5 Levels of Wealth AND How to Achieve Them! (2023 Edition)
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- Опубликовано: 13 сен 2024
- 5 Levels of Wealth AND How to Achieve Them! (2023 Edition)
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![How to Build Wealth With the 3 Bucket Strategy [By Age!]](http://i.ytimg.com/vi/Hb5CCFUFbHg/mqdefault.jpg)
I'm 37 and grew up in a poor family with no advantages in life. Last year I finally made my way out of debt, set up a Roth IRA, doubled my income, started a 401k, saved 12K in an emergency fund. I may or may not have the 2.4M for retirement but I'm damn proud of myself. I found my way out of being a consumer to being an investor, you can do it to.
I don't know you, but I'm proud of you. That's not easy it takes discipline, work, sacrifice and life certainly feels better when you have a little breathing room. I feel you. keep going 💪
❤
That’s awesome.
Hey good for you! Hope you’re still killing it.
Seems like the proper title for this video is actually:
“5 levels of Financial Maturity”
Expected it to be all about how rich you are compared to others. It’s much, much better and more useful than that!
Excellent advice - I’m sharing it with our four adult kids!
Wow....I'm in abundance....this was such a transformative revelation....👏🏾
Automating everything was the trick for me. It's the only way I could save and cover bills without constant stress.
Same. Automatic bill pay and splitting my direct deposit into several accounts changed the game!!
Automating our savings has worked well for us. We save a set amount each check and haven’t touched it in a couple of years. It’s really added up.
@@bryanbrasile2703 totally! I leveled up a couple years ago and started putting those recurring things on cards with points that auto pay and there's Christmas sorted lol
@@amuseinthecraftroom6257
We have a goal of saving 50% of our income the next few years. And points cashed out every month into an investment acct makes up 4% of that goal.
The portion of our house payment going to principal is another 6%. The minimum into my 401k at work to get the full match, plus the match itself is 18%. So that is 28% of our income invested just by doing "normal things".
Beyond that we max out my and my wife's Roth IRA accts, and fully fund an HSA while paying for medical out of pocket. With the Roth increases this year, that puts us at 51% of our income invested.
The only bit not automated is the Roth contributions which we typically do as a lump sum, or few large payments during the 1st half of the year just to get it out of the way as summer is a bit lean for my wife's business, and winter has a lot of extra birthday and holiday spending.
But yeah, points paid into an investment acct adds up nicely! Especially when you can get 5% on a store card. That is epic!
@@CaedenV I really need to calculate what part of my home principal is savings vs what other things I do. I put 15%into my 401, another 5 into the Roth 401, 10%into my espp, max my HSA and also a self directed Roth, and 100/month into my brokerage. Another 400 into just because high interest savings. I bet I'm close to 60%. Maybe more. The amt I spend on bills and fun every month is less than what i invest.
A couple of months ago I moved from Stability to Strategy and it feels like the journey is definitely underway.
Thank you for making this whole subject so easy to digest and understand. I’m 34, trying to get my act together. I look forward to watching your videos as I progress toward abundance ❤
GREAT CONTENT ,These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.
@@jose2212- Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2019, and I return at least $21k ROI, and this does not include capital gain.
@HoklampdOndamnc I really don't like making such recommendations, because everybody's situation is unique. But there are many freelance wealth managers you could check out. I have been working with “Mariam Sandra Milner” for about four years now, and she's really, really good. If she meets your discretion, then you could go ahead with her. I endorse her.
@@Blitcliffe Thanks for sharing, I just liquidated some of my funds to invest in the stock market, I will need every help I can get.
Made seven figures this year with a six figure startup. If I had the knowledge I have now years ago, I’d have done things differently. Passive income is a better option
@@julietasomadana You don’t have to know it all, I had help from a FA ,Donald Ben Taylor, met him at a business meeting for executives and he agreed to help me with digital assets, I started with 300,000
The more I listen to these American economy podcasts, the more thankful I become for being Swedish. I come from a working class family, studied medicine for 6 years, graduated last year with $60k of student loans... with 0.00% interest in 2022, and now 0.59% interest in 2023 ($500 payments every 3 months).
