I’m 29. Been contributing 10% of my checks to 401k since I was 18 years old. The company I work for matches 4.5% All I can say that I’m proud of my self.
Just wondering, I'm currently investing 6% in my 401k and 2% in my Roth. I just got 3 raises in the last year. How much you believe I should be investing? I'm 32. I started when I was 26
Me toooo. I’ve always contributed to but never made sure I max it every year. I also slept on HSA. I’m 41 now so making sure I max all three as soon as I can every year, then dump all extras in brokerage. Hopefully this hyper accumulation can make up for a little bit of lost time.
@@HemiLyfestylethrow all raises in your investments, start with Roth IRA first after maxing match in 401k. Live on your income before all raises/bonuses, rest in investments.
My portfolio does not just cater for dividend stock, I hold $VFIAX in my Roth IRA and $VTI ( total stock market ETF) in my taxable brokerage account, two of my largest holdings. The individual dividend stock position all compliments the index holdings.
Diversifying portfolio can be challenging without the right guidance. If you lack market knowledge, your best bet is to seek the expertise of an investment coach. That is how I have managed to stay afloat in the market, increaseing my portfolio over 60% in the beginning of the year. It is the best way to start up investment in my opinion.
You’re saving my tons of financial advisors money straight from my pocket and i’m really blessed to live in these worlds where peoples like you still trying their best to help peoples in the most complicated topic in the world “managing money”
Gen Z listen up. Start as early as possible with your first job. Even if it’s just a small amount, COMPOUND INTEREST will help you in the long run. When you’re older, you’re gonna start seeing all your friends dumping as much money as possible into their 401k to catch up so they have some retirement. Meanwhile, you’re not going to have to do that as long as you have consistency starting from a young age
@@scoutdixie4412 I did it and I live in Southern California, which is hard mode for a young guy that doesn’t come from money. I hate to say it, but if it’s unaffordable where you live like me, you’re going to have to downsize the lifestyle you want. No lifted trucks/luxury vehicles, no eating out all the time, no random trips out of the country. You gotta live cheaply. Times are hard, I get it. But you gotta put some money away while you work your way up to a higher income.
I started contributing to my 401k at 30. Will be 32 this year. I’m fortunate enough to be able to contribute 20% of my paycheck each pay day with an employer match of max 6% of my yearly annual income. I have it set to one of those retirement date funds where it spreads it out for you based on your age. Maybe not the best but I’m not an expert at picking funds. I do wish I started in my twenties even if it was just $100. If you’re reading this and in your twenties start now. Your older self will thank you. PLEASE.
I would encourage you to look at the Jack Bogle 3 fund portfolio. It's good broad money market based portfolio and you can avoid some of the target date fund fees. Good luck.
8:51, I recommend to not leave it with the previous employer. As you’re no longer with the company, you might get charged more to keep them managing it for you like I found out the hard way. I transferred to Roth IRA.
Thank you for being simple and straightforward. Great video on taking advantage of employers matching. I'm 55, got +$700k invested in my 401k, I started saving in my mid 20s. Yes, it can be done! Looking forward to doubling in 7 to 8 years from the compounding rule of 72. Please budget early and pay yourself first. Good luck!
I'm very fortunate to work for a company that actually cares about our financial future.... our owner's philosophy is that when you walk out the door, he wants you to do so as a millionaire. Not only does he match 100% up to 6%, as an incentive, he also has a progressive scale of profit sharing... the more you contribute above the match, the greater the additional amount he will contribute annually, plus the financial institution's money managers are available to us for answering questions with no additional charge to our accounts.
Early retirees at 52 and 55. Maxed out pre-tax 401k for years. No match. Keeping lifestyle creep in check is critical to be able to max out your investments. We retired using the rule of 55. Continue educating yourself to maximize your savings and investments. Anyone can do it. We are just ordinary, everyday people.
I started my 401K in my mind to late 20s, I think I was either 26 or 27. Honestly during that time of my life I didn’t have reliable income, was laid off from at least 2 jobs and wasn’t making much money. So I didn’t contribute much. I’m now in my early 40s and fortunately in the last 10 years I’ve had steady employment with promotions. I got more aggressive in my contributions taking advantage of the up to 6% match my company offers and now have over $100k.
