You guys rock! I’m 48. I’m a single mom with 2 kids with significant special needs. I have an incredibly modest income. I’ve had many “legit” reasons to not save. I will start today! Regardless of how little I’ll be saving, the habit starts now. So inspiring. You are changing lives. 💕
Just like Joseph said “even if it’s $1” Which is pretty much what I started to do in September 2017. Each time I got paid I put $10 in savings just so I could get in the habit of saving. Then as a 2018 New Years resolution, I put $50 in savings each time I got paid. And now for 2019, I put $75 in savings. It’s soooooooo much fun to see it grow! I saw $3.03 in interest last month and felt like a little mile stone was met because I broke $3. Now I look forward to hitting $4 in interest then $5 and so on. It’s true, start saving and you won’t want to stop.
Thank you for destigmatizing state assistance programs. I was on food stamps and Medicaid for three years to get on my feet. Seven years later, we have retirement funds, 3-months of emergency savings, and are buying our first home in the nice suburb I never thought I'd live in! State assistance is there to get you on your feet and should be used when needed!
@@mysteryrby 50 dollars a day for 1 year with no interest would be 18k. But 50 dollars a month for 10 years with 8% or so return comes to 9k. All about the math
Unfortunately when I started my career at 21 i didnt immediately start investigating in my retirement. I just wasnt educated about it. I was a single mom and thought I just really couldn't afford to. In hindsight I couldve at least done 2%. I did start eventually. I am now making sure my son, now 20, has all of this information.
This has inspired me to save more money. I started late so I’m definitely regretting that decision but I know that I can make some headway before I get to retirement age. Thank you for this video guys.
Like my favorite Chinese proverb says: "The best time to plant a tree was 20 years ago. The next best time is today." You can definitely make some good progress starting right now. Good luck!--Tasha
I’m 20 and just a couple months from finishing my emercency fund. Building this long therm savings really scares me. In Brasil the posibilities on where to save that are not the same and much harder to understand
Great video! Please create a detailed video on what to do once you turn 18! For example, what type of accounts to open, or something along those lines! That would be very helpful for me since I am turning 18 in a couple of months, thanks!
As soon as possible open a Roth IRA and fully fund it ($6000/year). Any interest / capital gains in this account will be tax free. By the time you retire you will literally have saved hundreds of thousands of dollars tax free in this account.
William Luu They are investment accounts. So you can buy stock, index and mutual funds with them. Any capital gains that you withdraw after a certain point (I think it’s age 59 or so), are completely tax free.
Its not exactly what you asked for, but they do have a fairly recent video about goals to hit in your 20s. That may seem like “oh I want something for when I’m younger,” they’re actually meant to be starting goals since a lot of people in their 20s have no idea what to do with their money. I’m 19 right now and that video really helped me get a sense of how I was doing and what to work on next
Am I the only one that spends the first 5 min wondering about Tasha's skincare & makeup routine? Her skin is so beautiful...does she use a toner? is that a liquid foundation? how often does she get facials? O shit - I have to restart the video!
I would love to see a video that explains (or shows) us HOW to start an investment account for people whose jobs don't provide any type of retirement etc. I know there are many options and online services but it's also overwhelming to pick one and then once you do, pick your preferences/companies. I ended up just taking whatever was recommended for a medium-low risk tolerance. No, I don't know what I'm doing. 😅🤔😣
Maria Serrano Wealthsimple and Betterment are both trusted robo-advisor companies where you can open an IRA retirement account. My job doesn’t offer retirement benefits either so I opened a Roth IRA on my own and it’s a GAME.CHANGER. There’s no minimum to deposit, unlike with a lot of IRAs through a bank.
Just turned 20 years old and have $10,000 saved plus 3 grand invested. I also don’t live with mommy and daddy. Haven’t lived at home since I was 17 and pay all my own bills. Just know how important it is to make saving a “bill” or a ”fixed expense”
We’ve halted our retirement for the last few years in order to pay down debt but after this month, all we will have left are our student loans and we are going to start up with our retirement again. This video helped with that!
