I am 27 and i just started my ROTH IRA and deposited the max for 2024! I feel stupid for how long it took to get my life straight. The problem here is, what is the best way to invest the money to grow to $1 million for retirement?
I believe every Investor should start with ETFs for a solid foundation, then diversify across asset classes and maintain disciplined, regular investing to minimize risks and maximize growth.
You don't need to find the next NVDA to succeed in investing. Just choose top-notch ETFs and partner with a financial advisor like I did. I turned $100k into $20,000 in annual dividends-a significant milestone for me today.
Impressive! I admit I'm scared about retirement as I turn 60 on my next birthday. I need to ensure I have enough money to survive on. How can I consult your advisor? My retirement account isn't performing well.
Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. I retired with 5 million dollars
If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
Sonya Lee Mitchell is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her
The whole point of wealth for me is freedom. My magic number in my mind is 5 million needed at 65 to not worry about anything. Am i better off investing a good portion of my income into stocks or saving my earnings to achieve this goal?
Varied sources of income is wise and especially living within your means. My net worth is $2M and I can pay my bills with no stress, but I don't live like I have that. I have no complaints.
Exactly, a good number of people discredit the effectiveness of financial advisor, but over the past 10years, I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $3million in gains… might not be a lot but i'm financially secure and that's fine by me
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
Absolutely not, as I've closely tracked my portfolio's performance, witnessing a staggering $482k growth in just the last two quarters. This experience has taught me the secrets behind experienced traders' substantial gains in what might appear as unpredictable markets. Undoubtedly, it's been a bold and rewarding choice I made fairly recently.
That's quite remarkable! I'm genuinely interested in benefiting from the guidance of such experienced advisors, especially considering the current state of my struggling portfolio. May I know the name of the advisor who has been assisting you in navigating these financial challenges?
"Stacie Lynn Winson" serves as my advisor, bringing extensive qualifications and experience in the financial market. Her deep understanding of portfolio diversity positions her as an industry expert. I suggest delving into her credentials for further insight. With her considerable experience, she offers valuable guidance to anyone seeking to navigate the complexities of the financial market
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough. I've been quite unsure about investing in this current market and at the same time I feel it's the best time to get started on the market, what are your thoughts?
Since the crash, I've been in the red. I’m playing the long term game, so I'm not too worried but Jim Cramer mentioned there are still a lot of great opportunities, though stocks has been down a lot. I also heard news of a guy that made $250k from about $110k since the crash and I would really look to know how to go about this.
Thats true, I've been getting assisted by a FA for almost a year now, I started out with less than $200K and I'm just $19,000 short of half a million in profit.
50 now, and everything is paid for. Fortunately, I had a college economics teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. My net worth is $6 million, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.
Right alongside you. No debt, early retirement. Children are well-cared for. On 11 acres overlooking the river valley, I'm constructing the house of my dreams. There are many methods to get rich right now, but only real-time professionals are capable of making such high-volume, near-perfect trades.
That's right, I began investing sometime in 2018 and by the end of 2021, I had earned a profit of over $750,000; This can only be carried out by seasoned institutional investors with ISDA agreement. With no prior investing experience or skill, Instead I merely followed the instructions provided by my investment advisor, proving that you don't have to be an expert investor or put in a lot of effort; all you need is a professional who can mentor and guide you for a fee.
@@IAMBETTERTHANYYOU Having an advisor is essential for portfolio growth and wealth creation through the stocks market. My advisor is "Theresa Dana Peek" who is easily searchable and has extensive knowledge of the financial markets.
Thanks for the tip, JILL seems pretty knowledgeable. After coming across her online site I took a good look at her CV and I have to say it was quite impressive. I reached out to her.
I am 35 and my wife is 32. We started off with $25k in student loans, a leased car, and an apartment we couldn't afford. We have 5 kids that are 8 and under now, and we have never had a household income over $75k per year. 10 years later of following the Ramsey plan we now have no debt including a paid for $250k house and a net worth of about $400k. We appreciate you and the work your team does!
Awesome! I’m in a very similar boat, so I thought I’d share. My wife and I are both 34, single income, 5 kids that 10 and under, no debt besides our house (owe $184k and it’s worth $475k) and we have never had a credit card whatsoever. Well done, bro!
A+ and very Well Done! Your future is on track to financially success with the freedom to live your dreams. Great example for others who hopefully learn from your journey!
@@aronmiller1249 Thanks for sharing! I love hearing stories like yours. We try to share practical advice and encourage our friends that they can do it too even with one income and a lot of kids.
Just paid off my student loans last week to make me debt free at 24! So thankful to those who supported me along the way. That puts me at just over 100k in net worth. Praise be to GOD.
Making money is action, saving money is behavior and growing money is knowledge. The basic step to acquiring wealth is figuring out your goals and plans, with the heIp of financiaI pIanner you will gain rapid financiaI growth and enjoy the benefits of managing your finances.
FinanciaI growth was rapidly gained (gathered over 1M in 2years) through my financiaI pIanner. Got my 2nd house in May, hereby making my goaIs a reaIity.
If I had George as a friend in my 30’s, I’d have had a true friend. He sure knows how to do this thing called MOTIVATION. Well i'm 42 now with $1.8m net, not there yet. My strategy has been to put half my income into the stock market at the start of every month under the careful supervision of my CFP, regardless of what is happening. The second part of my strategy is not to sell for at least 15-20 years. Time in the market beats timing the market.
You are spot on! This is really not as difficult as many people presume it to be. It requires a certain level of diligence, no doubt, which is something ordinary investors lack, and so a financial advisor often comes in very handy. That is how people are able to make such huge profits in the market.
@tommyers I completely agree, this is why I decided to give a coach control over my everyday investing decisions. Their proficiency in research, specific knowledge, and risk management makes it difficult for them to deliver below expectations. They emphasize minimizing drawbacks while maximizing risk's asymmetrical potential. I have more than two years of investing coach experience, and I have made more than a quarter of a million dollars.
My collection has been underperforming recently, and I'm considering a strategy change with the help of a coach. Is it possible to get in touch with your coach?
Last 15-20 years is vastly different from the coming 15-20 years. Global warming, aging population, increasing institutional swings in the market. People really think the average 7-8 percent annual growth is feasible? Look at how tiny the market was in 1950 😂😂😂
Having recently sold a property in Portland, I'm contemplating investing the proceeds in stocks. While many claim it's an opportune moment, I'm uncertain: Is now truly a favorable time to enter the stock market? When can we expect a complete recovery? Moreover, I'm puzzled by how others in the same market are achieving gains exceeding $450k within months.
I feel your pain, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $130k in passive diversified safe-haven assets, Up 200k so far and pretty sure I'm ready for whatever comes.
Portland OR? Look into middle housing development. I’m a developer in Eugene and we need more local developers to help balance the market away from hedge funds (they’re buying up absurd amounts of single family housing)
Stocks is considered a high risk high reward. You mainly lose money if you let emotions take over. It’s a good way to make money, but just be diligent and do your research first
Creating wealth entails establishing positive routines, such as consistently setting aside funds at regular intervals for sound investments. Financial management is a vital subject that many avoid, often leading to future regrets.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
I agree with you. I started out with investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash. I invested the money using an analyst, and in seven months, I raked in almost $673,000
'Melissa Rose Francks' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
At age 25 I was at rock bottom, my net worth was somewhere around -30k and my income was 38k in a HCOL area. I knew I had to change and I started tracking my net worth and started budgeting At age 30 I bought a property and my net worth was at 45k. I was making progress but I knew there was still much more to gain if I kept at it. Now at age 35 my career exploded, I kept increasing my savings and retirement contributions and my net worth is around 450k. Never did I think I’d be where I’m at now 10 years ago. There is a thought that has always stuck with me. People greatly overestimate what they can do in a year, but they greatly underestimate what they can do in 10 years. It’s never too late!
