-After wife's medical and taxes, we have a guaranteed 5-6 k a month take home in retirement (before savings, 401k and social security). 4k of that is coming in now at 54 (while we both still work good-great paying jobs), but the rest of it right when I retire at 59. -We'll be at 150k in savings and 140k in 401k when I turn 59. -My social security is currently showing I'd get 2k a month at 65 and roughly 2.3k by 67. -My medical is 100% free for life. -Based on all that, where should a person in his late 50s be in regards to savings, or rather, how much do you think I'll need?
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
That's quite remarkable! I'm genuinely interested in benefiting from the guidance of such experienced advisors, especially considering the current state of my struggling portfolio. May I know the name of the advisor who has been assisting you in navigating these financial challenges?
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
This is so relatable and true lol. I remembered how tough it was before I hit the $100k mark 37. I am 56 today with over $2.8 million in my retirement nest fund alone, didnt take me any stress to get there. Maybe its because my CFP is reliable, but point is, it was way easier from there.
I'm headed in the same direction, and it's not that difficult. Perhaps too complicated for beginners, but that's why it's best to consult an experienced market strategist.
Agreed. I deal with an investment advisor for this reason. I currently have over $800k invested in a diversified portfolio that has grown exponentially and is suitable for all market seasons. Our current project for this year is a more concrete ballpark target.
She goes by ‘Melissa Jean Taligdan’. I choose to delegate my excesses to her because of her great expertise. I suggest you look her up. To be honest, almost didn't buy the idea of letting someone handle growing my finances, but so glad I did!!!
Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.
I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
@@timelston4260 In my opinion they aren't that good. They use speech patterns that sound stupid and they don't use words right. They make series of statements in a strange way. Also, someone definitely wrote it, the botting just applies to the posting of the comments, not the writing.
I do wonder if reporting them really does anything? I’ll sometimes do it, but I assume getting the accounts themselves banned is meaningless. I just hope RUclips is training some kind of system to better detect scams in the comments. It shouldn’t be the job of RUclipsrs themselves to delete scam comments from their channels
I am impressed with your update on tech stocks, I am looking for tax efficient way to rebalance my 7-figure dividend portfolio without triggering capital gain tax. what asset location strategies should i use?
The best strategy depends on your financial situation, account types, tax bracket, and investment goals. Consult an advisor or tax professional to tailor these strategies for maximum tax efficiency.
I’m currently working towards financial freedom with a focus on dividends & growth investing. Since 2014, I’ve built a portfolio made up of 30% NVDA, 25% SCHD and over 40% in digital and alternative assets, thanks to my CFA. This strategy has helped me earn $56,000 a year in dividends. Back in 2014, I only earned $21 in dividends.
I'm cautious about giving specific recommendations since this is an online forum and everyone situation is unique, but I've worked with Melissa Elise Robinson for years and highly recommend her. Look her up to see if she meets your criteria
I am holding a cash position right now, of about 300k. I know a dip is supposed to be the buying opportunity, so whats the best stocks to dive into, in this recession?
from studies, 90% of the time in an election year, the stock market stays positive for quite a long time. 2024 is no exemption, but it is better to be guided, ideally by a well experienced and licensed advisor
Agreed, having a professional can be smart move sometimes. I remember amid covid-19 crash, I really was having investing nightmare prior touching base with an advisor and as of today, I've accrued nearly $1m from a shaky $400k portfolio. No gimmicks!
Agreed, having a professional can be smart move sometimes. I remember amid covid-19 crash, I really was having investing nightmare prior touching base with an advisor and as of today, I've accrued nearly $1m from a shaky $400k portfolio. No gimmicks!
The Market have been suffering over the past month, with all the three indexes recording losses in recent weeks. My $400,000 portfolio is down by approximately 20%, any recommendations to scale up my returns before retirement will be highly appreciated.
Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.If you're new to investing or don't have much time, it's best to get advice from an expert.
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.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Svetlana Sarkisian Chowdhury is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
I'm 19 and have saved ~$18,000 so far. I just started investing into a Roth IRA and brokerage account this year and the past few days have been binge watching your videos as well as others to learn as much I can about all this. I've pulled a couple all nighters doing so lol. Thanks for the work you put in man.
Fyi, I had about the same amount at your age. Now I'm early 30's, even after paying for a wedding and honeymoon (not cheap) I have around 100k. AFTER paying for a super expensive event and vacation. Totally worth it and the reward you'll reap similarly so.
With the economic difficulties the nation is currently facing in 2024, what plans can we put in place to support our income while we adjust to this time period? I'm determined not to see my $500K in savings disappear, especially after all the effort I've put into building them up.
Well the bigger the risk, the bigger the reward and such impeccable decisions are better guided by professionals, but you need to be a skilled practitioner to carry out such successful transactions.
Indeed, that's accurate. I've been in contact with a financial advisor who manages the entry and exit strategies for my portfolio, which started with an initial reserve of $80K and has since grown to around $550K.
That is just amazing. I've attempted to employ a financial advisor by doing some research on my own, but it's somewhat daunting. Would you kindly refer the people you work with?
Amber Michelle Smith has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
I must admit that she seems to be extremely knowledgeable, so thank you for sharing. I looked through her resume after seeing her website, and it was rather remarkable.
I was financially reckless in my 20s-30s, no savings, high credit card debt, cashing-out 401K (twice). Now I'm debt-free (I don't have a mortgage), 820s credit score, good returns on investment, increasing salary every year. I'm a little behind based on your net worth calculations, but I'm confident I'll catch up (with your advises on do's & don'ts) by the time of retirement.
On great track Age 31 300k in investments 40k cash 180k in equity About 1.7x saved up annual salary. Projecting to be a millionaire by 37 and liquid millionaire non-real estate by 39.
Amazing! I’m 29, wife 24: We’re 400k investments $12k cash (focusing on increasing this and paying off all debt, but mortgage) $90k equity in our home NW roughly 520k and we should be new worth millionaires combined in roughly 4-5 years
I'm far behind, I left the work force in my mid twenties to care for family and am only returning now in my 40s while also physically impaired. Still, I don't feel everything is lost.. any progress made at this point is a step better than where I started. Suppose I should add that my husband and I are still negative worth due to student loans. We would be even without those.
You can only do what is possible, starting where you are. If you focus on getting rid of those student loan so you are at ground 0, then you can start the push to planning for your future. If you keep your standard of living as low as possible to still be comfortable, that should help a lot. Don't let it creep up as your income rises. Good luck.
Maybe you should pray OBiden gives you a break Or maybe you shouldn’t have followed the crowd and went to college Probably would be way better off Maybe $150,000 year trade job No debt And a pension with 401(k) match lol Good for you listening to the people in high school
45 yr old. My wife and I are at 1.4 million spread across retirement and a brokerage account. 1.75 net work with property. We aggressively paid off our debts early in our marriage and we saved about 20% of our income. Once you get over 100k it starts to compound at a noticeable rate until you starts to say Wow!
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
If your portfolio has underperformed since the pandemic, it is not the economy's fault. It's your investment choices. $1 invested in the S&P500 in late 2019 would be worth more then $1.70 today.
52 years old, $1.8 million 401k, a couple hundred thousand spread across various other things. $500k-ish mortgage but maybe $1.2 million in equity. An auto loan. My wife has her own 401k, investments, and pension. A couple kids to put through college. Considering retiring outside the USA somewhere where we'll essentially never need to worry about money.
Nice work. I'm on a similar trajectory. I'm 46, 1.5m in retirement accounts and cash, 700 in equity. I hope to quit working a regular job around your age and run some kind of creative business for myself on my own schedule after that. Let's hope the market holds up!
