Second caller: also, remember that your grandparents want the best for you financially. That's likely why they gave you a gift and will leave you an inheritance. You can honor their gift by rebalancing to prevent financial loss of something they worked so hard to pass along to you.
I had a job where I had to live in an RV for three years and I can tell you it was the worst three years of my life. Everyone thinks living in an RV is great and then after about two weeks, you’re gonna be sick of it, your mileage may vary, literally, but I’m with Brian on this.
We retired at 54 and lived in an RV full time for 2 1/2 years. We absolutely loved it. It is definitely not for everyone, but it was great for us. Once we had our second grandchild, we wanted to be closer to them, so now we only RV part time, but it was a cherished time. Sorry it was not good for you.
I retired with $600k saved, and looking back, 1 realize I could've done things differently. Not saving enough, plus the impact of inflation and sequence of returns risk, makes me worry about outliving my savings, and it's not something I can easily ignore. Not saying it's the only way to go, but its something I think about
I'm approaching retirement and having a financial advisor has been helpful. I started investing later than most, so relying on compound interest from index funds or bonds alone wasn't enough for me. Despite that, l've managed to do well and am on track to retire with around $5 million
Yeah, always good to plan for retirement when young. We all think we don't have to worry about it until later but the fact is, the earlier you learn about financial literacy the better you can plan for it. With amount of savings, you could probably try different side projects to generate some extra income to stash more cash.
Congratulations! Saving and investing $5m by retirement is my financial goal. Since I started young, I have a lot more options to get there. Financial advisor might be something I will look at later in life but mainly to figure out how to pay my fair share of taxes without overpaying. The tax code is written for business owners, the more savvy you are, the more you can save. That's the part that is more complex to me. Maybe even need an estate lawyer if you are in the millions range already to ensure I am building and passing generational wealth.
Brian, you are spot on talking about service members. I know two service members (one cousin, one friend) who, years after their service, developed some very serious medical problems--and so did several people they served with. It's just a hassle you don't want to deal with when you're sick. Happy Christmas Eve!
When I worked in Europe I only got paid monthly, which was very common in the country I lived in. You had to learn to budget when you only got that one way. Set me up for a successful life!
About 75% of my income comes in half of the year.. It's pretty easy, just follow a budget and then store the needed money in your bank account or limit your actual expenses to the smaller amount of money you gain throughout the year.. So basically I budget for less than half of my income as expenses then most of the money I get at the better earning time period I just invest.. Pretty simple
90% of your income in 5 months....... stick a lot of that in a high interest bearing account! It makes a nice contribution to your vacation budget at the end of the year! 🎉🎉🎉🎉
I don't give to charity very often. I have a friend who is a pilot flying for Delta who taught me non-profit is very profitable. When I give, it's to my children. I get asked to give to veterans. I also answer that I'm keeping a roof over two veterans heads. My son and son in law. I get asked to donate to medical for children. My son was sick when he was a baby. At Scottish rite, I saw a woman dressed to the T applying for that help. I was sitting there in my jeans T-shirt and Walmart sneakers but I paid my bill. Charity starts at home. I give generously to my children. I have stopped on the side of the road and given cash to a couple with 2 kids to be able to buy gas to get them on their way. I've given cash to a guy with a sign that read, NOT GOING TO LIE, I NEED A BEER! I was impressed by his honest.
@@jdp486 Money guy says don't give gifts to children. Then talks about step up basis blah blah blah. A true mutant would teach their children to never sell. I moved 4 times in 2012 while owning 4 homes. You don't have to sell just because you live somewhere else. You just put a tenant in it to take care of it and pay you rent.
@@jdp486 I paid for my first home in between the age of 19 and 24. It's not skin off my back. I gave it to my daughter 10 years ago and she and her family are happy there. Why would I give to strangers but not my own children?? This is the most ridiculous advice I've ever heard.
As a 27 year military retiree, my pension affords me the opportunity to stay 100% invested in stocks. Where people invest for years to get what will pay them 4% of their $1M, I have what pays me the equivalent of 4% of a $2.5M portfolio. If you retire and have Tricare, it's a game changer! If you have VA disability compensation, another game changer and access to VA healthcare. So many things I didn't think of during my service.