I began my investment journey at the age of 33, primarily through hard work and dedication. Now at the age of 38, I am thrilled to share that my passive income exceeded $5k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
I completely understand the impact of the new year on financial decisions-it's transformative. While I've found success in investing, especially with the guidance of my advisor, Whitney Kay Stacy, I still appreciate the solid foundation i had. This principles align with the core values of financial discipline.
We just paid off our last debt this past weekend, we are now debt free aside from our mortgage thanks to the baby steps!!! 31 years old and planning to have the house paid by 37
I've been following the Ramsey Baby Steps the last three months. Wanted to break the cycle so I started focusing on my debt. My grade is a "D," but I'm actually working the plan. My car will be paid off at the end of October and then it's onto the student loans. One step closer to being DEBT-FREE!
Have hope! I started out 340k in debt in student loans. A massive negative net worth. I now have zero debt, paid for my car and house in cash, and have a small retirement going. It felt pretty bleak at the start of everything but now looking back it actually went pretty fast and I am in such a better place today, and have so much more security. You can get there too!
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
@priscy_kk However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments
We're both 35 and an A. We have accomplished this by intense frugal living because of our circumstances (I became physically disabled at 28 and my Husband works a part-time, minimum wage job so he can be nearby and care for me). You can ABSOLUTELY do this! Thank you LORD for Your Kindness and Goodness to us and for sound, Biblical financial education xx
Yes grace and as a Christian probably you know that life it’s not about what you have and you will find many godly and content people who have much less or even nothing
@pamelalima5401 You're right. Money isn't everything, nor have we turned it into our God. Also, blessings you receive are meant to bless those around you and that is what we do through our church, charities and just being generous out on the streets.
I was a theater major, I quickly realized the communication skills I learned adapted well to sales and marketing. Since I have a passion for finance I was able to combine all of these skills to become a CFP. Now in the A+ category. Actors can change and don’t have to strike out 😉
I’m a music major. I moved to Japan and within 3 weeks was scouted to become a pop singer. You don’t realize how saturated the US market is. I’m now making money and connections up the wazoo and am filthy rich for 21yo here because I converted all of my dollars to the yen at 150円/1$ each.
I turn 30 next month. I keep track of my Net Worth and next month I should be right at $400,00! I do have a good paying job (that I did not go to college for), but I also started with nothing. Everything I have I earned myself. I have no inheritance nor has anyone given me a large sum of money. I bought a house for $56k when I was 20 and put about $50k into it over the years. It's now worth $165k.. and it's paid off. I have no debt and I've been investing into my Roth 401k since I was 20. Every time I project I'll have X amount of dollars/net worth by a certain time, I out pace that. I was 25 when I heard of Dave Ramsey with a slightly negative net worth. I was in debt, but I became intentional with my money and turned things around quickly.
I had exactly $23k student at 30! Took me years to pay off, and with interest, it was $36K. All the while saving for my pension. Nevertheless, now at 59, no debt and a good chunk of change for retirement. Steady but slowly 🐌 watch the investments grow, and it will happen!
I’m 29, in RN school, have 20k in school debt, and only 700$ in my bank account. Oh and I still live with my parents cuz housing is ridiculous right now.
Just turned 30 and in my last year of psychiatry residency. I’m the cheapest doctor I know (no undergrad loans but med school ain’t cheap so took out loans for that, old paid-off-car, clothes from goodwill, making coffee at home) and I still got an “F”… excited to turn that around over the next few years! 11 months until graduation!
Yeah it's easy to feel behind. My wife just started residency at 29. It really is a long term investment, but it will pay really big dividends and you will catch up in no time. You are definitely on the right track without having undergrad loans. Sooo many docs have their medschool debt AND those loans. Yikes!
Amazing content. I started a bit late (graduated from my doctorate program at age 30 in 2016 with 170k in school loan debt). Managed to pay off my debt by 2019 and currently have a house and 250k total in investments (combo of profit share, 401k and a brokerage account). I'm not very knowledgeable in investing, so I just have my investing currently in index funds thanks to my FA Emily Lois Parker (mainly voo, but have been putting a lot into schd the past few months). I dunno if that's the optimal strategy, but psychologically it is very set it and forget it, and prevents me from obsessing over individual stock performance like you mention in one of your old videos
I and my wife diversified my $400K portfolio across various market with the aid of an investment advisor, I have been able to generate over $920k in net profit across high dividend yield stocks, mutual funds and alternative investments
@@tylerforeman667 Sounds great. I could really use the expertise of an advisor. Just can't find while I'm away for work in New Zealand for another year. Who is this person guiding you?
I'm there at 40. Lol. We've had some trials over the years. Wish I would have gotten on the Ramsey plan earlier. Our income is doubling through and we'll be debt free by December. We'll be able to invest $140k a year moving forward. $60k annually in retirement accounts and 80k in outside investments. Buying property and building our first house with cash over the next year.
I see your point. Hope it worked out during the last 9 months. I would not give my family for an 3x portfolio. Wish you luck and openness to find what you seek.
Im 29 years old right now, I have 87,400$US in debt (car and business loans) and 196,200$US in assets with house and my small business. I started as a real estate agent in 2016. Almost 8 years of work, not a millionaire yet or anything but im grateful for the results of my work
I really enjoy your videos George, they make me think about a lot of things that I haven't considered yet. I almost fell into a point of no salvation in my mid 40’s but thankfully now I’m close to retiring in a satisfactory manner and have majority of my boxes ticked
George really does get me motivated with his videos. Makes me want to rethink my lifestyle too. Thankful for the passion and knowledge that he shares with others! We need more people like him in this world
I love listening to his seminars too, there's a lot I need to learn, I need to start making the best decisions for my future. You say you where in a crisis in your mid 40's? whats your story and how did you navigate through it? I'm in a bit of a sh*thole myself haha
@@francescadelight well I went through a d i vorce at 46 and it basically wrecked my me, before that I never really looked at what my r e t i r e ment would be like but after the whole situation I just had to look at things differently because I knew needed to get my life together before 60 at least.
Luckily for me I was r e f erred to a p a r ticular f i r m in Colorado by an a d visor. Fast forward to today through the firm in a couple years I've been able to amass $580k for my r e t i r ement and still going.
I’m 30 and my wife is 29. We have been really fortunate and have worked really hard over the last 10 years. We are currently worth $2.4M and counting. I will say that consumer debt is a thief. But real estate debt if used properly (not 90 day notes like Dave used) is extremely powerful.
@@prevaloir5362 It’s a little difficult without knowing peoples current situation. But I would suggest that someone in their 20s find something they can do to make as much money as possible. My wife and I work in sales and the opportunity it limitless. If you work a w2 job you will have to just work a long time and be very disciplined. If you work in sales, or start a practical business, you can achieve more faster. But if you don’t find success in sales, it is a really difficult career path. Find something that you like (don’t have to love it) and find a way to make as much money as possible. Live on 20% or less of your income and invest the rest. Not sure if that helps but that’s what I personally do 😀
Impressive! my wife (25) and I (28) are around 450k right now. 95% of that is from "my" networth since she has only been working a couple of years and I've been saving for around 10 years now.
@dylanbarrett599 Can you elaborate on what you mean by being in sales? Do you own a company, or are you salaried salesmen employees? What industry are you selling in?
Turning 30 this year and my husband and I have a net worth of $192k. However, a good 90-100k of that is because the house we bought 2 years ago we up in value so much.
This made me feel better. At 33 I have well over 100k in net worth solely on my home worth. However I feel like I'm struggling due to my DTI. My wife got in an accident 2 years ago, and I had to take out multiple personal loans and max all my cards just to get by as we lost half our income. Now that all of her debt excluding her car is gone I've been going back and forth on using my equity to pay off my debt as we live payche k to paycheck and even if I do so I'll still have over 100k in net worth and that made me feel not so bad about everything so thank you.
