“Stay out of debt, less than you spend, save money.” It’s a long way and an inflation keeps you in the same situation after several years. That’s what most people think and that’s why most people are not rich 🤷🏻♂️
I graduated college as an engineer with 0 debt due to scholarships, but realized I didn't want to be an engineer around year 3. I still finished the degree, and it helped me land a great job. A degree can still have value even if you choose to pursue a different line of work. That may not apply to all degrees though.
Same. I have a masters degree in a field I don't even work in. But, having those degrees has helped prove I have a base level of competence/learning ability.
Lots of people hire engineers to be managers. An engineering degree is usually just proof you can problem solve, think logically, and are organized enough to get through engineering.
@R2D2677 school was paid for by scholarship. I should clarify, I tried to find a job in my field but when that wasn't working out I decided to not sit on my ass, and I pivoted. I am doing just fine, thanks though! Don't worry, been maxing out my roth for a while.
PLEASE do more videos on how 40 and 50 somethings can catch up for retirement when they just started taking it seriously! There is SO LITTLE information on it. Everyone loves to deliver the good news on how easy it is to become a millionaire when you invest in your 20s and 30s. I’m 46 with only $76k in my 401a and literally just started a Roth with $100. No debt. Help us!!!!!
Basically you have to make a butt load of money to get enough to survive without relying on social security. With that butt load of money, put half or more into index funds that get at least 8% per year. Butt load = >$100000 and save at least $50000 a year. I'm no where near that and I'm in my 40s so I'm trying my best to just save what I can but I know without a major life change, I'll not be the millionaire others strive for. But of course, it comes down to expenses which can be high.
@@bobknob8440 $50,000/year savings sounds high. I hope that some security can be achieved with less. I only make between $50k-$58k as a teacher, depending on the year and how much extra stuff I sign up for. If I can’t achieve millionaire status, then what IS possible? How aggressive should we be? What would the 4% withdrawal rule look like? I’d like for them to break all of that down for us.
There is no secret or magic to it, just invest as much as you can with the time you have left. The later you start, the more you need to pump away to get to the same place.
I appreiate you breaking down the decades to make it possible for anyone to hit their goals. Biggest takeaways is that most millionaires are self-made, there is always a path forward despite when you start saving and the millionaire title is just a number and that financial indepedence is the true goal.
i will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Yuval Eric Brokman.
My portfolio still is 20% below what it was in late 2021. Seeing no compounding and seeing retirement goals sail further away has been far more difficult than I imagined when I looked at past downturn charts. Investing is simple, but hard.
As mentioned several times, a big shovel can help. We're in a position in the past 5 years invested $10,000 a month. I'm 50 and my wife's 39. I have a feeling we will be okay 🤙🏼
@@roburb73 I've stopped saving to my Roth and traditional 401k whilst I pay off my truck and credit cards. I am thinking I'll be done sometime next year and then I'll resume putting 300ish into each
The money multiplier has changed my view on spending like crazy. I used to think dropping x amount of money on another car is no biggie. But then when I saw the multiplier I was shocked! Invest invest invest!
I know a guy who became a millionaire in a 12 year period on a company grade army officer salary by doing exactly what Dave Ramsey and the FIRE movement said we should do. So thankful for the FIRE movement for showing me the way to financial freedom.
My husband and I did not get rid of our 2 mortgages and car loan and still crossed the $1M net worth recently. We are 38 and 39. We put 32% down on our car at 2.49% but for 6 years, not one year. We are going to keep that car for at least 10 years, hopefully.
How do you ask questions for the live show? Should someone that is 50 (planning to retire at 65) and planning to earn W2 income until retirement begin transferring existing traditional 401k balances to Roth 401k over the next 25 years (before RMDs hit at 75)?
“Stay out of debt, less than you spend, save money.” That’s what most people think and that’s why most people are not rich 🤷🏻♂️ It’s a long way and an inflation keeps you in the same situation after several years.
I preach to my younger family members to save 10-15% of their income starting with their first job (and invest it). Start then and this will naturally increase as their wages increase over time (both savings amount and take home wages) and they will never feel it. Sadly none of them seem to heed the advice.
Hey guys can I retire at 60? my breakdown in a nutshell as of today!! currently 56 yrs old, $600k in a brokerage account( 3.9%yield), $100K in checking\savings. $150k in a ROTH IRA, $295K in an IRA & $375K in a 401K, and no mortgage and a decent stock picker 😎
I was trying to follow why they were coving attention spans and memory before the money stuff but I lost my focus and didn’t make it through the rest of the video
I was there. Divorced around 38. Lost half of my 401k and was 85k in debt. 10 years later I am happily remarried kid’s tuition is paid off and I am on track to retire at 65. No gimmicks required. I have found it is easier to save money than to earn it if that makes sense. I feel good knowing what I want versus knowing what I need. Keep your head up!! You still have time to find stability if you start now!
