This gentleman is on point. You have to get your expenses under control and then put away as much money as you can in your 401K, IRA, HYSA and etc. I had no money at 40 years old. But I started saving until it was uncomfortable. Started with $100 dollars per paycheck and quickly started escalating that amount until I had just enough to fund all my Monthly expenses. 13 years later, I am now 53 and I have saved $400k. I can't believe I did this in 13 years. So you can do it too, if you start today. My wife and my old black ass will be going fishing and traveling instead of being stuck at home watching TV all day after retirement.
I have a question, I'm a 20 year old currently making a budget. When you say you started off investing $100 dollars per month in those multiple things. how did you decide to ration the money off? was it like and even amount of 20/20/20/20/20 if there were 5 revenues or did you do it by percent by order of economic value per say.
I started Lynn Richardsons $1 challenge last month to stop living paycheck to paycheck. You start putting away 1 dollar then double it each time you get paid. by years end you should have $1200-1300!!!!!
@@joyanderson8646 That's wonderful, but a better idea would be to open an online brokerage account and invest $25 or $50 a paycheck in the S&P 500 and you will have way more than $1200 by year and if you increase the amount by $5 or $10 dollars per paycheck, in 5 years you will have $25,000 dollars. I started out this way but I scaled up quickly to $500 a paycheck. 5 years later I have $70,000 dollars in that account. You'll be surprised how fast it grows.
He is right, I'm 60 if I had videos like this watched when I was 30 my savings were going to be much much better. Instead of following what the people around me were doing then, now we all are with minimum savings in the bank.
Suggestion: start with stop eating out. Restaurants, donuts, coffee. A lot of people can find $500 a month right there. This experience will give people the confidence to cut down on the rest of the list.
I don't like the option of working an additional 8 years to increase my retirement amount. I would rather find a side hustle that makes an additional $1,000.00 per month so that I can invest another $500.00 per month.
Agreed. "It's called; The American Dream because you have to be asleep to believe it"-- George Carlin. I'm old enough to remember when we were once able to retire at 60, now they want us broke, overworked and half way in the grave since they've upped it to 67!
I'm from the hood didn't have a silver spoon in my mouth if u treat your family right take care of your responsibilities in life and help others when u can u will b fine hard for a rich man to go to heaven stop chasing money appreciate what u do have.
I am 50 years old. I would like to retire at 65….maybe 67. No significant savings, I feel like it’s a mess. I do have a 401(k) savings plan with my job. But I have started making the changes you just listed. So thank you for the confirmation.
You kind sir are amazing. There’s little to no hope for many people out here who have not prepared for retirement. Here you are a young man who has it all explained to people in need I can honestly say you’re the first I’ve seen to break it down the way you have and makes it easy to understand. Thank you so very much.
I got a divorce and had to start over at a late age in my life,I made a sacrifice and put a high % of my pay check in my 401K and it was rough but it paid off in the end.
I like the format of your videos, however! I AM 50, and probably broke by society's standards, but have all my basic needs and then some. I don't have much for retirement at this point, but working on it. I watched another video and I don't agree with some things you said. I was a single parent of 4 kids. We rarely ate out, made meals from scratch, and I was very frugal. There wasn't any saving money when you could barely cover expenses. I don't waste elec or food if I can help it. Getting a higher paying job wasn't really an option when I was lucky to get the one I had! After all the years of struggling, and the kids were gone (just recently), I was FINALLY making enough to spend some money on myself! I can now enjoy hobbies that I couldn't afford. Even now, I still practice frugality. But now I'm fostering 2 family members under 5, which is a new struggle. So as informative as your videos are, they aren't geared towards certain demographics. Having kids - especially young ones, is VERY time consuming and draining! So that's another factor in trying to improve your situation. I get that you can't target certain situations, but if you maybe had advice for young parents struggling, or anyone struggling for that matter! The economy sucks right now and I live in Alaska. Soo...add that to the pile. 😒 But thank you for the time you put into these. I will still watch.
Exactly. Raising 3 boys, car repairs, general life getting in the way. Just now empty nesters over the last two years. No house repairs that we couldn't afford need to be done. I worked construction all my life and at 52, body is shot. I still try to do some repairs myself. Now a superintendent FINALLY, and inflation is killing the really good raise I got from it. And side hustle is kinda hard when you drive an hour each way and work 10+ hours a day. This video is great. Buy like you said, not applicable to some demographics/situation. I will put some of these into practice. BUT like I said in a previous comment, $400 for groceries is a joke. Everything has gone up and will continue to. Especially if trying to eat healthy. And stay home and not go out. Hope things improve for you and God bless you and keep you.
Just subscribed.. I'm 43 so I better get a move on if I want something worth a damn bit I can definitely start sharing and doing this with my teenager (17 next month) by the time they get to my age, Lord willing they'll be ok.
Great info. This info people in their 20s should take advantage of. Especially, when they have little to no financial responsibilities. Putting these principles in place sooner than later, will put you in a better situation to not have to work until your 70, if you choose not to. Unless it's a job or business that I truly enjoy doing, I know I don't want to work until I'm 70.
I appreciate how you don’t baby your audience or sugarcoat things. You’re very direct and hold people accountable for their fallacy filled decisions. The biggest factor in Finances is mentality/behavior.
