Read for more info! 👇🏼 [Come to our free investing 101 webinar Jan 23 - get on the waitlist: AdviceWithErin.com/money] It’s when you have enough money invested/saved up to say “f*** yall I’m out of here!” lol but seriously, it’s the amount of money you need to have to never have to work for someone else again. To be clear: this is an extremely intentional lifestyle choice some people make. It’s not something automatically in the cards for most folks. You have to be extremely focused on this goal if you want to retire at a younger age (and, know how to INVEST!) This is a beautiful example of the power of investing to grow your wealth and, at the very least, keep your money growing with inflation. If you aren’t investing, your money is loosing value. And I KNOW-I know, y’all. It’s intimidating, confusing, and honestly so easy to do the wrong thing. Like let’s be honest, tf is an expense ratio ?? AUM?? ETF?? Mutual fund?? IRA?? I’m tired. That’s why I’m partnering up with my friends at Personal Finance Club to bring you a 100% free Investing 101 webinar. We will literally show you why investing matters, how to invest smartly, and literally what buttons to press.
My f you money would only need to be about 2 months worth of salary. That's the maximum it would take me to get another similar job. And I would have a really nice long vacation that way!
Same. Once my boss tried this. I said we can discuss my job when I get back. I'm not canceling the vacation you approved 3 months ago 4 days before my flight. Nothing happened.
I could potentially even say yes to canceling my vacation but only if the boss or the company will compensate me for the lost air fare and hotel bkg, with a 10% premium of course 😂
Who gives severance? You’ll be lucky to get paid for hours worked. Also, don’t wait to get fired. It’s easy for the employer to claim your refusal to work as misbehavior, and they could deny unemployment pay for that reason. Quit.
@@CloudyinPalmerNope, employers can try to say things like you’ve been toxic at work (they said that about my friend and she still got unemployment in the end), poor performance (too subjective), etc., but unless you do something really grievous like sexually harass someone at work, or assault or malicious property damage, you will get unemployment benefits.
Except don’t quit. Wait for them to fire you and try for unemployment. Some employers will not fight it and if they do, that’s where your emails about getting permission to take time off come in handy.
Depending on the state laws you live in and what type of investments were made you could be getting unemployment while being laid off. They have different laws that govern this in every state. The best thing to do is to look up the laws for your state.
@@baileyb4135that as well depends on where you live. We in Germany have unemployment insurance. As long as you paid this the last two years you will still get a considerable amount of your last income for up to two years (however they wanna see you try getting a new job and applying so usually it is less than that time)
@@baileyb4135Wrong. They don’t care about how much money you have in your account. This is unemployment insurance, not welfare. As long as you don’t quit a job, if they investigate and see that you’re laid off or got fired (as long as it’s not due to you assaulting someone at work, or sexual harassment, or malicious property damage), you will be eligible for unemployment benefits.
My usual thing is: "Data science is very on demand, and I have a masters and PhD in it. I don't need to work for you. Next week I will find someone paying more". The managers/bosses I worked with know that, and thats super fucking liberating.
Yeah, but the thing is everyone agrees that the Data Analyst is the laziest employee of them all and they're all trying to replace and outsource those jobs either with AI, no code softwares that can let marketing and finance do the analysis they need without hiring an expensive data analyst OR by hiring the services of another data analyst that has automated their job years ago. And if we look at the recent huge wave of layoffs in the tech industry...
Nothing guarantees an 8% return every year, but the S&P500 mutual fund has averaged higher than that over the past 15 yr. Investing in the top 500 companies in the US in one fund works pretty well.
Lol this is very risky and probably not good advice to do what they're asking. IMHO theres no way to make 8 percent return in a non risky way. Possibly 4-5 is realistic.
Yeah I think this channel is really more for teaching people who already have a ton of money not to lose it all than it is to teach people without money to get it
Do something that offsets this pattern in your life. Apply for a job that would get you a jump in income. Often, making a lateral move with a different company allows you to negotiate a pay increase well beyond what you'd be able to get with your current employer. Employers will pay a lot more for someone with experience because they are afraid of lost production hiring someone that needs to be trained. But what would it hurt to apply for jobs that are the next step up?
@@sotl97 i am actually applying for my current position and for my ideal positions too. I just work in a relatively niche field so it's difficult to change companies without looking like a desertor 🥲
How much money do you need in a year? She calculated for her self that she needs 100,000 every year, let's say you need to 40000 a year, so to retire completely you need one million, if you can find investment like her with 8 precent of return after 39 years of investing 330 every month you will get one Million, maybe in few years you will be getting more money so it will be less then 39 years
She's just a scammer....like the males. There's no way to become rich in this economy unless you become some celebrity, RUclipsr, win the lottery, pro athlete. Possibly if you study for 10-12 yrs you can become a doctor or a lawyer and make money. Unless you already come from money it's really impossible to hecome rich. Yes, there's exceptions just like people win the lottery all the time but ut probably ain't going to be me or you. That's just how it is.
@@kilianangelo5959 this is just saving for retirement though. That’s not FU money that’s just retiring after working 40yrs which is something a lot of people do, and for most people near retirement the managers let them do what they want because they know they’ll just leave early
@@kilianangelo5959it also depends on where you live. I barely made $1k a month and could barely make it with that money. I managed to save up about the same amount over 2 years, I didn't really live below my means but my means were pretty high (what's with the costs of medicine and clothes that break in a few months) and I was living on par with them. And that's like a pretty good salary here, but I actually spent a lot of those savings when I moved back in with my family after having deteriorated health and being tired of super long work days and increasing demands
The problem with this is two parts: first most people can’t put away that much money when they’re starting out. Your first job will probably be paying you between 20-40k for most people. So as you get older you will be able to invest more. Which leads to the second problem: as you get older the cost of living increases. These numbers aren’t static. How much cost of living will keep going up, interest rates fluctuate, inflation depreciates your money. This is strictly for your retirement so there’s nothing here about how to save for a home, pay for your kids to go to college. Etc. basically if you’re earning 100k 1/4 goes to retirement, 1/4 to your kids college funds and 1/4 to buying a home so at the end you’re living off 25k. Welcome to life in poverty Doctor. Because average cost of living near me is 41k so you’re barely cutting that.
Problem with calculations is that they keep variable statics without considering inflation, which is a very important variable. Cost of living was way lower 20 years ago.
Yeah but there are plenty of jobs when you are breaking into the job market that can and do make more with only requirements of high school experience. Most labor trades are a good example of this right now. You will also inevitably put more in as you make more so this argument of money meaning less is true but you are also making more. You wouldnt be taking money out of the account while working you would only theoretically take money out when you are out of work which objectively would be short term. I do agree with everything you said but you arent visualizing the other side of the rationale which makes for a logical debate.
Don't forget many people start off with student debt & have to pay THAT off with their meager low starter earnings. So, paying for their OWN college (with excessive interest) before saving for their kids college.
This is a good idea for people who have no medical issues and never start a family and are ok with living like you’re broke with non stop stress for two decades. They may not be common but they do exist.
Itis hard to put away that much money and also not that hard. I've lived at home later than 18. I've lived with a ton of roommates. I've hustled to put away a little extra and then let compound interest do it's thing. The 4% rule takes into account inflation/cost of living increases as most average long term returns are about 7% (and can go up to 12%, but I wouldn't expect that). The point is to start early. But now is better than never because if you are relying on social security only, then you WILL be living in poverty. You can be paycheck to paycheck now and feel like you are "keeping up," or you can pay yourself first. You can do this!
Basement flooding, 1/3 of kids college tuition, kids graduation from college & paying for grandparents to attend, flying to family members’ funerals, pet surgery, replace failed ac unit, power washing house, exponential rising cost of living…gas, groceries, utilities, yeah…so how does one live below their means? Well kids, if you want to save money, don’t get involved with people, don’t get married, don’t buy a house, don’t go anywhere nice, don’t have any pets, lose touch with family, live close enough to walk to work, and don’t have a meaningful life.
