Hey @humphrey I just wanted to ask you when paying for the credit card debt do you have to pay the bare minimum or rather the full credit card debt on time. This is a great vid as always thanks
Hey @Humphrey Yang I just found your video by chance and found it very informative and helpful I feel that its exactly what I'm looking especially 4:30-4:40 Of your video. Now I've always been good at saving money but i now feel that i could be saving even more if i just found the right plan for myself as they say "Out of sight out of mind" and I was wondering if you have any other apps you could recommend for just that.
@@yia01 ; For a Roth IRA ; if you have had the account for over 5 years; you can withdraw your money tax free; but you can not withdraw any dividends or gains that have accumulated on your account for the all the years you have had it. But withdrawing just the money 💰 you put into your Roth IRA is free and there isn’t a 10% Penalty for that !!!
Diversification is the secret to optimal performance. This is why I have my interests set on market sectors based on performance and projected growth, such as the EV sector, renewable energy, Tech, and Health. Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation
Viviana Marisa Coelho is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets.
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am 60 years old, recently retired, and have approximately $1,250,000 in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "Helene Claire Johnson" is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
This is useful information; I copied her full name and pasted it into my browser; her website popped up immediately and her qualifications are excellent; thanks for sharing.
Automating my finances has been one of the biggest keys in helping me not only stay out of debt but save money without even thinking about it. This video is super valuable... great work Humphrey!
At 40, I wish I could go back to when I was 18. I would have never quit pursuing video production, wouldn’t have gone to college and taken on debt, and I would have done a RUclips channel in the hey day. And I would have done the things in this video. I would have gotten married. Yeah I would have done a million things differently. But you can’t go back. No you can’t go back. You can only move forward. In my cas It is hard to do but the best thing to do is pick up the broken pieces and make the most of them.
The only advice I can give you is you can still do all that you want no matter how old you are. Only YOU hold yourself back from achieving whatever you want. The world is yours for the taking.. so go ahead and take it
These are solid suggestions! After reading The Secret Doctrine of Wealth, I started focusing more on investing in things that actually grow my money, rather than just saving.
I have 35% of my capital investments in an IRA, 25% in index funds, and the balance spread across other investment accts totaling over $250k. I took a big hit in Q2, 2023. Right now i am just looking for ways to recover in 2024 and pay off my mortgage before another economic crisis rolls around.
There are a lot of strategies to make tongue-wetting profit especially in this down market, but such sophisticated trades can only be carried out by proper market experts
I agree with you. I started out with investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash. I invested the money using an analyst, and in seven months, I raked in almost $673,000
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
In Australia, Superannuation is a compulsory payment made by employers. Salaries are usually referred to as a yearly amount + super, which currently is 10.5%. IE. if you have a salary of 50K, the total package of your salary is 55,250. You can then make additional contributions to your super which has certain tax advantages.
My priorities is a little different 1. Necessities. Rent, food, healthcare...things to live. 2. Safety net, 3 months of expenses 3. As much towards debts as I can (Not just minimum payment) 4. HSA 5. 401K and any other investments
I completely agree, The first $100k was the toughest, and I didn't really start seriously investing until I was 30 back in 1998. Today, I'm 55 and have a decent $3.2M nest egg, thanks to the careful supervision of my CFP. After learning all of this, my only regret is not starting earlier when I was 25. It may not seem like much but those extra 5 years are the most important.
Every week I buy more of whatever is the lowest percentage of my portfolio and try to keep everything around 10%. Please what could be my safest buys with $400k to outperform the market in 2024?
I'd avoid the index funds, mutual funds, or specific stocks for the time being. The 5% fixed incomes are the safest bet for now. Save your cash for when the market actually shows sign of recovery.
That's really great. I've tried doing some research myself to hire a financial advisor, but it's really overwhelming. Could you recommend who you work with please?
I love your videos so much! The way you talk about personal finance, budgeting, investing, etc. is very inclusive. Some people in the youtube finance space are so out of touch with the average person.
I love your videos. Unfortunately, it's been a while since I visited I am experiencing one of the most challenging phases of my life... Lost a fortune investing in emerging companies... Hopeful, for a turnaround.
@p.kmccain6297 Not far from the truth I regret... Any idea how I can reach Gary Joe Wilde? I love the testimonies I have seen about him by Chris, Brian, and some other youngsters on cnbc makeit... He seems not to own a video channel here.
Love this video. My dad gave me similar advice. Great advice. It's scary that 64% of people can't manage money or know how to save it. Let's hope people will apply the advice you give them from this video. It takes a lot of discipline and dedication to do this.
@@CleverCheetahThey don't get it. People working hard every day, and living in their cars trying to raise a child. Some areas of the country building secure parking lots for those people working 40 hours a week and having to live in their cars. And people want to say they are "living beyond their means".
I could have used this 20, 30, 40 years ago... No one ever talked to me about money. I've only been saving for retirement the past 5 years. Just turned 60. Have such a long way to go with Step 5 paying off debt, and Step 3 building an emergency fund. Steps 1, 2, 4, and 6 are covered. Step 7 is in La La Land for me. I won't worry about that until 3 and 5 are taken care of.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
57, I'll have to work until I'm physically or mentally incapable to--no regrets! I'm in the happiest place my life has ever been within my memory. I've become the best version of myself I have ever been. The pain and suffering that awaits most as they age only serves to amplify the joy of reflection on the good times. Live in the moment!
Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. Hence what are the best stocks to buy now or put on a watchlist? I’ve been trying to grow my portfolio of $260K for sometime now, my major challenge is not knowing the best entry and exit strategies... I would greatly appreciate any suggestions.
@@LycorisThe Historical growth doesn't guarantee future growth. American stocks have been strong because the US have taken risks that could've turned out disastrous, but didn't. However, it's a fine investment because of low costs
I didn’t truly understand how little most people track their finances until I started working in payroll. 99% of the time payroll runs as planned. But employees need to be checking their paystubs to make sure it’s correct. I’ve had people come up to me MONTHS after they last time they received a paycheck. Yes, we still fix that and catch them up on paychecks. But how can you go the better part of a year without noticing you aren’t getting paid?!
I check my pay stubs before I even get paid for the day. I have caught my self not being paid one time and another time I got double paid. They still haven't fixed my double pay so I have 2 paychecks worth of money that am not touching because they were supposed to do a reversal but they haven't done it yet and it's almost 2 months.
I love your videos so much! The way you talk about personal finance, budgeting, investing, etc. is very inclusive. Some people in the youtube finance space are so out of touch with the average person.
For my student loans I been combining both avalanche and snow ball method. I payed my high interest private loans first, took me about half a year of big commitment as it had a very high interest rate, and now with the remainder of my loans since they are much smaller and have very low interest rate I am paying off the smaller ones first just to reduce monthly payments as much as possible this allowing me to save more efficiently and not feel burdened.
