It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am 52 years old, recently retired, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
Finding financial advisors like Natalie Noel Burns, who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Natalie has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account.
Pre-tax contributions may help reduce income taxes in your pre-retirement years while after-tax contributions may help reduce your income tax burden during retirement.
Both have their perks but you can also save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner/investment advisor.
Really? Have you searched? Use any investor/advisor tool. Look for Monica Mary Strigle I am close to retirement with 1.4 M to my name outside of retirement accounts. I hired her services 3 years ago, she contributed immensely to my portfolio progress.
We experienced the peak of our era, and now it is gone. Recession is tanking everything including 401K. My retirement equities portfolio of $750K is in the reds. I keep losing because of inflation. This world will fall to the corrupt rulers in the same way that Rome did. I'm sorry if you're thinking about retiring and you're worried that your pension won't be enough to meet the rising cost of living. Horrible foreign policies everywhere, bad regulatory policy, bad fiscal policy, and bad energy policy.
For retirees and those close to retirement, I believe it's particularly challenging. All those years of labor only to lose it all to a problem you weren't responsible for, my regrets to everyone retiring during this time.
After the pandemic, things became extremely difficult, which is precisely when I sought a consultant's counsel. I've been investing on my own for nearly 3 years and have built up a stagnant reserve of $280K to $570K in just over 24 months.
My advisor is Lisa Angelique Abel With the help of google you can book an appointment. She has a wealth of experience in the financial market gained over several years.
Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
Financial planners can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around $300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
Mind if I look up the consultant that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
A Financial Planner told me Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. But how can one take advantage of compound interest and potentially grow my monthly income over time?
There are a lot of ways to achieve your goals especially in stocks but such strategies can only be carried out by market experts. Who has studied the markets for years not a random TH-camr.
I have worked with a few financial advisors before now but i ultimately settled for Melissa Elise Robinson. She is SEC regulated and licensed in US. You can easily look her up.
I have worked with a few financial advisors before now but i ultimately settled for Alicia Estela Cabouli. She is SEC regulated and licensed in US. You can easily look her up.
In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
you are completely right, Advisors have information and paths that are not disclosed to the public.. I profited $560k in 2023 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
She appears to be a true authority in her profession with over two decades of experience. I looked her up on the internet and skimmed through her site, very professional. already sent her an inquiry hoping for a response soon.
Outstanding video! To summarize the SECURE Act changes: 1. 2025 most employers must automatically enroll employees in 401k program at a minimum of 3%. Employees can opt out. 2. 2024 companies can match employees’ student loan payments with 401k ‘matching’ contributions
@@honestmovietalk I had to suffer and so it's only fair for everyone else to suffer!!! lol I bet OP thinks it's unfair for McDonald's employees and Taco bell employees to also get tuition reimbursement too...we all know those people are living lavish lifestyles 😆
@@honestmovietalk Like why does he even care if people want to use their employer match on their 401k to pay off their student loan debt rather than have it go into their retirement account...they're still getting their same contribution match either way lmao
I agree@@jettrooper101 . Its more like a presentation at a southern church trying to appeal to the teenagers so that when they have money, they will get some of it.
Great job making usually dry, boring information very relatable and fun! Your humor is much appreciated and will help many of us understand terms and concepts that aren't taught anywhere else. Keep up the great work!
As a soon retiree, keeping my 401k on course after a rocky 2022 is top priority. I have been reading of lnvestors making up to 250k ROI in this current crashing market, any recommendations to scale up my ROI before retirement will be highly appreciated
Having an investment adviser is the best way to go about the market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I nettd over $220K during this dip, that made it clear there's more to the market that we avg joes don't know
I have to say I look forward to your videos daily. Love the comedy with the education, Life is always so serious that you have the way of making it a lot more enjoyable to watch .. Hopefully Dave is paying you well*.you deserve it.....
Agreed about the comedy. The fact that they still say that you should spend $200 to pay off $100 worth of debt by forgoing an employee match is laughable, and honestly should be enough to get the channel demonetized for misinformation.
First off RIP Chandler and second George’s jokes are low key freaking hilarious! This was very entertaining and informative. Seriously, absolutely incredible job with this video!!
Because of the US economy's importance to the global economy, its instability has far-reaching implications. In such circumstances, safe-haven assets such as those with high FA and cryptocurrencies provide security. Investors must prioritize asset protection, diversification, and balanced portfolios in order to weather market volatility.
Investing in a variety of asset classes will reduce risk more than putting all of your money in one. If your financial understanding is lacking, see a financial consultant.
Several individuals minimize the importance of counsel until their own feelings become overwhelming. A few summers ago, following a protracted divorce, I needed a significant push to keep my firm afloat. I looked for licensed advisors and found someone with the highest qualifications. She has contributed to my reserve increasing from $275k to $850k despite inflation.
'Laurelyn Gross Pohlmeier' 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.
