How to be Wealthy in Your 30s (2024 Edition)
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- เผยแพร่เมื่อ 27 พ.ย. 2023
- We call the decade of your 30s the messy middle for a reason. You might be having kids, buying a house, and getting busier with your career. With time and money both at a premium, how can you invest for retirement?
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Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.
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As a 30 year old wife with two kids under 5, this was constructive but also unexpectedly encouraging and validating.
As a 33 year old man, single no wife no kids no debt with the exception of a small mortgage with a net worth nearing 500k and investing 30% of my annual income ($120,000) each year the messy middle has been a blast for me! Should hit a net worth over a million before I turn 40.
Congratulations, you are a mad-lad.
Keep it up, you are leagues ahead of most.
I don't know you but I am proud!
Proud of you
Hell yeah dude! Keep pushing! You’re going to be set!
32 years old. Married with two kids one age 2 years and the other 3 months. 6 months cash on deck, no debt besides mortgage. Net worth around $300k. Household income is $135k per year, investing 20%. We were fortunate in getting a low rate 30 yr mortgage in 2021. This has allowed my wife to be a stay at home mom while I work full time. No daycare. I honestly believe we are the incredibly small percentage still living the American dream.
32 year old Dad of 3 kids under 5 here! My wife and I both work full time and we have 3 in daycare/kindergarten. We are not only surviving, but THRIVING!
Biggest advice I can give is to have your financial house in order before having kids. Track income/spending, build margin, set up financial accounts, automate payments, and work your way up the FOO as high as you can! Kids take up a tremendous amount of your disposable income and time so it would be much harder to start all of these things after having kids.
The Money Guy show is full of wisdom and sound advice. Keep it going guys!
Antinatalism is the ethical position that views the birth of sentient beings as morally wrong. The justifications are: harm/suffering prevention, the questionable nature of gambling with another life, & the impossibility of consent to be born.
- No one has the moral right to inflict serious, preventable harms upon others without their consent! Existence brings preventable, guaranteed harm & is imposed without consent. Because a child cannot consent to being born, the default should be to assume that consent doesn’t exist and that no action should be taken on the child’s behalf. Just like how it’s not okay to r@pe an unconscious person just because they can’t consent to or refuse to participate in the act!
- Everyone experiences at least some suffering, and some people experience disproportionately more suffering than others. Creating a life is inherently unfair & inconsiderate!
- Everyone has the rights to eternal peace & the freedom from all harm, both of which can only result from remaining in the void. Therefore, every human being has the right to NOT be born so long as they can’t waive their rights by providing informed consent to being born. Procreation is the biggest violation of a child’s autonomy there is!
- An opinion being “negative” doesn’t make it untrue. On the contrary, it’s realistic as suffering is inevitable, & it’s impossible for someone to consent to life.
- Procreation is simply not anyone’s risk to take because they won’t be the ones suffering any negative consequences of their decision to procreate-their children will!
- By procreating, you are intentionally harming your “loved ones” for your own selfish desires to attain a sense of purpose, fulfillment, pride, achievement, or superior social status.
- There’s no reason to create a child that’s for the child’s sake. For a potential child, birth doesn’t solve any problem that it doesn’t first create. All positives in life, such as love, happiness, or good food are based on fulfilling needs, which get created by birth. Creating a life is creating a host of needs for no need.
- A nonexistent “person” cannot miss out on anything good since they don’t exist & the nonexistent have no needs or desires, including the desire for life itself or any of its pleasures.
- For the betterment of humans, the environment, & other sentient beings, humans need to go extinct. No one is being harmed by the extinction of humans since no one will exist to experience said harm. Who will care that humanity is ending if no one is around to care?
- On the point directly above: Just because an outcome may be unwanted doesn't mean that the arguments are wrong. Even if you believe extinction is inherently bad, this does not justify the undeniable truth that reproduction violates the child’s consent to being born. This is an appeal to consequences, a logical fallacy!
- Just because procreation is natural & societally accepted doesn’t mean it’s morally good. Diseases, natural disasters, & famine are all natural too, but that doesn’t mean they’re good. This is an appeal to nature, a logical fallacy! Slavery has been around for over 13,000 years. That doesn’t make it moral or ethical.
- None of the nonexistent can wish to be born, but plenty of the living wish they had never existed.
