To start comparing quotes and simplify insurance-buying, check out Policygenius:policygenius.com/whiteboardfinance. Thanks to Policygenius for sponsoring this video!
Awesome thanks. I would like to suggest a video about a strategy for low end investors during recessions/inflation. Lot of guys talk about things which are suited for high worth investors, someone could explain the exact steps common people can take including 401k reassignment suitable to tackle this downturn. Most middle class has maximum assets saved in 401k or some rainy day cash deposits, which are getting depreciated much faster. How to hedge against that?
Insightful video. I just want to know best how people split their pay, how much of it goes into savings, spendings or investments. I'm 27, and earn nothing less $150k per year, but nothing to show for it yet
When people have money, they spend it. And some people spend more money when they have more of it. If you want to improve your financiial managment, you should consult with a financiial advisor.
Right, you can avoid the pitfalls of lifestyle inflation by consulting a knowledgeable advisor to help you plan your short- and long-term objectives; it all comes down to proper guidance. Over the last two years and six months, I've seen my income generate wealth, and I now have a fully paid-off house and at least $2.2 million in savings. All of this is the result of subsequent investments and the application of expert advice.
@@shirleneunglesbee1423 Nice, who is the FA aiding you if this is not much i'm asking? my retirement plans are going down the drain with my 401k particularly losing everything it gained ever since 2019
Her name is "JILL MARIE CARROLL", cant divulge much. Most likely, the interrnet should have her basic info, you can search her online as she is SEC and FINRA regulated.
@@shirleneunglesbee1423 Found her, I wrote her an email and scheduled a call, hopefully she responds, I plan to start the 2nd half of 2023 on a woodnote financially. Thanks
My 18-year-old is building his credit and socking away money for a house. He's killin' it so far. I shared this with him. Great content as usual. Thanks
I am saving and investing around 70 percent of my income in the financial market(high yield etfs, stocks etc) pretty much how I made my first million although with an FA. I have a high paying engineering job, and I live upstate NYC. my expenses are low. I have zero debt, low rent and car truck paid off. So i can just save. feel lucky at this point I'm actually grateful for my advisor handling my portfolio.
Great back to basics/school approach. I have did a similar thing for travel and its really helped(got the idea from you in a much earlier budget vid). I can't say this enough. The best part to me at least about this method is it TOTALLY removes ANY guilt you may have on a purchase. You set aside an amount for one big ticket item and when you hit that amount, you go buy that big item. GUILT FREE. The best part is the price may have came down by the time you have the amount you targeted. Even better. This puts your money to work for you and removes the strange emotions of spending we get ourselves into. Live your life to the full but don't be a fool.
unfortunately i just started getting paid monthly ( VA Disability, GI Bill Housing Benefits ) but GREAT timing on this video, i just started last month with these monthly checks, and i needed a refresher! thanks, you’ve done a lot for my future! keep it up
If anyone watches this video and follows this advice, they will never have to think about money again. This is that notecard level, personal finance, essential tier quality.
I'm a military barracks rat. I put 20% of my paycheck into the "future needs fund". 60-70% is being invested in some capacity (most of it being VTI in my Roth). The remaining 10-20% is what I live off of. I also do food delivery when I'm off duty and 80% of that is also being invested into I Bonds and SCHD to build up another income stream.
This is good stuff. We have a couple years of cash to spend down while we invest 100 percent of our income. No liabilities and we’ve netted 6x our annual expenses so far in 2022 while maxing out all Roth and HSA options. For us it’s been about cash flow (Gen X) so eliminating fixed asset costs was a priority in 2021 (paid off primary residence and bought two new vehicles with cash). Filling up the buckets is a focus now.
Wow, for a person who may already have expenses and is young just trying to improve their budget, it seems waiting until #5 to pay bills/expenses seems unrealistic to start. As for me, i do contribute to the employer match 401k. This is one of tye best thing i ever done. Thanks for sharing!
If everyone just watched this 12ish minutes and took it to heart, it would completely change their life. Of course, it's all more easily said than done, but it truly is not a complicated concept... Just needs to be understood and followed. Fantastic content as always, Marko. Love the bucket strategy. 👏
It’s just my wife and I and we have 5 months in our emergency fund. Don’t forget to include Cobra payments in your expenses calculation so you are prepared for a job loss
This is very timely and informative! You broke down the topic very well. This is very helpful to every working individual especially now that inflation is up. Keep up the good work!
