@@enriquesanchez2001 real way to live. people think they need fancy, it is only transportation from A to B I drive a 13 year old car and have a 26 year old pickup. I do spend for my wife a little though she hauls the kiddo and grand kids around so i make sure they are good. I keep my cars until they just plain stop running or the wheels fall off. age 51 and need all the savings and investments i can so i dont have to work until death. fulltime at least. LOL
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
The issue is most people have the “I will do it myself mentality” but not skilled enough. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 350%, since covid-outbreak to date, summing up nearly $1m.
“Rebecca Nassar Dunne” is who i work with and she is a hot topic even among financial elitist in California. Just browse, you’d find her, thank me later.
I like that. I live in a fantastic house and continue to invest in it by working in it, BUT my vehicles are modest and usually 8 years old when I buy them. I buy them for economy and reliability.
Respects! Our Grandmother always said, may not apply, but maybe, "If we don't see it, we don't have it, and you don't need it" she came from FINLAND in the early 1900's to Northern Michigan!
The Great Depression people know more than anybody else. My dad told me some years ago when he was still here people today don't really know what poor is. He made sure he was never poor again after serving in WW2.
Retired at 61. Zero debt. Over 1M invested in stocks. I drive a 2000 minivan and a 2018 pickup. The secret is to live below your means and be happy with family and life and not stuff you buy.
This is it. Everyone has a threshold in their head, the amount which would help them retire. Truth is all you need is a decently sized emergency fund so that you don't have to worry about Healthcare, and 1 house so that you don't pay rent. Other than that, basic amenities is all you need.
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
Many people minimise 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 solvent. I looked for licenced advisors and found someone with the highest qualifications. She has contributed to my reserve increasing from $275k to $850k despite inflation.
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.
Yep. Even if you pay the maintenance on an older car to keep it up, there's no nagging monthly payment. I have two 180k mile cars, and they work fine. Point A- point B😊 most cars last 300k+ if you keep up regular maintenance. I'll still probably be driving them 15 yrs from now.
I plan to chauffeur each of my kids to their respective weddings in my used 2016 Honda Odyssey (which I’ve held the note since 2018). I doubt they will accept, but the offer still stands.
I know a guy: 1. who lives in jeans 7 days a week 2. Never owned cable TV 3. Always brought his lunch to work 4. Never bought a new car 5. Worked 2 jobs 6. Took a vacation once a year 7. Mowed his own lawn 8. Cleaned his own house I’m that guy at 62 and very happy in my life.
I know a guy who had no money for education joined the military, used that for the GI bill, got his engineering degree. Married his college sweetheart. Worked on jet aircraft Bought all kinds of new cars including Porsche. Ate at good restaurants. Went on nice vacations. Mowed his lawn had 2 cool kids Retired at 51 Living well in the Pacific Northwest With tons of savings And I’m pretty damn happy
@@jimsteinway695 JUST EXCELLENT !! Student debt - car notes and heavy consumer debt CREATES economic slavery. Bravo to you for not embracing the madness
@@jimsteinway695 Sounds like you got a book in you, Jim Steinway. I'll be looking for it on Amazon. Your name says, "There's a best selling author." You name is very marketable.
I know a girl who has never been to a hairdresser \ never had her nails done \ buy clothes on ebay \ mows and weeds her own yard \ sold the car and enjoys long walks and public transport \ brings lunch to work every day \ stopped contributing to work lotto \ pay bills the same day of receiving \ does not drink coffee \ deposits 98%of her wages into an online savings account and\or retirement investments \ crochet rather than scroll mindlessly on a phone \ never ever visits any social media \ donate bags and bags of clothes n boots if not worn in a year \ zero subscriptions as she has Plex media servers \ - that girl is now 60 and very happy
Speaking from experience , you need wealth to take care of your physical health…there was a time when I did nit have enough to see a doctor and when I could finally afford proper care, it took me two years to get my health back
I read the book "The Richest Man In Babylon" by George S. Clason in 1972. The book came out in the 1920s. It is still available today. It is the best financial management book I've ever read. I followed its advice and became financially independent when I turned 55. I am now 82 and still financially independent. I liked your video. Thanks.
I’ve been in the nursing profession for over 25 years. From day one I used dollar cost averaging to maximize my 401(k) and IRA. I always brewed my own coffee and packed my own lunch ultimately saving thousands upon thousands of dollars. Today I’m 52 years of age with $1.6 million in net worth Looking forward to early retirement.
Cheers to your success. Thank you so much for sharing your story with others here on this channel. And thank you for watching. I’ll see you in the next video.
I drove my beat up 1981 Mustang for years while my co-workers bought new Trucks, cars, etc every 2-3 years. At 277K miles, I rebuild the engine and put in a new clutch and drove it about 9 more years. . I put the maximum into my retirement acct. at work each payday. I did not buy a new cellphone every 6 months. I lived in a modest house. Retired at 62 with just over $1 million net worth. All on a salary under $60K People need to live a frugal life, not be seduced by the glitter out there.
@@geod3589 that’s true wealth I’m so proud of you I had such bad Habits doing everything u just wrote tilll about 2019 before pandemic my eyes got open paid 55k in credit card debt off I have one car loan about 10k left and student loan of 47 then my mortgage . I know if I get focused again if I was able to pay off. The credit cards and cut them and l never use them again and stay focused I can pay off car keep it for years and then student loan then mortgage and investing i I currently invest 2 k a month I’m a registered nurse . Make about 120 k a year in miami Florida. Would u just lower contributing to what employer matches which was 1% but got email just a month ago it’s going up to 3 % and throw that 2 k off to car loan and student loan . I had to get a Malibu 2023 because my paid off car my son was hit by a drunk driver and he left the scene . Thanks in advance for your wisdom . Made so many mistakes in my 30’s now I’m cleaning up the mess . In my 40’s I wish I would of found this wisdom earlier in life 🤦♀️🙈🙏🙏🙏
I am a youngster next to you, but due to an ankle problem, I am stuck in an ankle brace. I have my own electric scooter now, and still enjoy racing the empty wait lines at Disney in the evenings. And yes, my car and scooter are both paid for L0L
Being retired my income is basically SS, a couple of IRAs, about 5 months emergancy fund, and a stock market account. My saving grace is my house and car is paid for.
I’m a retired respiratory therapist, and I’ve known a LOT of doctors who, while they make big money, also spend it all on cars, houses, and vacations. Many times they end up going bankrupt, because they have more bills than their income! There’s an old saying, “The more you earn, the more you spend.” This is true for many people, even those who make well over $200,000 a year.
If you're a Dave Ramsey fan you've heard some of this already but Jerry your demeanor and delivery are much less confrontational and hard nosed and therefore I think more people will listen. Even though I agree with Dave on most things and his solutions many people are turned off by zealots. Summary- great job / video!
I sold our house in a very large city, and moved to a smaller city. House was paid for, and when I sold it and moved to the lower cost of living city, I paid off the new house and pocketed a few hundred thousand. Best move ever.
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 $200k gains with months, I'm really just confused at this point.
Thank you very much, Jerry !.....EGO, this little 3 letter word is the Reason most people are in Debt and live a Miserable life with a lot of Things they don't need !...Satisfy your Needs, have very Few Wants ; that is the Secret of Contentment...and Contentment is the Secret of LIFE !!.....Enjoy the Show , that others provide.....and be Happy for them and yourself . ....You always make me think, Jerry...THANK YOU.....Take care..
The average millionaire has seven different streams of income. I can vouch for this. My 9-5 job is very average salary-wise. Good benefits, but the salary is nothing special. Over the years I have begun teaching online courses with three different schools, make royalty income from a home business that releases about one new product a year (all profitable), making great interest thanks to today's interest rates, and just started investing in dividend stocks. After renting my whole life I bought a condo in 2011, paid it off in 2019, and also own my car which was new in 2019 and has just 14k miles on it. Zero debt. Once expenses are covered I can save, save, save.
Retired at 53 before COVID with 3 grown kids. Bought a $96k house in Queens NY and our rental income pays the mortgage. No other debts, never had a new car. Drives a ‘12 Prius & Seinna now (did had my fling with 3 German cars in succession once). Sitting on a $3.5M portfolio & slowly withdrawing for normal expenses . Been living below my means & happy. Yet deeeep down, I wanted a Miata😁
If you love what you have, you have everything you need. Simple lesson here is to figure out what's really important in life for you. Strive for that, be happy with that and you will feel free! Too many people either try to outdo the neighbors or are just never satisfied with what they have, no matter what they have. That's a very sad place to be.
I drive a 2021 Toyota Hybrid. Getting 65-72 mpg city, 61 mph highway. Planning to drive it until the wheel fall off. Only paid $20,600 brand new with only 11 miles on it. 0% interest rate.
@@jaekn-My car was only two years old when I purchased it and had less than 10k miles on it. I’ve had it for 9 years now and it is a wonderful car. Of course I have routine maintenance performed on it, but it has been perfectly reliable.
The trick with BMWs is to buy them fully depriceated. One of the best cars I've ever purchased was a 1995 BMW 318i for $700. It had 223k mi on it when I bought it in 2012. Drove that car for 3 years. Only required regular maintenance except only one issue with the coolant hose and fitting bursting (pressurized plastic fittings are like catnip to bmw engineers) Eventually the head gasket blew @ 305k, if I was smart back then I would have fixed it instead of scraping the car. I'd probably still be driving it. I have a 330ci now, sweet driving cars. I'm always happy behind the steering wheel of a BMW but I refuse to pay more than 10% of what they cost new.
I’m a millionaire, and drive a Toyota. Haha! It’s so true, but will eventually buy an exotic. I was a Dave Ramsey follower for a while. Graham Stephan is also giving good advice, but my personal experience has been in buying and paying off real estate, which I rent out at a fair amount below market value. I am earning well into the six figures now, thanks to my rentals. I was able to retire young, and am excited to have a legacy to leave behind to my two sons.
how much rent will you realistically collect in 36 months? now it's working out because you made the right decisions in the past, but I'm afraid you couldn't fit them into today because the prices are too high and it probably wouldn't be worth it.
@@michalk2497 investment properties are still returning 5-7%. Best thing to do for that first property is to buy a duplex or triplex. Pay it off and move on to number 2, then number 3. By the time you own three free and clear they will fund your lifestyle.
I have rentals I rent below market value in my area as well, it helps me retain excellent renters and the cash flow isn't nescessarly from the monthly rent it's the back end savings that helps.@@michalk2497
When I retired at 52, people kept asking me, "Why are you retiring so early?" and my answer was the same, "I would have retired at 18 if I could have afforded to."