Will be turning 33 soon. And iv recently started 401k last year maxing out company max. Now i understand that alot of people dont do it sooner, because like me in my 20s i didnt have extra to put aside. But whenever you can, do it. This isnt to say live for your retirement. But it is nice to have somthing to fall back on in your later years
Ive been at my job for 29 years. Still have 10 more years to go before retirement. Im 51 now. My 401k just hit 500 T. Im so glad i started my 401k when i did. I did go the first year at my job and didnt contribute. I wish i had. There are some here at my work that have never contributed. I really feel for them. Im proud of myself and proud of those that have put back money for retirement. Good job.
When changing employment, I would vote for transferring money to IRA. Reason is that most of 401K plans have limited invesment options and higher fees and with IRA you get the widest investment options and lowest fees, like 0.04% mutual funds at Vanguard.
I forwarded this to my son even though he's a few years away from retirement. I was lucky in that my credit union offered a financial advisor. He gave me the best advice and convinced me I was working for no reason at the time. In fact, I should've retired three years earlier! I've been retired for 17 years now.
Definitely do not withdraw from your 401ks at all!! I made that mistake in my 20s and paid for it. Had to pay for my moms funeral and to pay debts. Really stupid. Paid tax penalties. Still regret it.
two comments: 1) address target date funds which are available through many 401k plans, and 2) for those on track to retire early keep the money in the 401k because the IRS Rule of 55 does not apply to IRA, so if you transfer the old 401k to an IRA you have locked that money up until age 59.5
I would have probably been poor as an old man if it weren’t for Brian or the internet. I’m so glad there’s people like you that help out others that can’t find this kind of helpful information.
I just retired at 55. If planning to retire early, don't roll your 401k over to an IRA before you're IRA eligible at 59 1/2. Instead, use the Rule of 55 to withdraw from your current 401k without penalty if you're between age 55-59 1/2. Also, your 401k has creditor protection that IRAs may not have. Consider rolling over any old 401ks to your current one before retiring early so you can access those funds under Rule of 55 as well.
I'm planning on using the 55 rule, question though. I have a 457b w a county in a different state. I believe I can start drawing that at 55. I have my current 401k w match. I considered rolling the 457b into the 401k but when I did the math w compounding calculator combined and separate I will earn more overall leaving them separate. I'm I missing something? 457b ha 52k at 7.5 and 401k has 25k at 5. Thanks
@JUST_A_GUY835 - 55 rule only works with 401K or 457b of your current company. So you would be able to do it with your current 401k but would not be able touch you 457b. Unless you moved the money to your current employer.
@@JUST_A_GUY835 nitra79 below is correct. Rule of 55 only applies to your current company when you leave in the year you turn 55 or older. It does NOT apply to any previous retirement accounts from other companies. So if you wanted to access your old 457b funds at 55 you'll need to roll it over into your current 401k.
I am 27 and work two jobs. I put 40% of my paycheck from my other job into 401k, 10% crypto, 10% in series I bond, and the rest is for groceries, gas, credit cards, etc. My other paycheck is for rent and car payment. Quit drinking and smoking two years ago to cut down my monthly expenses.
The irony of these videos is the fact that you are already self aware and working towards your goals. Started in my mid 20s, by my mid 30s had already maxed out the Roth 401k, Roth IRA, and HSA IRS limits. Now in my early 40s and contributioning to 529s.
Excellent video and right on. Don’t listen to the hype about future returns will not repeat the past-the same concerns were there when I was 22-now I am 55 and thankful I under-lived my means and saved. It was worth not driving the shiny new car.
Retirement is more challenging now than it used to be. I've focused on saving rather than investing, and currently, I have about $400K. With inflation on the rise, I’m considering investing in stocks, but I’m not familiar with effective market strategies.
I am 38 and this is 100% great financial advice, I am regretful for not being effective with my retirement savings but am working to correct this. This is an amazing channel and I fully support listening to this and all the great advice on many topics covered on this channel!