I'm 42 and currently have $315K in 401K & $51K in HSA. Wife has $77K IRA. $170K in Stocks Account. I'm hoping to reach $1M by the age 50. All index funds full risk on. We Max out contributions every year. Credit score over 800.
I've kept much of my savings in cash for safety, but I'm unsure if it's right for retirement. Contemplating investing $400K in stocks, as I've heard investors can profit in tough times. Unsure about my next move.
It's impressive how much you saved during your working years, a feat not many achieve in a lifetime. Now that you're retired and rely on your investments, it's wise to redistribute your capital to mitigate risks during market fluctuations. Consulting a financial advisor can help simplify this process.
Yeah, I’m also closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.
So far, I have saved over $9000. I'm 34 right now, and don't have a career yet. But I'm working two jobs and have a side job at the moment right now. So I don't think I'm doing too bad in my life. Like I live with two roommates, have a good credit score at 752, have my own car, and haven't owed anything so far. I'm doing pretty good. By the way, like that Vegeta reference?
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Louise O'Brien.
46. Salary is $150/yr. Net worth is $800k. Retirement is $500k. I recently decreased my retirement contributions to 15% to focus on paying off the mortgage and building my brokerage account.
You can use the rule of 55 (retire at 55yo and access yiur 401) if you think you’ll retire with your current company. Imo, that’s less stress than doing investments in a taxable brokerage.
Could also do a partial Roth IRA contribution - what you put in, you can withdraw (after 5years of first Roth) 2024 can do partial Roth contribution if single and make between $146,000 and 161,000 (higher if married filing jointly)
I know as you're from US, you do everything based off that. However I wanted to thank you for always adding some data that could work for other countries in other currency/wage by having that target of X times salary.
Now let’s breakdown what composes net worth. Most people probably have the majority of their net worth tied up in home equity and therefore little savings by proportion.
I had 10,000 saved last year and was so proud (33 years old) and I lost my job and the savings got spent in 6 months. My net worth is -6000 in credit card debt.
That could have been -$16,000. And you really should have picked up side give Uber/food delivery. It’s not much. But do it while you aren’t job hunting. And puts some money in your pocket. Probably won’t have $6k in debt.
I'm sorry for your troubles, that's really hard. I'm glad you had that cushion and it did what it was supposed to do, but I hope things bounce back for you soon
Hey Humphrey, I am 50 and have a 21 and 18 year old. I am well above your metrics for my age for retirement, but I think your analysis is ideal for my kids. This is a great tutorial for them. Keep up the great work!
We are late 50’s, 2.5M net worth, our home will be paid off by 62, and plan to retire @ 65. Anticipate net worth will be 3.5M by retirement age. Our current investment rate is 35% of gross income. I know these numbers sound good to most people, but the closer we get to retirement, the more concerned we are about making wise financial choices. We were late bloomers with regard to investing. I wish we would have started younger.
31yo, $375k (all investments, $17k of which is the emergency fund invested in money market), $100-500 cash in the bank at any given time (keeps me thinking frugally..."i only have just enough to pay bills this month"). $0 assets, $0 liabilities
You're killing it. And I do the same 'forced scarcity' games. I suck everything out of my paycheck with auto deposit to various investments accounts and what hits my checking is just enough to cover bills and a bit of fun money. It certainly feels like living paycheck to paycheck. And if somebody just saw my checking account, they would assume I hardly make anything.
Yeah me too! I do the same thing, feels like I’m broke all the time, meanwhile savings, travel sink fund, extra mortgage payments and investments are heavy. Sucks having to think twice about going out to eat as seldom as we do.
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Elizabeth Wesley.
She is my family's personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
I really liked the inclusion of milestones other than how much money to have by X. I'm 28 with a net worth of $22k and an income of $50k, so I'm technically way behind, and hearing that I need to more than double my investments to be "on track for retirement" is discouraging. But I'm also completely debt free, and my income has gone up 26% in the last year and 60% since I started working full time at 25. Which is the other messy part of being in my 20s-- I don't have a full decade of earning and have to start from the bottom.
I’m 47, current net worth around $2.6M give or take $100k. Real estate makes up the majority of my assets generating around $100k passive income. I consider myself semi-retired still working as a realtor but cutting down on the amount of transactions to have more free time. Key for me was to always live within my means and consistently reinvest money into assets to generate more income.
I'm 47 and did not start saving and investing until 35. I managed to put aside 13% a month into my 403b and 10% into my brokerage acct. Luckily my work also has a pension that I pay 10% into as well. My main discipline was living beneath my means. I drive a used 2011 car I can work on. Cook at home frequently and try not to keep up with the Joneses. My net worth at the moment is 320k. You can do it, it just takes sacrafice and hard work.
I’m similar to this. I started late around 36, I’m 37, and just barely have $25k. But I’m putting in $670/week to try and hit $100k when I turn 40, I could do more. But paying $800/month for half of childcare and the wife likes to eat out often.
I'm 42 with about 5X mine and my wife's annual salary in liquid retirement funds. Our total net worth is just above the average and way past the median for the 40s age group so I hope we're on track to retire in our mid 50s depending on the market. Our only debt is our mortgage with 12 years remaining. Both of our cars and student loans are paid off and our mortgage is dirt cheap since I bought the house at 27.
53 here. Net worth is about $1.8 million. $1.3 million of that is in retirement and non qualified brokerage accounts. The retirement mix is between traditional IRA, 401k, and Roth. The other $500k is in equity between my two homes. I know there's been lots of discussion around having no mortgage in retirement. I can't ignore the fact I have a 2.874% 30 years fixed on my primary home and 3.25% 30 years fixed on my vacation/second home. That's dirt cheap money. I'm going with the plan of pouring the money I would have directed towards mortgage pay off into my investments. Taking advantage of both the interest tax write offs and the value of time/compounding. I'm also taking advantage of the $6500 catch up clause so I'm putting away currently $30,500 a year into my 401k and starting early with the $6500 being directed into the Roth component of my 401k. No debt other than my mortgages.
I'm 46, married, with one kid. I did not really start making money until 14 years ago due to the field I'm in. Keeping track of my net worth is more like a daily exercise, and we are currently at $2.5M, with the current home being $400k of that amount. The plan is to FIRE around 55, if I find something worthwhile doing other than my field of expertise.
But if you retire at 55, you wouldn't be working at all. Nothing against trading your career for some work you actual enjoy much more, but that isn't actually retiring.
38 y/o, 170k in retirement accounts, 325k in brokerage and a 40k emergency fund. Own house, no debt, about 1M net worth. Retirement value is a bit low as I never focused on it until now. I'm now maxing 401k/IRA/HSA and putting about 1.5k into the brokerage account each month. I just wish I started investing earlier as most of what I saved is literally from dumping all my cash into my checking account over the past 20 years.
24F. 25k in my IRAs, 3k in my 401k that I started this year, 5k in my brokerage with Acorns, and 5k in my transactional accounts. My spouse and I share a joint emergency savings account at 11k and a house down payment fund of 2k. I’m trying to pay off my car this year and that should be my only consumer debt!
Live in the EU. Age: 33 Saved in bank account: €22.000,- Invested in physical gold (2 KG): €140.000,- Initial investment in this: €98.000,- Invested in Crypto: €7.200,- Initial investment in this: €10.000,- Student loan: €20.000,- Interest rate: 1,73% Paying this off each month (€180,-)
26 years old, net worth of ~175k. Definitely fortunate with turning 6 years of college into nearly 6 figures just 2 years into the workforce, and I’m extremely frugal. Net worth would be over 200k if not for wanting the nicer cars earlier in life but current car was bought in cash and only debt is 4500 in student loans at low interest (paying minimums because the rate is much lower than even my high yield savings). I feel fortunate to be where I am but also feel like I have miles upon miles to go so not letting up any time soon.
