Top 5 Wealth-Building Challenges (And How to Overcome Them)
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- เผยแพร่เมื่อ 20 มิ.ย. 2024
- Top 5 Wealth-Building Challenges (And How to Overcome Them)
We want to help you succeed in your financial future, but we know that things can be tough. Life gets complicated - and so does your money. So we polled you guys on Instagram, TH-cam, X, and Reddit asking what challenges you were facing. We picked the 5 that were the most common - and now we’re going to walk you through those challenges and, of course, how to overcome them.
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Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.
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Brian, no idea if you'll see this, but I love that the framed iPod has been replaced with your book. I know the iPod "started it all" for you, but it's really cool to go from displaying someone else's creation that inspired you to displaying your creation that will inspire many others. God bless.
Cheers to that! What’s the story behind the framed iPod?
@@the-fantabulous-g He loved podcasts, which inspired the Money Guy Show to be created
What a great comment 🙏- thank you for sharing and I am very excited about Millionaire Mission - Brian
For those new to the channel the iPod that was displayed was a 2005 purchase that changed my world. I released my first podcast on 1/30/2006 and the rest is history. When it died a number of years back I decided to frame and display it.
Killed it on the the ‘boiling point” pronunciation 😂
The point where you go bowling to celebrate!
Came here for this!
We moved up north, and people like how we say “cool whip.”
1) Inflation 2) Lifestyle Creep 3) Marriage 4) Children 5) Aging Parents. Major challenges noted! Thanks for all that you do!
Cutting back on dinning out and making my meals, has made me not only save a little more money, but more importantly, it’s helped me slim down and get better sleep.
Good job! Save that money!
I was not expecting to see Sweet James Jones in the comment section of a money guy video lol 😅
@@dairyman16 Money always on my mind. ⛪️.
I am 24 and I hit my first 100k in June 2023. Now as of Feb 2024, I am almost at 130k. It's so true about how once you hit your first 100k it gets easier to gain more due to compounding interest
Wow, that's almost exactly like me! I'm also 24 and hit my first 100k in April 2023. Now a bit over 130k. Keep it up!
@@ameliabaran932 that’s awesome!!! Let’s gooo we both got it. Let’s hit a million together ☺️
It’s been a solid season for growth
130k by 24 is a brilliant effort, well done
Great job that’s impressive! I just hit my 100k at 26.
My family is past the childcare phase (both kids are grown and out of house). when we were there our approach was to work off shifts. I worked 7am to 3pm. My wife worked 4:30-8:30 and then worked the weekends. We did not see each other as much during those years, but we avoided childcare costs and kept our kids with a parent all the time.
First 10 seconds of each video: Bo - “Brian I am excited about this!!!” 😅❤
Has no ever not been excited for a video
Yeah these two produce to make themselves more money while ignoring the problem many have of not having a method to make much money.....
@@donaldlyons17 you sound bitter. It’s all about hustle.
@@gringopapi3885 No I am not a possibility person but a what is likely to work type person. SO people saying well do this or that does not make me bitter but I ask the question what goes into making this or that work? Dude I have parents who spent 100K on something but people my age will be asked for 200K. Yet the majority don't make double their parents wages.... I am not blaming but let's be real where is the money to buy the item supposed to come from?
@@gringopapi3885 Well no it is true…. If hustle was all people needed why do so many talk about being broke?
17:36
First 100k takes 7.6 years and the last 500k takes 7.5 years
The first 100k takes as long as the last 500k!!
I've seen this chart a few places before. I've never noticed that. It's incredible.
Probably because at 500k, componding really starts taking effect.
Adding to the conversation when combining finances.
Just showing the spreadsheet can be intimidating. What worked for us was doing the usual (detailed) budget for our (now) combined finances, but keeping the conversation around our annual savings goal. Then peeking behind the curtain if we wanted to save more. And understanding how forced scarcity on certain activities will impact our annual savings.