For young folks under 60, 50% tax-deferred 401k and 50% Roth 401k, if the Roth is available in your plan. If not, 100% in the tax-deferred 401k until you retire.
If you have Roth 401k option, seriously consider it. I max out my 23k annual contribution as Roth contributions for tax free money in retirement. I've been in 100% stock the past 19 years and it's really paid off (S&P 500 index and some mid cap dividend staple funds). On target to hit 1M in 401k by my mid 40's
it depends on your tax bracket. If you are in high marginal tax bracket right now, roth 401k will be a bad option. There is no way you will be in 22% marginal tax bracket in retirement if you are in correct financial path.
I got started in my mid 20’s but then I stopped because I had no margin. Had to get out of debt and we are back at it. Our goal is $5-10 million by retirement age.
Thx for the advice! I been working for the same company with a 7 percent match since i was 19 yrs old. Today im putting 15 percent of what i make weekly. Gotta save ppl. Im 36 yrs old now and i gotta say, best decision ever
No loans, no withdrawals, make certain you receive the full benefit of the employer match through December 31 each year, max out contributions each year, 402(g) limit and catch-up contributions, max out After-tax contributions if your employer offers After-Tax. Focus on Index funds for the low expense ratio and stay away from the boring bond funds.
I recently started to look into a financial advisor and after this I think I just need to find the time to research myself properly. I wanted good advice quickly but not for 2% of my total
1:29 Just want to point out that an average RoR does not guarantee compound interest. If I go up 100% down 50% up 100% down 50% in 4 years, I average 25%. But did I make anything?
100% agree on the stereotypical financial advisor questions being STUPID. I had the same reactions when they asked me those questions. Like dude, I’m just trying to grow my money and not lose it like everybody else.
Your new 401(k) may have better investment options than your old one. Or one may have more fees than the other. In my case, the new 401(k) has less fees because it’s a larger company, and also options with better returns.
There is a possible downside to 401K. Depending on how much you saved during your working years, you may end up paying MORE taxes during retirement. You will also have Required Mandatory Distributions come age 72. Not taking those distributions, you will be penalized 50%. Example, you are required to take 100K on any year of your retirement. But these year your children treated you and you only withdraw 46K. The gov’t will penalize you 50K dollars that year. Plan accordingly and use the Roth 401K option.
We chose option 4 in order to get out of credit card debt. Credit card debt is a hard less to learn about interest rate, but a great motivator to be more financially responsible. The gains i was making off of retirement was being over shadow by the interest of credit card debt.
I started in my late 20’s and regret not starting much earlier. There’s always extra money to put aside even if it’s 1-3%. Start early and you won’t regret it.
As soon as possible. First get your 401k match, then max a Roth IRA, then put as much as possible after that to your 401K up to the max. Most companies are not that generous only matching to 4% - 6%. I'm 50 and my dad asked me the other day when I could retire with my company and I didn't even understand the question at first. Boomers don't understand that pensions practically don't exist anymore. Companies don't give you anything these days. Start as early as possible. If you switch jobs I would transfer to a Vanguard IRA because they have investment options that have much lower fees typically than most 401K investment options offered by companies. Especially if you were working for a smaller company.
I am lucky enough to have started working immediately after high school and started my 401k at the age of 19. Best decision as I would have likely wasted that money on material items or going out.
How about the % tax they want to keep when you want to take your money out when you retire? Curious how much we will have to end losing for that when that time comes...
Wealth is built in both bull or bear market and also wealth transfers from the impatient to the patient. One of the best way to succeed in crypto is by trading your assets with good strategy,..,.,
I 100% into S&P500 lol. Probably not the safest, but i have been up a lot each year. For a while i was doing 50% total market and 50% s&p500. Im staying away from the boomer retirement funds.
Im 28, just got out the army, i missed so many opportunities to maximize my income😭😭 IF YOU ARE IN YOUR EARLY 20s pleaaseeee Take this video to heart. It is very important
401K Explained Simply for Beginners: ruclips.net/video/BhTTeIDZtKY/видео.html
401K vs Roth IRA: ruclips.net/video/vF069x27pGY/видео.html
How schwab founded
Thank you need help
I’m 61
Thank you for the link!