Actually before you start investing you set up a 3-6 month emergency fund, you don’t buy property before you are debt free and have saved to put a significant chunk down on a house you can afford. Then you invest a good chunk for a long time, like you’re taxing yourself. If money is tight you have to ask if the thing you want to use money on is a want or a need. If it’s something you want to do you work more or more jobs until you have the money. Sure you can argue about disability or catastrophe but that’s not most people. Most people eat out too much, get a pet but don’t get pet insurance, borrow for school, take trips on credit and don’t invest enough to beat inflation. That doesn’t mean that’s how it has to be. Stress and 35% interest (or any interest really) doesn’t make life awesome even if you’re a YOLO. Clearing debts, living on cash you know you have can be life changing. The farce america has been fed is that we’re all poor and that’s how it is so you can keep paying that interest. Well, barring any disability, that’s actually a choice. If you’re curious you can check out Caleb Hammer’s videos. I wish you your best life. :)
@hansendesigns I disagree with this I brought a house with So-so credit and a little help from mom and dad This thing is worth almost 130K more than what I originally purchased it for I brought it 4 years ago on a whim because paying $300 more for 3 times the space over a 1 bedroom apartment felt worth it to me. Plus a roommate I had for 4 years my actual housing costs dropped to 500. 1 bed room apartment: 1200 a month A house with room paying me 1200 a month: out of pocket expenses $527.43 Good investments are worth it especially if you can finesse it right
@@prettyboyjeremy I’m very happy you found something that works for you and your parents. you were in an ideal situation where you don’t know what it’s like to have to get by completely without parental support. Instead of saving enough to put down you had the bank of mom and dad. You are lucky the property jumped 130k because you and i both know it won’t jump 130k EVERY 4 years. Not every whim investor should be advised to buy a house based on an atypical housing jump. Then you were lucky enough to have no major issues come up with the house or your health so you are paying the mortgage (which i hope is at 4% or less interest since you’re not paying it off early). Obviously I don’t know a lot about your situation to know if you have any debt, interest rates, if your retirement savings are at the amount appropriate for your age and invested well, if your savings are set up to beat inflation, if you’re the type who likes to recreate on cash only etc etc. Paying a mortgage rather than rent does save you money in equity IF your other debts aren’t stealing your money in interest. One high interest credit card with a good balance could nullify any gains in equity- sure you have the house but the house could end up costing you double depending on your situation and if you’re into minimum monthly payments or not. Again i don’t know you and can’t say about you personally. I’m glad you’re happy with your borrowing decisions and payments. Wouldn’t it be nice to be debt free though? Wouldn’t it be nice to have a plan that allowed you to have invested money and fun money and not have to borrow from mom or a bank? Best to you, seriously, I hope things go well and you live your best life 🌸
Yeah I just shook my head! She's not talking to you and me or most of her following. I'm outta here. Unsubscribe, don't suggest, 👎🏻 The whole thing just so I don't have to hear this gaslighting and see that fake hair color again! I won't be shamed into homelessness, become a Breatharian or go without shoes to try to reach her unattainable mark. Silver hair, silver spoon 🤷🏼♀️ 🤔Most likely🤔
Nobody is saying it has to be that exact amount. Think outside the box. ROTH IRA, maxed out for 31 years will get you $37000 per year to live off of. Also: yes, most do at this point. If you don't, you need to fix that. Go where the money is
@@Alex-cw1ph You have to put the deposits in yoursef, and invest it in order for it to actually accumulate wealth. I’m living paycheck to paycheck. That is not an option for me and many other Americansx
@@ilovenoodles7483dude no. Nothing to repent for. God is a farytale and religious institutions are just scams. If you want to follow a moral code, look into empathy and reason. The fact that she was thown out after giving her life to them and your first instinct is that she must deserve it or has anything to 'repent' for just shows how devoid of empathy and reason that particular religoius worldvew is. Be better. Dont victemblame.
I can't remember when I made $25,000 a year much less have $25,000 extra to just dump without feeling the squeeze. Guess it's me and homelessness till I retire and then I can afford housing, eating and regular showers. This lady is so far off base with people who live in reality, ya know like her hair color... Unrealistic
@patriciatoomingtheplantpar2558 you don't have to make that amount. It's an example. Retiring in 21 years is incredibly unrealistic, regardless. Even maxing out a Roth IRA for 31 years gets you 925K. That's $37K per year. You'll be fine.
Fun fact: you don't have 2.5 million dollars. Using the standard formula (aq*(q^n-1)/q-1), where q=1.08, a=25 000 and n=21, you'll end up with 1.3 million. And we don't even talk about how you consistently invest $25K every year.
This is exactly correct. As soon as she said 2.5 mil I immediately started the exact equation you used because it sounded way high. You’d have to invest at that rate for about 28 years to hit 2.5 million. And that’s also under the assumption you don’t take any out early.
Actually if you want a really upsetting fact you should realize that if you invest the max amount you can into a Roth IRA ($7000 a year) starting at 21 years old, you won’t reach 2.5 mil until you hit 63. Most people aren’t able or willing to invest even that much starting so young.
Look at VTI or VOO. These are whole market and S&P500 index funds. They average around 11% over long periods, which adjusted for inflation is around 8% (yes, it's been much higher the last couple years, but over the span of 20-30 years that won't mean anything). Yes, they can take a huge dip, so don't invest any short term (under 3-5 years) money in them, but longer term savings and investments will go in them great and average more than 8%. But you also have to invest regularly. If you pull money when the market is bad and only invest when it is good then your rate of return will be MUCH lower. Slow and steady definitely wins the race, but boy it doesn't look like you are accomplishing anything the first 10 years!
Imagine having a job that pays so well you can live "well below your means". Even a one bedroom apartment costs over 30% of lower middle class wage here and I live in a cheap part of the country. I can't imagine how people survive on minimum wage. Literally everyone I know gets married or has roommates to survive.
Annnnddd the REALITY is the majority of people have no possible way to have $25k a year to invest. That is survival money. Also. That doesn't take into account insane swings in inflation that we are currently experiencing. The reality that people who had f u money are now working again because it was enough and now it is not because of the economy
@@AngelsonEarth69most people live at home with mom and dad during their first job and don't have anything better to DO with their money. Might as well invest it and make money on your money. ..
This also corners that person into living that lifestyle for the rest of their life. Money runs out and 2.5 mil will only last them if they either continue living very frugally or they eventually get another job so they can keep using that income or refill that bucket. Honestly y'all, live mindfully. That's it. Save when you can. But live in the moment; cherish those around you and do what you love. Tomorrow is not promised to anyone.
@@dianah.9718 yes, it also means that they are additionally at risk of losing a majority or all of their investments if they continue to keep all of their funds in that same bucket. Do you understand the consequences isks of investing?
That's not the only way. It may be the only way to do it in 20 years, but if you simply look at it on a slightly longer timeline it's still doable by many people. Certainly not all, but I would even say it CAN be done by the majority. $1000 a month at 8% for 30 years is 1.4 million. $500 a month at 8% for 40 years is 1.6 million. Not exactly FU money when you would want FU money, but achievable. I've earned near that in one weekend of doordashing when I drive to the city.
@@HandfulOfTranquility in reality theres no way most ppl can save 1k a month. Even if they could interest rates are at 4.5-5% and u have to pay tax on certain earnings….
I wish I could find a link, but Dave Ramsey had a caller that was a school bus driver in rural Missouri. I believe she never made over 45k or so, but retired after many years with something like 1-2 million by only investing 15% of her income steadily. $500 a month invested in an S&P500 index fund will make you a millionaire in 35-40 years. More obviously gets you there faster or turns into multi millions in a 40 year time frame. Yes, at the poverty line it's much harder (seemingly impossible!) to come up with money to invest, but I think most could come up with $500 a month if their life depended on it. Not everyone, but most.
This is a short, my guy. That is a separate and full fleged video you are asking for. You can do your own research or check government websites for info on basic financial advice and investing. I forget the domain, but I remember for school we had to go to a .gov site.