@@Smartskull0bro what lol
Bruh im not reading that, tl;dr please
I am still living with my parents and making a small contribution to the house by paying for most of the groceries and cooking all the food we eat. I am still single, no debt, and have recently been promoted to full time employment at my current place of work. I am planning on starting my own company this year using my savings as the investment. I have no commitments or risk of financial downfall because i still live with my parents, so i can risk everything because i know that if I fail, ill still have a roof over my head and food on the table. I have been working for almost a year saving 70% of my income. And i believe i have reached a level of financial stability to attempt this journey. Financial channels like this have helped me greatly in improving my money skills and i will be forever thankful for going down this road in the future.
I'm 26, college is paid, don't have kids, i am single, finances are looking good. currently living on 30% of my income, remaining is invested. Not being addicted to social media, trying to impress people, consumism and overall dumb spending makes everything quite easy to deal with. My goal is to reach 1 million by 40, and i'm trying to get ahead of schedule before something expensive happens (say buying a house).
Says they dont try to impress people yet they post this humble brag. Lol ok
@@DylanJo123 I'm not sure what to say if you believe saying i'm stable in a financial channel is bragging.
Cringe brag how r u not self aware
@@simonjourney1586 So, being single and not having a house, is bragging? the other guy who commented have a US profile icon, are you north american too? is this like, a north american thing? you're either broken or you're totally bragging? If so, Quite an interesting logic that is. Are we not to talk about money and goals in a money channel?
(In case you're also north american like the other dude) Does it help for a north american to understand college around the world is cheap? mine total cost was around 1500USD, i live with my parents so no huge bills there, but suit yourself on whatever logic you guys using to believe i'm bragging about something
You'll get judged for whatever you say. Good on you man. Continue your financial journey.
I feel so lucky to get locked in at 5.375% on my mortgage in February this year. It was the best rate I have seen this year.
As a 30 year old with 2 kids, 1 on the way, and a new mortgage as of yesterday... This hit home.
Get yourself condoms. Lots of condoms
Don’t listen to the haters, that’s awesome you have achieved so much so young!
Antinatalism is the ethical position that views the birth of sentient beings as morally wrong. The justifications are: harm/suffering prevention, the questionable nature of gambling with another life, & the impossibility of consent to be born.
- No one has the moral right to inflict serious, preventable harms upon others without their consent! Existence brings preventable, guaranteed harm & is imposed without consent. Because a child cannot consent to being born, the default should be to assume that consent doesn’t exist and that no action should be taken on the child’s behalf. Just like how it’s not okay to r@pe an unconscious person just because they can’t consent to or refuse to participate in the act!
- Everyone experiences at least some suffering, and some people experience disproportionately more suffering than others. Creating a life is inherently unfair & inconsiderate!
- Everyone has the rights to eternal peace & the freedom from all harm, both of which can only result from remaining in the void. Therefore, every human being has the right to NOT be born so long as they can’t waive their rights by providing informed consent to being born. Procreation is the biggest violation of a child’s autonomy there is!
- An opinion being “negative” doesn’t make it untrue. On the contrary, it’s realistic as suffering is inevitable, & it’s impossible for someone to consent to life.
- Procreation is simply not anyone’s risk to take because they won’t be the ones suffering any negative consequences of their decision to procreate-their children will!
- By procreating, you are intentionally harming your “loved ones” for your own selfish desires to attain a sense of purpose, fulfillment, pride, achievement, or superior social status.
- There’s no reason to create a child that’s for the child’s sake. For a potential child, birth doesn’t solve any problem that it doesn’t first create. All positives in life, such as love, happiness, or good food are based on fulfilling needs, which get created by birth. Creating a life is creating a host of needs for no need.
- A nonexistent “person” cannot miss out on anything good since they don’t exist & the nonexistent have no needs or desires, including the desire for life itself or any of its pleasures.
- For the betterment of humans, the environment, & other sentient beings, humans need to go extinct. No one is being harmed by the extinction of humans since no one will exist to experience said harm. Who will care that humanity is ending if no one is around to care?
- On the point directly above: Just because an outcome may be unwanted doesn't mean that the arguments are wrong. Even if you believe extinction is inherently bad, this does not justify the undeniable truth that reproduction violates the child’s consent to being born. This is an appeal to consequences, a logical fallacy!
- Just because procreation is natural & societally accepted doesn’t mean it’s morally good. Diseases, natural disasters, & famine are all natural too, but that doesn’t mean they’re good. This is an appeal to nature, a logical fallacy! Slavery has been around for over 13,000 years. That doesn’t make it moral or ethical.
- None of the nonexistent can wish to be born, but plenty of the living wish they had never existed.