@@DavidEVogel Can you really make a broad judgement about everyone who ends up older with little resource? Do you realize what some go thru? Kids, college tuition, divorce, alimony, sickness, child support..etc. Life happens and not everyone is simply bad with money
OK, youngster, I just found your channel so thanks for the info. I will continue to follow since I am one of those people over 50 that plundered her 401k and now has to scramble to save or do something to gain a retirement account!
Liked this video! I'm 58 and got a late start. I've Only been able to max my $7000 Roth IRA in last 2 years. There is hope! Only suggestion I have is that to open an IRA one can go to vanguard and open it. If you don't know how .. Ask a trusted friend or family. Vanguard has low fee index mutual funds. Or etfs. Be sure to focus on fees. Very important to keep fees low. Best wishes in your financial journey!
Dear Joshua, I want to Thank You for this, I am Stressed out of my mind, and truly do not know which way to turn at this point, 50 and no savings and no pension though work, life sometimes moves too fast and before we know it, here we are! :( Gotta figure something out and Fast.
AWESOME VIDEO...I AM RETIRED BANKING & BUSINESS MANAGER....I GOT THIS INFO....A LONG TIME AGO, HOWEVER...ONCE I RETIRED 7 YEARS AGO, IT IS NO FUN LIVING LIKE THIS.....BIG DROP....EVEN THOUGH I LIVE IN LUXURY.....STILL ...1/2 OF MY WORKING MONEY I SPENT WHILE WORKING...I THREW AWAY SO MUCH MONEY, I NEVER SHOULD HAVE BEEN DOING THAT....I AM IN MY EARLY 60'S......LEARN THIS NOW....OR YOU WILL LOSE BIG TIME....SS IS NOT ENOUGH....!!!
This is the single best thing I've ever watched on RUclips. Man listen, I had no idea how simple this could be. I've never heard it explained like this. I'm amazed. Thank you. Yes I'm following you.
Really good stuff. I am 55 and is saving but need to save more towards retirement. I am taking your advice and going full speed ahead into saving more.
Young man , you can't be older than 30yrs old ! Shout out to your parents Mr.and Mrs Mayo for blessing you with wisdom beyond your years. I am 2 years removed from 60yrs old and I have ALOT of catching up to do before retirement. I'm happy that I found your YT channel , your video gave me some TO DO's ASAP . I have to supplement my pension and 401k/457 plan . God Bless !
I was disappointed Josh didn't cover the best way to save on cost for retirement and that is to move out of the USA! In Mexico, $1,900 per month would put you in the top 1%. In beautiful tropical Thailand, you can live comfortably on $1,000 per month and never have to deal with snow again!
Another great video, but no, no but really great. Just wanted to share a short story. After graduating I never imagined myself working until I was 60, I cringed when you were talking about 65 and 70. Anyway, 40 ish was my goal. Well at my retirement party a coworker I befriended wanted to know how I was able to retire. Briefly I told I'd been investing for 20 years and I shared with her my general investing strategy. Fast forward recently I called her to say hi (she still works at the same place). As we were about to hang up she says to me "I wish I had listened to you years ago. All I could say was hang in there. It's sad but some people want more and refuse to do what's necessary to get it. For some reason after formal education far to many people just turn off to the concept of learning more.
Wow I couldn't agree more. And even in formal education so many settle for just getting through what they have to without consideration of important topics that can truly impact their life and not just their career. Careers aren't forever. People often forget that a career is as risky as investing. We are not promised a job until we retire. And we are not promised an easy life after retirement especially if we haven't been intentional with our finances. Your story about the work friend is tough to hear, and it's a common reality. All the best to you H Scott, thank you for watching!
@@markjou9799 In short I set a goal. My target was 40ish. I met my other half when I got a bachelor's and found a job with a defense contractor. One day while pondering growing wealth from discussions in finance courses I discussed with my wife opening a mutual fund account. We did and about a year later another couple we were friends with invited us to go to Vegas for a long weekend. While there my buddy said let's play some blackjack. I did and won a few hundred dollars (that made me feel better about the money spent taking the trip). A few months later I saw a newspaper article about college students that counted cards in vegas to pay for their education. They got caught and were barred from several casinos. I then got a book about card counting and shared it with my buddy that invited us to Vegas. I discussed it with my wife and her support enabled me to try to make extra cash over a three day weekend. We would go to a casino play till we won about $800 and leave, headed for another casino. That first weekend I came home with over $3,000 after expenses. My buddy and I did that one weekend a month for just over a year. The trick was we never got greedy in any one casino. When I got home I'd give over 1/3 for house expenses, 1/3 to pay student loans both of ours and 1/3 to the investment account. All the while I read stock investment books and then started adjusting the funds in my 401k and opened an IRA. We then had two little ones and a comfortable portfolio. After that it was just a matter of increasing the value of what I had accumulated. Unfortunately our marriage went south. After that I opened a roth got a better job one with a pension (not that the one I had was bad it didn't have a pension plan and the plan counted overtime) and I became even more focused on investing. I bought a coop and because the value of the units weren't rising to my liking I ran for board president. Made significant changes over a 2 year period and sold at 5 times my purchase price. Bought a house and retired 3 months after the earliest date I could retire and collect a modest pension. Now, everyday is Saturday (after I finish my daily financial reviews or when my sons come to visit).
Thanks for this needed video.Ineed to watch this video again,and take notes.I'm over 50 years-old & am concerned about getting old & not having enough money.I don't have much $ saved.I want to invest.I am conscious of how I spend money.I am a frugal & practical person.I live within my means.I'm considering getting a part-time job & a hustle,to acquire more $.It takes discipline,humble attitude & determination.