A few footnotes for my relationship. We both live life frugally. Our budget was based off of our previous spending habits, so we weren’t experiencing a dramatic lifestyle change. We combined our finances once engaged (2.5 years ago). We also check in with monthly ending balances to see if we are drifting. Our current goal is to buy a house, almost there :)
Money and marriage - that is so important. Also, not just with money but lifestyle, values, how you want to raise your kids, etc.
Bo’s eyes at the end when Brian went off script and off the rails with the “Money Guy Team…” 😂😂😂
More videos like this please 😊
Could you please talk about the finance challenges around having a child with special needs? I live in a country where there is not a lot of free therapy for kids with special needs. So getting therapy for our kids is one of our biggest expenses and it is so hard to know how to manage it all... never mind navigating all the problems around choosing what therapy to invest in and what to forget about because really we could spend all our money on all the different therapies. Especially because these are our kids and we want them to be happy and healthy.
I was living pay check to pay check at a high household income because of spending problem. Im so glad it didn't become a debt problem before I got my sh*t together.
Now I spend less than 25% on wants, invest almost 50% and dont even feel like I am sacrificing that much. Its crazy how little value all that extra spending brought me because I spend a third of what I did before while still feeling like I am able to have fun and eat out, etc
Zero based budgeting is what got me to this point. No other method is as helpful at making you reevaluate your priorities at a very regular cadence
Nice job recognizing, adjusting, and start winning
Great show, everyone! Love the graphics and charts
Shadow stats would double those inflation numbers - they go by the same data as the 70’s.
Superior Episode!
When would you suggest having the conversation with your parents? My parents are around 60, so they have a (hopefully) long time left. They are both working but my siblings and i have no idea what their plans for retirement are.
So I am the person you are referring to , I am 61 and knocking on the door of retirement, my son knows our plan inside and out and it gives him comfort knowing we won’t have to depend on him for anything , so have that conversation with your parents now .
I don't think I would personally feel comfortable getting super involved with this. I think it has the risk of a lot of negative impacts in the dynamic
I would broach the topic only very high level to get a sense of how concerning it is. Then if you can I'd offer to pay for a fee-only financial planner to help them make a plan. You can pay a couple thousand dollars and they will work with your parents to understand their situation, their goals and figure out how to move forward
Do y'all know if the 60/40 split for raises was 60% savings and investing or 40% savings and investing? Trying to find where he has talked about that more, but haven't found it yet.
My suggestion was 60% savings/investments and 40% for improved lifestyle. However, it was an example. This was more of a tool or Forced Scarcity mindset than a hardened rule. It will vary by each individual and family. Thanks for the question 👍
This is very relevant for me right now. My wife (46) and I (45) just hit $1M in investable assets (traditional and Roth 401k, Roth IRA, HSA and brokerage). Took 23 years. Looking back- wish I would have put more into my Roth IRA, but focusing on moving forward not looking back. Goal is to retire at 60.
(Brian’s troll here) I feel like mom and dad just sat us down for a difficult family meeting.
❤❤❤
I love you and your whole team. Changing lives, changed me and my whole mind set. Since I found you 1 year ago, my life has gotten 10x better and I’m making real progress. Never had a cent to my name until I found you. I’m forever thankful. Once I have enough net worth and money, you’ll be my go to advisors and hopefully will make it to be a customer
"Cut Landscapers". Can't wait to tell the family that the Money Guys said no more landscaping. My back will never be happier
What?
He does his own landscaping lol@@isaiahayers1550
Get your family to help with the yard work. It’s not a one person job and if they want a home too they need to help out. Everyone in my family helps with the yard work and thanks to that everything gets done in 30 minutes now instead of 1+ hours.
Do y’all have any career assessment resources? I’m 27 and I’ve learned to handle my emotions and behavior when it comes to investing. I’m not worried about time or my discipline, however, I am struggling in finding what I’m truly skilled at or finding a true career. I like my job, but I definitely need to find something that pays more than 5% every year. A side gig like Amazon flex is great, but I’m struggling with my career than anything else… if y’all can help, that would be much appreciated.
