I'm 24 and Don't Know What to Do With All of My Money
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- Опубликовано: 23 ноя 2020
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I’m 24 . 50k in savings , 51k in investments and I’m building my emergency savings right now. I don’t want to brag but just know we will break generational curses and provide wealth to our families by putting god first ! Let’s get it🔥
Um...theres nothing to brag.... 100k is not a lot... but you are doing well for your age
@Al 6r thank you brother ! Blessings 🙏🏽
Keep it up brother!
Dude the ONLY savings you need is your emergency fund. You need to invest that 50k instead of having it collect dust in a bank account.
That’s amazing
I was this kid at 24. I had about 45k at 25 and bought my first property, put 20% down and did a 15 year fixed. I only owe 60k on it now and can pay it off now if I wanted. My net worth is about 250k at 31 years old. He has the same mindset.
Harry taught you well
@@CarsWithFrank Yes he did, and I would miss Harry if I had any emotions.
So your house was 225k and now only worth 250k 7 years later? Don’t think that money could have been invested better else where?
I wish I could buy a house for $200k🤣😂 absolutely zero real estate in my area for less than $900k-1M. My down payment will need to be more than you paid for your entire house over 15+ years
@@VincentRod5596 No, it was a short sale and I got an amazing deal on it. Paid 117k for it and now it's worth around 200k. Almost double what I paid for it!
My parents teaching me about money has helped me far more than any financial aid they could give me.
Rich pianino teaches me about money
@@syst3mbl0w3r6 rip, he was a great man
I never learned about money, but I never had any trouble with money flows.never ever in debt at least.
I'm 24 and I don't have any money so I guess I outsmarted all of you.
As soon as he said “no debt” I thought “you called the wrong number then.”
Kudos to the parents, they got their kid way ahead in life!
This video helped a lot because I’m 23, no debt, no car payment, 25k saved, and want to start saving for a house 😊
I’m 24 but same. I have about 30k saved & hope to get a house in the future
Keep saving and investing .
Young money gang
Same! Im at the stage there i can be saving about 80% by my income. So it's going in the right direction. :) Im thinking about buying a house in three or four years in "cash".
Good for you brother !!
Generational wealth... a powerful thing.
I'm 23 years old australian. I have 65 thousand dollars in saving with no debts. I contribute 14.5 percent of my total income toward my superannuation "australian version of 401K". I make 72k to 78k a year.
How much you make?
@MR BRRR you didn’t say it wasn’t financial advice so ima sue you becus I post money
Congratulations!! Keep up the good work, you are a good steward of your resources.
Way too much in savings you need to invest more.
@Mitch Mitchelson can you recommend some investing channels or videos
I am 20 years old, I have $16k in savings, no debt and make about $60,000 a year. Time to start investing
What do you do for work?
Definitely some type of trade job or a they jumped the scale in a good neighborhood supermarket. Idk. Whatever they're doing, it's paying off
I’d say construction
How are you making $60k at 20?
Hey I'm in the same boat
Almost same situation.
23, 95k after overtime, have 66k invested, 53k I can takeout whenever I please. Parents left 26k in student loans for me to pay off. Paid off. No credit card debt, no car debt.
I’m in the same situation as this guy. been listening to Dave since I was 18/19. blessed with the knowledge given out
Great Call!! Kudos to caller and his parents!!
I'm 23 with $30k saved up. No help just Walmart money
Proper wisdom at the end 👏👏👏👏👏
😂😂
When he started speaking my mouth dropped... what a deep voice
Have you ever heard of corpse husband? He’s got one too lol
I’m 24. 25k in savings, 15k investments, 58k in student loans. (Already paid 40k).. slowly but surely I’ll tell the debt free scream
I’m going to make a wild guess and say you’re from the USA because of how high those student loans are 😂
@UC0dEtxWZ9BAbfksba6F67bw I invested in AAPL/TSLA/ & Roth IRA back in the middle of 2020
@@cbowser3 Yessir lol...
@@cbowser3 isn’t Dave Ramsey helping Americans I’m confused I’m not American so
@@maliamalis6389 yeah he is helping Americans, I’m just joking about how out of control and exuberantly high college prices are in the USA.
