How to Win Financially Making $50,000 a Year!
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- Опубликовано: 10 сен 2024
- If you make $50,000 per year, you might be just starting out in your career. Paying the bills might not be an issue (especially with roommates or a working spouse) but saving a good amount for retirement could be a challenge. It is easy to not focus on the future when you are decades away from retirement.
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1:45 Point of clarification, the median *household* income is $74,580. Early career earners are only pulling in about $38,324. Per U.S Census Bureau and U.S. Bureau of Labor Statistics.
This in no way is a knock on the great advice given, just want to make sure everyone watching understands where they actually stand.
Yes and that's household. Not necessarily individual.
Where’s the balance between enjoying your life now, and having the money when you retire? One of life’s greatest questions
I go by the 50:30:20 rule. basic monthly necessities should be 50% of your income, 30% should be wants or basically your fun money, 20% is saving or investing. my wife and I make a decent income and have a paid off house in a low cost of living rural area so ours is more like 35-40% needs, then I try to budget my spending in between a minimum 20% savings or 30% spending, but with our social lives it's hard to keep our budget at 30% spending.
Not a fan of how they assume that 50k is just a starting salary and that we all want to buy expensive cars. It's sounding
out of touch.
It would be for those starting a career out of college. Median salary for college graduates is 46k
@@ScullyBrewingso only 37% of adults over 25, and less than half of that because as you said the median is $46k.
As someone who works on cars. Owning a car you can’t afford is normal. And we do insurance work so deductibles are all the customers typically pay.
5 cars waiting to be picked up because the owners don’t have $250. Lexus, mustang, ford f-150, 2 Toyota suvs.
yup. I wanna live lowkey i dont need all that shit
This is more like 10 years into your career. Transportation, construction, etc. housing should be 20% but realistically is around 50% for many. basic level homes
Agreed, at least it's the case where I live (outside of the USA)
Dawg, half the country makes less than $40k
it made me feel bad when he said “if you’re making 50K you’re probably just starting your career “😢
@@SammyWinFL Depending on where you live. Getting a $50K job here in California is not that hard and is very much entry level career jobs. And by saying career jobs, I'm not talking about McDonald's.
I'm not sure where you got your number from. The 2022 household median income is 75k. So half of all Americans makes less than 75k
@@Nonsense116 Household income includes dual incomes, so if the average income is 50k and there are a significant minority of dual income households it’d skew towards 75k.
Then make more money... Not that hard...
Family of 5 living on 65k per year in Michigan with a salary+commission sales job. Have been able to purchase 5 rental properties, 4 of them without debt. The key is to know where your money is going and have a plan for it.
Usually families like this are neglecting their non-real estate investment assets (saving barely the minimum). So they get an inaccurate idea of their overall financial health. Like they have all those properties but their money goes out just servicing them, just because they don't "trust the stock market"
how were you able to purchase properties without debt?
@@y.w.9925 the first 2 properties were foreclosure auctions, sold for roughly 6,500. I did all the renovation work myself. Three years later, purchased our 3rd off the market, just before covid raised prices, and the fourth from auction during covid. The fifth we just purchased with 20% down.
Currently net 50% of my take home with rentals, but have not allowed that to inflate our lifestyle. It all gets put into reinvesting into new properties or put into the market.
@@vulpixelful True. My market investments are lacking severely and it would be even worse if we were leveraged on Most or all properties. Most of the properties were foreclosure auctions. I self manage and do all repairs myself. I gross 2/3 of my full time salary and net 1/2 of my take home through rentals. The next step is to take at least half of the net from rentals and bump up 401k, ira and non retirement portfolios.
@@IamAlan867 You weren't investing well if your investments are lacking. Anyone invested in low-cost Total US stock market index funds even post-COVID is sitting on at least 15% growth if they never sold and reinvested dividends. And I'm underselling the return here.
Like I said, people who do this have cash flow but it's usually in-and-out, even doing their own repairs. And it's a rare person who can do a _quality_ repair for _every_ aspect of home building. And it usually ends up being like a second job, where they ignore their real "hourly wage" and opportunity costs in both time and money for maintenance, taxes, administrative tasks, etc.
It's good that you plan to diversify eventually, just don't be tempted to time the market.
I would like to see an episode for those of us 40+ who have nothing or very little saved offering a strategy to build our investments after all debt is clear and the emergency fund is saved. What would you guys recommend older folks invest in to build our portfolio as quickly and safely as we can?
They have an episode exclusively for people in their 40s. Search for it
Rate of savings is the most important factor
FOO
VTSAX and chill. Tax advantaged accounts. Save hard.
Buy less, save more, get a side
hustle
I disagree with only financing for 3 years on a car, I was able to get 0% finance on my car if I signed for 5 years. My car actually went up in value and I’ve gotten multiple offers.
Notice how they stop the percent needed to save for retirement at age 30.... Guessing it gets scary after that 😢
So if I’m saving 23% of my income into my company 401k I should be on track to replacing 80%?
If you're mid 30s or younger, yes
$50k isnt a starting salary - it's around the median salary in the US
I make 115k as a 28 year old woman,started at 75k. Bought my own house at 24 currentlywirth 450k. I currently have 101k in retirement savings. Trying to rebuild my emergency savings to 30k. But my credit score is 590 but i have adhd and forget to pay my credit cards, help :(
Set all or nearly all your bills on auto-pay. Worked well for me.
50k income is pretty good income in the 1990s today you need close to 120k for just a single earner and double if your married.