Honestly we're so fortunate to be A+ and I've got to thank my wife! She's the one who came into the relationship with financial common sense. I owed $1000 on a debit card and lived in my camper van... Four years later we sold our bought and paid for home ($90k) during the real estate mania of the pandemic and sold for 4x that.. Again very fortunate and much of it thanks to timing and the lessons learned from the Ramsey team.
As a 26 year old self employed musician. I’m pretty happy with how my 20s have gone so far. I got a masters degree, have no debt, and a net worth of about 25k. I’m hoping to make more, but the fact I got here only doing music and no other jobs makes me feel blessed
To be clear, in George's scenario for A+ we are assuming from 22 to 30 you lived off ~2300/month. Probably possible in low cost of living areas, but as George said, you would have to be 100% dedicated for 8 years and graduate with 0 debt from college.
At age 30, I had $65K in student loan debt, was still in grad school, was in need of significant dental work and had major mechanical repairs needed on my car which I needed to drive myself to school. On top of full time grad school, I worked 40+ hours/week at my parents' business for free because the business never made any money. The anxiety I had back then probably would have set me back another $100K in medical care which I never sought because I was so broke. I get anxiety just thinking about those days.
I was planning on having an A+ net worth but then these things happened once I graduated: - I Graduated when Covid hit. It canceled my internship and delayed me finding a job for 1 year. - While I was looking for a job after my degree, townhomes went from $250,000 to $410,000 requiring a $80,000 down payment. - Interest rates went from 2.8% to over 7% now. - Food and Utilites and other essential costs have gone up 30-50% Despite Covid completely screwing up my 20s to build a good financial foundation, I've managed to have a net worth of $40,000 at age 27. Hoping to at least get an "A" when I'm 30 and have $100,000 saved up for a house. I've recently gotten approved to work overtime so I'm working 60-hour weeks now to try and compensate all the money I missed out on because of Covid. I think everyone has had unfortunate circumstances that have brought them down, but it is fighting and continuing to get back up that builds wealth.
This is good to know. I’m only 25, so this gives me time to get that A+. My net worth is currently only $80k, but it increased by $50k last year, so as long as I keep this trajectory, I’ll be gold star worthy 🌟
These type of videos are why I feel so anxious and depressed all the time now. I now have the tools and knowledge I need to become financially secure and I have solid goals for where I want to be. I’ll focus on doing that instead of being constantly told I’m not rich enough for my age. It’s exhausting.
Yeah it's tough. I'm 34 and I have a D. Trying to do things right, but besides living with my mom I can't for the life of me find a housing situation that fits the recommended budget. I think the Ramsay method is great, but it is really just ego-stroking for boomers who are out of touch with the economic realities of millennials.
I'm 38 and the calculator says I have 753k. I've only gotten serious aftery wife pass away 5 years ago (I inherited debt). I got debt free before the pandemic and hoard cash like mad during the pandemic because there's no place to spend them, dump it all in my mortgage and that's probably the best thing I did.
I’m 26 and I currently have a D but that’s contributing to being Dave-ish for the past couple years. Now to ramping up my side-hustles and saving to be a B student (like I’ve been for most of my life) by age 30😂😎
I am proud to say that my report card is an A 10 years in advance. I turn 20 years old next month and i've never been to college. My current networth is 111k with a credit score of 752 and I've never been in debt. I started working for a local company at $12/hr when I was 16 and have worked my way up in the company now to being a manager making $26/hr. I am completely self taught on financial literacy through youtube academy lol. My parents did let me stay with them until i found a place at 19 which helped but besides that I have paid for everything else myself since I started working at 16. Bills, food, clothing, entertainment, cars etc.
Could you explain a little more how you have a 111k net worth? Like how is it broken down? Because with the best numbers of 26hr x 40 hours a week is about 1000 per week x 52 per year is about 50k a year. For 4 years that is about 200k not including paying any taxes. And at 16 I would've assumed you'd be in school. So when and where were you working and what kind of stuff did you do?
@@VincentVanHalen55 I’ve been working full time since 16. 48k in cash (saving for home down payment), 29k in 401k + Roth IRA. 3k in crypto. 31k in both of my paid off vehicles. I started working as a CSR and now i’m a product manager within the same company.
I've watched a lot of your videos, as well as videos from other financial people, and have often felt that I'm not doing as well as I should. After this one I actually feel pretty good about my situation and it's coming across as motivation to do better. Thanks for boosting my spirits.
I made a lot of financial mistakes years ago....Im 42 and still owe around $100k to a lot of people including the attorney general IRS and other places...... recently I've took on a better paying job and wife works 2 jobs.... luckily we are right at $100k a year in income...we have a few older vehicles but all are paid off and don't intend on getting any thing else for a while....we are working on paying everything off on the next 18-24 months......it's not gonna be easy....but if we stick to it we can get things accomplished.....
I’m 25 now, owe $6,800 on my car but I bought it a little over a year ago and I’m going to pay it off by December. I make 110k annually, my boyfriend makes 150k annually no debt. I cashflowed my school and finished undergrad without student debt!
36yo. Net worth around $725k. Been Ramseying since 2019! Amazing how wealth grows when you stop the credit cards and payments!!! Breakdown: 🏡 =$350k Retirement= $300k Investments= $50k Savings= $25k
Currently a B at 26 but was at D beginning of this year. I still have student loans but have been investing heavily in retirement since finishing grad school 1.5 years ago and went from -36k net worth to +34k net worth since finishing grad school! I plan to have an A by 30 if not sooner!
I had a negative net worth when I turned 30. I am now 35 and have a net worth over 100k. I attribute this to being frugal, reading books on investing, and being content with a simple life.
31, missed the train on home ownership pre 2020 so no mortgage. About to tip 100k in my retirement accounts just from maxing out my Roth IRA and contributing the matching about my employer offers in my 401k for 6 years. For that reason, I’m proud of myself for reaching this milestone without the equity of a house.
Back when I was 30 in 2009 i was lucky to have networth over 50k...that seems low to me but was pretty good for a single guy making maybe 45k a year. Fast forward to age 40 and was around 800-900k....So anyone discouraged dont be. Just keep plugging away.
I'm 30 and scored a solid B at 50K. Thanks to Dave I've been debt free for 3 years. Thanks to Joe I haven't been able to invest a penny yet, but I'm keeping debt in my past no problem 💪
I would encourage all young people to live with family if at all possible. Low living expenses helped me to dig myself out of student loan debt and build a down payment.
Im 29 and have a negative net worth, still rent, my knees are shot, my financial aid fell through afger 1 semester of college, ive had 4 cars completely break down on me. Sucks. Oh, and just finally started making over 15 an hour recently. Should be positive next year though. I really wish housing and food wasnt so expensive.
Me and my wife grew up poor but never took on debt due to finding Ramsey as a young teen, currently cash flowing college for myself and my wife by me working full time and my wife working PRN along with scholarships. Current liquid assets ( index funds and a few single stocks) just over 61k and other assets including paid for vehicles, Roth IRA, firearms and other things totaling around 30K. Me and my wife are 21 now and our goal is FIRE by our late 30's. I'm not bragging but only conveying that you can achieve a lot quickly if you create a plan and stick to it without making excuses! We married at 18 and been working at this since then.
This rule of thumb is fine. My only feedback is that if you are going to include the “value” of your home in your net worth calculation, you also need to reduce that value by 7%+ for realtor fees / closing costs
At age 33, my wife and i have ~200k in student loans. Im having a difficult time deciding to pay it off (partial/full) or put down for a house. I think the house option would make each dollar worth more...
scrolled through the comments for 5 minutes before I found someone else who doesn't have an A or a B! I think making good budgeting practices is important, but I really think that our generation is gonna have to invest HEAVILY in the PITCHFORK market (if you catch my drift) at some point if millennials are to not be homeless in our old age.