The best thing you can do is honestly...invest in a tuba degree
Wish the comment were still on on that video! 😂😂😂
There are a couple of other options like left-hand puppetry and under water basket weaving degree, any of these would work really.
@@Bestfriend-650 I'm trying to get my masters in underwater basket weaving rn 3 years in 5 to go wish me luck
Couldn't agree with you more. I mean that's right there on top best thing to do. 👍
I'm gonna be a tubba cleaner, the best tubba cleaner. The mj of tuba cleaning if u will. No schooling, just tubas
I love these guys! Can't wait to meet them, thank them, and do my debt-free scream and millionaire hour!
I worked for what I got and put myself through college but my parents and family helped set me up.
Don't know what to do With my money. Is not a bad place to be vs. I don't know what to do i have no money.
Get enough money together and start retirement.
No s*** Sherlock
My dad fell for the credit lie.
He tells me it's best to get a credit score up to max.
He remortgages the house when he thinks the house value goes up so he can pull the value from the house to have "non-taxable income".
But, I said that has to be paid back.
He said it isn't right to live in a house you've paid off.
And that's when I knew my dad was financially stupid.
What a duo, these two are great!!
I agree 👏🏾👏🏾
Kingdom’s Come is your profile pic I think
Uncle Dave and his colleagues are doing a great job fixing our money-nuts generation.
22 year old from South Africa.
I appreciate the million dollar advices we're offered free of charge in this channel.
I know he was joking but I’m not.
Ramsey & Hogan 2024
Both know system to be made party candidate is corrupt and fed by same money to ensure legislation/interests at all levels esp at top are protected. Some things may get thru but majority is controlled by donors/big industry lobbyists incl big pharma, food, big tech, oil etc. Google/big tech/silicon valley closely tied to pentagon/CIA and donate to both sides. Global monetary banking system is part of it. I’m guessing neither Chris or Dave are willing to play the game with the sharks and make the deals they’d need to. Promises to voters from the front while making deals w/donors/lobbyists and other players behind closed doors. Follow the money.
Well at least that a good way to find out what’s truly going on in Dave’s private life that may disappoint you.
They’d get a lot of votes for sure!
Not anymore lol
this aged well lol
I’m 25, lived with my parents till I was 23. Became an RN at 21 years old. I have a paid off 2015 Corvette Stingray that I have had for 3 years now. I currently have no student debt. I make roughly 65k AFTER TAXES a year. I have 50k in my savings account right now. Live in Oklahoma which has one of the lowest cost of living. I’m about to purchase a brand new home here for 170k and am putting down 20 percent. The only payment I’ll have is the house payment which I plan to pay off in 6 years.
Any advice for me, a 16 yr old, to be financially successful?
@@isalite spend less than you earn and invest the difference
@@isalite Sure, here are a few tips. I know people say that you should do a career that you enjoy but it has to be a balance. It has to be a career that you somewhat enjoy but that also pays well. Nursing is a great option as there is a high demand and you can get in with just a 2 year program. Do not spend extra money on going to a big university. Instead go to a community college for your basics. This will shave thousands off student loans. If you can live with parents, then do it as this will save money as well. Get credit cards at an early age to build up your credit but use a credit card as a debit card and only spend what you already have in your bank. This will build up your credit. Start investing a little bit of money in a Roth IRA. That bit of money at 16 will be worth a lot more at retirement.
@@isalite if you go to college, get a good major that actually makes money. STEM or medical, also you can do trades when you first get out of highschool. Don't rush into college if you don't know what you want to do. Don't buy depreciating assets or go into debt for them. If you save money first then your money can be making money for you and by the time you are 30 or 40 you'll be able to have a good quality of life without being broke like everyone else.
Good plan.
I’d vote for you Dave!
You got to love Dave's sarcastic humor.😀
Nice information! I need to add this in my VIDEO.
Great for the masses
I'm 24 and in a very similar situation as James; I have 70% of my savings invested in stocks and retirement and the rest in cash
Good for you!
How do you know to invest in?