Can you talk about Roth IRA vs Traditional IRA vs investments through financial portfolios. Do you do all of them? I’m 27 with two children and I just want to get prepared for myself and secure my children’s future. Also can you please do a video on college funds for children? Where do you save that money
For college funds, there is something called an ESA (education savings account). Frankly I dont know much about it but I thought I’d let you know the name at least if you wanna look it up
Thanks for the video. I recently just graduated from law school and it was hard to save for the past 3 years. Fortunately I had a generous scholarship and some side income but I can't wait to start saving...once I'm done with the bar.
I live in a country with a public pension fund that takes care of guaranteeing you half of your most recent salary (in case of early retirement) or full salary in case you retired at 60 ..in addition to that my employer has a saving/investment program which I just enrolled in with a 20% of my salary contribution..is that enough or should I save in addition to that?
The historical market average for the stock market is 10%. We use 8% to be a hair more conservative. We're not talking about putting the money in a savings account because that's not going to build wealth long term.--Tasha
Thank you for always offering straightforward advice & being so open with your own journey. I find myself touching the savings as well, just a little here and there but always replacing it - just never any more (which leads to stagnant savings). I have now decided to open a savings account not linked to my debit card and directly deposited from my paycheck so I will let it sit and grow. You both are such great examples & excellent teachers. You truly are saving financial lives! Thank you, thank you, thank you!
Can I ask, you mention you save alot each month so what do you leave yourself with for Spends each month? After Bill's and saving etc? Im struggling with what I'm left with and im wondering what a average amount is livable? also do you share a joint account or have your own accounts for your own spending. Thank you Gemma x
Would love to know the percentage that you put away for your investments. I know I'm not putting away enough. But I'm trying to save some in investments and putting together a deposit for an investment property so a starting point would be great
Thinking about retirement is terrifying as someone whos disabled and chronically ill. I'll never be able to work more than part-time, often not even that so after bills and the extra costs of disability, there's currently no option for an emergency fund nevermind pension/retirement savings or any money to enjoy life. It's frustrating knowing all the options I could have if I wasn't disabled, knowing how far ahead other people my age are through no fault of my own. I'm an absolute pro at budgeting and managing money, it's just that there isn't enough of it to cover more than the basics. It leaves a lot of worry and uncertainty about the future!
I love how you recommend to do something but give relevant examples to back it up. My company pays a percentage for my pension but also on top of that they will match up to 8% so when I get back to work from maternity leave I will start my contributions to get the match it’s free money 👌
Love, love, LOVE this video! I’ve always saved but I’ve never saved for retirement. I guess I’ve always thought my workplace pension and state pension (I live in the UK) would cover it but I know how naive this is. I also always thought I could think about it later but what you said about having to spend more the later you start really grabbed me. I’m going to look into a retirement fund and start putting something away for that every month, even if like you say, it’s very little to begin with. Thank you so much for making this video and explaining so well the things we avoid thinking about!
Were a budget nightmare... and have no savings... ive been trying to payoff our debt first... we bought a house because rent kept going up... and it was more than the mortgage on the house we bought... my husband dosn't pay any of the bills and dosnt seem to understand we have no $$$
We are saving now (46) but did not when we were young. We simply could not afford to in our 20s. We had our children young and did not make much money either. We were those people who were living paycheck to paycheck. Our income is higher now and we are empty nesters so we are able to save.
I have been moaning that my employer pension will be going up from 7 to 8% of pay, completely obliterating my pay rise. I’m mid 20s and I expect to retire at 80. How can I feel that my money is actually going somewhere concrete?
does money taken from your paycheck for pension count towards retirement savings that you're talking about? 6% gets taken out of my salary and goes toward a hybrid pension. Then I deduct more that gets invested in mutual funds. All of this is pre-tax. Do I combine these 2 to see if I'm saving enough for retirement? I assume I should always save more cash if I can...
What do you guys feel about using cash value life insurance for investments? I was not very informed (my fault) when I first started my career and signed up for a cash value life insurance to save for retirement because I was told my income was too high for other forms of retirement.