I’m 29.
Been contributing 10% of my checks to 401k since I was 18 years old.
The company I work for matches 4.5%
All I can say that I’m proud of my self.
Keep increasing that amount each year. You'll be multimillionaire when you are age 65.
We are proud of you. Great job at 18. That’s amazing.
I don’t even know you and I am proud of you.
@@sunnyd4734Not true. After taxes no.
Great 👍..Don't expect Uncle sam to take care of the Old You... The young you will take care of the Old you....Keep going 💪
I’m 29 and barely learning how to properly use my 401k. I’m proud of yall who did it since the beginning. Now it’s my turn
Well, if you're in your 20s and looking at this topic , you're probably already on the correct financial path.
And if you're in your 50's?
No hope @@duanen2337
@@duanen2337there is still time
@@duanen2337regardless of age it is sage advice, especially if you started in your 20's and you're 50-60 now
@@duanen2337you’re probably working until you die and should develop solid coping mechanisms
Take the free money early and often. Put it in s&p 500 index and forget about it.
Just turned 40 and regret not putting more into my 401k in my 20s
I didn't begin until I was 35 and didn't get serious until my 50s. But I'm making up for lost time.
Just wondering, I'm currently investing 6% in my 401k and 2% in my Roth. I just got 3 raises in the last year. How much you believe I should be investing? I'm 32. I started when I was 26
Me toooo. I’ve always contributed to but never made sure I max it every year. I also slept on HSA. I’m 41 now so making sure I max all three as soon as I can every year, then dump all extras in brokerage. Hopefully this hyper accumulation can make up for a little bit of lost time.
@HemiLyfestyle , 15 %. Of your income.
@@HemiLyfestylethrow all raises in your investments, start with Roth IRA first after maxing match in 401k. Live on your income before all raises/bonuses, rest in investments.
My portfolio does not just cater for dividend stock, I hold $VFIAX in my Roth IRA and $VTI ( total stock market ETF) in my taxable brokerage account, two of my largest holdings. The individual dividend stock position all compliments the index holdings.
Diversifying with $VFIAX and $VTI is smart investment. It is financial independence not dependence, it truely empowers.
Diversifying portfolio can be challenging without the right guidance. If you lack market knowledge, your best bet is to seek the expertise of an investment coach. That is how I have managed to stay afloat in the market, increaseing my portfolio over 60% in the beginning of the year. It is the best way to start up investment in my opinion.
Please who is guiding you ??
@@OliviaParker-rx3ni
Jason Herman Pierce is the licensed fiduciary i am working with. His cutting edge financial strategies is top notch.
How I reach him??
You’re saving my tons of financial advisors money straight from my pocket and i’m really blessed to live in these worlds where peoples like you still trying their best to help peoples in the most complicated topic in the world “managing money”
This video is GOLD! Thanks Brian ❤
Gen Z listen up. Start as early as possible with your first job. Even if it’s just a small amount, COMPOUND INTEREST will help you in the long run. When you’re older, you’re gonna start seeing all your friends dumping as much money as possible into their 401k to catch up so they have some retirement. Meanwhile, you’re not going to have to do that as long as you have consistency starting from a young age
Yes.
22 year old here - loud and clear ☺️
Young people can't even afford to house themselves, how are they going to save. I don't think the dollar has much time left.
@@scoutdixie4412 I did it and I live in Southern California, which is hard mode for a young guy that doesn’t come from money. I hate to say it, but if it’s unaffordable where you live like me, you’re going to have to downsize the lifestyle you want. No lifted trucks/luxury vehicles, no eating out all the time, no random trips out of the country. You gotta live cheaply. Times are hard, I get it. But you gotta put some money away while you work your way up to a higher income.
The value of the dollar is decreasing.I hope everyone knows that is true.