Exactly… i dropped cable and Starz… $75 switched from Verizon to At&t $90-$55 Savings… I’ve never made money on stocks they always take my money tho🤷🏾♀️… I retired at 39…
You won't get very far doing it this way. You have to look at that $650 car payment and do something to reduce or eliminate. $10 or $20 elimination of Netflix and Amazon helps, but it's the big stuff that will make a big difference in your life. I'm not saying don't have a car. But you can sell the car back to the dealer and buy a junker for $8k without a $650/month going to the bank instead of your savings account. Go big or go home. Same with income. Work smarter at your main job and get that promotion. Don't work a second job, which is unsustainable in the long term for older folks.
I love this video because I started saving before I retired and by doing this I'm doing real good and I hope that people's learned something that is very important to start saving when you're young and cut out your expenses try not to get in credit card debt as much as possible
46 year old dad, daughter turns 19 today and almost out of debt minus house within 18 months. Nice seeing somebody who looks like me doing this. Subbed from Louisville Kentucky
Great video Joshua. I started hammering away in my 30's. I wish I would have started in my 20's but like most I was clueless to moeny. I got my expenses together and I am now saving more than half my pay per month. It was not easy but I lived below my means. I do Stocks, REITs, 401k, Roth, Bonds, IRA.I am professional and make a good salary but if a person does not get their expenses under control it does not matter how much you make. Cut your expenses, save more and live comfortably.
Listen this world is over. I know that I will die poor but king I lived my life. Happy most people don't get to enjoy life. But appreciate 🙏🏾 your words.
you popped up on my RUclips this morning, and I decided to listen. I am 52 and I am pretty impressed with you. This is great information and you are not boring LOL. Thanks so much for the information, I have decided to subscribe!!
I’m 57 and have to invest at least $40 to $50 grand a year for the next 7 years just to have a shot at becoming a millionaire. It is very important to start early when you are young.
True, investing early is the key but it's never too late. You can diversify your portfolio and invest a little bit in growth ETFs and get a little bit higher than 11% annual return
If a 50y.o. is needing this advice, that is a tough road. However, stay encouraged and listen. This is good advice for you and a cautionary tale for others.
It's actually a refreshing video, because most focus on the younger people & ignore older folks 'that should know' but due to life circumstances; needs this info.
50s hurt, you can imagine what it would feel like at 70. Waiting just isn't an option for some because of things like this. I get your logic though and agree it would be better but you really aren't going to feel as good at late 60s let alone 70 as you do when your younger, at least most of us won't. I can only hope life is good at 70.
Great video, AS USUAL. I have so many co-workers in this position hoping SS and pension will be suffice. I share the video, then simply wish them luck after they ignore.
This stuff needs to be put into the brains of every young adult. How do you make them listen and understand? I don't know. I think part of the reason that young people don't learn this info is that their parents and other mentors don't know or don't practice it. We as Americans have become spoiled with thinking that we deserve to have "nice" things right now. You can dump a lot of money on cars, boats, RVs, jewelry, clothes, and home decor. These things have a terrible return if you try to sell to recoup your money. When you buy a new car you lose thousands when you drive it off the lot. Why not buy a car that is 2 or 3 years old and let someone else take that hit. Most boats and RVs are not used near as much as people thought when they bought them and are just money pits. Living frugally is not about being deprived it is about getting the most from your money by spending intentionally.
That 1st step about writing down your expenses is so critical. I didn't start saving money from my paycheck until I did this. I quickly noticed how much money was being wasted, pissed away on trivial shit that I didn't need. I now save easily 30% of my paycheck every month, soon this will be above 50%.
This is an amazing video and I think you should be very proud for making it 👏 👍. It will be very interesting to know your background. Are you a finance professional e.g an accountant or something similar. Whatever you do or are, you should be very proud of yourself. And thanks for making the video.
I finally got my student loan paid off so now all that money plus anything I was saving is going to my three investment accounts. I've got a Roth, a HSA and a regular account that I'm putting money into. For some reason my HSA investment has all the Vanguard ETFs and is doing way better than the others. I'll have to look at the others to see what needs to be replaced. Best thing is I finally got to move to a city that has excellent mass transit so that cut out a huge chunk of change going toward the upkeep of a car.
If you go the way investing in an Index Fund like the video says - then don't forget to automatically reinvest any dividends that are received from the Index Fund. Reinvest those dividends so that those dollars buy more Index Funds. I would say to split your investments into 60-70% Index Funds, and the remaining 30-40% into "dividend" paying type of Index Funds or ETFs. Just remember that for ETFs, you will need to instruct you account to automatically invest those dollars for you (into more of the ETF). And even if you still have some money left over after maxing out on the yearly Roth IRA investment amount - put that money in any other tax-deferred retirement investment account you qualify for. At worst, invest it into your personal brokerage account. Returns are returns no matter what.
I’d also add you can replace your cell phone carrier. I did during the pandemic because I was working from home. I’m like why am I paying $70 per month for my phone and I’m home using my internet etc. i switched to the less expensive carrier with no contract. It was $30 less! I also downgraded Netflix because I wasn’t really using 2 screens anymore, every dollar count. I downloaded Ibotta too for grocery shopping to get $ back on food I buy. So you can go through your bills and get lower rates in addition to the info provided here.
Like I've said to you before... You can't inmate greatness! Well done, Joshua. This was great! As per your usual, an outstanding job! I really appreciate you sharing your wealth of knowledge. Thank you so much!