Me and my wife plan on retiring by 40. We're using a mix of small cap value, large cap growth, and large cap value through SCHD, SCHG, and AVUV. When we get closer to retirement , we transition to an income approach with ETF's like SCHD and VYM with some individual REIT's as well as buying the rest of my service credit in my state pension which will provide cheap health insurance and a paycheck. We enjoy our jobs but I don't understand why some people plan to spend their entire lives working. At 65 you won't be able to enjoy retirement the way a 40 year old will.
265k across Index funds, 401k's, Roth IRA's, and stocks. 35k emergency fund and 7k checking. Also, about 180k home equity according to current home market valuation. I'm 31 and my wife is 29. We are hoping to be millionaires by age 40!
Acknowledging that I got extremely lucky with regards to health and timing of the few stock market bull runs, but really love the reassurance that I'm worth more than the average 60s while being in my 30s. 😁 Having zero debt, and putting as much money as I comfortably can while buying the things that make me happy to keep me motivated to work is the secret yall.
Well, given this info, to the average American your best bet seems to be not having kids, renting and driving a beater your entire life, not carrying any debt and then finding a very tall bridge when you turn 65.
At age 36 with net worth of 280, 200,000 in investments. I feel like I’m behind all the time. No debt other than mortgage, investing 14% with 3% match, little expendable income with no debt other than 6.4% mortgage. I look forward to the next 5 years of wage increases. I think a financial planning meeting would help with the anxiety
I am 55 and married. Total net worth including 401k over 30x base salary. Zero debt since early 40s. Out of control inflation and outrageous cost of health insurance had pushed us to retire abroad. After realizing the premium of Medicare Plan B and other options for the ones with passive income after retirement, I gave up. In my mid 40s, I tend to pay cash for everything. Instead of driving flashy German luxury cars, we drove Toyotas and Hondas. Limit vacation to once a year. Dine out once to twice a week. I found a tool estimating my social security if I continue to work after the age of 50. If you had maximum SS withholding for more than 20 to 25 years, continue to work till 65 won’t increase your monthly Full retirement benefit much. Your annual SS withholding simply goes into the pool. Why do I want to share my hard earned money with others？ Last but not least, I am doubtful if SS is able to pay out 100% at the time of full retirement age.
Age 32, married 3 kids under 3 Wife and I make 145k/yr. Have 6 years/139k left on mortgage. Combined we have 125k in 401k, $190k in taxable brokerage, $15k in Roth. Pension kicks in at age 65. Staying disciplined, keeping a high savings percentage and watching nest egg grow. Hoping to F.I.R.E. myself early
I think for a lot of people, not having kids or a home is the only way to make retirement possible. I'm in the camp where I could have either-or but not both.
26 years old, $60k net worth, $30k in retirement account, $10k emergency fund, remainder in brokerage account and estimated value of my truck (depreciating asset)
If that retirement account is in an S&P500 index, it should grow to over $500,000 in 30 years if the S&P returns 10% in average. Add a $1000 a month and it will be over $2.5 million. Keep contributing and NO MARKET TIMING!!!
Just turned 35. Net worth around 150k. No debt except mortgage. These numbers would be more attainable if we have full payout social security at retirement but it'll probably by 75%. Frustrating after paying so much of my gross income and getting not even what I lost back. Thanks US government
i just turned 23 years old and i have $60k in a high yield savings account and $30k in a 401K. however i am looking to diversify a bit more. around 40% of my paycheck goes into the 401K with company match. i'm able to do this as i'm living at my parents' home and have a pretty long commute, but it's been worth it so far. also very thankful to not have any student loans, so so thankful
I'm 31, quit my career to go to school at 30. Will graduate when I'm 34 and aiming to have £30k by graduation. A bit behind, but my previous career was poorly paid. I've got a plan though and should be able to comfortably catch up, even without accounting for greater earning potential once I'm finished university. I used to get nervous thinking about it but with a long term plan it doesn't freak me out any more. Just have to keep eyes on the prize and always be sure to balance enjoying life in the moment while also planning for the future. :)
I started buying bitcoins in 2018 started w 3000 dollars and have been buying each time it dips now I’m in my 40s it has grown to a million dollars I guess I’m ahead of the curve
29, 88k. Projected to be just over 100k on my 30th birthday. I started my journey very late. I didn’t start saving until I was 26. Currently investing $2,800 per month. Projected to increase to $4k per month shortly. That will eventually go back down when my wife and I buy a house but for now that is not possible so I am stashing.
26 here and I’m in debt paying it off before I can start even saving. An injury put me in debt and a year behind saving. I only had living expenses for 3 months when I was out of work for a year while my disability was denied. Life is crazy but it’s still good.
Humphrey, great video as always! I think it would help if he started the video by describing what counts as net worth. It would help some of us who are new to your channel.
Greetings from Czech republic.I Like your videos and would like to share experience from other side of the world. Im 42 , having master degree in agriculture engineering and working last 17 years in renewable energy. Have a wife and two small kids,dog and 5 hens :-)… I do not know if you calculate in your net worth also the house you live in but in my case that house would be $700.000. Then i have some other property worth $300.000 to rent ( making me $1000/month ) i have aslo invested $500.000 in agriculture land, $60.000 in financial investment ( world wide ETF ), $10.000 in BTC and $5.000 in gold. I still have $80.000 mortgage but as it is fixed for next 8 years with 2.3% i am happy to keep it :-).Keep saving and investing my money since i was like 20. And I guess at that time there wasn’t even youtube existing and was quite difficult to find some information how to treat your money. Specially difficult in post communists country.
I'm 50 and have investments of 700k. My paid off home is 350k. I'm single and have two young adult kids with autism so I know they will need support longer than normal. I'm also disabled but can work for now. I'll continue working until at least 55, likely 60. I started saving after getting disabled at 21 and little by little it added up.
@@christams8863 part of it is circumstances. I don't want people to think it was easy. My partner died so almost half the investments is from his pension. No way could I have saved that much on my own
We are 29, we have a net worth of about $165k, with a hidden gem of land that we could probably get an additional $200k profit for. I don’t count this yet, I only count what we paid for it to be very conservative. Our cash investments (401k etc) are about $55k
Excellent advice. People in my circle have learned a great deal from you and you have a way of opening people's eye to new perspectives with personal finances. Keep it up
34 here. I wish I found this long ago. I started my 401k and savings 2 years ago.. no debt, but I also don’t own a home. My income increased by 15k a year and that’s when I started saving and investing in my future. I feel like I still have such a long way to go.
I live in germany and our system works different. 8.5% from every paycheck is automaticallly going into the "Rentenversicherung" (pension insurance) and every now and then you get letter telling you that you get x amount of money every month after you hit 67 (also with different inflation scenarios). The maximum ammount you can get from this (state owned) pension insurance is round about 2250€ rn and it will get less since there will be more old people in the future with less young people paying(basically your 8.5% directly go to the old people every month, you dont pay for yourselfe but you get points and in the future this points will determine how much money you get from the young people paying). All people under 30 pretty much know that we pay right now but will never get anything substantial back so I just give my remaining money to blackrock to do smth with it lol. Would love to "opt out" of the state owned pension insurance ngl.
