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Just turned 35 in August. Net worth as of October 2024 is $54,884, up from $32,805 in January 2024. I can’t wait to pay my car off next year!! This video was motivation to reach 6 figures by the end of next year!
Hello there!! I watched your video about paying your house off a few years ago, and after watching it I instantly called my husband, and told him HEY I JUST WATCHED A VIDEO AND HOW ABOUT WE PAY OFF OUR HOUSE?!!! He wasn’t excited at first! But three years later, WE DID IT!!!! House completely paid off!!! And honestly it’s life changing and I can’t thank you enough!!!!!!!!!!!!!!!!
@ literally changed our lives!! 😭 we also were very fortunate and blessed to have opened up a side business and generate our business income straight into a high yield savings. And it’s absolutely mind blowing how much we take on to “pay off” and we only work to keep paying off crap over and over and over! Again, I can’t thank you enough because our lives have truly been transformed as well as our finances 🙌🏼🥹😊
This is great…. I will always add… please don’t feel some kind of way IF you didn’t have this information when you were in your teens or 20s. If you know it now, start now! So many family never talked about investing.
Just don’t get divorced because that 100 k and any gains will be decimated. Life is rarely linear. Probably the best advice I could give to a young person is choose your partner carefully. A good partner will make your life wealthy beyond 1.6 million at 65 yrs old.
The only way to avoid a divorce is to never get married. People are constantly changing, the person you are today is a completely different person than when you were 18 years old and the partner you marry today will be a completely different person in 10 to 20 years. Picking a good partner is like trying to predict what the weather is going to be like in 20 years. It's nearly impossible because people change.
I got married and divorced early 20s no kids. I'm 60 recently with a 1.2 million net worth. $950,000 liquid. The rest is home equity. A $95,000 a yr income debt free. I max out my TSP including catch up every yr. Also max my Roth IRA out every yr. Debt free makes it easier. My goal is 2mill at 67 retirement. I'll also receive a federal person and SS. I get free medical and 50,% VA disability for life.
My plan is to sign a prenup agreement beforehand. I have had the privilege of not having any student or car debt and so at 25 I’ve saved up almost 150k.. I love my partner but both of my parents are divorced. Everything I go into this marriage will be tied 100% to me, always
If you don't believe the young lady.... Since 1970... Household income is up 700% (two workers today) .... S&P 500 is up 5,800%... When it comes to out pacing inflation and more lenient taxation, the system is set up to benefit the investor, not the employee... If you're an investor, you've become wealthier (even in the last four years)... If you rely on your salary, you've simply become poorer... The days of "lower, middle and upper" class are gone... It's now only those who invest and those who do not.... Take care.
I am seeing millennials and younger aiming to FIRE by 50 investing monthly with basic index funds. Our kid asked us how to get to 1M, we told them about compounding interest and time in the market. They worked Dunkin this summer and invested 25% they are very happy that the money they saved is working for them everyday. Their account has grown a little already and they are so stoked.
One of those guys is desperate for you to pump BTC. I wouldn't do it, the only way BTC "investors" make money is by getting more suckers to buy bitcoin. Also known as MLM
I think the goal of retiring at 38 can be more of a goal of being able to do whatever you want by 38. Not necessarily stop working, but knowing that you don’t have to rely on a job that you may not enjoy for your income, and can choose to live the life you want, which may include working, or maybe not! I would love to retire early and focus on my other passions without the stress of how much I’m earning each month
Go tell that to the average worldwide median income of $12,000 a year. Yeah, inflation sucks- but be smart. We are tremendously blessed in 1st world countries!
@@MagicalFishy I'm stating MY opinion. You cannot retire off $1M. Obviously it's a lot of money but if you're a "millionaire" today you probably just have a lot of equity in a normal house in LA and drive a Toyota.
Im a middle millennial and without a doubt my most wealth has come from buying my house, investing in my retirement overtime and investing my time in my skills to get higher wages. Almost completely debt free other than my house and looking at abour 400k net worth at 34
36/M/CO. Single, employed, lives with roommates, cheap car payment. No children. $24/hr income, 32-40 hours per week average. Used to be 40 plus OT but printing is dying. I keep cost of living super low, and I still cannot get ahead. Work has become less and everything costs more. I’ve applied to 15 part time jobs for nights after work. I don’t even get a call for jobs that I’m overqualified for. Going back to school in August, at 37 years old, to start a career in the healthcare industry. Seems like in the US, the healthcare industry has the most job security.
Make 200k per year mowing and fertilizing grass.....then plowing snow in the winter.....no college required......my truck trailer and equipment is prob cheaper than college.....when looking for winter help.....I never call back people.....I hire the guy that calls ME multiple times......
I'm older and have done well financially, even though I spent my late teens - 20s living it up as a rhythm guitarist / lead vocalist in a semi-pro hair metal band and spending like there was no tomorrow. Once I got serious, I educated myself on finance and investing; two books that helped me: "The Intelligent Investor" and "The Interpretation of Financial Statements" - both by Benjamin Graham. I was able to become an accredited investor in my 30s. Stay focused on your financial goals, but don't forget to enjoy life along the way. Balance. I think it was John Lennon that said, "Life is what happens while we're busy planning for our future." - whoever said it, I think it's worth remembering the phrase. Good luck!
My net worth hack was to sell an overpriced house in a blue state and buy a house cash in a red state. My job paid the same hourly because I’m a local tanker driver and my job was currently in high demand everywhere. Things have changed a bit and tanker drivers are in slightly less demand but I now save and invest 60%+ of my income. Now I have zero debt and more freedom. I call that a win win. Not bragging, just sharing my story. Sometimes you need to think outside the box.
Yay you! You made a big change for Future You! If I were younger/just starting out today, locating in a low-cost of living area would be an absolute priority.
I love the people who did this who moved from Cali -> Texas but turns out the people pay the same in tax in both states (roughly) since Texas property tax is so high. Governments get their cut no matter what.
We have seen a lot of people relocating from California to here in Tennessee. Last house I sold was a woman that was able to buy a $300k house cash after selling her previous one in Cali
I was slow to start but I've ramped up rather quickly. Currently 29 with roughly 105k invested and 70k cash (saving for a down payment and expecting a volatile next year or 2, so not investing it for short term). With my student loans, I'm at about 130k net worth. And thats with paying the student loans aggressively (60k/yr). I like seeing these kinds of videos because they remind to keep doing what I'm doing even if feels like some people are finding easy money through more risky investments. Once the loans are paid off in my early 30s, my net worth will skyrocket hopefully and I'll start to see the fruits of my labors pay dividends in the long term.
I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.