That can be really tricky because a lot of times the insurance portion of that can be so expensive that it takes away from how much you are able to save while not giving you much insurance because it's whole life. Then the investments that come with it often carry higher fees which eat into your returns. But I'm interested in the idea of it because I like to think that I can get a whole bunch of insurance and invest at the same time. I haven't found any policies that I've felt are worth the investment.-Joseph
I’m 24 & I believe that I’m pretty good at saving. I’m a food runner & every $5 bill I get from tips, I stash away in a jar & don’t touch. When it comes to my other job, I work for AmeriCorps & the stipend is pretty low, I still save 10% of the check to my savings accounts. I’ve had over $1000 in savings from my AmeriCorps job but now it’s down to $0 (still haven’t touched the $5 stash) because a lot of stuff has come up so when I start my job again in July, I want to be more diligent about not touching that account. Thanks for the video !
In the future can you guys cover investing 101 for the average person who doesn't know anything about finances. Such as CDs and applications like Acorn or stash Etc
We have videos on how to budget. But we are also going to be launching our Wealth Builders Academy soon which will go even deeper on these topics. You can join the wait list here: onebighappylife.com/insider .--Tasha
I wish I found you before I found Dave Ramsey. I'm done with BS3 this month and my plan is to start putting money away into retirement now. I'm debt free, but I really wish I started the retirement sooner 😐 this video made me realize where I'm really at financially though and well, it looks like I need a side hustle to be able to save the appropriate amount for retirement😅
Would love to see a video explainin how to actually save for retirement.. you’ve spoken about the importance many times but what about the path? Aka IRA, mutual funds, etc.. It would be super helpful to have that information in one place! 🙂
I am planning to start saving 4% of my income to meet employer match while trying to pay off the rest of our student loans. I did a one year spending planning but it always changes. We are not expecting baby #2 so we are no longer putting as much money towards paying off debt so our debt payoff plan is being pushed back. Therefore we are going to start putting money in 401k to meet the match.
I love you guys, but I would love for you to research and really come up with some financial videos for those who are struggling financially or poor/broke, etc. For instance...I was in nursing school & working part time. My job laid me off and didn't pay me my paychecks until 3 months later. Long story short, O had to take a minimum wage job just to survive & now I'm going back to school for Paralegal. I still only make $670 every two weeks...I barely have enough to live on. Please do some videos for those who are poor based off of circumstance!
Hi Sasha, I'd say if your biggest issue is that you don't make a lot of money, I would say to watch our videos on side hustling and making more money. For the past 17 years since becoming a single mom at 19, increasing my income has always been my #1 focus.--Tasha
They are recommending investing it, which means not a savings account. Savings accounts have fairly low, fixed interest rates that usually don’t even outweigh inflation, so those are losing money. Investing is putting money into stock market, mutual funds, real estate, bonds, etc. anything that compounds interest. Although a savings account does compound interest, its fixed and not that much so its usually not what is meant by investing
How did you determine the amount that you contribute to your 401K? I know you are contributing to get the most of a employer match but how did you determine the total percentage number? Off of your other expenses? Thanks! :)
I love your videos and the content .... but I m little disappointed that it’s been 3 months I am trying to get your budget sheet but could not get it till now ..... Don’t know what am I mistaking
If i saved $150 a month till im 65 (so 41 years) id have $73,800! Thats pretty incredible. So once i go back to work in the fall im gonna start doing that
At no point did we say that. But what we did say is that it's important to build a habit of always putting aside some amount of money, no matter how small, for your future.--Tasha
I love this channel so much. I've watched you for a year now, and I had no idea what 'financial goals' even were. I just turned 24 and about to complete college, and am already saving for retirement. You and your family are such an inspiration. Thank you for sharing your wisdom with us 🌸
Yes it is hard..many of us are there or have been. ..but maybe think about Things you or children don't really need and don't purchase it. $5 saved on paydays can turn into $10,etc. Something we did for was put all of our spare change into a jar and at the end of month we could spend or keep saving. Don't give up you can make it happen!
