How to Become a Millionaire By Age (2022 Edition)
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- เผยแพร่เมื่อ 17 ก.พ. 2022
- How to Become a Millionaire By Age (2022 Edition)
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The Money Guy Show takes the edge off of personal finance. We’re financial advisors that believe anyone can be wealthy! First, LEARN smart financial principles. Next, APPLY those principles! Then watch your finances GROW!
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The best way to find that balance between saving and living is by investing. This way you get
to have your saving intact and then live comfortably off the revenue coming in from
your investments. Financial freedom is possible, you just need to know
what to do and when to do it. I am a living testimony.
The stock market have always and will always be a volatile market, that is why it is important to have proper research, analysis and strategy when investing
Great advice, i used to just watch youtube tutorials and videos,but still made losses when i traded on my own. luckily i came across and watched an interview on CNBC where the anchor kept mentioning "...Kathy Genelle Britton...". This prompted me to get in touch with her, her strategy and experience are what has made me so much profits these past months.
tomorrow has always been more important than today for me , that is why i have always studied and done analysis on what best to invest and when to invest.
Thank you for addressing the audio listeners! Describing any charts you share helps. I listen through my beats while I clean the house. I appreciate all y’all have taught me so far. I’m 40, hubby 45, kid heading to college, 2 more behind her. Late to the game, but still moving forward. Thank you!!!
I listen to these shows While I drive to work
Did it! Started at 27 and crossed 1 million a few years ago at around 47. All it takes is time and persistence. Thanks for your insights. It is amazing how much quicker and less stressful million number 2 comes along. Perseverance is the key. Every payday give to yourself FIRST. Sometimes even if it hurts today it is still worth it for a much better tomorrow.
I’m 27 as well, what was the savings rate you did for yourself. I put 100 aside for both Roth and other index funds
This gives me hope bc i started at 27 and i was thinking i was so behind barely starting.
I wish I could tell you. It is safe to say I decimated every paycheck as much as I could for years. We never made major adjustments in our standard of living as our income grew. If I had to guess we have invested about 20% on average each year. That will sway a little as things like houses and children come along. Save early and hard so that when or if you need to scale down for a while what you already seeded will grow for the coming decades.
I actually already had started wittle earlier with having two jobs retirement plans going at the same time!! I've left my old job but that money is still compounding for me!! 😃
Bo is super-excited today! In other news: the sun rose today.
😆
Been watching for years. Great job keeping the content fresh. Another excellent show.
The set is looking great, the lighting makes a big difference. Thank you guys!
Fantastic episode as usual! Always look forward to these episodes
happy you've been including "if you've saved this much at this stage here is your trajectory" because while the "if you start saving from zero at this age here is your trajectory" its nice to get a handle on where you're going if you've already been saving since that age. ie "if you've saved 75k by this age you'll be on track for a million by 65"
OH, thank you for the better lighting.
To all dreamers out there, don't ever let the world's negativity disenchant you or your spirit. If your surround yourself with love and with right people, Anything is possible.
Cheering for you✨
I’m new to the channel and love the videos I have learn so much in a such a short period time. My wife and I are just starting the messy middle. My question is are these monthly amount per a person or combine.
Love the background. Much better.
These graphics are freaking awesome! Thanks money guy team!
The time value of money means today $10,000 is worth more than it will be in the future. Investing in the stock market is the surest way of protecting your money from inflation and the best way to build wealth. The U.S stock market is the world's biggest wealth creator which always outperforms most economic realities in the long term.
Don't attempt to time the market. Focus on every use case behind a token. Consult with a knowledgeable Investment-Adviser (Mine is Stephanie Priscilla Bonillo, look her up) who knows the intricacies of the market most especially if you are a newbie to avoid getting burnt. Continuous ROI is better than 40% pump in one day and 90% dump the next week. I still think cryptocurrency is a tool that hedges over inflation.
@@dustinbowie3616 Found her webpage & left a message. Thanks alot. I'm interested.
How do you manage doing the same thing each week, month, or year? such as your video talking points?
As a 60 year old, with no real retirement plans (I do love my business), I think I have 15 to 20 years for my money to grow.
Plus as the business grows hopefully you can spend less hours on it. If not, it's good you love your business!
Looks like Brian is using a Remarkable tablet...heard great things! Would you recommend it?
“Sexy sizzle over substance” such a great phrase! I’m definitely going to use that one.
Thanks guys
Could you give inflation-adjusted numbers for the wealth multipliers?
That "if I could just (blank), I'd be happy" phrasing @ 30:45 is a big red flag. If you ever find yourself thinking that or hear someone else say that, it should make you pause and rethink things!
Great show as always!
Hello. Where do I save this money? In a regular savings? Thank you.
Man wish we known all the rules in our 20s. But we are very fortunate still. We started our 401k with our employers right after college, but wish I contributed more back then. We did start our Roth IRA right after getting married. 26/29. Now that I am 40 and hubby 43. 2 boys 10 and 4. Our investments are over 1 mill since last year. The boys college fund will be set when they turn 18. And we should be FI in 7 years conservatively speaking. Investment does work .