If I had lived in the US and not given up on this dream, my loans would probably have been about 5x, and the interest rate about 10x.
On top of that we have universal health care, greater job security and welfare programs, so most people don't need that big of an emergency fund.
I would guess it's easier for most people to become a millionaire in Sweden, while it's easier to become a billionaire (or homeless) in the US(?)
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
New to seeing your videos and y’all have put a fire under my butt to get saving. No house yet, 12k in student loans, 26 with 2 kids, and I have no idea why I haven’t been saving yet. Contacting HR tomorrow to get my employer match, embarrassed I haven’t gotten this free money during the best compound years but my future self is glad I am just starting.
At 26 there is so much opportunity- welcome and so happy you found our content 🙌👍
As someone who achieved a lot of financial success early in life. I believe abundance (purpose/fulfillment/contentment) is something that needs to be explored much earlier. I think we should all start seriously pursuing the abundance mentality around the time you cross into the Strategy phase. It’s easy to lose yourself spiritually when you’re so focused on building, materially. So find a way to pursue both at the same time. They truly do work hand in hand. It may not mean much to everybody, but that’s just my 2 cents from my own life experiences..
I've been steadily learning about investing and retirement. I now have a plan for the next 15 years. It's an aggressive plan so I had to make sure that my wife was onboard. A part of this 15 year plan is paying off our mortgage. The reason for paying it off sooner than later is because we plan to relocate, and doing so now (was being considered) when prices and interest rates are high would be terrible.
That said, make sure everyone agrees to any plans you make. Disagreements can derail the best laid plan, so be strategic. In my case it was like an episode of Shark Tank. I had my talking points and had to sell it to my wife. I had to build in some amount of slack. It's like starting a new diet and workout plan. You have a better chance of success when you include some cheat meals.
Same here. I had a long pitch meeting explaining to my wife my proposal for our financial long term plan. Luckily she was not only on board but gave some ideas on how to make it ever better. Before having that discussion she was feeling a bit uneasy with my perspective about money spending as I’m quite frugal and although she’s not an spender, she doesn’t like to feel restricted but now that she knows the plan and knows what we’re aiming for she feels much better and it has definitely helped our relationship.
This episode is a great add-on to the FOO for gauging how far along you are in the wealth building process. It's nice to know ways I am doing good and other ways I need to improve. Awesome!
As a suggestion though, please add chapter markings in the video so we can easily move between the sections.
I recently started investing in the stock market myself so I can boost my own level, and after I read about someone who made more than $100,000 in two months o f investing. How do enthusiasts pull that off? I'm hardly able to move the needle on my profits.
This is really not as difficult as many people presume it to be. It requires a certain level of diligence, no doubt, which is something ordinary investors lack, and so a financial advisor often comes in very handy. That is how people are able to make such huge profits in the market.
People underestimate how much they can rake in from the stock market. Started with $127k just before the pandemic hit. Many people's portfolios tanked, but I rode through with my financial advisor, and even made more than $86k within just five months of starting, and it's been an awesome ride since then.
This is incredible. Any chance you could recommend one for me whom I could work with to achieve my goals?
Much of it depends on your goals, anyway. I personally work with Sharon Louise Count, and I've had really excellent results with her.
This was one of the most beneficial videos that I've watched. It helps give me perspective as my life changed dramatically from poverty to wealth. There is something to be said about working and investing for years and making a plan versus a sudden wealth situation. I have huge gratitude, but it is much more stressful than people realize. Shows like this, give me some guidance on how I'm doing with managing my money.
2 men were talking. One multi millionaire and the other simply satisfied with his income and life in general. The multi millionaire was bragging to the other man that he had everything he ever wanted! The simple man replied, “I have something you don’t have.” The multi millionaire quickly asked him what could that possibly be? His response was simple, “ENOUGH!”