Diversify your holdings across several asset types to reduce risk rather than putting all of your eggs in one basket. If you don't know a lot about finances, speak with a financial expert.
Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.
Sophie Lynn Carrabus is the licensed advisor I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
How can you invest 100 grand in your 20s while you have to buy / rent a house, car, buy food etc... and start your life on your own ? Odds are that a huge chunk of your pay check will go into essentials first. Most young adults already start off with debts.
Most likely, that is someone living with relatives. I'm not recommending it, but if you can start your career while you don't have any living expenses, that could be a huge boost for your savings.
Yeah some luck is involved, I got there by randomly investing in the best stock of the last 10 years and it going up 10x. Luck was definitely a factor in my case
I love tracking net worth! It makes paying down debit double rewarding. Seeing the debit go down on the CC statement and knowing my net worth just went up that amount too.
If you pay your credit card balance in full a day or 2 before the STATEMENT DATE, not the Due Date, your FICO Score will jump 20-40 points after a 2-3 months. Note- If you miss a month, and carry a small balance, it will drop 10-20 points, but if you get back to the routine of paying it in full, it will go back up in about 2 months.
Dude definitely had help from his parents, having a roofing company and 3 super nices house at 26 😂😂😂 just admit it people we only care cause you tryna front like you did that all on your own
Folks meet Colin. Colin is attempting to destroy his future by being negative and playing the role of victim. Don't be like Colin. You'll never create a positive life with a negative mind.
@@FooFan-b3kcolin is just trying to figure it out like everyone else. Struggling in the beginning will lead to some sort of envy naturally, but he will stop caring once he gets ahead.
With regards to the retirement issue, I have eyes on retiring early, but to your point, I also know that I will never stop working. I will just stop working for a paycheck. Not only am I incapable of just doing nothing, but the list of things that I want to do and don't have time for is enormous. Like I would love to start a small regenerative farm. It's not something I have the time for now but in early retirement when I don't have to worry about whether or not it's profitable? Sure. It's a question of what retirement means to you, not whether you should retire early.
Great video! I'm glad that average and median are broken out. The median is most common! About 1 in 15 adults are millionaires, but only about 1 in 100 adults are a million or more in debt, so the "average" is scewed high. Love the "follow what you love", that's very inspiring!
Glad you made a point about your goal not to retire. We see people who retire get bored and get random jobs in their 60s and 70s. The goal is to have a nest egg but to do with you want when you want! I figured out the same and I get too bored easily to “retire”. One time I took a 4 month break from working and I was bored out my mind and I mostly just work out and read books 😂.
Most people don't earn that much in there daily lives let's just admit when they act like they got it like that. When they discuss Salary or Hourly Wage they are talking about Gross Pay not Net Pay.
Truth. It's a bonus if you enjoy it. I think you are more likely to do so if you have specific skills training and/or higher education: they give you options. Had to work some crummy jobs along the way to get to my goal!
@Real-EstateRyan in that time frame with that big of a jump it highly unlikely he did it without financial assistance from someone. No bank would give a 26 year old three mortgages when they were barely getting by very recently....
You can buy homes with proof of rental income. So buy a home, rent it out, if the rent is more than the mortgage, guess what, the bank will give you a loan for another home. You can even use the equity from the other home as collateral towards another property.
@pizza0451 yes but where is he getting the money for the first home and where is he living if he's renting that one out. I still don't see a situation where he doesn't have financial help or living with family or something for free or cheap.
I love the piece about finding something you’re truly passionate about. I’m 24 years old and just found out my net worth was 1.2 million yesterday after running the numbers. Lol I had the blessing of also relaxing on the sunny beach of San Diego where I currently live and it does get boring. I realized I’m a damn workhorse bro. I need to be constantly working and building towards a passion. Right now my next goal is to become the best pilot I can be, be as fit as I can be, and look into hobbies that make me happy.
In my mid 30s, I suddenly became a divorced father, paying child support, stuck with all joint marital debt, zero (actually negative) net worth...5 years later, I finally paid off my last marital debt and am worth 300k. I never realized how vampiric my 13 year marriage was, but I'm happy with the way things turned out.
Large difference in a average net worth and median net worth in the later years. Seems to suggest that some very large net worths are skewing the average.
The first vid, you don’t actually buy S&P500 because it’s not a stock but a measure of the stocks that contained in it. You can buy SPY options since it is a multi billion dollar trust composed of the the stocks that make the S&P500 in their relative market value. You can also just buy stock of companies in the S&P500. With a small amount of research you can narrow down what stock are at a premium and what are at a discount. This service is what a financial manager at places like Edward Jones sell you.
Net worth is the measure of debt to equity. It’s not just cash in the bank. Oops Dave said it. I’ve been tracking my net worth for past 5 years. Almost there. Good info though. Thx
28, bought my house earlier this year for 230k cash, have about 50k in about a dozen vehicles (easily liquidated), and around 100k in cash and investment. Still feeling a bit behind at times, hoping to “retire” at 50
!!!I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $2m+ before retirement.
As a newbie investor, it’s essential for you to have a mentor to keep you accountable. Kristine Lynn Weber is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Kristine Lynn Weber, for her expertise and exposure to different areas of the market.
I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $200k passively by just investing through an advisor, and I don't have to do much work. Inflation or no inflation, my finances remain secure. So I really don't blame people who panic.
Without a doubt! Kristine Lynn Weber is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted based on thorough research and years of practical experience.
how would you recommend i enter the crypto market? I am also looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally.. What's your take on this approach? and How can i reach her, if you don't mind me asking?
So in other words being a millionaire means nothing. Because if all your money is tied up in a house/401k and isn’t liquid it’ll never benefit you in any way.
@@TheMule1you know exactly what I mean. I’m talking about the guy who’s in his 30-50s and is still living paycheck to paycheck with a million in house and 401k. It’s of no benefit if your car breaks down and you have no liquid cash to pay for it. Might as well be bankrupt.
@@Beaver-be8vkyou planning on dying young or something? If you have an emergency fund, you’re good. And if you don’t you can always pause investment to fund that instead. No need to play the victim about this.
You have a place to live and will have income when you may not be able to work anymore. If you die, all of that goes to whoever you decide. Why are you complaining?
Just amazes me how people who make $12/hr are complaining about not making enough money. If you look at some other countries and there minimum wages you would be thankful to be making $12/hr. In India,for example, there minimum wage is around 0.25cents/hr
The reasib S&P500 works is because the value of companies is increased by both inflation AND by their profits. The same way goods and services get more expensive so does the value of the shares of the companies who provide them. Additionally, when profit increases the value of those same shares increases further. I believe that the big companies will only keep getting bigger(not a great thing) so at 29 years old, I invest EVERYTHING in the S&P. I might diversify into bonds when i get in my 50s for a little more stability.