I got about 7 years left until retirement and so glad I found these guys a couple years ago to build all of this on top of a couple federal pensions/VA. Love sharing this show to the young soldiers I work with to get them rolling while they have so much time!
@ Good on you for sharing this with your junior folks. They need the education, especially junior enlisted! I wish I had this to guide me when I first enlisted, we didn't talk about money when we weren't making any. 🤣. Continue to lead from the front!
Outstanding!!! If your portfolio is in the TSP or equivalent before tax account, be sure to anticipate the Required Minimum Distributions at 75. Many federal retirees never anticipated their TSPs would grow into the multimillions. Consider Roth conversions or pulling more and filling the lower tax brackets now.
You're doing a fantastic job! A bit off-topic, but I wanted to ask: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How can I transfer them to Binance?
That ungrateful grandchild should get off his lazy ass and diversification can be him or her investing on their own. I don't move a lot of money. I just add more to a different pot if i see its a lot less than im putting somewhere else. This grandchild just wants to spend it. Would be nice to see an update.
@jdp486 But now some little twit who doesn't have a lot to piss in is claiming he is smarter than his grandparents based on watching a RUclips video. One that often gives BAD ADVICE!!
I like where your head is, don't borrow what you can't afford. The biggest thing to consider is mortgage rate and asset appreciation rate. I'll give my real-life scenarios. At 26, I bought a house for 235,000 while having 45k in the bank with a mortgage of 2.49 percent and a 30 year avg appreciation in the area of 6%. Would I be more stable financially with doing a 5% downpayment or a 15% downpayment? The bank does not give us any savings unless we put 20% down and they only care that we never miss a payment. Scenarios #1: 15% down = 35k paid on home and 5k left in Roth at 6% and 5k in cash making 1%. Scenario #2: 5% down = $11,750 paid on home, 11 k in Roth at 6%, 11k in an after tax investment account at 6% 11,250 as a 4 month emergency (back then, not now.) Year 1: appliances, paint and some reno. Year 3: new roof to stop leak Year 5: new furnace and a/c Year 7: new windows Scenario #1: 1st year= home appreciated 14k, mortgage interest paid out -5,000, Roth gains 300, cash gains 50. Total change + 9350. Scenario #2: 1st year = home appreciated 14k, mortgage interest paid out -5500, Roth gains 650, non-registered investments 650, and cash 100. Total change = 10k. For us, Scenario #2 was the safer option. With interest rates rising and all other debt paid off, we have been targeting our mortgage. Total amortization will be 15 years.
Squats are hard, but deadlifts are harder. Deadlifting heavy and with good form is the toughest exercise to do. Look around in the gym, you'll see lots of people squating, but not so many people are heavy, strictly deadlifting.
Second caller: also, remember that your grandparents want the best for you financially. That's likely why they gave you a gift and will leave you an inheritance. You can honor their gift by rebalancing to prevent financial loss of something they worked so hard to pass along to you.
I had a job where I had to live in an RV for three years and I can tell you it was the worst three years of my life. Everyone thinks living in an RV is great and then after about two weeks, you’re gonna be sick of it, your mileage may vary, literally, but I’m with Brian on this.
We retired at 54 and lived in an RV full time for 2 1/2 years. We absolutely loved it. It is definitely not for everyone, but it was great for us.
Once we had our second grandchild, we wanted to be closer to them, so now we only RV part time, but it was a cherished time.
Sorry it was not good for you.
I retired with $600k saved, and looking back, 1 realize I could've done things differently. Not saving enough, plus the impact of inflation and sequence of returns risk, makes me worry about outliving my savings, and it's not something I can easily ignore. Not saying it's the only way to go, but its something I think about
I'm approaching retirement and having a financial advisor has been helpful. I started investing later than most, so relying on compound interest from index funds or bonds alone wasn't enough for me. Despite that, l've managed to do well and am on track to retire with around $5 million
Yeah, always good to plan for retirement when young. We all think we don't have to worry about it until later but the fact is, the earlier you learn about financial literacy the better you can plan for it. With amount of savings, you could probably try different side projects to generate some extra income to stash more cash.