Hi Marco. Always learn from ur videos. Thank you!!!! A suggested correction... i heard you say that investing is for the young. I am 59 and always looking to invest and improve my finances.. i suggest investing is for all ages. Thanks again for all you do! Mary
Thank you for this VERY informative video (new subbie❤)! As a public educator for the past 13 years, I would have LOVE to have financial literacy and knowledge such as this when I first began. P.S. Expos rock😂🤘🏾
i like the visualization of the buckets when teaching people about personal finance! As you were explaining it, I immediately thought, well hey, I may not have enough in my travel bucket, but I can technically borrow from the car bucket. In doing this tho, I can see that I have to sacrifice getting a car sooner, If I want to take a vacation.
Thanks for putting this video out! I wish I could have someone like you review my finances. I'm 30 years old with my husband and our newborn daughter. We're saving up for our first home.
Question for you Marko (or anybody) -- I understand the "Fill up the buckets" idea, but physically how do people go about doing this? Like most people, I bank with one of the big 4 US banks (Chase, BofA, WellsFargo, or Citi), in your example, are you saying I should open 5 "savings accounts" and just label them as EmergencyFund, InvestingFund, TravelFund, HouseFund, CarFund, ? Do people actually do that? Or do you just have your EmergencyFund Savings account and just keep adding cash to it for all those things and then just have an excel sheet to keep track of how much money of the savings account is allocated to those things in life that matter to you? Thanks in advanced!
Literally open different accounts and have money deposit to those accounts. The separation helps creates agency for the money. I have multiple accounts for different uses.
Good list, I have a little different order but I think you nailed the important stuff... I think the life insurance should be a step, or all types of insurance really, but the fact you had it as the ad in the middle works for me, lol.
@@co7314 Not necessarily. I ask single people if they were to die today who would bury them? Do those people have 15k available to bury you? If not, then they should have some life insurance. Even if they do have the money, it would probably still be nice if they didn't have to pay for you and you had the insurance.
It really made no sense to me when he said ''It doesn't matter whether I'm right or wrong, whether the market goes up and down. I'm good regardless''. People are really losing a sh*t ton of money out here. I personally have been buying stocks since the beginning of the year and yet nothing's changed, but I've been reading articles of people still in the same market pulling off over 350k in just a couple months. Its tough out here!
Sometimes, the strategies to stay on constant green in a downturn markets are quite rigorous for the regular-Joe. Matter of fact, they are most successfully carried out by experts who have had a great deal of skillset/knowledge of the market. Maybe you should hire one.
@@Harperrr.99 Agreed! I first contacted a Financial Analyst because these days, it's easy to buy into trending stocks, but the task is knowing when to sell or keep. That's where my manager comes in, to help me with entry and exit points in the industries I'm engaged in. I’m currently 60% up in profits just in 5months with my initial capital of $160k
@@billclinton-f8n Sure. NICOLE DESIREE SIMON, a well-known person in her field, is my advisor. I got to know her through my wife. It's my wife that has her number, but you could further investigate her credentials and contact her yourself.
In my country we don't have a match but a country subsidy of 15% on a very tiny ammount (up to ~666$ max in a year) if you even chose to save. For me, that's bullshit help.
Currently my paychecks go into a local bank. Can anyone recommend a national or online bank with automatic saving buckets or money market accounts? Thanks
Great video, and I'll second the endorsement of the Money Guy "Order of Operations" which is definitely the best blueprint for wealth-building and financial independence
Where should I put money that I want to invest in myself? A savings account takes too long to transfer to an external account when I'm ready to use it and a normal checking account gets mixed up with all my other expenses.
My biggest outtake that has etched itself in my memory is that time (a few years ago) when you butchered the pronunciation of “gyros”. Can you use it in the next video?