Can I just say how incredibly disingenuous this story is?
A multi millionaire is not rich. For financial security, my goal is $2.5M by retirement just to support a middle class Midwestern life. This should be enough to provide an inflation adjusted $50k/yr by the time I retire... That is a pretty alright life in the Midwest if your home is paid off. And between now and retirement that means putting away about $1.5k/mo... Which is a lot, but not huge.
The reality is the opposite of this story. 2 dudes are at a retirement home talking. One is dirt poor and unhappy, because after a lifetime of over spending on cars, homes, and goods he couldn't really afford, he was forced to retire at a place well below what he was accustomed to. The rich guy always felt like he had enough in life, so rather than buying more, he invested it. As a result, he is able to afford the same retirement home which was a step up from his day to day life. And he has the money to pay for things to augment the lifestyle of his kids and grandkids, which they are thankful for so they come to visit often.
One guy never had enough and ends up with nothing and nobody. The other had enough, which grew into an excess that he could share and enjoy in his old age.
And I get the idea of the original story. Don't go chasing money for the sake of money. But understand that isn't how it typically goes. 2 people making the same income will generally find that the one who "has enough" generally ends up being the rich one, while the greedy person has nothing left at the end to support themselves because they already spent it. If you always want more, you typically never have the opportunity to invest in order to have more.
@@CaedenV I just read your comment with an open mind. I actually read it more than once. Let me preface this by saying I am retired with “enough” and probably older than you. We grew up with a very modest income and I didn’t work outside the home for many many years. We went without (only had one car for example when the kids were little) and garage sales were my best friend! My husband would say to me, “If more money is what we need then God would provide it.” That proved to be true in our case because money was usually not the key in fixing the issue we were facing at the time. Yes, money followed with job promotions but then again because we always tried to stay in the mind set that what we had was enough, we were able to start saving and not necessarily start spending more when things started getting easier financially. We learned the value of having the mind set that we had “enough” in each stage of our lives so when it came time to retire from our current jobs we decided our health and time was way more important than having more money then we would ever find ourselves spending. We obviously set things up such as no debt, pensions, social security and savings we put back over the years to make retirement possible but I can guaranteed you that if we didn’t keep the mind set that when is enough enough and spent money like most of our friends did over the years we would not have had the opportunity to retire. Oh, and we are not multi millionaires but that’s ok because we have enough!
@@CaedenV as money guys point out, most don’t even make it to the “stability” stage of wealth. You may not think that having enough in retirement to provide an income makes you “rich”, but many people may think it does
It was actually a hundred-millionaire or billionaire party host, with a semi-successful writer as a guest. One other guest prompted the writer to say they had “enough”
wow, that was rude. The millionaire was just asking a question.😅
just started by setting up an automatic transfer of 25% of my gross income into a different account. will adjust as income adjusts. thanks for making finance advice actionable
I would be retiring or working less in 5 years and I just want to know best how people split their pay, how much of it goes into savings, spendings or investments. I earn around $165K per year but nothing to show for it yet.
you're not alone, i'm part of the High Earners, Not Rich Yet (HENRY) not having much left after taxes, housing, and family costs.. not to mention saving for an affluent retirement.
Don't be a marketing strategy for luxury brands like Louis Vuitton and Tag Heuer without having your money give birth to more money (I recommend ''The Richest Man In Babylon'') Rather, you can move to wealth by reducing expenses and increasing savings or investments. As far as I'm concerned, its ideal to consult a reliable financial advisor for such objectives.
@DVeeDee wow! I'm 58. 75,000 USD pension, and only began this stock thing few months ago. Oh, and I live in the Great White North, Canada. I'm ramping up my savings for next year, while the economy and the feds play silly buggers. My goal is to see 2030 in good health and finish up my home payment by next year. Mind if I look up the advisor that aids you?
These scams are getting so out there now lmfao
@@bhaalgornthe bots playing off each other is just wild.