How dare you call my 29.5 year old self out for being terrible with money my whole life. Baby step 3 technically, but not even $8000. 😭😭😭😭😭 I needed this kick in the pants.
At age thirty years, I had at very most six jobs. One of them was an internship between high school and college, and another four were just the same job with slightly different employers (two were different departments in the same university, and one was myself/self-employment doing the same thing as all the other three, but without an intermediary). By actual activity, I have had two jobs throughout my lifetime.
I just turned 30 this year and my Net worth is $500,000. I should hit the Millionaire benchmark by age 35. I wonder if I'll finally be good enough by then..
This really encourages me. Only 2:43 in but the figure of $8,000 by age 30 is scary, yet easily achieved. I’m already above that several times over yet I felt like a barely successful young married man. Debt free, good job, loving wife, I’m so happy. About to go on a cash-paid road trip to oregon(fly there) and buy some old classic to drive 2400 miles home. I feel guilty for spending money, but I’m going to profit off of the rust free car back home. So a “free” trip if all goes average, profitable if it goes well, and an acceptable cost of $2000 if I don’t make money.
I only got an A because of the town home I bought in 2020 for cheap and the value sky rocketed 😂. But yay me I guess. Still have consumer debt but I guess I’m doing better than I thought
I’m 30 exactly and pretty sure my net worth is right at 235k! Most of it is in work 401k. But pretty cool how close this resembled my journey. Thanks for the video! Nice to know I’m not screwing up too bad. Still feel behind most of the time!
You feel behind because the system of wealth building as an employee will inevitably get you to the 2-5 million range when done correctly. To bust into the level of wealth building above that, the only way is to build and manage a successful business that has employees working for you.
There’s no should be in life… each one comes from different backgrounds, experiences, opportunities, ways to see the life, maturity, dreams, abilities, talents and purpose. Life is more than check list, success, contentment and fulfillment have different meaning for each person. And the most important thing… mature people knows that life it’s not about money or what you have it’s about who you are and who you have.
😂😂😂😂 Omg my net worth is double double that. Thank god!!! No exact figure George is being nice. If you in the negatives in your 30’s and 10 years can’t see yourself passing 30K+ net worth start panicking.
The millionaire next door has a formula for this purpose. Take your age divided by 10, times your pre-tax income to get your threshold, then divide your net worth by the threshold amount. If this number is between 0.5 and 2, then you are an average accumulator of wealth (AAW). If you are below 0.5, then you are an under-accumulator of wealth (UAW), and if it is greater than 2 then you are a prodigious accumulator of wealth (PAW). If your income varied over your career (as it does for most), average your income starting at age 20. So for example, someone age 30 who earned an average income of $65k would be a UAW if they have a net worth below $97.5k, and they would be a PAW if they have a net worth above $390k.
That seems a bit silly with income varying over time. I went part time recently and my income halved, so my assets are 17x my income instead of 8.5x now.
@@ordinaryhuman5645 It's just a rule of thumb. There are many situations where it breaks down, and it's been criticized for being too high for people under 30 and too low for people over 50
I was an usher at my high school’s production of, you guessed it - Bye Bye Birdie. Still a fan! The cummerbund looked ridiculous though. Love you, George! Keep up the amazing content.
By age 25, my kid was debt free (has his BS, MBA) and passed into the millionaire club. We have been investing for him since he was a little kid. The U.S. Military paid for his college (I was deployed to Iraq as the “Command Surgeon” with the U.S. Army; passed my military educational benefits to my kid). He is now 30 and recently passed into the multimillionaire club. He is incredibly frugal living well below his means.
Lmao so he inherited it. That don't mean shit. Come talk to me when you're a self-made multimillionaire at 26 like me. I hope we fucking wealth tax the living shit outta the top 1% just to see who's really capable of earning it back.
I am 27 and i just started my ROTH IRA and deposited the max for 2024! I feel stupid for how long it took to get my life straight. The problem here is, what is the best way to invest the money to grow to $1 million for retirement?
I believe every Investor should start with ETFs for a solid foundation, then diversify across asset classes and maintain disciplined, regular investing to minimize risks and maximize growth.
You don't need to find the next NVDA to succeed in investing. Just choose top-notch ETFs and partner with a financial advisor like I did. I turned $100k into $20,000 in annual dividends-a significant milestone for me today.
Impressive! I admit I'm scared about retirement as I turn 60 on my next birthday. I need to ensure I have enough money to survive on. How can I consult your advisor? My retirement account isn't performing well.
Her name is. 'Rachel Sarah Parrish’. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I had a negative networth at age 30, but got into the babysteps not long after, now I’m at 70K and just turned 35, the plan works 🎉
Good for you. Nice work!
Hell yeah. It seems really slow at first but once you get rolling it really just picks up.
Nice work - I hope you feel good about the accomplishment. Maintain that lifestyle and you’ll exceed even your own expectations in the long run.
Proud of you. And I needed this motivation I just recently turned 30 and currently walking the baby steps.
Great job, David! Share your wealth (knowledge) with your peers
Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. I retired with 5 million dollars
If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this coach?
Sonya Lee Mitchell is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her
George knows how to get people motivated. If I had him as a friend in my 30’s, I’d have a friend.
And you’d also be in your 30’s
😂😂😂
@@ItsMe-ko6sz 🤣
If I lived in America, I’d be a citizen of the United States of America!!!
@@relaxingnature6766Glad I am not the only one that caught that.
The whole point of wealth for me is freedom. My magic number in my mind is 5 million needed at 65 to not worry about anything. Am i better off investing a good portion of my income into stocks or saving my earnings to achieve this goal?
Varied sources of income is wise and especially living within your means. My net worth is $2M and I can pay my bills with no stress, but I don't live like I have that. I have no complaints.
Exactly, a good number of people discredit the effectiveness of financial advisor, but over the past 10years, I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $3million in gains… might not be a lot but i'm financially secure and that's fine by me
Being heavily liquid, I'd rather not reinvent the wheel. Since this strategy works for you, how can I contact your advisor?
She's known as 'Amber Dawn Brummit'. One of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
Absolutely not, as I've closely tracked my portfolio's performance, witnessing a staggering $482k growth in just the last two quarters. This experience has taught me the secrets behind experienced traders' substantial gains in what might appear as unpredictable markets. Undoubtedly, it's been a bold and rewarding choice I made fairly recently.
That's quite remarkable! I'm genuinely interested in benefiting from the guidance of such experienced advisors, especially considering the current state of my struggling portfolio. May I know the name of the advisor who has been assisting you in navigating these financial challenges?
"Stacie Lynn Winson" serves as my advisor, bringing extensive qualifications and experience in the financial market. Her deep understanding of portfolio diversity positions her as an industry expert. I suggest delving into her credentials for further insight. With her considerable experience, she offers valuable guidance to anyone seeking to navigate the complexities of the financial market
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough. I've been quite unsure about investing in this current market and at the same time I feel it's the best time to get started on the market, what are your thoughts?
Since the crash, I've been in the red. I’m playing the long term game, so I'm not too worried but Jim Cramer mentioned there are still a lot of great opportunities, though stocks has been down a lot. I also heard news of a guy that made $250k from about $110k since the crash and I would really look to know how to go about this.
There are actually a lot of ways to make high yields in a crisis, but such trades are best done under the supervision of Financial advisor.
Thats true, I've been getting assisted by a FA for almost a year now, I started out with less than $200K and I'm just $19,000 short of half a million in profit.
Impressive can you share more info?
