your investment.
@@spaceship30 true, I wasn't impressed with my gains initially, unlike my previous performances and I pondered on how to diversify into better assets, therefore, touching base with a portfolio advisor, and that same year 2022, I pulled a net gain of $400k. In my opinion, nothing beats expertise!
@alchemists7112 Ashley Breanne Haley is my FA. She has the flexibility and expertise to meet your needs I believe, you can verify her yourself on the web, sure you will find some winning too.
@@ocean9861 I usually do not take pointers online but curiously searched for Ashley Breanne Haley on the internet, fortunately, i came across her site and scheduled with her. She is grade-A, thanks for sharing.
no wonder investing in the american market is so profitable, their companies have the finest consumer cattles lmao
Aaaa mooooooooo.
@@martywilliard You stole my thunder!!! 🤣
I have a vehicle and a motorcycle. I don't have a house. I have a little debt but I am able to easily pay it bi-weekly because I have a good paying job that allows me to have loans, credit cards while also being able to invest money and put more money in another saving account for emergencies.
If I had to right now I could take out $5,000 cash for an emergency and that is a security that I have never had in over 20 years and it feels good.
Financial planners: credit card debt is the worst debt you can have.
Payday loan lenders: Hold my beer…
It's weird that there's a disconnect between credit cards and your own money for most people. When I use a credit card it feels like my money I'm using, I don't even think about that being money I have to pay back later as it only takes the click of a mouse to move the money over. Then again I've never had to live pay check to pay check.
glad to know i'm not the only one
"pay yourself first"
Truer words were never spoken.
Most people spend like they are rich. I actually have less disposable income after investing and saving than I did coming out of college. This is because my wife is financially illiterate so I have to mitigate her as a financial liability.
It's a shame because I get the crazy woman every time I try to bring up finances with her. So my plan is to allow her to run through $50k and show her the balance sheets so she SHOULD have a visual on the tangible effects of her irresponsibility. Maybe that will affect a change.
In any case, we are financially sound despite her. Which is a sad state to be in.
get a divorce, man. obviously one person has to spends more than the other, but if it's to the point where it's going to financially ruin you, is it really worth it?
It might, but from my experience it won't. It sucks, but you got to just keep saving that much harder. We somewhat decided that she will spend now and I will save. So I put 66% of my pay into my 401K as well as 50-$100 a week into a brokerage. I pay for the water, sewage, heat, solar panel loan and internet (and that is all my money "gone"). She pays for the electric bill and all the food. She makes like $1-2/hour (depending on tips) but I work 60% more hours than her.
No... it won't help. Why should she stop at $50K? Why not $100K or even $250,000? Balance sheets? Boring!
You should do a search on narcissism and co-dependency. You may be shocked to see how the script of that matches your situation exactly. How could they possibly know exactly how both of you act? Because it's the same script for everyone. You only get one life, don't waste it.
Why would you marry a liability ?
Could you make a video regarding the newer trend of "pay over time" Credit cards, which set a fixed interest for a large purchase provided you tack on monthly payments for that purchase as well? There are also "flex loans" which are advances from your existing credit line but are treated like loans, with a fixed number of payments, etc. This is sure to make people get ever more into debt, as they make large purchases more attractive and spurs using more of your credit line.
anybody who uses those is a complete sucker and will stay poor for life if they don’t change
Bottom line: DON'T be stuuuupid!
Yes, it called installment loan after your purchase. I used it couple times, for example, I purchased some finishes, bathroom cabinets, light fixtures etc. on Wayfair for $1500 to complete remodeling on my rental property. I broke it down on 6 bi-weekly payments with Afterpay, and when i had tenant moving in, they paid me deposit and first rent, I paid it off earlier.
It works perfect for me since i paid no interest, got nice discount from Wayfair on high-quality materials which cost me less than Home Depot, and i didnt want to spend too much cash. I paid it off within 2 months instead of 3. It's like a credit card, if you use it carefully, it will work perfect for you. If not, you will end up paying high interest
I was speaking with my coworkers yesterday and they’ve defending debt to keep their carefree lifestyle going… since they know that the government will eventually bail them out with welfare or some other financial support… on the taxpayer’s (ie responsible people’s) dime… the government needs to STOP rewarding irresponsible behavior!
Great video! Man there’s a lot of people out there that need to change the way they live!! Living your life paycheck to paycheck is no way to live
💯 Thanks for watching 😁
It's important to realize credit cards are a tool, and tools can be used for good or bad. In my 20+ years of owning credit cards, I have never once paid any penalties and paid maybe $10 of interest in all that time (had to pay less than the minimum due to emergency) and received thousands in cash back. Credit cards can be great if you know how to use them
I have 2 grand in savings. I own 3 properties in Hawaii. Excellent credit. Live on SSI.