Achieved? I'm not saying having kids is bad but all a dude has to do is not pull out to make a kid......so not really any "achievement"
Homie, I get what you are saying intellectually but I think that their position of having the flexiblity to get a mortgage in this climate is a telling factor.
They must have a lot right financially going on to validate:
1. Getting a mortgage
2. Having 3 kids.
Edit: Admittedly this is a very gracious interpretation of their situation based on limited information.
To reiterate, antinatalism is one logical progression from considerations of the following: socioeconmic, society's trajectories, and geopolicitical considerations-
I do feel that it's a little bit crass to dump such antithetical worldview on any random commmenter.
@@Smartskull0
I am trying to double the base line metric of salary saved each decade. Currently 27 and just hit 1x salary saved and on track to hit 2x by thirty. Already bought a house and paying that down with a 15 year timeline till paid off.
Amazing job! Keep grinding and let that money grow!
You need to be in a situation where you are investing 30-35% to achieve that assuming reasonable wage growth. The more your wage grows the harder this goal is (but as long as you don't let your lifestyle creep into your contributions that shouldn't matter to you). If your wages aren't growing this goal is a lot easier but you prolly have a diff issue
@@JoeSoCal2303 rule of thumb for OP is something I did. I got my promotion and salary increase, but it was effective the following month so I upped my percentage invested. That way, my income may have gone up $1k each paycheck, but I'm only seeing an extra $500 cause the other half is investing. Doing this I've upped my retirement from 12% to now at 30%
Your advice about revisiting budget is excellent - that was a huge step for my wife and me, especially after we had kids, to make sure we had our ducks in a row. It was shocking how much tighter the finances became after having kids, and having a fine-tuned budget in place has been critical to maintain our savings goals.
Congratulations!
I wish you all the best for you and your family.
Thanks for the genuine statements of life post-birth!
Very good, reminder for all considering children.
Love your stuff guys, but I seem to notice a background hiss in the audio on most of your episodes when listening.
Unsure what the issue would be as it seems like you guys have nice microphones.
Cheers guys and keep up the good advice!
The Money Guy Show audio needs to be redone, i keep getting a slight static on your newer videos, tried multiple headphones/speakers with same effect. Other youtube channels have no issues. Love the content, thanks folks!
I'll be 34 this year, and my wife is 33. We have a 1 year old beautiful girl. It's the best time of my life. My biggest advice(not that anybody is asking) is to have at least a one year emergency fund and make sure you shop for the best medical insurance. My wife and I have no debt minus our house, we keep a strong emergency fund and make principal payments to our house every month and contribute 1k a month to our brokerage account and we both match our company's 401k roth plan.
Antinatalism is the ethical position that views the birth of sentient beings as morally wrong. The justifications are: harm/suffering prevention, the questionable nature of gambling with another life, & the impossibility of consent to be born.
- No one has the moral right to inflict serious, preventable harms upon others without their consent! Existence brings preventable, guaranteed harm & is imposed without consent. Because a child cannot consent to being born, the default should be to assume that consent doesn’t exist and that no action should be taken on the child’s behalf. Just like how it’s not okay to r@pe an unconscious person just because they can’t consent to or refuse to participate in the act!
- Everyone experiences at least some suffering, and some people experience disproportionately more suffering than others. Creating a life is inherently unfair & inconsiderate!
- Everyone has the rights to eternal peace & the freedom from all harm, both of which can only result from remaining in the void. Therefore, every human being has the right to NOT be born so long as they can’t waive their rights by providing informed consent to being born. Procreation is the biggest violation of a child’s autonomy there is!
- An opinion being “negative” doesn’t make it untrue. On the contrary, it’s realistic as suffering is inevitable, & it’s impossible for someone to consent to life.
- Procreation is simply not anyone’s risk to take because they won’t be the ones suffering any negative consequences of their decision to procreate-their children will!
- By procreating, you are intentionally harming your “loved ones” for your own selfish desires to attain a sense of purpose, fulfillment, pride, achievement, or superior social status.
- There’s no reason to create a child that’s for the child’s sake. For a potential child, birth doesn’t solve any problem that it doesn’t first create. All positives in life, such as love, happiness, or good food are based on fulfilling needs, which get created by birth. Creating a life is creating a host of needs for no need.
- A nonexistent “person” cannot miss out on anything good since they don’t exist & the nonexistent have no needs or desires, including the desire for life itself or any of its pleasures.
- For the betterment of humans, the environment, & other sentient beings, humans need to go extinct. No one is being harmed by the extinction of humans since no one will exist to experience said harm. Who will care that humanity is ending if no one is around to care?