Credits to 'Carol Vivian Constable' she has a web presence, so you can simply
50 now, and everything is paid for. Fortunately, I had a college economics teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. My net worth is $6 million, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.
Right alongside you. No debt, early retirement. Children are well-cared for. On 11 acres overlooking the river valley, I'm constructing the house of my dreams. There are many methods to get rich right now, but only real-time professionals are capable of making such high-volume, near-perfect trades.
That's right, I began investing sometime in 2018 and by the end of 2021, I had earned a profit of over $750,000; This can only be carried out by seasoned institutional investors with ISDA agreement. With no prior investing experience or skill, Instead I merely followed the instructions provided by my investment advisor, proving that you don't have to be an expert investor or put in a lot of effort; all you need is a professional who can mentor and guide you for a fee.
I'm glad I came across this discussion. Please who is the expert to assist you with your investment and if you don't mind how can I get in touch?
@@IAMBETTERTHANYYOU Having an advisor is essential for portfolio growth and wealth creation through the stocks market. My advisor is "Theresa Dana Peek" who is easily searchable and has extensive knowledge of the financial markets.
Thanks for the tip, JILL seems pretty knowledgeable. After coming across her online site I took a good look at her CV and I have to say it was quite impressive. I reached out to her.
I am 35 and my wife is 32. We started off with $25k in student loans, a leased car, and an apartment we couldn't afford. We have 5 kids that are 8 and under now, and we have never had a household income over $75k per year. 10 years later of following the Ramsey plan we now have no debt including a paid for $250k house and a net worth of about $400k. We appreciate you and the work your team does!
Well done!! 😁👍🏼
Awesome! I’m in a very similar boat, so I thought I’d share. My wife and I are both 34, single income, 5 kids that 10 and under, no debt besides our house (owe $184k and it’s worth $475k) and we have never had a credit card whatsoever.
Well done, bro!
A+ and very Well Done! Your future is on track to financially success with the freedom to live your dreams. Great example for others who hopefully learn from your journey!
@@aronmiller1249 Thanks for sharing! I love hearing stories like yours. We try to share practical advice and encourage our friends that they can do it too even with one income and a lot of kids.
Outstanding!
Just paid off my student loans last week to make me debt free at 24! So thankful to those who supported me along the way. That puts me at just over 100k in net worth. Praise be to GOD.
Way to go !!!!
Congratulations!!
God had nothing to do with it. You think god gave you all that money when kids all over the world are starving to death and dying of cancer?
Hallelujah! Congrats on paying off that loan burden. Enjoy the feeling of more freedom to control your income.
Congratulations! Keep the momentum you’ll be a millionaire in no time!
SHORTCUTS TO SUCCESS
Making money is action, saving money is behavior and growing money is knowledge. The basic step to acquiring wealth is figuring out your goals and plans, with the heIp of financiaI pIanner you will gain rapid financiaI growth and enjoy the benefits of managing your finances.
FinanciaI growth was rapidly gained (gathered over 1M in 2years) through my financiaI pIanner. Got my 2nd house in May, hereby making my goaIs a reaIity.
Whosoever tries this sureIy acquires wealth. Get to her
If I had George as a friend in my 30’s, I’d have had a true friend. He sure knows how to do this thing called MOTIVATION. Well i'm 42 now with $1.8m net, not there yet. My strategy has been to put half my income into the stock market at the start of every month under the careful supervision of my CFP, regardless of what is happening. The second part of my strategy is not to sell for at least 15-20 years. Time in the market beats timing the market.
You are spot on! This is really not as difficult as many people presume it to be. It requires a certain level of diligence, no doubt, which is something ordinary investors lack, and so a financial advisor often comes in very handy. That is how people are able to make such huge profits in the market.
@tommyers I completely agree, this is why I decided to give a coach control over my everyday investing decisions. Their proficiency in research, specific knowledge, and risk management makes it difficult for them to deliver below expectations. They emphasize minimizing drawbacks while maximizing risk's asymmetrical potential. I have more than two years of investing coach experience, and I have made more than a quarter of a million dollars.
My collection has been underperforming recently, and I'm considering a strategy change with the help of a coach. Is it possible to get in touch with your coach?
Last 15-20 years is vastly different from the coming 15-20 years. Global warming, aging population, increasing institutional swings in the market. People really think the average 7-8 percent annual growth is feasible? Look at how tiny the market was in 1950 😂😂😂
Having recently sold a property in Portland, I'm contemplating investing the proceeds in stocks. While many claim it's an opportune moment, I'm uncertain: Is now truly a favorable time to enter the stock market? When can we expect a complete recovery? Moreover, I'm puzzled by how others in the same market are achieving gains exceeding $450k within months.
I feel your pain, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $130k in passive diversified safe-haven assets, Up 200k so far and pretty sure I'm ready for whatever comes.
Do not invest in stocks at the moment stuffs stupid high
Portland OR? Look into middle housing development. I’m a developer in Eugene and we need more local developers to help balance the market away from hedge funds (they’re buying up absurd amounts of single family housing)
Stocks is considered a high risk high reward. You mainly lose money if you let emotions take over. It’s a good way to make money, but just be diligent and do your research first
Creating wealth entails establishing positive routines, such as consistently setting aside funds at regular intervals for sound investments. Financial management is a vital subject that many avoid, often leading to future regrets.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
I agree with you. I started out with investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash. I invested the money using an analyst, and in seven months, I raked in almost $673,000
who is your advisor please, if you don't mind me asking?
'Melissa Rose Francks' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
At age 25 I was at rock bottom, my net worth was somewhere around -30k and my income was 38k in a HCOL area. I knew I had to change and I started tracking my net worth and started budgeting
At age 30 I bought a property and my net worth was at 45k. I was making progress but I knew there was still much more to gain if I kept at it.
Now at age 35 my career exploded, I kept increasing my savings and retirement contributions and my net worth is around 450k.
Never did I think I’d be where I’m at now 10 years ago.
There is a thought that has always stuck with me. People greatly overestimate what they can do in a year, but they greatly underestimate what they can do in 10 years.
It’s never too late!
Mr Kamel breaking away from the tired debt train wreck stories & doing something different. Excellent.
I began my investment journey at the age of 33, primarily through hard work and dedication. Now at the age of 38, I am thrilled to share that my passive income exceeded $5k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
I completely understand the impact of the new year on financial decisions-it's transformative. While I've found success in investing, especially with the guidance of my advisor, Whitney Kay Stacy, I still appreciate the solid foundation i had. This principles align with the core values of financial discipline.
How can I get in touch with your financial consultant?
Just take a look at her full name on the internet. She is well known so it shouldn't be hard to find her.
I looked up her full name online and found her page. I emailed and made an appointment to talk with her; hopefully, she gets back to me.
We just paid off our last debt this past weekend, we are now debt free aside from our mortgage thanks to the baby steps!!!
31 years old and planning to have the house paid by 37
I've been following the Ramsey Baby Steps the last three months. Wanted to break the cycle so I started focusing on my debt. My grade is a "D," but I'm actually working the plan. My car will be paid off at the end of October and then it's onto the student loans. One step closer to being DEBT-FREE!
Have hope! I started out 340k in debt in student loans. A massive negative net worth. I now have zero debt, paid for my car and house in cash, and have a small retirement going. It felt pretty bleak at the start of everything but now looking back it actually went pretty fast and I am in such a better place today, and have so much more security. You can get there too!
I was a D at 30 years old. I'm now a B at 32. Keep it up and keep going!!! 💪
Thanks to the baby steps for a plan I went from an F to an A between 23 and 30 years old!
Thanks to paying off lots of student loans!
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
@priscy_kk However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments
@priscy_kk Judith Ann peace is her name
Lookup with her name on the webpage.