Why do I feel like this video was made for me? Ever since our conversation I have started thinking more about this. Now I will take the steps necessary to start saving. I have financial advisers that helped me open my IRA account. The goal was to pay off my debt and get it to a manageable place where I can actually contribute to it while still being able to pay my bills and buy food. Thanks for the video. I'm looking forward to future videos
The math is fine, I just misspoke. If you invest $50 a MONTH and earn an average of 8% on your investment over 10 years, then you will have $9000 at the end of that period.--Tasha
@@OneBigHappyLife Thanks for taking the time to reply. I redid the math after I heard you say $50/month later in the video. Lesson learned - wait until the whole video plays out before commenting. :)
$50 a day? For one month thats $1500.. and for a year its $18250.. But you said that you would get only $9000 at the end of ten years? Am I doing the math.wrong? I am a little confused.
One Big Happy Life I truly should have known and I caught that later in the video. Lol. I am not great at math but legit got so confused for a moment. 😂😂🤷🏻♀️🤷🏻♀️
As I mentioned on a similar comment you made on our net worth video, we have a positive net worth. That you think otherwise shows how important the financial information that we provide is. As far as our qualifications go, between the two of us Joseph and I have over 30 years of experience and education in finance and law. And in terms of our personal finances, we've amassed nearly $400,000 worth of savings--enough to fully fund our retirement to the tune of $4 million at traditional retirement age. We've also paid off over $100,000 worth of debt, grown our net worth substantially, and have created a life that we love.--Tasha
My parents are in that situation and it breaks my heart. I had to teach myself how to manage my finances because they were extremely poor examples.
Thanks so much Joseph and Tasha. I am 43 and just start saving $100.00 dollars a month for retirement. Thanks to you all.
You guys rock! I’m 48. I’m a single mom with 2 kids with significant special needs. I have an incredibly modest income. I’ve had many “legit” reasons to not save. I will start today! Regardless of how little I’ll be saving, the habit starts now. So inspiring. You are changing lives. 💕
Just like Joseph said “even if it’s $1”
Which is pretty much what I started to do in September 2017. Each time I got paid I put $10 in savings just so I could get in the habit of saving. Then as a 2018 New Years resolution, I put $50 in savings each time I got paid. And now for 2019, I put $75 in savings. It’s soooooooo much fun to see it grow! I saw $3.03 in interest last month and felt like a little mile stone was met because I broke $3. Now I look forward to hitting $4 in interest then $5 and so on. It’s true, start saving and you won’t want to stop.
Thank you for destigmatizing state assistance programs. I was on food stamps and Medicaid for three years to get on my feet. Seven years later, we have retirement funds, 3-months of emergency savings, and are buying our first home in the nice suburb I never thought I'd live in! State assistance is there to get you on your feet and should be used when needed!
At 3:06 she said save 50 a day for 10 years, she meant 50 dollars a month
@@mysteryrby 50 dollars a day for 1 year with no interest would be 18k. But 50 dollars a month for 10 years with 8% or so return comes to 9k. All about the math
Unfortunately when I started my career at 21 i didnt immediately start investigating in my retirement. I just wasnt educated about it. I was a single mom and thought I just really couldn't afford to. In hindsight I couldve at least done 2%. I did start eventually. I am now making sure my son, now 20, has all of this information.
*investing
Ahh this is life at its best.... preparing your son against the mistakes you would have made. May God prosper his way and yours!
What percentage you recommend to save for a low income family? (50k or less a year)
I actually paid off my mortgage 2 weeks ago. Now there is more room in my budget for savings.
This has inspired me to save more money. I started late so I’m definitely regretting that decision but I know that I can make some headway before I get to retirement age. Thank you for this video guys.