I make about 50k a year, and recently pushed my savings rate all the way up to 30%. I was able to do this through living abroad for 330 days a year and working for a foreign company. This wipes out my federal income taxes through something called the foreign earned income exemption, which covers up to 120k of income. Something to think about if you're keen to live overseas :)
Hi Marko! For step 4, you say to contribute 15% net income to retirement - does this include employer contributions? E.g. if my employer contributes 8% of my salary, should I only contribute 7% to get to 15% or 15% in addition to the employers 85?
Generally, no it doesn’t. That 15% of net income towards retirement is just that. 15% of YOUR income, that doesn’t include what your employer contributes. That’s just a bonus. Dave Ramsey says the same thing for his Baby Step 4 & explains that 15% should be all your income, and the employer contributions is “gravy on top” lol 💕
I paid myself first and invested in low cost index funds. Spent the rest. Save and invest at least 20% of your pay if you want a decent retirement. I know about this when I was in my early 20s and practiced it with discipline. Most of today's young people are clueless and will only realize what they should have done when it's too late.
I got this idea after reading Money Master The Game by Tony Robbins. Every dollar I make is split into a particular purpose. If I want a new car create a new envelope. If i want a house envelope. Instead of the envelope method I did this with savings accounts. It was a game changer. For instance if you have $250 that you put aside consistently for 5 years that’s $15,000, 10 years that’s $30,000. Ten years sounds like a long time but it’s been over 10 years since I was in undergrad. That $30k can be used to purchase a property or other investments which you can grow. I feel most people can at least put $250 away.
Sir i am writing an english book for high school and one of the topic is financial literacy Could you allow me to use your videos for the class discussion about low wages and budgeting Tq Gbu
Hi! Thanks for great videos! A question about this one... How/where do you save "each bucket" funds? For example, if you put $300 away each month in the "Travel bucket", where do you put this money? - I assume Not in mattresses, not in a saving accounts, not in a checking accounts... I assume you should put them in some better type of saving place with better ROI. Can you give suggestions for each bucket?
Great video as always!! Can't wait for your University to go live!! I've so much to learn!! PS. Your after credits are way better than Marvel phase 4's 😂
For the 15% recommend net income into retirement on step 4 does that include the money you are already contributing pre-tax on step 1? or another 15% after that?
Question,I work with my LLC,I max out my Roth ira every year but it's not 15% of my salary.if I'm getting pay under the books,mostly cash,should I be contributing to an sep ira or just put money into a brokage account? since I'm really not benefiting much if nothing at all from a tax deferred ira.
@@lukepev5459 Concessional super contributions are taxed only at 15% when they are received by your super fund. So this is much less than the normal 32.5% tax bracket which is instantly a 17.5% win for you. Even a higher win if you're in a higher tax bracket. Also Google search for 'Salary sacrifice'.
Hey Marko I had a question for you about the 401k match. My employer does offer a match but the match is 25% of any contribution. That being the case how much would you recommend putting into my 401k. Thank you.
Hi guys quick question. I’m 25 and put 16% towards my 401k. Should I save more money in this or save an additional percentage in a savings account? I make 76k a year currently
If retiring early (before 55) is something you're working towards, then 16% in a 401K probably wouldn't be the best option given the extra 10% penalty on early withdraws. Overall I'm not a huge fan of 401K beyond the company match.
Can you go more in detail about what the 'buckets' look like? Are they investment funds, savings accounts, index funds, etc.. ? What has been working best for you?
I have a 529 for my daughter. You can also buy a rental property and pay it off in 18 years and use that as their college fund. I think college and people's perception of going to college (in the way we know it today) will be a lot different in 18 years.
Awesome video! Missed your videos Mark! Simple question, I only match up to my employer match…2 options: 401k or ROTH 401k. Which one do you like MORE?
To start comparing quotes and simplify insurance-buying, check out Policygenius:policygenius.com/whiteboardfinance. Thanks to Policygenius for sponsoring this video!
Awesome thanks. I would like to suggest a video about a strategy for low end investors during recessions/inflation. Lot of guys talk about things which are suited for high worth investors, someone could explain the exact steps common people can take including 401k reassignment suitable to tackle this downturn. Most middle class has maximum assets saved in 401k or some rainy day cash deposits, which are getting depreciated much faster. How to hedge against that?