@@charlieharris9434 Just invest in index funds. (Dave prefer mutual funds, but I think it's really hard to find a winning mutual fund) Trying to beat the market can be difficult. If you wish to do that I would set aside cash that you are willing to lose in a chance to beat the market. Now, which stocks to choose, that a matter of researching and understanding the business you are speculating.
@@princessunicornthe5th887 I was literally just about to start investing in S&P 500. My friend whos been into stocks for a while suggested to me to like dollar cost averge it, i’m still pretty shakey on that term so im trying to do some research on it before i start
@@glockinrari3686 Watch Graham Stephan
That is awesome that his parents helped him through college and set him up for success to get a good job.
I started my sons college fund in January with a good growth etf heavy in tech. Next 16 years will pay for itself from any contributions.
I see it as my responsibility to set up my kids for success before they graduate high school.
And here you have the results. 24 year olds calling in with good money problems
I'll take it!
Man what an awesome example he is and his parents are so generous; they raised him right too! Kudos.... keep it up buddy!!! I love your spirit of gratitude!
He should definitely get into stocks
Yes that’s a great idea, I wish I knew about the potentials of the stock market at 24. But I’m getting into stocks, Yes I am afraid I won’t know what to do after I get my retirement account set up. I will have to figure it out. I am pretty much on my own with this but I won’t let anything crush this dream, this opportunity, my happiness.
@@robertrichardson5305
Study Study Study !! This are really critical times so be more cautions in dealing with this pretty much complicated market. You need to be prepared for anything that it’s going to throw your way.
i have done ok in the past years but I would like to trade the micro caps with a portion and see how I can augment my returns. Thanks for all the great info and research
I did not believe that the market could be provide an amazing boost to my income until I came across Madam Shaw with her systematic method of trading I made $140k in 12 active days with just $32k capital and I made full withdrawal.
This is awesome with Elizabeth Warren shaw guidance, I have been able to post enormous gains on numerous open and closed positions in my portfolio, her platform is really amazing anyone can search her name onliñe to get on her wębsite where you can shoot her a maîl.
7:13 " that must be overturned" lol
hahaha I know, that was so funny
Just turned 23, I bought a home at 22. Have 2 cars, bought them at 18 and 19 attacked the loans and now they are paid off and worth combined $25,000. Got $5600 saved in bank $17500 in my 401k, $3500 in Roth and maybe another 3-4k amongst my other portfolios
his voice is golden
CH in the house!!!
This is amazing, bravo James. 👏🏽👍🏽
Not really bravo James, bravo James's parents for paying for college!
@@bettysmith4527 👍🏽
Yeah Dave Ramsey is so smart. Poor people acting like they’re rich won’t talk about money because they don’t wanna think about their debt. I guess if money is a comfortable topic, then you’re doing alright
They talk about status merchandise. Lol
15% and you can’t go wrong. Even with the median salary you become a millionaire by retirement.
you're correct. but i'm so very afraid that we will now be considered "the Rich" even though we're just saving little by little over time, making sacrifices...trying to do the right thing.
Do you want to be a millionaire? If you only have $1,000,000, 4% is $40,000. You’ll need a lot more if you want to live better in retirement than before.
@@liamgerard8870 4% is if you want to live on that money and have it maintain it's value or grow over time. If you plan to live on it for 30/40 years you can use more than that. 40k/yr is 25 years even if you money doesn't generate any ROI, 5%/6% is more accurate for retirement, unless you want your kids to be able to live off your money after you pass away.
Ok Casey
@@welm98 well yeah but this is one of the ways to become a millionaire.
my favourite part of every episode is when Dave hits the mute button on the caller
Ay tampa Florida represent
I am really surprised they did not try to send him to a smartvestor pro.
I bet you never got a business your whole life
@@LinsMusicMinistries why are you mad ? Are you one of those people that need a smartvestor pro because they have "the heart of a teacher" ? 🤣
@perotal; its good not to plug to much. Keeping ppl engaged is better then overloading with advertisements, it takes down the credibility. The reason i like these clips better then lives shows.
I really hope Chris takes over the show when Dave retires. Ramsey solutions won’t miss a beat.
Nobody, and I mean NOBODY, will ever beable to replace Papa Dave. They don't think on their feet as fast. They're all scripted and not as passionate that comes along with the experience.