Congratulations! Saving and investing $5m by retirement is my financial goal. Since I started young, I have a lot more options to get there. Financial advisor might be something I will look at later in life but mainly to figure out how to pay my fair share of taxes without overpaying. The tax code is written for business owners, the more savvy you are, the more you can save. That's the part that is more complex to me. Maybe even need an estate lawyer if you are in the millions range already to ensure I am building and passing generational wealth.
I'm worried about my retirement portfolio and could use some guidance. How can I get in touch with your advisor?
Joseph Nick Cahill is the licensed advisor l use. Just research the name. You'll find necessary details to work with to set up an appointment.
Brian, you are spot on talking about service members. I know two service members (one cousin, one friend) who, years after their service, developed some very serious medical problems--and so did several people they served with. It's just a hassle you don't want to deal with when you're sick. Happy Christmas Eve!
The mustache tells me this is more than a month old. Happy holidays money guyteam. Great work
Not the fact that rebie is fielding the questions? ;)
@ that too!
Psychedelic intro is back! It's a Christmas miracle. ❤
When I worked in Europe I only got paid monthly, which was very common in the country I lived in. You had to learn to budget when you only got that one way. Set me up for a successful life!
Show on the road with an RV!! You’d probably get sick of it, but it might be fun to watch.
About 75% of my income comes in half of the year..
It's pretty easy, just follow a budget and then store the needed money in your bank account or limit your actual expenses to the smaller amount of money you gain throughout the year..
So basically I budget for less than half of my income as expenses then most of the money I get at the better earning time period I just invest..
Pretty simple
Merry Christmas to you guys and the entire team! 🎄 Rebie, that includes you too!! 😉
I love you 😘 😊
MGS hits the road! You guys are still doing the show while on your RV trip, right?
90% of your income in 5 months....... stick a lot of that in a high interest bearing account! It makes a nice contribution to your vacation budget at the end of the year! 🎉🎉🎉🎉
Lumberjack Bo, we needed to hear the story of cutting down the Christmas tree this episode. 😂
Brian had Webelos PTSD from that trip.
Thats one snazzy shirt Bo has on.
Been sitting on this one for a WHILE!
Reminds me of the time the Hershey Trust tried to diversify into other stocks beyond Hershey.
I love the idea of 'gamifying' my budget! Maybe I'll treat myself to a pizza every time I stick to my plan. 🍕💰
I would not trust a company like that
Why was Rebie (The Producer) not in the videos last week?
Literally doing leg day as I watch this.
I don't give to charity very often. I have a friend who is a pilot flying for Delta who taught me non-profit is very profitable. When I give, it's to my children. I get asked to give to veterans. I also answer that I'm keeping a roof over two veterans heads. My son and son in law. I get asked to donate to medical for children. My son was sick when he was a baby. At Scottish rite, I saw a woman dressed to the T applying for that help. I was sitting there in my jeans T-shirt and Walmart sneakers but I paid my bill.
Charity starts at home. I give generously to my children. I have stopped on the side of the road and given cash to a couple with 2 kids to be able to buy gas to get them on their way. I've given cash to a guy with a sign that read, NOT GOING TO LIE, I NEED A BEER! I was impressed by his honest.
Okay?
@@jdp486 Money guy says don't give gifts to children. Then talks about step up basis blah blah blah. A true mutant would teach their children to never sell. I moved 4 times in 2012 while owning 4 homes. You don't have to sell just because you live somewhere else. You just put a tenant in it to take care of it and pay you rent.
@@jdp486 I paid for my first home in between the age of 19 and 24. It's not skin off my back. I gave it to my daughter 10 years ago and she and her family are happy there. Why would I give to strangers but not my own children?? This is the most ridiculous advice I've ever heard.
As a 27 year military retiree, my pension affords me the opportunity to stay 100% invested in stocks. Where people invest for years to get what will pay them 4% of their $1M, I have what pays me the equivalent of 4% of a $2.5M portfolio. If you retire and have Tricare, it's a game changer! If you have VA disability compensation, another game changer and access to VA healthcare. So many things I didn't think of during my service.