USA has a spending problem. Congress needs to focus on budgeting. Both Dems and Republicans since Bush are spending like crazy and it will hurt the generations down the road.
Actually, the USA has a revenue problem, we need to repeal all of the Republican tax cuts that have been passed since the Reagan Administration and properly fund the IRS to make the super wealthy pay their fair share in taxes.
My plan is to ignore social security ( it wont exist when im 65) continue to save agressively and give the irs the finger as often as possible. Taxation at current rates is theft. The gov needs to budget better
I agree with your sentiment about not counting on it, but Social Security should exist when you are 65. The only way it won't is if the government gives a lump-sum payment and then switches the mandatory 6.2% (plus the 6.2% employer match) directly into a 401k. I don't see that happening. Due to inflation, that money won't do much. What would be really interesting is if 100% of the Social Security money was just used to pay for senior healthcare. No Medicare, no plan B, but no money either, just free healthcare for seniors at 65 years of age.
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
@@Nernst96 this is huge! mind if I look up the advisr that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future
I've shuffled through a few advisors in the past, but settled with “Vivian Carol Gioia” her service is exemplary. I'd suggest you research her further on your browser, sure you'll find her basic info.
@@Nernst96 very much appreciated, your response suggests a person of benevolence.. just inputted her full name on my browser, and came across her site, top-notch qualifications! she seems well-qualified
At 40 I got divorced with four teenagers. I took on extra W2 work and grew my side hustle into a small business that could support me and my children. I actively worked on getting out of debt and creating a one year emergency fund. This took about five years total. I contributed what I could to my IRA during this time. Got remarried to someone who was also a lower income single parent. We also built his side construction business into a full time business which he worked on the side of his law enforcement career. We both worked a day job and ran our side business while paying off the house, and then we started saving aggressively into our retirement accounts and cash accounts, CDs money markets. We are now able to retire comfortably at 55 and 67. We started over at 40 and 53. Not ideal, but it can be done. It was hard work but I’m glad we did it. We will now have some dignity in our retirement.
You’re a dork. I love it! I’ve been out of the Ramsey space for about 2 years, ever since we finished baby step 3 and set up 4 to run passively. But I’m currently on a long unpaid maternity leave as the breadwinner. It is something I would never have been able to afford if I wasn’t in the position that following the Ramsey plan helped put us in. Now that I’m close to going back to work, I’m thinking about how to buckle down and “catch up” on some of the goals that took a back seat while we prepared for and had our baby
My first 2 years out of college i didnt invest in a 401 because i wanted to save every penny for a multi-family. Best decision ever. Owned a side by side 2 family at age 24. There are multiple avenues
I would be overjoyed if the government would just knock it off and consider student loan payments a totally tax deductible business expense. You need it for your career, presumably. So there is the justification. Make it happen.
I appreciate your approach to teaching.. To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough, we just need to hold onto our hopes and wait to see how things turn out because market movements are almost always unpredictable. In my portfolio, I'm noticing more red than green
As with an my big financial decision,it’s important to keep your guard’s up for economic risks.However, smart planning, time management and seeking advise from a financial adviser can help keep you and your money safe
yes i agree and right now the markets are going berserk right now. This is the best time to watch them, get to know them better, and strike when the opportunity presents itself. I learned that from my mentor, ''Monica Amanda McClure'' she's seen dozens of market cycles over the past few decades, and she has a feel for how they move, why they move, and what comes next.
Sure, the Investment advisor that guides me is ''Monica Amanda McClure'' and she's renowned and has quite a following. So it shouldn't be a hassle finding her. Just look her up.
Where have you been all my life?!? The Barb in Bloomington AI sent me over to your video because she was listening in to my TH-cam feed and wow.. VERY well done. Absolute perfect use of top notch humor, fantastic wit and solid knowledge and wisdom along with impeccable video skills and set construction. NICE!!!!!!
I'm so glad to see the automatic enrollment changes. My employer only sees 21% of employees enrolling in their 401. I've encouraged my department to enroll and give a short class to all new hires in my department and tripled it to 60%. But to at least start with 100% participation is fantastic. I'll be curious to see how many people cancel it.
@@mxerb5912 I appreciate the push from a company to actually educate people and get their buyin. "Hey! Check this out! We actually care about your well being and you need to know this information! It's free! Just do it!"
I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains with months, I'm really just confused at this point.
I feel your pain, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $130k in passive diversified safe-haven assets, Up 200k so far and pretty sure I'm ready for whatever comes.
In fact, despite having no experience or prior knowledge when I began investing in 2018, by the end of 2019 I had made a profit of over $750k. I had merely been adhering to the advice that my financial counselor had given me. This demonstrates that all you really need is an expert to assist you; you don't even need to be a great investor or put in a lot of work.
I've been in the red for the past couple months, lost 12k last week alone, Indubitably I've got good companies but profit is still stalling, how did you go around finding an investment-advisor, I wouldn't mind looking yours up.