@motokev2727 My first job was a dishwasher when I was 15 in 1985 (I was earning $3.75 an hour and thought I was rich!!). My hard work and investing made it possible to retire at 47. People who learn the value of hard work early in their life almost always do better in life. It's why we have a generation in their 30's that never learned that lesson and are struggling while living in mommy and daddy's basement.
@daveb2280 I started washing dishes at 17.. now at 44 I own my small business, paying myself 100k/yr.. on a 5 yr plan to pay off my home and 401k + multiple 6 figures in savings... the key to all of this,is never being without a job.. I never even graduated high school, dropped out to work and raise my son who came unexpectedly when I was 17.. he's now working in my small business and building his life.. 🙏
Thanks so much Jerry! I've been very hard on myself, I'm a late bloomer, however, I'm making good strides. I'm now out of pay check, to paycheck. I've built up, through savings, solid financial security. I have a ways to go and I'm starting my own business.🙏🎉🎉👍🙌
My aunt and uncle did not graduate high school. They both had to drop out to work on family farm 🚜. They were married at 16yrs old( in the 1950s) Had 2 kids by the time they were 18yrs old. They worked odd jobs and lived in a 2nd hand trailer and shared one car . They saved everything they had to buy a small roadside mom and pop hotel . Then bought another one and another one , well 5 hotels later and a restaurant and own farm equipment rental company. They sold all of it and They retired millionaires . And NO college degree or debt . They will always be my heros
Totally depends on the tenants, I’ve had the same couple for at least 6-7 years, pay on time every month, keep the house looking great and fix most things that come up, they treat the house like they own it. But I’ve heard horror stories about bad tenant ,
There are more tools now to figure out if someone has been evicted, what is their credit report? How many addresses do they have. If they have an address the last5-7 year and they don’t list it on the application… BIG RED FLAG! Get 2-3 landlord references. Being a good landlord and getting good tenants is a skill you can learn. Do you think every landlord had bad tenants? It’s a skill just like sticking to a budget. Sorry stocks don’t pay $20,000 in dividends but real estate can in one year.
About 10 years ago I stopped listening to the lies, the lies others were telling me that I “needed” something, and the the lies that I told myself, that I “deserved” something, I’m 54, debt free and enjoying life!
Never made more than $50K/yr. Retired with 1 mil cash. I was VERY conservative in my investments in the '90's, primarily annuities. Retired 13 yrs ago and have more now than when I retired because of continuing to live a frugal life style. Less is more. If I was able to do this anyone can do it. But I worked since I was 14 and always had a noticable work ethic so never had employment problems. Oh ya. I gave and continue to give not only to my church but to others who I see in need. (NEVER to anyone with an 'entitlement' mentality). I worked hard to have enough to help those who were less fortunate than myself. "God loves a cheerful giver."
@@zachhecksel2920 No. I got my degree in biblical theology which means I learned biblical principles in giving. 2 Cor 9. God loves a cheerful giver. In the OT, the temple tax and government tax combined to be a little less than 30%. True giving was whatever you could freely give beyond that.
Im 54 and retired a couple years ago (minus some part time work here and there). I have more than enough according to the retirement calculators online but i still constantly think about money, debate myself over every dollar i spend and have nearly everything invested in stocks. I should stop being so tight with money but a lifetime of being this way (thanks dad) allowed me to retire early. I really love the freedom to make my own priorities now for how i spend my time, much more than I've ever enjoyed spending money.
I think you have the right mindset regarding money. I compiled a 20 year budget when I retired at age 48 in 2004 and that spread sheet has been updated on a daily basis to this day. It takes about 10 minutes every morning and in a way sets the scene for the future.
Coming out of a divorce 23 years ago I had no home and about $750k in financial assets, but zero debt. Then a year later I lost my $200k/year a year job to a downsizing, but received a $250k payout and a pension. So, I went into business for myself, remarried, bought a house with the payout, and put every penny I could into a self-employed 401k. Paid cash for every purchase for 23 years. No cash, no purchase. Now approaching 80 and fully retired for 3 years net worth is north of $3 million. It's NEVER too late to start over!
Nice video. I even enjoyed the comments below. Some were snarky but still fun. Others talked about how well they are doing. The bottom line is that most people who watch videos like this are doing pretty well. It makes you feel good to see that we are doing better than our peers... human nature.... People who are in the "financial hurt locker" don't watch videos like this because it makes them feel worse. Yep! I'm doing well and videos like this just validate it even though it really isn't necessary
I have always taken most, if not all, of my money away from myself. That way, I always feel poor and I'm always hustling to make money and SAVE money. To be a millionaire was cool back in the 70s. Today, you have to be a multi-millionaire to have a decent retirement.
Yes I get it and nothing against the principle of what you're saying but theres so many people in these comments preaching about their frugal lifestyle to the point where its mind numbingly condescending and preachy. If someone prefers to ride a bike every day and bring a bagged lunch then fine but heres the ultimate thing - its all relative. Someone that earns 200k per yr individually in florida for example can afford nice things, enjoy the finer things while still saving. It's a bit different than someone making 65k their whole life. And while someone can preach on and on about never taking vacations or enjoying anything awesome in the spirit of having exta money when theyre 70 then well...sounds like a crap life to me. Making more money solves everything.
I'm an amateur with a portfolio of 180k and I've got some real estate holdings too, but it's hard for me to build confidence. I want to invest another 70k over a one month span, but I want to be strategic about doing it so I can grow more and not stay stagnant. Are these good stock suggestions?
DYI never ever shows you where the market is going. That's why you DCA in quality stocks on dips and invest for the long term. Most importantly consider financial advisory for informed buying and selling decisions.
Agreed, the role of advisors an only be overlooked but not denied. I was shocked that I made more money with investing than hard work, not even my CEO income. Earning ''return on investment'' fetched me millions within a space of 5 yrs.(But I still enjoy working)
I'm cautious about giving specific recommendations since this is an online forum and everyone situation is unique, but I've worked with "Melissa Elise Robinson" for years and highly recommend her. Look her up to see if she meets your criteria.
Good, positive message. But at 62, I've realized that not only is personal wealth important for retirement, personal HEALTH is even more crucial. Bucking the trend for most, I lost 80 pounds back during COVID. Finally started eating right. Kept working out at gym, doing exercises targeting strength for older age, especially hips, legs, back, shoulders, etc.. Now I can continue to work and earn good money doing a physical job that I enjoy. I'll do it for 4/5 more years before my nurse wife and I retire. Now I see some high school friends of mine, similar age, some of whom are already retired, either by choice or health circumstances. Many are starting to look weak, feeble, frail, hunched over while walking, etc... in their early 60s. A few unfortunately have passed away either from cancer, heart issues, bad choices, whatever -- and many of them were doing well financially in their lives. Now they'll never enjoy their Golden Years. Thus, good physical health for you and your loved ones (my wife is recovery from breast cancer, doing great in recovery) is probably more important than anything else. If you don't have that, you have nothing, no matter what material things you possess.
I will have to agree with this statement. I'm only 38 years old and I'm really focusing on my health for today and the future. Money is a tool and like any tool you just need to know to use it effectively.
Great reminder! People tend not to realize the cost of health care post retirement. Your employer funded insurance goes away and if you don’t take time and initiative to care for yourself earlier than retirement, you may not have enough. Obviously bad things happen as you stated (happy your wife is fighting and winning) but most people can control their health to a larger extent by making wise life choices. One of your retirement assets IS your health and unlike a 401K, you can affect the dividends.
I drive a 2002 ford escape pay $86 monthly insurance i live in an older apartment building pay $1100 rent per month and keep my life simple i have monthly passive income from my ETFs and i have a P/T cleaning business i am not rich but live a confortable life.
My entire working life I made coffee at home and packed a lunch; small acts that had a big impact on my finances. People spend too much on frivolous things and being in debt seriously impacts quality of life.
I retired 21 years ago on a pension to stay home and spend more time with a husband who was suffering from Agent Orange poisoning from his service in Vietnam. He passed in 2020. I live very comfortable. I have no consumer debt except my mortgage. I am looking at paying off the mortgage in about four years. My net worth at the moment is about 400 k. I am almost 75 and fairly healthy.
Hi, saw your note. Sorry about your husband. Mine also has multiple dioxin induced conditions...100% disabled... age 70 and doing OK. He's a Marine. I wish you well. 🎉
Money allows you to look around at things you never had time to look at because you were always running full speed .what you do see is everybody in a panic all the time. You can just kick back and watch and say “I used to be like that”
I'm 72 years old thank God I've got my health I am debt-free and I'm still working 40 hour week I'm driving a twenty-five-year-old SUV very comfortable within my means I don't try to be a wannabe and I sleep well at night
“ I once had the blues because I had no shoes, until on the street I met a man who had no feet.” Count yr blessings. We are ALL richer than we think, when we don’t measure wealth by money or possessions,
I am 53 and am completely financially retired. I started investing/saving 30% of my income for 30 years... life is good when you have a plan. I'm certainly not a financial genius, I just had a plan at 19 yrs old, and I stuck to it. I now have a 2.3 million dollar pension, military retirement, ETF monthly dividend income, and rental income. I also have 100k in the credit union in a CD earning 5.15% and my ETFs are earning 11-13%. I am still investing, but I am also traveling twice a year. I run my own race, I don't compare myself to others.
Money doesn’t buy happiness, it buys opportunity and the opportunities we pursue reflect our character. Poor people don’t have opportunities so they only have existence…
One thing about stats, like when we say 33% have no retirement savings, what age groups are we using? Many young people just starting out can’t afford retirement contributions yet. I like comparing myself to similar age groups to gauge where I am.
Found out my neighbor lady owns 10 houses in the neighborhood. She even owned the house years ago that I live in today. Each of the 10 properties she owns is worth about one million dollars. I see her at the grocery store and we exchange hellos. She always gives my dog a treat. She dresses in second hand clothes and drives a 2005 car.
@artsmith103 property hoarders are making it impossible for young people to even buy a starter home. The homeless population is exploding in the US due to lack if affordable housing. Owning some property is great but excessive property hoarders are literally suffocating the American Dream for younger generations.
@@Curtis3604 The 7 families renting from me are glad to have a good place to live. Working on getting an eighth unit to market. Half my renters own nicer cars than me. I see many of them ordering delivered meals. I never do that. I have to care for all maintenance. They call me to screw in a replacement lightbulb. Find some friends and go buy a place.....but you won't.
We own MB rental property for 13 years from 2004 to 2017 (2 BR/2BT @ SeaWatch). We now own ski condo in Snowshoe WV (Allegheny Springs). We will be visiting Myrtle again in about 2 weeks for my wife's birthday. I was stunned by how much more expensive property around there has shot up to the point that I don't see a way to make $s after the POA fees any longer (The POA fees have DOUBLED in the last 6 years on the unit we sold and back then we were only making a couple thousand a year after expenses on a unit with NO MORTGAGE at the time). I will be turning 61 this year. Still working some consulting gigs simply because they pay so well.
