Thanks for sharing! Just found out about Rule 72 this year. Would love to hear more money topics and what you’ve learned on your journey/ money mistakes made
@@byron9630 Thank you! 20 years is great, ONLY if you can live on 1/2 of your income afterwards . Or in the case of a couple like me and my wife, less than 1/4 of our previous income. So pensions are not a fix all ;)
@@byron9630 Most cops I know move to cheaper states, away from friends and family, AND have to take another job lol. (Probably also Bc they also start new 30 year mortgages on much bigger houses aka living the life lol)
@@RetireearlyNYC oh dang. They fell into the American dream trap!! Isn’t there supplemental income and 401k etc for additional income. I guess many cops take second jobs in the private sector for the gains or the da office.
@@SurpriseMeJT Retired at 43 with almost 22 years :) Could’ve left before 20 with vacation time etc but wanted to make sure. Wife could’ve left her job in finance at 18, but did 19 to be sure.
Thanks I do low cost indexes. Haven’t had a mutual fund in like 20 years lol. Don’t know about them. But I think their fees are much higher than indexes for similar product
Hi Johnny. This is a beautiful area. Where was this taken? I immigrated to the USA at 6, and I was a cop for 13 years. I work at one of the financial firms you mentioned. I like your videos.
@@richardm.441 Hey what financial firm did I mention here? This was taken at a small town just south of Albany. In a small development just outside of North Chatham :)
Scenario #1 Certificate of Deposit $1,000 initial investment 2% return 30 years Compound annually Additional monthly contribution: $0 Endinging balance $1,811 Scenario #2 Certificate of Deposit $1,000 initial investment 2% return 30 years Compound annually Additional monthly contribution: $500 Ending balance $247,773 Both scenarios are the same (rate of return, compound annually, years invested, etc.), except one makes additional monthly contribution while the other does not. All things being equal, it is continuing to add to the pot that makes the biggest difference. That's the key.
@@RetireearlyNYC I wasn't promoting CDs per say, only pointing to the fact that regularly contribute to your account is like putting fuel in your vehicle. I agree with you that if you are 20 years old, you should be investing 100% in stocks.
@@George-f8h and yeah most people don’t even think about what you brought up. Simply keep depositing :) Like so many other things in life, it’s the consistency:)
Great video Johnny looking forward to many more!
Thanks!!
Thanks for sharing! Just found out about Rule 72 this year. Would love to hear more money topics and what you’ve learned on your journey/ money mistakes made
@@mp22422
Thanks! Check out my other videos and wait for my new ones. Will talk about all the ways we became financially independent etc.
Thank you for your service in the NYPD. How are your fellow officers doing ? With 20 years for retirement , I assume things are pretty good !
@@byron9630
Thank you! 20 years is great, ONLY if you can live on 1/2 of your income afterwards . Or in the case of a couple like me and my wife, less than 1/4 of our previous income.
So pensions are not a fix all ;)
@@byron9630
Most cops I know move to cheaper states, away from friends and family, AND have to take another job lol. (Probably also Bc they also start new 30 year mortgages on much bigger houses aka living the life lol)
@@RetireearlyNYC oh dang. They fell into the American dream trap!! Isn’t there supplemental income and 401k etc for additional income. I guess many cops take second jobs in the private sector for the gains or the da office.
@@byron9630
Most cops, like most people, don’t put nearly enough in their 401Ks. They just assume that the pension will fix it all somehow 🤷♂️
Did you retire from the police force at 50 years old with your pension or did you retire earlier after having invested?
@@SurpriseMeJT
Retired at 43 with almost 22 years :)
Could’ve left before 20 with vacation time etc but wanted to make sure. Wife could’ve left her job in finance at 18, but did 19 to be sure.
My math was a bit off but you get the point. Trying to do it on the fly and doing only 1 take isn’t easy!
Just subscribed. Great information. What do you think about mutual funds?
Thanks
I do low cost indexes. Haven’t had a mutual fund in like 20 years lol. Don’t know about them. But I think their fees are much higher than indexes for similar product
Hi Johnny. This is a beautiful area. Where was this taken? I immigrated to the USA at 6, and I was a cop for 13 years. I work at one of the financial firms you mentioned. I like your videos.
@@richardm.441
Hey what financial firm did I mention here? This was taken at a small town just south of Albany. In a small development just outside of North Chatham :)
Scenario #1
Certificate of Deposit
$1,000 initial investment
2% return
30 years
Compound annually
Additional monthly contribution: $0
Endinging balance $1,811
Scenario #2
Certificate of Deposit
$1,000 initial investment
2% return
30 years
Compound annually
Additional monthly contribution: $500
Ending balance $247,773
Both scenarios are the same (rate of return, compound annually, years invested, etc.), except one makes additional monthly contribution while the other does not. All things being equal, it is continuing to add to the pot that makes the biggest difference. That's the key.
@@George-f8h that too:)
But depositing that same amount into a fund that grows at 10% nets you $1.1M after 30 years. ;)
@@RetireearlyNYC I wasn't promoting CDs per say, only pointing to the fact that regularly contribute to your account is like putting fuel in your vehicle.
I agree with you that if you are 20 years old, you should be investing 100% in stocks.
@@George-f8h thanks for pointing out :)
For the benefit of the audience I had to make my point too. Not necessarily to one up you :)
@@George-f8h and yeah most people don’t even think about what you brought up. Simply keep depositing :)
Like so many other things in life, it’s the consistency:)
Up state ( NY )
QQQ better than SPY