NYCOLE CHRISTINA VANNATA is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I'd like to retire or work less in 5 years, and I'm curious how others split their pay, how much of it goes into savings, consumption, or investments; I earn roughly $250K per year but have nothing to show for it.
My strategy is simple. No debt. After paying off the mortgage, I realized how easy it was to save money. I am single income on a clerk salary living in California. Having $250K in HYSA, the bank is today paying ME $1000 monthly!! I realized that I had spent years paying the bank money on interest. Never again.
Would you happen to have a video on how to financially rebuild following a divorce and the big financial crisis people find themselves in. Asking for a friend…
I pulled my SS statement and there was a paragraph in the second page that said that, as of 2035, we could expect to receive only about 80% of our calculated SS due to projected funding shortages. It said it RIGHT THERE on the statement! Comments???
Also be sure to see if your employer offers a Roth 401k. It’s not the same thing as a Roth IRA, but both are tax free growth with no mandatory withdrawals at a certain age.
I'm writing a bit about the death of nuance, implied meanings & context and George is the poster boy of the movement. I bet he SAYS chef's kiss on camera too.
i think the student loan thing is nice if the company your in wouldn't have hired you without that degree. like , if you're gonna require that degree to do the job then you help pay for it. i even had full ride to my undergrad degree and still have student loan debt from master's degree. love my job, loved the education i got but there is no way me or my parents coulda planned for tuition to get so ridiculous as it is now.
Just want to point out that this is another way to enrich the companies managing 401K even more. The place where I work set up a 401K with no matching and employees paying ALL the fees. Needless to say, there weren't many takers. And now, they will enroll you whether you want it or not? Just brilliant.
Yup. I've always diverged from the Ramsey team on this. Put in what you need to get the match. Devbt payments are STILL the priority - but not at the expense of free retirement bucks to me.
So rule 1s advice about unenrolling if you have debt. I would put a * on that. If your company is matching contributions to a 401k then even if you have debt it's possible that that investing money into a 401k with employeer matching could result In more growth than your interest in debt could be over the long term. You're essentially doubling your investment up to a percentage of your contribution that's a huge ROI.
Would love to hear an episode on retirement options for self-employed individuals. Other than Roth IRA, what else can we do besides invest and get taxed?
This is a Ramsey Solutions TH-cam channel so he's referencing Ramsey's Baby Steps. In summary: 1) Have a $1,000 emergency fund 2) Pay off debt that's not a mortgage 3) Emergency fund increases to 3 to 6 months of expenses 4) Invest 15% income into retirement accounts 5) Save for kids' future 6) Pay off mortgage early 7) Continue building wealth and charity So no, it doesn't refer to mortgage debt. I'd say it's mainly aimed at credit card debt, somewhat aimed at student loan debt (depending upon interest rate). Ramsey's always extremely anti-debt because his audience was originally aimed at people that racked up a lot of credit card debt. I agree with other financial advisers that the question of when to aggressively pay down debt versus when to invest in retirement accounts is more nuanced and it mainly comes down to the debt's interest rates. I think of the order more like: 1) Emergency fund of 1 to 3 months of expenses 2) Whatever your employer's maximum 401(k) match is 3) Increase the emergency fund to 3 to 6 months 4) Pay off high interest rate debt 5) Max Roth IRA 6) Pay off medium interest rate debt 7) Max 401(k) 8) Pay off low interest debt/ Invest in taxable investment accounts i.e. brokerage accounts And obviously step zero is stop using credit cards to buy stuff now to pay off later. Also, investing in HSAs is somewhere in there for people that are eligible for those
This is a Ramsey Solutions TH-cam channel so he's referencing Ramsey's Baby Steps. In summary: 1) Have a $1,000 emergency fund 2) Pay off debt that's not a mortgage 3) Emergency fund increases to 3 to 6 months of expenses 4) Invest 15% income into retirement accounts 5) Save for kids' future 6) Pay off mortgage early 7) Continue building wealth and charity So no, it doesn't refer to mortgage debt. I'd say it's mainly aimed at credit card debt, somewhat aimed at student loan debt (depending upon interest rate). Ramsey's always extremely anti-debt because his audience was originally aimed at people that racked up a lot of credit card debt. I agree with other financial advisers that the question of when to aggressively pay down debt versus when to invest in retirement accounts is more nuanced and it mainly comes down to the debt's interest rates. I think of the order more like: 1) Emergency fund of 1 to 3 months of expenses 2) Whatever your employer's maximum 401(k) match is 3) Increase the emergency fund to 3 to 6 months 4) Pay off high interest rate debt 5) Max Roth IRA 6) Pay off medium interest rate debt 7) Max 401(k) 8) Pay off low interest debt/ Invest in taxable investment accounts i.e. brokerage accounts And obviously step zero is stop using credit cards to buy stuff now to pay off later. Also, investing in HSAs is somewhere in there for people that are eligible for those
Subscribed, thanks, nice video, and info of which I had no idea. Hey, as great as this sounds, does it also sound like the government is planting the seed to remove social security all together? If even more people who work for a company are encouraged to contribute to a retirement vehicle and eliminate their student debt, is the US government pushing retirement out of its own hands? Though these new policies are welcome, I’m nervous for the retirement years of 2050+
It's interesting the Government chose a Tax deferred retirement fund to help people save for retirement. So in other words they get to dip into more pockets in the form of taxes, a bigger pot to for them. Not you.