@priscy_kk you are welcome
Though I’m 27, debt free, and only have a small savings, this is still very motivating… haven’t lost hope! Thanks George!
right there with you. 27 no student loans but I do have a car payment I'm working on getting rid of. we still have time brother
We're both 35 and an A. We have accomplished this by intense frugal living because of our circumstances (I became physically disabled at 28 and my Husband works a part-time, minimum wage job so he can be nearby and care for me). You can ABSOLUTELY do this! Thank you LORD for Your Kindness and Goodness to us and for sound, Biblical financial education xx
Love this video. Please do one for every decade 20, 30, 40, 50….
Wife and I are 32/31 and we'd get an A, but I contribute that first to God's grace and second to Dave's teaching.
Hallelujah! X
Yes grace and as a Christian probably you know that life it’s not about what you have and you will find many godly and content people who have much less or even nothing
@pamelalima5401 You're right. Money isn't everything, nor have we turned it into our God. Also, blessings you receive are meant to bless those around you and that is what we do through our church, charities and just being generous out on the streets.
I've always been an A student. It's refreshing to hear I've kept that going even out of school. Thanks Prof. Kamel!
My grade was a B at 24!! . I ditched the car payments, and I have just paid off all my debt! Thank you guys so much for the financial advice!
Shared it with a friend in her 20s so she doesn’t end up like me in my mid 30s. She’s an amazing coworker and friend and deserves an A!
I was a theater major, I quickly realized the communication skills I learned adapted well to sales and marketing. Since I have a passion for finance I was able to combine all of these skills to become a CFP. Now in the A+ category. Actors can change and don’t have to strike out 😉
Or actors could be paid properly for the work they already do.
Nooo that would be too logical
As a theatre major, you give me hope 😅
@@riku3716 not likely.
I’m a music major. I moved to Japan and within 3 weeks was scouted to become a pop singer. You don’t realize how saturated the US market is. I’m now making money and connections up the wazoo and am filthy rich for 21yo here because I converted all of my dollars to the yen at 150円/1$ each.
I turn 30 next month. I keep track of my Net Worth and next month I should be right at $400,00! I do have a good paying job (that I did not go to college for), but I also started with nothing. Everything I have I earned myself. I have no inheritance nor has anyone given me a large sum of money. I bought a house for $56k when I was 20 and put about $50k into it over the years. It's now worth $165k.. and it's paid off. I have no debt and I've been investing into my Roth 401k since I was 20.
Every time I project I'll have X amount of dollars/net worth by a certain time, I out pace that.
I was 25 when I heard of Dave Ramsey with a slightly negative net worth. I was in debt, but I became intentional with my money and turned things around quickly.
George Kamel is the best personality on Ramsey. Legitimately honest and adjustable in his thinking.
I had exactly $23k student at 30! Took me years to pay off, and with interest, it was $36K. All the while saving for my pension. Nevertheless, now at 59, no debt and a good chunk of change for retirement. Steady but slowly 🐌 watch the investments grow, and it will happen!
My wife and I are in our mid-late 20s with net worth of $325k. Being debt free other than mortgage is truly a game changer 💪🏻
What are your careers?
@@musicman1eanda Im an hvac tech and she’s a receptionist
I’m 29, in RN school, have 20k in school debt, and only 700$ in my bank account.
Oh and I still live with my parents cuz housing is ridiculous right now.
My friend makes 20 k a month travel rn . Check it out .
Just turned 30 and in my last year of psychiatry residency. I’m the cheapest doctor I know (no undergrad loans but med school ain’t cheap so took out loans for that, old paid-off-car, clothes from goodwill, making coffee at home) and I still got an “F”… excited to turn that around over the next few years! 11 months until graduation!
Yeah it's easy to feel behind. My wife just started residency at 29. It really is a long term investment, but it will pay really big dividends and you will catch up in no time. You are definitely on the right track without having undergrad loans. Sooo many docs have their medschool debt AND those loans. Yikes!
Amazing content. I started a bit late (graduated from my doctorate program at age 30 in 2016 with 170k in school loan debt). Managed to pay off my debt by 2019 and currently have a house and 250k total in investments (combo of profit share, 401k and a brokerage account). I'm not very knowledgeable in investing, so I just have my investing currently in index funds thanks to my FA Emily Lois Parker (mainly voo, but have been putting a lot into schd the past few months). I dunno if that's the optimal strategy, but psychologically it is very set it and forget it, and prevents me from obsessing over individual stock performance like you mention in one of your old videos
I and my wife diversified my $400K portfolio across various market with the aid of an investment advisor, I have been able to generate over $920k in net profit across high dividend yield stocks, mutual funds and alternative investments
@@tylerforeman667 Sounds great. I could really use the expertise of an advisor. Just can't find while I'm away for work in New Zealand for another year. Who is this person guiding you?
@donaldlocher2537 Her name is Olivia Rene Reyes, she’s actually the only person I know that’s richer than me haha
I'm thinking of doing same, not sure if I should use different brokerage accounts. Just curious.
@@tylerforeman667 Thanks for sharing this. Verified her on the SEC site and she is solid, wrote her and scheduled a meeting.
I'm there at 40. Lol.
We've had some trials over the years.
Wish I would have gotten on the Ramsey plan earlier.
Our income is doubling through and we'll be debt free by December.
We'll be able to invest $140k a year moving forward.
$60k annually in retirement accounts and 80k in outside investments.
Buying property and building our first house with cash over the next year.
Hit 1.3 at age 35 in high of 21’. Being not married no kids helped a ton, but I’d trade the NW for a loving family anyday
I see your point. Hope it worked out during the last 9 months.
I would not give my family for an 3x portfolio. Wish you luck and openness to find what you seek.
@@Blubbha it’s finally rebounded and I kept investing every two weeks
Im 29 years old right now, I have 87,400$US in debt (car and business loans) and 196,200$US in assets with house and my small business. I started as a real estate agent in 2016. Almost 8 years of work, not a millionaire yet or anything but im grateful for the results of my work
I did the net worth calculator and was shocked I had a positive net worth lol I never thought of my retirement account. I’m sitting at a B! 🎉
I really enjoy your videos George, they make me think about a lot of things that I haven't considered yet. I almost fell into a point of no salvation in my mid 40’s but thankfully now I’m close to retiring in a satisfactory manner and have majority of my boxes ticked
My husband and I are in our mid-late 30s with net worth of $355k. Being debt free other than mortgage is truly a game changer 💪🏻
George really does get me motivated with his videos. Makes me want to rethink my lifestyle too. Thankful for the passion and knowledge that he shares with others! We need more people like him in this world
I love listening to his seminars too, there's a lot I need to learn, I need to start making the best decisions for my future. You say you where in a crisis in your mid 40's? whats your story and how did you navigate through it? I'm in a bit of a sh*thole myself haha
@@francescadelight well I went through a d i vorce at 46 and it basically wrecked my me, before that I never really looked at what my r e t i r e ment would be like but after the whole situation I just had to look at things differently because I knew needed to get my life together before 60 at least.
Luckily for me I was r e f erred to a p a r ticular f i r m in Colorado by an a d visor. Fast forward to today through the firm in a couple years I've been able to amass $580k for my r e t i r ement and still going.
I’m 30 and my wife is 29. We have been really fortunate and have worked really hard over the last 10 years. We are currently worth $2.4M and counting. I will say that consumer debt is a thief. But real estate debt if used properly (not 90 day notes like Dave used) is extremely powerful.
What financial advice would you give to someone in their 20's?