- On the point directly above: Just because an outcome may be unwanted doesn't mean that the arguments are wrong. Even if you believe extinction is inherently bad, this does not justify the undeniable truth that reproduction violates the child’s consent to being born. This is an appeal to consequences, a logical fallacy!
- Just because procreation is natural & societally accepted doesn’t mean it’s morally good. Diseases, natural disasters, & famine are all natural too, but that doesn’t mean they’re good. This is an appeal to nature, a logical fallacy! Slavery has been around for over 13,000 years. That doesn’t make it moral or ethical.
- None of the nonexistent can wish to be born, but plenty of the living wish they had never existed.
Nice set up. 29 years old making the changes necessary to get there now. I made a few mistakes with cars in my 20s but I’m coming back. Full throttle on financial discipline. Income to debt ratio is going green and climbing. Eliminating distractions and destroying debt. I’m locked in, let’s go!
@dereece_stc I hear ya, bro. We were late bloomers, too. We didn't really start getting serious about our finances until the age of 27 or 28. Getting rid of all debt was the big part. Now we can contribute more than 15% of our income directly into retirement accounts. You got this bro. Keep killing it.
I’m 33 years old, married, no kids, 1 Dog. My wife is in a doctoral program and works part time. Us Having a puppy is expensive and time consuming so I can only imagine how tuff it is to also have children.
Shoutout to all the parents taking care of their kids while still trying to grow financially. You’re the real MVP!
I relate to the puppy. Mine became a full-time job! I’ve spent thousands on trainers (who all agreed he doesn’t have an “off switch”). I’d log 10 miles on my Apple Watch walking him and that still wouldn’t wear him out. There would be multiple toys out for him and he’d rather chew on a lamp cord. I ended up moving to a different state so he could have a bigger yard.
2 kids with 1 on the way approaching our mid 30s.
I’m sure glad we started saving on our early 20s and established that muscle and have been living below our means accordingly. Makes doing the same while raising kids much easier to continue
I appreciate the advice guys. 29 years old making the changes necessary to get there now. I made a few mistakes with cars in my 20s but I’m coming back. Full throttle on financial discipline. Income to debt ratio is going green and climbing. Eliminating distractions and destroying debt. I’m locked in, let’s go!
Thank you money guys for everything you do!
33, and single, no kids and nothing on the horizon for either. Just my career training off, and keeping myself occupied.
I’ve got more time in my 30s than I ever did in my 20s. 😅 I am now no longer married, have a less time consuming job, and have financial stability.
I’m excited to make my 30s my wealth accumulation phase of life.
$359,658.33 total for the 15 year or $725,854.14 total for the 30 year....all for $50,000 better house while you're young. The extra ~$365,000 in savings 15 years earlier is totally worth the pain of being buried in the 15 year.
It actually made more sense for my wife and I to put down 15% instead of 20% on our house. We got a lower interest rate at 15% and it saved us more in the long run than getting rid of the default insurance. The way it was explained to me is that the bank is at a greater risk of losing money at 20% than at 15% so they slap on a higher interest rate.
Love the content! Technical side note: There is some slight feeback in the audio that is driving me crazy :)
glad it isn't just me who noticed this lol
@@Add1sonytI was just about to say that there was another person complaining about it also lol
I'm watching this nervously at 29 and 1/2
I'm in my 30s I don't feel that bad off financially
Kids and a wife gave me motivation to work for. I have 5x my income from when I found a good woman to push me. 3 kids later and couldn’t be happier 😊. Enjoy your $$$, just be sure you have all those nieces and nephews captured in your will.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
Engaging with a consultant or investing coach is the optimal strategy for those lacking market knowledge, as seeking advice from a consultant significantly aided me in navigating the market, resulting in a portfolio growth of approximately 65% since January-an approach I consider the most impactful way to enter the business currently.
@@maryHenokNft Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with this person
Do your homework and choose one that has strategies to help your portfolio grow consistently and steadily. *Camille Alicia Garcia* is responsible for the success of my portfolio, and I believe she possesses the qualifications and expertise to meet your goals.
I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.
what is hyper-accumulation? as mentioned in the financial order of operations?
The best way to have wealth in your 30s is to have started investing in your teens. A Teenager’s Guide on how to Invest Like Warren Buffett and Charlie Munger is a good book for new investors.
I have 30k saved in my roth ira at age 32. That doesn't include my 8 years paying into my pension.
Dual income no kids, that’s how you do it
YAAAAS. And as an added bonus, you spare your hypothetical children from all the harms of this world and you uphold their right to NOT be born without their consent.