Love ❤ your video energy and story/entrepreneurial insights, would like to contact you in the near future to see if we could do a collab to profit from this YT entrepreneurship. Thank you. 🙏 Dan Belsky
Childcare is serious... it's nearly same as my mortgage
My parents have no problem talking about sex but talking about finances. The most uncomfortable they can be. LoL
Took me even longer to get to 100k in retirement accounts, almost 12 years but due to increased investment rates I reached my second in less than 2 years
Feeling bad for the guy making $230K a year…😢
Awe! I am still young… whoever takes care of my pets… gets $$
1 million + paid off house if cats stay together. 1 million for my dog.
(I don’t have kids yet)
🇺🇸🇺🇸🇺🇸
Just tell your boss, you need a raise at a percentage equal to 1.5x the rate of inflation and leave it at that. When they say no, start filling out your resume
I had to leave my job to take care of our kids because my paycheck was just covering daycare. Not to mention the added cost of food, gas and just time. Now I’m not sure if I can re-enter the work force because my skills are being AI outsourced.
No their not.
What are your skills, exactly?
You made the right choice to take care of your kids instead of a stranger in day care. They need your love and attention.
You can always grow your skill set if you are afraid of AI or look into a new field. Rough but possible.
@@ryankiel4895 AI has replaced very few jobs
Messy middle and mortgage. 🥺 When I was in my early 20's living with parents, I was making 1/4 of what I make now and was able to save almost 90% of the income. Now... living almost paycheck to paycheck.
Hello gents.
#1 should be Corporate Greed, not inflation lol
Family health insurance premiums continue to rise, as well.
Just my personal opinion - I think that even if you have a little bit of debt, you should still put money each week/month toward investments because it’s a lifestyle. It’s a habit that you don’t want going away. I’m not saying if you’re $20,000+ in debt.
Nobody is allergic to cat nor dogs it’s their dander and if they are on a good diet and brushed daily there isn’t any allergies.. that would be like saying I’m allergic to another human 😂 I have 5 cats and they are my baby I’m 20
wishful thinking of asking employer, they treat you as a number 99% of the time.
You have some real spending issues if 175K isn’t enough to get out of paycheck to paycheck living.
How is that possible that someone that made 40k and now males 100k lives paycheck to paycheck? Maybe they had kids. Have y'all seen how much kids cost these days? Its the messy middle guys c'mon
Daycare cost is killing us, we want to have a 3rd child, will cost about 37K per year at current prices, so would likely go up to more than that by the time we do. We both have good career paths, but I make 75K and wife makes 72K so we feel stuck and can’t have the wife walk away from her job. I am trying to make more money and may have to try a new company if I don’t get a significant raise/promotion in 1-2 years.
Maybe don’t have a third child until you’re ready to? Not really sure what else to tell you. You know the potential cost increase and that it wouldn’t suffice for your current situation, so build savings or increase income and wait for a little before committing.
So don't be selfish. Don't have the third child. People think not having children is selfish but having children they can't afford is way more selfish.
So one of you stop working and stay and look after your kids. It’s better for you and them that way anyways and wouldn’t be a huge step down for you financially.
Was just venting about daycare since they mentioned it, we can afford it lol it just isn’t fun. We are doing all the right things investing 25% of my wife’s pay and 30% of mine, house is about 20% of our take home pay, no debt other than mortgage, HSA contributions. I think because we are doing all the right things with our money it feels like not a ton left for fun things, it is a choice though to save/invest over spend so I guess I can’t be mad.
You've got almost a year leeway even if you started trying for number 3 now. Plenty of time to aggressively pursue those career goals and start socking away cash. If there is a pregnancy, downshift investing and stack cash until baby arrives and let Mom stay home. Lots of work from home opportunities these days. If you've got a pull on your heart for another child, just go for it. Children are a blessing. You will not ever regret it.
Inflation is an increase in the supply of currency. Rising prices is a result of inflation, not the definition
Rising prices CAN be a result of inflation. Inflation IS NOT an increase in the supply of currency.