This is my recipe for "being rich": thank God for everything you enjoy, be it a great spouse, reasonable health, and all the time you get to enjoy the simplest things. I have always spent big on cars and travel, but it doesn't matter: in the end, it's about how you feel about it. If you don't feel cheated, it made sense. I pity those who keep putting everything off until they find out they're not immortal. For me, financial security is paramount: once you have it, you can spend how you please, because... tomorrow will look after itself.
I completely agree! It's all about appreciating the little things in life and finding joy in our experiences. Financial security definitely provides a solid foundation to enjoy life to the fullest.
I have enough savings to pay my bills for a year. No car payments, no credit card debt. I live on a budget. I do not participate in the stock market. I am not an 'investor'. I believe in paying cash whenever I can. Next big debt to clobber is my home and keep saving.
25 years ago a colleague chuckled i was living like a college kid. said I wasnt living... i retired a few years ago, early 50s, a multimillionaire... he's still working and he turns 70 this year... who's living?
Not living like a college student. Just living within your means. Way too many folks out there spending hundreds every month just on interest on crap they didn't really need. Also, if you're in your early 30s, just investing 5% will produce life changing numbers in 30 years.
I think Charlie Munger was right when he said, envy is what drives most people. We we get the wrong ideas about wealth from watching the media and our peers. Wealth is not about working more buying more and then needing ever more money to support our new lifestyle. Or about buying things. For me wealth is about freedom and taking back time for myself. No longer am selling it to others for money. No (bad)debt and limited buying of things. Spending more time with family friends and personal interests. 😊
WHEN I WAS 27 - I had purchased my 1st home. Zero credit card debt. I'm 58 now and own 3 - Million $ homes. All paid off. My secret. Marry a wife that makes her own money and #1 - Don't have children. #2 We didn't wasted money on expensive vacations or cars. We always buy Certified Pre-Owned Cars. My wife still has her 2009 335i BMW with only 60k miles on it. Still runs great. Why buy a new one. Savings: We put away 70% of money into savings or investments every month. I see tons of people around me still paying rent and almost no savings or retirement. But they do drive fancy cars and take vacations they can't afford.
At 31 I was flat broke with a worthless car, no home and $10,000 credit card debt. Then I got serious. Bought and paid off my house by 49, bought a second property at 50, letting the tenants help me pay that one off. Also started salary sacrificing the maximum I could into Super at that time. Next year, I'm selling the house I live in, to move into the other one I bought, and retiring comfortably at 55. According to my calcs, I reckon I saved about 65% of my income over those 24 years. I'm just a high school educated, unskilled, laboratory technician.
Good for you. You should be very proud of yourself. I know what it’s like to give up things so you can save. The earlier the better. You were fortunate to heed that wake up call and do something about it. Congrats to you. Enjoy your retirement
@@alexispacey2864 No, no partner, no kids. I know what you mean, but I've witnessed that it can still be done. My work colleague has a similar mindset to me. He immigrated to Australia at about 31 (so same age as my scenario) with no assets/money. Works in the same field, non-professional. But he's gone through the whole family thing, wife, 2 kids as well as supporting family back home. He's retiring comfortably at 60. So I guess the family added about 5 years to the equation LOL
My parents always told me save as much as you can and don’t run a debt. I have no debt. I have three streams of income and go to restaurants and take vacations and drive a nice luxury car. I’ve never made over 100k per year and live in San Francisco. I still don’t know how I did it but I did. Ii live comfortably in my late 50’s
13 years ago my wife and I moved from Seattle to rural Kentucky on 32 spectacular acres. We don't really have any savings or retirement plan but we also have zero debt. We have four cars and everything is paid for. And this includes the 30 by 60 shot building we put on the property a few years ago. And that building allows me to do all my own maintenance repairs and projects But here's the thing. Other than a very small pension that brings us a couple hundred a month, all we have is social security. And yet our monthly cost of living is only 1/3 what are social security's checks are. I definitely agree that it's not about how much money you have, but about how much it costs to live every month. Oh, and our property taxes and all of this property is the equivalent of a loaded medium pizza every month. BTW, we're both 70. But we also are as healthy as most people in their 50's. It helps. I should add that I used to hate doing taxes every year but it's become downright fun. The reason? We don't like her pay any federal income tax and therefore we don't pay a state income tax. The reduction in stress, and just the total feeling of freedom that comes from that is hard to describe. As I watch the nation do things that in my opinion at least are a waste of money, I don't really care, because it's not my money anymore. You young people have fun electing a government that spends money the way you think they should and let me know how that goes. And yes, I know that in indirect ways it can affect me. But ultimately my faith is in the Lord, and I know that life is a mist. We will be fine. 😎
I've been a city dweller my entire life but sometimes I long for some open space and quiet. I wish you luck and hope you continue to live your best life.
Good video. Two schoolteachers, on a pension plus SS, never earned a ton of money but half a million in savings, no debt, own two smaller homes free and clear, great medical insurance, driving two not new paid for Hondas. We see people looking a lot fancier than us but we're not worried. Our kids are driving two brand new cars. working two jobs, eat out all the time and are loaded with debt. We do worry about them.
The problem isn't that 30 percent of Americans don't have any retirement savings. It's that the Government will take money away from those who saved and give it to those who didn't.
Did you retire single or with spouse/parter? Have you got kids, if so were they younger or out of the house when you retired? The reason I ask is I'm mid 40s and single no kids, and am thinking about retiring early. I think by the time I hit 50 or 55 I will have "enough to last" but I'm terrified of getting it wrong.
@@bdtrap : If you are going to retire early, make sure you have a hobby or something to do, because the boredom is REAL!!! I retired at 40 (I could no longer take the stress and the long hours in the finance industry anymore). I am very comfortable financially, and the first year of retirement was AWESOME!!! But then, the boredom of not having anything to do set in, and it SUCKS!!! 😢 I am now a part-time, adjunct professor and a part-time waiter. I am much happier now. 😃
Jerry, you are fast becoming my favorite youtuber. You are dropping serious truth nuggets here! I love living minimal and having more in the bank than materialistic items. It gives me joy to have the ability to help my kids and live simply!!! Yes… most millionaires drive Toyotas, Honda’s, Subaru’s and Fords!
I’ve had a detailed spreadsheet for 30 years and update it quarterly. I’m on track, even after several recessions, 5 kids and a divorce. My net worth on average has grown 20% per year and includes cash, real estate, 401k mutual funds and individual stocks. I use debt wisely (mortgage at 2.5% interest), but no credit card debt. No Rolex, no Gucci, share one car, and I mow my own lawn.
I made it a point to have no car or house payments by the time my wife and I retired, we have been retired for over 10 years and still have not touched our IRA's or 401K's!
We are in our early 60s, worked most of our lives as professionals. Our income is well over 300k living in SoCal driving jeep for the last 25yrs…, we feel that savings and investments are our priority along with our health. Having zero debt and not needing credit in this high interest environment is a must!! The worst thing is to be old and poor in finance and health…, we understand that.
the median/average graph you posted at around 3:50 was posted for less than 5 seconds ! Just a suggestion - leave it up longer or link to it in the description.
Time is more important than wealth. I retired at 36 making apx 4k a month passively. Yes I could work and make more money but I can live within my means but get to spend every day with my daughter. Thats worth more than any amount of money to me.
@@mustbetrue1602 all I need to do is wake up on the 1st of the month and I have 3877.22 deposited into my account. (www.va.gov/disability/compensation-rates/veteran-rates/) 100% disabled with one child. Now I do also have another income that is about 95% passive. In November, I spent 4.5 hours on the phone and sent 70 emails. That one started in June 23' and as of 12/21/23 it has made $165K. However, that one is in an aggressive growth state and I have only taken about $12K from profits to help subsidize my living and playing with my daughter.
Retired at around 50. Now 61. Traveled a lot with my family. 1.25 mill usd condo all paid off with over 2.5 million in various less risky securities that earn income, and also with $750k to spend (we travel frequently) until my wife and I get Medicare and SS benefits at 65. One used BMW. I figure SS (more than $4k per month) and investment income of more than $100k per year will cover our decent life style. I never lived like a pauper or skimmed all that much. Could I have saved more money if I sacrificed more? Yes. But no regrets because I enjoyed traveling. Right now, health. Insurance and traveling are the biggest costs. I drove nice enough cars and lived in nice enough house to not want them anymore.
This makes me feel much much better. Although i do feel behind where i want to be, we keep our expenses low and made a deliberate choice to drive paid off toyotas and live in a house thats "small" for our income. Its easy though to look at others making less than you, but somehow driving fancy cars and taking vacations every month. But we have a 6 month emergency fund, max out our roths, get our company matches and pay off our credit cards every month..... now that I'm typing this out - its making me realize how good we are doing. :)
I feel so much better after watching this video. I am very thankful that i don't have any debts and i am healthy. I am not rich but having my peace of mind is way better than having debts! Many Americans have too many debts, that's so scary. 😢
I spent the last 4 years at a great paying job paying off my mortgage in case I got laid off. Sure enough, just got notice my department was eliminated. With my wife's income and no debt of any kind, I no longer need a job to support my family and we can live comfortably on one income. I'll get another job at some point in the next year but am not stressed about monthly bills. No clue why people buy everything in sight and live paycheck to paycheck.
Great message! One problem. Most people hear the data regarding the shortcomings of most people and don't change. Instead, much like the adage "misery loves company," they take comfort knowing they are not alone. Complaining and continuing the same behaviors is easy and mirrors the masses.
Opinions on the market diverge; some claim overvaluation due to rapid gains, while others cite strong economic fundamentals justifying high valuations. Raises concern for my $600K equities going 8% up and 20% down. Should i hold on or sell off my positions and hold cash?
Success to me is being able to provide for my family in terms of food and housing. The ferrari dream left in my 20s. I dont care about those things anymore. I want stability and maybe just a VERY comfortable bed lol
7:36 that graph has got to be dated, average mortgage is well over $2000/mo now. Anecdotally, the lowest rent in the last two cities I've lived in since 2022 is no less than $1100/mo before added fees and monthly utilities etc brings it up to ~$1500
Good for me to hear. I’ve almost tripled my income over the past 2 years but I need the patience to let the dollars build up to a noticeable difference in where I was before.
We live on 33% of our gross pay. About 56% of take home. But we have the max coming out of pay for 401Ks and all with catch up contributions. So we really live on very little. We take 5 to 6 trips a year, in and out of country. We have 4 years of expenses in cash and high yield savings. Heck the interest on the savings alone pays for a 1 month trip every year. No Debt. House and college paid for. Child out and doing better then we were at 24. It is so freeing to know that money is not a problem. It's now how to spend the majority of it before we leave this place.