@@JohnDoe_1609 I wish you well with your journey. Haven’t experienced what you went through nor have I been married nor raised any children. Best way to enjoy life is the way you choose not someone else’s vision.
If "millionaire" is the goal, you should have a plan for the goal. Meaning, have you mapped out a realistic lifestyle for when you have $1M+ net worth? What's different from your current lifestyle? Will that goal get you the lifestyle that you desire? Satisfy yourself that any necessary sacrifices are worth achieving the goal.
Is this to have $1 million of future money? Or $1 million worth today’s money? $1 million in the future will be worth less than today so probably would need more
Some of these numbers are unrealistic on a regular income. For example if you can comfortably pay off a luxury car in one year while still putting your other %s aside for retirement investing you are probably already a millionaire. 70k for a car while still putting aside 25% of pre tax income you are making tons and tons of money or saved for forever and blew it all on a car. Also 25% budgeted for a house is even below the 30% required for very strict first time home buyer/affordable housing requirements. These numbers are for people with a very good salary to begin with. Yes the compounding interest can work if returns average 10% many times they don't and some times they go way above. But the other spending percentages just don't work for regular incomes. A great aspiration but not necessarily feasible. If you make 40k a year pre tax 25% is 10k going to retirement savings. 40k - taxes might leave you with 30k. 30-10 gives you 20k for the year. That leaves about 1600 a month to split between housing food utilities emergency savings car payments child care home and car maintenance etc. That's going to be very very difficult to stay below in most parts of the US. With the average rent and used car payment probably taking up all or more than 1600. If you don't have your own house saving for one will be almost impossible. People please do your best to save as much as you can for your future. But the best thing you can do is work hard to get a better salary so you can afford to save for your future.
"if you can comfortably pay off a luxury car in one year while still putting your other %s aside for retirement investing you are probably already a millionaire" That's the point. You don't buy a luxury car if you're not a millionaire and can't afford to pay it off 😅 If you can't max out retirement accounts on your salary then you start with what you actually can do instead of shutting down from the system entirely. 20 bucks, 35 bucks, 100 a month whatever. Or, since in your scenario you have a car with payments then you better hop on uber 4 nights a week for some extra cash and invest in yourself my friend.
@isiah675 lol. most people can't max out their retirement accounts. If you can only spare 20 bucks a month for retirement give up on buying a bicycle and walk to work haha
@@porsche9302 Putting in what you can is better than standing on the sidelines. There's wealth building on low income content available just put one foot forward.😘
Actually, it's 20 minutes after a 12 minute drop, meaning it used to be 32 minutes. 12/32=0.375, which if you round up equals 40%. This is the kind of valuable nitpicking the comments section is good for.
That is why phone numbers (pre-required area code) were not allowed to be more than 7 digits. The average human at that time could hold seven bits of data in short term memory.
it depends on where the person lives and what type of lifestyle he or she is wanting to live. 1 million dollars in Orange County California may not work. 1 million dollars in a small town in South Carolina with no DEBT at 65 is a MASSIVE amount of money.
@@LifeHackMEDIATV granted, but for a 20 year old starting to save now, $1 million in 2068 (when he turns 65) will be worth far less than what you and I consider the buying power of $1 million today. You would need about 2.5X that amount 45 years from now. Point is…..you have to save more than what is being suggested here to have the equivalent of $1 million (if you possibly can)
Millionaire is nothing special anymore. Billionaire the new the wealthy status. I am looking at having around 15 million by 65 but do not feel like I will be wealthy at all. Plenty of things I would like to have that I cannot afford in retirment. For example, The retirment homes I am looking at are around 1-2 million in todays dollars. No way I can afford them in retirment even with 15 million. Taxes alone would drain my wealth.
Curious to pole this group about being a financial mutant - 28 years old, roughly 600k in cash, stocks, mutual funds, and 401k; no debt. Haven't purchased a house as I live in a high cost coastal city, but could do so if I had too. Idk just looking for some feedback I guess. Currently making about 250k to 350k depending on commission.
17:35 30s millionaire numbers.
25:00 40s millionaire numbers.
Stay out of debt, spend less than you make, and stop caring what other people do or think of you.
^ This.
You can still become a net worth millionaire while being in debt (mortgage debt, for example).
“Stay out of debt, less than you spend, save money.”