Chris is good in his own right but just go listen to the Chris Hogan show and you'll soon realize he's no Dave.
@@milkncookie No one even insinuated ANYTHING u just said, all he said was he hopes he takes over when Dave retires. Relax.
This did not age well lol
@@romp23 facts 😂😂😂
@@romp23 I was just gonna write that.
Haha I love these two together 😂
Balled men! Talking about big money!
Nice 👍🏾 start kid.
Hi. I’m 21 in college. 180,000 in student loans. Gonna be an accountant. I have 12,000$ in stocks, 500$ in cash. Life’s gonna be good
rip
@@pat5690 it could always be worse. The thing is accounting will pay off loans easily
@@PWNINGxPENGUIN well I hope you enjoy accounting my man
@@pat5690 lol heck ya. That’s the spirit. I appreciate you
@@PWNINGxPENGUIN Doesn't America have a interest free debt system set up for higher education?
Parental guidance is a Blessing.
Wow at 24, way ahead of the curve
Your a bot from the Chinese communist party
@@Pakistaniman85 you are an Iranian spy here to take over Dave Ramsey's comment section.
@@betterhomesnc2437 You’re a scam business working with the Illuminati to promote flat Earth to innocent home buyers.
Who's this guest? What a voice!
Wow, that sounds just like me
Age: 24
Debit: 0
Bank Balance: $120k
Yearly Salary: $80k
but not a clue what to do with all this money
Read this, friend. I'm 23. 100k in investments. Making 150k yearly. This is THE way forward.
@@princessunicornthe5th887 started my own business. Jobs are for nerds.
@@m0w3ry "jobs are for nerds" what a wise man
@@m0w3ry untrue...
hey can i ask what occupation you have?
Hes blessed to have supportive parents.
Where do we invest in mutual fund?
Wouldn’t you think he would move the example amount 25 k to the money market account rather then the 15 only because you can write checks from a money market account where you could leave the 15 k for emergencies in the other account. If he was trying to buy a house he would be able to just write the check .
i make 45k a year on paper 38k solid cash i have about 160k saved but in stocks and 30k saved in cash just cause i had parents who were horrible with cash... i still stress over cash cause i feel like i can lose it at any moment
Ramsey and Hogan!!!
Just buy calls on Palantir
Hey Dave one problem I have is, my parents fell into the same debt trap as everybody, and yet they never talked about it and still don’t know what there really doing. I just want to say there is hope for people whose parents don’t feel comfortable talking about money. Buy rich dad poor dad, goat of all books and only watch Dave Ramsey and its basically worth 4 years at college
This guy beat the game, now he's just doing the side quests lol
I am working towards saving an emergency fund of 5 years. After what we have been through this year, I’m not putting my trust on no economy anymore
Lol 5 years ? Is a bit too much but go ahead mate .
Look at what happened when people jumped out after the recession and what it’s at now. Your money works for you if you know how
5 years is too much maybe 1 year at least
My industry is not loyal. I could be without a job for 5 yrs. oil and gas
Mzans X ... then go to a different industry. Guys this isn’t rocket science. You gonna be out of work for 5 years to stay in the same industry you get what’s coming to you
He should do the maximum contribution percentage to get as much into his 401k before the end of the year.
I would not recommend a 401k, you have no idea how much taxes will get in the future 20,30,50 years from now. A Roth would definitely be a better question.
Dave's Baby Steps will take the caller to a large store of wealth and EntreLeadership would provide the potential for it to be far more well before normal retirement age for most people. We followed similar steps late in our twenties and became multi-millionaires before we were fifty. Now we spend our time in ministry / charitable and entrepreneurial endeavors of our choice with no financial worries. The LORD is good!
😂😂😂 the hair joke
You become who you hang around with
7:14 Ramsey/Hogan 2024 😁👍
I wish I had that problem
Wow I haven’t seen a video with Chris Hogan in it in a while. I thought they got rid of all of the videos with him in it.
At the end of the day remember it is up to you so don't always rely on someone to introduce you to money, God, or politics. I have done the searching myself. Many people including me at the age of 16 haven't had hardly any meals with their family to talk about anything.
but it is better to have a shortcut from the people who had already learned how to do it.. ofcourse i get your point each person has a different life and different experience but not falling down in the same mistake that they have already been in is a wise thing to do i think
How do i get on this show?