Insightful video. I just want to know best how people split their pay, how much of it goes into savings, spendings or investments. I'm 27, and earn nothing less $150k per year, but nothing to show for it yet
When people have money, they spend it. And some people spend more money when they have more of it. If you want to improve your financiial managment, you should consult with a financiial advisor.
Right, you can avoid the pitfalls of lifestyle inflation by consulting a knowledgeable advisor to help you plan your short- and long-term objectives; it all comes down to proper guidance. Over the last two years and six months, I've seen my income generate wealth, and I now have a fully paid-off house and at least $2.2 million in savings. All of this is the result of subsequent investments and the application of expert advice.
@@shirleneunglesbee1423 Nice, who is the FA aiding you if this is not much i'm asking? my retirement plans are going down the drain with my 401k particularly losing everything it gained ever since 2019
Her name is "JILL MARIE CARROLL", cant divulge much. Most likely, the interrnet should have her basic info, you can search her online as she is SEC and FINRA regulated.
@@shirleneunglesbee1423 Found her, I wrote her an email and scheduled a call, hopefully she responds, I plan to start the 2nd half of 2023 on a woodnote financially. Thanks
Just what I needed! Especially when you get paid weekly. My income recently increased dramatically so your channel is a godsend!
Thanks Dominick that means a lot!
Whoa flexin
Subtle flex indeed
I get paid Monthly 🤪
Nothing like weekly pay
My 18-year-old is building his credit and socking away money for a house. He's killin' it so far. I shared this with him. Great content as usual. Thanks
👏🏿👏🏿👏🏿👏🏿👏🏿. Kudos to you for ensuring your 18 year old gets a great head start. You now have earned the Parent of the Year Award!!!
I am saving and investing around 70 percent of my income in the financial market(high yield etfs, stocks etc) pretty much how I made my first million although with an FA. I have a high paying engineering job, and I live upstate NYC. my expenses are low. I have zero debt, low rent and car truck paid off. So i can just save. feel lucky at this point I'm actually grateful for my advisor handling my portfolio.
Truly Stocks, ETFs and Mutual funds are the best investment decision you can make both short term and long term for steady money flow. Kudos
recently started in stocks and I don't mind investing a substantial sum, i'd like to know your advisor ?
@@harleycartley3138 certainly, she goes by Susan Kay Mack...she's quite known, search her up for her info
I was able to find her webpage and leave a mail after going through her credentials, i'm willing to make consultations to improve my portfolio
I looked her up too. She sucks!
Great back to basics/school approach. I have did a similar thing for travel and its really helped(got the idea from you in a much earlier budget vid). I can't say this enough. The best part to me at least about this method is it TOTALLY removes ANY guilt you may have on a purchase. You set aside an amount for one big ticket item and when you hit that amount, you go buy that big item. GUILT FREE. The best part is the price may have came down by the time you have the amount you targeted. Even better. This puts your money to work for you and removes the strange emotions of spending we get ourselves into. Live your life to the full but don't be a fool.
unfortunately i just started getting paid monthly ( VA Disability, GI Bill Housing Benefits ) but GREAT timing on this video, i just started last month with these monthly checks, and i needed a refresher! thanks, you’ve done a lot for my future! keep it up
Same here, 100% VA, and getting Ch 31 housing allowance going to school full time. I also found a easy federal job for extra income.
I like to do the 50/30/20 rule with my left over net income. It's worked out great, and I know exactly how much I have for wants rather than guessing.
If anyone watches this video and follows this advice, they will never have to think about money again. This is that notecard level, personal finance, essential tier quality.
I'm a military barracks rat. I put 20% of my paycheck into the "future needs fund". 60-70% is being invested in some capacity (most of it being VTI in my Roth). The remaining 10-20% is what I live off of.
I also do food delivery when I'm off duty and 80% of that is also being invested into I Bonds and SCHD to build up another income stream.
This is good stuff. We have a couple years of cash to spend down while we invest 100 percent of our income. No liabilities and we’ve netted 6x our annual expenses so far in 2022 while maxing out all Roth and HSA options. For us it’s been about cash flow (Gen X) so eliminating fixed asset costs was a priority in 2021 (paid off primary residence and bought two new vehicles with cash). Filling up the buckets is a focus now.