I took the GET FIRED approach. Collected the max Unemployment. Flexed my side gig and maintained a >4K take home for 6 months. Going on a year now and finally started looking again. My account can go to the end of 2024 before I am hurting. ... without touch the extra year of investments. An ex saw my figures 7 years ago and got all huffy because I refused to spend my money on things she felt I should have
I've never had a planned vacation cancelled. If my boss talked to me like this, I'd make sure their boss knew about it. Not cool! Love the idea of "FU" money. Haha
@@J3nniferLynn Treat others how you would like to be treated, unless you don't call people on it when they are not being nice, then they can walk all over you. That said, I know it's a dangerous idea to challenge your customers, but then again, what kind of business owner do you want to be? Just be ready for any fallout if you do challenge them for not treating you well.
Exactly, they value experience over education now and expect us to have a job in our selected field since graduating highschool. Like I'm fresh out of college dudes, I'm applying for jobs that pay 20 an hour because my part time job pays 14! I gotta pay bills and rent and yall expect me to do that at a major office for 12 to 13 because I dont have 5 years experience in my field?! Bro I have my bachelors!
@@RedQuill13 honestly, I'm going to list my college on my resume as both job experience AND job training. They should not be able to brush us off like that.
@@RedQuill13the issue is that employers treat college graduates as crap. They say that college graduates are 4 years behind while still expecting you to posses that degree. In their mond you supposed to intern for 2 to 5 years and work a minimum wage job at night while in college. Its unrealistic. Also for those who have the experience and a degree they want you to waste additional time and money for unnecessary linceses and certificates. Its ridiculous. Welcome to Murica.
It's definitely hard. It was hard for millennials too during the great recession and after. I had a friend in 2011 take a paid internship, meaning she PAID THE COMPANY to have an internship. I couldn't afford that so I hustled for a few years before figuring out something more stable. It shouldn't be like this but, keep looking for the next thing and you never know what kind of field you will end up in.
@@brainybunny13 its total BS that they expect so much from everyone. I'm not going for a medical field so it's not like if I mess up slightly someone will die! I have an associates in art and design and bachelors in ag business and live in an area where ag communications is in high demand. Like how is it this hard?!
Not a lot of people are able to put away £25,000 a year or £2,000 a month And most likely through out 20 years your life and cost of living may increase, salary may increase too but not as much if you at some you may support a family or sick or old family member
I made it a point to save 15 or better percent in 401k.. didn't max the 19k per year but however i was able to have stability after leaving that job.. did that for 10 years
Have reached this point and indeed you naturally enter a different mindset when you don’t need the job just for food and shelter and basic normal expenses. it happens by itself and then you realise people’s very psychologies change, you don’t even know you’re not thinking like a free person - before you’re free.
"I lived way below my means and invested my money for 20 years." That money would've crashed and burned in 2020, and your FU money would be gone. Great advice.
I like the concepts in these videos, great work :) I do have two suggestions you could perhaps talk about in future videos! The first is real return vs nominal return. The second is how retirement timeline impacts how safe the 4% rule is. I feel like people should know these two things alongside the material in this video.
I applied for a job within the company I was working for at the time. I was flown out for the interview, hired for the position, rented a place & gave notice to my apt. 1 week before relocating, ALL my stuff except for a little bit was in a different state. The new position was pulled from me & told I couldn’t transfer. I left anyway. Didn’t have a choice. For giggles, Later found I was banned from working for the company years later even though the mgr was no longer there & the current mgr said there was nothing they could do bc it was in my file.
@@TheNoiseySpectator My manager told me she “wanted to keep me on the phones.”. My boss was give a 4 week notice. When I talked to new management, all I was told was I “could not be rehired.”. I asked if that could be changed since “my old manager was no longer there?”. I was told “no. It was in my permanent file.”. When you give notice on your apartment, sign a lease on a new apartment & moved everything out of state (after accepting the offer), you don’t have much of a choice but leave. Sadly, some people who become managers, think they can control their team. I’ve seen managers block employment growth. That’s what happened in my situation. I’ve seen it happen with other people too.
I didn't have F you money, but I still walked away from a toxic work environment with no notice at the busiest time of year. Now I'm making more than twice what I was there and working fewer hours at a job I love. Find something you enjoy doing in a field that's always going to be in demand.
@@rjj5075 Let's assume you are like most Americans, you trade in your vehicle for a new one subsequently continuing payments. $404 invested monthly at the average market return of 10% with compounding interest over 30 years $804,516.58. That same $404 a month in VGT ETF with an average 14.8% over 30 years of compounding interest is $2,051,163.40 Ditch the car payment, buy a cheap $5k-$10k vehicle that totals no more than 4% of your anual income and you got yourself "extra cash out of your sock drawer". Now what other drawer do you want to pull money out of next?
My company canceled all vacations during a storm one year. My wife and i were booked to leave on a cruise in 2 days. They said bring us your receipts we'll reimburse you. So i did. They only paid for my ticket and said they only needed me, and my wife could still go.
@@zoinks2607s&p500 has averaged 10.4% over the last 20 years (which has seen two recessions in it....) It's not just a boomer number, it is reality for basically any 20 year period in the last 70 years
I just retired this month from a $20/hr job. I have been putting aside 10-20% while at the same time having as much of more take home pay. 1. Enroll in your company’s 401k or IRA, etc. If they don’t have it, just sign up on your own. 2. With hold less taxes, increasing your take home. 3. Adjust year to year. If Apr 2025, you get money back from the IRS, it means you with held too much tax. If you owe the IRS, you didn’t withhold enough tax.
@@emperor8716 In this economy? Where are you living because where I live you can't get out of a grocery store without spending 100+ dollars. If you have a family or want to eat better than 50 cent Ramen Noodles...forget about it and what about Utilities. $68.50 is magical!
My friends dad told his company he was quitting when last minute they said he couldn't take time off to go to his daughters wedding. When they confirmed he was serious about quitting they changed their tune and let him take it without issue.
I've been gathering FU money since the age of twelve. Now I'm about to turn 19 and paying for college with no loans. My goal is to enter the medical field and not have to rely on people that have always let me down.
advice like this always comes off as "im a masochist that will punish myself bc other people want to financially abuse me and somehow that makes me a financial guru"
I feel that some of the comments are being a little unfair. I don't feel the point of th video is how much you can afford to invest, and not everyone can invest $25,000. I think this is just encouraging you to start investing and once you are able to save up enough, then going to work becomes a choice and you can simply choose to quit if your work ppace is being toxic or unreasonable in some way
Sure, that's fair, but investing costs money in the first place. A lot of us can barely afford to even keep a savings account open... investing lessons cost money, it costs money to open these accounts. Saving money and making money *costs money* and that's really disheartening for a lot of us who can't afford to lose our jobs.
@@orangejulesboxexactly. It comes off very tone-deaf because it’s pretending to be advice for everyone when it’s, in actuality, only advice for people who already make a fairly decent living.
Glad I found your comment. I did not want to be mean to the creator. I also found her advice so mentally out of reach. I would love that much money. Instead of worrying if I can even afford to get my kids on my weekends.
@@brookekathryn1980 I understand the sentiment, but investing does cost money when that cost comes out as food lost, wages lost, bills lost because you tried to invest. I hear of so many people failing to invest solely because they lose tons of their money in the circus tent joyride that is the stock market. People who aren't taught how to use it are usually those of us in poverty. We literally can't afford to invest in things in a world where buying a bottle of water is 6 dollars, and paying for a one room apartment with roaches is 2k a month. Like... I'm sorry that is the case, but that is indeed the case.
Im un my third year rn and graduating next year, since im about to face my interviews and job by the end of next your, i cant state how much confidence your videos have put into me :) thanks
Yeah i love when they never consider the variable of inflation. Even politicians do this mistake with their economic calculus skills like they increase taxes and expect people to keep the same rate of consume
Just a small peixe of food for thought. At the start of the great depression one businessman sold a large chunk of his assets at a significant loss to their value at a time but nowhere near the loss he would have to face when depression hit. And when the first wave of panic after the crash settled a journalist asked him to share his wisdom that allowed him to avoid the brunt of the disaster. He replied - one day my she cleaner asked me for advice where to invest his savings and that made me realise - if the common people are encouraged to invest, this means there are no money left on the hands of the large investors and the market is about to crash. So...chase you dream. But don't rely on being set for life...