So happy I started investing into my job TSP plan on day one!! I started when I was 27 yrs old!!! I'm doing now 13% contributions with a 5% match!! I plan to get to 15% and maybe more!!
Hello
“Oh new video from ‘The Money Guy Show’? Bo’s gonna be excited”
You need to add any of the books by Jack Bogle!!
Love the content guys! Would it be possible to breakdown a 50/50 of saved vs. not. Meaning there may be a lot of people who have saved the amount you are stating to by Age X. What would there required savings per month be. For example, you say by Age 40, One should have already save $136,237. If they have, what should there monthly savings rate be from this point forward?
A great way to do something custom is to use a future value calculation in excel/Google sheets. You can adjust the payment, rate, time periods and starting amounts to see where you would end up after a certain amount of time. For your example of 40 with a starting amount of $136,237 you could plug in these numbers, =-FV(0.08, 25, 0, 136237) -> .08 is 8%, 25 years (until 65), 0 is you annual payment (savings amount), 136237 your starting amount.
To turn this into a monthly vs annual you can very simply multiply your monthly contribution by 12 in the above calculation OR the more complicated route is: divide ~7.72% by 12, multiply the time by 12, and then the 0 is a monthly contribution. The 7.72 is because we are assuming 8% annual return which means you’re essentially converting an APY(8%) to an APR (~7.72%). If you’re curious about that calc and want to adjust the return amount number you can use an online calculator to convert your annual return amount.
$50/mo simple contribution example at 8% annual return for 25 years starting with 136237:
=-FV(0.08, 25, 50*12, 136237)
More complicated monthly example with $50/mo:
=-FV(0.0772/12, 25*12, 50, 136237)
Hope this helps! This should let you tweak numbers and get a rough estimate of an amount saved by a certain date. Also, these formulas are in Google sheets but should work in excel but have not tried them there.
Would you advise buying years of pension service as opposed to investing? How do you make that evaluation?
My guess is that would probably depend on how well the pension in question is funded, and how good a deal buying the time is. Since a pension is fixed income, I could see buying time as investing in the risk off portion of your portfolio. So if we're talking about a well funded pension, I'd see no issue with, for example, cutting back a bit on your bonds and using that money to buy that pension time.
Lol have $1.8 million at 32. Plan on grinding forever with this path.
Why is the Wealth Multiplier I downloaded in January of 21 completely different than the one you just showed? By almost 200 bucks a month!
Save it where? In the 401k? I thought there was an annual limit. I punched in the numbers in the investing calculator online and the numbers didn't match. I'm a bit confused.
Mahalo guys for all your excellent work! I wish you folks would address the value of our retirement dollars once we get there. $1M now is far different than $1M in 2050.
They addressed that many times in previous episodes.
@@niranjanreddy6360 Thays great! Do you happen to have a link to any of those? I’d love to listen. Thank you 😊
Inflation is a sure thing, but having 1M is still better than not having 1M in 2050
@@SpoonyLuvification Folks, I’m not a troll. I love these guys! I just would love to hear a deep dive on inflation and what our retirement money will feel like and how to handle that.
I mentioned this before but on 16% of Americans save $1m. Most do not get close.
I thought this premiered today...
Is it a bad idea to use a HELOC to make a one lump sum investment into a portfolio and then pay it off?
OR
Just use the money I would use to pay the HELOC monthly to invest every month?
I'd wager to bet they'd say to do the latter option.
I found HELOC rates not worth the extra work and potential for loss. I instead did a Cash-out Refinance and invested the extra cash, keeping my loan-to-value ratio less than 70%. The plan was to buy the S&P 500 (average 10%/yr) then withdrawal roughly 5%/yr to pay the additional portion of the mortgage (at 3.5%). About a year later, my wife and I received raises, so we stopped withdrawing every month.
I want a billion when I retire lol. Based on compound interest, I will have it by age 110 :). screw 88 times over. 90 years is 4k times over for every dollar invested.
Y'all fancy. New set, who dis?
why are you guys not able to pronounce nekkid?
I'm super excited about this comment
I’m twenty I have my 401k roth target 2065
For my Roth IRA I do a s and p 500 index through fidelity should I switch that to a target 2065 like my 401k roth? Plz help
A lifecycle fund for 2065 will almost be fully stocks at this time. The target funds just balances it for you as time goes on, so as long as you remember to adjust your profile accordingly in about 40 years you should be good.
I'd keep the Roth 100% equity, i.e. no target date funds or bonds (for now at least). Might not be the worst idea to diversify the equities a bit (for example a total market index and maybe a foreign market index rather than ALL s&p500), but I really don't see a reason to hold conservative assets in a Roth IRA when you won't be touching the money for 40 years.
awesome content.... but I will never be a millionaire...