Great content, seriously great. One bit of feedback. Ya'll know the material so well that you mow through everything very quickly here. It would be helpful to take a break or two for some banter, or just anything a bit slower for a minute so that it's easier to digest everything. Go compare the 2022 5 levels video to this one and you'll see what I'm talking about.
Good point !
Can we get timestamps please? They really help when watching with limited time
I can’t! I am working during the live video times. But i make sure to watch the saved ones a give thumbs up 😁👍🏽
3 questions you told us to ask ourselves.
1. Who are you?
2. What do you value?
3. Who are your friends?
Great questions to reflect upon and encourage changes if necessary.
This was a fantastic episode!
“Like sands through the hourglass, so are the days of our lives,”😂 couldn’t resist
I like the new angelic sound when the order of operations deliverable is mentioned
We've been stuck at 18% savings for a while. Last year we got major raises and I was hoping to bump the savings percentage up. With no increase in standard of living we were only able to put another percent in savings. Something has to be done about inflation, I can't imagine how I'd feel if we didn't get raises. I would've had to reduce savings or standard of living
Incredibly insightful. Thank you!
I have made a lot of money in the past few years, in fact passive income is no longer an issue, the huge problem is how i loose this money from foolish diversification, this January I have already blown my account of a million dollars investing wrongly, last year i lost a total of six million dollars from very bad diversification, I believe i will loose all my wealth and not be able to build anything from my passive income,,, I need serious help immediately I cant continue like this...really needed to voice this out here.
Really, I must say that I'm sorry for your losses, but they are not the end of the world; last year, I suffered a significant loss as well. A portion of my investments were in a pharmaceutical company, whose shares dropped at the beginning of the year amid worries that the company's drug would not be approved by the U.S. Food and Drug Administration. As a result of all these losses, I stopped doing research and diversifying my portfolio; Admitting that I don't have the necessary skills, I found an FA who helped me enhance my portfolio once more, and it has been doing well ever since. I recovered my losses, and as of this January, in addition to my losses from the previous year, I have made an additional million dollar. Annette Michelle Walters search on line and explain your issues to her. She'll probably have a solution, I believe.
@@carendemoya5429 Alright, here she is.
Her credentials and resume are outstanding.
I appreciate you and I'll be in touch straight away.
I also purchased an energy technology solution with the expectation that it would perform well, but instead it has been the poorest performing stock in the S&P 500 this year. I am so appreciative that you took the time to share your experience with me.
I can definitely save more than 25% where i am at after i pay off all my debt. I have $500 more to pay and i can finally get to saving and investing. Started my new years resolution early so i wont fall back into my old ways of wasting money
@40 and sitting at Security stage. Feels good. Until @50 meticulously planning to reach Freedom stage and @ 55 - retire with Abundance and CTFO 😎. That's was my plan all along and while reaching 55 definitely not living on Rice and Beans crap. Going to build memories as I move along too. Started with 0 @17 so yes peeps possible .... let's go 💪
Started with 0 @30, as a migrant; now retired @58 at the freedom stage, still travelling towards abundance. God bless America!
I don't know if you guys script this or what, but it flows so well, and is so engaging to listen to.
This show was so well done and the description of the abundance level, the last level, really hits home. I’m early in retirement and I’m still working on wrapping my mind around allocating my resources to help others, but I know that step is essential on the journey to developing real purpose in life.
Hi money guys,if possible would you guys please discuss SMAs and how beneficial they are in terms of tax loss harvesting. Thank you for all that the money guy team does!
This was a great episode. Thank you!
Great content, very informative.
Knowledge is power. Living below your means is a foreign but important truth for success.
Thanks for good, accurate info.
Just to clarify, what you described as abundance is not a stage you reach at the end of your journey. It’s a constant life long re-evaluation of yourself so that you can live a joyful, purposeful life no matter your level of material wealth.
I was thinking the same thing. I’m in phase 3, but already feel a sense of abundance in my life. I am working towards Freedom to be able to fully fulfill that sense of abundance. 💙
There's a difference between the state of abundance and the sense of abundance. They're referring to the state, or STAGE, of abundance.