Strict use of your metrics suggest I'm NOT doing well but I beg to differ. I have a 401K with $500K invested and doing well. I never touch it. Between Social Security and Pension I live on $75K per year. I am completely debt free. I have no dependents to pull me down. No car. Due to disabilities I can't drive. I own my home in a walkable community. Yes, I live in a luxury area in an expensive state. I easily pay all expenses with $2,000 left each month to save and or enjoy. You say invest in real estate. I'm autistic and don't want the hassle of dealing with renters and management companies. I'm retired, housing secure & debt free. I can save regularly and still enjoy care free retired life! I'm above average in my own way bud!
My Mother said when I was young “you have to think of your old age”. So my husband and I save for our retirement and we still save. We aren’t rich but we are comfortable. Your information needs to be taught in school!
They can’t teach this in school. School is where they program you into being ok with living on a tax farm/prison your whole life. Globe lol, earth is flat. It all starts with that. Best way to contain 8 billion people is to tell them they’re on a ball floating through a never ending galaxy. We’re in prison and we don’t even know the prison exists, genius really.
Spreadsheets are important. Get your finances out of your emotions and into much more concrete numbers and time lines. 1) define your goals. When you retire, no matter if that is at retirement age or not, what lifestyle do you want, and what does it cost? Remove things like retirement and savings, and just calculate actual lifestyle costs, then add appropriate taxes on top of that number. Then project that out to age 100+ with a few parallel projections of 1.5%, 2.5%, and 3.5% inflation. This gives you your income needs going forwards for that lifestyle. This may change over time, but this is easy enough to update, and after revisiting it for a few years you should have a more specific and realistic goal. 2) Once you have a goal, figure out what is needed to get there. Understanding that average returns are 8% do a similar 3 scenario projection of how much you need to put aside every year assuming a 6%, 8%, and 10% returns. Then when you hit retirement age, subtract your lifestyle costs and see how far you make it. As long as your burn rate burns out after age 90 then you likely have an OK plan. And if your interest earned allows your acct to continue growing after retirement, then you are in danger of over saving and can expand lifestyle costs a bit. 3) now make it practical. Budgets are like diets, they are not some ideal, they are what you have been doing. So gather your past expenses and see what your actual budget is, and see if you are running a net positive, break even, or negative budget. More likely than not it is close to break even as we all tend to spend what is available, and may go into debt, but limits on debt burden keep us in relative equalibrium. Now that we know where we are at... Then we start figuring out what can change to make the goals possible. Look up average statistics for what people pay for things like internet, insurance, power, and other typical expenses. If you are way off on one of those, then look to bring them in line. What I found was that my expenses were extremely low already, and I had to change my career track to pull my income up rather than lower my expenses. But after a few years we got things to a net positive. 4) Lastly, consider debt payoff vs investments. Investing may not make any sense until debts are paid down. Some investments only allow a small amount per year, or there is some time based limit or benefit. So get your 401k match, and max out your Roth if at all possible first, because if you miss out, you can't go back in time to get those back each year. But beyond that, look at your interest rate on debt vs interest rate on an investment, and make good sensible choices. My personal rule of thumb is that if an investment is not at least 2x the return of a debt, then the debt needs to be paid down. This makes up for the risks as well as actual costs. Nothing really brings in a 40% return, so credit card debt is a big nope at 20%+. But my house is a 2.5% on a property that typically grows 4-6% in value every year, so that is a good debt. I got a heloc last year at 2% and dumped it into Bdcs at near 13%, so that was a good debt to take for the investment. Not that intro rate is done and I'm paying 7.5% (and rising) which is right at that 2x limit and making me question if it is a good idea to sell the investment and pay down the debt. I'm up overall, so I could still leave a bit invested. Or I could hope that rates will drop in the next year or two and hold, and convert the heloc into a more traditional loan with a fixed rate and keep the investment going. But we would need to see rates get closer to 4-6% to make that worth it... And that may happen, but it's a gamble. At the very least, I am paying a little extra on the heloc to cash flow it down until I make a longer term decision. But it isn't as simple as saying "pay down all debt" first, or even about avoiding debt. Because bebt is just a tool. Use it on crap and it will turn your life to crap. Use it on something good, and it is like fertilizer and gets you ahead. Take on too much, and like too much fertilizer, you will get burned. But it is a tool like any other, and needs to be used correctly.
Just turned 60. My wife stopped working after our now 26 y/o son was born. Dollar cost average and live within your means. I retired as a GS 15 in govt. Net worth ~ 4.5M….. my parents (and my wife’s) were blue collar with less than high school education and my parents were immigrants. The dream still lives!
Not many of us get pensions. And the sad thing is......not many young people understand what a pension even is? I love my Union pension. I worked hard for it.
Yes, for those who get opportunities and use those opportunities effectively. People who were fortunate to get to GS-12 to GS-15 years ago with less than a bachelor's degree today wouldn't stand a chance. You my friend were fortunate.
You are right. However, you forget one thing. I recently got a promotion, increasing my monthly income with 1/3. What do you think my net increase is after tax and fees, it is 10%. Over half of the income is going to tax, work insurance and retirement fees.
I enjoyed the Toyota/Honda/Ford comment…. 58 y/o, no debt, multiple houses paid for, rental income, etc. I drive a pair of ‘98 Corollas, and enjoy lucrative retirement while fishing at mountains lakes.
There was a partner at the first firm I worked at as a 20-something. He absolutely terrified me & was dismissive of many people below him. I just saw his obituary from the fall of 2023. He died at 76 yo, and the obituary said he retired in 2022. Five children, four grandkids, and only one year of retirement to enjoy all that he worked for. Suddenly I no longer feel fear when I remember him…just pity.
I am the wealthy guy that drives a 12 year old Camry and loves to look poor. It keeps the Gold Diggers away -:)
Agree w your choice of car. Love Camrys, and Toyota in general.
ABSOLUTELY ♥
@@enriquesanchez2001 real way to live. people think they need fancy, it is only transportation from A to B I drive a 13 year old car and have a 26 year old pickup. I do spend for my wife a little though she hauls the kiddo and grand kids around so i make sure they are good. I keep my cars until they just plain stop running or the wheels fall off. age 51 and need all the savings and investments i can so i dont have to work until death. fulltime at least. LOL
Me too! 👍
I drives a 20 years old Camry and wealthy, but lives fugally and happy
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
The issue is most people have the “I will do it myself mentality” but not skilled enough. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 350%, since covid-outbreak to date, summing up nearly $1m.
Could you possibly recommend a CFA you've consulted with?
“Rebecca Nassar Dunne” is who i work with and she is a hot topic even among financial elitist in California. Just browse, you’d find her, thank me later.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
rich people stay rich by pretending to be poor, poor people stay poor by pretending to be rich'
I like that. I live in a fantastic house and continue to invest in it by working in it, BUT my vehicles are modest and usually 8 years old when I buy them. I buy them for economy and reliability.
10 điểm
10 points
You win- this is a terrific comment!
Wise words. (How come I've never heard that one before ?)
Well said
My Grandma always said, "Eat it up, wear it out, make it do, or do without." She lived through the Great Depression and World War II. Sane advice.
Respects! Our Grandmother always said, may not apply, but maybe, "If we don't see it, we don't have it, and you don't need it" she came from FINLAND in the early 1900's to Northern Michigan!
The Great Depression people know more than anybody else. My dad told me some years ago when he was still here people today don't really know what poor is. He made sure he was never poor again after serving in WW2.
Retired at 61. Zero debt. Over 1M invested in stocks. I drive a 2000 minivan and a 2018 pickup. The secret is to live below your means and be happy with family and life and not stuff you buy.
This is it. Everyone has a threshold in their head, the amount which would help them retire. Truth is all you need is a decently sized emergency fund so that you don't have to worry about Healthcare, and 1 house so that you don't pay rent. Other than that, basic amenities is all you need.
Nobody cares
@user-nt4nb4cn1j Looks like it does bother you. You seem to care. Insecurity is a b**ch! Jealous much? 🤣🤣
Yeah well my grandmas grandma retired at 3.
Retired or expired @@TheTungdil2
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
Many people minimise 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 solvent. I looked for licenced advisors and found someone with the highest qualifications. She has contributed to my reserve increasing from $275k to $850k despite inflation.
That does make a lot of sense; you appear to understand the market better than we do. This coach is who?
Actually its a Lady. Yes my go to person is a ‘Rebecca Nassar Dunne'. So easy and compassionate Lady. You should take a look at her work.
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.
I find a nice dependable car that I can pay cash for...then I drive it until the wheels fly off!!! Car payments will drain you.
It feels great my friend .. rolling in the 2013 Maxima with 0 car payment to a pretty good job isn't sad ❤
Yep. Even if you pay the maintenance on an older car to keep it up, there's no nagging monthly payment. I have two 180k mile cars, and they work fine. Point A- point B😊 most cars last 300k+ if you keep up regular maintenance. I'll still probably be driving them 15 yrs from now.
I plan to chauffeur each of my kids to their respective weddings in my used 2016 Honda Odyssey (which I’ve held the note since 2018). I doubt they will accept, but the offer still stands.
Same here.
Cars payments, gas, insurance, mechanical costs
I was below average before I watched this video, and now I'm above average. Thanks.
Love that comment!
@@randallhoover210 I just found out women don't think 100k/yr counts as "six figure income". We lose again!
@@kittydaddy2023😂😂😂
If 100k ain't 6 figure I don't know what is then lol
@@livelovelearn360 they probably only see 0s as figures..
I know a guy:
1. who lives in jeans 7 days a week
2. Never owned cable TV
3. Always brought his lunch to work
4. Never bought a new car
5. Worked 2 jobs
6. Took a vacation once a year
7. Mowed his own lawn
8. Cleaned his own house
I’m that guy at 62 and very happy in my life.
I know a guy who had no money for education joined the military,
used that for the GI bill,
got his engineering degree.
Married his college sweetheart.
Worked on jet aircraft
Bought all kinds of new cars including Porsche.
Ate at good restaurants.
Went on nice vacations.
Mowed his lawn
had 2 cool kids
Retired at 51
Living well in the Pacific Northwest
With tons of savings
And I’m pretty damn happy
@@jimsteinway695 JUST EXCELLENT !! Student debt - car notes and heavy consumer debt CREATES economic slavery. Bravo to you for not embracing the madness
@@jimsteinway695tell us more about yourself ... "Cool kids" 😂😂😂😂 🙄☠️
@@jimsteinway695 Sounds like you got a book in you, Jim Steinway. I'll be looking for it on Amazon. Your name says, "There's a best selling author." You name is very marketable.