Compound interest is pure magic. The earlier you start, the better but like you said "it's never too late". 💯 Btw, the quality of your videos have improved significantly over the last few months, keep up the good work man!
You right what you saying but it's almost a no-win situation especially with gas prices now. Let's say you get rid of the expensive car payment and get a used car. The used car prices are just as high they have Jack the prices up. So you getting less and pay more. I don't know if you look at rent lately I live in Dallas Texas. One bedroom average 1100 a month for $500 ft. Now I guess it's going towards 498 a gallon it will be $5 soon. It's a no-win situation regardless if you retired or not. 40% of millenniums have fair credit score. You did not mention credit card use. Everybody in business is trying to get 2-10 more from you. Student loan debt you cannot get rid of. But it's a start. But it's just a dream for some people now. And it's going to get worse.
Good stuff! I think I’d rather live in the woods homeless vs work into my late 60s. Life is too short, especially at that age. You work your whole life and will be lucky to enjoy the last bit (enough income, good health, etc)
Truly excellent video. Amazingly professional, and very, very good advice... particularly on cutting costs. Do it now, there won't be enough time later! And I subscribed to Mayo's channel... unless I'm wrong, we've got another Jack Bogle or Warren Buffett coming up here ... advice you can trust and take to the bank.
When I invest in the ETF VTI could I lose money? Is this a win win situation or is there a chance you could ever lose that $800 you invested? What happens if I take it out early? Thanks
Suggestion:understand math and trade space analysis Coffee for 3.49 daily is 30 x 3.49 then other subscriptions to nice things etc invest in learning and healthy things
First!!
Always trying to support my guy Joshua here 👌
🙌
beat me to it
Hi Joshua, what about a target retirement fund?
@@JoshuaMayo how can l contact privately. Great video!
This gentleman is on point. You have to get your expenses under control and then put away as much money as you can in your 401K, IRA, HYSA and etc. I had no money at 40 years old. But I started saving until it was uncomfortable. Started with $100 dollars per paycheck and quickly started escalating that amount until I had just enough to fund all my Monthly expenses. 13 years later, I am now 53 and I have saved $400k. I can't believe I did this in 13 years. So you can do it too, if you start today. My wife and my old black ass will be going fishing and traveling instead of being stuck at home watching TV all day after retirement.
I have a question, I'm a 20 year old currently making a budget. When you say you started off investing $100 dollars per month in those multiple things. how did you decide to ration the money off? was it like and even amount of 20/20/20/20/20 if there were 5 revenues or did you do it by percent by order of economic value per say.
I too do not want to join Team Weather Channel for my golden years.
I started Lynn Richardsons $1 challenge last month to stop living paycheck to paycheck. You start putting away 1 dollar then double it each time you get paid. by years end you should have $1200-1300!!!!!
@@ishyameru6232 Did I answer your question? I thought I did but I don't see where I did.
@@joyanderson8646 That's wonderful, but a better idea would be to open an online brokerage account and invest $25 or $50 a paycheck in the S&P 500 and you will have way more than $1200 by year and if you increase the amount by $5 or $10 dollars per paycheck, in 5 years you will have $25,000 dollars. I started out this way but I scaled up quickly to $500 a paycheck. 5 years later I have $70,000 dollars in that account. You'll be surprised how fast it grows.
I am only in my 30's, but this info is helping me avoid being broke in my later years, thanks for this info!🙏🏽
He is right, I'm 60 if I had videos like this watched when I was 30 my savings were going to be much much better. Instead of following what the people around me were doing then, now we all are with minimum savings in the bank.
Your 20s and 30s are the most critical investing years of your life. Keep pushing forward!
I was thinking the samething
I personally used the %20 rule, I put %20 of my pay into retirement no matter how much I make
Great! Can anyone here have any idea here of a more smart way on investment?
Suggestion: start with stop eating out. Restaurants, donuts, coffee. A lot of people can find $500 a month right there. This experience will give people the confidence to cut down on the rest of the list.
definitely cut out donuts. should save you $1500 a month in insulin later on.
Rightly said! Well, I am also looking for a more genuine and smart way on short term investment, any idea here?
This is a big one. The pandemic forced me to start cooking at home, and I was surprised to find myself saving $400-500 monthly just with that!
gold man, join acorns and stash
Start investing with just $5 in the background of life while you go about your day
Look them up here on youtube.
I don't like the option of working an additional 8 years to increase my retirement amount. I would rather find a side hustle that makes an additional $1,000.00 per month so that I can invest another $500.00 per month.
Give me my money now so I can invest it.
Agreed. "It's called; The American Dream because you have to be asleep to believe it"-- George Carlin. I'm old enough to remember when we were once able to retire at 60, now they want us broke, overworked and half way in the grave since they've upped it to 67!
Facts
Ikr, who the hell wants to work until they 70
I'm from the hood didn't have a silver spoon in my mouth if u treat your family right take care of your responsibilities in life and help others when u can u will b fine hard for a rich man to go to heaven stop chasing money appreciate what u do have.
I am 50 years old. I would like to retire at 65….maybe 67. No significant savings, I feel like it’s a mess. I do have a 401(k) savings plan with my job. But I have started making the changes you just listed. So thank you for the confirmation.
What amount do you have in your 401k? Homie, you ain’t retiring in no 15 years.