I started contributing to my 401k at 30. Will be 32 this year. I’m fortunate enough to be able to contribute 20% of my paycheck each pay day with an employer match of max 6% of my yearly annual income. I have it set to one of those retirement date funds where it spreads it out for you based on your age. Maybe not the best but I’m not an expert at picking funds. I do wish I started in my twenties even if it was just $100. If you’re reading this and in your twenties start now. Your older self will thank you. PLEASE.
I would encourage you to look at the Jack Bogle 3 fund portfolio. It's good broad money market based portfolio and you can avoid some of the target date fund fees. Good luck.
8:51, I recommend to not leave it with the previous employer. As you’re no longer with the company, you might get charged more to keep them managing it for you like I found out the hard way. I transferred to Roth IRA.
Thank you for being simple and straightforward. Great video on taking advantage of employers matching. I'm 55, got +$700k invested in my 401k, I started saving in my mid 20s. Yes, it can be done! Looking forward to doubling in 7 to 8 years from the compounding rule of 72. Please budget early and pay yourself first. Good luck!
About to be 40... only now learning about this stuff!! Start AS EARLY AS POSSIBLE!!
same here 😅
Same here
I'm very fortunate to work for a company that actually cares about our financial future.... our owner's philosophy is that when you walk out the door, he wants you to do so as a millionaire. Not only does he match 100% up to 6%, as an incentive, he also has a progressive scale of profit sharing... the more you contribute above the match, the greater the additional amount he will contribute annually, plus the financial institution's money managers are available to us for answering questions with no additional charge to our accounts.
Nice! Are you guys hiring?!
Wow that's amazing! Bless him.
You’re lucky - most companies are not that generous.
Early retirees at 52 and 55.
Maxed out pre-tax 401k for years. No match.
Keeping lifestyle creep in check is critical to be able to max out your investments.
We retired using the rule of 55.
Continue educating yourself to maximize your savings and investments.
Anyone can do it. We are just ordinary, everyday people.
Oh don’t worry, nobody thought you were extraordinary commenting on youtube 😆
@bb-1359 my point was anyone can do it. Maybe even you 😉
I hope your life improves and you find happiness. 🙏💛@@bb-1359
@@rhondavigil795 My point was nobody was impressed 😀
I’m impressed
I started my 401K in my mind to late 20s, I think I was either 26 or 27. Honestly during that time of my life I didn’t have reliable income, was laid off from at least 2 jobs and wasn’t making much money. So I didn’t contribute much. I’m now in my early 40s and fortunately in the last 10 years I’ve had steady employment with promotions. I got more aggressive in my contributions taking advantage of the up to 6% match my company offers and now have over $100k.
Very helpful. Cleared most of my doubts around 401K. Thank you so much.
I’m glad you found it helpful! Thank you for the support!
Might be good to discuss The Rule of 55 and why it may not be good to rollover your 401K. Great video!
I worked for 16yrs. with the major airline & left to take care of my 2children & my 401K has been growing.
Will be turning 33 soon. And iv recently started 401k last year maxing out company max. Now i understand that alot of people dont do it sooner, because like me in my 20s i didnt have extra to put aside. But whenever you can, do it. This isnt to say live for your retirement. But it is nice to have somthing to fall back on in your later years
I didn’t start till I was 33 and I’m 43 now keep adding 1% a year till you get to 20% you will not regret it
You're 100% right, my friend. You are sharing the truth with your viewers. Bless you!!
I Always praise the day I subscribed to your channel. Thanks you
Thank you for all the support! I appreciate it so much!
Ive been at my job for 29 years. Still have 10 more years to go before retirement. Im 51 now. My 401k just hit 500 T. Im so glad i started my 401k when i did. I did go the first year at my job and didnt contribute. I wish i had. There are some here at my work that have never contributed. I really feel for them. Im proud of myself and proud of those that have put back money for retirement. Good job.
are you managing your funds yourself?
The GOAT of financial advice.
When changing employment, I would vote for transferring money to IRA. Reason is that most of 401K plans have limited invesment options and higher fees and with IRA you get the widest investment options and lowest fees, like 0.04% mutual funds at Vanguard.