I know a girl who has never been to a hairdresser \ never had her nails done \ buy clothes on ebay \ mows and weeds her own yard \ sold the car and enjoys long walks and public transport \ brings lunch to work every day \ stopped contributing to work lotto \ pay bills the same day of receiving \ does not drink coffee \ deposits 98%of her wages into an online savings account and\or retirement investments \ crochet rather than scroll mindlessly on a phone \ never ever visits any social media \ donate bags and bags of clothes n boots if not worn in a year \ zero subscriptions as she has Plex media servers \ - that girl is now 60 and very happy
Forgot to mention TRUE wealth is your physical health
That is very good, but truth wealth is your walk with GOD.
The "poverty' in Jupiter Florida is apparent
Why Jupiter FL?
Speaking from experience , you need wealth to take care of your physical health…there was a time when I did nit have enough to see a doctor and when I could finally afford proper care, it took me two years to get my health back
Amen, brother! Stay as healthy as possible so you avoid the healthcare system nightmare as much as possible.
I read the book "The Richest Man In Babylon" by George S. Clason in 1972. The book came out in the 1920s. It is still available today. It is the best financial management book I've ever read. I followed its advice and became financially independent when I turned 55. I am now 82 and still financially independent. I liked your video. Thanks.
10% of what you earn is yours to keep forever.
I read that book right after I read 'The Millionaire Nextdoor' by Thomas S. Stanley.
I’ve been in the nursing profession for over 25 years. From day one I used dollar cost averaging to maximize my 401(k) and IRA. I always brewed my own coffee and packed my own lunch ultimately saving thousands upon thousands of dollars. Today I’m 52 years of age with $1.6 million in net worth Looking forward to early retirement.
Well done .🙏❤️👍👏
Cheers to your success. Thank you so much for sharing your story with others here on this channel. And thank you for watching. I’ll see you in the next video.
I drove my beat up 1981 Mustang for years while my co-workers bought new Trucks, cars, etc every 2-3 years. At 277K miles, I rebuild the engine and put in a new clutch and drove it about 9 more years. . I put the maximum into my retirement acct. at work each payday. I did not buy a new cellphone every 6 months. I lived in a modest house. Retired at 62 with just over $1 million net worth. All on a salary under $60K People need to live a frugal life, not be seduced by the glitter out there.
Cheers 🍻. I love hearing that. Would you count the equity you have in your home as net worth?
@@geod3589 that’s true wealth I’m so proud of you I had such bad Habits doing everything u just wrote tilll about 2019 before pandemic my eyes got open paid 55k in credit card debt off I have one car loan about 10k left and student loan of 47 then my mortgage . I know if I get focused again if I was able to pay off. The credit cards and cut them and l never use them again and stay focused I can pay off car keep it for years and then student loan then mortgage and investing i I currently invest 2 k a month I’m a registered nurse . Make about 120 k a year in miami Florida. Would u just lower contributing to what employer matches which was 1% but got email just a month ago it’s going up to 3 % and throw that 2 k off to car loan and student loan . I had to get a Malibu 2023 because my paid off car my son was hit by a drunk driver and he left the scene . Thanks in advance for your wisdom . Made so many mistakes in my 30’s now I’m cleaning up the mess . In my 40’s I wish I would of found this wisdom earlier in life 🤦♀️🙈🙏🙏🙏
Retired at 94. Enjoying wheelchair racing on weekends. Still have four natural teeth.
Lmao 🤣😂🤣
LOL. Love it. Hahahaha.
Smh😂
Mate you should retire earlier
I am a youngster next to you, but due to an ankle problem, I am stuck in an ankle brace. I have my own electric scooter now, and still enjoy racing the empty wait lines at Disney in the evenings. And yes, my car and scooter are both paid for L0L
Being retired my income is basically SS, a couple of IRAs, about 5 months emergancy fund, and a stock market account. My saving grace is my house and car is paid for.
I’m a retired respiratory therapist, and I’ve known a LOT of doctors who, while they make big money, also spend it all on cars, houses, and vacations. Many times they end up going bankrupt, because they have more bills than their income! There’s an old saying, “The more you earn, the more you spend.” This is true for many people, even those who make well over $200,000 a year.
True wealth is living within your means & having time to do the things you enjoy when you want to.
TRUTH!!!
I’ll buy that.
If you're a Dave Ramsey fan you've heard some of this already but Jerry your demeanor and delivery are much less confrontational and hard nosed and therefore I think more people will listen. Even though I agree with Dave on most things and his solutions many people are turned off by zealots. Summary- great job / video!
the bank of dave?
I sold our house in a very large city, and moved to a smaller city. House was paid for, and when I sold it and moved to the lower cost of living city, I paid off the new house and pocketed a few hundred thousand. Best move ever.
Wow how fucking lucky you that you just... owned a house in a big city. How incredibly lucky.
I'm 28, how am I supposed to buy a house in a big city and then sell it for a profit later? When we can't even afford basic shit
@@TheScrubmuffin69 ask yourself why you can’t afford basic shit.
@@TheScrubmuffin69 I paid this house off over a period of over 25 years after saving for a downpayment that took over five years.
@@TheScrubmuffin69 You have to be a baby boomer and bought the house in the 70s for $50k.
Lived *below* my means my entire working life. Saved money every month. Never ever used credit cards. Retired at age 60.
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 $200k gains with months, I'm really just confused at this point.
Vanguard is saying the S&P 500 will be performing much worse that the historical average.... Down in 4% (IIRC) vs the historical average of 8%.
Recovery? The stock market is on fire. Just look at a DJIA chart.
Go look at the Dow Jones Industrial Average for the last 40 years. 1000 became 42000.
People/ couples sometimes don’t realize that love and happiness jump out the back window when poverty and debt como knocking at the front door.
Thank you very much, Jerry !.....EGO, this little 3 letter word is the Reason most people are in Debt and live a Miserable life with a lot of Things they don't need !...Satisfy your Needs, have very Few Wants ; that is the Secret of Contentment...and Contentment is the Secret of LIFE !!.....Enjoy the Show , that others provide.....and be Happy for them and yourself . ....You always make me think, Jerry...THANK YOU.....Take care..
The average millionaire has seven different streams of income. I can vouch for this. My 9-5 job is very average salary-wise. Good benefits, but the salary is nothing special. Over the years I have begun teaching online courses with three different schools, make royalty income from a home business that releases about one new product a year (all profitable), making great interest thanks to today's interest rates, and just started investing in dividend stocks. After renting my whole life I bought a condo in 2011, paid it off in 2019, and also own my car which was new in 2019 and has just 14k miles on it. Zero debt. Once expenses are covered I can save, save, save.
Sounds you're doing better than you deserve.. ?.. nice
The average millionaire got there from investing for 20+ years
You were misinformed
I only have four streams of income and I am not a millionaire... No debt
Retired at 53 before COVID with 3 grown kids. Bought a $96k house in Queens NY and our rental income pays the mortgage. No other debts, never had a new car. Drives a ‘12 Prius & Seinna now (did had my fling with 3 German cars in succession once). Sitting on a $3.5M portfolio & slowly withdrawing for normal expenses . Been living below my means & happy. Yet deeeep down, I wanted a Miata😁
Me too!
If you love what you have, you have everything you need.
Simple lesson here is to figure out what's really important in life for you. Strive for that, be happy with that and you will feel free! Too many people either try to outdo the neighbors or are just never satisfied with what they have, no matter what they have. That's a very sad place to be.
That’s why I drive an 11 year old BMW that I purchased second hand.
I never purchase a brand new car.
Thank you for your tips.
I drive a 2021 Toyota Hybrid. Getting 65-72 mpg city, 61 mph highway. Planning to drive it until the wheel fall off. Only paid $20,600 brand new with only 11 miles on it. 0% interest rate.
Buying an 11 year old BMW is never a wise financial decision, they are remarkably unreliable
@@jaekn-My car was only two years old when I purchased it and had less than 10k miles on it. I’ve had it for 9 years now and it is a wonderful car. Of course I have routine maintenance performed on it, but it has been perfectly reliable.
@@jaeknrecent bmw is plenty reliable. BMW being unreliable is old news.
The trick with BMWs is to buy them fully depriceated. One of the best cars I've ever purchased was a 1995 BMW 318i for $700. It had 223k mi on it when I bought it in 2012. Drove that car for 3 years. Only required regular maintenance except only one issue with the coolant hose and fitting bursting (pressurized plastic fittings are like catnip to bmw engineers) Eventually the head gasket blew @ 305k, if I was smart back then I would have fixed it instead of scraping the car. I'd probably still be driving it. I have a 330ci now, sweet driving cars. I'm always happy behind the steering wheel of a BMW but I refuse to pay more than 10% of what they cost new.
I’m a millionaire, and drive a Toyota. Haha! It’s so true, but will eventually buy an exotic.
I was a Dave Ramsey follower for a while. Graham Stephan is also giving good advice, but my personal experience has been in buying and paying off real estate, which I rent out at a fair amount below market value.
I am earning well into the six figures now, thanks to my rentals.
I was able to retire young, and am excited to have a legacy to leave behind to my two sons.
how much rent will you realistically collect in 36 months? now it's working out because you made the right decisions in the past, but I'm afraid you couldn't fit them into today because the prices are too high and it probably wouldn't be worth it.
@@michalk2497 investment properties are still returning 5-7%. Best thing to do for that first property is to buy a duplex or triplex. Pay it off and move on to number 2, then number 3. By the time you own three free and clear they will fund your lifestyle.
Sounds just like me
I have rentals I rent below market value in my area as well, it helps me retain excellent renters and the cash flow isn't nescessarly from the monthly rent it's the back end savings that helps.@@michalk2497
THIS, is what I want/need to do! Where to start though..............?
I started working at age 14 as a dish washer.
I wanted to retire at age 15.
You need to wash a lots of dishes.😂
When I retired at 52, people kept asking me, "Why are you retiring so early?" and my answer was the same, "I would have retired at 18 if I could have afforded to."
@motokev2727 My first job was a dishwasher when I was 15 in 1985 (I was earning $3.75 an hour and thought I was rich!!). My hard work and investing made it possible to retire at 47. People who learn the value of hard work early in their life almost always do better in life. It's why we have a generation in their 30's that never learned that lesson and are struggling while living in mommy and daddy's basement.