I suppose many people aren't coming from North America, Australia or several flagship countries in EU - so some of these numbers are really high for us, and people shouldn't take them that easily. :) Considering different standard levels and price of living in certain countries, being on a half of these numbers for your year group means you are doing just fine. Cheers!
Started saving at 20 yrs old with zero dollars. 41 now and sitting around $930k in my retirement portfolio (excluding real estate assets). I drive a 23 yr old car that I bought for $500 w/170k miles. 😅 Target is to hit a $2.5M portfolio for a $100k (4%) withdrawal in retirement (excluding SSI benefits). Should hit that in
31yo, $105k in investments, $1.2M in assets, $35k savings/emergency fund (in HYSA), $1k in bank account, $345k mortgage remaining. For those feeling discouraged, I had a net worth of -$200k at 25yo fresh out of grad school. I hustled and grind for 4 years straight living below my means and paycheck to paycheck to pay off my loans. Whereas my colleagues had lifestyle inflation - buying new cars, going on multiple vacations etc.
I’ve just turned 21, im a student and i’ve saved close to $35k. I’m really proud of it and it was mainly from saving and working as much as possible in the summers, doing well with investments in crypto and stocks and farming crypto airdrops. My main positions are ethereum, spy, vti, nvda, sol and cb.
I usually look up your videos for updates! Our government has no idea how people are suffering these days. I feel for people with disabilities not getting the help they deserve. Thank you Ms Rachael Campbell, imagine investing $12,000 and received $305,500.
Mrs Rachael Campbell was my hope during the 'bear summer' last year. I did so many mistakes but also learned so much from it, and of course from Rachael Campbell.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I’m 43 and my husband is 45. Our combined net worth is just under 2.2 million. We make very good money now but that was not always the case. We lived below our means when we were in our 20s and 30s, didn’t buy things we couldn’t afford, even if it meant having barely furnished house. My one passion is travel but I’ve always saved for our trips. I’ve also saved to pay for my degree so no student loans for us. We have 2 kids, so I started 529s for them both. We just recently paid off our house and are now planning early retirement. But even at our net worth we’re still watching what we spend. I’m not about to go and drop 3k on a handbag or 60k on a BMW.
I’m 18 And just saved up enough to pay for all of my schooling and rent while i’m at school started working at 14 and saved half of every paycheck since then also put some into government bonds (4.75% interest)
It’s a wide range range when you say “in your 50’s”….there’s a big difference between 51 and 59…best to give ranges like 50-54 and 55-59…not just you, these things in general
I’m 45 from Hawaii with a net worth of $600k. Started funding 3% of my towards my 401k in my early 20s. Wish I did 20% since I did not have mortgage/family at that time. Rarely ate out and went on trips so I could purchase a home at the age of 27 especially at at a state with a high cost of living. I did that with a single income. Still driving a 2004 Acura. And currently own 3 properties.
26yo, $250k net worth (equity on home, Roth IRA, taxable brokerage, gaming collectibles, savings). Still not satisfied and feel like I’m behind.. my goal is to hit $500k net worth in my early 30s & hopefully retire in my 40s🙏🏼
I'm 32 and I'm further behind financially than i was at 19. I've got nothing saved (not that I'm even allowed to save money while on disability), a next to nonexistent income and more high interest debt than i can pay off easily. I think I'm pretty thoroughly screwed. I still like watching these vidoes but sometimes i get a little bummed out by the realization that it's out of my hands
*🌹Retirement planning is an important aspect of financial stability, this world is getting more difficult to live in everyday one need to prepare for the future and kids inheritance*
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits, such as regularly setting aside money for sound investment .
I began my investment journey at the age of 33, primarily through hard work and dedication. Now at the age of 38, I am thrilled to share that my passive income exceeded $5k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.
Investors should exercise caution with their exposure and 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 completely understand the impact of the new year on financial decisions-it's transformative. While I've found success in investing, especially with the guidance of my advisor, *Whitney Kay Stacy* I still appreciate the solid foundation i had. This principles align with the core values of financial discipline.
Let me know how much you haved saved by leaving a comment (if you're comfortable). Thanks for watching 👊
Paid off my student loans last year and now have 13k saved up in my HYSA!
Edit: In my 401k, I have 40k saved so far!
39k in 491k, 25k in HYSA, 8k in Roth IRA!
Lol 😂
~236k
-After wife's medical and taxes, we have a guaranteed 5-6 k a month take home in retirement (before savings, 401k and social security). 4k of that is coming in now at 54 (while we both still work good-great paying jobs), but the rest of it right when I retire at 59.
-We'll be at 150k in savings and 140k in 401k when I turn 59.
-My social security is currently showing I'd get 2k a month at 65 and roughly 2.3k by 67.
-My medical is 100% free for life.
-Based on all that, where should a person in his late 50s be in regards to savings, or rather, how much do you think I'll need?
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
That's quite remarkable! I'm genuinely interested in benefiting from the guidance of such experienced advisors, especially considering the current state of my struggling portfolio. May I know the name of the advisor who has been assisting you in navigating these financial challenges?
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
This is so relatable and true lol. I remembered how tough it was before I hit the $100k mark 37. I am 56 today with over $2.8 million in my retirement nest fund alone, didnt take me any stress to get there. Maybe its because my CFP is reliable, but point is, it was way easier from there.
I'm headed in the same direction, and it's not that difficult. Perhaps too complicated for beginners, but that's why it's best to consult an experienced market strategist.
Agreed. I deal with an investment advisor for this reason. I currently have over $800k invested in a diversified portfolio that has grown exponentially and is suitable for all market seasons. Our current project for this year is a more concrete ballpark target.
Could you be kind enough with details of your advsor please?
She goes by ‘Melissa Jean Taligdan’. I choose to delegate my excesses to her because of her great expertise. I suggest you look her up. To be honest, almost didn't buy the idea of letting someone handle growing my finances, but so glad I did!!!
I appreciate this share. I set up a call with her and I am keen on getting to talk to her particularly.
Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.
I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Man RUclips has really got to work on getting rid of these financial advisor scam bot comment threads. Hope people aren't actually falling for this.
I hear you. I almost sound like a bot myself sometimes. They are getting freaky good.
@@timelston4260 In my opinion they aren't that good. They use speech patterns that sound stupid and they don't use words right. They make series of statements in a strange way. Also, someone definitely wrote it, the botting just applies to the posting of the comments, not the writing.
It isn't just RUclips!. All social media has an issue with these fake comment conversations that recommend some low-life financial advisor.
I am blessed! I am so thankful to be withdrawing $20,000 per month from my investments!
I do wonder if reporting them really does anything? I’ll sometimes do it, but I assume getting the accounts themselves banned is meaningless. I just hope RUclips is training some kind of system to better detect scams in the comments. It shouldn’t be the job of RUclipsrs themselves to delete scam comments from their channels
I am impressed with your update on tech stocks, I am looking for tax efficient way to rebalance my 7-figure dividend portfolio without triggering capital gain tax. what asset location strategies should i use?
The best strategy depends on your financial situation, account types, tax bracket, and investment goals. Consult an advisor or tax professional to tailor these strategies for maximum tax efficiency.
I’m currently working towards financial freedom with a focus on dividends & growth investing. Since 2014, I’ve built a portfolio made up of 30% NVDA, 25% SCHD and over 40% in digital and alternative assets, thanks to my CFA. This strategy has helped me earn $56,000 a year in dividends. Back in 2014, I only earned $21 in dividends.
Oh I've heard similar things about hiring an advisor. It's hard to choose one that's very good though. Could you make some useful recommendations?