This is one of the best episodes! You guys are great!
Was in Step 2.
Got knocked back to Step 1 in February had to take on some debt. I'm building up a 10-12 month emergency fund now. Live and learn.
Come May our income will be almost doubling and we are going to start saving and investing 50% as soon as any remaining debt is gone.
2 more years and we expect to increase our income another 40% and will target saving 80%.
Our goal is hitting $1 million invested in the next 5-7 years.
Brian, I am so excited about this episode….Beeee Kaaaaawssss 😅😅😅
Master class ✅
I’ve always wondered about the MND formula. Do married couples combine net worth to calculate a single value or are they meant to calculate separately?
if you have to ask, are you even doing marriage?
I just nod my head in agreement this whole podcast
Aww.. Brian is listening 😊
Yeah, I don't necessarily want to retire early but I want to have the option to do so 😄
I’m a big fan and have been watching for years, but the videos are becoming unwatchable. It’s the same videos over and over! You’re both highly intelligent and can offer so much more. Why not use Bo’s knowledge and analytical skills acquired from his CFA education to explain the differences in hypothetical returns from factor investing or different asset classes? I’m sure Brian could break down the deep tax advantages of ETFs in taxable accounts. Something along those lines would get the viewers brains working and would be a fresh change!
Because that goes over most of their audience heads
This video was so good…. Very simplistic!!!
Thanks Guys
I’ll be sharing !!’🎉
Great content, thank you. One thing that struck me was about how your parents saved vs. in-laws. My husband was very focused on having some money in “safe” savings after watching his older siblings loose a bunch during two big market downturns (80’s and 2000’s) so he made a choice to buy savings bonds in addition to investing. Now that he is retired with a good pension the $1000 bonds (he redeems one per month, most of the time, sometimes he doesn’t because we still have cash from the previous bond) provide extra spending money for us that will last until we reach social security retirement and we won’t “need” to access retirement savings for living expenses. Sure we could have earned more but his peace of mind was protected and we are enjoying the benefits.
I’m saving and investing around 70 percent of my income in the financial market(high yield etfs, stocks etc) pretty much how I made my first million although with an FA. I have a high paying engineering job, and I live upstate NYC. my expenses are low. I have zero debt, low rent and car paid off. So i can just save. feel lucky at this point I'm actually grateful for Susan Kay Mack handling my portfolio, she's the only person i know that's richer than me hahah!!!
Truly Stocks, ETFs and Mutual funds are the best investment decision you can make both short term and long term for steady money flow. Kudos!!
recently started in stocks and I don't mind investing a substantial sum, i'd like to know your advisor so i googled him and found his webpage, i just sent him a proposal. wish me luck!!
I do the same thing, I do not have lots of money in my bank account. With the right property in the market and sales advisor, my husband and i will be on the right track. Right now we have one apartment we lease and it's good money but we're looking for something more large scale
thank you i just found his website, i really need more streams of income !!!
You’re going to get cooked when the dollar collapses. You should use some of that money and diversify by buying physical silver or gold
firmly fit in security phase! looking forward to reaching freedom phase, gotta focus on doing what I was doing.
Great episode
Thanks guys-great steps you’ve articulated for people. A question on the 5th stage of abundance-why only at the end and not integrated in every step? This is a state of mind and purpose you say. Shouldn’t this be in every step?
Great episode, everyone!
Thank you
Hello Brain & Bo,
First of all, thanks 🙏 for sharing so many great videos about on how to saves in order to reaches a Golden Goal of FIRE.
Question
May you please define what is the purpose of a different numbers on every videos that displayed on a small but huge numbers behind Bo’s? For example this video obtained with $267,000. 😀🙏👋
11:28 Brian, I agree that saving in fiat is a fool's errand. However, saving in silver and gold (ie real money) is safe and effective.
Just found your channel. Will be binging your videos, great stuff!