You kind sir are amazing. There’s little to no hope for many people out here who have not prepared for retirement. Here you are a young man who has it all explained to people in need I can honestly say you’re the first I’ve seen to break it down the way you have and makes it easy to understand. Thank you so very much.
I got a divorce and had to start over at a late age in my life,I made a sacrifice and put a high % of my pay check in my 401K and it was rough but it paid off in the end.
You dug, did what you had to, and God blessed you.
Awesome! Nothing like bouncing back after a divorce.
@@kashfortheking truly God blessed me.
I’m 65 same here but disabled was single mom till now
about to go back to work and get Roth Ira
Sometimes life’s experiences throw us off when we think we have
All The ducks in a row
I like the format of your videos, however! I AM 50, and probably broke by society's standards, but have all my basic needs and then some. I don't have much for retirement at this point, but working on it. I watched another video and I don't agree with some things you said. I was a single parent of 4 kids. We rarely ate out, made meals from scratch, and I was very frugal. There wasn't any saving money when you could barely cover expenses. I don't waste elec or food if I can help it. Getting a higher paying job wasn't really an option when I was lucky to get the one I had! After all the years of struggling, and the kids were gone (just recently), I was FINALLY making enough to spend some money on myself! I can now enjoy hobbies that I couldn't afford. Even now, I still practice frugality. But now I'm fostering 2 family members under 5, which is a new struggle. So as informative as your videos are, they aren't geared towards certain demographics. Having kids - especially young ones, is VERY time consuming and draining! So that's another factor in trying to improve your situation. I get that you can't target certain situations, but if you maybe had advice for young parents struggling, or anyone struggling for that matter! The economy sucks right now and I live in Alaska. Soo...add that to the pile. 😒 But thank you for the time you put into these. I will still watch.
Exactly. Raising 3 boys, car repairs, general life getting in the way. Just now empty nesters over the last two years. No house repairs that we couldn't afford need to be done. I worked construction all my life and at 52, body is shot. I still try to do some repairs myself. Now a superintendent FINALLY, and inflation is killing the really good raise I got from it.
And side hustle is kinda hard when you drive an hour each way and work 10+ hours a day.
This video is great. Buy like you said, not applicable to some demographics/situation. I will put some of these into practice. BUT like I said in a previous comment, $400 for groceries is a joke. Everything has gone up and will continue to. Especially if trying to eat healthy. And stay home and not go out.
Hope things improve for you and God bless you and keep you.
U mentioned Alaska..I watch Alaska Pepper . U seem to be doing all u can. Kids cost lots of money. This is why I only had one.
Just subscribed.. I'm 43 so I better get a move on if I want something worth a damn bit I can definitely start sharing and doing this with my teenager (17 next month) by the time they get to my age, Lord willing they'll be ok.
Great info. This info people in their 20s should take advantage of. Especially, when they have little to no financial responsibilities.
Putting these principles in place sooner than later, will put you in a better situation to not have to work until your 70, if you choose not to. Unless it's a job or business that I truly enjoy doing, I know I don't want to work until I'm 70.
I appreciate how you don’t baby your audience or sugarcoat things. You’re very direct and hold people accountable for their fallacy filled decisions. The biggest factor in Finances is mentality/behavior.
Agree. If you are 50 and broke, you have a money behavior problem. The probability that you will suddenly become a saver is slim.
@@DavidEVogel Can you really make a broad judgement about everyone who ends up older with little resource? Do you realize what some go thru? Kids, college tuition, divorce, alimony, sickness, child support..etc. Life happens and not everyone is simply bad with money
I'll be 55 this year and I'm going to follow ALL of your advice. Thanks!
Fantastic! Glad this was helpful
OK, youngster, I just found your channel so thanks for the info. I will continue to follow since I am one of those people over 50 that plundered her 401k and now has to scramble to save or do something to gain a retirement account!
Thank You for your info for people 50 and over i needed that because i lost my job and 401k trying to survive. So I’m starting over
It's possible, even if it get's difficult. Don't let anyone tell you otherwise. You can reach your goals, it's not "too late".
@@JoshuaMayo thank you
Do what works for you but have discipline as l did since l was fifteen, have a Goal, and do it. l re-tired when l was 39 and l am now 62.
God bless you for taking the time to address this issue! Thank you.
This helped me immensely! I am DEFINITELY saving this so I can watch and re-watch it repeatedly. Thank you so much!
🗣💯💯💯💯
Liked this video! I'm 58 and got a late start. I've Only been able to max my $7000 Roth IRA in last 2 years. There is hope! Only suggestion I have is that to open an IRA one can go to vanguard and open it. If you don't know how .. Ask a trusted friend or family. Vanguard has low fee index mutual funds. Or etfs. Be sure to focus on fees. Very important to keep fees low. Best wishes in your financial journey!
Dear Joshua, I want to Thank You for this, I am Stressed out of my mind, and truly do not know which way to turn at this point, 50 and no savings and no pension though work, life sometimes moves too fast and before we know it, here we are! :( Gotta figure something out and Fast.
Joshua, This was very helpful, I am in my early 50s. Your videos have taught me SO much. Thank you
Keith, that's so great to hear! I want my videos to be entertaining but more than anything I want to provide real value!
Every one came into the world not having money u will b fine with a little and your good health that's the key.