I'm cautious about giving specific recommendations since this is an online forum and everyone situation is unique, but I've worked with Melissa Elise Robinson for years and highly recommend her. Look her up to see if she meets your criteria
Wow!! her track record looks really good from what I found online.i just filled the form and scheduled for a call. Thanks to you.
I am holding a cash position right now, of about 300k. I know a dip is supposed to be the buying opportunity, so whats the best stocks to dive into, in this recession?
from studies, 90% of the time in an election year, the stock market stays positive for quite a long time. 2024 is no exemption, but it is better to be guided, ideally by a well experienced and licensed advisor
Agreed, having a professional can be smart move sometimes. I remember amid covid-19 crash, I really was having investing nightmare prior touching base with an advisor and as of today, I've accrued nearly $1m from a shaky $400k portfolio. No gimmicks!
Agreed, having a professional can be smart move sometimes. I remember amid covid-19 crash, I really was having investing nightmare prior touching base with an advisor and as of today, I've accrued nearly $1m from a shaky $400k portfolio. No gimmicks!
pls how can I reach this expert, I need someone to help me manage my portfolio
Could you please share the contact information for your investment advisor? I'm in urgent need of someone to help with my portfolio.
The Market have been suffering over the past month, with all the three indexes recording losses in recent weeks. My $400,000 portfolio is down by approximately 20%, any recommendations to scale up my returns before retirement will be highly appreciated.
Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.If you're new to investing or don't have much time, it's best to get advice from an expert.
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.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Svetlana Sarkisian Chowdhury is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
I'm 19 and have saved ~$18,000 so far. I just started investing into a Roth IRA and brokerage account this year and the past few days have been binge watching your videos as well as others to learn as much I can about all this. I've pulled a couple all nighters doing so lol. Thanks for the work you put in man.
good job. your future self is going to thank you for starting so young. keep up the hard work
Your future you thanks you 👍🏽
I too have -$18,000 in my bank account. I’m glad I’m not alone
Nice work 👍🏻
Fyi, I had about the same amount at your age. Now I'm early 30's, even after paying for a wedding and honeymoon (not cheap) I have around 100k.
AFTER paying for a super expensive event and vacation.
Totally worth it and the reward you'll reap similarly so.
With the economic difficulties the nation is currently facing in 2024, what plans can we put in place to support our income while we adjust to this time period? I'm determined not to see my $500K in savings disappear, especially after all the effort I've put into building them up.
Well the bigger the risk, the bigger the reward and such impeccable decisions are better guided by professionals, but you need to be a skilled practitioner to carry out such successful transactions.
Indeed, that's accurate. I've been in contact with a financial advisor who manages the entry and exit strategies for my portfolio, which started with an initial reserve of $80K and has since grown to around $550K.
That is just amazing. I've attempted to employ a financial advisor by doing some research on my own, but it's somewhat daunting. Would you kindly refer the people you work with?
Amber Michelle Smith has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
I must admit that she seems to be extremely knowledgeable, so thank you for sharing. I looked through her resume after seeing her website, and it was rather remarkable.
I was financially reckless in my 20s-30s, no savings, high credit card debt, cashing-out 401K (twice). Now I'm debt-free (I don't have a mortgage), 820s credit score, good returns on investment, increasing salary every year. I'm a little behind based on your net worth calculations, but I'm confident I'll catch up (with your advises on do's & don'ts) by the time of retirement.
On great track
Age 31
300k in investments
40k cash
180k in equity
About 1.7x saved up annual salary.
Projecting to be a millionaire by 37 and liquid millionaire non-real estate by 39.
Amazing! I’m 29, wife 24:
We’re 400k investments
$12k cash (focusing on increasing this and paying off all debt, but mortgage)
$90k equity in our home
NW roughly 520k and we should be new worth millionaires combined in roughly 4-5 years
Damn Im almost 30 with a $100+ investing in S&P500 lol. Its never too late tho
That is tough. It took me 24 years to make my first million, and I was 51 when it happened, starting when I was 27.
@@mtn4140 The Good thing once you start it goes on its own.
@@mtn4140almost 30 is plenty young. If you zoom out you can realize you have plenty of time. Pretend that you don't though and get aggressive.
I'm far behind, I left the work force in my mid twenties to care for family and am only returning now in my 40s while also physically impaired. Still, I don't feel everything is lost.. any progress made at this point is a step better than where I started.
Suppose I should add that my husband and I are still negative worth due to student loans. We would be even without those.
You can only do what is possible, starting where you are. If you focus on getting rid of those student loan so you are at ground 0, then you can start the push to planning for your future. If you keep your standard of living as low as possible to still be comfortable, that should help a lot. Don't let it creep up as your income rises. Good luck.
Maybe you should pray OBiden gives you a break
Or maybe you shouldn’t have followed the crowd and went to college
Probably would be way better off
Maybe $150,000 year trade job
No debt And a pension with 401(k) match
lol Good for you listening to the people in high school
45 yr old. My wife and I are at 1.4 million spread across retirement and a brokerage account. 1.75 net work with property. We aggressively paid off our debts early in our marriage and we saved about 20% of our income. Once you get over 100k it starts to compound at a noticeable rate until you starts to say Wow!
Whatever
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
SCAM
Karen Lynne Chess is a fraud
If your portfolio has underperformed since the pandemic, it is not the economy's fault. It's your investment choices. $1 invested in the S&P500 in late 2019 would be worth more then $1.70 today.
52 years old, $1.8 million 401k, a couple hundred thousand spread across various other things. $500k-ish mortgage but maybe $1.2 million in equity. An auto loan. My wife has her own 401k, investments, and pension. A couple kids to put through college. Considering retiring outside the USA somewhere where we'll essentially never need to worry about money.
Nice work. I'm on a similar trajectory. I'm 46, 1.5m in retirement accounts and cash, 700 in equity. I hope to quit working a regular job around your age and run some kind of creative business for myself on my own schedule after that. Let's hope the market holds up!
$1.7 million dollar home? That seems extreme unless you are very wealthy. I can't imagine paying a mortgage on a $1.7 million home.
@@kevindepew8193it probably didn't cost that much when he purchased it. Extreme price increases in recent years.
19 with 150k. got rich family.
1.7 M at 67 excluding my paid off house in California. Fully retired at 56 and will be collecting my max SS at 70.
I'm 42 and currently have $315K in 401K & $51K in HSA. Wife has $77K IRA. $170K in Stocks Account. I'm hoping to reach $1M by the age 50. All index funds full risk on. We Max out contributions every year. Credit score over 800.
Looks like I'm the only broke 40+ year old..oops😢
@@nattiefreeze2079 you're not. I'm no where near that number. 😂
I've kept much of my savings in cash for safety, but I'm unsure if it's right for retirement. Contemplating investing $400K in stocks, as I've heard investors can profit in tough times. Unsure about my next move.
It's impressive how much you saved during your working years, a feat not many achieve in a lifetime. Now that you're retired and rely on your investments, it's wise to redistribute your capital to mitigate risks during market fluctuations. Consulting a financial advisor can help simplify this process.
Yeah, I’m also closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one
Rachel Sarah Parrish is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
I looked up her full name online and found her page. I emailed and made an appointment to talk with her; hopefully, she gets back to me.
So far, I have saved over $9000. I'm 34 right now, and don't have a career yet. But I'm working two jobs and have a side job at the moment right now. So I don't think I'm doing too bad in my life. Like I live with two roommates, have a good credit score at 752, have my own car, and haven't owed anything so far. I'm doing pretty good.