People need to grow up, take responsibility for their own lives and live within their means, life comes with responsibility and not just entitlement!
Very stupid how most people spend as much as they make no matter how much they are making. 🤯
It should be common sense to spend less money than what you make in a month and build up savings. And to pay off cards in full each month so no interest builds up.
4:49 what will you do when you can't work anymore but still need to pay bills? Well, here in Canada medically-assisted suicide has become a trend.
😬
I use my credit cards like I would cash. I always have the money to pay it in full every month. I'm able to get about $400 to $500 a year in rewards which I invest. Spending cash actually hurts me less than seeing the numbers in my ledger. I don't track cash expenditures as I rarely use cash. Sadly at 40 I was only able to really start saving and investing in my mid 30's.
Same. I keep track of my bank account, but I'm much less aware of the paper money in my wallet, not even sure how much is in there.
I think starting to save and invest in the 30s is pretty typical if you are someone that has to foot the bill of your own college, car, and house like myself. Although I was able to put a little into retirement early on despite those other essential expenses, I wasn't able to seriously contribute to retirement accounts until my mid 30s. I will be 41 this year and expect to finally max out my 401k and planning to pay off my house next year.
Social Security needs to be factored if you are talking about retirement at age 65.
I agree, but try not to depend on it. Think of social security as a bonus to your existing retirement plan. The closer you are to retirement, the more accurate your plans become.
If you think you can't save and invest enough for your retirement, outside of social security, look at your current lifestyle and determine if you can live on less and/or if you can make more money. The earlier you make the changes the better off you will be.
Right now we're trying to see if we can make more. So investing in ourselves and side hustles.
The average SS payment is $1,100 per month. While it is a factor for retirement, it cannot be counted on to be the only source.
$800?? BOY BYE
My Social Security check is $1110. I am living the dream
Count on social security not being there lol
I’m nearly 64 and haven’t made a million dollars in my entire life yet. Fortunately I own my house (been building it since 2001) mortgage free & have been debt free other than wife’s Yaris for the last 4 years, but only was able to start a 401 about 5 years ago. We now have about 130k but there is no possible way for half of the population to put away more $ than they’ve ever made. Some guidance for the masses that don’t have much would be greatly appreciated.
That's the great part is that you don't have to put away millions. The idea is that the majority of the money there will be from interest (over time).
That's why I invest. It compounds over time.
This is cap. I see people around me drinking 6 dollar coffees, driving European cars, having fancy watches like Rolex. My subordinate, just bought a 600k house. My best friend just coped an 100k+ Beamer. For his birthday he spent over 2k at the club with table service. Everyone is rich except me. I’m still driving 2008 Honda Civic
So glad I woke up to these facts earlier in life. Still got a late start but it has paid off and I can now pull the plug on work at 57. doing a budget, tracking income and outgoing and then controlling that has given me control over my money instead of it controlling me. If you plan it out, you can even prevent owing any tax in retirement. I just wish someone would have shown me in my 20s instead of learning it in my 30s, but that's water under the bridge. Looking forward not backward. I was able to show our daughter how this money thing works and she is so far ahead of the game than we were at her young age. Fully funded ROTH each year, 401K at work and another external taxable invetments to serve as a bridge for early retirement if she wants to do that. A little delayed gratification today pays huge rewards tomorrow.
The idea of retirement really isn’t that enjoyable. My dad retired at 66 and after 3 months switched to working 15-20 hours a week cause he was so bored. I prefer the idea of semi-retirement. I think there is a sense of accomplishment that people miss when they retire.
Gullible people will always be victims.
My job automatically takes 6% for retirement and matches it. I never see the money and don't have to think about it. It keeps up with my paycheck and after 40 years of investment when I start getting money it will be a huge amount. Wouldn't have it any other way.
That's great!
10 $ save a day towards retirement from age 20 to 65 at 8% average growth per year =1,500,000 $ ! But beware of inflation, your monthly paiement towards your retirement plan should increase over time.
my favorite are all the younger people trying to tell me, not using credit cards is stupid. "I earn airline miles" .. LOL yeah kid, that's how you get financially stable in life, with airline miles. You do your thing, I will continue to put away every month and grow my money. You can grow your airline miles
Started at 21 and am now 23 and it’s crazy how financially free I feel. Making money off your money is one of the best feelings in the world
Absolutely, most people don't understand that you can enjoy having the money before you're even financially free
Damn people be on
Remember God. Tithe 10% of all your income. You won’t be poor.