I've been forced to track my net worth once a year for the past 4 years due to my bank requiring a personal financial statement every year for my construction company. It's a great idea to keep tabs on it and make sure you keep moving the needle in the correct direction!
Agree. Calculating you net worth annually is smart. You can go back and see if your net worth is more or less. It will also answer the question “How did I get here?”
I had close to 20k in bonds, sold them all in march 2020 and went all in on stocks. Timed it pretty good but not a hard thing to do when there is a huge pull back.
Saving $1100 a month from the age of 18-25 will put you at just under $100k. Cool. Average cost of living for a single individual 18-25 is $3500, or $42,000 annually. Average salary for 18-25 un the US is about $40,000 annually. Something doesn't add up...
I dont agree with retiring before your 50. I knew of a guy who sold his company to a mega corporation when he was 25 for ten million. Before he was 35 he self ended his self because he saw his life going no where. Humans where meant to work their entire life being hunter gathers. You need something in your life to make living worth the effort. I dont have an issue with FIRE if you have plans on what you are going to do with your life as long as its not just vague. I'm in my early 50s and have been able to afford to retire for years now do to an inheritance but im still working though as part time as i dont have anything better to do with myself.
I like watching this guy, but interesting boost he had. 25 YO with 96k to start his journey.. nice and good for him. Hopefully my kids will have this life. Im this guys age and thankfully my work has given me stocks, bonuses, and a 6 figure salary, hoping I can keep going for the future kiddos.
Sounds great but inflation sucks. Like a 401k are you gaining any value with inflation, currency devaluing, and taxes. S&P average meaning average of everything. What are the odds your investments grow at average? To me markets go down every 12-13 years. "Expect a 25% decline (or more) in the S&P 500 every 5 to 15 years." according to A History of Stock Market Percentage Declines (15% to 50%+), in Charts.
Building wealth could be easier for Americans if they invested in retirement accounts, developed valuable skills or pursued degrees in high-earning fields, and avoided purchases made solely to impress others, such as luxury vehicles, the latest iPhone each year, or other expensive luxuries like designer clothing.
I could have had a lot more money if I avoided luxury purchases. I mostly did it to impress girls. It did work, but didn't make a difference in how crazy they were.
If you find a balance, then you should be able to have both. Save first and splurge every once in a while. You cannot live just saving all the time. My aunt will not spend any money or even buy a cell phone. She has over $10 million saved. She will not eat out, buy birthday presents, travel, purchase cable etc. She will leave all of her money to her kids. That is no way to live life. Working hard and saving for 30 years and not enjoying life.
John Bogle "Common Sense Investing" should be required reading for anyone wanting to invest. He founded Vanguard. He compares people who index vs people who use money managers, and explains how over 40 or 50 years, 99 percent of companies fail, so investing in individual companies isn't a passive strategy. If you buy individual companies, you need to follow their businesses and quarterly reports and the overall market and economy. I used to swing trade, it takes about 2 hours a day doing market research and following business news, so it isn't a good strategy for most fully employed people.
Paying companies to hyperinflate their stock value is a major contributor to rising prices, in your attempt to invest in stock to get more profit, you have doomed other people to pay for it
The kind of growth we’ve experienced in the past 50 years cannot and will not likely continue. Also our inflation is averaging much higher for longer (think 1980-ish where is spiked but was short lived in comparison to the cost of living) therefore a lot more money will be required to be invested to hit those stated goals.
In thirty to forty years a million dollars won't buy you a house. It will buy you the equivalent of a 100k car today. Keep investing to make others rich if you want.
Never thought of net worth like that. So I'm richer than I thought. Got the plus and none of minis. I need a 15 year plan starting from £500-£1000. No cc, no car, no doubt.
Back in the 70’s I remember seeing people win the lottery for $100,000 and they thought they were millionaires. In 50 years if you are a millionaire you will be considered broke.
I'm 40. My net worth is about 500k. My house I only have a 28k HELOC. One car loan of 60k. I have about 100K in a Roth IRA and then 150k in my brokerage not in retirement. My house is worth about 400k. I've been a cop for 15 years. And I make about 180 to 200k a year.
Now that you’re FI, what have you found to be the right balance of work to leisure, on average? Obviously some weeks will be more or less than others due to concentrated effort on projects or extended vacations with family. I’m wondering how I will balance that out myself, being a driven person as well. It’ll probably be harder for me to “chill” than it will be to “find something to do”.
You don't want to hold that much in cash if you want to be successful. Your net worth is the assets that you hold with a depreciation schedule. If you are just holding 100k in cash then you are just wasting the opportunity to invest it. You really only need around 20k in cash ever. You also need ways to get the money if you really need it so good credit and assets built up are important. Don't eat rice and beans to have 100k in cash sitting there.
In my opinion if you don’t have a million in cash and investment your not really a Millionaire. House and car value is not liquid until you sell it. Someone can call himself “net worth millionaire”, but that’s not millionaire in my book.
I get what you are saying, but stocks also are not cash, until you sell them... ;-) I think it's important to note that information, especially considering retirement. But technically, they are millionaires. Just that some of those assets aren't as liquid as others...
I’m new to all this and have a question. Let’s say I want to put all my money into VOO, is that considered diversification? It’s spread out over a bunch of different stocks, but it’s all in a single fund, which means it’s not diversified, right?
Not an expert by any means, but yes VOO(I use this fund as well) does include diverse STOCKs...diversification also includes other Types of assets though: real estate, cryptocurrency, precious metals, etc. The channel Whiteboard Finance recently put out a video on this, hope this helps
600k at 26 is crazy. Probaby some help from his parents, maybe an inheritance or something going on in the background, but he's clearly putting it to use
I'm over 50 and my net worth is most likely still in the negative. I do own my car outright, though, so depending on what the value of that is, I might actually have a net worth of $0. lol
It's a little scary, isn't it? On the plus side, you have another 20 years before your full retirement age - still lots of time to benefit from compounding interest. It would be much worse if you were 66 and this was your number! Personally, I don't want to work until I drop dead.
Not too bad. My coworker is 52 and his net worth is negative $650,000. He is a super spender and takes lavish vacations. My other coworker is a saver and has a net worth is $4 million. Both make the same amount of money, but have different spending habits. One will be able to retire and the other will not.