By the way, like that Vegeta reference?
How in the hell are you doing? Good you’re 34 years old no career and you live in your mother‘s basement.
With no retirement savings
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Louise O'Brien.
You trade with Louise O'Brien too? Wow that woman has been a blessing to me and my family.
That woman has changed my life for good. I attended her investment class couple of weeks last year and she’s the best when it comes for Guidance.
I'm happy to see Mrs Louise O'Brien mentioned here, my husband recommended her to me when I was in Germany during Covid, she's amazing.
SHE IS ON TELE GRAM.
She communicates on telegram..
46. Salary is $150/yr. Net worth is $800k. Retirement is $500k. I recently decreased my retirement contributions to 15% to focus on paying off the mortgage and building my brokerage account.
Why decrease 401k to increase taxable brokerage?
@@Driving4bangers retire early, before 59 1/2
You can use the rule of 55 (retire at 55yo and access yiur 401) if you think you’ll retire with your current company. Imo, that’s less stress than doing investments in a taxable brokerage.
Could also do a partial Roth IRA contribution - what you put in, you can withdraw (after 5years of first Roth)
2024 can do partial Roth contribution if single and make between $146,000 and 161,000 (higher if married filing jointly)
PS sounds like you are doing great
I know as you're from US, you do everything based off that. However I wanted to thank you for always adding some data that could work for other countries in other currency/wage by having that target of X times salary.
Now let’s breakdown what composes net worth. Most people probably have the majority of their net worth tied up in home equity and therefore little savings by proportion.
I had 10,000 saved last year and was so proud (33 years old) and I lost my job and the savings got spent in 6 months. My net worth is -6000 in credit card debt.
Niice
Bro, at least that $10,000 saved you when you lost your job, it’s great you had that, don’t worry, you can definitely build it back up
That could have been -$16,000. And you really should have picked up side give Uber/food delivery. It’s not much. But do it while you aren’t job hunting. And puts some money in your pocket. Probably won’t have $6k in debt.
I'm sorry for your troubles, that's really hard. I'm glad you had that cushion and it did what it was supposed to do, but I hope things bounce back for you soon
Hey Humphrey, I am 50 and have a 21 and 18 year old. I am well above your metrics for my age for retirement, but I think your analysis is ideal for my kids. This is a great tutorial for them. Keep up the great work!
We are late 50’s, 2.5M net worth, our home will be paid off by 62, and plan to retire @ 65. Anticipate net worth will be 3.5M by retirement age. Our current investment rate is 35% of gross income. I know these numbers sound good to most people, but the closer we get to retirement, the more concerned we are about making wise financial choices. We were late bloomers with regard to investing. I wish we would have started younger.
31yo, $375k (all investments, $17k of which is the emergency fund invested in money market), $100-500 cash in the bank at any given time (keeps me thinking frugally..."i only have just enough to pay bills this month"). $0 assets, $0 liabilities
You're killing it. And I do the same 'forced scarcity' games. I suck everything out of my paycheck with auto deposit to various investments accounts and what hits my checking is just enough to cover bills and a bit of fun money. It certainly feels like living paycheck to paycheck. And if somebody just saw my checking account, they would assume I hardly make anything.
You're a winner dude great job
Wow you sound gay
Yeah me too! I do the same thing, feels like I’m broke all the time, meanwhile savings, travel sink fund, extra mortgage payments and investments are heavy. Sucks having to think twice about going out to eat as seldom as we do.
TY FOR SHOWING THE MEDIANS
you r welcome lol
Fr, some of these out of touch youtubers be using averages like as as if any 20 year old is anywhere near 100k 😂
This made me giggle 😂
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Elizabeth Wesley.
I'm surprised that this name is being mentioned here, I stumbled upon one of her clients testimonies on CNBC news last week...
She is my family's personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
You trade with Elizabeth Wesley too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much
I really liked the inclusion of milestones other than how much money to have by X. I'm 28 with a net worth of $22k and an income of $50k, so I'm technically way behind, and hearing that I need to more than double my investments to be "on track for retirement" is discouraging. But I'm also completely debt free, and my income has gone up 26% in the last year and 60% since I started working full time at 25. Which is the other messy part of being in my 20s-- I don't have a full decade of earning and have to start from the bottom.
I’m 47, current net worth around $2.6M give or take $100k.
Real estate makes up the majority of my assets generating around $100k passive income. I consider myself semi-retired still working as a realtor but cutting down on the amount of transactions to have more free time.
Key for me was to always live within my means and consistently reinvest money into assets to generate more income.
I'm 47 and did not start saving and investing until 35. I managed to put aside 13% a month into my 403b and 10% into my brokerage acct. Luckily my work also has a pension that I pay 10% into as well. My main discipline was living beneath my means. I drive a used 2011 car I can work on. Cook at home frequently and try not to keep up with the Joneses. My net worth at the moment is 320k. You can do it, it just takes sacrafice and hard work.
Interesting. What is your salary again?
Thank you for sharing
I’m similar to this. I started late around 36, I’m 37, and just barely have $25k. But I’m putting in $670/week to try and hit $100k when I turn 40, I could do more. But paying $800/month for half of childcare and the wife likes to eat out often.
@@chaselesser3191show your wife this video and make a plan of only eating out x amount of times a month maybe ?
Thank you for giving me hope. I'm 33 and I'm barely starting my investing journey. I'm glad to hear success stories.
58yrs old - $2.6MM between 6 buckets - no mortgage, owns two homes..
I'm 57 and have exactly 8.4X my salary saved up, so I need to push hard to get to 10X by 60.
Wait! Where am i supposed to be in my 90s? 😢
as long as youre still living I think thats pretty good
Looking for mentors, most likely you will find them where they supposed to be 😂
You’re 90? Wow
I'm 42 with about 5X mine and my wife's annual salary in liquid retirement funds. Our total net worth is just above the average and way past the median for the 40s age group so I hope we're on track to retire in our mid 50s depending on the market. Our only debt is our mortgage with 12 years remaining. Both of our cars and student loans are paid off and our mortgage is dirt cheap since I bought the house at 27.
53 here. Net worth is about $1.8 million. $1.3 million of that is in retirement and non qualified brokerage accounts. The retirement mix is between traditional IRA, 401k, and Roth. The other $500k is in equity between my two homes. I know there's been lots of discussion around having no mortgage in retirement. I can't ignore the fact I have a 2.874% 30 years fixed on my primary home and 3.25% 30 years fixed on my vacation/second home. That's dirt cheap money. I'm going with the plan of pouring the money I would have directed towards mortgage pay off into my investments. Taking advantage of both the interest tax write offs and the value of time/compounding.
I'm also taking advantage of the $6500 catch up clause so I'm putting away currently $30,500 a year into my 401k and starting early with the $6500 being directed into the Roth component of my 401k.
No debt other than my mortgages.
I'm 46, married, with one kid. I did not really start making money until 14 years ago due to the field I'm in. Keeping track of my net worth is more like a daily exercise, and we are currently at $2.5M, with the current home being $400k of that amount. The plan is to FIRE around 55, if I find something worthwhile doing other than my field of expertise.
But if you retire at 55, you wouldn't be working at all. Nothing against trading your career for some work you actual enjoy much more, but that isn't actually retiring.
38 y/o, 170k in retirement accounts, 325k in brokerage and a 40k emergency fund. Own house, no debt, about 1M net worth. Retirement value is a bit low as I never focused on it until now. I'm now maxing 401k/IRA/HSA and putting about 1.5k into the brokerage account each month. I just wish I started investing earlier as most of what I saved is literally from dumping all my cash into my checking account over the past 20 years.