People don't think about the future.They will work until they can .Then expect the goverment to take care of them.Sad state of the world .
No with income issues people have to depend on the government to take care of them.
@donaldlyons17 Income issues?Please explain. Sorry, I'm confused.
@@bluecollarbullionballer4269 like making less than it cost to break even. Or just having higher expenses than one can afford. In other words somehow not making more than one spends.
I don’t know where you’re getting your preconceived notions from, but this is not accurate from my experience. Most people I work with and know dislike people who think that way. Maybe I just live within a pocket of people that don’t think the way you’re describing and my horizons need broadening, or maybe it’s the other way around. I agree with you that people don’t think about their future enough, but wanting the government to take care of them is the part I disagree with.
Maybe you should change the people you hang out with I don't know.I hang around people that invest and read constantly to improve myself.I don't know your situation or your dreams.However if we never change and learn I belive you won't grow.I am just some guy on RUclips what do I know.Just sharing my life experiences and choices I have made.Good luck with your journey in life.
It always freaks me out when people say "grosheries."
I plan to work at something until I die. Not so much because of money as because I believe human beings _need_ to work - and not just work, but work toward some goal. It doesn't have to be lucrative, but it does have to feel important.
If there is one key to the stock market: bad news is Great news, the fed will eventually turn the money printer back on and the Quantitative Easing will resume, causing stocks to soar!!!
If people can live with 45k, and you earn 100k. with 30k student loan, it should have been an easy math, no? yet people can blew those 55k margin for some reason.
Rural people only have $6 in the bank before payday wages are still around $12 an hour. 5 years ago was like $8 an hour for many adults. Time poverty is bad they drive like crazy people because they have no time. Will correct when they go to EV's with most that can't afford them forced to slowdown. A bad thing also! The wages are just too low for anything!
What are you babbling about?
My parents got lucky cuz they got government jobs right out of high school an back then u didn't need a bachelors degree to get those entrie level government jobs like u do now an those government jobs have pensions so when they both retired they each git pensions so they get a pay check for the of there life even tho they no longer work thus they didn't need 401ks they have been retired since early 2000s an built there dream house my dad designed in 2007 an now that house is paid off an so are there cars an everything else they have no debt an living the good life. Idk why everywhere doesn't have a pension that how it used to be back in the day before 401k became a thing
I won't have a pension. Don't need it. Just prepare for retirement by investing.
don't let your spending increase equally with your income. I make good money but 90% of my coworkers work more hours than I do and still live paycheck to paycheck.
This numbers were still on the bright side.
Compared to developing countries where 99.99% people would have to work until die.
Absolutely
Those are developing countries, though. The people in poor countries will look at Americans and think how stupid Americans are for wasting their privilege of being born in a rich country.
Retirement is overated if everyone was able to retire who is gonna work and serve and take care of people like me who saved and sacraficed and invested our money ..🤣🤣🤣
👆Thanks Lets interact for good and gains^.
I would love it if you put your sources in the description
If we only had access to the kind of insider information some have on investments. Reality is more like, contribute to an account all year and see the balance go down from January to the end of December. This type of result is sure to encourage people to "invest" for their future. In South Carolina costs aren't too high, yet.
The last year has been physically painful, but the S&P 500 does have an average annual return rate of about 10% over the past 50 years.
@@sierrasouthwell9237 and since 1980 it has only declined from year to year ONCE. All other instances it has rebounded from a previous year loss
brutal
I wasn't financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly basis via my investment all thanks to my adviser Susan Kay Mack, and got 5 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made. Great video!
Wow, great work. you surely made a good bit of money
I did read about Susan Kay Mack on the web., quite an interesting lady with an amazing track record
When it comes to the stocks and investing, most people don't know where to start. Fortunately, great investors of the past and present can provide us with guidance
found her webpage by looking up her name online.... Her resume is quite outstanding, I'll be writing a mail to her shortly.
🚫🚫🚫🚫🚫🚫🚫🚫🚫🚫🚫🚫🚫🚫
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50 years old and no money for retirement? Sorry but you missed the miracle of compound interest. Stock up on Ramen noodles.
Buy a car that's at least four years old and pay cash! Let someone else take that depreciation hit. The average new car loses 46% of it's value in three years.
☝️☝️📥SEND ME A DIRECT MESSAGE
RIGHT AWAY.
A four year old car...would still be 15-25k......56 percent of americans do not have 1000 cash......maybe you mean buy a car that is 15-20 years old at 5-8k. Used cars are 70 percent over inflated, just like the housing market-- everything will crash, 2024 at earliest.