Erin, when I was your age, I thought the same 😊 and the recent years reminded me of the inflation! You better study it well throughout the years and note the official numbers are underrated. And of course count the cumulative inflation rate.
watching these videos from a shitty rental property that takes half my salary to pay - while it's infested with black mold and the ceiling leaks whole it rains: hrm yes, live below my means i shall
I love how a manager will threaten to fire. The employee quits. But the manager never thinks about how much they need to spend to hire and train the new hire.
The problem there is saving. Mind if I help you get on the right path? It may not be much due to the time allotment, but I'd be willing to help if you're willing to sacrifice and do all the work yourself.
Scrimp and sacrifice and save for 20 years, and pray to God that there are no layoffs, car accidents, hospital stays that tap into your savings. Give up the prime of your life so you can be another old person driving a new sports car. Oh, and your kids will remember the lack of vacations. Enjoy your senior years, you’ll be alone.
What is she supposed to do? Tell ppl who are not able to save money (chronically ill, low paying Job etc.) how they can invest money when they dont have any? A video does not have to cater to everyones needs. Thats not even possible.
According to excel and an investment calculator- starting with $25k and investing 2k monthly with 8% interest compounding daily comes out to about $1,400,000 - NOT $2,500,000. I suggest you double check your math.
Investing part of that in rent spaces speeds up the process. Also most people are not willing to live below their means, people love to be in debt and unnecessarily have children.
If everyone did this, companies would automatically raise prices on everything, both to suck all our money out of our pockets and force us to go back to work so they can extract our labor to make even more money for themselves.
My opinion is that there's is always another job. I went through 8 last year because I didn't tolerate people like that manager. Every time I switch jobs, I also got a raise. I started out making $18 an hour I now make $26. That was just last year.
Instead, my boss told me: "hey you know that unlimited vacation that we offer, and the approved vacation you have scheduled for tomorrow? Yeah you're fired. 'Change in business strategy.' Send back your laptop."
I LOVE your hair! omg it looks so good, I love the mermaid waves :DDD also, I’ve known about F U money since before I was allowed to know what the F stood for, lol. My mom’s always given me financial advice and told me about things other parents might not think their kids need to understand. My personal tip, as a child of a very informative parent, is be like her, because as an adult I STILL have so much societal conditioning I have to undo! But at least I have a lot of good morals I can fall back on to help myself understand the mess that was my experience with public school. You can’t control everything your kids experience (especially if you’re going through cancer like my mom was for a couple years, lol-) so always make sure to start early with teaching them about how the world works from an un-biased, non-emotionally-charged perspective, or else their first time talking about finances might be from someone who’s stupid or actively malicious, and you seriously cannot stop that from happening even if you are the best parent in the world (and I consider my mom the best mom in the world even though she had cancer, cause that wasn’t something SHE did, but I also mean for parents who are cancer-free, lol).
Imagine being lower class or middle class and being able to afford putting aside 25k a year while still making enough to pay for everything else. In my area you would need to be making over 50k a year. Sad thing is a lot of places would rather fire you and hire someone to replace you at a lower wage than actually pay you what you are worth.
Yes, because it is so simple to make an average 8% return, especially as depending on how you invest (if you are not using a tax deferred/exempt vehicle) then you have to factor in taxes on top of that return.
I invest in dividend stocks; Currently invested enough to be getting like 150 a month payouts atm. Then i put half that into more stocks, and save the other half. The aim is to get my payouts to like 2000 a month; then at that point im pretty safe :)
Read for more info! 👇🏼
[Come to our free investing 101 webinar Jan 23 - get on the waitlist: AdviceWithErin.com/money]
It’s when you have enough money invested/saved up to say “f*** yall I’m out of here!”
lol but seriously, it’s the amount of money you need to have to never have to work for someone else again.
To be clear: this is an extremely intentional lifestyle choice some people make. It’s not something automatically in the cards for most folks. You have to be extremely focused on this goal if you want to retire at a younger age (and, know how to INVEST!)
This is a beautiful example of the power of investing to grow your wealth and, at the very least, keep your money growing with inflation.
If you aren’t investing, your money is loosing value. And I KNOW-I know, y’all. It’s intimidating, confusing, and honestly so easy to do the wrong thing.
Like let’s be honest, tf is an expense ratio ?? AUM?? ETF?? Mutual fund?? IRA?? I’m tired.
That’s why I’m partnering up with my friends at Personal Finance Club to bring you a 100% free Investing 101 webinar.
We will literally show you why investing matters, how to invest smartly, and literally what buttons to press.
Where do i find this personal investing seminar
How do I get on the wait list?
Thank you ❤
Thank you ❤
Is this Americans only?
Even without FU money, no boss will cancel my vacation.
My f you money would only need to be about 2 months worth of salary. That's the maximum it would take me to get another similar job. And I would have a really nice long vacation that way!
Same. Once my boss tried this. I said we can discuss my job when I get back. I'm not canceling the vacation you approved 3 months ago 4 days before my flight. Nothing happened.
Even without money i want to say FU to my boss 😂
I could potentially even say yes to canceling my vacation but only if the boss or the company will compensate me for the lost air fare and hotel bkg, with a 10% premium of course 😂
@@divx1001 And only if it is a nice-to-have-vacation. If I desperately need rest nothing could stop me.
If you don't have FU money, don't quit. Get fired and get severance.
Get fired either way
Who gives severance? You’ll be lucky to get paid for hours worked. Also, don’t wait to get fired. It’s easy for the employer to claim your refusal to work as misbehavior, and they could deny unemployment pay for that reason. Quit.
@@CloudyinPalmerNope, employers can try to say things like you’ve been toxic at work (they said that about my friend and she still got unemployment in the end), poor performance (too subjective), etc., but unless you do something really grievous like sexually harass someone at work, or assault or malicious property damage, you will get unemployment benefits.
@@CloudyinPalmerIf you quit, you don’t get any unemployment benefits. If you get laid off or fired, then you get unemployment benefits.
@@CloudyinPalmerit's required lol you get unemployment. You have to be fired, not quit.
Except don’t quit. Wait for them to fire you and try for unemployment. Some employers will not fight it and if they do, that’s where your emails about getting permission to take time off come in handy.
Depending on the state laws you live in and what type of investments were made you could be getting unemployment while being laid off. They have different laws that govern this in every state. The best thing to do is to look up the laws for your state.
Unemployment won’t give you jack if you’re sitting on an account full of “f you” money lol
@@baileyb4135that as well depends on where you live. We in Germany have unemployment insurance. As long as you paid this the last two years you will still get a considerable amount of your last income for up to two years (however they wanna see you try getting a new job and applying so usually it is less than that time)
@@baileyb4135Wrong. They don’t care about how much money you have in your account. This is unemployment insurance, not welfare. As long as you don’t quit a job, if they investigate and see that you’re laid off or got fired (as long as it’s not due to you assaulting someone at work, or sexual harassment, or malicious property damage), you will be eligible for unemployment benefits.
I mean if I had that kind of money I wouldn't take any guff either. Quit, chill and find a new job when you feel like it
If you aren't saving at least $25k a year by the time you are two years old, you are doomed.
Actually the magic yrs for investing are between 19 and 30..that will make you millions..😊
Lol I'm 💀💀💀. No but seriously... I'm dying. I'll die with nothing. I'm nothing
@@jordanharper5795 there's still hope lol.. I started at 60 with my companies 401k in S and P500. It's doing great👍
Why even have babies at this point lmaoo
😂 this got me laughing like crazy
My usual thing is:
"Data science is very on demand, and I have a masters and PhD in it. I don't need to work for you. Next week I will find someone paying more".
The managers/bosses I worked with know that, and thats super fucking liberating.
I wish I was you
Hopefully my future.
This was on my mind the moment when i have to choose my specialty 😂😂
My degree is in Computer Science and Networking. The Data Science seems more like what I should have done.
Yeah, but the thing is everyone agrees that the Data Analyst is the laziest employee of them all and they're all trying to replace and outsource those jobs either with AI, no code softwares that can let marketing and finance do the analysis they need without hiring an expensive data analyst OR by hiring the services of another data analyst that has automated their job years ago.
And if we look at the recent huge wave of layoffs in the tech industry...
I don't know what I'm more impressed by; the 25k a year you're able to save, or finding an investment account that guarantees an 8% annual return.