It’s a long way and an inflation keeps you in the same situation after several years. That’s what most people think and that’s why most people are not rich 🤷🏻♂️
Always be buying
Zero debt, save 50% earnings (B4 taxes), shop at Goodwill and live in a shelter... On Fire Baby!
I graduated college as an engineer with 0 debt due to scholarships, but realized I didn't want to be an engineer around year 3. I still finished the degree, and it helped me land a great job. A degree can still have value even if you choose to pursue a different line of work. That may not apply to all degrees though.
Same. I have a masters degree in a field I don't even work in. But, having those degrees has helped prove I have a base level of competence/learning ability.
Lots of people hire engineers to be managers.
An engineering degree is usually just proof you can problem solve, think logically, and are organized enough to get through engineering.
I agree, as long as it's such a valuable degree like engineering
@@R2D2677 ack! the shame of it.
@R2D2677 school was paid for by scholarship. I should clarify, I tried to find a job in my field but when that wasn't working out I decided to not sit on my ass, and I pivoted. I am doing just fine, thanks though! Don't worry, been maxing out my roth for a while.
PLEASE do more videos on how 40 and 50 somethings can catch up for retirement when they just started taking it seriously! There is SO LITTLE information on it. Everyone loves to deliver the good news on how easy it is to become a millionaire when you invest in your 20s and 30s. I’m 46 with only $76k in my 401a and literally just started a Roth with $100. No debt. Help us!!!!!
According to their wealth multiplier, you need to find a way to come up and invest about $1500 a month into an index target date fund.
Yes 🙌🏻 I’m 46 my husband is 52
Basically you have to make a butt load of money to get enough to survive without relying on social security. With that butt load of money, put half or more into index funds that get at least 8% per year. Butt load = >$100000 and save at least $50000 a year. I'm no where near that and I'm in my 40s so I'm trying my best to just save what I can but I know without a major life change, I'll not be the millionaire others strive for. But of course, it comes down to expenses which can be high.
@@bobknob8440 $50,000/year savings sounds high. I hope that some security can be achieved with less. I only make between $50k-$58k as a teacher, depending on the year and how much extra stuff I sign up for. If I can’t achieve millionaire status, then what IS possible? How aggressive should we be? What would the 4% withdrawal rule look like? I’d like for them to break all of that down for us.
There is no secret or magic to it, just invest as much as you can with the time you have left. The later you start, the more you need to pump away to get to the same place.
I appreiate you breaking down the decades to make it possible for anyone to hit their goals. Biggest takeaways is that most millionaires are self-made, there is always a path forward despite when you start saving and the millionaire title is just a number and that financial indepedence is the true goal.
i will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Yuval Eric Brokman.
I'm surprised you know him. I've been making a lot of profits investing with her for a few months now.
You invest with Mr Yuval too? Wow that man has been a blessing to me and my family.
I'm new at this, please how can I reach him?
google his name,
Yuval Eric Brokman.
Great show. I’m really happy to have found your and Dave Ramsey’s content while I’m in my 20’s. Very thankful!
My portfolio still is 20% below what it was in late 2021. Seeing no compounding and seeing retirement goals sail further away has been far more difficult than I imagined when I looked at past downturn charts. Investing is simple, but hard.
I actually wish the market was back to the yearly lows. Stack up more equity
Fire sale
Your getting 20% more value on your current investments 😊
As mentioned several times, a big shovel can help. We're in a position in the past 5 years invested $10,000 a month. I'm 50 and my wife's 39. I have a feeling we will be okay 🤙🏼
Wowzers. Hopefully I'm like you when I get older. Only making 80k gross currently at 22 as a non-married male.
@@douchenozzlemcgee6111 , You're significantly ahead of where I was when I was 22 - great job! Keep killing it!
@@roburb73 I've stopped saving to my Roth and traditional 401k whilst I pay off my truck and credit cards. I am thinking I'll be done sometime next year and then I'll resume putting 300ish into each
The money multiplier has changed my view on spending like crazy. I used to think dropping x amount of money on another car is no biggie. But then when I saw the multiplier I was shocked! Invest invest invest!
43. We’ve save 4100$ a month so far this year. Sitting right at about $225k investable assets. Late start in many ways but working hard.
But you are doing it now…. Good luck!
I know a guy who became a millionaire in a 12 year period on a company grade army officer salary by doing exactly what Dave Ramsey and the FIRE movement said we should do. So thankful for the FIRE movement for showing me the way to financial freedom.
I hope everyone watching is on track!! Comparison can be very harmful, but sometimes it’s a good reality check
My husband and I did not get rid of our 2 mortgages and car loan and still crossed the $1M net worth recently. We are 38 and 39.