@@prevaloir5362 It’s a little difficult without knowing peoples current situation. But I would suggest that someone in their 20s find something they can do to make as much money as possible. My wife and I work in sales and the opportunity it limitless. If you work a w2 job you will have to just work a long time and be very disciplined. If you work in sales, or start a practical business, you can achieve more faster. But if you don’t find success in sales, it is a really difficult career path. Find something that you like (don’t have to love it) and find a way to make as much money as possible. Live on 20% or less of your income and invest the rest. Not sure if that helps but that’s what I personally do 😀
@@prevaloir5362 I should also share that I am not qualified to give financial advice. Just trying to help 😀
Impressive! my wife (25) and I (28) are around 450k right now. 95% of that is from "my" networth since she has only been working a couple of years and I've been saving for around 10 years now.
@dylanbarrett599 Can you elaborate on what you mean by being in sales? Do you own a company, or are you salaried salesmen employees? What industry are you selling in?
Turning 30 this year and my husband and I have a net worth of $192k. However, a good 90-100k of that is because the house we bought 2 years ago we up in value so much.
This made me feel better. At 33 I have well over 100k in net worth solely on my home worth. However I feel like I'm struggling due to my DTI. My wife got in an accident 2 years ago, and I had to take out multiple personal loans and max all my cards just to get by as we lost half our income. Now that all of her debt excluding her car is gone I've been going back and forth on using my equity to pay off my debt as we live payche k to paycheck and even if I do so I'll still have over 100k in net worth and that made me feel not so bad about everything so thank you.
WHITNEY KAY STACY is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Theatre major here and puppeteer! I can admit I'm still paying off debt, but the future is bright.
Honestly we're so fortunate to be A+ and I've got to thank my wife! She's the one who came into the relationship with financial common sense. I owed $1000 on a debit card and lived in my camper van...
Four years later we sold our bought and paid for home ($90k) during the real estate mania of the pandemic and sold for 4x that.. Again very fortunate and much of it thanks to timing and the lessons learned from the Ramsey team.
As a 26 year old self employed musician. I’m pretty happy with how my 20s have gone so far. I got a masters degree, have no debt, and a net worth of about 25k. I’m hoping to make more, but the fact I got here only doing music and no other jobs makes me feel blessed
To be clear, in George's scenario for A+ we are assuming from 22 to 30 you lived off ~2300/month. Probably possible in low cost of living areas, but as George said, you would have to be 100% dedicated for 8 years and graduate with 0 debt from college.
At age 30, I had $65K in student loan debt, was still in grad school, was in need of significant dental work and had major mechanical repairs needed on my car which I needed to drive myself to school. On top of full time grad school, I worked 40+ hours/week at my parents' business for free because the business never made any money. The anxiety I had back then probably would have set me back another $100K in medical care which I never sought because I was so broke. I get anxiety just thinking about those days.
I was planning on having an A+ net worth but then these things happened once I graduated:
- I Graduated when Covid hit. It canceled my internship and delayed me finding a job for 1 year.
- While I was looking for a job after my degree, townhomes went from $250,000 to $410,000 requiring a $80,000 down payment.
- Interest rates went from 2.8% to over 7% now.
- Food and Utilites and other essential costs have gone up 30-50%
Despite Covid completely screwing up my 20s to build a good financial foundation, I've managed to have a net worth of $40,000 at age 27. Hoping to at least get an "A" when I'm 30 and have $100,000 saved up for a house. I've recently gotten approved to work overtime so I'm working 60-hour weeks now to try and compensate all the money I missed out on because of Covid. I think everyone has had unfortunate circumstances that have brought them down, but it is fighting and continuing to get back up that builds wealth.
$80k down payment? You only need 3.5%.
George, you will single handedly save the Ramsey network. Your humor, your delivery, your content is all great. Keep it up.
This is good to know. I’m only 25, so this gives me time to get that A+.
My net worth is currently only $80k, but it increased by $50k last year, so as long as I keep this trajectory, I’ll be gold star worthy 🌟
These type of videos are why I feel so anxious and depressed all the time now. I now have the tools and knowledge I need to become financially secure and I have solid goals for where I want to be. I’ll focus on doing that instead of being constantly told I’m not rich enough for my age. It’s exhausting.
Yeah it's tough. I'm 34 and I have a D. Trying to do things right, but besides living with my mom I can't for the life of me find a housing situation that fits the recommended budget. I think the Ramsay method is great, but it is really just ego-stroking for boomers who are out of touch with the economic realities of millennials.
I'm 38 and the calculator says I have 753k. I've only gotten serious aftery wife pass away 5 years ago (I inherited debt). I got debt free before the pandemic and hoard cash like mad during the pandemic because there's no place to spend them, dump it all in my mortgage and that's probably the best thing I did.
I’m 26 and I currently have a D but that’s contributing to being Dave-ish for the past couple years. Now to ramping up my side-hustles and saving to be a B student (like I’ve been for most of my life) by age 30😂😎
I am proud to say that my report card is an A 10 years in advance. I turn 20 years old next month and i've never been to college. My current networth is 111k with a credit score of 752 and I've never been in debt. I started working for a local company at $12/hr when I was 16 and have worked my way up in the company now to being a manager making $26/hr. I am completely self taught on financial literacy through youtube academy lol. My parents did let me stay with them until i found a place at 19 which helped but besides that I have paid for everything else myself since I started working at 16. Bills, food, clothing, entertainment, cars etc.
Could you explain a little more how you have a 111k net worth? Like how is it broken down? Because with the best numbers of 26hr x 40 hours a week is about 1000 per week x 52 per year is about 50k a year. For 4 years that is about 200k not including paying any taxes. And at 16 I would've assumed you'd be in school. So when and where were you working and what kind of stuff did you do?
@@VincentVanHalen55 I’ve been working full time since 16. 48k in cash (saving for home down payment), 29k in 401k + Roth IRA. 3k in crypto. 31k in both of my paid off vehicles. I started working as a CSR and now i’m a product manager within the same company.
I'm 35 and at an A, that is refreshing but I still feel like I have a lot to catch up on since I got started late. Better later than never, though!
I would love to see you do this for 40. I'm 38 and making an A by these standards. I feel I'm behind for my age all the time though.
Same situation
Or 50 lol Asking for a friend
Behind? What’s your net worth?
Not trying to impress other people is literally the key to building your bag! 💰
I’m a D student, but I’m 24, with $3500 left to pay on a truck, and I’ll be nice n cozy at C by the end of this year 😎.
I've watched a lot of your videos, as well as videos from other financial people, and have often felt that I'm not doing as well as I should. After this one I actually feel pretty good about my situation and it's coming across as motivation to do better. Thanks for boosting my spirits.
I made a lot of financial mistakes years ago....Im 42 and still owe around $100k to a lot of people including the attorney general IRS and other places...... recently I've took on a better paying job and wife works 2 jobs.... luckily we are right at $100k a year in income...we have a few older vehicles but all are paid off and don't intend on getting any thing else for a while....we are working on paying everything off on the next 18-24 months......it's not gonna be easy....but if we stick to it we can get things accomplished.....
I’m 25 now, owe $6,800 on my car but I bought it a little over a year ago and I’m going to pay it off by December. I make 110k annually, my boyfriend makes 150k annually no debt. I cashflowed my school and finished undergrad without student debt!
36yo. Net worth around $725k. Been Ramseying since 2019! Amazing how wealth grows when you stop the credit cards and payments!!! Breakdown:
🏡 =$350k
Retirement= $300k
Investments= $50k
Savings= $25k
A at 31 but still use a credit card and pay it off every month
I drink soda past 9:30pm
Nooooo, cut them up
Currently a B at 26 but was at D beginning of this year. I still have student loans but have been investing heavily in retirement since finishing grad school 1.5 years ago and went from -36k net worth to +34k net worth since finishing grad school! I plan to have an A by 30 if not sooner!
You’re buying the dip in your 20s too. You’ll certainly be an “A” if you keep it consistent
I had a negative net worth when I turned 30. I am now 35 and have a net worth over 100k. I attribute this to being frugal, reading books on investing, and being content with a simple life.