So my dad put away 1,500.00 in a life insurance. insurance agents sell compound interested. 40 years. it was like $1750.00 not $17,000.000. or $170,000.00
Hundred thousand is pretty low to set up as a goal. I was always trying to be a millionaire by 30 and it took me a little bit longer, but I did have some help with my parents so I can understand how it could be a lot more difficult, especially with the prices and people these days that are going through school, especially if they shouldn’t be if you’re not a lawyer or a doctor or something like that there’s really no need. It’s just a waste.
Millionaire implies abundance of disposable cash flow, or the ability to spend above average amounts of your income, not just a paid off home that may or not sell. Mike Jordan had to wait over 12 years to sell his Chicago home for example. I say a millionaire has 1M in liquid cash, not equities or assets. Synthetic millionaire vs a cash millionaire. I was a "millionaire" with many rental properties, but lived on a modest salary because of the massive debt and recurring expenses, etc, so it is good to become a equity millionaire at first, then you will sell some doors, or a business one day and when you receive 1M cash check, you will know the difference. If your building, keep at it, dividend paying stocks are far better than buying houses, start now and live debt free.
People are missing the mark. First off, who says the $ is going to be around decades from now? Second of all, we might ALL be millionaires and not be able to afford bread. Inflation does not equal growth
When they're talking about the average annualized returns of the s&p 500, they are talking about the inflation adjusted average. It is accounted for. They are using real not nominal.
Guy at the 9:00 mark is the absolute problem with this country, homes can have negative equity as well and with a bubble bursting around the corner I wouldn't be bragging so soon
A lot of people could be caught with there pants down in RE if they are over leveraged. Definitely want to make sure you do not get your self in a bind!
@@nicholasgutierrez9940 My husband and I bought our first home around that age, lived in it for couple of years, and bought another home to live in, and rented out the first home. It is definitely possible in your 20s.
Just out of curiosity, what data are you looking at that makes you so confident that residential RE prices are going to drop? What’s your experience in RE?
I recommend you read poor Richard's retirement by Aaron Clary. It shows that the actual value you need is much lower than what financial institutions tell you.
You will not spend as much when you get older. You will no longer be saving for retirement or contributing to 529 plans or paying mortgage. Taxes should be less as well. If you have children that move out it will also be a significant savings. That will cut your expenditures in half.
My fiancé wants to take out a 100k loan against our house to grow that in mutual funds. The interest is base minus whatever, but I’m wondering if the growth will be enough to keep up with the interest and still turn a profit. Thoughts?
Not really, provided you don't realise losses (sell during a crash) and only invest what you can afford to lose (aka have an emergency fund) and property you should be fine based on historical records.
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Just turned 35 in August. Net worth as of October 2024 is $54,884, up from $32,805 in January 2024. I can’t wait to pay my car off next year!! This video was motivation to reach 6 figures by the end of next year!
Well done! Proud of you!
That's a huge jump in less than a year! Way to go!
Way to go! Were you just saving, or is that some investments going up too?
Good for you!
Keep it up!!!
Hello there!! I watched your video about paying your house off a few years ago, and after watching it I instantly called my husband, and told him HEY I JUST WATCHED A VIDEO AND HOW ABOUT WE PAY OFF OUR HOUSE?!!! He wasn’t excited at first! But three years later, WE DID IT!!!! House completely paid off!!! And honestly it’s life changing and I can’t thank you enough!!!!!!!!!!!!!!!!
Stop it!!!!! This is so amazing!!!!! Congrats!!!!
@ literally changed our lives!! 😭 we also were very fortunate and blessed to have opened up a side business and generate our business income straight into a high yield savings. And it’s absolutely mind blowing how much we take on to “pay off” and we only work to keep paying off crap over and over and over! Again, I can’t thank you enough because our lives have truly been transformed as well as our finances 🙌🏼🥹😊
You guys did it. Seriously props to both you and your husband. So amazing
Was a millionaire at 30 and I still shop at Ross, TJ maxx, Marshall’s and discount stores.
Exactly
That's how you stay a millionaire. Good for you
Nothing to get crazy about if you consider the 4% rule. 4 percent of a million is 40 grand a year in income. A million by 30, well done
This is great…. I will always add… please don’t feel some kind of way IF you didn’t have this information when you were in your teens or 20s. If you know it now, start now!
So many family never talked about investing.
Just don’t get divorced because that 100 k and any gains will be decimated. Life is rarely linear. Probably the best advice I could give to a young person is choose your partner carefully. A good partner will make your life wealthy beyond 1.6 million at 65 yrs old.
Very true, I wish I knew this 20 years ago!
The only way to avoid a divorce is to never get married. People are constantly changing, the person you are today is a completely different person than when you were 18 years old and the partner you marry today will be a completely different person in 10 to 20 years. Picking a good partner is like trying to predict what the weather is going to be like in 20 years. It's nearly impossible because people change.
I got married and divorced early 20s no kids. I'm 60 recently with a 1.2 million net worth. $950,000 liquid. The rest is home equity. A $95,000 a yr income debt free. I max out my TSP including catch up every yr. Also max my Roth IRA out every yr. Debt free makes it easier. My goal is 2mill at 67 retirement. I'll also receive a federal person and SS. I get free medical and 50,% VA disability for life.
who told you we will get married ? 0 gf in 26 year
My plan is to sign a prenup agreement beforehand. I have had the privilege of not having any student or car debt and so at 25 I’ve saved up almost 150k.. I love my partner but both of my parents are divorced. Everything I go into this marriage will be tied 100% to me, always
If you don't believe the young lady.... Since 1970... Household income is up 700% (two workers today) .... S&P 500 is up 5,800%... When it comes to out pacing inflation and more lenient taxation, the system is set up to benefit the investor, not the employee... If you're an investor, you've become wealthier (even in the last four years)... If you rely on your salary, you've simply become poorer... The days of "lower, middle and upper" class are gone... It's now only those who invest and those who do not.... Take care.
Nailed it
The last sentence is spot on
is she really a young lady? doesn't seem to have a feminine bone in her body. sounds like a man with a voice changer and a paint brush
nothing to disagree with invest and let it be. The younger the better.
Soooo... Invest, not hard.
I am seeing millennials and younger aiming to FIRE by 50 investing monthly with basic index funds. Our kid asked us how to get to 1M, we told them about compounding interest and time in the market. They worked Dunkin this summer and invested 25% they are very happy that the money they saved is working for them everyday. Their account has grown a little already and they are so stoked.
Nice! That’s the way to do it. Your kid has a bright financial future!
Dump your index funds asap and buy BTC or Microstrategy. Today. Hurry. Go. Now. You’re losing money every second you wait.