Actually, there are at least three methods to pay off debt: avalanche, snowball, velocity banking. The third option is amazing for those without a serious spending problem who want to fast-track high-interest debt payoff.
Great video ! One bit of advice, you gotta give yourself something. An example would be $100 a week as spending money. If you don’t do this you’ll lose your mind
I always recommend that people have 3 separate bank accounts one for payments, a second for food, and a third for personal use that way you know where the money is going and it is a lot easier to track your expenses I personally have 4 and the fourth is for clothes and shopping in specific stores because I get bonuses using that card in those stores
The point i think he was trying to make was that maybe you can make even more money yourself, if you have the mind for it....investing it in ways that make a lot more than the $3000 your employer will give you....real estate for example or other businesses. But that's a low percentage of people making those types of decisions which is why he said most people should just go with the 401k.
A decade back I had a job that had something similar to a 401K. Looking at the numbers now where I allocated 70% to high risk (never mind the past year being off), I wish I had invested more from my paycheck so that my job would match even more. I like the overall growth that I am seeing years later.
Definitely always get at least the match…it’s free money. After that, you can crunch numbers to decide if you think you can beat the returns doing something else to grow the $$.
It's pretty simple anno 2023. Just have your bank set up in such a way (most banks have apps in which you can do this) that, say. 10% is sent to your personal savings after your monthly salary comes in, another 10% into your emergency fund and for example, a part into the joint checking account between you and your partner. That way, groceries, nights out etc. are paid from the joint account, you're both saving, and the money you have left in your own account is yours to do whatever you please. That's how we set it up and it works - savings are building up over time and it's done before you even see that you have new money in your account.
Decent solid advice, but I was taught be careful w/ CC payments so that you can pay the 100% of the sum. The moment you don't, the company has you on the interest. Gotta keep that up.
I love listening to everything these legends talk about!!! The volume of practical experience of decades they have one can't find in books or anywhere else!!! I already own shares of Tattooed Chefs and Kairos Minerals, and I'll buy some Corsair as well. Sure, I don't mind having these equities sit around for a few years, but I'd also like to appreciate short-term profitable investments that could, say, turn $100K into $500K.
@@lisaollie4594 I agree; I'm in my 30s and I don't plan to own equities for at least five years. If you need advice on short-term investments, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
@thelastunicorn1987 I've worked with a few different financial advisors, but I ultimately chose KAITLIN ROSE STERNBERG because she seems to be very thorough and knowledgeable about the financial market. I made $480K in my first six months with her, more than I ever did when I invested on my own using RUclips.
I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement of about $750k. I want to know: Do I keep contributing to my portfolio in these unstable markets, or do I look into alternative sectors?
Yes true, I have been in touch with a financial advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
I realize that it can be a wise way to keep investing during times of volatility to build wealth. I've heard testimonies from people who have accumulated over $80,000 during this red period. What measures can I take to ensure this?
You're right! The current market may offer opportunities to maximize profits, but to achieve such growth in your portfolio you need to be an experienced trader/investor.
Very true, I started investing before the pandemic and that same year I pulled a profit of about $200k with no prior investing experience, basically all I was doing was seeking guidance from a financial advisėr, you can be passively involved with the aid of a professional.
@@IAMBETTERTHANYYOU This is really nice. I worry that I have a couple more years before retirement, and I want to switch to using a financial advisor, I could really use the expertise of this advisor
I started out with a Financial Adviser called "Jill Marie Carroll". Her honest approach gives me complete ownership and control of my position, and her rates are incredibly affordable given my ROI. However, do your due diligence before contacting a financial advisor.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
Yes true, I have been in touch with a financial advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
There are a lot of independent advisors you might look into. But i work with Nicole Desiree Simon , and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her
I just checked her up online, and I must admit that she has an extremely outstanding experience in investment. Thanks for sharing. I'm going to send her an email right away
Putting well-earned money into the stock market can’t be over emphasized for first - time investors, unlike a bank where interest is sure thing! Well, basically times are uncertain, the market is out of control, and banks are gradually failing. I am working on a ballpark estimate of $5M for retirement, and I have a good 6-figure loaded up for this, could there be any opportunity for a boomer like me? I'm nearly 60.
Sincerely, unless you're a cunning person yourself, it's better to seek advice at this time. We're in a severe recession, and people are running out of money, as I can attest from my experience as an eBay reseller of all product categories and a business owner in the service sector.
Very true, people downplay advisors role, until burnt by their mistakes. I remember just after my layoff early 2020 amidst covid outbreak, I needed to stay afloat, hence researched for license advisors. Thankfully, I came across someone of practical knowledge, and decades of experience, my stagnant reserve of $325K has yielded nearly $1m after subsequent investments so far.
My advisor is Vivian Carol Gioia a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
BRUH im glad i found your page by far most direct oinvesting and finance ive seen for the average person you keep it dumbed down enough for anyone to watch i feel like i am watching a live action of investing for dummies i really appreciate your videos i gotta binge watch know THANK YOU
I started stacking to SAVE wealth. I've always been the type of person to spend my entire paycheck. I hate having money just sit in the bank. I am under pressure to grow my reserve of $950k. before I turn 60, I would appreciate any advice on potential investments
@DanLeahfort Yes true, I have been in touch with a financial advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k
There are a lot of independent advisors you might look into. But i work with *Heather Ann Christensen* , and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her
In Malaysia, we have EPF/ KWSP which is named as Employee Provident Fund. It is mandatory auto deduct from our salary 11% and employer match up another 12-13%. We can't take out the money untill we are 55/60 Y/O or in some circumstances. In my POV this is a great programme where the citizen are kind of secured in future after retiring. Btw the annual dividend percentage is higher than keeping in any other bank in Malaysia as in fixed deposit manners.
I'm 26 and never really watched finance videos before. I thought I was behind the ball, and after watching this video I have actually done all this prior, Soni think I was thaught well by my dad when I was younger lol
Sorry for bumping…..but Are you interested on how to really achieve financial freedom I’m just saying because I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence she helped a lot to grow my reserve notwithstanding inflation, from $275k to approx $850k
To enhance our long-term investment mix, my partner and I are introducing a range of stocks and ETFs. We've committed $220k initially, with a particular emphasis on inflation-protected bonds and businesses demonstrating robust cash flows. I see potential for enduring growth in the current market, yet I'm also keen to explore strategies for generating short-term gains.
Having an advisor is the smartest approach in today's market, especially for those nearing retirement. I personally gained over $270K during this market downturn, which highlighted that there's valuable insight the average individual may not be aware of.
I'm being guided by “Leila Simoes Pinto’’ who is widely recognized for her competence and expertise in the financial market. She has a thorough understanding of portfolio diversification and is regarded as an authority in this field.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
For the last 20+ years I have used first Microsoft Money and now Quicken to budget my money at least 90 days out. I find that covers pretty much any cyclical purchase and gives me a good idea of how much I will have saved over the next 3 months.