31, missed the train on home ownership pre 2020 so no mortgage. About to tip 100k in my retirement accounts just from maxing out my Roth IRA and contributing the matching about my employer offers in my 401k for 6 years. For that reason, I’m proud of myself for reaching this milestone without the equity of a house.
Age 34 here with a net worth of 475k and growing! Almost half way to a million!
Back when I was 30 in 2009 i was lucky to have networth over 50k...that seems low to me but was pretty good for a single guy making maybe 45k a year. Fast forward to age 40 and was around 800-900k....So anyone discouraged dont be. Just keep plugging away.
I'm 30 and scored a solid B at 50K. Thanks to Dave I've been debt free for 3 years. Thanks to Joe I haven't been able to invest a penny yet, but I'm keeping debt in my past no problem 💪
25 just did the calculations, $206,000 is my net worth! Makes me able to breath a little.
I'm 28 with a net worth of about 250k and 0 debt. Guess I'm more ahead than I feel lol. I got an A from Goerge 😂😎 Thanks for the great videos Goerge!
damn that opening line terrified me. crazy to think that 42% of americans were born in 1994 or later.
I would encourage all young people to live with family if at all possible. Low living expenses helped me to dig myself out of student loan debt and build a down payment.
$320,000 at age 28. Still doesn’t feel like much has been accomplished but we will get there.
WHITNEY KAY STACY is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Im 29 and have a negative net worth, still rent, my knees are shot, my financial aid fell through afger 1 semester of college, ive had 4 cars completely break down on me. Sucks. Oh, and just finally started making over 15 an hour recently.
Should be positive next year though. I really wish housing and food wasnt so expensive.
I am 32 and I feel so behind. I have 30k in retirement and no savings. 1k in checking account. I wanna cry
You are doing fine. Keep investing. Every comment section is like “I have 2 million as a fetus”
Me and my wife grew up poor but never took on debt due to finding Ramsey as a young teen, currently cash flowing college for myself and my wife by me working full time and my wife working PRN along with scholarships. Current liquid assets ( index funds and a few single stocks) just over 61k and other assets including paid for vehicles, Roth IRA, firearms and other things totaling around 30K. Me and my wife are 21 now and our goal is FIRE by our late 30's. I'm not bragging but only conveying that you can achieve a lot quickly if you create a plan and stick to it without making excuses! We married at 18 and been working at this since then.
This rule of thumb is fine. My only feedback is that if you are going to include the “value” of your home in your net worth calculation, you also need to reduce that value by 7%+ for realtor fees / closing costs
At age 33, my wife and i have ~200k in student loans. Im having a difficult time deciding to pay it off (partial/full) or put down for a house. I think the house option would make each dollar worth more...
scrolled through the comments for 5 minutes before I found someone else who doesn't have an A or a B! I think making good budgeting practices is important, but I really think that our generation is gonna have to invest HEAVILY in the PITCHFORK market (if you catch my drift) at some point if millennials are to not be homeless in our old age.
How dare you call my 29.5 year old self out for being terrible with money my whole life. Baby step 3 technically, but not even $8000. 😭😭😭😭😭 I needed this kick in the pants.
At age thirty years, I had at very most six jobs. One of them was an internship between high school and college, and another four were just the same job with slightly different employers (two were different departments in the same university, and one was myself/self-employment doing the same thing as all the other three, but without an intermediary). By actual activity, I have had two jobs throughout my lifetime.
WHITNEY KAY STACY is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
I just turned 30 this year and my Net worth is $500,000. I should hit the Millionaire benchmark by age 35. I wonder if I'll finally be good enough by then..
This really encourages me. Only 2:43 in but the figure of $8,000 by age 30 is scary, yet easily achieved. I’m already above that several times over yet I felt like a barely successful young married man. Debt free, good job, loving wife, I’m so happy. About to go on a cash-paid road trip to oregon(fly there) and buy some old classic to drive 2400 miles home. I feel guilty for spending money, but I’m going to profit off of the rust free car back home. So a “free” trip if all goes average, profitable if it goes well, and an acceptable cost of $2000 if I don’t make money.
I only got an A because of the town home I bought in 2020 for cheap and the value sky rocketed 😂. But yay me I guess. Still have consumer debt but I guess I’m doing better than I thought
George with you in my life, my net worth is infinite.
I feel like this was a pretty fair video for “standards” 100k plus is definitely reasonable and a good starting out goal for most people. Great vid
I’m 30 exactly and pretty sure my net worth is right at 235k!
Most of it is in work 401k. But pretty cool how close this resembled my journey. Thanks for the video! Nice to know I’m not screwing up too bad. Still feel behind most of the time!
You feel behind because the system of wealth building as an employee will inevitably get you to the 2-5 million range when done correctly. To bust into the level of wealth building above that, the only way is to build and manage a successful business that has employees working for you.
Happy belated birthday!
Average income for a 22 year old is 38k according to forbes in may 2023. The numbers you used aren't realistic for over half of America unfortunately
Age 30. Next month I’ll hit 500k net worth with no debt. Investing in S&P500 is the easy and best thing to do.
WHITNEY KAY STACY is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
There’s no should be in life… each one comes from different backgrounds, experiences, opportunities, ways to see the life, maturity, dreams, abilities, talents and purpose. Life is more than check list, success, contentment and fulfillment have different meaning for each person. And the most important thing… mature people knows that life it’s not about money or what you have it’s about who you are and who you have.
😂😂😂😂 Omg my net worth is double double that. Thank god!!! No exact figure George is being nice. If you in the negatives in your 30’s and 10 years can’t see yourself passing 30K+ net worth start panicking.
The millionaire next door has a formula for this purpose. Take your age divided by 10, times your pre-tax income to get your threshold, then divide your net worth by the threshold amount. If this number is between 0.5 and 2, then you are an average accumulator of wealth (AAW). If you are below 0.5, then you are an under-accumulator of wealth (UAW), and if it is greater than 2 then you are a prodigious accumulator of wealth (PAW).
If your income varied over your career (as it does for most), average your income starting at age 20.
So for example, someone age 30 who earned an average income of $65k would be a UAW if they have a net worth below $97.5k, and they would be a PAW if they have a net worth above $390k.
That seems a bit silly with income varying over time. I went part time recently and my income halved, so my assets are 17x my income instead of 8.5x now.
@@ordinaryhuman5645 It's just a rule of thumb. There are many situations where it breaks down, and it's been criticized for being too high for people under 30 and too low for people over 50
Thank God I read the baby steps at the age of 17.
I was an usher at my high school’s production of, you guessed it - Bye Bye Birdie. Still a fan! The cummerbund looked ridiculous though. Love you, George! Keep up the amazing content.
By age 25, my kid was debt free (has his BS, MBA) and passed into the millionaire club. We have been investing for him since he was a little kid. The U.S. Military paid for his college (I was deployed to Iraq as the “Command Surgeon” with the U.S. Army; passed my military educational benefits to my kid). He is now 30 and recently passed into the multimillionaire club. He is incredibly frugal living well below his means.
You mentioned everything but his income...?
I got enough money to burn a wet mule
Well done. What did you invest in for him. I'm thinking of doing same for my kids
Same^ please! Trying to replicate in near future for my family!
Lmao so he inherited it. That don't mean shit. Come talk to me when you're a self-made multimillionaire at 26 like me. I hope we fucking wealth tax the living shit outta the top 1% just to see who's really capable of earning it back.
At 25 my net worth was about $5k. By 30 it was $1.2m. I hit $2m at 33. At $2.4 a year later. I Started a business and bought real estate.
Do you have kids?
@@IrisP989 no, which certainly helped
Bro what did you do? Oceans 11? 😂
24 and I got an A. Thanks for putting some pep in my step !
I'm 32 and just used the net worth calculator, pleasantly surprised to find my net worth at $569,000