Etf are for those who are scared to lose their money. Aka those who shouldn't invest
@@Doogs97 we don’t want to lose money it’s crazy. Kind of funny. Downright spooky. But hilarious!
One of those guys is desperate for you to pump BTC. I wouldn't do it, the only way BTC "investors" make money is by getting more suckers to buy bitcoin. Also known as MLM
That 26 yr old with the 3 properties. 600k net worth. How are his remaining mortgages not considered liabilities? None of his houses are paid off.
Equity. He listed .the equity in each home. Equity = Current Market Value - mortgage
Did you listen?
Yeah, he forgot to list his liabilities, so that was just his equity calculations plus cash in the bank, and it was NOT his Net Worth.
@@ZaneDouglas1lol dude
Yeah it's great for him. He's doing a lot of right things but also did get very lucky on timing of his real estate purchases.
I think the goal of retiring at 38 can be more of a goal of being able to do whatever you want by 38. Not necessarily stop working, but knowing that you don’t have to rely on a job that you may not enjoy for your income, and can choose to live the life you want, which may include working, or maybe not! I would love to retire early and focus on my other passions without the stress of how much I’m earning each month
A million dollars ain't what it used to be.
...but it's something.
Go tell that to the average worldwide median income of $12,000 a year. Yeah, inflation sucks- but be smart. We are tremendously blessed in 1st world countries!
@@MagicalFishy I'm stating MY opinion. You cannot retire off $1M. Obviously it's a lot of money but if you're a "millionaire" today you probably just have a lot of equity in a normal house in LA and drive a Toyota.
@@networth00 Fair!
Im a middle millennial and without a doubt my most wealth has come from buying my house, investing in my retirement overtime and investing my time in my skills to get higher wages. Almost completely debt free other than my house and looking at abour 400k net worth at 34
36/M/CO. Single, employed, lives with roommates, cheap car payment. No children.
$24/hr income, 32-40 hours per week average. Used to be 40 plus OT but printing is dying.
I keep cost of living super low, and I still cannot get ahead. Work has become less and everything costs more. I’ve applied to 15 part time jobs for nights after work. I don’t even get a call for jobs that I’m overqualified for.
Going back to school in August, at 37 years old, to start a career in the healthcare industry. Seems like in the US, the healthcare industry has the most job security.
I’m going to give up my apartment to save money to build my home
I wouldn't be too worried about it. I currently have a net worth of negative $59,000.😢
u can never go wrong in healthcare field bro 💪🏽
@@adrian3747_ It's a shame that this is what it's come to 😢.
Make 200k per year mowing and fertilizing grass.....then plowing snow in the winter.....no college required......my truck trailer and equipment is prob cheaper than college.....when looking for winter help.....I never call back people.....I hire the guy that calls ME multiple times......
I'm older and have done well financially, even though I spent my late teens - 20s living it up as a rhythm guitarist / lead vocalist in a semi-pro hair metal band and spending like there was no tomorrow.
Once I got serious, I educated myself on finance and investing; two books that helped me: "The Intelligent Investor" and "The Interpretation of Financial Statements" - both by Benjamin Graham. I was able to become an accredited investor in my 30s.
Stay focused on your financial goals, but don't forget to enjoy life along the way. Balance. I think it was John Lennon that said, "Life is what happens while we're busy planning for our future." - whoever said it, I think it's worth remembering the phrase.
Good luck!
My net worth hack was to sell an overpriced house in a blue state and buy a house cash in a red state. My job paid the same hourly because I’m a local tanker driver and my job was currently in high demand everywhere. Things have changed a bit and tanker drivers are in slightly less demand but I now save and invest 60%+ of my income. Now I have zero debt and more freedom. I call that a win win. Not bragging, just sharing my story. Sometimes you need to think outside the box.
Sometimes moving is the solution but most people don't want to hear that. Family etc
Yay you! You made a big change for Future You! If I were younger/just starting out today, locating in a low-cost of living area would be an absolute priority.
Great move man
I love the people who did this who moved from Cali -> Texas but turns out the people pay the same in tax in both states (roughly) since Texas property tax is so high. Governments get their cut no matter what.
We have seen a lot of people relocating from California to here in Tennessee. Last house I sold was a woman that was able to buy a $300k house cash after selling her previous one in Cali
I was slow to start but I've ramped up rather quickly. Currently 29 with roughly 105k invested and 70k cash (saving for a down payment and expecting a volatile next year or 2, so not investing it for short term). With my student loans, I'm at about 130k net worth. And thats with paying the student loans aggressively (60k/yr). I like seeing these kinds of videos because they remind to keep doing what I'm doing even if feels like some people are finding easy money through more risky investments. Once the loans are paid off in my early 30s, my net worth will skyrocket hopefully and I'll start to see the fruits of my labors pay dividends in the long term.
Damn, I’m 36 and wish I had those finances smh, I barely got a steady well paying job just last year, I need to catch up!
@@deathuponusalll Time is the most important factor... Like he said in the video, It's time in the market, not timing the market... Good luck 👍
Your not the only one !!! At least we're getting started lol better late than never 👍💰
Shoot man i have a net worth of negative $59,000
You have plenty of time. Keep pushing.
I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.
Diversify your holdings across several asset types to reduce risk rather than putting all of your eggs in one basket. If you don't know a lot about finances, speak with a financial expert.
Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.
@@PatrickLloyd- Hello, I'm curious to give this a try. Please who is your advisor and how do I get in touch?
Sophie Lynn Carrabus is the licensed advisor I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
How can you invest 100 grand in your 20s while you have to buy / rent a house, car, buy food etc... and start your life on your own ? Odds are that a huge chunk of your pay check will go into essentials first. Most young adults already start off with debts.
Those are nepo babies they live off their affluent parents to do that. us normal people dont have that chance
Most likely, that is someone living with relatives.
I'm not recommending it, but if you can start your career while you don't have any living expenses, that could be a huge boost for your savings.
Facts
Yeah some luck is involved, I got there by randomly investing in the best stock of the last 10 years and it going up 10x. Luck was definitely a factor in my case
Having parents that let you stay with them for no money, parents that have money, parents that help out etc. Not everyone has that though
I love tracking net worth! It makes paying down debit double rewarding. Seeing the debit go down on the CC statement and knowing my net worth just went up that amount too.
If you pay your credit card balance in full a day or 2 before the STATEMENT DATE, not the Due Date, your FICO Score will jump 20-40 points after a 2-3 months.
Note- If you miss a month, and carry a small balance, it will drop 10-20 points, but if you get back to the routine of paying it in full, it will go back up in about 2 months.