Maybe I missed it since I'm listening to this as I work, but It seems like a key detail was missed when he mentions the snowball method @9:17. The snowball method of paying off debt requires you to apply the payment of any accounts you pay off to the next highest account, that is the snowball (think a snowball rolling downhill collecting more snow as it rolls). Let's see if i can explain this well - let's say you have 3 debts 1) $250 2) $1000 3) $5000 and your corresponding minimum payments are 1) $25/mo 2) $75/mo 3) $200/mo, so every month you are paying $300. With the snowball method you pay off the principle on the $250 debt first however you choose - it could be by just paying it off normally, or temporarially increasing your monthly payment to pay it off faster, or deciding to pay the whole thing off lump-sum since $250 isn't that much. Now that debt is paid off so you take the $25/mo you were spending on it and apply that monthly payment to the $1000 debt. Now instead of paying the minimum $75/mo you're paying $100/mo and chipping away at that principle faster and decreasing the amount of time you spend paying it off and the amount of interest it accrues for the life of the loan. Then once debt #2 is paid off you take the $100/mo and apply it to the $200/mo payment so you're paying off debt #3 faster. The whole time you're still paying $300/mo but you're reallocating the payments as you go to pay off the principle on larger loans faster. I personally like the snowball method but it works best if you take on debt out of convienence rather than necessity. My personal example is last year I paid off my car and student loans but my AC also broke. I had the money to replace the AC outright but I took a finance deal that gave me 0% interest for 12 months because it's less devastating to my finances for me to take the money I was spending on the car and student loan and do principle only payments on the AC over the course of the year. Since i don't want to cross that 12 month interest-free mark my final payment is going to be a little over $4k, but over the course of this year that money will be earning 4.15% APY just sitting in my savings account so I'll make a few hundred bucks by just hanging on to the money for a little while.
Something to think about for people in the USA using a subsidy from the healthcare marketplace. If you are considering adding a "side hustle" that reports and files taxes, not like walking your neighbours dog or something... you have to go in and notify the marketplace and either start paying more on your health insurance or choose a less valuable insurance option. Otherwise you will probably end up owing taxes at the end of the year. I was burned in the past.
If you have a roth 401K and it had an employer match, then yes, you are literally throwing away tax-free money if you don’t use it. Short of those, you have a liquidity risk along with standard market risk for not much more return compared to a standard brokerage account.
Point 1, where he speaks on missing a credit card payment, I have heard of requesting a credit report offset or update request you can make with the reporting agency.
I didn't become financially independent until I was in my mid 40s, in addition to owning a second house making money on a monthly basis through passive income, and I've also met some of my goals. I really hope this motivates someone to know that it doesn't matter if you don't have any of these things yet; no matter your age, you can start today. Investing can help you change your future! By participating in the financial market, I took a significant decision.
When you say you didn’t become financially independent until your mid 40s you make it sound like it took you a longer time than most. I think you becoming financially independent by your mid 40s is something to be very proud of yourself for, that’s a great achievement to make at such a young age. Way to go!
I just started to seriously save in October 2023. It’s now June 2024 and I make it a habit to save 22% of my biweekly pay into my HYSA (from $0 to $9.1K) and I’ve maxed out my retirement contributions for years. I’ve also borrowed from my retirement to remodel my kitchen and deck. The loan was for 5 years but I paid it off in 3 because the rate of the loan was only 0.6250%! Oh, and no credit card debt. 😁
Humphrey, I want to teach my 10 and 6 year olds financial literacy starting early. Would you be open to having some videos on that? I’m sure there are a lot of parents who would really appreciate that.
I live in the UK. I started from 0 when i was 20. Im 27 now, and I want to start investing properly. I appreciate your videos a lot. Hopefully, I will set up an ISA or something soon!
It is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY. The fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income i was able to make over $750k with just an investment of 120k you could try less
I didn’t realize just how damn good my 403b employer match is until you said most employers match 3% on 401k. Mine matches 200% on my 403b (public higher ed)
Sorry for bumping…..but Are you interested on how to really achieve financial freedom I’m just saying because I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence she helped a lot to grow my reserve notwithstanding inflation, from $275k to approx $850k
I had problem comprehending trading in general. I tried watching other YT trading channels, but they made the concepts more complicated. I was almost giving up until when I discovered your channel. I love the way you break down the content and explain everything in detail. The videos are easy to follow
I looked up Rodriguez Elias using her full name and found her web-page, read through her resume, educational background, qualifications and it was really impressive. She is a fiduciary who will act in my best interest. So, I sent a message and hopefully she responds soon.
Investors should exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields
Its interesting to hear how pension is arranged in America. In the Netherlands my pension is payed by my employer it takes a part of my salary and then matches it 1 to 1 and puts that in a savings account what I won’t be able to access it until I am 71 lol. So I would like to safe money next to that.
71?? How many people actually live that long? In my country people are itching to access their pension by age 55, and every year the government increases the retirement age 😂
7/11/24....WRONG! PAY OFF CAR LOAN ASAP JUST TO HAVE IT COMPLETELY PAID OFF SO YOU CAN SAVE THAT CAR PMT OR APPLY THAT MON CAR PMT TO PAY OFF ANOTHER BILL....
Do you need to max out your work 401k contributions before opening a Roth IRA? I ask because I'm military, so my TSP contributions max out at 22500 (I think) a year. I contribute 18%, which is well above what the military will match. Should I work towards hitting that 22500/year first or go ahead an open a Roth IRA?
I have funds in tax free vanguard (cheap global index funds) one for car, house loan downpayment (faster), one for home repairs (roof etc), one for freedom (FIRE), And one for emergencies. From my income to these every month. No need for loaning for car or roof repairs. I am my own bank.
I have been in your shoes in the past i was scared i was going to loose more till i lost everything then my fears became reality Don’t let that happen to you
It is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY. The fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income i was able to make over $750k with just an investment of 120k you could try less
Just recently started following your channel and I have to say you have really helped me with managing my money, making it work for me and not the other way around. Kept on hesitating when I should start investing but this channel rly inspired me to actually take that leap so thank you!
Definitely get an emergency fund first. Imagine if your car breaks down and you need $1000 in repairs.. if you have an emergency fund then you can pay it off.. otherwise you may need to take a loan from credit cards or banks and possibly be paying 27% interest on it.
What a clear, concise explanation of a complicated topic! I enjoyed your straightforward style so much, I couldn’t wait to like and subscribe to the channel! Keep up the great work - these videos will help a lot of people with their financial planning!
Hey, when it comes to saving in an emergency account where do you put it?, in the bank or somewhere else, because it will deplet if you leave it in your bank account?