Auto enrolling employees is wrong. I don’t want my employers to open accounts of any kind in my name without my permission. Especially when they have our 401ks with low quality brokers/ insurance firms that I don’t want handling my money or having my personal info.
Hey George! I actually enjoy the jokes in between the information 😂 Congratulations to you and your wife on your baby! I think these new changes are a good step towards the right direction
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am 52 years old, recently retired, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?
Finding financial advisors like Natalie Noel Burns, who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Natalie has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account.
Pre-tax contributions may help reduce income taxes in your pre-retirement years while after-tax contributions may help reduce your income tax burden during retirement.
Both have their perks but you can also save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner/investment advisor.
I have thought about it, but haven't figured out how to get consultation, I don’t live in a big city.
Really? Have you searched? Use any investor/advisor tool. Look for Monica Mary Strigle I am close to retirement with 1.4 M to my name outside of retirement accounts. I hired her services 3 years ago, she contributed immensely to my portfolio progress.
What is her fee structure like? Are her services available to about anyone? Can you share more details?
We experienced the peak of our era, and now it is gone. Recession is tanking everything including 401K. My retirement equities portfolio of $750K is in the reds. I keep losing because of inflation. This world will fall to the corrupt rulers in the same way that Rome did. I'm sorry if you're thinking about retiring and you're worried that your pension won't be enough to meet the rising cost of living. Horrible foreign policies everywhere, bad regulatory policy, bad fiscal policy, and bad energy policy.
For retirees and those close to retirement, I believe it's particularly challenging. All those years of labor only to lose it all to a problem you weren't responsible for, my regrets to everyone retiring during this time.
After the pandemic, things became extremely difficult, which is precisely when I sought a consultant's counsel. I've been investing on my own for nearly 3 years and have built up a stagnant reserve of $280K to $570K in just over 24 months.
I’m in dire need of guidance so i can salvage my portfolio due to the massive dips and come up with better strategies. How can I reach this advisor?
My advisor is Lisa Angelique Abel With the help of google you can book an appointment. She has a wealth of experience in the financial market gained over several years.
Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Mind if I ask you to recommend this particular coach you using their service?
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
As investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management
Financial planners can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around $300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
Mind if I look up the consultant that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future
I can't divulge much but Sonya lee Mitchell is the FA I work with you, you can do your due diligence as she's very much accessible to the public
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
Polished. Witty. Funny in a dad joke way, but that’s okay. Education with humor is a great angle.
A Financial Planner told me Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. But how can one take advantage of compound interest and potentially grow my monthly income over time?
Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by experts.
There are a lot of ways to achieve your goals especially in stocks but such strategies can only be carried out by market experts. Who has studied the markets for years not a random TH-camr.
Could you recommend some good advisers? don’t get me wrong, I already have one i speak with but he seems not to know much.
I have worked with a few financial advisors before now but i ultimately settled for Melissa Elise Robinson. She is SEC regulated and licensed in US. You can easily look her up.
I have worked with a few financial advisors before now but i ultimately settled for Alicia Estela Cabouli. She is SEC regulated and licensed in US. You can easily look her up.
In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
you are completely right, Advisors have information and paths that are not disclosed to the public.. I profited $560k in 2023 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
Please can you leave the info of your invstment analyst here? I need such luck
Sharon Marissa Wolfe is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
She appears to be a true authority in her profession with over two decades of experience. I looked her up on the internet and skimmed through her site, very professional. already sent her an inquiry hoping for a response soon.
Outstanding video! To summarize the SECURE Act changes:
1. 2025 most employers must automatically enroll employees in 401k program at a minimum of 3%. Employees can opt out.
2. 2024 companies can match employees’ student loan payments with 401k ‘matching’ contributions
you are an unsung hero for recapping it for us, thank you sir
It’s ridiculous to claim that #2 is not fair to people that already paid their student loans. What a stupid statement
@@acewings221 Yeah lmao. ''My mother died of cancer 10 years ago, how DARE you try to cure future cancers!! That's unfair to my mother!!!'' lmao
@@honestmovietalk I had to suffer and so it's only fair for everyone else to suffer!!! lol
I bet OP thinks it's unfair for McDonald's employees and Taco bell employees to also get tuition reimbursement too...we all know those people are living lavish lifestyles 😆
@@honestmovietalk Like why does he even care if people want to use their employer match on their 401k to pay off their student loan debt rather than have it go into their retirement account...they're still getting their same contribution match either way lmao
The jokes are great. Most money content is boring as hell. I like those too. This is a great break from the norm
The best money advice is usually pretty boring.