Dude definitely had help from his parents, having a roofing company and 3 super nices house at 26 😂😂😂 just admit it people we only care cause you tryna front like you did that all on your own
Folks meet Colin. Colin is attempting to destroy his future by being negative and playing the role of victim. Don't be like Colin. You'll never create a positive life with a negative mind.
@@FooFan-b3kcolin is just trying to figure it out like everyone else. Struggling in the beginning will lead to some sort of envy naturally, but he will stop caring once he gets ahead.
My question how he gets the down payment money if he was paycheck to paycheck
@@FlipmasterFED OPM...
Where's your proof he had help from his parents? Just because you can't figure out how to do it doesn't mean others lack the creativity and drive.
With regards to the retirement issue, I have eyes on retiring early, but to your point, I also know that I will never stop working. I will just stop working for a paycheck. Not only am I incapable of just doing nothing, but the list of things that I want to do and don't have time for is enormous. Like I would love to start a small regenerative farm. It's not something I have the time for now but in early retirement when I don't have to worry about whether or not it's profitable? Sure. It's a question of what retirement means to you, not whether you should retire early.
Great video! I'm glad that average and median are broken out. The median is most common! About 1 in 15 adults are millionaires, but only about 1 in 100 adults are a million or more in debt, so the "average" is scewed high. Love the "follow what you love", that's very inspiring!
Glad you made a point about your goal not to retire. We see people who retire get bored and get random jobs in their 60s and 70s. The goal is to have a nest egg but to do with you want when you want! I figured out the same and I get too bored easily to “retire”. One time I took a 4 month break from working and I was bored out my mind and I mostly just work out and read books 😂.
The market always goes up over time. You can lose in the short term but never in the long term. Set it and forget it!
Most people don't earn that much in there daily lives let's just admit when they act like they got it like that. When they discuss Salary or Hourly Wage they are talking about Gross Pay not Net Pay.
That you love what you do is not important. Work is work. It needs to pay!!
Truth. It's a bonus if you enjoy it. I think you are more likely to do so if you have specific skills training and/or higher education: they give you options. Had to work some crummy jobs along the way to get to my goal!
$850K NW 43 YO 🙌🏾🤙🏾
26 year old is full of crap like almost everything online.
It's not that hard to do. Hard work
@Real-EstateRyan in that time frame with that big of a jump it highly unlikely he did it without financial assistance from someone. No bank would give a 26 year old three mortgages when they were barely getting by very recently....
How do you figure? Or are you just hating on him?
You can buy homes with proof of rental income. So buy a home, rent it out, if the rent is more than the mortgage, guess what, the bank will give you a loan for another home. You can even use the equity from the other home as collateral towards another property.
@pizza0451 yes but where is he getting the money for the first home and where is he living if he's renting that one out. I still don't see a situation where he doesn't have financial help or living with family or something for free or cheap.
I love the piece about finding something you’re truly passionate about. I’m 24 years old and just found out my net worth was 1.2 million yesterday after running the numbers. Lol
I had the blessing of also relaxing on the sunny beach of San Diego where I currently live and it does get boring. I realized I’m a damn workhorse bro. I need to be constantly working and building towards a passion. Right now my next goal is to become the best pilot I can be, be as fit as I can be, and look into hobbies that make me happy.
9:50 in 2 years my ass lmao, he def sells a course or sum, dont share these scams JJ, its bad and not reality
In my mid 30s, I suddenly became a divorced father, paying child support, stuck with all joint marital debt, zero (actually negative) net worth...5 years later, I finally paid off my last marital debt and am worth 300k. I never realized how vampiric my 13 year marriage was, but I'm happy with the way things turned out.
I’m glad that you took care of your kids still and that you’re doing well and I hope the best for you man
That's awesome. Your high salary definitely helped 😄
Large difference in a average net worth and median net worth in the later years. Seems to suggest that some very large net worths are skewing the average.
Indeed. Average is a very misleading metric due to the outliers skewing the result one way or the other. Median and mode are more informative metrics.
Yes, when it comes to long right tail distributions like net worth it is best to use the median, not the average.
When calculating how much money you'll have in 30 or 40 years based on $100,000 invested you have to remember to adjust that figure for inflation.
The first vid, you don’t actually buy S&P500 because it’s not a stock but a measure of the stocks that contained in it. You can buy SPY options since it is a multi billion dollar trust composed of the the stocks that make the S&P500 in their relative market value. You can also just buy stock of companies in the S&P500. With a small amount of research you can narrow down what stock are at a premium and what are at a discount. This service is what a financial manager at places like Edward Jones sell you.
Mine is nearly 20k USD at 19. Granted, less than 10% of that was made by me, but I'm definitely working on that.
Net worth is the measure of debt to equity. It’s not just cash in the bank. Oops Dave said it. I’ve been tracking my net worth for past 5 years. Almost there. Good info though. Thx
I've been saving for 13 years so far. Last month my retirement account made 6k on its own. Pretty sweet!
28, bought my house earlier this year for 230k cash, have about 50k in about a dozen vehicles (easily liquidated), and around 100k in cash and investment. Still feeling a bit behind at times, hoping to “retire” at 50
!!!I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $2m+ before retirement.
As a newbie investor, it’s essential for you to have a mentor to keep you accountable.
Kristine Lynn Weber is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Kristine Lynn Weber, for her expertise and exposure to different areas of the market.
I don't really blame people who panic. Lack of
information can be a big hurdle. I've been
making more than $200k passively by just
investing through an advisor, and I don't have
to do much work. Inflation or no inflation, my
finances remain secure. So I really don't blame
people who panic.
Without a doubt! Kristine Lynn Weber is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted based on thorough research and years of practical experience.
how would you recommend i enter the crypto market? I am also looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally.. What's your take on this approach? and How can i reach her, if you don't mind me asking?
You will be FINE.
Financial Independence Next Endeavor
Thanks for the tip. Buying puts on SPY and VOO for March 20th, 2025!😂
Thats my birthday 😂😂😂😂.
So in other words being a millionaire means nothing. Because if all your money is tied up in a house/401k and isn’t liquid it’ll never benefit you in any way.
Dam if only my house benefitted me in any way. I guess I'll sleep outside. Also you take a percentage of your 401k each year to live off of.
@@TheMule1you know exactly what I mean. I’m talking about the guy who’s in his 30-50s and is still living paycheck to paycheck with a million in house and 401k. It’s of no benefit if your car breaks down and you have no liquid cash to pay for it. Might as well be bankrupt.
@@Beaver-be8vkyou planning on dying young or something? If you have an emergency fund, you’re good. And if you don’t you can always pause investment to fund that instead. No need to play the victim about this.