24F. 25k in my IRAs, 3k in my 401k that I started this year, 5k in my brokerage with Acorns, and 5k in my transactional accounts. My spouse and I share a joint emergency savings account at 11k and a house down payment fund of 2k. I’m trying to pay off my car this year and that should be my only consumer debt!
Thanks these vids are so helpful! I'm 24yrs old with 62k net worth. I'm saving 52% of my income and hope to retire earlier than 66yrs old.
I am so screwed, but I’m starting now and going to do the best I can.
Live in the EU.
Age: 33
Saved in bank account: €22.000,-
Invested in physical gold (2 KG): €140.000,-
Initial investment in this: €98.000,-
Invested in Crypto: €7.200,-
Initial investment in this: €10.000,-
Student loan: €20.000,-
Interest rate: 1,73%
Paying this off each month (€180,-)
26 years old, net worth of ~175k. Definitely fortunate with turning 6 years of college into nearly 6 figures just 2 years into the workforce, and I’m extremely frugal. Net worth would be over 200k if not for wanting the nicer cars earlier in life but current car was bought in cash and only debt is 4500 in student loans at low interest (paying minimums because the rate is much lower than even my high yield savings). I feel fortunate to be where I am but also feel like I have miles upon miles to go so not letting up any time soon.
850k in equity, 275 cash earning 5.25 interest, 685k in 401k, 28k cash account, 50k in car assets ( paid off cars) Gold and silver bars. age is 43.
Me and my wife plan on retiring by 40. We're using a mix of small cap value, large cap growth, and large cap value through SCHD, SCHG, and AVUV. When we get closer to retirement , we transition to an income approach with ETF's like SCHD and VYM with some individual REIT's as well as buying the rest of my service credit in my state pension which will provide cheap health insurance and a paycheck. We enjoy our jobs but I don't understand why some people plan to spend their entire lives working. At 65 you won't be able to enjoy retirement the way a 40 year old will.
Reached $0 NW at age 30 after paying of ~$80k in student loans. At $400k+ after 4.5 years. Aiming to be work optional by mid 40s.
265k across Index funds, 401k's, Roth IRA's, and stocks. 35k emergency fund and 7k checking. Also, about 180k home equity according to current home market valuation. I'm 31 and my wife is 29. We are hoping to be millionaires by age 40!
Acknowledging that I got extremely lucky with regards to health and timing of the few stock market bull runs, but really love the reassurance that I'm worth more than the average 60s while being in my 30s. 😁
Having zero debt, and putting as much money as I comfortably can while buying the things that make me happy to keep me motivated to work is the secret yall.
Well, given this info, to the average American your best bet seems to be not having kids, renting and driving a beater your entire life, not carrying any debt and then finding a very tall bridge when you turn 65.
Normal is broke.
i m 30s and around 1.3 m net worth,.is ut okay
At age 36 with net worth of 280, 200,000 in investments. I feel like I’m behind all the time. No debt other than mortgage, investing 14% with 3% match, little expendable income with no debt other than 6.4% mortgage. I look forward to the next 5 years of wage increases. I think a financial planning meeting would help with the anxiety
35 years old .savings is 120K. Do I need to set aside more than my crrrent savings everymonth or should I keep the same amount.
I'm 43 years old my current net worth $411,000. I am hoping to keep up on our retirement journey.
I figured out that in this current time you’ll need a goal of around $2.5 million to comfortably live in retirement.
I am 55 and married. Total net worth including 401k over 30x base salary. Zero debt since early 40s. Out of control inflation and outrageous cost of health insurance had pushed us to retire abroad. After realizing the premium of Medicare Plan B and other options for the ones with passive income after retirement, I gave up. In my mid 40s, I tend to pay cash for everything. Instead of driving flashy German luxury cars, we drove Toyotas and Hondas. Limit vacation to once a year. Dine out once to twice a week.
I found a tool estimating my social security if I continue to work after the age of 50. If you had maximum SS withholding for more than 20 to 25 years, continue to work till 65 won’t increase your monthly Full retirement benefit much. Your annual SS withholding simply goes into the pool. Why do I want to share my hard earned money with others？ Last but not least, I am doubtful if SS is able to pay out 100% at the time of full retirement age.
About to turn 21 and pushing a 100k!
Awesome!
How were you able to accomplish that?
@@ryant6972 thank you!
Age 32, married 3 kids under 3
Wife and I make 145k/yr. Have 6 years/139k left on mortgage. Combined we have 125k in 401k, $190k in taxable brokerage, $15k in Roth. Pension kicks in at age 65. Staying disciplined, keeping a high savings percentage and watching nest egg grow. Hoping to F.I.R.E. myself early
Oh boy...38 and made $15,560 last year🤦♂️ savings went negative.
Im a little older and Im at a -$40,000 net worth!
I think for a lot of people, not having kids or a home is the only way to make retirement possible. I'm in the camp where I could have either-or but not both.
26 years old, $60k net worth, $30k in retirement account, $10k emergency fund, remainder in brokerage account and estimated value of my truck (depreciating asset)
If that retirement account is in an S&P500 index, it should grow to over $500,000 in 30 years if the S&P returns 10% in average. Add a $1000 a month and it will be over $2.5 million. Keep contributing and NO MARKET TIMING!!!
Just turned 35. Net worth around 150k. No debt except mortgage. These numbers would be more attainable if we have full payout social security at retirement but it'll probably by 75%. Frustrating after paying so much of my gross income and getting not even what I lost back. Thanks US government
61 with 500K in retirement with grown kids and paid off home. Net around 1.2M
About to turn 60 and right on target. Glad I have a pension and mortgage free!
lets go!
Appreciated the breakdown of Average n median net worth range😊
i just turned 23 years old and i have $60k in a high yield savings account and $30k in a 401K. however i am looking to diversify a bit more. around 40% of my paycheck goes into the 401K with company match. i'm able to do this as i'm living at my parents' home and have a pretty long commute, but it's been worth it so far. also very thankful to not have any student loans, so so thankful
I'm 31, quit my career to go to school at 30. Will graduate when I'm 34 and aiming to have £30k by graduation. A bit behind, but my previous career was poorly paid. I've got a plan though and should be able to comfortably catch up, even without accounting for greater earning potential once I'm finished university. I used to get nervous thinking about it but with a long term plan it doesn't freak me out any more. Just have to keep eyes on the prize and always be sure to balance enjoying life in the moment while also planning for the future. :)
I started buying bitcoins in 2018 started w 3000 dollars and have been buying each time it dips now I’m in my 40s it has grown to a million dollars I guess I’m ahead of the curve
Keep BTFD!
In a similar boat, since 2017.
29, 88k. Projected to be just over 100k on my 30th birthday.
I started my journey very late. I didn’t start saving until I was 26. Currently investing $2,800 per month. Projected to increase to $4k per month shortly.
That will eventually go back down when my wife and I buy a house but for now that is not possible so I am stashing.
26 here and I’m in debt paying it off before I can start even saving. An injury put me in debt and a year behind saving. I only had living expenses for 3 months when I was out of work for a year while my disability was denied. Life is crazy but it’s still good.
Hey Humphrey. Would love these to maybe be broken into 5 year segments in the future. Especially for 20s and 30s. 28 is way different than 22.
I’m 52 yrs old, 535k on 403b, 75k on personal investment and 25k on roth ira. I have 90k left on my home.
Humphrey, great video as always! I think it would help if he started the video by describing what counts as net worth. It would help some of us who are new to your channel.
