No Savings At 30? | DO THIS To Catch Up
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- Опубликовано: 11 июн 2024
- No savings at 30? Do this to catch up!
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If you have no savings at 30, the good news is, you’re actually not as far behind financially as you might think. At the age of 30, most expert recommendations online suggest having one times your annual income saved, which for the average earner is about $50,000. But that is just what is recommended, not what 30 year olds actually have. The actual median net worth of a 30 year old is much less, sitting around $14,000.
If you are in your 30s and have a net worth of $0, don’t worry, it is far from being too late to catch up. You are relatively young, and you still have the majority of your working years ahead of you still. So even if right now you have a few thousand dollars less than the average person your age, you have plenty of time to catch up.
To catch up you need to earn how to budget. Next you need to reduce your expense, so that you can start saving money fast. You also need to learn how to make more money, to further increase your savings. The last step is learning how to invest. I talk about index funds for beginners and how to invest in a Roth IRA. Follow these 4 steps to retire early and achieve financial independence.
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DISCLAIMER: Some of the links on this page are affiliate links, meaning, at no additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. Affiliate commissions help fund videos like this one.
Everything in this video is of my own opinion and could be wrong. I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
I started at 38yrs old from $1K in chequing and no savings and now have $50K in savings and $54K in investments and bought a condo at age of 41.
1) I worked hard and got several increases
2) COVID presented a major savings opportunity
3) now this might be controversial but I saved as much as I could. I was aggressive about it. I know people find the idea of giving up their daily Starbucks but it really makes a difference. Make coffee at home.
I am technically broke at 30, but not because i didn't use to earn a lot of money. I moved to another country because I got married. My employer hid the fact they are not okay with me moving there and fired me. I can't find a job here because the country's laws are very unfriendly toward foreigners (non-citizens, no local passport), and I can't find a job in my own country because the laws there don't really allow remote work (companies can make it work, but nobody wants to).
I'm 30, Literally $0 to my name with a full time job that pays $13 per hour. I'm spending $800 per month with Uber/Lyft just to get to work and back home alone! After I pay my phone bill I have $0 left to save. This doesn't include food which I use food stamps for! Never been eligible for a credit card or anything on credit in my life. No Car, No Family.. Nothing! Next step for me is getting a AR15 for and robbing my job here soon! Can't afford anything else. $27,000 per year before taxes is shit!
Awesome start and support. 👏 🤗
Great video! Are those jellyfish in the background?!
I am having a problem saving because I travel constantly and I am 30 so this gave me hope
yay happy to help
I love excel spreadsheets for budget-0-fees if you google or if you just outright buy Microsoft not mn. subscript.
I'm glad that I ran across your channel. I am really enjoying your content.
I’m appreciate that a ton Katrese!
wonderful tips !
What investing videos do you recommend?
Great advice!!!
Thank you!
Your transparency on income is refreshing. Very realistic approach as well.
well said miss!
Hey Karson! I have a question… is it ok to have the same etf on both Roth IRA and brokerage account? Thank you for your videos! They help a lot!
Good tips. Budgeting is definitely the first step. I went from paycheck to paycheck to saving and investing in a year. And now I have a budget I just increase my savings every time I get a raise. And with current inflation it doesn't hurt me as bad. Since more money comes in than I spend.
Thanks!
Hey, Karson, I’m glad I watched this. No fluff, insightful and encouraging. While I love marketing, so many videos are gimmicky click bait. And while I like humor and good editing, your video is refreshingly simple and I appreciate it. Liked and subscribed.
Thank you!
Heya Karson, I’m a huge fan! :) do you by any chance offer a coaching service? Xx
Thanks! And no I don’t, sorry!
....I like watching it. one powerful word is 'consistency' . become that
Definitely!
Bruh, I've been preaching this to friends and family but the excuses I get from them is interesting so I stopped and started minding my business. No matter how good you think you can be to people, if they aren't ready or serious, you can't help them.. just leave them be. Great video!!
Thank you! That’s true
@@KarsonGaule came back to subscribe :). Keep it up!!
Facts! I’m going through this now! I just let them be!
I agree when I job-hopped I got $10k or more with each hop
i am entering 40yo, after pay all utilities/Food i got 100usd+ in bank but i own/Living(no worry rent) my own house 3bedroom in meddle of town.. should i rent out 2 bedroom? get second job? and NO child or married(i been smart use condom) have zero dependent.
Subscribed!!
Thanks!
As the saying goes " Common sense is not common!" You always advocate common sense measures which are immensely effective. Great knowledge sharing. Thanks 👍
Thank you Raju!
Amazing video. Thanks 🙏🥹
Thanks Paulette!
When you say “savings”, does this mean investments, cash savings, or both? Im about halfway to my 6-month E-fund goal so my cash is lower than that average savings amount, but I have quite a bit in my IRA and 401k
Yeah I was kind of using both savings and investments interchangeably, basically referring to total liquid assets
I would save 50% and invest 50% after I save six months of expenses. If investing in the stock market I would buy mutual funds. Hope this helps. Do this ONLY IF YOU HAVE INCOME COMING IN. If no job/income then put in high yield savings solely.
Karson, your insight and practical lamens terms approach to investing has been so helpful to me. I just started a job as a process coordinator with aspirations to job hop my way to a six figure income in project management. How much experience should I have before applying for new positions? Any advice is appreciated. Thanks for the awesome content!