😂😂😂
@daveb2280 I started washing dishes at 17.. now at 44 I own my small business, paying myself 100k/yr.. on a 5 yr plan to pay off my home and 401k + multiple 6 figures in savings... the key to all of this,is never being without a job.. I never even graduated high school, dropped out to work and raise my son who came unexpectedly when I was 17.. he's now working in my small business and building his life.. 🙏
Thanks so much Jerry! I've been very hard on myself, I'm a late bloomer, however, I'm making good strides. I'm now out of pay check, to paycheck. I've built up, through savings, solid financial security. I have a ways to go and I'm starting my own business.🙏🎉🎉👍🙌
My aunt and uncle did not graduate high school. They both had to drop out to work on family farm 🚜. They were married at 16yrs old( in the 1950s) Had 2 kids by the time they were 18yrs old. They worked odd jobs and lived in a 2nd hand trailer and shared one car . They saved everything they had to buy a small roadside mom and pop hotel . Then bought another one and another one , well 5 hotels later and a restaurant and own farm equipment rental company. They sold all of it and They retired millionaires . And NO college degree or debt . They will always be my heros
Great story. Thnx for posting.
And that could have been a lot of us if we had controlled our spending...
Buying a house and renting it out? No thanks. Landlord headaches. Trust me.
No if you have tolerating tenants & a DIY guy. My 2 family house in NY paying for my current mortgage
Totally depends on the tenants, I’ve had the same couple for at least 6-7 years, pay on time every month, keep the house looking great and fix most things that come up, they treat the house like they own it. But I’ve heard horror stories about bad tenant ,
Finding the right tenant, first priority!
There are more tools now to figure out if someone has been evicted, what is their credit report? How many addresses do they have. If they have an address the last5-7 year and they don’t list it on the application… BIG RED FLAG! Get 2-3 landlord references.
Being a good landlord and getting good tenants is a skill you can learn. Do you think every landlord had bad tenants? It’s a skill just like sticking to a budget. Sorry stocks don’t pay $20,000 in dividends but real estate can in one year.
Income "average". No mortgage. No car payment. No credit card debt. I have savings. I have investments. I have apartment also.
How well is that..
Save up, buy a house, and you will be light years ahead. :D
About 10 years ago I stopped listening to the lies, the lies others were telling me that I “needed” something, and the the lies that I told myself, that I “deserved” something, I’m 54, debt free and enjoying life!
Congrats you're ahead of the so-called game.
This is a great video. I am thankful that many years ago I followed the Dave Ramsey program and became debt free. Praise the Lord.
Never made more than $50K/yr. Retired with 1 mil cash. I was VERY conservative in my investments in the '90's, primarily annuities. Retired 13 yrs ago and have more now than when I retired because of continuing to live a frugal life style. Less is more. If I was able to do this anyone can do it. But I worked since I was 14 and always had a noticable work ethic so never had employment problems. Oh ya. I gave and continue to give not only to my church but to others who I see in need. (NEVER to anyone with an 'entitlement' mentality). I worked hard to have enough to help those who were less fortunate than myself. "God loves a cheerful giver."
…and god loves Tom Brady
@@ryanritchie7921i am not sure about rhat.. but i hope he does
You just described my life also! God is good!
@leefury7 did you give 10%+? Just curious on what others give!
@@zachhecksel2920 No. I got my degree in biblical theology which means I learned biblical principles in giving. 2 Cor 9. God loves a cheerful giver. In the OT, the temple tax and government tax combined to be a little less than 30%. True giving was whatever you could freely give beyond that.
Im 54 and retired a couple years ago (minus some part time work here and there). I have more than enough according to the retirement calculators online but i still constantly think about money, debate myself over every dollar i spend and have nearly everything invested in stocks. I should stop being so tight with money but a lifetime of being this way (thanks dad) allowed me to retire early. I really love the freedom to make my own priorities now for how i spend my time, much more than I've ever enjoyed spending money.
I think you have the right mindset regarding money. I compiled a 20 year budget when I retired at age 48 in 2004 and that spread sheet has been updated on a daily basis to this day. It takes about 10 minutes every morning and in a way sets the scene for the future.
Coming out of a divorce 23 years ago I had no home and about $750k in financial assets, but zero debt. Then a year later I lost my $200k/year a year job to a downsizing, but received a $250k payout and a pension. So, I went into business for myself, remarried, bought a house with the payout, and put every penny I could into a self-employed 401k. Paid cash for every purchase for 23 years. No cash, no purchase. Now approaching 80 and fully retired for 3 years net worth is north of $3 million. It's NEVER too late to start over!
Dad? Lol
Why pay cash for everything? Is that for tax evasion or to know how much your spending?
Cash = nothing borrowed. Almost all on credit cards paid off monthly and a few checks.
stop lying so much
By cash I don't mean currency, but did not borrow. We use debit and credit cards paid off monthly.
Nice video. I even enjoyed the comments below. Some were snarky but still fun. Others talked about how well they are doing. The bottom line is that most people who watch videos like this are doing pretty well. It makes you feel good to see that we are doing better than our peers... human nature.... People who are in the "financial hurt locker" don't watch videos like this because it makes them feel worse. Yep! I'm doing well and videos like this just validate it even though it really isn't necessary
I have always taken most, if not all, of my money away from myself. That way, I always feel poor and I'm always hustling to make money and SAVE money. To be a millionaire was cool back in the 70s. Today, you have to be a multi-millionaire to have a decent retirement.
As a newbie to the world of financial literacy, I found this video VERY insightful. Thank you. 🙏
Been working for Goodwill for some 5 years they don't pay enough for the rent and bills feeling more handicapped than independent working for Goodwill
The first few minutes remind me of the old saying: “New money screams, old money whispers”. It really is better to whisper…
Yes I get it and nothing against the principle of what you're saying but theres so many people in these comments preaching about their frugal lifestyle to the point where its mind numbingly condescending and preachy. If someone prefers to ride a bike every day and bring a bagged lunch then fine but heres the ultimate thing - its all relative. Someone that earns 200k per yr individually in florida for example can afford nice things, enjoy the finer things while still saving. It's a bit different than someone making 65k their whole life. And while someone can preach on and on about never taking vacations or enjoying anything awesome in the spirit of having exta money when theyre 70 then well...sounds like a crap life to me. Making more money solves everything.
That is the dumbest shit I’ve ever heard.
I'm an amateur with a portfolio of 180k and I've got some real estate holdings too, but it's hard for me to build confidence. I want to invest another 70k over a one month span, but I want to be strategic about doing it so I can grow more and not stay stagnant. Are these good stock suggestions?
With $8k, I'd suggest a mix of index funds and a few individual stocks. Diversify and watch currency rates by converting in s
DYI never ever shows you where the market is going. That's why you DCA in quality stocks on dips and invest for the long term. Most importantly consider financial advisory for informed buying and selling decisions.
Agreed, the role of advisors an only be overlooked but not denied. I was shocked that I made more money with investing than hard work, not even my CEO income. Earning ''return on investment'' fetched me millions within a space of 5 yrs.(But I still enjoy working)
pls how can I reach this expert, I need someone to help me manage my portfolio.
I'm cautious about giving specific recommendations since this is an online forum and everyone situation is unique, but I've worked with "Melissa Elise Robinson" for years and highly recommend her. Look her up to see if she meets your criteria.
You can never be truely happy until you learn to be satisfied with what you have.
That's the guy I like... he isn't happy even though he has 3 cars, good family, lots of friends and a house. Not sure what to tell him anymore.
Good, positive message. But at 62, I've realized that not only is personal wealth important for retirement, personal HEALTH is even more crucial. Bucking the trend for most, I lost 80 pounds back during COVID. Finally started eating right. Kept working out at gym, doing exercises targeting strength for older age, especially hips, legs, back, shoulders, etc.. Now I can continue to work and earn good money doing a physical job that I enjoy. I'll do it for 4/5 more years before my nurse wife and I retire. Now I see some high school friends of mine, similar age, some of whom are already retired, either by choice or health circumstances. Many are starting to look weak, feeble, frail, hunched over while walking, etc... in their early 60s. A few unfortunately have passed away either from cancer, heart issues, bad choices, whatever -- and many of them were doing well financially in their lives. Now they'll never enjoy their Golden Years. Thus, good physical health for you and your loved ones (my wife is recovery from breast cancer, doing great in recovery) is probably more important than anything else. If you don't have that, you have nothing, no matter what material things you possess.
Great message.
I will have to agree with this statement. I'm only 38 years old and I'm really focusing on my health for today and the future. Money is a tool and like any tool you just need to know to use it effectively.
Great reminder! People tend not to realize the cost of health care post retirement. Your employer funded insurance goes away and if you don’t take time and initiative to care for yourself earlier than retirement, you may not have enough. Obviously bad things happen as you stated (happy your wife is fighting and winning) but most people can control their health to a larger extent by making wise life choices. One of your retirement assets IS your health and unlike a 401K, you can affect the dividends.
Great message Kenneth, need to keep an eye on health, that is ultimate currency 👍
Switched to high protein, low carb and feeling like 30ish
I drive a 2002 ford escape pay $86 monthly insurance i live in an older apartment building pay $1100 rent per month and keep my life simple i have monthly passive income from my ETFs and i have a P/T cleaning business i am not rich but live a confortable life.
My entire working life I made coffee at home and packed a lunch; small acts that had a big impact on my finances. People spend too much on frivolous things and being in debt seriously impacts quality of life.
I retired 21 years ago on a pension to stay home and spend more time with a husband who was suffering from Agent Orange poisoning from his service in Vietnam. He passed in 2020. I live very comfortable. I have no consumer debt except my mortgage. I am looking at paying off the mortgage in about four years. My net worth at the moment is about 400 k. I am almost 75 and fairly healthy.
Hi, saw your note. Sorry about your husband. Mine also has multiple dioxin induced conditions...100% disabled... age 70 and doing OK. He's a Marine. I wish you well. 🎉
Thank you for “your” service as you were on the same team as your husband. Nice to have a roof overhead that you own, so good on you.
It's comforting to know there are positive indicators despite feeling uncertain. Thanks for shedding light on this!
Money allows you to look around at things you never had time to look at because you were always running full speed .what you do see is everybody in a panic all the time. You can just kick back and watch and say “I used to be like that”
Money just allows some things to be achieved faster, but it also attracts unwanted attention.
@@Echo30Mike Agreed. Best to stay out of the limelight - don't attract attention to yourself. Keep your head down and enjoy life....
Thank you! Woke up at 3am unable to sleep thinking about my financial situation and this made me feel way more solid lol.
I'm 72 years old thank God I've got my health I am debt-free and I'm still working 40 hour week I'm driving a twenty-five-year-old SUV very comfortable within my means I don't try to be a wannabe and I sleep well at night
Still working??
Get a life
God I hope I don't have to work at 72...or even 62
Jerry, when you show graphs please keep them up longer so we can read them as you speak.
Yes it was too quick
Pause the video!
Rewind and pause. That's what I did:)
“ I once had the blues because I had no shoes, until on the street I met a man who had no feet.” Count yr blessings. We are ALL richer than we think, when we don’t measure wealth by money or possessions,
Love it!
Yup spot on. Count our blessings EVERY DAY
My nan would say this too me
Subbed
Bill, you said it well and truthfully. Materials don't matter. Have a few nice things and move on. Relationships matter.