@@thewindozer Exactly. If you need a car (and I mean NEED, as in the old one is not fixable) buy new if you can find something that's not marked up $20k. Used cars are just stupidly overpriced right now. Especially in the salt belt states. I've seen 5 year old used cars with the bottom rusted out going for $5k less than new.
i guarantee you one thing. my "retirement" aint gonna be in america. you know how many countries you can live like a king in; for a 1000 a month?
Where are you thinking of going?
These are shocking statistics. But what really amazes me is that I've been hearing the same statistics for decades and nothing seems to be improving them. You would think that the constant messaging would have gotten some traction in peoples' and policymakers' minds and the future would look better for most Americans.
I agree. Unfortunately our kids do not get enough personal finance exposure as they are in high school. A single semester class is not enough to get them to understand. On top of that, the human mind is wired for now and not the future. Advertisers recognize this and drive our minds into thinking they have to have the latest and greatest.
The people who need to hear it generally aren't researching personal finance topics. On top of that, hearing the message and actually changing habits and behavior is another. On top of that, many people struggle to pay basic bills or are in such a hole of debt already, that they aren't at a stage of investment.
Certainty, more people should save and could if they cut back, but for all the reasons above, it won't improve anytime soon regardless of messaging like the one in the video. I wish people were more educated and disciplined, but I'm not holding my breath that the average American will suddenly change their ways.
If everyone saved enough for retirement, everyone would retire at 50 and our workforce would diminish.
Why work when you can just live and let your investments work for you?
We need a lower class.
@@burkles4456 every time I tell someone I plan to retire at 48, their question is always "But what are you gonna do???" as if not having a job will render me useless.
@@arvia1984 We also heard that a lot as well. I think that the people saying that lack imagination. I retired at 51 and I can tell you that my days are full and fulfilling and I have never looked back or regretted my decision.
500K?
Glad I started paying attention and saving diligently when I was 30... now at 36 I believe I have reached coast FIRE
Congrats!!
Woah!!!!!
Great!
I love the video but why is there only men in the video?? Women Are interested in money too you know! 😁
Tell the company that makes the animation program...maybe they will listen and create more characters!
I've worked as hard as I can but it's impossible to raise a kid with a disability and no family or social support or backing. I will have to work til I die. I pray to die soon because life is so miserable to work for nothing and end up completely disabled well before retirement age.
Fortunately, I started to listen to Bob Brinker in my 20's. His Sunday show raised my interest in money
👆👆👆📥📥 Thanks for watching message me directly
I'm already surprise Chris! because people are still not following our videos! how are they going to beat the crazy money statistic??
I'm 40 and wish I had started investing when I was 20 instead of 35. I'm doing alright due to some good moves and will retire in 5-10 years but really regret not starting sooner. A lot of people put it off because they find it confusing. It's not that complicated even, even if you know nothing about the stock market, just keep buying VTI or SCHD or a mix of both and never sell, no matter what the market is doing, and I guarantee you'll thank yourself 20, 30 or 40 years later.
You started investing at 35, are now 40 and you can retire in 5-10 yrs? Nah.
@@jwil4905 Shrug. I got lucky with timing of my investments, but believe what you will.
@@dexagalapagos Oh, so you're the one. 🙄🙄
Retire....by 50? You still have many years left to work. You are a young man at 50!
I honestly expected the numbers to even worse then in this video, so it was a pleasant surprise.
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I use credit cards and I admit I do spend more. Fortunately we have retirement accounts and 7 months of savings plus extra spending money
There is no reason why you shouldn't have at least a million dollars by 65. Its simple and easy. Just stay focused people.
if you make 50k a year, its hard saving a million dollars for retirement, and getting by. You need to buy basic necessities, and have only 20% of your income saved every month.
@@661.julian4 I'll probably never make 50k a year and I'll be a multimillionaire tax free by the time I'm 65. All it takes is time and consistent investing :). If you just invest $250 a month in the S&P 500 in a roth ira for 35 years you'll be a millionaire tax free.
@@livingunashamed4869 currently I’m in college. My bachelors in BA will probably make 50k-55k a year after graduation. I don’t plan to get promoted
@@661.julian4 My best advice start investing in a roth ira as soon as you start working and don't stop till you retire.
@@livingunashamed4869 I’ll keep that in mind.
I’m not sure about how the 56% of Americans can’t afford a $1,000 emergency is calculated. If asked how I would cover a $1,000 expense I would use a credit card and pay it off the same month. I have thousands of dollars in savings but don’t like to touch it.