Greetings from Czech republic.I Like your videos and would like to share experience from other side of the world. Im 42 , having master degree in agriculture engineering and working last 17 years in renewable energy. Have a wife and two small kids,dog and 5 hens :-)… I do not know if you calculate in your net worth also the house you live in but in my case that house would be $700.000. Then i have some other property worth $300.000 to rent ( making me $1000/month ) i have aslo invested $500.000 in agriculture land, $60.000 in financial investment ( world wide ETF ), $10.000 in BTC and $5.000 in gold. I still have $80.000 mortgage but as it is fixed for next 8 years with 2.3% i am happy to keep it :-).Keep saving and investing my money since i was like 20. And I guess at that time there wasn’t even youtube existing and was quite difficult to find some information how to treat your money. Specially difficult in post communists country.
I'm 50 and have investments of 700k. My paid off home is 350k. I'm single and have two young adult kids with autism so I know they will need support longer than normal. I'm also disabled but can work for now. I'll continue working until at least 55, likely 60. I started saving after getting disabled at 21 and little by little it added up.
Great job!
@@christams8863 part of it is circumstances. I don't want people to think it was easy. My partner died so almost half the investments is from his pension. No way could I have saved that much on my own
We are 29, we have a net worth of about $165k, with a hidden gem of land that we could probably get an additional $200k profit for. I don’t count this yet, I only count what we paid for it to be very conservative. Our cash investments (401k etc) are about $55k
Excellent advice. People in my circle have learned a great deal from you and you have a way of opening people's eye to new perspectives with personal finances. Keep it up
51 years old, $1.25 million in the 401k, $125,000 investments, $45,000 savings & still owe $95,000 on the mortgage. Hoping to retire at 60 🤞🏻🤞🏻
Are you single?
34 here. I wish I found this long ago. I started my 401k and savings 2 years ago.. no debt, but I also don’t own a home. My income increased by 15k a year and that’s when I started saving and investing in my future. I feel like I still have such a long way to go.
I live in germany and our system works different. 8.5% from every paycheck is automaticallly going into the "Rentenversicherung" (pension insurance) and every now and then you get letter telling you that you get x amount of money every month after you hit 67 (also with different inflation scenarios). The maximum ammount you can get from this (state owned) pension insurance is round about 2250€ rn and it will get less since there will be more old people in the future with less young people paying(basically your 8.5% directly go to the old people every month, you dont pay for yourselfe but you get points and in the future this points will determine how much money you get from the young people paying). All people under 30 pretty much know that we pay right now but will never get anything substantial back so I just give my remaining money to blackrock to do smth with it lol. Would love to "opt out" of the state owned pension insurance ngl.
I suppose many people aren't coming from North America, Australia or several flagship countries in EU - so some of these numbers are really high for us, and people shouldn't take them that easily. :) Considering different standard levels and price of living in certain countries, being on a half of these numbers for your year group means you are doing just fine. Cheers!
Started saving at 20 yrs old with zero dollars. 41 now and sitting around $930k in my retirement portfolio (excluding real estate assets). I drive a 23 yr old car that I bought for $500 w/170k miles. 😅 Target is to hit a $2.5M portfolio for a $100k (4%) withdrawal in retirement (excluding SSI benefits). Should hit that in
I'm turning 45 this year. Net worth is approximately 700 grand.
31yo, $105k in investments, $1.2M in assets, $35k savings/emergency fund (in HYSA), $1k in bank account, $345k mortgage remaining.
For those feeling discouraged, I had a net worth of -$200k at 25yo fresh out of grad school. I hustled and grind for 4 years straight living below my means and paycheck to paycheck to pay off my loans. Whereas my colleagues had lifestyle inflation - buying new cars, going on multiple vacations etc.
Excellent
This is awesome! Can you PLEASE do, Average Income in Retirement? And average spending budget?
I’ve just turned 21, im a student and i’ve saved close to $35k. I’m really proud of it and it was mainly from saving and working as much as possible in the summers, doing well with investments in crypto and stocks and farming crypto airdrops. My main positions are ethereum, spy, vti, nvda, sol and cb.
I usually look up your videos for updates! Our government has no idea how people are suffering these days. I feel for people with disabilities not getting the help they deserve. Thank you Ms Rachael Campbell, imagine investing $12,000 and received $305,500.
You're correct!! I make a lot of money without relying on the government. Investing in stocks and digital currencies is beneficial at this moment.
Mrs Rachael Campbell was my hope during the 'bear summer' last year. I did so many mistakes but also learned so much from it, and of course from Rachael Campbell.
She must be really dedicated and well trusted for people to talk much good about
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I’m 43 and my husband is 45. Our combined net worth is just under 2.2 million. We make very good money now but that was not always the case. We lived below our means when we were in our 20s and 30s, didn’t buy things we couldn’t afford, even if it meant having barely furnished house. My one passion is travel but I’ve always saved for our trips. I’ve also saved to pay for my degree so no student loans for us.
We have 2 kids, so I started 529s for them both. We just recently paid off our house and are now planning early retirement. But even at our net worth we’re still watching what we spend. I’m not about to go and drop 3k on a handbag or 60k on a BMW.
Thanks for this video, Humphrey. It's good to know the numbers❤
I’m 18 And just saved up enough to pay for all of my schooling and rent while i’m at school started working at 14 and saved half of every paycheck since then also put some into government bonds (4.75% interest)
It’s a wide range range when you say “in your 50’s”….there’s a big difference between 51 and 59…best to give ranges like 50-54 and 55-59…not just you, these things in general
In our 60’s and still paying mortgages (2 homes) but with $1,200,000 combined equity in both.
I’m 45 from Hawaii with a net worth of $600k. Started funding 3% of my towards my 401k in my early 20s. Wish I did 20% since I did not have mortgage/family at that time. Rarely ate out and went on trips so I could purchase a home at the age of 27 especially at at a state with a high cost of living. I did that with a single income. Still driving a 2004 Acura. And currently own 3 properties.
26yo, $250k net worth (equity on home, Roth IRA, taxable brokerage, gaming collectibles, savings). Still not satisfied and feel like I’m behind.. my goal is to hit $500k net worth in my early 30s & hopefully retire in my 40s🙏🏼
I'm currently stacking up cash in my whole life insurance policy. Gonna use policy loans to buy real estate.
I'm very good at saving money but not so much at making money 😅 I need to work on getting motivated to apply for better paying jobs!
I'm 32 and I'm further behind financially than i was at 19. I've got nothing saved (not that I'm even allowed to save money while on disability), a next to nonexistent income and more high interest debt than i can pay off easily. I think I'm pretty thoroughly screwed. I still like watching these vidoes but sometimes i get a little bummed out by the realization that it's out of my hands
*🌹Retirement planning is an important aspect of financial stability, this world is getting more difficult to live in everyday one need to prepare for the future and kids inheritance*
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits, such as regularly setting aside money for sound investment
.
I began my investment journey at the age of 33, primarily through hard work and dedication. Now at the age of 38, I am thrilled to share that my passive income exceeded $5k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.
Investors should exercise caution with their exposure and 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 completely understand the impact of the new year on financial decisions-it's transformative. While I've found success in investing, especially with the guidance of my advisor, *Whitney Kay Stacy* I still appreciate the solid foundation i had. This principles align with the core values of financial discipline.
How can I get in touch with your financial consultant?
Just take a look at her full name on the internet. She is well known so it shouldn't be hard to find her.
I looked up her full name online and found her page. I emailed and made an appointment to talk with her; hopefully, she gets back to me.