Wow, for a person who may already have expenses and is young just trying to improve their budget, it seems waiting until #5 to pay bills/expenses seems unrealistic to start. As for me, i do contribute to the employer match 401k. This is one of tye best thing i ever done. Thanks for sharing!
If everyone just watched this 12ish minutes and took it to heart, it would completely change their life. Of course, it's all more easily said than done, but it truly is not a complicated concept... Just needs to be understood and followed. Fantastic content as always, Marko. Love the bucket strategy. 👏
Here in the uk the auto enrol you on pension contributions, many don’t even realise they’re paying it, but they’ll be glad they did
Thank you Marko! Can't wait for school to start
10:06 I feel called out here. I only have 10k in my "new car" budget, but I've been browsing car listings for 911 Turbo S, M4, GTR etc LOL
I always stick around for the very end to see if there's an "after credits" scene lol
The fact that you are taking a long time to make your school, shows how good is going to be.
Sweet, a shout out to the Money Guy Show! I follow both of these channels
I love how you keep it direct and simple
this video definitely opened up my mind / eyes , each step is very important ! thank you for this knowledge
Its too late for me, but i will definitely be showing this to my Nieces , Nephews, future children
The time of this video is so good!! I just got a job in pharmacy and get paid weekly. THANK YOUUU😁😁
Thank you! Always love seeing the new vids
It’s just my wife and I and we have 5 months in our emergency fund. Don’t forget to include Cobra payments in your expenses calculation so you are prepared for a job loss
This is very timely and informative! You broke down the topic very well. This is very helpful to every working individual especially now that inflation is up. Keep up the good work!
Glad it was helpful!
Hi Marco. Always learn from ur videos. Thank you!!!! A suggested correction... i heard you say that investing is for the young. I am 59 and always looking to invest and improve my finances.. i suggest investing is for all ages. Thanks again for all you do! Mary
Thank you for this VERY informative video (new subbie❤)!
As a public educator for the past 13 years, I would have LOVE to have financial literacy and knowledge such as this when I first began.
P.S. Expos rock😂🤘🏾
I come for the markers at the end of the video Marko !
i like the visualization of the buckets when teaching people about personal finance!
As you were explaining it, I immediately thought, well hey, I may not have enough in my travel bucket, but I can technically borrow from the car bucket. In doing this tho, I can see that I have to sacrifice getting a car sooner, If I want to take a vacation.
Home run!!!!👏🏿👏🏿👏🏿👏🏿. Love this video!!!
Glad you liked it!!
Thanks for putting this video out! I wish I could have someone like you review my finances. I'm 30 years old with my husband and our newborn daughter. We're saving up for our first home.
Same here... We are planning for a baby next year.
Thank you for this valuable advice 🎉hope you make more
Question for you Marko (or anybody) -- I understand the "Fill up the buckets" idea, but physically how do people go about doing this? Like most people, I bank with one of the big 4 US banks (Chase, BofA, WellsFargo, or Citi), in your example, are you saying I should open 5 "savings accounts" and just label them as EmergencyFund, InvestingFund, TravelFund, HouseFund, CarFund, ? Do people actually do that? Or do you just have your EmergencyFund Savings account and just keep adding cash to it for all those things and then just have an excel sheet to keep track of how much money of the savings account is allocated to those things in life that matter to you? Thanks in advanced!
Great question! I’m curious about this too
Literally open different accounts and have money deposit to those accounts. The separation helps creates agency for the money. I have multiple accounts for different uses.
To each their own, I just track the allocation in an excel spreadsheet
@@VQHRZ this works too
Ally Bank or Capital One allows you to open multiple savings accounts and name them. Then you can setup an automatic transfer to each on payday
Started watching this over pandemic in 2020, made a big difference to my life
Thanks Marko!
Good list, I have a little different order but I think you nailed the important stuff... I think the life insurance should be a step, or all types of insurance really, but the fact you had it as the ad in the middle works for me, lol.
Completely unnecessary for single people with no kids though.
@@co7314 Not necessarily. I ask single people if they were to die today who would bury them? Do those people have 15k available to bury you? If not, then they should have some life insurance. Even if they do have the money, it would probably still be nice if they didn't have to pay for you and you had the insurance.