Nothing guarantees an 8% return every year, but the S&P500 mutual fund has averaged higher than that over the past 15 yr. Investing in the top 500 companies in the US in one fund works pretty well.
Vanguards total index fund has averaged higher than that for 10+ years
Nothing is guaranteed but like the first comment said put your money into the S&P500 and you'll end up with 9.95% on average.
Lol this is very risky and probably not good advice to do what they're asking. IMHO theres no way to make 8 percent return in a non risky way. Possibly 4-5 is realistic.
“yeaah but see this or that index made more than x% for the last ten years” it’s easy to say looking at the past, duh! Stupid
That's pretty good when a 22 year old has been saving money for 20 years...
She's 37 😊
@@gtarules137? I would’ve thought 31 or 32. Wow. What’s her skincare routine?
@@proallnightermake up and digital filters.
@@gtarules137. So she started this at 16? Or it's just a dcript
Its a script, just check all of her shorts@@markp8295
20 years with no financial crisis now that’s something I wanna see my self.
Easy.
Go over to her house and look around, and you will notice she has no children. 💡
I've got kids and I'm almost at FI. Do it for yourself! It's a gift you give yourself and your kids who won't have to worry about you as you age
"YOU can live like a millionaire in 3 easy steps"
#1. Get a million dollars.
#2....
#3......
so much of the advice on here is essentially this 😭
Yeah I think this channel is really more for teaching people who already have a ton of money not to lose it all than it is to teach people without money to get it
I mean, she covers #1 in the video...
I mean you can by saving and investing so
she literally said it: live below your means, and invest the differences, and after like 20 years you have a million dollars
My salary is exactly my cost of living 😂😅
Doh!
As the saying goes, "expenses rise to meet income"
Do something that offsets this pattern in your life. Apply for a job that would get you a jump in income. Often, making a lateral move with a different company allows you to negotiate a pay increase well beyond what you'd be able to get with your current employer. Employers will pay a lot more for someone with experience because they are afraid of lost production hiring someone that needs to be trained.
But what would it hurt to apply for jobs that are the next step up?
@@sotl97 i am actually applying for my current position and for my ideal positions too. I just work in a relatively niche field so it's difficult to change companies without looking like a desertor 🥲
Cut your cost of living.
I have half of FU money. I have the FU part, waiting for the money part 😢🤣🤣
The right word in the entire short is "Theoretically" 😂
Not for people who have financial literacy.
It's actually quite easy.
$25,000 a year? Even on paper, it's difficult for me to save $5k a year
How much money do you need in a year? She calculated for her self that she needs 100,000 every year, let's say you need to 40000 a year, so to retire completely you need one million, if you can find investment like her with 8 precent of return after 39 years of investing 330 every month you will get one Million, maybe in few years you will be getting more money so it will be less then 39 years
She's just a scammer....like the males. There's no way to become rich in this economy unless you become some celebrity, RUclipsr, win the lottery, pro athlete. Possibly if you study for 10-12 yrs you can become a doctor or a lawyer and make money. Unless you already come from money it's really impossible to hecome rich. Yes, there's exceptions just like people win the lottery all the time but ut probably ain't going to be me or you. That's just how it is.
@@kilianangelo5959 this is just saving for retirement though. That’s not FU money that’s just retiring after working 40yrs which is something a lot of people do, and for most people near retirement the managers let them do what they want because they know they’ll just leave early
@@kilianangelo5959it also depends on where you live. I barely made $1k a month and could barely make it with that money. I managed to save up about the same amount over 2 years, I didn't really live below my means but my means were pretty high (what's with the costs of medicine and clothes that break in a few months) and I was living on par with them. And that's like a pretty good salary here, but I actually spent a lot of those savings when I moved back in with my family after having deteriorated health and being tired of super long work days and increasing demands
@@kilianangelo5959the average in my state is 35k a year...😢
"Live way below your means" oh awesome! I'll stop eating rice and beans and eat air instead! Great advice! Totally able to do this!
The problem with this is two parts: first most people can’t put away that much money when they’re starting out. Your first job will probably be paying you between 20-40k for most people. So as you get older you will be able to invest more. Which leads to the second problem: as you get older the cost of living increases. These numbers aren’t static. How much cost of living will keep going up, interest rates fluctuate, inflation depreciates your money. This is strictly for your retirement so there’s nothing here about how to save for a home, pay for your kids to go to college. Etc. basically if you’re earning 100k 1/4 goes to retirement, 1/4 to your kids college funds and 1/4 to buying a home so at the end you’re living off 25k. Welcome to life in poverty Doctor. Because average cost of living near me is 41k so you’re barely cutting that.
Problem with calculations is that they keep variable statics without considering inflation, which is a very important variable.
Cost of living was way lower 20 years ago.
Yeah but there are plenty of jobs when you are breaking into the job market that can and do make more with only requirements of high school experience. Most labor trades are a good example of this right now. You will also inevitably put more in as you make more so this argument of money meaning less is true but you are also making more. You wouldnt be taking money out of the account while working you would only theoretically take money out when you are out of work which objectively would be short term. I do agree with everything you said but you arent visualizing the other side of the rationale which makes for a logical debate.
Don't forget many people start off with student debt & have to pay THAT off with their meager low starter earnings. So, paying for their OWN college (with excessive interest) before saving for their kids college.
This is a good idea for people who have no medical issues and never start a family and are ok with living like you’re broke with non stop stress for two decades.
They may not be common but they do exist.
Itis hard to put away that much money and also not that hard. I've lived at home later than 18. I've lived with a ton of roommates. I've hustled to put away a little extra and then let compound interest do it's thing. The 4% rule takes into account inflation/cost of living increases as most average long term returns are about 7% (and can go up to 12%, but I wouldn't expect that). The point is to start early. But now is better than never because if you are relying on social security only, then you WILL be living in poverty. You can be paycheck to paycheck now and feel like you are "keeping up," or you can pay yourself first. You can do this!
Basement flooding, 1/3 of kids college tuition, kids graduation from college & paying for grandparents to attend, flying to family members’ funerals, pet surgery, replace failed ac unit, power washing house, exponential rising cost of living…gas, groceries, utilities, yeah…so how does one live below their means?
Well kids, if you want to save money, don’t get involved with people, don’t get married, don’t buy a house, don’t go anywhere nice, don’t have any pets, lose touch with family, live close enough to walk to work, and don’t have a meaningful life.
Actually before you start investing you set up a 3-6 month emergency fund, you don’t buy property before you are debt free and have saved to put a significant chunk down on a house you can afford. Then you invest a good chunk for a long time, like you’re taxing yourself. If money is tight you have to ask if the thing you want to use money on is a want or a need. If it’s something you want to do you work more or more jobs until you have the money. Sure you can argue about disability or catastrophe but that’s not most people. Most people eat out too much, get a pet but don’t get pet insurance, borrow for school, take trips on credit and don’t invest enough to beat inflation. That doesn’t mean that’s how it has to be. Stress and 35% interest (or any interest really) doesn’t make life awesome even if you’re a YOLO. Clearing debts, living on cash you know you have can be life changing. The farce america has been fed is that we’re all poor and that’s how it is so you can keep paying that interest. Well, barring any disability, that’s actually a choice. If you’re curious you can check out Caleb Hammer’s videos. I wish you your best life. :)
@hansendesigns I disagree with this
I brought a house with So-so credit and a little help from mom and dad
This thing is worth almost 130K more than what I originally purchased it for
I brought it 4 years ago on a whim because paying $300 more for 3 times the space over a 1 bedroom apartment felt worth it to me.
Plus a roommate I had for 4 years my actual housing costs dropped to 500.