Like my favorite Chinese proverb says: "The best time to plant a tree was 20 years ago. The next best time is today." You can definitely make some good progress starting right now. Good luck!--Tasha
I’m 20 and just a couple months from finishing my emercency fund. Building this long therm savings really scares me. In Brasil the posibilities on where to save that are not the same and much harder to understand
Great video! Please create a detailed video on what to do once you turn 18! For example, what type of accounts to open, or something along those lines! That would be very helpful for me since I am turning 18 in a couple of months, thanks!
As soon as possible open a Roth IRA and fully fund it ($6000/year). Any interest / capital gains in this account will be tax free. By the time you retire you will literally have saved hundreds of thousands of dollars tax free in this account.
Happily Unmarried I’m aware of Roth IRAs, but not fully understand how they work. Do they come with APYS just like savings accounts?
William Luu They are investment accounts. So you can buy stock, index and mutual funds with them. Any capital gains that you withdraw after a certain point (I think it’s age 59 or so), are completely tax free.
Its not exactly what you asked for, but they do have a fairly recent video about goals to hit in your 20s. That may seem like “oh I want something for when I’m younger,” they’re actually meant to be starting goals since a lot of people in their 20s have no idea what to do with their money. I’m 19 right now and that video really helped me get a sense of how I was doing and what to work on next
@@saraashkir5793 Will check it out, thanks!
Am I the only one that spends the first 5 min wondering about Tasha's skincare & makeup routine? Her skin is so beautiful...does she use a toner? is that a liquid foundation? how often does she get facials? O shit - I have to restart the video!
I would like to ask you guys for any finance book recommendations.
Are pension plans good ideas?
I would love to see a video that explains (or shows) us HOW to start an investment account for people whose jobs don't provide any type of retirement etc. I know there are many options and online services but it's also overwhelming to pick one and then once you do, pick your preferences/companies. I ended up just taking whatever was recommended for a medium-low risk tolerance. No, I don't know what I'm doing. 😅🤔😣
Maria Serrano Wealthsimple and Betterment are both trusted robo-advisor companies where you can open an IRA retirement account. My job doesn’t offer retirement benefits either so I opened a Roth IRA on my own and it’s a GAME.CHANGER. There’s no minimum to deposit, unlike with a lot of IRAs through a bank.
Just turned 20 years old and have $10,000 saved plus 3 grand invested. I also don’t live with mommy and daddy. Haven’t lived at home since I was 17 and pay all my own bills. Just know how important it is to make saving a “bill” or a ”fixed expense”
We’ve halted our retirement for the last few years in order to pay down debt but after this month, all we will have left are our student loans and we are going to start up with our retirement again. This video helped with that!
Can you talk about Roth IRA vs Traditional IRA vs investments through financial portfolios. Do you do all of them? I’m 27 with two children and I just want to get prepared for myself and secure my children’s future. Also can you please do a video on college funds for children? Where do you save that money
For college funds, there is something called an ESA (education savings account). Frankly I dont know much about it but I thought I’d let you know the name at least if you wanna look it up
Thanks for the video. I recently just graduated from law school and it was hard to save for the past 3 years. Fortunately I had a generous scholarship and some side income but I can't wait to start saving...once I'm done with the bar.
Super informative ! Always live below your means and gain the financial independence.Thanks for sharing!
I live in a country with a public pension fund that takes care of guaranteeing you half of your most recent salary (in case of early retirement) or full salary in case you retired at 60 ..in addition to that my employer has a saving/investment program which I just enrolled in with a 20% of my salary contribution..is that enough or should I save in addition to that?
I love the message, but why did you choose 8% for the example? I haven’t seen anything for more than 4%- and that’s definitely not the average.
The historical market average for the stock market is 10%. We use 8% to be a hair more conservative. We're not talking about putting the money in a savings account because that's not going to build wealth long term.--Tasha
@@OneBigHappyLife Gotcha, I've been investing in the stock market for the past two years and have averaged 8% annually. Thanks for the reply!
I just found your channel and subscribed! This is the advice I needed to hear regarding saving while paying student loans! TY ❤️
Thank you for always offering straightforward advice & being so open with your own journey. I find myself touching the savings as well, just a little here and there but always replacing it - just never any more (which leads to stagnant savings). I have now decided to open a savings account not linked to my debit card and directly deposited from my paycheck so I will let it sit and grow. You both are such great examples & excellent teachers. You truly are saving financial lives! Thank you, thank you, thank you!