You don’t miss bro 🙏🏾
It really made no sense to me when he said ''It doesn't matter whether I'm right or wrong, whether the market goes up and down. I'm good regardless''. People are really losing a sh*t ton of money out here. I personally have been buying stocks since the beginning of the year and yet nothing's changed, but I've been reading articles of people still in the same market pulling off over 350k in just a couple months. Its tough out here!
Sometimes, the strategies to stay on constant green in a downturn markets are quite rigorous for the regular-Joe. Matter of fact, they are most successfully carried out by experts who have had a great deal of skillset/knowledge of the market. Maybe you should hire one.
@@Harperrr.99 Agreed! I first contacted a Financial Analyst because these days, it's easy to buy into trending stocks, but the task is knowing when to sell or keep. That's where my manager comes in, to help me with entry and exit points in the industries I'm engaged in. I’m currently 60% up in profits just in 5months with my initial capital of $160k
@@viewfromthehighchairr Please can you leave the info on how to reach your investment advisor here? I’m in dire need for one.
@@billclinton-f8n Sure. NICOLE DESIREE SIMON, a well-known person in her field, is my advisor. I got to know her through my wife. It's my wife that has her number, but you could further investigate her credentials and contact her yourself.
@@viewfromthehighchairr Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Great video! Sharing it!
I was just explaining this to my mom this morning thank you for making this video!!
In my country we don't have a match but a country subsidy of 15% on a very tiny ammount (up to ~666$ max in a year) if you even chose to save. For me, that's bullshit help.
Currently my paychecks go into a local bank. Can anyone recommend a national or online bank with automatic saving buckets or money market accounts? Thanks
Thanks for sharing your information 😊
Good stuff my dude
ty sabr
Love your videos, Marko!
I love the bucket method! Im gonna make a "new tech" budget :)
Glad it was helpful!
ALMOST 1M!!
Very informative and helpful
Very informative & I found it very helpful 👍
Great video. I use the 50-15-35 rule live expenses-fun $-savings
A Toyota Yaris 🤣 That’s why I love Marko
Good video for finance
I have been waiting for another vid like this! Stay safe Marko!
Thanks for watching!
Awesome. Thank you!
Great video, and I'll second the endorsement of the Money Guy "Order of Operations" which is definitely the best blueprint for wealth-building and financial independence
Where should I put money that I want to invest in myself?
A savings account takes too long to transfer to an external account when I'm ready to use it and a normal checking account gets mixed up with all my other expenses.
Thank you
My biggest outtake that has etched itself in my memory is that time (a few years ago) when you butchered the pronunciation of “gyros”.
Can you use it in the next video?
Good job, Marko👍
Where does social security go in? Is it part of savings?
Great video. Question: what camera and mic are you using? I do remote work at times and certainly would help me do a proper set-up. Thanks
I make about 50k a year, and recently pushed my savings rate all the way up to 30%. I was able to do this through living abroad for 330 days a year and working for a foreign company. This wipes out my federal income taxes through something called the foreign earned income exemption, which covers up to 120k of income. Something to think about if you're keen to live overseas :)
Great video and advice! 👍🏼
Thanks so much!
Hi Marko! For step 4, you say to contribute 15% net income to retirement - does this include employer contributions? E.g. if my employer contributes 8% of my salary, should I only contribute 7% to get to 15% or 15% in addition to the employers 85?
Generally, no it doesn’t. That 15% of net income towards retirement is just that. 15% of YOUR income, that doesn’t include what your employer contributes. That’s just a bonus. Dave Ramsey says the same thing for his Baby Step 4 & explains that 15% should be all your income, and the employer contributions is “gravy on top” lol 💕
Back to the basics, I missed the good ole whiteboard!
Marko Buckets & FOO > Ramsey Baby Steps
Hello.
I am new in investing.
And my question is. if I buy shares in wibull do I own those shares or I am buying to trade Only?
Forgot setting aside money for options gambling 😈
My check only allows me to do half of the list.
I paid myself first and invested in low cost index funds. Spent the rest. Save and invest at least 20% of your pay if you want a decent retirement. I know about this when I was in my early 20s and practiced it with discipline. Most of today's young people are clueless and will only realize what they should have done when it's too late.