Dude whose stopping a person from having liquid cash ? Lol you can ease up on retirement investing anytime.
You have a place to live and will have income when you may not be able to work anymore. If you die, all of that goes to whoever you decide.
Why are you complaining?
Just amazes me how people who make $12/hr are complaining about not making enough money. If you look at some other countries and there minimum wages you would be thankful to be making $12/hr. In India,for example, there minimum wage is around 0.25cents/hr
The reasib S&P500 works is because the value of companies is increased by both inflation AND by their profits. The same way goods and services get more expensive so does the value of the shares of the companies who provide them. Additionally, when profit increases the value of those same shares increases further. I believe that the big companies will only keep getting bigger(not a great thing) so at 29 years old, I invest EVERYTHING in the S&P. I might diversify into bonds when i get in my 50s for a little more stability.
It is really just a fun game that is the right attitude
Compound interest is a great friend to have.
I've been forced to track my net worth once a year for the past 4 years due to my bank requiring a personal financial statement every year for my construction company. It's a great idea to keep tabs on it and make sure you keep moving the needle in the correct direction!
Agree. Calculating you net worth annually is smart. You can go back and see if your net worth is more or less. It will also answer the question “How did I get here?”
I had close to 20k in bonds, sold them all in march 2020 and went all in on stocks. Timed it pretty good but not a hard thing to do when there is a huge pull back.
Saving $1100 a month from the age of 18-25 will put you at just under $100k. Cool. Average cost of living for a single individual 18-25 is $3500, or $42,000 annually. Average salary for 18-25 un the US is about $40,000 annually. Something doesn't add up...
In 9yrs I went from 10s of thousands in debt to $900k+. Another year and I'll be as millionaire. It's actually easy to do but you have to take risks
I think the first $10k is the hardest, but the first $100k is a huge milestone. Then you get the snowball effect.
Stay out of debt, invest in assets, & have multiple streams of income and you’ll be able to live your best life
I dont agree with retiring before your 50. I knew of a guy who sold his company to a mega corporation when he was 25 for ten million. Before he was 35 he self ended his self because he saw his life going no where. Humans where meant to work their entire life being hunter gathers. You need something in your life to make living worth the effort.
I dont have an issue with FIRE if you have plans on what you are going to do with your life as long as its not just vague.
I'm in my early 50s and have been able to afford to retire for years now do to an inheritance but im still working though as part time as i dont have anything better to do with myself.
He was ill. The brain is also an organ that needs care. Fire does not kill people. Depression will
Prove it, send me a bunch of money 😉 I need a new car 😭
2:56 Well, Nancy and her husband are doing really well "timing" the market
Multi-millionaire needs to be the benchmark. A single million is very common now and will be even more so given inflation.
I like watching this guy, but interesting boost he had. 25 YO with 96k to start his journey.. nice and good for him. Hopefully my kids will have this life. Im this guys age and thankfully my work has given me stocks, bonuses, and a 6 figure salary, hoping I can keep going for the future kiddos.
“Kagillionaire” seems reasonable. 👍💰
Not enough, you're gonna need $100,000,000,000 Kagillion 😂
Sounds great but inflation sucks. Like a 401k are you gaining any value with inflation, currency devaluing, and taxes. S&P average meaning average of everything. What are the odds your investments grow at average? To me markets go down every 12-13 years. "Expect a 25% decline (or more) in the S&P 500 every 5 to 15 years." according to A History of Stock Market Percentage Declines (15% to 50%+), in Charts.
I'm at 2.3M net worth at 45. I'm working on at least doubling that before retirement.
Better try at least tripling that the us dollar is doomed
That's awesome! Is that from rentals? Any debt?
$2.3 million is not enough for retirement, for you? You won’t outlive that, especially if you’ve paid off your home ..
$2.3 million is not enough. You should aim for $3-4 million in investments and $2 million in real estate.
@@universal3025 He didn't say that he has $2.3M in the bank.. He might have debt and the total of what he owns minus what he owes is $2.3M.
Yes. As long as debt goes up, certain assets go up. It's not a healthy, sound system.
Building wealth could be easier for Americans if they invested in retirement accounts, developed valuable skills or pursued degrees in high-earning fields, and avoided purchases made solely to impress others, such as luxury vehicles, the latest iPhone each year, or other expensive luxuries like designer clothing.
I could have had a lot more money if I avoided luxury purchases. I mostly did it to impress girls. It did work, but didn't make a difference in how crazy they were.
If you find a balance, then you should be able to have both. Save first and splurge every once in a while. You cannot live just saving all the time. My aunt will not spend any money or even buy a cell phone. She has over $10 million saved. She will not eat out, buy birthday presents, travel, purchase cable etc. She will leave all of her money to her kids. That is no way to live life. Working hard and saving for 30 years and not enjoying life.
Yeah this strategy didn't work for my DRIP Disney fund for my kid... I'm not even sure we are break even 12 years later
Need to diversify. Investing in one company entails too much concentration risk.
John Bogle "Common Sense Investing" should be required reading for anyone wanting to invest. He founded Vanguard. He compares people who index vs people who use money managers, and explains how over 40 or 50 years, 99 percent of companies fail, so investing in individual companies isn't a passive strategy. If you buy individual companies, you need to follow their businesses and quarterly reports and the overall market and economy. I used to swing trade, it takes about 2 hours a day doing market research and following business news, so it isn't a good strategy for most fully employed people.
Paying companies to hyperinflate their stock value is a major contributor to rising prices, in your attempt to invest in stock to get more profit, you have doomed other people to pay for it
Okay but when she is 65 how much will one million be worth? Because right now it's worth a lot less than 15 years ago.
The kind of growth we’ve experienced in the past 50 years cannot and will not likely continue. Also our inflation is averaging much higher for longer (think 1980-ish where is spiked but was short lived in comparison to the cost of living) therefore a lot more money will be required to be invested to hit those stated goals.
29 yrs old, 232k nw 🙌🏻
I got to 200k at 24, and I never thought I would get here this fast. Just keep aggressively investing
In thirty to forty years a million dollars won't buy you a house. It will buy you the equivalent of a 100k car today. Keep investing to make others rich if you want.
Never thought of net worth like that. So I'm richer than I thought.
Got the plus and none of minis.
I need a 15 year plan starting from £500-£1000.
No cc, no car, no doubt.
Negative net worth is called being in debt.
Back in the 70’s I remember seeing people win the lottery for $100,000 and they thought they were millionaires. In 50 years if you are a millionaire you will be considered broke.