Can I ask, you mention you save alot each month so what do you leave yourself with for Spends each month? After Bill's and saving etc? Im struggling with what I'm left with and im wondering what a average amount is livable? also do you share a joint account or have your own accounts for your own spending. Thank you Gemma x
I'm 20 and am going to start saving now! I really want to be better with money than my family members that I've seen make bad money decisions.
Would love to know the percentage that you put away for your investments. I know I'm not putting away enough. But I'm trying to save some in investments and putting together a deposit for an investment property so a starting point would be great
Thinking about retirement is terrifying as someone whos disabled and chronically ill. I'll never be able to work more than part-time, often not even that so after bills and the extra costs of disability, there's currently no option for an emergency fund nevermind pension/retirement savings or any money to enjoy life. It's frustrating knowing all the options I could have if I wasn't disabled, knowing how far ahead other people my age are through no fault of my own. I'm an absolute pro at budgeting and managing money, it's just that there isn't enough of it to cover more than the basics. It leaves a lot of worry and uncertainty about the future!
I love how you recommend to do something but give relevant examples to back it up. My company pays a percentage for my pension but also on top of that they will match up to 8% so when I get back to work from maternity leave I will start my contributions to get the match it’s free money 👌
Now, that I can afford to do, start! Thx!
Love, love, LOVE this video! I’ve always saved but I’ve never saved for retirement. I guess I’ve always thought my workplace pension and state pension (I live in the UK) would cover it but I know how naive this is. I also always thought I could think about it later but what you said about having to spend more the later you start really grabbed me. I’m going to look into a retirement fund and start putting something away for that every month, even if like you say, it’s very little to begin with. Thank you so much for making this video and explaining so well the things we avoid thinking about!
Were a budget nightmare... and have no savings... ive been trying to payoff our debt first... we bought a house because rent kept going up... and it was more than the mortgage on the house we bought... my husband dosn't pay any of the bills and dosnt seem to understand we have no $$$
We are saving now (46) but did not when we were young. We simply could not afford to in our 20s. We had our children young and did not make much money either. We were those people who were living paycheck to paycheck. Our income is higher now and we are empty nesters so we are able to save.
Awesome advice!
I’m 23 and in the middle of getting my masters degree, I just want to say your videos have been tremendously helpful for me! ❤️
I have been moaning that my employer pension will be going up from 7 to 8% of pay, completely obliterating my pay rise. I’m mid 20s and I expect to retire at 80. How can I feel that my money is actually going somewhere concrete?
Thank you, you are fabulous 😍
does money taken from your paycheck for pension count towards retirement savings that you're talking about? 6% gets taken out of my salary and goes toward a hybrid pension. Then I deduct more that gets invested in mutual funds. All of this is pre-tax. Do I combine these 2 to see if I'm saving enough for retirement? I assume I should always save more cash if I can...
What do you guys feel about using cash value life insurance for investments? I was not very informed (my fault) when I first started my career and signed up for a cash value life insurance to save for retirement because I was told my income was too high for other forms of retirement.
That can be really tricky because a lot of times the insurance portion of that can be so expensive that it takes away from how much you are able to save while not giving you much insurance because it's whole life. Then the investments that come with it often carry higher fees which eat into your returns. But I'm interested in the idea of it because I like to think that I can get a whole bunch of insurance and invest at the same time. I haven't found any policies that I've felt are worth the investment.-Joseph
@@OneBigHappyLife Thanks Joseph! Yes, I canceled it a year ago.
This particular video helped me a lot . Thanks !!
I’m 24 & I believe that I’m pretty good at saving. I’m a food runner & every $5 bill I get from tips, I stash away in a jar & don’t touch. When it comes to my other job, I work for AmeriCorps & the stipend is pretty low, I still save 10% of the check to my savings accounts. I’ve had over $1000 in savings from my AmeriCorps job but now it’s down to $0 (still haven’t touched the $5 stash) because a lot of stuff has come up so when I start my job again in July, I want to be more diligent about not touching that account. Thanks for the video !