1 bed room apartment: 1200 a month
A house with room paying me 1200 a month: out of pocket expenses
$527.43
Good investments are worth it especially if you can finesse it right
@@prettyboyjeremy I’m very happy you found something that works for you and your parents. you were in an ideal situation where you don’t know what it’s like to have to get by completely without parental support. Instead of saving enough to put down you had the bank of mom and dad. You are lucky the property jumped 130k because you and i both know it won’t jump 130k EVERY 4 years. Not every whim investor should be advised to buy a house based on an atypical housing jump. Then you were lucky enough to have no major issues come up with the house or your health so you are paying the mortgage (which i hope is at 4% or less interest since you’re not paying it off early). Obviously I don’t know a lot about your situation to know if you have any debt, interest rates, if your retirement savings are at the amount appropriate for your age and invested well, if your savings are set up to beat inflation, if you’re the type who likes to recreate on cash only etc etc. Paying a mortgage rather than rent does save you money in equity IF your other debts aren’t stealing your money in interest. One high interest credit card with a good balance could nullify any gains in equity- sure you have the house but the house could end up costing you double depending on your situation and if you’re into minimum monthly payments or not. Again i don’t know you and can’t say about you personally. I’m glad you’re happy with your borrowing decisions and payments. Wouldn’t it be nice to be debt free though? Wouldn’t it be nice to have a plan that allowed you to have invested money and fun money and not have to borrow from mom or a bank?
Best to you, seriously, I hope things go well and you live your best life 🌸
Lady most of us don’t even make 25k a year
Yikes
Yeah I just shook my head!
She's not talking to you and me or most of her following.
I'm outta here.
Unsubscribe, don't suggest, 👎🏻
The whole thing just so I don't have to hear this gaslighting and see that fake hair color again!
I won't be shamed into homelessness, become a Breatharian or go without shoes to try to reach her unattainable mark.
Silver hair, silver spoon 🤷🏼♀️
🤔Most likely🤔
Nobody is saying it has to be that exact amount. Think outside the box.
ROTH IRA, maxed out for 31 years will get you $37000 per year to live off of.
Also: yes, most do at this point. If you don't, you need to fix that. Go where the money is
@@Alex-cw1ph You have to put the deposits in yoursef, and invest it in order for it to actually accumulate wealth.
I’m living paycheck to paycheck. That is not an option for me and many other Americansx
The median salary is around $50k though
When you are a nun for over 32 yrs & then get kicked to the curb with nothing to your name. Wish I’d known about this. 😢
Man, I'm so sorry.
Repent, and draw closer to God and pray.
He WILL come through for you.
Sorry that happened to you; willing to bet you don’t deserve it. You’re on my heart
Repent for what? She got booted after so much service and following the churches rules. @@ilovenoodles7483
Im sorry that happend to you. Be strong, buld independense. And do not blame yourself in any way.
@@ilovenoodles7483dude no. Nothing to repent for. God is a farytale and religious institutions are just scams.
If you want to follow a moral code, look into empathy and reason.
The fact that she was thown out after giving her life to them and your first instinct is that she must deserve it or has anything to 'repent' for just shows how devoid of empathy and reason that particular religoius worldvew is. Be better. Dont victemblame.
"I started saving $25k a year since I was 11."
“if you wanna keep your job-“ “i dont. i dont wanna keep my job. thanks.”
Investing $25k a year?!?!
THATS WHAT IM SAYING
that’s almost half my salary 😭
I can't remember when I made $25,000 a year much less have $25,000 extra to just dump without feeling the squeeze.
Guess it's me and homelessness till I retire and then I can afford housing, eating and regular showers.
This lady is so far off base with people who live in reality, ya know like her hair color... Unrealistic
I know 😳 the people who do this are a special breed! Read my pinned comment!
@patriciatoomingtheplantpar2558 you don't have to make that amount. It's an example. Retiring in 21 years is incredibly unrealistic, regardless.
Even maxing out a Roth IRA for 31 years gets you 925K. That's $37K per year. You'll be fine.
Fun fact: you don't have 2.5 million dollars. Using the standard formula (aq*(q^n-1)/q-1), where q=1.08, a=25 000 and n=21, you'll end up with 1.3 million. And we don't even talk about how you consistently invest $25K every year.
This is exactly correct. As soon as she said 2.5 mil I immediately started the exact equation you used because it sounded way high. You’d have to invest at that rate for about 28 years to hit 2.5 million. And that’s also under the assumption you don’t take any out early.
Actually if you want a really upsetting fact you should realize that if you invest the max amount you can into a Roth IRA ($7000 a year) starting at 21 years old, you won’t reach 2.5 mil until you hit 63. Most people aren’t able or willing to invest even that much starting so young.
Oh btw by the time you hit 63 that 2.5 million is worth about $675,000 in todays money.
NEVER quit- let them fire you then you get unemployment which is YOUR money.
Where the hell have you found 8% return rate? That's huge!
Uhhhh, S&P 500😂, or Vanguard total index fund..
Look at VTI or VOO. These are whole market and S&P500 index funds. They average around 11% over long periods, which adjusted for inflation is around 8% (yes, it's been much higher the last couple years, but over the span of 20-30 years that won't mean anything).
Yes, they can take a huge dip, so don't invest any short term (under 3-5 years) money in them, but longer term savings and investments will go in them great and average more than 8%. But you also have to invest regularly. If you pull money when the market is bad and only invest when it is good then your rate of return will be MUCH lower. Slow and steady definitely wins the race, but boy it doesn't look like you are accomplishing anything the first 10 years!
VGT returns on average 14.8%
My employer offered that to vested employees. I was fired for drinking on the job long before anything vested.
Me quitting my job for vacation with only $78.12 in the bank 💀
You forgot that 7% inflation.
your angelic hair, sweet voice, bright smile, and encouraging words motivate me :3
Imagine having a job that pays so well you can live "well below your means". Even a one bedroom apartment costs over 30% of lower middle class wage here and I live in a cheap part of the country. I can't imagine how people survive on minimum wage. Literally everyone I know gets married or has roommates to survive.
Annnnddd the REALITY is the majority of people have no possible way to have $25k a year to invest.
That is survival money.
Also. That doesn't take into account insane swings in inflation that we are currently experiencing.
The reality that people who had f u money are now working again because it was enough and now it is not because of the economy
Typically due to poor financial decisions.
Some people don’t make 25,000 a year in salary, let alone have it as extra income to invest
Yeah this is an incredibly privileged video. Most people cannot afford to quit a job.
@@AngelsonEarth69most people live at home with mom and dad during their first job and don't have anything better to DO with their money. Might as well invest it and make money on your money. ..
@@AngelsonEarth69She just taught you HOW😂
@@dianah.9718 wish that was me, had to find my own place and pay rent from when I was 18.
@@dianah.9718idk about you but who the hell is living with their parents until they are 37?
This also corners that person into living that lifestyle for the rest of their life. Money runs out and 2.5 mil will only last them if they either continue living very frugally or they eventually get another job so they can keep using that income or refill that bucket. Honestly y'all, live mindfully. That's it. Save when you can. But live in the moment; cherish those around you and do what you love. Tomorrow is not promised to anyone.
You DO understand what investing MEAN s right😂?
@@dianah.9718 yes, it also means that they are additionally at risk of losing a majority or all of their investments if they continue to keep all of their funds in that same bucket. Do you understand the consequences
isks of investing?
You can only do this if u have had an amazing job and no responsibility for the past 20 YEARS, thats already not 99% of us😂
That's not the only way. It may be the only way to do it in 20 years, but if you simply look at it on a slightly longer timeline it's still doable by many people. Certainly not all, but I would even say it CAN be done by the majority.
$1000 a month at 8% for 30 years is 1.4 million.
$500 a month at 8% for 40 years is 1.6 million. Not exactly FU money when you would want FU money, but achievable. I've earned near that in one weekend of doordashing when I drive to the city.
@@HandfulOfTranquility in reality theres no way most ppl can save 1k a month. Even if they could interest rates are at 4.5-5% and u have to pay tax on certain earnings….
Congratulations your example comes out to investing my yearly income. When you're below the poverty line this shit just does not work.
Yeah this vid comes across as being really out of touch
I wish I could find a link, but Dave Ramsey had a caller that was a school bus driver in rural Missouri. I believe she never made over 45k or so, but retired after many years with something like 1-2 million by only investing 15% of her income steadily. $500 a month invested in an S&P500 index fund will make you a millionaire in 35-40 years. More obviously gets you there faster or turns into multi millions in a 40 year time frame.
Yes, at the poverty line it's much harder (seemingly impossible!) to come up with money to invest, but I think most could come up with $500 a month if their life depended on it. Not everyone, but most.
