Financial Planning 101 (By Age) - The Complete Guide to Financial Success
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- เผยแพร่เมื่อ 4 เม.ย. 2024
- Financial Planning 101 (By Age) - The Complete Guide to Financial Success
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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.
The fact that you said you felt broke until you were 43 makes me feel so much better at age 33. I always feel broke, but only because we are saving a ton. My grandmother(who was raised in the wake of the great depression) always told me "It's good to want things".
thats us, maxing every retirement account and hsa, not much money hitting the bank account after that
I've followed a while and I have a thought: I think age groupings should be shifted. The grouping by the first year of age (ie 20s, 30s) is less relevant IMO. Recommended decade groupings:
Group 1 : 18-25 (generally the same place in learning life after school)
Group 2 : 25-35 (generally when people start figuring life out)
Group 3 : 35-45 (last half of messy middle, again similar life)
Group 4 : 45 - 55 (know your number becomes important)
Group 5 : 55 - 65 (the landing)
Just feel those groups are more in the same life position than doing 20s 30s etc
makes sense. after 25 is the start of a new life, close the end of medical coverage by parents. I think the reason they use ages with zero's is probably just using round numbers but I think you're closer to better landmark ages including 65 as the average american retirement age.
@@FrankBatistaElJibarofor sure, and it's natural to use those groupings. But like you further illuminated, there's many reasons shifting by five years makes more sense from a financial perspective most relating to the similarity of placement in their life. You generally go through the same things at some point in those groupings. Such as kids, buying homes, retirement planning, etc. Generally speaking, talking about what a 27yr old should do is more closely related to what a 35yr old should be doing than a 20yr old
Good suggestion. 👍
We were actually on the receiving end of some financial support from my in-laws, and the way they did it was the way we probably will for our kids if they ever need it. The offered free childcare on some situations, bought our kids super practical gifts like clothes, and even let us have a 20 year old car when they were done with it. Very supportive, but we definitely always felt very broke. Thanks to their balanced support we have been firmly on our own feet for the last 5 years.
Bo's never not excited and I'm here for it
I have decently high net worth parents (probably 5-6 million)in their early 60s, I nicely tell them I’m an adult who is also a financial mutant and my wife and I are in great careers and been investing since early 20s and that they could spend their money giving, making memories and splurging a little more and that we don’t necessarily need a massive inheritance. I hope it doesn’t take away from what one of their goals was which is to leave a good inheritance/legacy. My wife and I have two kids and we want to give them the world, but more than that would love to see them self-sufficient and building their own lives. I guess this phase of life is teaching me that if you raise them into responsible adults, you don’t have to worry about leaving behind massive sums of money to them.
32 here and we are not broke by any means on paper, but man do we always feel broke.
Do you live in a high cost of living area? Kids?
Relatively high cost of living area (meaning not San Diego but somewhere where burgers are $18 and a starter home is $400k). We also have a child and are adopting a second which is super expensive.
@@cody5596 We live in a high cost of living area with our kids. Also not broke at all on paper. Nice net worth (even though we have some debt) but it is difficult to feel financially stable constantly. We are the poorest among our relatives and friends.
All the videos assume that you start investing at 20. It would be nice a video where you start from 0 at different ages.
They have some resources on their website that address this. What are your dollars worth, and how much to save by age if you start at 0 and want to be a millionaire
Iirc, their investment by age videos Assume each decade starts at zero.
Is Bo going to be excited for this episode?
He is 🙌
Indeed. Like how Bo says "interesting"
So excited
Don't be ridiculous.
He's SO excited.
I wish predicting PowerBall numbers were that easy 😂
I'm 18, and I am very excited to get started with investing and learning what I should be doing with my money as I age. Thank you guys for your content!!
When my wife gets down about not having the newest things like her peers - I have her look at our savings and retirement accounts and she instantly feels better about not having "all the things". 😊😊
Thanks for being a supportive husband.
Thanks for this show.
Really good episode! I’m going to have my son listen to this.
Absolutely ASK the person who you want as executor if they will do it. I was willing, but I found out after. I plan on leaving life easing inheritance, not a life changing one.
I enjoy this channel so much more than other similar channels. It’s not regurgitate advice from unqualified folks.
Im glad i found out about this channel while im young
The Money Guy Show, This is fantastic! I subscribed because I love it!
I love Bo’s jacket 😊
Wow! THANKS GUYS! Many of us Gen-Xers were left to our own devices on personal finance and wealth creation, and there are things (insurance, estate planning) where the information out there is still VERY scarce. Trusts, generational wealth, etc., might also be of interest to your audience /client base. Thanks again!
I'm 50 with two young adult autistic kids. It's so hard to know where the line between supporting and enabling is.
Hugs
Great job
Would the foo be similar for Canadians? Just replacing Roth ira with TFSA, and replacing 401K with RRSP or RPP?
Can you guys make a separate video on Umbrella insurance?
What a beautiful prayer of abundance. May you be blessed with the same.❤
As an aspiring financial planner, this video was so awesome! The financial planning pyramid was a great way to visualize what to think about in each decade and how it changes over time. Tons of wisdom dropped in this video, I love it! Thank you Money Guy Team!
To all people reading this 🎉🥰💖
👇👇👇👇👇
May financial blessings rain down upon you like a gentle shower, nourishing your life with abundance and prosperity. May your bank account overflow with wealth and your investments multiply beyond your wildest dreams. May you attract success and opportunities that bring you joy and fulfillment in all aspects of your financial life. Remember that you are deserving of all the good that comes your way. Wishing you a bright and prosperous future filled with happiness, security, and financial freedom. May your financial journey be one of growth, abundance, and endless possibilities.
I have a Family HDHP which actually means our medical deductible is more than 3.5 months of expenses. We have 6 months saved, but that made me laugh when I checked the deductible.
How is that the case? Our family HDHP is 3500$, are you thinking out of pocket max?
@@TheBarisaxman17For some HDHPs, deductible and OOP max are the same.
Keep exercising for optimal health all age bracket..helps ❤
"Brian, I'm so excited for this"
I really love those guys 🥰💖💰💲👍
That's a nice video
17 as of right now, I’m just curious on financial planning, and seeing how it goes for me in the near future
I would love to see a start from zero style show. Like if someone is 40 and just found this advice-what do you do?
I appreciateI can always count on Bo to be excited to chat finances 😄
I had a Toyota Tercel lol
Used to fill it up with $15.
Should I have my in network deductible or out of network deductible covered?
Am I a miser if I’m totally fine driving a Honda civic for the rest of my life? 🙈
I have a 2017 Hondas civic and wife has a 2021 Honda Civic.
Should I open a Roth IRA for my kids or a savings account?
Omg, tercel😅
Do you stop saving in your high yield savings account once you have your 6 month emergency fund? Because surely no one can afford to invest 25% AND save?
Avoid your wife's yoga instructor.
That's hilarious, lol!
On the contrary, try to get rid of the yoga instructor
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.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
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
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
Angela Lynn Shilling 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.
How much should you save before having a kid??
babies are cheap, adult children are the expensive ones lol
@@matt5889why?
About 9 months worth of sleep
@@Oaky here I was thinking 37K a year for daycare was a lot.. are you talking about paying for college or what?
My view is financial security is more important. A stable income, health insurance, reliable transportation and housing.
The Money Guy Show, You're amazing! Let's be friends and have fun together!