In the future can you guys cover investing 101 for the average person who doesn't know anything about finances. Such as CDs and applications like Acorn or stash Etc
We have several investing videos that cover basic investing. Check our investing playlists.--Tasha
found it...now I shall to watch it :)
Loved this video, great content.
Thank you! For being my motivation.
Any time, Nicole. Any time!--Tasha
Have you guys ever thought about doing a "Starting a budget" How to series... Or workshop?
We have videos on how to budget. But we are also going to be launching our Wealth Builders Academy soon which will go even deeper on these topics. You can join the wait list here: onebighappylife.com/insider .--Tasha
I wish I found you before I found Dave Ramsey. I'm done with BS3 this month and my plan is to start putting money away into retirement now. I'm debt free, but I really wish I started the retirement sooner 😐 this video made me realize where I'm really at financially though and well, it looks like I need a side hustle to be able to save the appropriate amount for retirement😅
Amazing video, such a good job addressing any excuses. I'm committed to start, thank you!
That's what we like to hear Nicole. I'm so excited for you to get started!--Tasha
Would love to see a video explainin how to actually save for retirement.. you’ve spoken about the importance many times but what about the path? Aka IRA, mutual funds, etc.. It would be super helpful to have that information in one place! 🙂
We've done videos on that. Check out our investing playlist.--Tasha
I am planning to start saving 4% of my income to meet employer match while trying to pay off the rest of our student loans. I did a one year spending planning but it always changes. We are not expecting baby #2 so we are no longer putting as much money towards paying off debt so our debt payoff plan is being pushed back. Therefore we are going to start putting money in 401k to meet the match.
Joy Smith same here! On maternity leave right now but really need to make the most of the match it’s like throwing away money! 😥
I love you guys, but I would love for you to research and really come up with some financial videos for those who are struggling financially or poor/broke, etc.
For instance...I was in nursing school & working part time. My job laid me off and didn't pay me my paychecks until 3 months later. Long story short, O had to take a minimum wage job just to survive & now I'm going back to school for Paralegal.
I still only make $670 every two weeks...I barely have enough to live on.
Please do some videos for those who are poor based off of circumstance!
Hi Sasha, I'd say if your biggest issue is that you don't make a lot of money, I would say to watch our videos on side hustling and making more money. For the past 17 years since becoming a single mom at 19, increasing my income has always been my #1 focus.--Tasha
This is exactly what I needed to hear! Thanks
Definitely making a commit to save after this, $50 a month for now. Should I put this in an interest bearing account or my regular savings account?
They are recommending investing it, which means not a savings account. Savings accounts have fairly low, fixed interest rates that usually don’t even outweigh inflation, so those are losing money. Investing is putting money into stock market, mutual funds, real estate, bonds, etc. anything that compounds interest. Although a savings account does compound interest, its fixed and not that much so its usually not what is meant by investing
Sana Shakir this is exactly what I have wanted guidance on for so long- knowing what stocks etc to invest in - I feel so naive in this area....
How did you determine the amount that you contribute to your 401K? I know you are contributing to get the most of a employer match but how did you determine the total percentage number? Off of your other expenses? Thanks! :)
You guys are the best.
I love your videos and the content .... but I m little disappointed that it’s been 3 months I am trying to get your budget sheet but could not get it till now ..... Don’t know what am I mistaking
Email support@onebighappylife.com for help.--Tasha
Awesome advice as usual! I love that lip color Tasha.
I’m restarting my savings today and I’m gonna get around to responding to our last email correspondence a while ago!
Great 👍
Great video! Will save more
AMEN, Real Talk. Word. Great video, & thank you for sharing this with us on here! 🙂
Hey, we looking to save 10k in 6 months. Thank you for the motivation
7:00 Or consider not getting married and having a big wedding at all! :)
Or let people do whatever makes them happy, even if its different than your idea of happiness. Whatever consequences follow is on them
amazing content, just a suggestion please consider adding text/subs to your vids so we can follow along easily.