I am 53 and am completely financially retired. I started investing/saving 30% of my income for 30 years... life is good when you have a plan.
I'm certainly not a financial genius, I just had a plan at 19 yrs old, and I stuck to it. I now have a 2.3 million dollar pension, military retirement, ETF monthly dividend income, and rental income. I also have 100k in the credit union in a CD earning 5.15% and my ETFs are earning 11-13%. I am still investing, but I am also traveling twice a year. I run my own race, I don't compare myself to others.
I'm 54 and in a similar situation, thinking on retiring from my W2 job next year, good job
Money doesn’t buy happiness, it buys opportunity and the opportunities we pursue reflect our character. Poor people don’t have opportunities so they only have existence…
Agree, I always thought Money buys Time. Time to look for the opportunities and avoid debt.
One thing about stats, like when we say 33% have no retirement savings, what age groups are we using? Many young people just starting out can’t afford retirement contributions yet. I like comparing myself to similar age groups to gauge where I am.
Found out my neighbor lady owns 10 houses in the neighborhood. She even owned the house years ago that I live in today. Each of the 10 properties she owns is worth about one million dollars. I see her at the grocery store and we exchange hellos. She always gives my dog a treat. She dresses in second hand clothes and drives a 2005 car.
Your neighbour has become obsessed with property and forgotten that she can’t take it with her. What’s it she’s saving for, her funeral?
Owning that much property is extremely selfish
Love the 2 comments above. Brilliant examples of the indoctrination that is destroying younger lives.
@artsmith103 property hoarders are making it impossible for young people to even buy a starter home. The homeless population is exploding in the US due to lack if affordable housing. Owning some property is great but excessive property hoarders are literally suffocating the American Dream for younger generations.
@@Curtis3604 The 7 families renting from me are glad to have a good place to live. Working on getting an eighth unit to market. Half my renters own nicer cars than me. I see many of them ordering delivered meals. I never do that. I have to care for all maintenance. They call me to screw in a replacement lightbulb.
Find some friends and go buy a place.....but you won't.
We own MB rental property for 13 years from 2004 to 2017 (2 BR/2BT @ SeaWatch). We now own ski condo in Snowshoe WV (Allegheny Springs). We will be visiting Myrtle again in about 2 weeks for my wife's birthday. I was stunned by how much more expensive property around there has shot up to the point that I don't see a way to make $s after the POA fees any longer (The POA fees have DOUBLED in the last 6 years on the unit we sold and back then we were only making a couple thousand a year after expenses on a unit with NO MORTGAGE at the time). I will be turning 61 this year. Still working some consulting gigs simply because they pay so well.
This is my recipe for "being rich": thank God for everything you enjoy, be it a great spouse, reasonable health, and all the time you get to enjoy the simplest things.
I have always spent big on cars and travel, but it doesn't matter: in the end, it's about how you feel about it. If you don't feel cheated, it made sense. I pity those who keep putting everything off until they find out they're not immortal.
For me, financial security is paramount: once you have it, you can spend how you please, because... tomorrow will look after itself.
I completely agree! It's all about appreciating the little things in life and finding joy in our experiences. Financial security definitely provides a solid foundation to enjoy life to the fullest.
I have enough savings to pay my bills for a year. No car payments, no credit card debt. I live on a budget. I do not participate in the stock market. I am not an 'investor'. I believe in paying cash whenever I can. Next big debt to clobber is my home and keep saving.
Me too, except that I use my credit card for the cash rewards.
If you have a 401k that basically the stock market.
@@FreeAgent797 I do not have a 401k so NO I do not participate.
Living like a college student until you’re 60 sounds like hell.
25 years ago a colleague chuckled i was living like a college kid. said I wasnt living... i retired a few years ago, early 50s, a multimillionaire... he's still working and he turns 70 this year... who's living?
It is but never being able to stop being a wage slave to people who don't have your best interest in mind and are dumber than you is worse.
Not necessarily like “a college student.“ Living responsibly, and within your means, but still having fun.
Most college students are getting deeply in debt. How is being debt free living like a college student? 🤔
Not living like a college student. Just living within your means. Way too many folks out there spending hundreds every month just on interest on crap they didn't really need. Also, if you're in your early 30s, just investing 5% will produce life changing numbers in 30 years.
Thanks. It's refreshing to hear good news for a change and to have some validation that all the hard work really IS paying off. Much appreciated.
So right,live below your means and enjoy simple things in life like nature,things that don’t cost money but things that stay in your memories
I think Charlie Munger was right when he said, envy is what drives most people.
We we get the wrong ideas about wealth from watching the media and our peers. Wealth is not about working more buying more and then needing ever more money to support our new lifestyle. Or about buying things.
For me wealth is about freedom and taking back time for myself. No longer am selling it to others for money. No (bad)debt and limited buying of things. Spending more time with family friends and personal interests. 😊
WHEN I WAS 27 - I had purchased my 1st home. Zero credit card debt. I'm 58 now and own 3 - Million $ homes. All paid off. My secret. Marry a wife that makes her own money and #1 - Don't have children. #2 We didn't wasted money on expensive vacations or cars. We always buy Certified Pre-Owned Cars. My wife still has her 2009 335i BMW with only 60k miles on it. Still runs great. Why buy a new one. Savings: We put away 70% of money into savings or investments every month. I see tons of people around me still paying rent and almost no savings or retirement. But they do drive fancy cars and take vacations they can't afford.
At 31 I was flat broke with a worthless car, no home and $10,000 credit card debt. Then I got serious. Bought and paid off my house by 49, bought a second property at 50, letting the tenants help me pay that one off. Also started salary sacrificing the maximum I could into Super at that time. Next year, I'm selling the house I live in, to move into the other one I bought, and retiring comfortably at 55. According to my calcs, I reckon I saved about 65% of my income over those 24 years. I'm just a high school educated, unskilled, laboratory technician.
You are more than what you think......................success is between the ears.............
Good for you. You should be very proud of yourself. I know what it’s like to give up things so you can save. The earlier the better. You were fortunate to heed that wake up call and do something about it. Congrats to you. Enjoy your retirement
Do you have kids, a spouse/partner? I found the kid bit took a lot of finances and achieving early retirement.
@@alexispacey2864 No, no partner, no kids. I know what you mean, but I've witnessed that it can still be done. My work colleague has a similar mindset to me. He immigrated to Australia at about 31 (so same age as my scenario) with no assets/money. Works in the same field, non-professional. But he's gone through the whole family thing, wife, 2 kids as well as supporting family back home. He's retiring comfortably at 60. So I guess the family added about 5 years to the equation LOL
@@1000lightyrsstop lying
My parents always told me save as much as you can and don’t run a debt. I have no debt. I have three streams of income and go to restaurants and take vacations and drive a nice luxury car. I’ve never made over 100k per year and live in San Francisco. I still don’t know how I did it but I did. Ii live comfortably in my late 50’s
Dump Frisco and move to a no drama comfy small town somewhere.
@@MrEdWeirdoShow yeah but I have family here and SF is home. I’m a native but yeah there’s loads of small towns around here but I enjoy my city
13 years ago my wife and I moved from Seattle to rural Kentucky on 32 spectacular acres. We don't really have any savings or retirement plan but we also have zero debt. We have four cars and everything is paid for. And this includes the 30 by 60 shot building we put on the property a few years ago. And that building allows me to do all my own maintenance repairs and projects
But here's the thing. Other than a very small pension that brings us a couple hundred a month, all we have is social security. And yet our monthly cost of living is only 1/3 what are social security's checks are.
I definitely agree that it's not about how much money you have, but about how much it costs to live every month. Oh, and our property taxes and all of this property is the equivalent of a loaded medium pizza every month.
BTW, we're both 70. But we also are as healthy as most people in their 50's. It helps.
I should add that I used to hate doing taxes every year but it's become downright fun. The reason? We don't like her pay any federal income tax and therefore we don't pay a state income tax. The reduction in stress, and just the total feeling of freedom that comes from that is hard to describe. As I watch the nation do things that in my opinion at least are a waste of money, I don't really care, because it's not my money anymore. You young people have fun electing a government that spends money the way you think they should and let me know how that goes. And yes, I know that in indirect ways it can affect me. But ultimately my faith is in the Lord, and I know that life is a mist. We will be fine. 😎
I've been a city dweller my entire life but sometimes I long for some open space and quiet. I wish you luck and hope you continue to live your best life.
Good video. Two schoolteachers, on a pension plus SS, never earned a ton of money but half a million in savings, no debt, own two smaller homes free and clear, great medical insurance, driving two not new paid for Hondas. We see people looking a lot fancier than us but we're not worried. Our kids are driving two brand new cars. working two jobs, eat out all the time and are loaded with debt. We do worry about them.
The problem isn't that 30 percent of Americans don't have any retirement savings. It's that the Government will take money away from those who saved and give it to those who didn't.
I retired a few months ago at age 63 and now realize that I saved and invested way more than I need. Looking back I should have retired earlier.
Did you retire single or with spouse/parter? Have you got kids, if so were they younger or out of the house when you retired? The reason I ask is I'm mid 40s and single no kids, and am thinking about retiring early. I think by the time I hit 50 or 55 I will have "enough to last" but I'm terrified of getting it wrong.
@@bdtrap : If you are going to retire early, make sure you have a hobby or something to do, because the boredom is REAL!!!
I retired at 40 (I could no longer take the stress and the long hours in the finance industry anymore). I am very comfortable financially, and the first year of retirement was AWESOME!!! But then, the boredom of not having anything to do set in, and it SUCKS!!! 😢
I am now a part-time, adjunct professor and a part-time waiter. I am much happier now. 😃
Jerry, you are fast becoming my favorite youtuber. You are dropping serious truth nuggets here! I love living minimal and having more in the bank than materialistic items. It gives me joy to have the ability to help my kids and live simply!!! Yes… most millionaires drive Toyotas, Honda’s, Subaru’s and Fords!
Jerry rocks!
I’ve had a detailed spreadsheet for 30 years and update it quarterly. I’m on track, even after several recessions, 5 kids and a divorce. My net worth on average has grown 20% per year and includes cash, real estate, 401k mutual funds and individual stocks. I use debt wisely (mortgage at 2.5% interest), but no credit card debt. No Rolex, no Gucci, share one car, and I mow my own lawn.
Glad to hear something positive , I'm better off then I thought I was 🎉😊
I made it a point to have no car or house payments by the time my wife and I retired, we have been retired for over 10 years and still have not touched our IRA's or 401K's!
This is bullshit.
We are in our early 60s, worked most of our lives as professionals. Our income is well over 300k living in SoCal
driving jeep for the last 25yrs…, we feel that savings and investments are our priority along with our health.