I feel like I am 75% into abundance, but not quite yet made it out of security. Once I hit independence in just a few years, I'll skip to abundance fast.
Success seems to be connected with action
successful people keep moving. They make
mistake,but they don't quit .The stock market has
plenty of opportunities to earn a decent payouts, with
the right skills and proper understanding of how the
market works.
Starting early is the best way of getting ahead to
build wealth, investing remains a priority.
Stay invested, diversification for streams of
incomes is very important
I learnt from my last year's experience, i am able
to building suitable life because I invested early
ahead this time.
I urge everyone to start Somewhere now no
matter how small, this is literally the time for that,
forget material things, don't get tempted,i
became more better the moment i realized this.
Many of us don't know where to invest Our
money so we invest it on wrong place and to the
wrong people
With regard to savings rate in strategy phase 2- having a budget and making saving/investing a priority help but found the limited acknowledgment of how record high inflation rate during the year and how it impacted budgets, savings and financial goals glossed over. Considering how aspects of inflation were redefined from other record high times decades ago and how the overall rates (higher than reported based on new definition) impacted household budgets in certain income areas lacking. It seemed like a missed opportunity to have a short but teachable dive in related topics.
I have been watching/listening to the money guys for awhile and I understand the why and what to do. What I don't understand is why is it so difficult to find out the how. I've just started making major steps to changing our finances but I find it extremely difficult to manage a spreadsheet for two incomes, gross income savings on bi weekly pay cycles where they each get paid on different weeks and the bills all come out throughout the month. I just haven't yet found a good resource that lays it all simply enough while still maintains a high level of accuracy and an automated way to follow.
I just get tired of the "it's so easy just do this" where it all sounds logical and reasonable. But how to actually put that stuff into practice isn't actually that easy.
@@brandonmiller34 yes, this is essentially what I'm aiming to do. My spreadsheet has changed a bunch in the last few months. The thing that keeps messing up my math and projections is that we get paid 26 times a year instead of 24. So we either have to treat it as less income with 2 free paychecks that get solely invested or split it into small chunks throughout the year.
@@brandonmiller34 that's a good point. I didn't even consider that
@@brandonmiller34 one thing at a time. Thanks for the tip. That does still prove my point, I wish there was more content laying out details with implementing some of this stuff. Show me the spread sheets and numbers. Show me how it's tracked in a real setting so that it makes more sense and myself and others are not struggling just to get started.
@@devynmiddlebrook7697 You could try looking at The Budget Mom's content. She has some videos (I think they're called Real Life Budget?) where viewers give her their income, expenses, debt, etc. and she walks step by step how she would set up and track for that budget. She talks about a lot of the issues you pointed out in your first comment, but it's not targeted at the same people the Money Guys target so there will be some differences in advice. But the tracking examples may be helpful to you?
I would challenge you to rethink Abundance as the 5th stage as only achievable after accumulating mass amounts of Wealth. Knowing who you are, what you value and what you stand for is necessary to start the journey…not end it.
Abundance can only happen after stage 4 because the mindset that money doesn't matter anymore can only be possible if you are financially independent first.
@@thoryan3057 agree to disagree.
@@Fatherbigguns I wasn't disagreeing with you, I was just explaining how The Money Guy Show portrays their own stage 5. We can always set our own definitions of wealth.
What books would you guys suggest on investing?
My auto loans are at 0.00% and 1.9%. Paying off the 1.9 ASAP.
Krispy Kreme has two dozen glazed for $13 for Friday the 13th! 💯
You evil person. Why would you broadcast that, knowing nobody should be doing that? Lol
😋
Thank you! Running out right now to grab mine.
🤢
Dont even have that near me
Great video.
Big fan.
I am asking people to visit your site.
my savings is 4.15%
Thank you so much! Could/should a net worth range be associated with each level?
You probably could do that if you wanted to, but I wouldn't use a net worth range so much as a "years of expenses" range, since different people need different amounts. Something like:
Stability: 1 month of expenses saved; missing a paycheck would no longer cause a crisis.