Well I suggest you seek a financial guidance someone who can help you carry out your trades perfectly to avoid loss because the losses in this game could make one depressed
I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence she helped a lot to grow my reserve notwithstanding inflation, from $275k to approx $850k
The best advice of the year so far-you've covered so much ground. The best step toward financial freedom is saving a day off of work. I am really eager to begin investing.
Im 22 years old. Ive been working part time since i was 16 and i dont have a penny saved. I lived paycheck to paycheck. I just got my first big boy job and I want to do it right. I know i have issues with spending so i want to make separate accounts and really make my budget super organized.
Sorry for bumping…..but Are you interested on how to really achieve financial freedom I’m just saying because I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence she helped a lot to grow my reserve notwithstanding inflation, from $275k to approx $850k
I had a nightmare only last night that I missed a payment (first ever miss in my 12 years of having credit score access) and I woke up SO fast to check my accounts 😅 Then this video is in my recommended this morning!
It is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY. The fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income i was able to make over $750k with just an investment of 120k you could try less
If I live in America, and have a job, do I automatically have a 401k that’s contributing to my retirement or is that something I need to open myself? Is money automatically going to a retirement fund from my paychecks if I have 0 claims, no withdrawals? Thanks!
You need to enroll in your employer sponsored 401k plan. Once you enroll and figure out how much of each paycheck you want deferred into your 401k, you need to choose the type of investment. If you're a novice investor, target funds are a great option. Your plan sponsor will be able to clearly and concisely explain this all further.
Well I suggest you seek a financial guidance someone who can help you carry out your trades perfectly to avoid loss because the losses in this game could make one depressed
I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence she helped a lot to grow my reserve notwithstanding inflation, from $275k to approx $850k
Sorry for bumping…..but Are you interested on how to really achieve financial freedom I’m just saying because I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence she helped a lot to grow my reserve notwithstanding inflation, from $275k to approx $850k
Necessities need to go first, debt second. This appears to be in order of priorities, but I strongly disagree with debt first, food, water, utilities and shelter second.
It is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY. The fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income i was able to make over $750k with just an investment of 120k you could try less
@@RheaJohnmark My financial health is also very good. I’m speaking to the people who are in a predicament and can’t prioritize eating over paying off debt. Always take care of yourself and your family first.
Curious as to why you made Step 1 paying off debts, when most financial advisors would suggest you take acre of your 4 Walls first? Please explain your reasoning.
I find it a bit hard to find some breathing room in finances when it comes to a balance of saving, paying off debt, investing and also having some fun money or extra money for things like home repairs. Not saying I need to buy all the things all the time but even something like a fun training class with myself and my dog is hard to scrape up when I'm "supposed to" do all these other things. And there is also a balance of making more money, but side hustles also equal more working hours. I just get burnt out. So as much as this advice can be useful, what is your advice for allowing breathing room in your finances and schedule to make life right now something to be enjoyed. I don't always want to grind so I can plausibly relax in my old age.
This is great advice. Dave Ramsey gives solid advice as well. He caters more to the average person when it comes to building wealth. His 7 baby steps to financial freedom are pretty straightforward.
![Felix "Unfair" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/Oswujxm2Ag0/mqdefault.jpg)
What is up guys!! Hope you enjoy this video. Make sure you're subscribed! Getting close to 1M :)
Hey @humphrey I just wanted to ask you when paying for the credit card debt do you have to pay the bare minimum or rather the full credit card debt on time. This is a great vid as always thanks
dont roth take a 10% penalty when withdraw early?
@@yia01 Yea that's exactly what I was thinking when I read that
Hey @Humphrey Yang I just found your video by chance and found it very informative and helpful I feel that its exactly what I'm looking especially 4:30-4:40 Of your video. Now I've always been good at saving money but i now feel that i could be saving even more if i just found the right plan for myself as they say "Out of sight out of mind" and I was wondering if you have any other apps you could recommend for just that.
@@yia01 ; For a Roth IRA ; if you have had the account for over 5 years; you can withdraw your money tax free; but you can not withdraw any dividends or gains that have accumulated on your account for the all the years you have had it. But withdrawing just the money 💰 you put into your Roth IRA is free and there isn’t a 10% Penalty for that !!!
Diversification is the secret to optimal performance. This is why I have my interests set on market sectors based on performance and projected growth, such as the EV sector, renewable energy, Tech, and Health. Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation
Viviana Marisa Coelho is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets.
Thanks a lot for the recommendation. I'll send her an email and I hope I'm able to connect with her.
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am 60 years old, recently retired, and have approximately $1,250,000 in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
That's impressive! I could really use the expertise of this advsors. how can i get to your advisor
Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "Helene Claire Johnson" is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
This is useful information; I copied her full name and pasted it into my browser; her website popped up immediately and her qualifications are excellent; thanks for sharing.
Automating my finances has been one of the biggest keys in helping me not only stay out of debt but save money without even thinking about it. This video is super valuable... great work Humphrey!
Do you use an app or anything to automate your finances?
Can you outline how you achieved this ? Are you sending percentages of your paycheck to an HYSA?
I wish I had started automating savings earlier in life. Such a great tool!
@@isaacibbotson4632
U can just log into your bank account and allocate your finances automatically
At 40, I wish I could go back to when I was 18. I would have never quit pursuing video production, wouldn’t have gone to college and taken on debt, and I would have done a RUclips channel in the hey day. And I would have done the things in this video. I would have gotten married. Yeah I would have done a million things differently. But you can’t go back. No you can’t go back. You can only move forward. In my cas It is hard to do but the best thing to do is pick up the broken pieces and make the most of them.
I mean, you can still get married.
The only advice I can give you is you can still do all that you want no matter how old you are. Only YOU hold yourself back from achieving whatever you want. The world is yours for the taking.. so go ahead and take it
Stop feeling sorry for yourself and start doing the things you want.
Yeah, it might feel like you missed your shot. You didn’t. You’re not dead yet.
Well, start it all now! Cmon guy, it’s only “too late” when you’re on your deathbed. Start! Start now!
At 40, you still got at least 40 good years left (hopefully)
These are solid suggestions! After reading The Secret Doctrine of Wealth, I started focusing more on investing in things that actually grow my money, rather than just saving.
great recommendation bro
I have 35% of my capital investments in an IRA, 25% in index funds, and the balance spread across other investment accts totaling over $250k. I took a big hit in Q2, 2023. Right now i am just looking for ways to recover in 2024 and pay off my mortgage before another economic crisis rolls around.
There are a lot of strategies to make tongue-wetting profit especially in this down market, but such sophisticated trades can only be carried out by proper market experts
I agree with you. I started out with investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash. I invested the money using an analyst, and in seven months, I raked in almost $673,000
I find your situation fascinating. Would you be willing to suggest a trusted advisor you've worked with?