Thanks! And unfortunately there’s no set amount of experience you need to have before applying so I can’t advise too much there
2-3k a month on RUclips ad revenue? Sheesh wish my anime niche paid that much 😞.
That’s finance content for you
Please remember to tell your audience that you're not giving financial advice. I don't say this to be mean, just that making content itself is a business, and a lot of businesses get sued. Be careful, good content! Just your adsense popping up is giving me ideas to start my own finance channel as well, haha 😂
Appreciate it! I always include a disclaimer in my description as my videos are definitely just my opinion haha
Great advice right there! Even if it is in the description it’s worth covering yourself by referring to it in the video.
First watch here, great content. Good luck!
I’m only 12 but I’m glad RUclips algorithm is showing this on my Home Screen
Great age to start saving!
Fuck if you start saving even 10% and stick it into your 401Kwhen you start working at 17 or w/e, you'll be ahead of 95%+ of people your age by 30. wish someone told me this.Sounds like a long time but time flies FAST
Haha i know where you got the inspiration for that thumbnail! Anyways great video keep it up!
Lol thanks
Hey I'm in my lates 20s where should I get the best solution of it?
What do you mean?
I mean about if I started looking ways to make or earn savings at the age 20s it would be better if anyone make some savings in thier financial freedom?
I'm ready to get my money right!
Woohoo!
@@KarsonGaule Hi Karson, first generation Somaii immigrant. We had no money growing up, now I have 5-7k a month in disposable income. What would you do with that money? What books would you read? what podcasts would you watch? I would really appreciate it. I'm too tempted to get a AMG or a Suburu WRZ but I know better!
When I was younger I couldn’t save much as I was paying for my children’s education. I am saving now though.
That’s so generous! I’m sure they appreciated it:)
ask your children fund your saving if they finish their study with JOB.
Grant Cardone clips were good :D nice video!
Thank you!
Man I’m about to be 30 and I only did 42,000. This video helps me feel better and inspiring me to do better. Thank you for this video!
42 doesnt sound bad
I have 1000 at 30 be happy
I have 400$ at 30 lol
I just turned 30 last month and started investing in a 401k at 12% with my new job at the start of 2022. Should I invest in a Roth IRA as well?
That’s a great contribution! Your company should have a Roth 401k option which is essentially the same
@@KarsonGaule they do! Should I balance out what I put in between the two then?
Your 'side hustle' (RUclips) is making MORE money than my full time job!!
Nice 'side hustle'😤
Love the cut too Grant Cardone
This helped a lot.
I worked out 80% of my expenses are rent (800 USD a month) and everything else is just 200 USD a month. Half made me want to just start sleeping in the park.
For number 3, I think another way to increase your income is working a second job. My salary was 1,400 USD a month. Now I earn an extra 200 USD working a job in the evenings and weekends.
Now I am saving 600 USD a month.
800/mon rent is a blessing and a steal. I’m paying almost $1500 for a 565 square foot old ass apartment
wow with only 27000 subscribers and this video only having 646 views you are making nearly $2000 per month is impressive... even more impressive is your content with deep analysis... keep up the good work
I’m 22 but I can only save 1000 monthly, a year ago if you would’ve asked me I could only save 20$ these videos help sm, thank you!! Plus I moved states and this state doesn’t take as much taxes 😂 living is higher though but I make so much more at my new job fr
12000 a year savings is good at your age. Invested properly you are well on your way to a very comfy retirement.
Invest 🎉
200 dollars a day 😮 very impressive
I have 10000 in savings at 59, I'm fucked
Maybe you can think about job that you could do past 65 that would still give you a good quality of life. My mom tutors kids remotely and make a great hourly age.
Maybe you can develop a skill that would allow you to work part time as you get older.
Also consider other types of security besides money. Maybe you could garden to decrease your food budget.
Best of luck.
@@wh8416 thanks for your input
Are you at all worried about an upcoming economic recession tanking investments ?
Good chance the market will go lower, but I will continue to DCA
this video gives me andrei jikh vibe...
Hmm name doesn’t ring a bell🤔
So if a person makes ~$200 per month in post soviet country he is basically screwed, right? 😂
Is your thumbnail influenced by Graham Stephan?
You could say he was influenced by Karson Gaule
Most people on these channels are too young to provide seasoned guidance; however, I particularly liked the investment of $200 per day into the ETF. That’s a pretty good tactic; however, the costs of buying every day will eat into the investment gains. Transaction costs eliminate gains, especially at $200 per day; however, over time the costs can recover, but the investment must earn quite a bit to overcome time & the initial investment.
It’s interesting to watch, especially when RUclips becomes an influencers main source of income.
Good luck!
That might be true of classic brokerage firms, but my experience with Robinhood (and their whole gimmick) is no fee investing. I invested last week and have successfully only lost the market fluctuation percentages. So far as I can tell.
That moment when she said she is investing $200 a day. You're so killing it lol and at only 22 is crazy!
Thanks lol
I think I'm in love with this girl
is my comment being deleted? 😅
No? Maybe held for review I’m not sure
@@KarsonGaule fair enough 😅 its just I commented about investing and suggested a couple of books on investing with a bit of background instead of initially learning it from you tube. But mainly wanted to say your content is great and looking forward for more 🤙🏽
Well no if you wanted X and now you do not have X I would say your as far behind as you think. There is no way your not where you think your at? If your making content in this space on these types of topics it is safe to say you know how to count and math has never lied to me ever.
Like/Subscribed- I just turned 29 and trying to manage money to make the best use of every dollar $ :D
Thank you :)