Add another retirement income source such as dividends to help increase the retirement accounts. If you can start by getting $25/month then snowball it to $100/month & so on, will help a lot in long run.
If you're in your 30's and you get a 6% pay rise and 50% of your income goes to needs then that 6% payrise has been 100% eaten by inflation in your needs expenses and you dont have anything extra to put towards retirement.
If you only use 25% of your oncome to pay a mortgage then its pretty much impossible to ever own a house without getting married by your own standards. $90,000 that you could get a mortgage on isnt a thing in most places.
Plus if you get robbed or killed because you stuck to that rule i bought a house in the ghetto then any savings or retirement you had is wasted.
why did the chart stop at 80……
I’m 27 have a third baby on the way. Would like to pay off my house so I can feel safe I guess?
Mortgage 4.9% owe like $330k
Your priority should be to get yourself condoms. Lots of condoms.
*My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in US. The government has really called things more difficult for its citizens, and we can't sit back and bear all the consequences of the bad governance. We need to take our financial life serious….. I recommend stock market investment and digital currencies*
Even with the bad economic, My life has totally changed since I started with $3,000 and now I make $68,700 every 14days for the past 3 months, I can afford any car or house of my choice right now and I don’t need to worry about my retirement ….,God bless Mrs Eleanor Nelson Barnes
How do I get started, have a little savings of $3,000 l've been wanting to invest
I’m 35 and I need help on this. I don’t have a 401k no Investments or anything and im getting worried for my future
Open a Roth IRA with Vanguard, max is out every year. Buy SP500 only and don't touch it.
That’s advisories are 4.
@@DanielGoldMcduckRose huh?
@@nawfwest3400have you seen the Money Guy show episodes on the FOO (financial order of operations)?
@@Shawn.credit how much would be feasible to start one?
I'm not understanding how buying more house helps wealth building.
Longer loan, more interest, and less equity. I'd much rather buy less house on a 15-yr mortgage, and have a lot of equity 8-10 years later when it's time to move up.
It doesn't, but that wasn't their point. The flexibility provided by the 30 year allows for a more holistically healthy financial plan during a period of rapid life change.
The difference between a $180k and a $230k house for a growing family could be significant.
There's a case to be made for investments outperforming mortgage rates in the long term as well, but that's getting more and more difficult with current rates 😕
Their room to buy more house is so people can actually find a house due to increased prices. Buying the same house with a 30 year mortgage rather than a 15 year will help build wealth though because you are able to put more into the stock market which has higher returns over a longer period of time than what you will pay extra in your mortgage
I'd definitely aim for somewhere in the middle - small enough mortgage that you have that flexibility to pay it off and still make savings goals, while at the same time having enough house (but not too much) for your needs.
All your advise is good obviously but meant for people with careers not people scraping by 🤣
❤❤❤
When I started investing at 26, by the time that I hit 30, I had 19% going into 401K(16%+3%co match) plus starting to build the portfolio. So I was accustomed to living on 70% of my income. When you find your wife, she realizes that you only get 70% of what would be normal and the gold diggers leave, but the ladies who don't care about income will be the ones who may love you. Starting at that point, the expenses are based on the 70%income vs 100% income, so the portfolio is still being built while you find a house and raise a child. That amount also supports that college fund for the child which has 18 years to grow which helps out a lot. Budgets are important, but so are life's expectations. That is how you hit a Net million in 15-17 years(40-45).
Who the heck is actually buying a home these days??
The best but inconvenient answer: don’t have kids.
Na just later than sooner
DINK life is what's up
People who have kids on average do better in life in all areas with children.
Lonely life filled with more worthless stuff. No thanks
@@loveinthevalleyPoeple who don't have kids on average do better in life in all areas without children
: )
Not a messy middle for me. No kids, no wife to keep happy, and a pile of money invested. Nothing wrong with having kids, just realize having multiple kids means you basically are never going to retire (unless maybe your one of the very few making insane money or a successful entrepreneur). Another way if you wanted kids is to invest as much as you can in your 20's and 30's and then when you have a great amount making interest go meet someone to have children with as your life is more put together. In my opinion children in your 30's is just too expensive while your trying to get your life together. This is more of a man's perspective as unfortunately women don't have the time luxury that men do of having children in their 40's/50's.
31 here. No kids. Not married but taken. Expat. My cost of living is way below than the average New Yorker. I’m from NYC. I work online as sole proprietor and I’m grinding out different side jobs and opportunities that I can get while expating. Life Is great when you can geo arbitrage!