Her name is “ Sonya Lee Mitchell” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
In Australia, Superannuation is a compulsory payment made by employers. Salaries are usually referred to as a yearly amount + super, which currently is 10.5%. IE. if you have a salary of 50K, the total package of your salary is 55,250. You can then make additional contributions to your super which has certain tax advantages.
The majority of income is generally Super inclusive. So approx. 45k plus super of 4.5k
Great production value 👌 love the flowchart
Much appreciated!
This is fantastic, it’s helpful to show a step-by-step plan of what to do with your money each payday. The flow chart is brilliant!
My priorities is a little different
1. Necessities. Rent, food, healthcare...things to live.
2. Safety net, 3 months of expenses
3. As much towards debts as I can (Not just minimum payment)
4. HSA
5. 401K and any other investments
I completely agree, The first $100k was the toughest, and I didn't really start seriously investing until I was 30 back in 1998. Today, I'm 55 and have a decent $3.2M
nest egg, thanks to the careful supervision of my CFP.
After learning all of this, my only regret is not starting earlier when I was 25. It may not seem like much but those extra 5 years are the most important.
Stop the 🧢
Every week I buy more of whatever is the lowest percentage of my portfolio and try to keep everything around 10%. Please what could be my safest buys with $400k to outperform the market in 2024?
I'd avoid the index funds, mutual funds, or specific stocks for the time being. The 5% fixed incomes are the safest bet for now. Save your cash for when the market actually shows sign of recovery.
That's really great. I've tried doing some research myself to hire a financial advisor, but it's really overwhelming. Could you recommend who you work with please?
I searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
I love your videos so much! The way you talk about personal finance, budgeting, investing, etc. is very inclusive. Some people in the youtube finance space are so out of touch with the average person.
I love your videos. Unfortunately, it's been a while since I visited I am experiencing one of the most challenging phases of my life... Lost a fortune investing in emerging companies... Hopeful, for a turnaround.
@p.kmccain6297 Not far from the truth I regret... Any idea how I can reach Gary Joe Wilde? I love the testimonies I have seen about him by Chris, Brian, and some other youngsters on cnbc makeit... He seems not to own a video channel here.
Love this video. My dad gave me similar advice. Great advice. It's scary that 64% of people can't manage money or know how to save it. Let's hope people will apply the advice you give them from this video. It takes a lot of discipline and dedication to do this.
Thanks for sharing!!
64% can't manage money, and 90% live beyond their means...
Its not that they cant manage or know how to save it its the fact that most dont make enough to save anything at all…
@@CleverCheetah spoken by someone who sounds like they're living beyond their means...
@@CleverCheetahThey don't get it. People working hard every day, and living in their cars trying to raise a child. Some areas of the country building secure parking lots for those people working 40 hours a week and having to live in their cars. And people want to say they are "living beyond their means".
I could have used this 20, 30, 40 years ago... No one ever talked to me about money.
I've only been saving for retirement the past 5 years. Just turned 60. Have such a long way to go with Step 5 paying off debt, and Step 3 building an emergency fund. Steps 1, 2, 4, and 6 are covered. Step 7 is in La La Land for me. I won't worry about that until 3 and 5 are taken care of.
You got this! 💪
What is an emergency fund exactly?
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
@Christina-Gisela That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@Christina-Gisela I will give this a look, thanks a bunch for sharing.
Bots
57, I'll have to work until I'm physically or mentally incapable to--no regrets! I'm in the happiest place my life has ever been within my memory. I've become the best version of myself I have ever been. The pain and suffering that awaits most as they age only serves to amplify the joy of reflection on the good times. Live in the moment!
In Australia Superannuation is compulsory/automatically paid out at a rate of 10.5% (slowly being increased to 12%). Great system!
New Zealand has compulsory superannuation as well, the Employer contributes 2% and we contribute between 2% and 10% (we can choose)
Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. Hence what are the best stocks to buy now or put on a watchlist? I’ve been trying to grow my portfolio of $260K for sometime now, my major challenge is not knowing the best entry and exit strategies... I would greatly appreciate any suggestions.
The best is an index fund... Unless you don't have a job, good luck beating the market
S&P is historically strong and growing.
@@LycorisThe Historical growth doesn't guarantee future growth. American stocks have been strong because the US have taken risks that could've turned out disastrous, but didn't. However, it's a fine investment because of low costs
@@dragan176It's still almost guaranteed cuz the US will wage wars against other countries just to save their own companies as always.
I didn’t truly understand how little most people track their finances until I started working in payroll. 99% of the time payroll runs as planned. But employees need to be checking their paystubs to make sure it’s correct. I’ve had people come up to me MONTHS after they last time they received a paycheck. Yes, we still fix that and catch them up on paychecks. But how can you go the better part of a year without noticing you aren’t getting paid?!
I check my pay stubs before I even get paid for the day. I have caught my self not being paid one time and another time I got double paid.
They still haven't fixed my double pay so I have 2 paychecks worth of money that am not touching because they were supposed to do a reversal but they haven't done it yet and it's almost 2 months.
I don’t think you know what the actual issues people have with saving money are lol
Avoidance. It’s fear essentially
My job stop time at 88 hr but the other hours in other an don’t put the number lol like did u put all my hours.
I love your videos so much! The way you talk about personal finance, budgeting, investing, etc. is very inclusive. Some people in the youtube finance space are so out of touch with the average person.
For my student loans I been combining both avalanche and snow ball method. I payed my high interest private loans first, took me about half a year of big commitment as it had a very high interest rate, and now with the remainder of my loans since they are much smaller and have very low interest rate I am paying off the smaller ones first just to reduce monthly payments as much as possible this allowing me to save more efficiently and not feel burdened.
I like that you translate financial terms considering all continents.
Actually, there are at least three methods to pay off debt: avalanche, snowball, velocity banking. The third option is amazing for those without a serious spending problem who want to fast-track high-interest debt payoff.
Great video ! One bit of advice, you gotta give yourself something. An example would be $100 a week as spending money. If you don’t do this you’ll lose your mind
I always recommend that people have 3 separate bank accounts one for payments, a second for food, and a third for personal use that way you know where the money is going and it is a lot easier to track your expenses I personally have 4 and the fourth is for clothes and shopping in specific stores because I get bonuses using that card in those stores
not investing in a 401k might be a bad decision if your employer is matching. then you're leaving free money on the table. great video Humphrey!
The point i think he was trying to make was that maybe you can make even more money yourself, if you have the mind for it....investing it in ways that make a lot more than the $3000 your employer will give you....real estate for example or other businesses. But that's a low percentage of people making those types of decisions which is why he said most people should just go with the 401k.
A decade back I had a job that had something similar to a 401K. Looking at the numbers now where I allocated 70% to high risk (never mind the past year being off), I wish I had invested more from my paycheck so that my job would match even more. I like the overall growth that I am seeing years later.