We put 32% down on our car at 2.49% but for 6 years, not one year. We are going to keep that car for at least 10 years, hopefully.
I'm 36 and I'm just a little bit over the taget lump sum.... Phew. Right on track. So glad to discover you guys. Love you!!!
My dad gave me an “awkward talk” about money once. He called it son don’t get nickel and dimed 😂
Thanks for letting me know I'm on track to be a millionaire apparently!
Makes sense to me that most older folks are doing something different years after they turned 21 or 22 when they finished their college majors.
Bo saying “Pacifically” at the beginning reminds me of growing up in Georgia lol love y’all
One of the few podcasts that doesn't use an SM7b. Dare to be different.
How do you ask questions for the live show? Should someone that is 50 (planning to retire at 65) and planning to earn W2 income until retirement begin transferring existing traditional 401k balances to Roth 401k over the next 25 years (before RMDs hit at 75)?
Bo is excited? That never happens 😂 great episode guys!
“Stay out of debt, less than you spend, save money.” That’s what most people think and that’s why most people are not rich 🤷🏻♂️
It’s a long way and an inflation keeps you in the same situation after several years.
Complete ur 1st two years of a degree at a community college. 1/2 the cost...same value. Just not as cool.
I preach to my younger family members to save 10-15% of their income starting with their first job (and invest it). Start then and this will naturally increase as their wages increase over time (both savings amount and take home wages) and they will never feel it. Sadly none of them seem to heed the advice.
This video was on point 👌👌👌
Best video ever
I’m left handed and ppl always tell me I have a good memory I learn something new everyday
That quote is from Albert Einstein, not Ben Franklin. Ben did make similar comments, though.
Man, Bo is always so excited and that gets me excited damn it ❤😂
Thanks for the video!
What's the best thing to invest in stocks bonds mutual funds stocks with dividends cause I have no idea what a investing portfolio should look like
S&P 500 index. This returns around 10 - 12%
We need a new target of 3 million, one is not enough
Where are we supposed to save or put this money to gain the compounding interest?
That was albert einstein who called compound interest the 8th wander of the world, not benjamin franklin 🤣
Wasn't Ben the "there are only two certainties in life: death and taxes"?
It is such important lessons to learn. Chicago Illinois
Whoo, on pace for $7M.
Never too late to become a millionaire. The earlier you start the easier it is. Here's to FIRE!
Hey guys can I retire at 60? my breakdown in a nutshell as of today!! currently 56 yrs old, $600k in a brokerage account( 3.9%yield), $100K in checking\savings. $150k in a ROTH IRA, $295K in an IRA & $375K in a 401K, and no mortgage and a decent stock picker 😎
I was trying to follow why they were coving attention spans and memory before the money stuff but I lost my focus and didn’t make it through the rest of the video
Hi! Happy Friday!!
What specifically are you suggesting to invest in?
As a 39 year old w with 4k debt, this is depressing.
😂
Start where you are, do what you can, with what you have. A step in the right direction is not wrong.
What about how much in the portfolio? That number means more if it is a good amount.
I was there. Divorced around 38. Lost half of my 401k and was 85k in debt. 10 years later I am happily remarried kid’s tuition is paid off and I am on track to retire at 65. No gimmicks required. I have found it is easier to save money than to earn it if that makes sense. I feel good knowing what I want versus knowing what I need. Keep your head up!! You still have time to find stability if you start now!
@@JohnDoe_1609 I wish you well with your journey. Haven’t experienced what you went through nor have I been married nor raised any children. Best way to enjoy life is the way you choose not someone else’s vision.
I just recently acquired a million dollar net worth. I also live in NY, so I still feel broke😂.
$1m 45 years in the future is only worth $250k in today's money (assuming inflation averages 3% p.a.)!
So how much does 1 million give you to live on a month? If you going to receive a pension do you need a million dollars to live on?
Nice work guys but I feel like I’m listening all repeat in today’s episode 16:44
Are you excited, Bo? Are you so excited? I wasn't sure. Keep on keepin' on brother.
I'll have whatever Bo is drinking....
Know your number: how much do you need saved for retirement based on how much you plan to spend when you get there.
If "millionaire" is the goal, you should have a plan for the goal. Meaning, have you mapped out a realistic lifestyle for when you have $1M+ net worth? What's different from your current lifestyle? Will that goal get you the lifestyle that you desire? Satisfy yourself that any necessary sacrifices are worth achieving the goal.
Most investments pay compound yields or returns, not interest, but this is nitpicking.