Strategy: 3 months of expenses saved + high interest debt payed off; your investing strategy can be fully put into effect.
Security: 6 months of expenses saved + no high interest debt + catastrophic risks covered (if you have a family, insurance in place); building your nest egg, and a disaster will no longer derail it.
Freedom: 30+ years (depending on individual goals) of expenses saved, and no debt (possibly excluding the house); money is no longer a driving force, could retire if you so choose.
Abundance: Isn't really a step in my mind. Enjoy your life throughout all four other steps.
Numbers might vary, but point being I think monthly expenses are a much better measure than net worth.
I don't think a net worth explains your level. Think about NFL players. Some make over $40 mil per year and have short careers. If they are spending $35 mil per year their net worth will be higher than 95% of the population but they will be bankrupt shortly after retirement. Maybe your level could be based on a ratio of net worth to your annual expenses.
22 years old and at the beginning of level 2
Ayeee u just like me fr 😏
cool to see other perspectives but also the intersects between the finance teams of different opinions. sorta like yall are the 5 baby steps, ramsey is the 7 and theres someone oyt tghee with likea 2 baby step plan ;) it seems like the biggest difference in most is the way to fund or allocate money to the market other than that, most of the begining steps are nearly identical. (said in his UFC mike voice. get that refrence and ill give you a high 5 lol)
I miss annual pay raises. (Doctor, homeowner with kids working public health for PSLF so shifting jobs is impractical)
Does anyone know if they consider company match % within the recommended 20-25% savings rate?
Yes they consider vested company match part of the percentage . And when they say 20-25%, they really mean 25%, not 20.
I'm in Security phase...!!!
I need some feedback. I was able to get an emergency fund of 3 months already build. However at the same time, I accumulated credit card debt as sometimes missing liquidity. Not sure if on these uncertain times I should use none, part or all of the emergency fund to pay credit card debt. Any feedback??
I, personally, would pay off the cards with my emergency fund. Remember, if another emergency happens, you can just put that new one back on the cards.
I feel like an emergency fund is useless if you have credit card debt. (Unless your emergency requires physical cash from a bank, for some reason)
@@igora50 Agreed, pay of the credit card with your emergency fund. Worst case, you just have to load the card back up if an emergency happens and you break even. Best case, you replenish the fund without ever needing it, and avoid paying all the interest and come out ahead. Can't really lose by paying off the credit card.
The point of an emergency fund is to avoid credit card debt so… yes pay off the cards
If it were me I would figure out how much $ I need for deductibles (see money guy resources for what that means - usually about $1k) and pay off as much credit card debt as possible with the rest. Reasoning is: at 20% interest that debt is killer so get rid of it as soon as possible .
Does anyone here think having your privacy violated on your cellphone or being stalked by others is a wealth based strategy? I don't but the perspective of another is always welcomed.
So .. for the 4 person family (2 adults 2 kids), since both adults would carry a card, that puts the family debt at (6500 x 2) $13k .. at one point in my journey I was well (4:1) above average .. not the award I want to win .. FOO works .. do this
What is today’s livestream topic?
I need a hug and two more jobs
My first two jobs hardly put me on schedule
Should I try for a google certificate?
Go Dawgs, fellow dawgs
I want to get to finacial freedom stage.
side hustle culture is toxic. people on social media loves to fantasize side hustles as being easy extra income. It takes up your time with family and friends, it takes a toll on your health, it's a burden. so before taking on a side hustle, m,ake sure you know what you're getting into. It's not all that easy nor great. You're better off saving and living below your means and investing slowly.
It depends on the side hustle
Do both
Work full time on your career part time on your fortune
Agreed. I'd much rather work 40 hour weeks and save and invest what I can earn in those 40 hours. I can retire at 60 without killing myself before getting there.
@@ds5651 Name one side hustle that pays over $20/hour with easy access to do the work and work more hours. Nothing wrong making less than $20/hour but for hours worked in a week above 40 they need to be paid at a premium (like time and a half), not *less* than a day job.