Definitely always get at least the match…it’s free money. After that, you can crunch numbers to decide if you think you can beat the returns doing something else to grow the $$.
It's pretty simple anno 2023. Just have your bank set up in such a way (most banks have apps in which you can do this) that, say. 10% is sent to your personal savings after your monthly salary comes in, another 10% into your emergency fund and for example, a part into the joint checking account between you and your partner. That way, groceries, nights out etc. are paid from the joint account, you're both saving, and the money you have left in your own account is yours to do whatever you please. That's how we set it up and it works - savings are building up over time and it's done before you even see that you have new money in your account.
Thanks, Dave!!
Decent solid advice, but I was taught be careful w/ CC payments so that you can pay the 100% of the sum. The moment you don't, the company has you on the interest. Gotta keep that up.
I love listening to everything these legends talk about!!! The volume of practical experience of decades they have one can't find in books or anywhere else!!! I already own shares of Tattooed Chefs and Kairos Minerals, and I'll buy some Corsair as well. Sure, I don't mind having these equities sit around for a few years, but I'd also like to appreciate short-term profitable investments that could, say, turn $100K into $500K.
You’ll have to stay ahead by doing your research and intensive analysis.
@@lisaollie4594 I agree; I'm in my 30s and I don't plan to own equities for at least five years. If you need advice on short-term investments, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
@thelastunicorn1987 I've worked with a few different financial advisors, but I ultimately chose KAITLIN ROSE STERNBERG because she seems to be very thorough and knowledgeable about the financial market. I made $480K in my first six months with her, more than I ever did when I invested on my own using RUclips.
I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement of about $750k. I want to know: Do I keep contributing to my portfolio in these unstable markets, or do I look into alternative sectors?
Yes true, I have been in touch with a financial advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
@@billclinton-f8n This is the interaction all RUclips comments should be.
I keep all of the coins I get in a wooden treasure chest. This has helped me survive when I was unable to work for 9 months.
I realize that it can be a wise way to keep investing during times of volatility to build wealth. I've heard testimonies from people who have accumulated over $80,000 during this red period. What measures can I take to ensure this?
You're right! The current market may offer opportunities to maximize profits, but to achieve such growth in your portfolio you need to be an experienced trader/investor.
Very true, I started investing before the pandemic and that same year I pulled a profit of about $200k with no prior investing experience, basically all I was doing was seeking guidance from a financial advisėr, you can be passively involved with the aid of a professional.
@@IAMBETTERTHANYYOU This is really nice. I worry that I have a couple more years before retirement, and I want to switch to using a financial advisor, I could really use the expertise of this advisor
I started out with a Financial Adviser called "Jill Marie Carroll". Her honest approach gives me complete ownership and control of my position, and her rates are incredibly affordable given my ROI. However, do your due diligence before contacting a financial advisor.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
Taking early notes from Warren as to the importance of sound asset diversification and risk management It can’t be overstated.
Well the bigger the risk, the bigger the reward and such impeccable decisions are better guided by professionals
Yes true, I have been in touch with a financial advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
There are a lot of independent advisors you might look into. But i work with Nicole Desiree Simon , and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her
I just checked her up online, and I must admit that she has an extremely outstanding experience in investment. Thanks for sharing. I'm going to send her an email right away
Putting well-earned money into the stock market can’t be over emphasized for first - time investors, unlike a bank where interest is sure thing! Well, basically times are uncertain, the market is out of control, and banks are gradually failing. I am working on a ballpark estimate of $5M for retirement, and I have a good 6-figure loaded up for this, could there be any opportunity for a boomer like me? I'm nearly 60.
Sincerely, unless you're a cunning person yourself, it's better to seek advice at this time. We're in a severe recession, and people are running out of money, as I can attest from my experience as an eBay reseller of all product categories and a business owner in the service sector.
Very true, people downplay advisors role, until burnt by their mistakes. I remember just after my layoff early 2020 amidst covid outbreak, I needed to stay afloat, hence researched for license advisors. Thankfully, I came across someone of practical knowledge, and decades of experience, my stagnant reserve of $325K has yielded nearly $1m after subsequent investments so far.
Could you kindly elaborate on the advisor's background and qualifications?
My advisor is Vivian Carol Gioia a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
BRUH im glad i found your page by far most direct oinvesting and finance ive seen for the average person you keep it dumbed down enough for anyone to watch i feel like i am watching a live action of investing for dummies i really appreciate your videos i gotta binge watch know THANK YOU
Belive it or not im watching from costa rica. Great video, thanks
I started stacking to SAVE wealth. I've always been the type of person to spend my entire paycheck. I hate having money just sit in the bank. I am under pressure to grow my reserve of $950k. before I turn 60, I would appreciate any advice on potential investments
@DanLeahfort Yes true, I have been in touch with a financial advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k
There are a lot of independent advisors you might look into. But i work with *Heather Ann Christensen* , and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her
The way you explain is phenomenal. Much needed. Thank you!
28 yr old I’m so glad I’m watching this video walking into my 30s it’s still time 🙏🏿💪🏾
In Malaysia, we have EPF/ KWSP which is named as Employee Provident Fund. It is mandatory auto deduct from our salary 11% and employer match up another 12-13%. We can't take out the money untill we are 55/60 Y/O or in some circumstances. In my POV this is a great programme where the citizen are kind of secured in future after retiring. Btw the annual dividend percentage is higher than keeping in any other bank in Malaysia as in fixed deposit manners.
love this video! helps me a lot and opens my eyes! love the channel and can;t wait to watch the next one!
I'm 26 and never really watched finance videos before. I thought I was behind the ball, and after watching this video I have actually done all this prior, Soni think I was thaught well by my dad when I was younger lol
Lol I guess you’re talking on the aspect of saving money right?
Sorry for bumping…..but Are you interested on how to really achieve financial freedom I’m just saying because I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence she helped a lot to grow my reserve notwithstanding inflation, from $275k to approx $850k
You could actually try lesser investment packages
Better to swap 1 and 2. You should always take care of necessities first before paying anything else. Food, shelter, transportation, utilities.
do you know what compound interest is?
To enhance our long-term investment mix, my partner and I are introducing a range of stocks and ETFs. We've committed $220k initially, with a particular emphasis on inflation-protected bonds and businesses demonstrating robust cash flows. I see potential for enduring growth in the current market, yet I'm also keen to explore strategies for generating short-term gains.
While the current market offers short-term profit potential, it's crucial to note that executing such a strategy requires expertise and skill
Having an advisor is the smartest approach in today's market, especially for those nearing retirement. I personally gained over $270K during this market downturn, which highlighted that there's valuable insight the average individual may not be aware of.