To break it down as simple as possible: Put 20% of your income into a solid 401K as early as possible and you will never worry about money in retirement. My wife's younger sister is 21 and I always preach to her friends that putting 20% of your income into a 401k right out of school and reasonably living on whatever is left will be the greatest decision of their life. You could live paycheck to paycheck for the rest of your life and still retire rich
Why dont we use this data adjusted for inflation depending on the age? One million for a 40 year old is different than 20/30 year old.
How much would a 14 year old need to put in a custodial account to become a millionaire by age 65
Most videos are like yeah just put $5,000 to 10,000 on the side every month and when you're at age 50 you'll have a lot of money
Can you please tell Bo not to start every episode of this Show with "I am super excited about .... "
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Loves the videos, I watch each one that you post but just curious why the goal is always $1M? $1M isn't enough to retire on for most. This equates to $40,000 a year in retirement. After inflation this is next-to-nothing for current 20 and 30 year olds in 2050-2060.
Could you do a video on target net worth/portfolio balance with assumed inflation in mind, per decade of life?
The second and third million come easier and faster once you reach that first million 👍
1 out of 6 Americans retire with a million or 16%. So it's a symbolic number that many do not achieve.
@@anthonygoldsby87 hopefully that stat grows year after year!
I might not even be alive at 65... I need something quicker.
The most frustrating thing about your show is that you do not account for inflation. 1m in 2050 is not the same as 2022. Sure we can shoot for 1m now but when we retire we may need 4m to cover costs. I would really like you to do a few videos accounting for long term inflation.
You're talking about a variable we can't control. It's better to have 1M in 2050 than not having 1M in 2050
the reason is that 1 mil is the first big milestone for most people, you can't get to 10 mil or multi mil before getting to 1 mil first.
need some timestamps lol
25 saving 1500 a month :)
Im 45 and have $224,174, so if I save and invest $2702 (double $1351) per month, will I have $3M at 65???
There are some who afraid to try and those who are afraid you will succeed,same with Elon musk who is a Hegde fund in the market is a typical example of a good life one should embrace
Yeah quite likely you will if you stick with that $2702/month and invest it all into something like a total US stock market index fund or an S&P500 fund. But you will have a lot of ups and downs along the way, so don’t bother looking at it often.
I feel like these guys have posted this same video 100 times, just worded differently 😭💀. Is it just me?
You can watch from live streams and comments people are trying to find short cuts.the way a postal delivery man can be a millionaire is to follow this. Repetition save invest stay in the market unless you make a popular app. May be boring and repetitive but it’s the only way anyone can do this.
Yea, they do this video once a year
Millionaire by age 65 is too easy. I think the goal should be to reach millionaire by age 30 if you really want to challenge yourself.
I think that's relative to your income. I feel like 40 depending on how much you make could be a challenge.
Not enough 20 year olds will watch and let all this wealth of information sink in. And that's the real tragedy.
Bernie Sanders, now a millionaire, once called millionaire ‘immoral’
really ?
You guys are rambling. Get to the how! U r telling us what not to do...not what to do...im out
I know you don’t control the advertising but it’s a real turn off to see a drag queen at the opening of your video. I appreciate your info 👍🏽
Are y’all going to produce “new” content soon or are you just going to keep repeating yourselves every week/month/year? I feel like the content is getting stale. Maybe just stick to only Q&A for new videos?
Lol what. This yearly series among a ton others are some of their best content.
@@MrNickAch maybe it’s just me, it just seems to be getting very repetitive and the Q&A portion is the only added value (other than just watching the previous year’s video).
@@jwdepriest I get that to a degree for sure. Maybe some analyses should go a few steps further? I can only imagine how tough it is to maintain a ton of content.
Personal finance content can get redundant. It’s going to happen with any programs that do this type of content.
The fact that you know a lot is repetitive shows that their knowledge is sinking in 😎
That's it. I'm unsubscribed I've been watching the channel for years on end. You guys always say the same thing and say the same thing. At least Dave Ramsey has callers into his show and it's actually interesting to watch because of that.
I literally commented the same thing. The content is so repetitive. How many times are they gonna say the exact same thing? 🤔
@@leahmcdermott4189 I don't know I think they will just keep doing it forever. Esphaly if they keep getting new subscribers. Did you unscribe as well?
These guys are dated...if you think our retirement accounts and high flying stock markets will be a thing by the time we're retiring, your delusional
Your tin foil hat is a little crooked.
@@evansutton6760 lol tin foil hatters been undefeated for the last 20 years, good luck to you bot
@Nikola ZUber Are you saying that stock markets wont exist in 20-40 years?
@@scramptha5949 that's possible in a black swan scenario but no doubt it's crazy overvalued right, hit it's 4.326 fib extension and all the fed officials and congress are getting out at the top, leaving retail and 401k bagholders, fed can't risk backing up markets again because they risk hyperinflation but they may have already let that cat out of the bag, pray for a soft landing...
it depends on when you mean by "we're retiring" that's a very ambiguous timeline. but if you are meaning in general retirement accounts are going to sit still or even go down long term then we have much bigger problems than a mediocre retirement account.