AWESOME VIDEO...I AM RETIRED BANKING & BUSINESS MANAGER....I GOT THIS INFO....A LONG TIME AGO, HOWEVER...ONCE I RETIRED 7 YEARS AGO, IT IS NO FUN LIVING LIKE THIS.....BIG DROP....EVEN THOUGH I LIVE IN LUXURY.....STILL ...1/2 OF MY WORKING MONEY I SPENT WHILE WORKING...I THREW AWAY SO MUCH MONEY, I NEVER SHOULD HAVE BEEN DOING THAT....I AM IN MY EARLY 60'S......LEARN THIS NOW....OR YOU WILL LOSE BIG TIME....SS IS NOT ENOUGH....!!!
Nothing left to cut! Already on strict budget. Doesn’t work if crappy wages
Get a room mate, buy groceries never eat out not even the dollar menu, do that for two years. Check your prgress every month.
Well done Joshua! Thank you for the straight forward approach.
This is the single best thing I've ever watched on RUclips. Man listen, I had no idea how simple this could be. I've never heard it explained like this. I'm amazed. Thank you. Yes I'm following you.
Really good stuff. I am 55 and is saving but need to save more towards retirement. I am taking your advice and going full speed ahead into saving more.
Young man , you can't be older than 30yrs old ! Shout out to your parents Mr.and Mrs Mayo for blessing you with wisdom beyond your years. I am 2 years removed from 60yrs old and I have ALOT of catching up to do before retirement. I'm happy that I found your YT channel , your video gave me some TO DO's ASAP . I have to supplement my pension and 401k/457 plan . God Bless !
Bro you are a yt prodigy, been watching the exponential growth of your channel. Keep it up man!
Thought you called him a white prodigy 🤣
Young brother you're doing a great job helping others....keep up the good work.!!
I appreciate that!
This is awesome information. Small business owners need this information. Thank you greatly 🙏🏽❤️
I’m happy I found your channel. I like how you show us the step by step process on how to and where to invest our money. Thank you so much
I was disappointed Josh didn't cover the best way to save on cost for retirement and that is to move out of the USA! In Mexico, $1,900 per month would put you in the top 1%. In beautiful tropical Thailand, you can live comfortably on $1,000 per month and never have to deal with snow again!
Wow. Good to know.
Yes! Planning my escape to Dominican Republic. $2000 a month and I'm living like a king and my health will improve greatly!
Exactly!!!
Damn shame US citizens have to go to Mexico, etc to live well. What if THEY build a wall?😄
@@Dweeble233 If Mexico built a wall, it would only hurt Mexico.
Thank You for making this so easy to understand. Awesome👌
Another great video, but no, no but really great. Just wanted to share a short story. After graduating I never imagined myself working until I was 60, I cringed when you were talking about 65 and 70. Anyway, 40 ish was my goal. Well at my retirement party a coworker I befriended wanted to know how I was able to retire. Briefly I told I'd been investing for 20 years and I shared with her my general investing strategy. Fast forward recently I called her to say hi (she still works at the same place). As we were about to hang up she says to me "I wish I had listened to you years ago. All I could say was hang in there. It's sad but some people want more and refuse to do what's necessary to get it. For some reason after formal education far to many people just turn off to the concept of learning more.
Wow I couldn't agree more. And even in formal education so many settle for just getting through what they have to without consideration of important topics that can truly impact their life and not just their career. Careers aren't forever. People often forget that a career is as risky as investing. We are not promised a job until we retire. And we are not promised an easy life after retirement especially if we haven't been intentional with our finances. Your story about the work friend is tough to hear, and it's a common reality. All the best to you H Scott, thank you for watching!
How did you do it? How did you manage to save and provide for your wife and children? Inquiring Minds want to know.
@@markjou9799 In short I set a goal. My target was 40ish. I met my other half when I got a bachelor's and found a job with a defense contractor. One day while pondering growing wealth from discussions in finance courses I discussed with my wife opening a mutual fund account. We did and about a year later another couple we were friends with invited us to go to Vegas for a long weekend. While there my buddy said let's play some blackjack. I did and won a few hundred dollars (that made me feel better about the money spent taking the trip). A few months later I saw a newspaper article about college students that counted cards in vegas to pay for their education. They got caught and were barred from several casinos. I then got a book about card counting and shared it with my buddy that invited us to Vegas. I discussed it with my wife and her support enabled me to try to make extra cash over a three day weekend. We would go to a casino play till we won about $800 and leave, headed for another casino. That first weekend I came home with over $3,000 after expenses. My buddy and I did that one weekend a month for just over a year. The trick was we never got greedy in any one casino. When I got home I'd give over 1/3 for house expenses, 1/3 to pay student loans both of ours and 1/3 to the investment account. All the while I read stock investment books and then started adjusting the funds in my 401k and opened an IRA. We then had two little ones and a comfortable portfolio. After that it was just a matter of increasing the value of what I had accumulated. Unfortunately our marriage went south. After that I opened a roth got a better job one with a pension (not that the one I had was bad it didn't have a pension plan and the plan counted overtime) and I became even more focused on investing. I bought a coop and because the value of the units weren't rising to my liking I ran for board president. Made significant changes over a 2 year period and sold at 5 times my purchase price. Bought a house and retired 3 months after the earliest date I could retire and collect a modest pension. Now, everyday is Saturday (after I finish my daily financial reviews or when my sons come to visit).
Facts.
Thanks for this needed video.Ineed to watch this video again,and take notes.I'm over 50 years-old & am concerned about getting old & not having enough money.I don't have much $ saved.I want to invest.I am conscious of how I spend money.I am a frugal & practical person.I live within my means.I'm considering getting a part-time job & a hustle,to acquire more $.It takes discipline,humble attitude & determination.