I got about 7 years left until retirement and so glad I found these guys a couple years ago to build all of this on top of a couple federal pensions/VA. Love sharing this show to the young soldiers I work with to get them rolling while they have so much time!
@ Good on you for sharing this with your junior folks. They need the education, especially junior enlisted! I wish I had this to guide me when I first enlisted, we didn't talk about money when we weren't making any. 🤣. Continue to lead from the front!
Outstanding!!! If your portfolio is in the TSP or equivalent before tax account, be sure to anticipate the Required Minimum Distributions at 75. Many federal retirees never anticipated their TSPs would grow into the multimillions. Consider Roth conversions or pulling more and filling the lower tax brackets now.
@ I only started a few years ago but luckily all of them are Roth contributions. Since I hopefully will already have a couple taxable incomes by then.
Bo’s shirt 😁😁😁😁😁😁😍😍😍😍😍😍😊😊😊😊😊😊😊😘😘😘😘
Is this live?
No
You're doing a fantastic job! A bit off-topic, but I wanted to ask: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How can I transfer them to Binance?
👏🏽👏🏽👏🏽
all i want for christas is to see bo shave that mustache
He already did...but I would like to see the video too
That ungrateful grandchild should get off his lazy ass and diversification can be him or her investing on their own. I don't move a lot of money. I just add more to a different pot if i see its a lot less than im putting somewhere else. This grandchild just wants to spend it. Would be nice to see an update.
What are you talking about?
@jdp486 Can you not read?
@jdp486 The ungrateful grandchildren need to do some investing of their own. Then everything wouldn't be on one pot. It's not rocket 🚀 science..
@jdp486 But now some little twit who doesn't have a lot to piss in is claiming he is smarter than his grandparents based on watching a RUclips video. One that often gives BAD ADVICE!!
@jdp486 it's deleting my comments
First comment 😊😊
You are so beautiful 😍 😊
GO CHIEFS!!
How do I put down 3-5% for a house? I can’t imagine putting down any less than 15% at least
I like where your head is, don't borrow what you can't afford. The biggest thing to consider is mortgage rate and asset appreciation rate. I'll give my real-life scenarios.
At 26, I bought a house for 235,000 while having 45k in the bank with a mortgage of 2.49 percent and a 30 year avg appreciation in the area of 6%.
Would I be more stable financially with doing a 5% downpayment or a 15% downpayment? The bank does not give us any savings unless we put 20% down and they only care that we never miss a payment.
Scenarios #1: 15% down = 35k paid on home and 5k left in Roth at 6% and 5k in cash making 1%.
Scenario #2: 5% down = $11,750 paid on home, 11 k in Roth at 6%, 11k in an after tax investment account at 6% 11,250 as a 4 month emergency (back then, not now.)
Year 1: appliances, paint and some reno.
Year 3: new roof to stop leak
Year 5: new furnace and a/c
Year 7: new windows
Scenario #1: 1st year= home appreciated 14k, mortgage interest paid out -5,000, Roth gains 300, cash gains 50. Total change + 9350.
Scenario #2: 1st year = home appreciated 14k, mortgage interest paid out -5500, Roth gains 650, non-registered investments 650, and cash 100. Total change = 10k.
For us, Scenario #2 was the safer option. With interest rates rising and all other debt paid off, we have been targeting our mortgage. Total amortization will be 15 years.
Depends on the mortgage interest rate. If the rate is low, it might be good idea to put down less even if you can afford to put down more.
It's Christmas Eve, guys need to take a break
They prerecorded this months ago before Rebee took maternity leave
@dietcurt thanks, Diet
Squats are hard, but deadlifts are harder. Deadlifting heavy and with good form is the toughest exercise to do. Look around in the gym, you'll see lots of people squating, but not so many people are heavy, strictly deadlifting.
I'm favoured $45k every 7 weeks! I now have a good house and can afford anything and also support my family
How please
Looks like the start of a scammer thread.
Hard to take advice from someone with a scale model cybertruck behind them 🤨