They always tell you to “invest your money” but never actually explain how lol
Open a brokerage account with Vanguard, Schwab, Fidelity. Then buy SPY, QQQ or VOO shares with your money. Turn on reinvest dividends. Then wait.
Because they want you to pay them for some random “seminar” where they explain what they do. Half these invest now stories are scams
This is a short, my guy. That is a separate and full fleged video you are asking for. You can do your own research or check government websites for info on basic financial advice and investing. I forget the domain, but I remember for school we had to go to a .gov site.
I am though! Hosting a free investing 101 webinar Jan 23 :) AdviceWithErin.com/money
@@AdviceWithErin Thank you.
I took the GET FIRED approach. Collected the max Unemployment. Flexed my side gig and maintained a >4K take home for 6 months. Going on a year now and finally started looking again. My account can go to the end of 2024 before I am hurting. ... without touch the extra year of investments.
An ex saw my figures 7 years ago and got all huffy because I refused to spend my money on things she felt I should have
When 15k is more than half your salary post college
I've never had a planned vacation cancelled. If my boss talked to me like this, I'd make sure their boss knew about it. Not cool! Love the idea of "FU" money. Haha
What if they don’t have a boss? Then what? I have been talked to that way by small business owners who also were my boss and head of HR.
@@J3nniferLynn Treat others how you would like to be treated, unless you don't call people on it when they are not being nice, then they can walk all over you. That said, I know it's a dangerous idea to challenge your customers, but then again, what kind of business owner do you want to be? Just be ready for any fallout if you do challenge them for not treating you well.
She means OF
The real issue though, is unreasonable managers making stupid requests.
Invest $25K a year /eyeroll
I wish careers like this existed. But unfortunately, anyone 25 and under, like myself, is kind of fucked. We're not being hired anymore.
Exactly, they value experience over education now and expect us to have a job in our selected field since graduating highschool. Like I'm fresh out of college dudes, I'm applying for jobs that pay 20 an hour because my part time job pays 14! I gotta pay bills and rent and yall expect me to do that at a major office for 12 to 13 because I dont have 5 years experience in my field?! Bro I have my bachelors!
@@RedQuill13 honestly, I'm going to list my college on my resume as both job experience AND job training. They should not be able to brush us off like that.
@@RedQuill13the issue is that employers treat college graduates as crap. They say that college graduates are 4 years behind while still expecting you to posses that degree. In their mond you supposed to intern for 2 to 5 years and work a minimum wage job at night while in college. Its unrealistic. Also for those who have the experience and a degree they want you to waste additional time and money for unnecessary linceses and certificates. Its ridiculous. Welcome to Murica.
It's definitely hard. It was hard for millennials too during the great recession and after. I had a friend in 2011 take a paid internship, meaning she PAID THE COMPANY to have an internship. I couldn't afford that so I hustled for a few years before figuring out something more stable. It shouldn't be like this but, keep looking for the next thing and you never know what kind of field you will end up in.
@@brainybunny13 its total BS that they expect so much from everyone. I'm not going for a medical field so it's not like if I mess up slightly someone will die! I have an associates in art and design and bachelors in ag business and live in an area where ag communications is in high demand. Like how is it this hard?!
At my first job I was scolded by the manager for "coasting". I was doing my job but she was upset I wasn't going above and beyond 😂
She comes up with the dumbest scenarios
How's it dumb? I retired at 34.
Yes ! Same for me ! I just have to work 200 years to reach this point …. 👍🎉
Not a lot of people are able to put away £25,000 a year or £2,000 a month
And most likely through out 20 years your life and cost of living may increase, salary may increase too but not as much if you at some you may support a family or sick or old family member
I made it a point to save 15 or better percent in 401k.. didn't max the 19k per year but however i was able to have stability after leaving that job.. did that for 10 years
Have reached this point and indeed you naturally enter a different mindset when you don’t need the job just for food and shelter and basic normal expenses. it happens by itself and then you realise people’s very psychologies change, you don’t even know you’re not thinking like a free person - before you’re free.
"I lived way below my means and invested my money for 20 years." That money would've crashed and burned in 2020, and your FU money would be gone. Great advice.
Ummm, the stock market the last 20 yrs has made record highs😂where've YOU been!?🤦
I like the concepts in these videos, great work :) I do have two suggestions you could perhaps talk about in future videos! The first is real return vs nominal return. The second is how retirement timeline impacts how safe the 4% rule is. I feel like people should know these two things alongside the material in this video.
I applied for a job within the company I was working for at the time. I was flown out for the interview, hired for the position, rented a place & gave notice to my apt. 1 week before relocating, ALL my stuff except for a little bit was in a different state. The new position was pulled from me & told I couldn’t transfer. I left anyway. Didn’t have a choice. For giggles, Later found I was banned from working for the company years later even though the mgr was no longer there & the current mgr said there was nothing they could do bc it was in my file.
They’re more to the story
@@thethe4665 I’m sure there is additional information. I don’t have it. Walking away was my FU.
What was in your file?
Why was the position suddenly taken away From you?
@@TheNoiseySpectator My manager told me she “wanted to keep me on the phones.”. My boss was give a 4 week notice.
When I talked to new management, all I was told was I “could not be rehired.”. I asked if that could be changed since “my old manager was no longer there?”. I was told “no. It was in my permanent file.”.
When you give notice on your apartment, sign a lease on a new apartment & moved everything out of state (after accepting the offer), you don’t have much of a choice but leave.
Sadly, some people who become managers, think they can control their team. I’ve seen managers block employment growth. That’s what happened in my situation. I’ve seen it happen with other people too.
I didn't have F you money, but I still walked away from a toxic work environment with no notice at the busiest time of year. Now I'm making more than twice what I was there and working fewer hours at a job I love. Find something you enjoy doing in a field that's always going to be in demand.
I’ll just get that extra cash out of my sock drawer
How much is your car payment?
404 a month. What does that have to do with the price of rice in China.
@@rjj5075 Let's assume you are like most Americans, you trade in your vehicle for a new one subsequently continuing payments. $404 invested monthly at the average market return of 10% with compounding interest over 30 years $804,516.58.
That same $404 a month in VGT ETF with an average 14.8% over 30 years of compounding interest is $2,051,163.40
Ditch the car payment, buy a cheap $5k-$10k vehicle that totals no more than 4% of your anual income and you got yourself "extra cash out of your sock drawer".
Now what other drawer do you want to pull money out of next?
My company canceled all vacations during a storm one year. My wife and i were booked to leave on a cruise in 2 days. They said bring us your receipts we'll reimburse you. So i did. They only paid for my ticket and said they only needed me, and my wife could still go.
Lol Finance student dream scenarios. Lemme guess you know how to fix the economy “easily if you just-“ 😂😂😂
I love this concept, me and my best friend call it "runaway money"
8% returns every year?!
Yeah I know. That was the a normal stock market return when the boomers were young but it's not reality for anyone else. Sadly.
It was her average return. So over the decades you get good returns you get bad returns it averages out to 8%.
@@zoinks2607It's 10%now.
@@zoinks2607SP500 has nearly doubled over the last 5 years…
@@zoinks2607s&p500 has averaged 10.4% over the last 20 years (which has seen two recessions in it....)
It's not just a boomer number, it is reality for basically any 20 year period in the last 70 years
I just retired this month from a $20/hr job. I have been putting aside 10-20% while at the same time having as much of more take home pay.
1. Enroll in your company’s 401k or IRA, etc. If they don’t have it, just sign up on your own.
2. With hold less taxes, increasing your take home.
3. Adjust year to year. If Apr 2025, you get money back from the IRS, it means you with held too much tax. If you owe the IRS, you didn’t withhold enough tax.
Thats only 68.50 a day!
i comfortably live off much less than that.
Yes, if you exclude rent. Otherwise no. @emperor8716
Compounding interest my friend.
@@emperor8716 In this economy? Where are you living because where I live you can't get out of a grocery store without spending 100+ dollars. If you have a family or want to eat better than 50 cent Ramen Noodles...forget about it and what about Utilities. $68.50 is magical!
My friends dad told his company he was quitting when last minute they said he couldn't take time off to go to his daughters wedding. When they confirmed he was serious about quitting they changed their tune and let him take it without issue.