1. Spend less than you make
2. Invest the difference
3. Profit
@@jdtreharne simple thing but hard to do
@@iaf4454 for sure
i say this all the time but, really feels like you're bringing ramsey well into modern content creation. keep it up
Eh, a little to cringe in my opinion. They're trying too hard. Like way too hard.
I agree@@jettrooper101 . Its more like a presentation at a southern church trying to appeal to the teenagers so that when they have money, they will get some of it.
Too bad they're wrong about credit cards and investing in a 401k while paying off debt
Ramsey doesn't belong. His rules a good start, but overall he's pretty mid.
Great job making usually dry, boring information very relatable and fun! Your humor is much appreciated and will help many of us understand terms and concepts that aren't taught anywhere else. Keep up the great work!
As a soon retiree, keeping my 401k on course after a rocky 2022 is top priority. I have been reading of lnvestors making up to 250k ROI in this current crashing market, any recommendations to scale up my ROI before retirement will be highly appreciated
sure there are loads of ways to make a killing right now, but such high-volume near impeccable tradess can only be carried out by real-time experts.
Having an investment adviser is the best way to go about the market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I nettd over $220K during this dip, that made it clear there's more to the market that we avg joes don't know
that's impressive!, I could really use the expertise of this advisors , my portfolio has been down bad....who’s the person guiding you.
credits to Natalie Marie Tuttle, one of the best portfolio manager;s out there. she;s well known, you should look her up
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
I have to say I look forward to your videos daily.
Love the comedy with the education, Life is always so serious that you have the way of making it a lot more enjoyable to watch ..
Hopefully Dave is paying you well*.you deserve it.....
Same here ❤
Agreed about the comedy. The fact that they still say that you should spend $200 to pay off $100 worth of debt by forgoing an employee match is laughable, and honestly should be enough to get the channel demonetized for misinformation.
First off RIP Chandler and second George’s jokes are low key freaking hilarious! This was very entertaining and informative. Seriously, absolutely incredible job with this video!!
Because of the US economy's importance to the global economy, its instability has far-reaching implications. In such circumstances, safe-haven assets such as those with high FA and cryptocurrencies provide security. Investors must prioritize asset protection, diversification, and balanced portfolios in order to weather market volatility.
Investing in a variety of asset classes will reduce risk more than putting all of your money in one. If your financial understanding is lacking, see a financial consultant.
Several individuals minimize the importance of counsel until their own feelings become overwhelming. A few summers ago, following a protracted divorce, I needed a significant push to keep my firm afloat. I looked for licensed advisors and found someone with the highest qualifications. She has contributed to my reserve increasing from $275k to $850k despite inflation.
That makes perfect sense; you seem to have a better understanding of the market than we do. The coach is who?
'Laurelyn Gross Pohlmeier' 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.
USA has a spending problem. Congress needs to focus on budgeting. Both Dems and Republicans since Bush are spending like crazy and it will hurt the generations down the road.
Actually, under Clinton (w. a R Congress), spending was less than revenues for a couple of the years. 2nd Bush and since has been a disaster.
Word. Only the combination of Speaker Gingrich (R) and VP Gore (D) ever made genuine progress on solving this, and that was 25 years ago.
Bush spent plenty too
Actually, the USA has a revenue problem, we need to repeal all of the Republican tax cuts that have been passed since the Reagan Administration and properly fund the IRS to make the super wealthy pay their fair share in taxes.
My plan is to ignore social security ( it wont exist when im 65) continue to save agressively and give the irs the finger as often as possible. Taxation at current rates is theft. The gov needs to budget better
Good luck with them budgeting at all
Ok
Best plan I've seen
I agree with your sentiment about not counting on it, but Social Security should exist when you are 65. The only way it won't is if the government gives a lump-sum payment and then switches the mandatory 6.2% (plus the 6.2% employer match) directly into a 401k. I don't see that happening. Due to inflation, that money won't do much. What would be really interesting is if 100% of the Social Security money was just used to pay for senior healthcare. No Medicare, no plan B, but no money either, just free healthcare for seniors at 65 years of age.
Same plan here, if SS exists when I’m retirement age then awesome extra money. If not then I’ve planned for it
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management
Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
@@Nernst96 this is huge! mind if I look up the advisr that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future
I've shuffled through a few advisors in the past, but settled with “Vivian Carol Gioia” her service is exemplary. I'd suggest you research her further on your browser, sure you'll find her basic info.