Mariam A you can turn on the auto generated captions
Okay, so I’m going to get a separate account and put in $5 a week. Considering the way SS is going I should really start this 😂😂
ALCAN52 my comment was made with an understanding of how SS works. Regardless of how much money it does or doesn’t have, I want to start to save.
I am 19 years old and have been saving money for over a year. I got to $1400 and just deposited it into my very own investment retirement account!
If i saved $150 a month till im 65 (so 41 years) id have $73,800! Thats pretty incredible. So once i go back to work in the fall im gonna start doing that
You deserve to keep some of your money for your future self 😁
Guilty!! I pull from my savings all the time. I really need to stop that!! :/
putting money in an IRA makes it much easier to save without the temptation to use the money..
Basically we should finance everything and save all our money??? That doesn't make sense
At no point did we say that. But what we did say is that it's important to build a habit of always putting aside some amount of money, no matter how small, for your future.--Tasha
I love this channel so much. I've watched you for a year now, and I had no idea what 'financial goals' even were. I just turned 24 and about to complete college, and am already saving for retirement. You and your family are such an inspiration. Thank you for sharing your wisdom with us 🌸
Just transfer 50.00 to my savings. Thank u... I have a lot of debt and a big mortgage. But, I will put away 50 each month...
One of best ways I save each year is to do a weekly amount and add $2 to the savings amount each week. It adds up pretty quickly!
It’s hard to save when you are living paycheck to paycheck!Especially as a single mother!
It sure is! Tasha understands this as well as you and I do. The point is, no matter how little, start saving today and make it a habit.
Yes it is hard..many of us are there or have been. ..but maybe think about Things you or children don't really need and don't purchase it. $5 saved on paydays can turn into $10,etc. Something we did for was put all of our spare change into a jar and at the end of month we could spend or keep saving. Don't give up you can make it happen!
If I do get my dream job it would make me not want to retire ever
Why do I feel like this video was made for me? Ever since our conversation I have started thinking more about this. Now I will take the steps necessary to start saving. I have financial advisers that helped me open my IRA account. The goal was to pay off my debt and get it to a manageable place where I can actually contribute to it while still being able to pay my bills and buy food. Thanks for the video. I'm looking forward to future videos
Math mistake... $50/day x 365 days/year x 10 years = $182,500
$50/month x 12 months/year x 10 years = $6,000
Not sure how you got your figures
The math is fine, I just misspoke. If you invest $50 a MONTH and earn an average of 8% on your investment over 10 years, then you will have $9000 at the end of that period.--Tasha
@@OneBigHappyLife Thanks for taking the time to reply. I redid the math after I heard you say $50/month later in the video. Lesson learned - wait until the whole video plays out before commenting. :)
$50 a day? For one month thats $1500.. and for a year its $18250.. But you said that you would get only $9000 at the end of ten years? Am I doing the math.wrong? I am a little confused.
😅 Good catch! I meant $50 a MONTH.--Tasha
One Big Happy Life I truly should have known and I caught that later in the video. Lol. I am not great at math but legit got so confused for a moment. 😂😂🤷🏻♀️🤷🏻♀️
I swear Joseph caught it too, cause he looked over like “wait...how much?” 😂. Point still well taken! I just increased my saving rate yesterday.
You said $50 a day... the math isn’t right.
You have a negative net worth but are giving advice??
As I mentioned on a similar comment you made on our net worth video, we have a positive net worth. That you think otherwise shows how important the financial information that we provide is. As far as our qualifications go, between the two of us Joseph and I have over 30 years of experience and education in finance and law. And in terms of our personal finances, we've amassed nearly $400,000 worth of savings--enough to fully fund our retirement to the tune of $4 million at traditional retirement age. We've also paid off over $100,000 worth of debt, grown our net worth substantially, and have created a life that we love.--Tasha
Sorry I feel bad now that was uncalled for