Exactly… i dropped cable and Starz… $75 switched from Verizon to At&t $90-$55 Savings… I’ve never made money on stocks they always take my money tho🤷🏾♀️… I retired at 39…
You're my new best friend! Very truthful and informative! Don't know how I got here but glad I did!
You won't get very far doing it this way. You have to look at that $650 car payment and do something to reduce or eliminate. $10 or $20 elimination of Netflix and Amazon helps, but it's the big stuff that will make a big difference in your life. I'm not saying don't have a car. But you can sell the car back to the dealer and buy a junker for $8k without a $650/month going to the bank instead of your savings account. Go big or go home. Same with income. Work smarter at your main job and get that promotion. Don't work a second job, which is unsustainable in the long term for older folks.
Very succinct, practical advice and enjoyable to listen to! Thank you Joshua!
I love this video because I started saving before I retired and by doing this I'm doing real good and I hope that people's learned something that is very important to start saving when you're young and cut out your expenses try not to get in credit card debt as much as possible
46 year old dad, daughter turns 19 today and almost out of debt minus house within 18 months.
Nice seeing somebody who looks like me doing this.
Subbed from Louisville Kentucky
19yr old daughter in college or heading to? Be careful. That is also a major debt trap. Crossing that bridge now.
@@Dweeble233 work.
HS was enough of a challenge. I’m still checking her DNA for her pisspoor work ethic🤣
Great video Joshua. I started hammering away in my 30's. I wish I would have started in my 20's but like most I was clueless to moeny. I got my expenses together and I am now saving more than half my pay per month. It was not easy but I lived below my means. I do Stocks, REITs, 401k, Roth, Bonds, IRA.I am professional and make a good salary but if a person does not get their expenses under control it does not matter how much you make. Cut your expenses, save more and live comfortably.
Your photo is rockin' the 50 year old look!
I just hope that we haven't destroyed ourselves by the time I hit retirement age. But the advice here is great.
Listen this world is over. I know that I will die poor but king I lived my life. Happy most people don't get to enjoy life. But appreciate 🙏🏾 your words.
you popped up on my RUclips this morning, and I decided to listen. I am 52 and I am pretty impressed with you. This is great information and you are not boring LOL. Thanks so much for the information, I have decided to subscribe!!
I’m 57 and have to invest at least $40 to $50 grand a year for the next 7 years just to have a shot at becoming a millionaire. It is very important to start early when you are young.
You're gonna need 2 Mil. Heck, 2 mil might not be enough if hyperinflation is coming to America.
True, investing early is the key but it's never too late. You can diversify your portfolio and invest a little bit in growth ETFs and get a little bit higher than 11% annual return
@@bitefinance-investingsimpl2571 what stock give 11% right now in inflation time
@@olympic-ass-eater There are ETFs that pay monthly dividends. Checkout XYLD it pays like 12% annual dividends
@@bitefinance-investingsimpl2571 are there any etf stock like that?
Nice job. This was very informative information. Some people actually don’t plan on retiring because they just really enjoy, and love what they do. 👍🏿
You are great! I have learned a lot from you; you are very informative and/or resultful. Keep up the great work!
If a 50y.o. is needing this advice, that is a tough road. However, stay encouraged and listen. This is good advice for you and a cautionary tale for others.
It's actually a refreshing video, because most focus on the younger people & ignore older folks 'that should know' but due to life circumstances; needs this info.
This video had me breaking out the notebook. Great work Josh
Thank you for this. It was clear and not frightening. And short but informative. I appreciate you
50s hurt, you can imagine what it would feel like at 70. Waiting just isn't an option for some because of things like this. I get your logic though and agree it would be better but you really aren't going to feel as good at late 60s let alone 70 as you do when your younger, at least most of us won't. I can only hope life is good at 70.
First I want to thank you for not already having 50 yr olds in the grave like so many young people do. I've subscribed and will be following intently.
The best information I have received on RUclips!
Best investment channel hope the Breakfast Club get in connection with you for a interview
I'll be 38 this year! I'm making changes NOW
Omg thank u so much I'm not 50 yet but will use this now so I can be ready
My guy. Ty for the knowledge king. Next step, do the work.
...and make sure we take care of our health, what's the point of savings if you won't be alive to use it. Enjoy your time NOW.
Preach it my brother!
Great video, AS USUAL. I have so many co-workers in this position hoping SS and pension will be suffice. I share the video, then simply wish them luck after they ignore.
This stuff needs to be put into the brains of every young adult. How do you make them listen and understand? I don't know. I think part of the reason that young people don't learn this info is that their parents and other mentors don't know or don't practice it. We as Americans have become spoiled with thinking that we deserve to have "nice" things right now. You can dump a lot of money on cars, boats, RVs, jewelry, clothes, and home decor. These things have a terrible return if you try to sell to recoup your money. When you buy a new car you lose thousands when you drive it off the lot. Why not buy a car that is 2 or 3 years old and let someone else take that hit. Most boats and RVs are not used near as much as people thought when they bought them and are just money pits. Living frugally is not about being deprived it is about getting the most from your money by spending intentionally.
Frugal is not cheap ( which I have been called) but it is spending wisely . … like you said get the most for your dollar
Subscriptions were the first thing to go. Not in my 50s but I am listening.
That 1st step about writing down your expenses is so critical.