@@Nernst96 very much appreciated, your response suggests a person of benevolence.. just inputted her full name on my browser, and came across her site, top-notch qualifications! she seems well-qualified
At 40 I got divorced with four teenagers. I took on extra W2 work and grew my side hustle into a small business that could support me and my children. I actively worked on getting out of debt and creating a one year emergency fund. This took about five years total. I contributed what I could to my IRA during this time. Got remarried to someone who was also a lower income single parent. We also built his side construction business into a full time business which he worked on the side of his law enforcement career. We both worked a day job and ran our side business while paying off the house, and then we started saving aggressively into our retirement accounts and cash accounts, CDs money markets. We are now able to retire comfortably at 55 and 67. We started over at 40 and 53. Not ideal, but it can be done. It was hard work but I’m glad we did it. We will now have some dignity in our retirement.
Dog Dashing sounds amazing. Sign me up for the initial testing, George
You’re a dork. I love it! I’ve been out of the Ramsey space for about 2 years, ever since we finished baby step 3 and set up 4 to run passively. But I’m currently on a long unpaid maternity leave as the breadwinner. It is something I would never have been able to afford if I wasn’t in the position that following the Ramsey plan helped put us in. Now that I’m close to going back to work, I’m thinking about how to buckle down and “catch up” on some of the goals that took a back seat while we prepared for and had our baby
My first 2 years out of college i didnt invest in a 401 because i wanted to save every penny for a multi-family. Best decision ever. Owned a side by side 2 family at age 24. There are multiple avenues
Camera is not centered on the desk and it's a little catawampus. Yes, I am that kind of person. Keep up the good work, George and crew!
I am really loving your videos. Funny, but so informative too. Thanks.
WHOA!! Flashback to Jeff Lynn and a 1977 ELO concert at 1:26!!
Your videos truly help me understand things… I laugh 😂 every video!
I do too!
Thanks for the update on aecure 2.0
Did not know another update on RMD.
Thanks for sharing the update! Just got married so will want to investigate further if these accounts change much
I would be overjoyed if the government would just knock it off and consider student loan payments a totally tax deductible business expense. You need it for your career, presumably. So there is the justification. Make it happen.
Really enjoy how palatable you make this for the average watcher!! Thanks for the great content George, God bless!!!
This one was particularly funny today. Good way to get through a boring subject, made me pay attention.
I appreciate your approach to teaching.. To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough, we just need to hold onto our hopes and wait to see how things turn out because market movements are almost always unpredictable. In my portfolio, I'm noticing more red than green
As with an my big financial decision,it’s important to keep your guard’s up for economic risks.However, smart planning, time management and seeking advise from a financial adviser can help keep you and your money safe
yes i agree and right now the markets are going berserk right now. This is the best time to watch them, get to know them better, and strike when the opportunity presents itself. I learned that from my mentor, ''Monica Amanda McClure'' she's seen dozens of market cycles over the past few decades, and she has a feel for how they move, why they move, and what comes next.
@@dogmom-pt5we please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
Sure, the Investment advisor that guides me is ''Monica Amanda McClure'' and she's renowned and has quite a following. So it shouldn't be a hassle finding her. Just look her up.
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
Love the video! Your mix of succinct, relevant information with humor is spot on. Just subscribed and looking forward to future videos!
Bob Barker is the best host of PiR. You earned my like.
Super helpful! Sharing with my son. Making sure the hubs knows all this too. Thanks
Informative and fun(!) video. Nice work, George. Keep em coming!
Where have you been all my life?!? The Barb in Bloomington AI sent me over to your video because she was listening in to my TH-cam feed and wow.. VERY well done. Absolute perfect use of top notch humor, fantastic wit and solid knowledge and wisdom along with impeccable video skills and set construction. NICE!!!!!!
Thanks for keeping things light! 😂
Awesome Video 🎉🎉 So funny 😂😂 and very informative 🤝🏾👏🏽👏🏽 Thank you for the laughs.
George, I appreciate the info! That being said I could use fewer comedic clips.
I'd bet cash money that lots of employers are going to cancel/reduce their matching contributions because of these changes.
I love your comedic inserts! They are hilarious and good for the soul when talking about money.
Love your presentation WITH THE HUMOR PUNS😂
I really like your set, very professional, got a warm look to it.
I'm so glad to see the automatic enrollment changes. My employer only sees 21% of employees enrolling in their 401. I've encouraged my department to enroll and give a short class to all new hires in my department and tripled it to 60%. But to at least start with 100% participation is fantastic. I'll be curious to see how many people cancel it.
It’s insane to force people to enroll
@@mxerb5912 it's not really a force, it's just automatic enrollment. You can opt out if you want to be poor in your retirement.
@@mxerb5912 I appreciate the push from a company to actually educate people and get their buyin. "Hey! Check this out! We actually care about your well being and you need to know this information! It's free! Just do it!"
Loving the content. You guys are on the roll for putting tons of content out.
Liked after the state lines joke. Subscribed for the content.