The downside is IRA requires minimum age of 59.5 to withdraw, the 401k requires 55.
Also completely depends on the 401k plan. I know plenty 401ks offering low cost fidelity and vanguard funds.
Something everyone never talks about is that nothing of this matters if you dont live past 60.
It is sad if you live past 70 and broke just like my father in-law!
I'm 34 this year. I absolutely advise starting as early as possible. Never underestimate the power of compounding interest.
So wish i had your videos in my 20s man. Glad to have them now
I forwarded this to my son even though he's a few years away from retirement.
I was lucky in that my credit union offered a financial advisor. He gave me the best advice and convinced me I was working for no reason at the time. In fact, I should've retired three years earlier! I've been retired for 17 years now.
I am so grateful for you and your channel! Thank you for not putting ads on your videos. So much better for concentrating
Definitely do not withdraw from your 401ks at all!! I made that mistake in my 20s and paid for it. Had to pay for my moms funeral and to pay debts. Really stupid. Paid tax penalties. Still regret it.
two comments: 1) address target date funds which are available through many 401k plans, and 2) for those on track to retire early keep the money in the 401k because the IRS Rule of 55 does not apply to IRA, so if you transfer the old 401k to an IRA you have locked that money up until age 59.5
I would have probably been poor as an old man if it weren’t for Brian or the internet. I’m so glad there’s people like you that help out others that can’t find this kind of helpful information.
Great video, I’m 29 I got 160K in my 401K
Here you go pal 🍪
Keep it going. 💯
That's amazing, keep going!
@@0_1_2your envy is showing. Just because you make bad decisions in life doesn’t mean you need to break others down.
Only 160k? Lame
I just retired at 55. If planning to retire early, don't roll your 401k over to an IRA before you're IRA eligible at 59 1/2. Instead, use the Rule of 55 to withdraw from your current 401k without penalty if you're between age 55-59 1/2. Also, your 401k has creditor protection that IRAs may not have. Consider rolling over any old 401ks to your current one before retiring early so you can access those funds under Rule of 55 as well.
I'm planning on using the 55 rule, question though. I have a 457b w a county in a different state. I believe I can start drawing that at 55. I have my current 401k w match. I considered rolling the 457b into the 401k but when I did the math w compounding calculator combined and separate I will earn more overall leaving them separate. I'm I missing something? 457b ha 52k at 7.5 and 401k has 25k at 5. Thanks
@JUST_A_GUY835 - 55 rule only works with 401K or 457b of your current company. So you would be able to do it with your current 401k but would not be able touch you 457b. Unless you moved the money to your current employer.
@@JUST_A_GUY835 nitra79 below is correct. Rule of 55 only applies to your current company when you leave in the year you turn 55 or older. It does NOT apply to any previous retirement accounts from other companies. So if you wanted to access your old 457b funds at 55 you'll need to roll it over into your current 401k.
I am 27 and work two jobs. I put 40% of my paycheck from my other job into 401k, 10% crypto, 10% in series I bond, and the rest is for groceries, gas, credit cards, etc. My other paycheck is for rent and car payment. Quit drinking and smoking two years ago to cut down my monthly expenses.
Luv this guy. Provides matter-of-fact info. Follow him, it is great value.
The irony of these videos is the fact that you are already self aware and working towards your goals. Started in my mid 20s, by my mid 30s had already maxed out the Roth 401k, Roth IRA, and HSA IRS limits. Now in my early 40s and contributioning to 529s.
As always, thank you so much Brian
Excellent video and right on. Don’t listen to the hype about future returns will not repeat the past-the same concerns were there when I was 22-now I am 55 and thankful I under-lived my means and saved. It was worth not driving the shiny new car.
Happy Sunday Brian! ☀️🌺
Happy Sunday Rose Bloom!
@@clearvaluetax9382he didn’t get the memo. Bwahaha
@@clearvaluetax9382 Hey what's the best retirement plan for self employed individuals?
One of the best straight forward videos I've seen. TY! Why didnt they teach us this in school!?!?