I've been gathering FU money since the age of twelve. Now I'm about to turn 19 and paying for college with no loans. My goal is to enter the medical field and not have to rely on people that have always let me down.
Oh yeah. Let me just casually save 25k a year like it's nothing.
This girl's hair is amazing
There is also the FU Job Belt, where you have like, 4-5 jobs at your backup that you are 100% sure you can snatch.
This has always been my method. I've quit several jobs with minimal-to-zero notice before, and had new jobs lined up within a week.
I'm still trying to find better pay :(
Yes!!! That's the way! I hope you find one soon!
More about how long you in est, not about how much. You just have to start!
advice like this always comes off as "im a masochist that will punish myself bc other people want to financially abuse me and somehow that makes me a financial guru"
I ain't got that fu money but i'll still quit
😆
“Theoretically never run out of money”
Government over spending induced hyperinflation and ever increasing taxation has entered the chat
I feel that some of the comments are being a little unfair. I don't feel the point of th video is how much you can afford to invest, and not everyone can invest $25,000. I think this is just encouraging you to start investing and once you are able to save up enough, then going to work becomes a choice and you can simply choose to quit if your work ppace is being toxic or unreasonable in some way
Sure, that's fair, but investing costs money in the first place. A lot of us can barely afford to even keep a savings account open... investing lessons cost money, it costs money to open these accounts. Saving money and making money *costs money* and that's really disheartening for a lot of us who can't afford to lose our jobs.
@@orangejulesboxexactly. It comes off very tone-deaf because it’s pretending to be advice for everyone when it’s, in actuality, only advice for people who already make a fairly decent living.
Glad I found your comment. I did not want to be mean to the creator. I also found her advice so mentally out of reach. I would love that much money. Instead of worrying if I can even afford to get my kids on my weekends.
@@orangejulesbox Savings costs money, investing does not.
@@brookekathryn1980 I understand the sentiment, but investing does cost money when that cost comes out as food lost, wages lost, bills lost because you tried to invest. I hear of so many people failing to invest solely because they lose tons of their money in the circus tent joyride that is the stock market. People who aren't taught how to use it are usually those of us in poverty. We literally can't afford to invest in things in a world where buying a bottle of water is 6 dollars, and paying for a one room apartment with roaches is 2k a month. Like... I'm sorry that is the case, but that is indeed the case.
Im un my third year rn and graduating next year, since im about to face my interviews and job by the end of next your, i cant state how much confidence your videos have put into me :) thanks
Till ya get slapped in the mouth with inflation and realize you gotta be a Walmart Greeter at 65
Yeah i love when they never consider the variable of inflation. Even politicians do this mistake with their economic calculus skills like they increase taxes and expect people to keep the same rate of consume
Just a small peixe of food for thought.
At the start of the great depression one businessman sold a large chunk of his assets at a significant loss to their value at a time but nowhere near the loss he would have to face when depression hit. And when the first wave of panic after the crash settled a journalist asked him to share his wisdom that allowed him to avoid the brunt of the disaster.
He replied - one day my she cleaner asked me for advice where to invest his savings and that made me realise - if the common people are encouraged to invest, this means there are no money left on the hands of the large investors and the market is about to crash.
So...chase you dream. But don't rely on being set for life...
First :D
8% return! 😂😂😂😂😂😂😂😂🤣🤣🤣🤣🤣
Erin, when I was your age, I thought the same 😊 and the recent years reminded me of the inflation! You better study it well throughout the years and note the official numbers are underrated. And of course count the cumulative inflation rate.
Live way below my means…i literally cannot go any lower at this point
watching these videos from a shitty rental property that takes half my salary to pay - while it's infested with black mold and the ceiling leaks whole it rains: hrm yes, live below my means i shall
I love how a manager will threaten to fire. The employee quits. But the manager never thinks about how much they need to spend to hire and train the new hire.
a simple "the vacation wasnt a request. it was me informing you that i will not be at work. deal with it"
Average USA income is 64k before taxes. I put away about 25k making 175k.
Problem is by the time that happens 2.5 million will be the same as 100k today.
Somebody doesn't understand investing to keep up with inflation
😍 Your hair is so gorgeous! 😍
when I was 24 years old I always invested my difference for 20 years.
I'm 50 and I've had shity jobs my whole life. Unable to save and now the cost of living has doubled where I live.
The problem there is saving. Mind if I help you get on the right path? It may not be much due to the time allotment, but I'd be willing to help if you're willing to sacrifice and do all the work yourself.
Scrimp and sacrifice and save for 20 years, and pray to God that there are no layoffs, car accidents, hospital stays that tap into your savings.
Give up the prime of your life so you can be another old person driving a new sports car.
Oh, and your kids will remember the lack of vacations. Enjoy your senior years, you’ll be alone.
If your skills are valued. You will find work. Especially right now. Employers are hurting😊
Living below your needs... extremely privileged to say. Can we NOT forget about all the chronically ill people?
What is she supposed to do? Tell ppl who are not able to save money (chronically ill, low paying Job etc.) how they can invest money when they dont have any? A video does not have to cater to everyones needs. Thats not even possible.
Something out of topic ... OMG Your Hair LOOKS so..... Beautiful. IT IS REMINDING ME OF ELSA FROM FROZEN 2❤❤❤
According to excel and an investment calculator- starting with $25k and investing 2k monthly with 8% interest compounding daily comes out to about $1,400,000 - NOT $2,500,000. I suggest you double check your math.
I got 1.6m if your account get credited at the end of the year.
Agreed, the correct math gives you about $1 million less than stated here
Investing part of that in rent spaces speeds up the process.
Also most people are not willing to live below their means, people love to be in debt and unnecessarily have children.
I got FU....gotta go to work money 😅
And then inflation turns that 2.5k you withdraw into 3k. Then 4k. Then 7.5k. Before you know it you spent that 2.5M in 4 years
What if you get in 1 car crash, there’s a death in the family, you get sick…and more?
What if you get a 25$ an hr job and make 50,Ooo a yr😂
If everyone did this, companies would automatically raise prices on everything, both to suck all our money out of our pockets and force us to go back to work so they can extract our labor to make even more money for themselves.
My opinion is that there's is always another job. I went through 8 last year because I didn't tolerate people like that manager. Every time I switch jobs, I also got a raise.
I started out making $18 an hour I now make $26. That was just last year.
Instead, my boss told me: "hey you know that unlimited vacation that we offer, and the approved vacation you have scheduled for tomorrow? Yeah you're fired. 'Change in business strategy.' Send back your laptop."
I LOVE your hair! omg it looks so good, I love the mermaid waves :DDD
also, I’ve known about F U money since before I was allowed to know what the F stood for, lol. My mom’s always given me financial advice and told me about things other parents might not think their kids need to understand. My personal tip, as a child of a very informative parent, is be like her, because as an adult I STILL have so much societal conditioning I have to undo! But at least I have a lot of good morals I can fall back on to help myself understand the mess that was my experience with public school. You can’t control everything your kids experience (especially if you’re going through cancer like my mom was for a couple years, lol-) so always make sure to start early with teaching them about how the world works from an un-biased, non-emotionally-charged perspective, or else their first time talking about finances might be from someone who’s stupid or actively malicious, and you seriously cannot stop that from happening even if you are the best parent in the world (and I consider my mom the best mom in the world even though she had cancer, cause that wasn’t something SHE did, but I also mean for parents who are cancer-free, lol).
"You have 2 options: give me my vacation or rehire me when I get back"
Imagine being lower class or middle class and being able to afford putting aside 25k a year while still making enough to pay for everything else. In my area you would need to be making over 50k a year. Sad thing is a lot of places would rather fire you and hire someone to replace you at a lower wage than actually pay you what you are worth.
Yes, because it is so simple to make an average 8% return, especially as depending on how you invest (if you are not using a tax deferred/exempt vehicle) then you have to factor in taxes on top of that return.
I'm too old and too far behind to do anything but work until I die, probably on the job.
I invest in dividend stocks; Currently invested enough to be getting like 150 a month payouts atm. Then i put half that into more stocks, and save the other half. The aim is to get my payouts to like 2000 a month; then at that point im pretty safe :)