You are funny 😂 thanks sharing this knowledge ❤
Keep up the good work George! You're doing a good job. Thanks for the update about 401K contributions and such, while keeping it upbeat and comedic.
I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains with months, I'm really just confused at this point.
I feel your pain, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $130k in passive diversified safe-haven assets, Up 200k so far and pretty sure I'm ready for whatever comes.
In fact, despite having no experience or prior knowledge when I began investing in 2018, by the end of 2019 I had made a profit of over $750k. I had merely been adhering to the advice that my financial counselor had given me. This demonstrates that all you really need is an expert to assist you; you don't even need to be a great investor or put in a lot of work.
I've been in the red for the past couple months, lost 12k last week alone, Indubitably I've got good companies but profit is still stalling, how did you go around finding an investment-advisor, I wouldn't mind looking yours up.
NYCOLE CHRISTINA VANNATA is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I'd like to retire or work less in 5 years, and I'm curious how others split their pay, how much of it goes into savings, consumption, or investments; I earn roughly $250K per year but have nothing to show for it.
Please How can one reach this advisor of yours?
You're not retiring in 5 years if you cannot figure out such basic information as evidenced by you having nothing to show for it
Is this a joke??😂
Tax deferred until 75? Oh yes, I'm ROTH ALL THE WAY!!
@@mxerb5912just bots. They show up on all financial youtube channels. Ignore them.
My strategy is simple. No debt. After paying off the mortgage, I realized how easy it was to save money. I am single income on a clerk salary living in California. Having $250K in HYSA, the bank is today paying ME $1000 monthly!! I realized that I had spent years paying the bank money on interest. Never again.
Great Information..thanks SO much!!!
Wow! Thanks for the information
Would you happen to have a video on how to financially rebuild following a divorce and the big financial crisis people find themselves in. Asking for a friend…
So sorry to hear about your situation. I would look up some Ramsey show calls on divorce, as well as our blog article on the topic on our website.
Interesting this clip was used 5 days ago. Foreshadowing? 🤔 3:27
i can't remember the last time i laughed at a financial facts video. well done!!!
This is a great video. Too bad I am 59 and still in Baby step 2 and therefore have no retirement savings yet.
Still my favorite Ramsey personality. Thanks for the great content and laughs😂
Finally, someone articulated exactly how I feel about the new price is right guy. He’s no Bob!
Don't dip into your retirement account to avoid bankruptcy.... Personal opinion
Good updates along with even better advice.
I pulled my SS statement and there was a paragraph in the second page that said that, as of 2035, we could expect to receive only about 80% of our calculated SS due to projected funding shortages. It said it RIGHT THERE on the statement! Comments???
Yup… less workers contributing to the Ponzi scheme. I’m set to retire in 2037 so awesome…..
Thank you for summarizing!
Great video 👍
Also be sure to see if your employer offers a Roth 401k. It’s not the same thing as a Roth IRA, but both are tax free growth with no mandatory withdrawals at a certain age.
That's all I use now. Then when I leave the job, I roll it over to my Schwab personal ROTH account.
I'm writing a bit about the death of nuance, implied meanings & context and George is the poster boy of the movement. I bet he SAYS chef's kiss on camera too.
Great job on the all INFO George Kamel with a K! Keep up the awesome work- Love your stuff, keep it coming!
i think the student loan thing is nice if the company your in wouldn't have hired you without that degree. like , if you're gonna require that degree to do the job then you help pay for it. i even had full ride to my undergrad degree and still have student loan debt from master's degree. love my job, loved the education i got but there is no way me or my parents coulda planned for tuition to get so ridiculous as it is now.
“Just pretend like you were sleeping “ 😴 😂😂😂
Great info!!! Thanks for the updates 👍🏿
Just want to point out that this is another way to enrich the companies managing 401K even more. The place where I work set up a 401K with no matching and employees paying ALL the fees. Needless to say, there weren't many takers. And now, they will enroll you whether you want it or not? Just brilliant.
Opt out if the fees are higher than you can get privately.
I never knew about the fees that charged. Kind of hidden fees.
3 years with co for pt workers and 500 hours in total since they started with the company or 500 in the year
This video was GREAT
The Ketchup Chick-Fil-A bit had me dying at the "and its their pleasure" =D
Great information!❤
Excellent info… my accountant is slacking
George, stellar content.
Question: do we know if this all applies to 403b accounts just the same?
I know you said not to invest in anything until I’m debt free but what if my employer matches 13% if I put in 9%? Kinda hard to walk away from that.
Yup. I've always diverged from the Ramsey team on this. Put in what you need to get the match. Devbt payments are STILL the priority - but not at the expense of free retirement bucks to me.
The "I'll get gas in the morning" bit some to my soul
"Say what" was funny though. 😊
LOL! People ruin everything.
Very entertaining! GK is a real great addition to Dave's team.