Hey marko what’s your opinion on using acorn
I am loving Wealthfront Cash account for this. 2% interest and you can easily separate the cash into different buckets.
I got this idea after reading Money Master The Game by Tony Robbins. Every dollar I make is split into a particular purpose. If I want a new car create a new envelope. If i want a house envelope. Instead of the envelope method I did this with savings accounts. It was a game changer. For instance if you have $250 that you put aside consistently for 5 years that’s $15,000, 10 years that’s $30,000. Ten years sounds like a long time but it’s been over 10 years since I was in undergrad. That $30k can be used to purchase a property or other investments which you can grow. I feel most people can at least put $250 away.
New subbie here! Great info!
Great video.
Incredible thanks
Should you still invest your emergency fund, like in low risk, high liquidity investments? So you are still earning?
Aren't monthly expenses, like mortgage, a bucket?
It's all about optimization 👌💰📈
Im doing 10% gross into 401K with a 5% match
10% net into Roth IRA (cant afford to do 15 right now)
offset?
Sir i am writing an english book for high school and one of the topic is financial literacy
Could you allow me to use your videos for the class discussion about low wages and budgeting
Tq
Gbu
I love this video
Hi! Thanks for great videos!
A question about this one... How/where do you save "each bucket" funds? For example, if you put $300 away each month in the "Travel bucket", where do you put this money? - I assume Not in mattresses, not in a saving accounts, not in a checking accounts... I assume you should put them in some better type of saving place with better ROI. Can you give suggestions for each bucket?
Hey Marlo how do you open a IRA ?
Can we apply this systems to a 50 year young person or for young investors 😊😊
Would you use something like m1 finance for some of the bigger buckets?
You dah man Marko!
What about low interest debt?
Great video as always!! Can't wait for your University to go live!! I've so much to learn!! PS. Your after credits are way better than Marvel phase 4's 😂
GR Yaris
For the 15% recommend net income into retirement on step 4 does that include the money you are already contributing pre-tax on step 1? or another 15% after that?
This video is contingent on what type of salary? Cause I was broke after the 2nd step lol
Question,I work with my LLC,I max out my Roth ira every year but it's not 15% of my salary.if I'm getting pay under the books,mostly cash,should I be contributing to an sep ira or just put money into a brokage account? since I'm really not benefiting much if nothing at all from a tax deferred ira.
Hey Marko, I live in Australia, what would my options be for an employer-matched savings account?
We have our employers adding 11% for you. You can add money to your super which will give you a 17.5% tax benefit.
@@SteveMuller1976 thanks Steve, but what do you mean by "a 17.5% tax benefit"?
@@lukepev5459 Concessional super contributions are taxed only at 15% when they are received by your super fund. So this is much less than the normal 32.5% tax bracket which is instantly a 17.5% win for you. Even a higher win if you're in a higher tax bracket. Also Google search for 'Salary sacrifice'.
Hey Marko I had a question for you about the 401k match. My employer does offer a match but the match is 25% of any contribution. That being the case how much would you recommend putting into my 401k. Thank you.
Hi guys quick question. I’m 25 and put 16% towards my 401k. Should I save more money in this or save an additional percentage in a savings account? I make 76k a year currently
If retiring early (before 55) is something you're working towards, then 16% in a 401K probably wouldn't be the best option given the extra 10% penalty on early withdraws. Overall I'm not a huge fan of 401K beyond the company match.
Can you go more in detail about what the 'buckets' look like? Are they investment funds, savings accounts, index funds, etc.. ? What has been working best for you?
I mentioned in the video that they’re money market accounts
@@WhiteBoardFinance thanks. Missed that
Marko with the car taste 911 Turbo S😮💨😮💨
What are your thoughts about having a college fund for a child?
I have a 529 for my daughter. You can also buy a rental property and pay it off in 18 years and use that as their college fund. I think college and people's perception of going to college (in the way we know it today) will be a lot different in 18 years.
Awesome video! Missed your videos Mark! Simple question, I only match up to my employer match…2 options: 401k or ROTH 401k. Which one do you like MORE?
I have a taxable brokerage account that I have for 10+ long term.