Having zero debt and not needing credit in this high interest environment is a must!!
The worst thing is to be old and poor in finance and health…, we understand that.
the median/average graph you posted at around 3:50 was posted for less than 5 seconds ! Just a suggestion - leave it up longer or link to it in the description.
Preaching the American way. People are not just moving out of Florida, but moving out of the US. We are too materialistic and live beyond our means.
Thank you for sharing your thoughts! It’s always great to hear different perspectives on such significant issues.
Time is more important than wealth. I retired at 36 making apx 4k a month passively. Yes I could work and make more money but I can live within my means but get to spend every day with my daughter. Thats worth more than any amount of money to me.
@@mustbetrue1602 all I need to do is wake up on the 1st of the month and I have 3877.22 deposited into my account. (www.va.gov/disability/compensation-rates/veteran-rates/) 100% disabled with one child. Now I do also have another income that is about 95% passive. In November, I spent 4.5 hours on the phone and sent 70 emails. That one started in June 23' and as of 12/21/23 it has made $165K. However, that one is in an aggressive growth state and I have only taken about $12K from profits to help subsidize my living and playing with my daughter.
Great to hear a person with a kid can actually do this at your age. Most people I know with kids under 40 are living in debt.
Must’ve had quite the inheritance😊
Nope served my country but way to be a douchebag @@afridgetoofar1818
Retired at around 50. Now 61. Traveled a lot with my family. 1.25 mill usd condo all paid off with over 2.5 million in various less risky securities that earn income, and also with $750k to spend (we travel frequently) until my wife and I get Medicare and SS benefits at 65. One used BMW. I figure SS (more than $4k per month) and investment income of more than $100k per year will cover our decent life style. I never lived like a pauper or skimmed all that much. Could I have saved more money if I sacrificed more? Yes. But no regrets because I enjoyed traveling. Right now, health. Insurance and traveling are the biggest costs. I drove nice enough cars and lived in nice enough house to not want them anymore.
This makes me feel much much better. Although i do feel behind where i want to be, we keep our expenses low and made a deliberate choice to drive paid off toyotas and live in a house thats "small" for our income. Its easy though to look at others making less than you, but somehow driving fancy cars and taking vacations every month. But we have a 6 month emergency fund, max out our roths, get our company matches and pay off our credit cards every month..... now that I'm typing this out - its making me realize how good we are doing. :)
I feel so much better after watching this video. I am very thankful that i don't have any debts and i am healthy. I am not rich but having my peace of mind is way better than having debts! Many Americans have too many debts, that's so scary. 😢
I spent the last 4 years at a great paying job paying off my mortgage in case I got laid off. Sure enough, just got notice my department was eliminated. With my wife's income and no debt of any kind, I no longer need a job to support my family and we can live comfortably on one income. I'll get another job at some point in the next year but am not stressed about monthly bills. No clue why people buy everything in sight and live paycheck to paycheck.
Great message! One problem. Most people hear the data regarding the shortcomings of most people and don't change. Instead, much like the adage "misery loves company," they take comfort knowing they are not alone. Complaining and continuing the same behaviors is easy and mirrors the masses.
You are absolutely right! Success doesn't have to be " rocket science"-- sometimes it just needs some common sense.
Opinions on the market diverge; some claim overvaluation due to rapid gains, while others cite strong economic fundamentals justifying high valuations. Raises concern for my $600K equities going 8% up and 20% down. Should i hold on or sell off my positions and hold cash?
Success to me is being able to provide for my family in terms of food and housing. The ferrari dream left in my 20s. I dont care about those things anymore. I want stability and maybe just a VERY comfortable bed lol
Thanks for watching and commenting
7:36 that graph has got to be dated, average mortgage is well over $2000/mo now. Anecdotally, the lowest rent in the last two cities I've lived in since 2022 is no less than $1100/mo before added fees and monthly utilities etc brings it up to ~$1500
Good for me to hear. I’ve almost tripled my income over the past 2 years but I need the patience to let the dollars build up to a noticeable difference in where I was before.
We live on 33% of our gross pay. About 56% of take home. But we have the max coming out of pay for 401Ks and all with catch up contributions. So we really live on very little. We take 5 to 6 trips a year, in and out of country. We have 4 years of expenses in cash and high yield savings. Heck the interest on the savings alone pays for a 1 month trip every year. No Debt. House and college paid for. Child out and doing better then we were at 24. It is so freeing to know that money is not a problem. It's now how to spend the majority of it before we leave this place.
Strict use of your metrics suggest I'm NOT doing well but I beg to differ. I have a 401K with $500K invested and doing well. I never touch it. Between Social Security and Pension I live on $75K per year. I am completely debt free. I have no dependents to pull me down. No car. Due to disabilities I can't drive. I own my home in a walkable community. Yes, I live in a luxury area in an expensive state. I easily pay all expenses with $2,000 left each month to save and or enjoy. You say invest in real estate. I'm autistic and don't want the hassle of dealing with renters and management companies. I'm retired, housing secure & debt free. I can save regularly and still enjoy care free retired life! I'm above average in my own way bud!
My Mother said when I was young “you have to think of your old age”. So my husband and I save for our retirement and we still save. We aren’t rich but we are comfortable. Your information needs to be taught in school!
I hope you enjoy your young life too , just saving papers to get old and tired and lives for nothing don’t have a meaning .
I went to public school in Minneapolis. I was taught that in school.
I listened.
Not all my classmates actually did.
They can’t teach this in school. School is where they program you into being ok with living on a tax farm/prison your whole life. Globe lol, earth is flat. It all starts with that. Best way to contain 8 billion people is to tell them they’re on a ball floating through a never ending galaxy. We’re in prison and we don’t even know the prison exists, genius really.
Spreadsheets are important. Get your finances out of your emotions and into much more concrete numbers and time lines.
1) define your goals. When you retire, no matter if that is at retirement age or not, what lifestyle do you want, and what does it cost? Remove things like retirement and savings, and just calculate actual lifestyle costs, then add appropriate taxes on top of that number. Then project that out to age 100+ with a few parallel projections of 1.5%, 2.5%, and 3.5% inflation. This gives you your income needs going forwards for that lifestyle.
This may change over time, but this is easy enough to update, and after revisiting it for a few years you should have a more specific and realistic goal.
2) Once you have a goal, figure out what is needed to get there. Understanding that average returns are 8% do a similar 3 scenario projection of how much you need to put aside every year assuming a 6%, 8%, and 10% returns. Then when you hit retirement age, subtract your lifestyle costs and see how far you make it. As long as your burn rate burns out after age 90 then you likely have an OK plan. And if your interest earned allows your acct to continue growing after retirement, then you are in danger of over saving and can expand lifestyle costs a bit.
3) now make it practical. Budgets are like diets, they are not some ideal, they are what you have been doing. So gather your past expenses and see what your actual budget is, and see if you are running a net positive, break even, or negative budget. More likely than not it is close to break even as we all tend to spend what is available, and may go into debt, but limits on debt burden keep us in relative equalibrium.
Now that we know where we are at... Then we start figuring out what can change to make the goals possible. Look up average statistics for what people pay for things like internet, insurance, power, and other typical expenses. If you are way off on one of those, then look to bring them in line. What I found was that my expenses were extremely low already, and I had to change my career track to pull my income up rather than lower my expenses. But after a few years we got things to a net positive.
4) Lastly, consider debt payoff vs investments. Investing may not make any sense until debts are paid down.
Some investments only allow a small amount per year, or there is some time based limit or benefit. So get your 401k match, and max out your Roth if at all possible first, because if you miss out, you can't go back in time to get those back each year.
But beyond that, look at your interest rate on debt vs interest rate on an investment, and make good sensible choices. My personal rule of thumb is that if an investment is not at least 2x the return of a debt, then the debt needs to be paid down. This makes up for the risks as well as actual costs. Nothing really brings in a 40% return, so credit card debt is a big nope at 20%+. But my house is a 2.5% on a property that typically grows 4-6% in value every year, so that is a good debt.
I got a heloc last year at 2% and dumped it into Bdcs at near 13%, so that was a good debt to take for the investment. Not that intro rate is done and I'm paying 7.5% (and rising) which is right at that 2x limit and making me question if it is a good idea to sell the investment and pay down the debt. I'm up overall, so I could still leave a bit invested. Or I could hope that rates will drop in the next year or two and hold, and convert the heloc into a more traditional loan with a fixed rate and keep the investment going. But we would need to see rates get closer to 4-6% to make that worth it... And that may happen, but it's a gamble. At the very least, I am paying a little extra on the heloc to cash flow it down until I make a longer term decision.
But it isn't as simple as saying "pay down all debt" first, or even about avoiding debt. Because bebt is just a tool. Use it on crap and it will turn your life to crap. Use it on something good, and it is like fertilizer and gets you ahead. Take on too much, and like too much fertilizer, you will get burned. But it is a tool like any other, and needs to be used correctly.
Thanks Jerry- I needed this. I feel significantly better about my financial position than I did 14minutes ago. Keep up the videos, sir!
You've helped me decide to buy an RV and start traveling the country.
Have you figured out your monthly expenses? I have also thought of doing the RV thing just as you are .. But seems to expensive
Just turned 60. My wife stopped working after our now 26 y/o son was born. Dollar cost average and live within your means. I retired as a GS 15 in govt. Net worth ~ 4.5M….. my parents (and my wife’s) were blue collar with less than high school education and my parents were immigrants. The dream still lives!
Kudos too you!
does it though? I love my pension and military buyback but those days are all over with new hires.
Not many of us get pensions.
And the sad thing is......not many young people understand what a pension even is?
I love my Union pension.
I worked hard for it.
Yes, for those who get opportunities and use those opportunities effectively. People who were fortunate to get to GS-12 to GS-15 years ago with less than a bachelor's degree today wouldn't stand a chance. You my friend were fortunate.
You are right.
However, you forget one thing.
I recently got a promotion, increasing my monthly income with 1/3. What do you think my net increase is after tax and fees, it is 10%. Over half of the income is going to tax, work insurance and retirement fees.
This is in Finland.
I enjoyed the Toyota/Honda/Ford comment….
58 y/o, no debt, multiple houses paid for, rental income, etc. I drive a pair of ‘98 Corollas, and enjoy lucrative retirement while fishing at mountains lakes.
There was a partner at the first firm I worked at as a 20-something. He absolutely terrified me & was dismissive of many people below him. I just saw his obituary from the fall of 2023. He died at 76 yo, and the obituary said he retired in 2022. Five children, four grandkids, and only one year of retirement to enjoy all that he worked for. Suddenly I no longer feel fear when I remember him…just pity.
Psalm 49:17 “For when he dies he shall carry nothing away; His glory shall not descend after him.”