I'm 40. My net worth is about 500k. My house I only have a 28k HELOC. One car loan of 60k. I have about 100K in a Roth IRA and then 150k in my brokerage not in retirement. My house is worth about 400k. I've been a cop for 15 years. And I make about 180 to 200k a year.
Now that you’re FI, what have you found to be the right balance of work to leisure, on average?
Obviously some weeks will be more or less than others due to concentrated effort on projects or extended vacations with family.
I’m wondering how I will balance that out myself, being a driven person as well. It’ll probably be harder for me to “chill” than it will be to “find something to do”.
Being a “Millionaire” means a lot less than it did decades ago.
I think the term “Whole-Coiner” will be the benchmark in within the next decade.
You don't want to hold that much in cash if you want to be successful. Your net worth is the assets that you hold with a depreciation schedule. If you are just holding 100k in cash then you are just wasting the opportunity to invest it. You really only need around 20k in cash ever. You also need ways to get the money if you really need it so good credit and assets built up are important. Don't eat rice and beans to have 100k in cash sitting there.
In my opinion if you don’t have a million in cash and investment your not really a Millionaire. House and car value is not liquid until you sell it. Someone can call himself “net worth millionaire”, but that’s not millionaire in my book.
Warren Buffet would agree.
I get what you are saying, but stocks also are not cash, until you sell them... ;-)
I think it's important to note that information, especially considering retirement. But technically, they are millionaires. Just that some of those assets aren't as liquid as others...
I’m new to all this and have a question.
Let’s say I want to put all my money into VOO, is that considered diversification? It’s spread out over a bunch of different stocks, but it’s all in a single fund, which means it’s not diversified, right?
Not an expert by any means, but yes VOO(I use this fund as well) does include diverse STOCKs...diversification also includes other Types of assets though: real estate, cryptocurrency, precious metals, etc. The channel Whiteboard Finance recently put out a video on this, hope this helps
600k at 26 is crazy. Probaby some help from his parents, maybe an inheritance or something going on in the background, but he's clearly putting it to use
I'm over 50 and my net worth is most likely still in the negative. I do own my car outright, though, so depending on what the value of that is, I might actually have a net worth of $0. lol
Shoot man I'm 46 and i have a net worth of negative $59,000
How?
It's a little scary, isn't it? On the plus side, you have another 20 years before your full retirement age - still lots of time to benefit from compounding interest. It would be much worse if you were 66 and this was your number! Personally, I don't want to work until I drop dead.
Not too bad. My coworker is 52 and his net worth is negative $650,000. He is a super spender and takes lavish vacations. My other coworker is a saver and has a net worth is $4 million. Both make the same amount of money, but have different spending habits. One will be able to retire and the other will not.
So my dad put away 1,500.00 in a life insurance. insurance agents sell compound interested. 40 years. it was like $1750.00 not $17,000.000. or $170,000.00
The first lady had a good message. The S&P is not an ETF though. Good message overall.
Probably meant SPY
She meant an etf or index fund that tracks the S&P 500.
It's never too late to invest $100k in later age. Having the right mindset is the 🔑
Hundred thousand is pretty low to set up as a goal. I was always trying to be a millionaire by 30 and it took me a little bit longer, but I did have some help with my parents so I can understand how it could be a lot more difficult, especially with the prices and people these days that are going through school, especially if they shouldn’t be if you’re not a lawyer or a doctor or something like that there’s really no need. It’s just a waste.
Millionaire implies abundance of disposable cash flow, or the ability to spend above average amounts of your income, not just a paid off home that may or not sell. Mike Jordan had to wait over 12 years to sell his Chicago home for example. I say a millionaire has 1M in liquid cash, not equities or assets. Synthetic millionaire vs a cash millionaire. I was a "millionaire" with many rental properties, but lived on a modest salary because of the massive debt and recurring expenses, etc, so it is good to become a equity millionaire at first, then you will sell some doors, or a business one day and when you receive 1M cash check, you will know the difference. If your building, keep at it, dividend paying stocks are far better than buying houses, start now and live debt free.
Compounding is not the same as compound interest.
Awesome vid
People are missing the mark. First off, who says the $ is going to be around decades from now?
Second of all, we might ALL be millionaires and not be able to afford bread.
Inflation does not equal growth
When they're talking about the average annualized returns of the s&p 500, they are talking about the inflation adjusted average. It is accounted for. They are using real not nominal.
That’s right, live like there’s no tomorrow and don’t save a dime and then complain when you’re 50 and broke with no plan about how life screwed you
@@Tater-Skinz you won’t get there with that attitude
might as well not even try then
Guy at the 9:00 mark is the absolute problem with this country, homes can have negative equity as well and with a bubble bursting around the corner I wouldn't be bragging so soon
A lot of people could be caught with there pants down in RE if they are over leveraged. Definitely want to make sure you do not get your self in a bind!
Guy is such full of shit lol. No bank would ever approve him for an investment property unless he knows someone that will lend to him.
@@nicholasgutierrez9940 My husband and I bought our first home around that age, lived in it for couple of years, and bought another home to live in, and rented out the first home. It is definitely possible in your 20s.
Just out of curiosity, what data are you looking at that makes you so confident that residential RE prices are going to drop? What’s your experience in RE?
@@christians131dude, don't you know the real estate bubble has been right around the corner since 2016😂
when the dude with the 3 houses and 616k net worth has to go through the looming housing crashe hes gonna get rekt
Good stuff. Great channel
Imagine waiting til 65 to have 1,000,000 just to be able to pull out 40k pre tax. BRUH I make more than that now and it isn't enough
I recommend you read poor Richard's retirement by Aaron Clary. It shows that the actual value you need is much lower than what financial institutions tell you.
You will not spend as much when you get older. You will no longer be saving for retirement or contributing to 529 plans or paying mortgage. Taxes should be less as well. If you have children that move out it will also be a significant savings. That will cut your expenditures in half.
@@mocheen4837 how could you think I wont spend more in the future? COL will only ever increase
I would list out my situation but yall would say I’m lying. So fck it
In the UK a teacher and supply chain manager would get the equivalent of $80,000 on a good day
I think about all the people with upside down car loans and they think the have a 50k car even though they owe 52k on it
My fiancé wants to take out a 100k loan against our house to grow that in mutual funds. The interest is base minus whatever, but I’m wondering if the growth will be enough to keep up with the interest and still turn a profit. Thoughts?
I trade using that amount and make those 1-3% a day or so. I find that more profitable than just let it sit.
People forget market pull backs and crashes
Not really, provided you don't realise losses (sell during a crash) and only invest what you can afford to lose (aka have an emergency fund) and property you should be fine based on historical records.
That's when everything's on sale. Perfect time to buy.