So rule 1s advice about unenrolling if you have debt. I would put a * on that. If your company is matching contributions to a 401k then even if you have debt it's possible that that investing money into a 401k with employeer matching could result In more growth than your interest in debt could be over the long term. You're essentially doubling your investment up to a percentage of your contribution that's a huge ROI.
Would love to hear an episode on retirement options for self-employed individuals. Other than Roth IRA, what else can we do besides invest and get taxed?
Add infinite banking to your safe money strategy. It’s a beautiful option for self-employed individuals.
IBonds are tax deferred
And inflation protected
HSA
SEP and Simple IRAs
Hey George. Big fan. Does the debt u refer to prior to particiating in ur workplace plan, also include mortgage debt?
No mortgage is not included
This is a Ramsey Solutions TH-cam channel so he's referencing Ramsey's Baby Steps. In summary: 1) Have a $1,000 emergency fund 2) Pay off debt that's not a mortgage 3) Emergency fund increases to 3 to 6 months of expenses 4) Invest 15% income into retirement accounts 5) Save for kids' future 6) Pay off mortgage early 7) Continue building wealth and charity
So no, it doesn't refer to mortgage debt. I'd say it's mainly aimed at credit card debt, somewhat aimed at student loan debt (depending upon interest rate). Ramsey's always extremely anti-debt because his audience was originally aimed at people that racked up a lot of credit card debt. I agree with other financial advisers that the question of when to aggressively pay down debt versus when to invest in retirement accounts is more nuanced and it mainly comes down to the debt's interest rates. I think of the order more like: 1) Emergency fund of 1 to 3 months of expenses 2) Whatever your employer's maximum 401(k) match is 3) Increase the emergency fund to 3 to 6 months 4) Pay off high interest rate debt 5) Max Roth IRA 6) Pay off medium interest rate debt 7) Max 401(k) 8) Pay off low interest debt/ Invest in taxable investment accounts i.e. brokerage accounts
And obviously step zero is stop using credit cards to buy stuff now to pay off later. Also, investing in HSAs is somewhere in there for people that are eligible for those
This is a Ramsey Solutions TH-cam channel so he's referencing Ramsey's Baby Steps. In summary: 1) Have a $1,000 emergency fund 2) Pay off debt that's not a mortgage 3) Emergency fund increases to 3 to 6 months of expenses 4) Invest 15% income into retirement accounts 5) Save for kids' future 6) Pay off mortgage early 7) Continue building wealth and charity
So no, it doesn't refer to mortgage debt. I'd say it's mainly aimed at credit card debt, somewhat aimed at student loan debt (depending upon interest rate). Ramsey's always extremely anti-debt because his audience was originally aimed at people that racked up a lot of credit card debt. I agree with other financial advisers that the question of when to aggressively pay down debt versus when to invest in retirement accounts is more nuanced and it mainly comes down to the debt's interest rates. I think of the order more like: 1) Emergency fund of 1 to 3 months of expenses 2) Whatever your employer's maximum 401(k) match is 3) Increase the emergency fund to 3 to 6 months 4) Pay off high interest rate debt 5) Max Roth IRA 6) Pay off medium interest rate debt 7) Max 401(k) 8) Pay off low interest debt/ Invest in taxable investment accounts i.e. brokerage accounts
And obviously step zero is stop using credit cards to buy stuff now to pay off later. Also, investing in HSAs is somewhere in there for people that are eligible for those
That invested joke deserves a thumbs up
It seems like *mostly* good changes, I’ll take it
Although I’m not proud of filing for bankruptcy, I did have to do that in 2011 and I was able to exempt my 401(k) and my pension when I did.
The Govt said: "My precioouuszz" taxes 🐒 i clearly heard it 😂😂
Thank you! It was timely and useful!
Subscribed, thanks, nice video, and info of which I had no idea.
Hey, as great as this sounds, does it also sound like the government is planting the seed to remove social security all together? If even more people who work for a company are encouraged to contribute to a retirement vehicle and eliminate their student debt, is the US government pushing retirement out of its own hands? Though these new policies are welcome, I’m nervous for the retirement years of 2050+
Dad joke of the day 🤙
It's interesting the Government chose a Tax deferred retirement fund to help people save for retirement. So in other words they get to dip into more pockets in the form of taxes, a bigger pot to for them. Not you.
“I’ll just get gas in the morning…” I took that bit personally.
Auto enrolling employees is wrong. I don’t want my employers to open accounts of any kind in my name without my permission. Especially when they have our 401ks with low quality brokers/ insurance firms that I don’t want handling my money or having my personal info.
I wouldn't unenroll everything. At the very least, make the company match amount. That has a higher and more immediate return than debt interest.
Great information. Keep the videos coming!
Hey George! I actually enjoy the jokes in between the information 😂 Congratulations to you and your wife on your baby! I think these new changes are a good step towards the right direction
You really do a fantastic job. thank you