@@yeslahykcim impressive gains! how can I get your advisor please, if you dont mind me asking? I could really use a help as of now
I'm being guided by “Leila Simoes Pinto’’ who is widely recognized for her competence and expertise in the financial market. She has a thorough understanding of portfolio diversification and is regarded as an authority in this field.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
For the last 20+ years I have used first Microsoft Money and now Quicken to budget my money at least 90 days out. I find that covers pretty much any cyclical purchase and gives me a good idea of how much I will have saved over the next 3 months.
Maybe I missed it since I'm listening to this as I work, but It seems like a key detail was missed when he mentions the snowball method @9:17. The snowball method of paying off debt requires you to apply the payment of any accounts you pay off to the next highest account, that is the snowball (think a snowball rolling downhill collecting more snow as it rolls). Let's see if i can explain this well - let's say you have 3 debts 1) $250 2) $1000 3) $5000 and your corresponding minimum payments are 1) $25/mo 2) $75/mo 3) $200/mo, so every month you are paying $300. With the snowball method you pay off the principle on the $250 debt first however you choose - it could be by just paying it off normally, or temporarially increasing your monthly payment to pay it off faster, or deciding to pay the whole thing off lump-sum since $250 isn't that much. Now that debt is paid off so you take the $25/mo you were spending on it and apply that monthly payment to the $1000 debt. Now instead of paying the minimum $75/mo you're paying $100/mo and chipping away at that principle faster and decreasing the amount of time you spend paying it off and the amount of interest it accrues for the life of the loan. Then once debt #2 is paid off you take the $100/mo and apply it to the $200/mo payment so you're paying off debt #3 faster. The whole time you're still paying $300/mo but you're reallocating the payments as you go to pay off the principle on larger loans faster.
I personally like the snowball method but it works best if you take on debt out of convienence rather than necessity. My personal example is last year I paid off my car and student loans but my AC also broke. I had the money to replace the AC outright but I took a finance deal that gave me 0% interest for 12 months because it's less devastating to my finances for me to take the money I was spending on the car and student loan and do principle only payments on the AC over the course of the year. Since i don't want to cross that 12 month interest-free mark my final payment is going to be a little over $4k, but over the course of this year that money will be earning 4.15% APY just sitting in my savings account so I'll make a few hundred bucks by just hanging on to the money for a little while.
Something to think about for people in the USA using a subsidy from the healthcare marketplace. If you are considering adding a "side hustle" that reports and files taxes, not like walking your neighbours dog or something... you have to go in and notify the marketplace and either start paying more on your health insurance or choose a less valuable insurance option. Otherwise you will probably end up owing taxes at the end of the year. I was burned in the past.
If you have a roth 401K and it had an employer match, then yes, you are literally throwing away tax-free money if you don’t use it. Short of those, you have a liquidity risk along with standard market risk for not much more return compared to a standard brokerage account.
Point 1, where he speaks on missing a credit card payment, I have heard of requesting a credit report offset or update request you can make with the reporting agency.
UFB, an online only bank, is currently paying 4.81% on savings accounts.
I didn't become financially independent until I was in my mid 40s, in addition to owning a second house making money on a monthly basis through passive income, and I've also met some of my goals. I really hope this motivates someone to know that it doesn't matter if you don't have any of these things yet; no matter your age, you can start today. Investing can help you change your future! By participating in the financial market, I took a significant decision.
Yeah, strategic investments are critical for financial freedom and newbies always make the mistake of picking the wrong assets when investing
When you say you didn’t become financially independent until your mid 40s you make it sound like it took you a longer time than most. I think you becoming financially independent by your mid 40s is something to be very proud of yourself for, that’s a great achievement to make at such a young age. Way to go!
I just started to seriously save in October 2023. It’s now June 2024 and I make it a habit to save 22% of my biweekly pay into my HYSA (from $0 to $9.1K) and I’ve maxed out my retirement contributions for years. I’ve also borrowed from my retirement to remodel my kitchen and deck. The loan was for 5 years but I paid it off in 3 because the rate of the loan was only 0.6250%! Oh, and no credit card debt. 😁
Humphrey, I want to teach my 10 and 6 year olds financial literacy starting early. Would you be open to having some videos on that? I’m sure there are a lot of parents who would really appreciate that.
I live in the UK. I started from 0 when i was 20. Im 27 now, and I want to start investing properly. I appreciate your videos a lot. Hopefully, I will set up an ISA or something soon!
Well if you had started younger by now you would be in control of wealth
It is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY.
The fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income i was able to make over $750k with just an investment of 120k you could try less
About paying tax before or after in the Roth IRA - isnt it better to pay after to make the taxed portion grow exponentially along with the rest?
CIT Bank high yield savings is 4.5% or 4.75% right now! FDIC Insured too!
thank you!!
I didn’t realize just how damn good my 403b employer match is until you said most employers match 3% on 401k. Mine matches 200% on my 403b (public higher ed)
In Australia our employees are legally required pay into our Superannuation so that's really helpful.
Sorry for bumping…..but Are you interested on how to really achieve financial freedom I’m just saying because I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence she helped a lot to grow my reserve notwithstanding inflation, from $275k to approx $850k
You could try way more less
I'm learning so much from you. Thank you!!!! 🎉
At 18 y.o. I started an IRA, contributed at least the minimum employee match to a 401K, and did the needs vs wants. I retired at 59 y.o.
I had problem comprehending trading in general. I tried watching other YT trading channels, but they made the concepts more complicated. I was almost giving up until when I discovered your channel. I love the way you break down the content and explain everything in detail. The videos are easy to follow
Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?
I looked up Rodriguez Elias using her full name and found her web-page, read through her resume, educational background, qualifications and it was really impressive. She is a fiduciary who will act in my best interest. So, I sent a message and hopefully she responds soon.
Investors should exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields
I love the visual flowchart and colour code charts helps me understand the Maths. THANK YOU times a million 😘xoxo
Its interesting to hear how pension is arranged in America. In the Netherlands my pension is payed by my employer it takes a part of my salary and then matches it 1 to 1 and puts that in a savings account what I won’t be able to access it until I am 71 lol. So I would like to safe money next to that.
It's similar in Australia, except our pension or "superannuation" as we call it starts at 60.
71?? How many people actually live that long? In my country people are itching to access their pension by age 55, and every year the government increases the retirement age 😂
@@narriepyw it’s pretty common to become that age. My father is 83 and his sister is 90..
Thank you for your video. It's easy to understand.
CDs are good too. You can get one for three months and watch it grow like a plant.
I have two CDs great investment!
Wealthfront has 4.3% interest and they are fdic insured
thank you!! theyre great too!
@@humphrey you should help me start my emergency fund please.
My car payment was $325 at 4.88 % I paid it off in 3 years instead of 5 years
If your interest rate is lower than about 7%, you'd be better off investing the extra payments into index funds.