The best advice for all generations! 🎉
Retirement is more challenging now than it used to be. I've focused on saving rather than investing, and currently, I have about $400K. With inflation on the rise, I’m considering investing in stocks, but I’m not familiar with effective market strategies.
I am 38 and this is 100% great financial advice, I am regretful for not being effective with my retirement savings but am working to correct this. This is an amazing channel and I fully support listening to this and all the great advice on many topics covered on this channel!
For young folks under 60, 50% tax-deferred 401k and 50% Roth 401k, if the Roth is available in your plan. If not, 100% in the tax-deferred 401k until you retire.
Southwest Airlines will match dollar for dollar up to 9%.
That’s an amazing offer!
@@clearvaluetax9382 Visa has the best offer so far. 200% match.
16%
If you have Roth 401k option, seriously consider it. I max out my 23k annual contribution as Roth contributions for tax free money in retirement. I've been in 100% stock the past 19 years and it's really paid off (S&P 500 index and some mid cap dividend staple funds). On target to hit 1M in 401k by my mid 40's
I do a little of both Roth and traditional & hubby does all traditional …trying to keep our income down so we don’t lose out on Roth IRA eligibility.
it depends on your tax bracket. If you are in high marginal tax bracket right now, roth 401k will be a bad option. There is no way you will be in 22% marginal tax bracket in retirement if you are in correct financial path.
I thought the cap on the Roth was around $7000? My company just started offering a Roth for my 457K.
Depends on your tax bracket. Roth 401k isnt best option for everyone
I lost a lot in 2008, I don't think I have fully recovered. Be careful a crush is coming.
I got started in my mid 20’s but then I stopped because I had no margin. Had to get out of debt and we are back at it. Our goal is $5-10 million by retirement age.
Wise move!
Start as SOON as possible and DONT touch it until you retire.
Hey I really appreciated this video. I liked seeing it written out along with your voice. I really understood better!
Couldn't get any clearer than that! Thank you Brian!
Thank you Brian, you are such a blessing to many!!!
Thx for the advice! I been working for the same company with a 7 percent match since i was 19 yrs old. Today im putting 15 percent of what i make weekly. Gotta save ppl. Im 36 yrs old now and i gotta say, best decision ever
Please start early. I’m 42 and I wish. Oh I wish I started my 20s. I’d probably retire sooner if i had.
I totally agree with the low risk tolerance. I've always been there since I started contributing when I started working in this country in my 30's.😊
🙌🏽….Thank you. I need this information. I appreciate you so much.
I hope this helps Kristy!
No loans, no withdrawals, make certain you receive the full benefit of the employer match through December 31 each year, max out contributions each year, 402(g) limit and catch-up contributions, max out After-tax contributions if your employer offers After-Tax. Focus on Index funds for the low expense ratio and stay away from the boring bond funds.
Thanks for the 401k information!
Compounding is real. I started my 401k at 29 years old. I am 42 years old now and the capital gains are 3x my total contribution. That is insane.
You also could have bought Tesla, bitcoin, or both and you would have done much better.
@@AssetAddict I could’ve but they don’t have those in 401k plans.
Inflation is 3X too. Hahaha
@@MarcoRodriguez-ho3nt Lol definitely.😅
Excellent advice, which most unfortunately will not follow. Thanks, Brian!
This video should be shown in EVERY highschool classroom.
Great content, very simple and quick
I recently started to look into a financial advisor and after this I think I just need to find the time to research myself properly. I wanted good advice quickly but not for 2% of my total
They won’t do anything more than you can learn online. Save your money
By far one of the most trusted RUclipsrs!
Just invest in the S&P 500 don’t complicate!!!
1:29 Just want to point out that an average RoR does not guarantee compound interest. If I go up 100% down 50% up 100% down 50% in 4 years, I average 25%. But did I make anything?
100% agree on the stereotypical financial advisor questions being STUPID.
I had the same reactions when they asked me those questions. Like dude, I’m just trying to grow my money and not lose it like everybody else.
Golden knowledge! Can you do one on how to best pay off your mortgage? Especially if you just bought recently?