Is this to have $1 million of future money? Or $1 million worth today’s money? $1 million in the future will be worth less than today so probably would need more
16:00 house conversation.
Wasn’t that quote from Einstein? Not Franklin
Some of these numbers are unrealistic on a regular income. For example if you can comfortably pay off a luxury car in one year while still putting your other %s aside for retirement investing you are probably already a millionaire. 70k for a car while still putting aside 25% of pre tax income you are making tons and tons of money or saved for forever and blew it all on a car. Also 25% budgeted for a house is even below the 30% required for very strict first time home buyer/affordable housing requirements. These numbers are for people with a very good salary to begin with. Yes the compounding interest can work if returns average 10% many times they don't and some times they go way above. But the other spending percentages just don't work for regular incomes. A great aspiration but not necessarily feasible. If you make 40k a year pre tax 25% is 10k going to retirement savings. 40k - taxes might leave you with 30k. 30-10 gives you 20k for the year. That leaves about 1600 a month to split between housing food utilities emergency savings car payments child care home and car maintenance etc. That's going to be very very difficult to stay below in most parts of the US. With the average rent and used car payment probably taking up all or more than 1600. If you don't have your own house saving for one will be almost impossible. People please do your best to save as much as you can for your future. But the best thing you can do is work hard to get a better salary so you can afford to save for your future.
"if you can comfortably pay off a luxury car in one year while still putting your other %s aside for retirement investing you are probably already a millionaire" That's the point. You don't buy a luxury car if you're not a millionaire and can't afford to pay it off 😅
If you can't max out retirement accounts on your salary then you start with what you actually can do instead of shutting down from the system entirely. 20 bucks, 35 bucks, 100 a month whatever. Or, since in your scenario you have a car with payments then you better hop on uber 4 nights a week for some extra cash and invest in yourself my friend.
@isiah675 lol. most people can't max out their retirement accounts. If you can only spare 20 bucks a month for retirement give up on buying a bicycle and walk to work haha
@@porsche9302 Putting in what you can is better than standing on the sidelines. There's wealth building on low income content available just put one foot forward.😘
@isiah675 haha. I haven't seen it. Most of the info is great but the percentages aren't feasible until you reach around 90k
@@porsche9302 You can build wealth with far less than that excuses will only hold you back. Good luck I believe in you!
@0:32. Sorry, can't let it go. 40% loss? You mean 60% loss. 12 is bigger than 1/2 of 20 so it must be bigger than 40%.
Actually, it's 20 minutes after a 12 minute drop, meaning it used to be 32 minutes. 12/32=0.375, which if you round up equals 40%.
This is the kind of valuable nitpicking the comments section is good for.
Is bo never not excited lol
Ah yes, as if 60% of my 2% raise is really going make a difference
👀
That is why phone numbers (pre-required area code) were not allowed to be more than 7 digits. The average human at that time could hold seven bits of data in short term memory.
One million dollars isn't going to cut it at age 65.
it depends on where the person lives and what type of lifestyle he or she is wanting to live. 1 million dollars in Orange County California may not work. 1 million dollars in a small town in South Carolina with no DEBT at 65 is a MASSIVE amount of money.
It's better than less than a million.
@@LifeHackMEDIATV granted, but for a 20 year old starting to save now, $1 million in 2068 (when he turns 65) will be worth far less than what you and I consider the buying power of $1 million today. You would need about 2.5X that amount 45 years from now.
Point is…..you have to save more than what is being suggested here to have the equivalent of $1 million (if you possibly can)
This feels like one big ad....
It is once you grow your portfolio beyond $500k-$600k; but f you are not there then enjoy all of the free info #abundancecycle 👍
Millionaire is nothing special anymore. Billionaire the new the wealthy status. I am looking at having around 15 million by 65 but do not feel like I will be wealthy at all. Plenty of things I would like to have that I cannot afford in retirment. For example, The retirment homes I am looking at are around 1-2 million in todays dollars. No way I can afford them in retirment even with 15 million. Taxes alone would drain my wealth.
I’m a fan, but man you guys recycle the same info it truly must be though to find new info to spread as there’s nothing to it other than save.
But VTSAX over and over
Curious to pole this group about being a financial mutant - 28 years old, roughly 600k in cash, stocks, mutual funds, and 401k; no debt. Haven't purchased a house as I live in a high cost coastal city, but could do so if I had too. Idk just looking for some feedback I guess. Currently making about 250k to 350k depending on commission.
Save like a mo fo!
What’s new? 🤔 I hear the same over, over and over for months 🤦🏻♂️
Think about your time frame and inflation. Your goal should be $3M not $1M if your 30 yrs from age 65 😉