I didn't start saving money from my paycheck until I did this.
I quickly noticed how much money was being wasted, pissed away on trivial shit that I didn't need.
I now save easily 30% of my paycheck every month, soon this will be above 50%.
so true. i write down what I spend and it makes you confront "damn I bought that again??"
This is an amazing video and I think you should be very proud for making it 👏 👍. It will be very interesting to know your background. Are you a finance professional e.g an accountant or something similar. Whatever you do or are, you should be very proud of yourself. And thanks for making the video.
Best advice I've heard from anyone. Great video. Well done.
so happy I found your channel
Hi Joshua, thank you for providing such great valuable content!
Thanks for watching Patty!
I retired to South America. Now worries about saving , you can live a great life on Social Security
Tic Tac Mint Subscription hahaha Excellent video!!!
Thanks. Good content. One suggestion: lock down focus. Many of the shots start out soft until autofocus kicks in
This was the information that i searching for..Awesome advice 💡💡
I'm 39 and I'm taking your advice.
Thank you Joshua for this video. It really enlightens my long-time ignorance.
I finally got my student loan paid off so now all that money plus anything I was saving is going to my three investment accounts. I've got a Roth, a HSA and a regular account that I'm putting money into. For some reason my HSA investment has all the Vanguard ETFs and is doing way better than the others. I'll have to look at the others to see what needs to be replaced.
Best thing is I finally got to move to a city that has excellent mass transit so that cut out a huge chunk of change going toward the upkeep of a car.
No 401(k) offered at work? You should be able to invest in Vanguard ETFs your Roth IRA just like your HSA.
Nice one! Useful video, as i hear some many people complain about this situation! Sharing with others.
Well constructed video and information.
SUBSCRIBED! Outstanding video‼️ I am going to watch all your videos. 😎
Joshua, is this you asking me to discus on Whatsapp, or a scammer?
If you go the way investing in an Index Fund like the video says - then don't forget to automatically reinvest any dividends that are received from the Index Fund. Reinvest those dividends so that those dollars buy more Index Funds. I would say to split your investments into 60-70% Index Funds, and the remaining 30-40% into "dividend" paying type of Index Funds or ETFs. Just remember that for ETFs, you will need to instruct you account to automatically invest those dollars for you (into more of the ETF). And even if you still have some money left over after maxing out on the yearly Roth IRA investment amount - put that money in any other tax-deferred retirement investment account you qualify for. At worst, invest it into your personal brokerage account. Returns are returns no matter what.
Great video. Having and following a budget is important at all income levels.
This video is extremely beneficial I thank you very much Mr. Mayo. You have definitely helped me along the way.
I’d also add you can replace your cell phone carrier. I did during the pandemic because I was working from home. I’m like why am I paying $70 per month for my phone and I’m home using my internet etc. i switched to the less expensive carrier with no contract. It was $30 less! I also downgraded Netflix because I wasn’t really using 2 screens anymore, every dollar count. I downloaded Ibotta too for grocery shopping to get $ back on food I buy. So you can go through your bills and get lower rates in addition to the info provided here.
This was so helpful. Thank you, Joshua.
Like I've said to you before... You can't inmate greatness! Well done, Joshua. This was great! As per your usual, an outstanding job! I really appreciate you sharing your wealth of knowledge. Thank you so much!
Melissa, thank YOU so much!
Compound interest is pure magic. The earlier you start, the better but like you said "it's never too late". 💯 Btw, the quality of your videos have improved significantly over the last few months, keep up the good work man!
Absolutely
You right what you saying but it's almost a no-win situation especially with gas prices now. Let's say you get rid of the expensive car payment and get a used car. The used car prices are just as high they have Jack the prices up. So you getting less and pay more. I don't know if you look at rent lately I live in Dallas Texas. One bedroom average 1100 a month for $500 ft. Now I guess it's going towards 498 a gallon it will be $5 soon. It's a no-win situation regardless if you retired or not. 40% of millenniums have fair credit score. You did not mention credit card use. Everybody in business is trying to get 2-10 more from you. Student loan debt you cannot get rid of. But it's a start. But it's just a dream for some people now. And it's going to get worse.
This is good advice I wish I had listened when I was younger...
Good stuff! I think I’d rather live in the woods homeless vs work into my late 60s. Life is too short, especially at that age. You work your whole life and will be lucky to enjoy the last bit (enough income, good health, etc)
Great video. You have a way with explaining things so clearly. Thank you so much.
Glad it was helpful!
Great video, Josh! Concise, knowledgeable, easy to understand. Thank you!
Great advice and work young man!
Retirlring at 62 with less money VS retiring at 7O with more money but less energy to enjoy it! It's your choice! Lol. 🤣
Truly excellent video. Amazingly professional, and very, very good advice... particularly on cutting costs. Do it now, there won't be enough time later! And I subscribed to Mayo's channel... unless I'm wrong, we've got another Jack Bogle or Warren Buffett coming up here ... advice you can trust and take to the bank.
When I invest in the ETF VTI could I lose money? Is this a win win situation or is there a chance you could ever lose that $800 you invested? What happens if I take it out early? Thanks
A $650 car payment is NOT a necessity.
Suggestion:understand math and trade space analysis
Coffee for 3.49 daily is 30 x 3.49 then other subscriptions to nice things etc invest in learning and healthy things
This is some great advice man! Will definitely tell this to my family
Joshua, this was great information. I took notes!!