Bankrate has been conducting the survey for years, and the answer was phrased like "Charge to credit card and pay over time" based on a chart they posted on their website about the survey results. And the 56% figure was lower than it had been in previous years. Last year, instead of 44% of respondents being able to pay from savings, it was 39%.
Since the survey was done in January, they might have new results next month.
Except most people can't pay that $1000 off in the same month.
I’m not sure about how the 56% of Americans can’t afford a $1,000 emergency is calculated.
The question relates to cash. Do you have $1000 cash?
Aren't peoples kids supposed to take care of them? Why are people not having kids and saving up for some idea of retirement instead?
Invest in what exactly? All the finacial services are corrupt and will charge extortionate fees to make them wealthier while giving you back minimum value.
Is my $450k paid for house an asset? Or liability?
Your house is always going to be an asset. If you had a mortgage, however, the mortgage would be a liability.
Don't keep your money in anything but money market or T-bills right now. Stocks are hideously overvalued
Investing into stocks and digital coins is also a scam
Something tells me that you are broke. Just a hunch.
what are you investing in than?
@@user-dp7cu1ny5h JFRDX
TWEIX
ACMVX
SPECX
TRSSX
5 year average return is 7.0%.
The stock market has been a really tough one this past year, but I watched an interview on CNBC where the anchor kept mentioning " karina mattis ". This prompted me to get in touch with her, and from August 2022 till now we have been working together, and I can now boast of $540,000 in my trading portfolio.
That's right, getting in touch with a consultant during the pandemic was how I was able to scale through the crazy stock downtrend.
That's massive. Can you please connect me with your personal broker, I would love to work with her
Like I said earlier , her name is karina mattis , and you can reach her via her website.
Just run a search on her name, and you would see all you need.
Thanks for the info . Found her website and it really impressive
@chrisinvests what email can we reach out to your for business inquiries?
Don't save worthless dollars, spend them before they are completely worthless
You must be 13 years old to comment here. That’s the rules.
Are you still getting monetize by using videoscribe?
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Guys, while $500K isn't much money, it IS enough to retire off of and do so comfortably, just as long as you're willing to do so outside of an expensive country. No one said you have to retire in San Fran or LA or NYC. No one said you have to retire in the US, or UK or some other expensive country at all! There are MANY countries you can retire in on as little as $1k per month.
* Ecuador
* Belize
* Panama
* Costa Rica
* Portugal (although nowadays, the further I am from Russia, the better!)
* Colombia
And so many more. Countries with great health care, low crime, great internet access. And if you're 62 and getting social security checks as well, you can live like a king in many of these countries.
$500K is plenty if you don't carry a mortgage or high vehicle debt into retirement.
< *_The crypto market has been unfavorable for months and i keep losing my money selling-off during dips,i"m very scared of holding right now,how do you guys still make so much_*
This is not the first time i am hearing of this woman and her exploit trading world but i have no idea on how to reach her?
I'm a beginner. How can i reach out Bernila George?
ME: No mortgage, no credit debt, no car payments, $780,000 estimated 2022 income, US ARMY paid for my kid’s college education to a private college (BS and MBA), net worth in 8 figures, 74 and still work for a large health insurance company. Can I retire????
I’ve got a years rent saved is that good enough ladies?
Wealth takes time to build but can be lost quickly. One health problem can wipe out a lifetime of saving. Get in a relationship with a narcissistic or other highly destructive bad actor and you can hemorrhage money, health and sanity until you are broke. You can get up one morning to go to work and discover someone stole your car. Someone on wall street can wave a magic wand, "hurt the money" and after 12 years of house payments you are suddenly underwater $10K. And after the money is hurt nobody is hiring for the next year. It isn't surprising carrying credit card debt is common.
I found myself with lots of credit card debt and no way to realistically pay it off so I filed for chapter 7 bankruptcy. All debt was waved, almost immediately my credit score bounced back to acceptable and within months I had $18,000 in available credit again. Most of what people are told about bankruptcy just isn't true. Making deals to live in dangerously extreme poverty to pay off debt over 5 years is what kills credit scores.
I do have five years before age 62 with no money (and no debt). My plan is to spend $20K on a van small enough to use as my only vehicle but big enough to build out as a camper for me and my cat to live in. While I pay it off and build an emergency fund I plan on enjoying a lot of camping and hiking and then at 62 living out of it to travel and spend time in nature. I may even live in it for awhile working full time to divert my rent and utility money into paying it off quicker and building a bigger emergency fund. There are pretty casual seasonal jobs to make extra money without having to live in a terrible city working at a terrible job full time just to pay rent without any life worth living until you drop. I highly recommend the RUclips channel cheaprvling as a source of information on this topic.