7/11/24....WRONG! PAY OFF CAR LOAN ASAP JUST TO HAVE IT COMPLETELY PAID OFF SO YOU CAN SAVE THAT CAR PMT OR APPLY THAT MON CAR PMT TO PAY OFF ANOTHER BILL....
@@eileeneclark9011wrong!
@@eileeneclark9011 WRONG!
This such a good refresher. Thank you!!!
Do you need to max out your work 401k contributions before opening a Roth IRA? I ask because I'm military, so my TSP contributions max out at 22500 (I think) a year. I contribute 18%, which is well above what the military will match. Should I work towards hitting that 22500/year first or go ahead an open a Roth IRA?
Appreciate you. Thanks for the info
I have funds in tax free vanguard (cheap global index funds) one for car, house loan downpayment (faster), one for home repairs (roof etc), one for freedom (FIRE), And one for emergencies. From my income to these every month. No need for loaning for car or roof repairs. I am my own bank.
The taxes that you have to pay on a 401k can be to high.Thats why i moved to a roth IRA.The 50/30/20 rule work for me as well.
What platform can you recommend for investment ?
Well explain, Excellente presentation, good education.
I’m under pressure to grow my reserve that currently holds about $500k. I’m down by 20% already following the crash and i fear i could lose more.
I have been in your shoes in the past i was scared i was going to loose more till i lost everything then my fears became reality
Don’t let that happen to you
It is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY.
The fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income i was able to make over $750k with just an investment of 120k you could try less
Just recently started following your channel and I have to say you have really helped me with managing my money, making it work for me and not the other way around. Kept on hesitating when I should start investing but this channel rly inspired me to actually take that leap so thank you!
Hell ya Krish!
Can you only open a 401k if it is sponsored by your employer?
I have a important question. Would you want to put money towards a emergency fund first or put it towards paying off debt first?
Definitely get an emergency fund first. Imagine if your car breaks down and you need $1000 in repairs.. if you have an emergency fund then you can pay it off.. otherwise you may need to take a loan from credit cards or banks and possibly be paying 27% interest on it.
What a clear, concise explanation of a complicated topic! I enjoyed your straightforward style so much, I couldn’t wait to like and subscribe to the channel! Keep up the great work - these videos will help a lot of people with their financial planning!
7 places my money needs to go. Rent, electric, phone, groceries, internet so the kids can do homework. Oh shit, all out of money.
Hey, when it comes to saving in an emergency account where do you put it?, in the bank or somewhere else, because it will deplet if you leave it in your bank account?
Well I suggest you seek a financial guidance someone who can help you carry out your trades perfectly to avoid loss because the losses in this game could make one depressed
I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence she helped a lot to grow my reserve notwithstanding inflation, from $275k to approx $850k
So you could contact to try less
I dont know who needs to hear this saving for a better investment is a great step to financial freedom you're saving a day off work
The best advice of the year so far-you've covered so much ground. The best step toward financial freedom is saving a day off of work. I am really eager to begin investing.
@@bashirauwal5825Yes, it has helped my overall income; I earn roughly 2k each week from my investment portfolio
Wow that's awesome I'm really excited about this how do I get started
There's a lot of investing options real estate, cr ypto, ETFs, s tocks but my best advice get a professional lead you into profitable one
@@albertcharles4415 Ok how do I get one of these professionals to guide me through the process can you recommend one ?
Im 22 years old. Ive been working part time since i was 16 and i dont have a penny saved. I lived paycheck to paycheck. I just got my first big boy job and I want to do it right. I know i have issues with spending so i want to make separate accounts and really make my budget super organized.
That’s wise been honest to yourself is the greatest thing on earth
Sorry for bumping…..but Are you interested on how to really achieve financial freedom I’m just saying because I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence she helped a lot to grow my reserve notwithstanding inflation, from $275k to approx $850k
So you could try way more less
I had a nightmare only last night that I missed a payment (first ever miss in my 12 years of having credit score access) and I woke up SO fast to check my accounts 😅 Then this video is in my recommended this morning!
It is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY.
The fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income i was able to make over $750k with just an investment of 120k you could try less
avg s&p return is 10.55 tho? 7:45
If I live in America, and have a job, do I automatically have a 401k that’s contributing to my retirement or is that something I need to open myself? Is money automatically going to a retirement fund from my paychecks if I have 0 claims, no withdrawals? Thanks!
You need to enroll in your employer sponsored 401k plan. Once you enroll and figure out how much of each paycheck you want deferred into your 401k, you need to choose the type of investment. If you're a novice investor, target funds are a great option. Your plan sponsor will be able to clearly and concisely explain this all further.
What do you think of Sofi now? They seem to be having trouble. Thanks
Just got my pay, and watched this. I wish there is a version of this based on the Philippine economy setting.
Well I suggest you seek a financial guidance someone who can help you carry out your trades perfectly to avoid loss because the losses in this game could make one depressed
I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence she helped a lot to grow my reserve notwithstanding inflation, from $275k to approx $850k
So you could contact to try less
Minimum payments with a little bit extra, like $10, to eat off of the principal.
Good vid. I like it👍🏻
if you use a roth ira you can borrow from it without taking a penalty fee
Sorry for bumping…..but Are you interested on how to really achieve financial freedom I’m just saying because I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence she helped a lot to grow my reserve notwithstanding inflation, from $275k to approx $850k
So you could try way more less
I put my money towards my Mortage, Principal. The sooner i pay off my house the sooner i give myself a pay raise.
nice Aldo
Absolutely Aldo
Necessities need to go first, debt second. This appears to be in order of priorities, but I strongly disagree with debt first, food, water, utilities and shelter second.
All right
It is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY.
The fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income i was able to make over $750k with just an investment of 120k you could try less
@@RheaJohnmark My financial health is also very good. I’m speaking to the people who are in a predicament and can’t prioritize eating over paying off debt. Always take care of yourself and your family first.
literally set up my SoFi before finishing this video. THANKS
Curious as to why you made Step 1 paying off debts, when most financial advisors would suggest you take acre of your 4 Walls first? Please explain your reasoning.
He said make the minimum payments on all your debts.
I find it a bit hard to find some breathing room in finances when it comes to a balance of saving, paying off debt, investing and also having some fun money or extra money for things like home repairs. Not saying I need to buy all the things all the time but even something like a fun training class with myself and my dog is hard to scrape up when I'm "supposed to" do all these other things. And there is also a balance of making more money, but side hustles also equal more working hours. I just get burnt out. So as much as this advice can be useful, what is your advice for allowing breathing room in your finances and schedule to make life right now something to be enjoyed. I don't always want to grind so I can plausibly relax in my old age.
This is great advice. Dave Ramsey gives solid advice as well. He caters more to the average person when it comes to building wealth. His 7 baby steps to financial freedom are pretty straightforward.
have a budget for the fun things. either specific fun things, like the training class, or general like "anything goes".