A level of wealth is if you loose your job. You don't need to go into panic mode.
True. I think that's the 3-6 mos of savings step im FoO
What amazes me is how weirdly scane people are with savings... And hear me out on this.
If inflation is 10%+ like it has been, then spending money that would be earning less than 10% interest literally can and should be spent. Why save at a 5% rate, or invest to get a 5% dividend, or literally save for an under 1% rate, when the same product would cost 10% more in a year? Spending is the better option.
Going a step further, even taking out a 6% loan compared to buying an item with a 10% inflation often makes good rational sense.
As long as you have savings, you can cut your savings rate to nothing and spend instead and it technically isn't a problem.
Of course the issue here is that people don't have that savings to begin with, so cutting their savings rate to take on more debt to buy things sooner is super bad.
The other big problem is that people are looking at the overall inflation rate of 7%+ now, but a lot of individual categories are deflating rather than inflating in price. Food, durable goods, cars, etc are all dropping in price right now in a huge way, so waiting on a purchase even with no benefit, puts you ahead compared to a 5-20% price drop (or more if looking at the used car market).
Investing money now is so incredibly huge! Markets are down, prices on most things are high and likely to lower. Any purchase you can delay on in order to put into the market last year and this year will pay off HUGE! Not only are things likely to decrease in price over the next year or two, but we could be seeing a nice 20%+ return on stocks this year. So if you are saving up for a $10k used car, you could turn that into $12k while the price of the car drops to $8k. Either a much cheaper car, or much better car. And that kind of purchase power is epic! Or simply don't buy the car, and keep that all invested for the long term.
Im still expecting another leg down in the markets, but we are near the end of the bottoming. Gotta load the spring and watch it launch this year!
What if your best friend or neighbor listened to your podcast?
A credit card for emergencies 😐…just make a bigger emergency fund…6 months of expenses and you won’t need a credit card for emergencies.
may want to be careful talking about a pyramid 😂
Having watched them for years now, the content is very very repetitive and is kinda boring. Other channels are offering in depth financial advices. No wonder the subscribers aren't increasing at a rapid pace. Never the less, helpful for people watching for the first time.
: )
Did you guys wear the same thing lmao??
National Championship colors - Go Dawgs 🙌
🇺🇸🇺🇸🇺🇸
Boring
I’m broke as a joke, any tips?
Track your spending, budget, get professional certifications/apply for better jobs, keep the same car for 10 years.
@@Alan-jk1yi Thanks bro. I will respond in this comment thread when I’m a millionaire
Budget is huge. It helps you to face the spending habits that are hurting your goals. 10 dollars here and 10 dollars there will burn through the checking account more than we recognize. Alan is right, find ways to increase your income, its an obvious one, but you have to be intentional about it. And lastly just start investing, even if it's just 1% of income. Start with company 401k if there is a match. Once you see the balance start to build, it helps motivate.
Make more money
I hate the 25% rate the recommended. I recommended saving as much as humanly possible. I am at around 50% of my income after taxes right now and ever single raise or promotion I get 100% goes into my retirement. My wife and I make about 150,000 combined and we are trying put at a minimum of 50k a year but shooting for even higher. We max both our roth 401ks and roth IRAs and will continue to increase our retirement savings as we get raises. I never even plan to retire. I will continue to max out my accounts well into my 60s, 70s, 80s, 90s, and even 100 if I am still alive. 88 times over for every dollar invested sound good but 4000 times over sounds even better. With my strategy I could very well be a billionaire in my lifetime.
Had us in the first half. Not gonna lie.
@@TylerRayHamblin had what. Its all true. you do realize how they come up with 1 Doller turnings into 88 dollars. Now just add an additional 4 years of compound interest to that and you come up with 1 turning into just over 4000,
@@tidus9942 Oh, my bad. I thought you were joking. Enjoy being a Billionaire but 100!