Ramsey Hogan 2024. Honestly, yes please
If you understand the truth about the US (and most) political systems you’d know as both Chris and Dave do they can do far more good from their platform now then in a very corrupt money driven political system. Deals are made to powerful donors/lobbyists all the way up who feed both sides to ensure their interests are protected. Hopefully maybe one day this will start to change.
How do I get on a call?
I would vote for a Hogan/Ramsey ticket by the way! Lol
Wall Street would hate them
Ramsey for president
My top tip is don’t believe a word of this comment section, people with actual money don’t feel the need to brag…
So riddle me this, I am 24 I make 110k-150k/yr and my only debt is my house (130k) and no truck payment but my truck is old and unreliable. I have 30k I want to use to build a garage ideally. Should I build a garage or buy a new truck? Or use the money towards something more useful? Perhaps a rental property? What do I do?
Trading in fact isn't gambling. You need to learn how to read price action and purchase stock whenever there's a lower risk and high profitability in play. For people that know trading understand, for the ones that don't, there's a thing called Expert Guidance. Consult an expert to guide you whilst you remain in total control of your accounts.
This is to educate people on RUclips that are starting out that anything is possible. You will need to take major risks and invest TIME into whatever you may wanna do. Don't let "RUclips Trolls" discourage you by showing everyone who is "successful" is either a scam, or from a rich family. People put their own insecurities on others so don't let them bring you down. Good luck to everyone trying to get ahead in life, wish you guys nothing but the best
I have always wanted to expand my business but I could not do that because the cash was not forth coming as I had planned. Getting referred to Maria Leda Goebe played a great role in that vision. Mrs. Maria is a great mentor and the best trader/Account manager on my list.
@@vargaskenneth8837 Very insightful, please how can one reach the professional that assisted you?
@@driftgod7894 I cant possibly share her contact details on a RUclips comment.. just look her name up on google for all info you need about her.
I started investing in stocks a little while ago and I've come to realize that nothing beats first hand experience..
Association brings upon assimilation.
"We're victims" - great slogan! :D
Always 😂👏🏾
Well they wanted participation trophies and “pleasant” colors for correcting homework and tests through grade school among other things.
So this is what you get.
Dave whines like one every day
I did step 3 then 2 then 4 lol
Can someone help me understand stocks
I'm 27 making about 110k this year, I save most of my money right now. I have slightly under 100k invested (post tax account), I would like to hit 200k by 30 so that I'll have close to 2,000,000 by retirement age (60) even if I don't invest any additional money from 30-60. I know I invest more than is recommended, but honestly I don't really need to live in luxury right now.
I enjoy being able to say that I could buy most things, without actually having to do it. I also like working a lot, I have two jobs, as well as motivation towards starting my own tech startup.
Great job!!
Let’s start that tech startup baby
Real estate is the best
I am 30, living with my mom, don't work and play games all day creating youtube content, still not yet sucessful. I hope one day in this year 2021 i will suceed
Ramsey-Hogan 2024. 50 State Sweep. Make it happen!
Take on loans
21k and counting! Hoping to get to 100k for a big down payment
This kid is doing great.
That’s what I’m saying
I feel people troll this site ! The stories seem funny! Lol
Is it safe to put an emergency fund in a high yield savings or CD account?
i do mine in a high yield savings and its great
its sad how many people will get wrecked in the upcoming crash
Everyone I know who had their college paid for by their parents are doing above average. They have an advantage, Duh. These people would not be where they are without that but you all turn around and point fingers at people struggling to pay for their degree. Shameful. If more people had that gift the world would be a different place.
the answer generally is to send it to me.
Similar situation at 25 but just saved up my emergency fund. I want to own a home asap. Should I put all my money from now on into a savings account for the deposit or should I also invest some in say an ETF?
Buy an ARK etf
I’m 3 years old ,900k is savings and buying a tiger next week with 20% down.
I’m having money talked with my parents smh
When I was 24 I was still working on getting into $60k of student loan debt. He is way smarter than me.