That is a great video topic! Thank you!
Up to the company match...free 💰
Great advice. I appreciate you looking out for the little guy while the big guys are busy trying to pilfer the little guy's wealth.
Brian please discuss physical gold and silver and why or why you should own them
very well said! and yes, starting your investments in your 20's is absolutely the fastest way to financial independence.
Scary the stats on the median and average 401k savings for those 55 and older.
Your new 401(k) may have better investment options than your old one. Or one may have more fees than the other. In my case, the new 401(k) has less fees because it’s a larger company, and also options with better returns.
There is a possible downside to 401K. Depending on how much you saved during your working years, you may end up paying MORE taxes during retirement. You will also have Required Mandatory Distributions come age 72. Not taking those distributions, you will be penalized 50%. Example, you are required to take 100K on any year of your retirement. But these year your children treated you and you only withdraw 46K. The gov’t will penalize you 50K dollars that year. Plan accordingly and use the Roth 401K option.
We chose option 4 in order to get out of credit card debt. Credit card debt is a hard less to learn about interest rate, but a great motivator to be more financially responsible. The gains i was making off of retirement was being over shadow by the interest of credit card debt.
Thank you for being honest.
Yay maxed my 401k and Roth this year at 25!
I started in my late 20’s and regret not starting much earlier. There’s always extra money to put aside even if it’s 1-3%. Start early and you won’t regret it.
Brian, YOU are the best! Thank you!
As soon as possible. First get your 401k match, then max a Roth IRA, then put as much as possible after that to your 401K up to the max.
Most companies are not that generous only matching to 4% - 6%.
I'm 50 and my dad asked me the other day when I could retire with my company and I didn't even understand the question at first. Boomers don't understand that pensions practically don't exist anymore. Companies don't give you anything these days.
Start as early as possible.
If you switch jobs I would transfer to a Vanguard IRA because they have investment options that have much lower fees typically than most 401K investment options offered by companies. Especially if you were working for a smaller company.
I am lucky enough to have started working immediately after high school and started my 401k at the age of 19. Best decision as I would have likely wasted that money on material items or going out.
Thank you for your help
My pleasure David, thank you for the support!
Very informative video! Also, there is a limit on how much you can contribute to your 401k. This year 2024 that limit is $23,000.
This 💯 Thanks Brian
Thanks Brian
Happy Sunday Qdood!
All I can say is I am so grateful for people like you,
This video makes investing seem discouraging and you can't find any investment or trading videos without B0t comments, it's becoming annoying.
True! There are lot of scammers and bot comments but we also have real people in the comments.
@@JayJayRikes Right, but hard to identify.
@@bertoncolon7857 "LINDA JEAN EDRAL" you can thank me later.
@michaelkalon1025 you can look her name up on google and reach out through her page.
@michaelkalon1025 ''LINDA JEAN EDRAL'' thank me later
How about the % tax they want to keep when you want to take your money out when you retire? Curious how much we will have to end losing for that when that time comes...
Wealth is built in both bull or bear market and also wealth transfers from the impatient to the patient. One of the best way to succeed in crypto is by trading your assets with good strategy,..,.,
The long-term risk of not investing far outweighs your current risk tolerance
I 100% into S&P500 lol. Probably not the safest, but i have been up a lot each year. For a while i was doing 50% total market and 50% s&p500. Im staying away from the boomer retirement funds.
Does this mean like vti vs voo?
it is still safe vs investing 100% in one stock.
If you have 5 years plus to retire… do whatever you want
Im 28, just got out the army, i missed so many opportunities to maximize my income😭😭 IF YOU ARE IN YOUR EARLY 20s pleaaseeee Take this video to heart. It is very important
You are literally saving us collectively millions and perhaps billions of dollars. You should feel really proud of what you do for a living.
Lmao you wanna jerk him off too? Cuck
Great explanations, it’s shocking how many people aren’t aware of these things
Great information
Thanks Brian!
You bet! Thank you for all the support!
Grateful to know this now and better late than never. I will teach my kids these things that I neglected to learn myself earlier in life.