OMG, I love this show! I could watch it all day and all night without ever wanting to close the browser. Brian and Bo, you both are such inspirations to me!
27:00 that’s me! I used a 0% 12 month offer at my local CU and it really helped me get ahead to knock out that last bit of cc debt. On track to get it all gone early 2025, with no additional interest paid. It really just requires you to take the remaining balance you have and divide it by the number of months the 0% offer applies for. If you can make that payment each month, it is a useful tool. But as Brian said, read the fine print. On to student loans next and step 4 soon thereafter
Dave Ramseys debt repayment plan isn’t the greatest mathematically. Paying off your lowest debt first, regardless of interest rate, isn’t sound advice.
@ they have done scientific research about the debt snowball method and it works the best… also if you are in any consumer debt you suck with money anyway
I think it’s more of a right tool for the right job approach. If you’re in massive consumer debt and have financial behavioral problems, then it absolutely is the best. If you’re a bit better with money, the avalanche works best. Of course, we are all financial mutants here so these problems don’t exist for us 😎
Did they ever release the stats on money guy viewers? I feel like the debt of our cohort would be much lower. $18k of consumer debt is insane to me. I’m also completely debt averse though. Dave Ramsey did manage to drill that mindset into me.
Love Money guy show! Could you do a video for couples on how to manage blending finances and maybe tools you recommend? My husband and I manage some items separately but wondering if there is a better way we can understand our financial standing since not everything is visibility
On your discussion about using a HELOC for debt consolidation, you indicated the interest on the HELOC might be tax deductible. I’m pretty sure that is no longer possible - didn’t the most recent changes limit interest deduction to only draws that are directly tied to home improvements or purchases that are secured by the same home the HELOC is secured by? No longer is it possible to deduct the interest for any use generically.
10:43 a financial mutant move would be to make principle payments with the extra cash from a re-fi…. Or invest it elsewhere before it get lost in the general budget
@@andrewwightman7206 the advantage of overpaying a smaller mortage payment is that any additional contributions are applied directly to the principle, reducing the interest for every future month. Most amortization tables frontload all of the interest, so your payment drifts from being 80% interest 20% principle for the first 5 years to 80% principle and 20% interest in the final years.
I recently got out of debt by using a 0% balance transfer, but I think I was successful because I didn’t see it as taking the pain away, but instead as the starting pistol for my race to pay it off before the term expired.
0% balance transfers can definitely be great if you've fixed the underlying cause of the debt in the first place. So many people on Caleb hammers financial audit do things like 0% balance transfers and similar things but then immediately build up the old debt again. So now they just have double the debt.
I bought my house during covid, brand new, never lived in, just sitting there. I got my rate @ 2.5%. My mortgage Co. Constantly send me letters & emails to refinance or use my equity. When I ask what are the new interest rates they never give me a direct answer. They just say think of all the upgrades you can do with the loan or wouldn't you like a lower monthly payment? I laugh at them & explain how much more I would be paying in interest by being ignorant or desperate. I usually get the Have a Good day! They even come to my door
Just want to thank you guys for changing my life and helping me prioritize my savings/investments. Thank you from the bottom of my heart! Sincerely, financial mutant.
Don't simply retire from something; have something to retire to. Start saving, keep saving, and stick to investments. Everyone should have BTC in their portfolio…
It's really heartbreaking to see how inflation and recession impact low-income families. The cost of living keeps rising, and many struggle just to meet basic needs, let alone save or invest. It's a reminder of the importance of finding ways to create financial opportunities. You've helped me a lot sir Jihan Wu! Imagine i invested $50,000 and received $190,500 after 14 days
As a beginner in this, it’s essential for you to have a mentor to keep you accountable. Jihan Wu is also my invest analyst, he has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my investment decisions align with market dynamics for optimal returns.
Jihan Wu Services has really set the standard for others to follow, we love him here in Canada 🇨🇦 as he has been really helpful and changed lots of life's
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why l'm lucky to have seen someone like mr Jihan Wu.
We refinanced in 2020 from a 30 year mortgage to a 10 year mortgage at a 2.875 interest rate. We will pay it off in January 2025, 5byears early. Best decision we ever made. Most of our house payment goes to the principal.
I really appricate your warning about 0% balance transfer credit cards. They can make sense in some situations as a tool to help someone get out of debt, but they can also lead people to not making the behavior changes needed to get and stay out of debt. Same with any of the 0% debt options, like the intro periods or buy now pay later programs. You can make a mathematical argument that they make sense to take advantage of, but when personal finance is more behavior than math, this can easily lead to problems.
I Hit 110k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject. thanks to Charlotte Grace Miller for helping me achieve this
I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
You guys have mentioned how to right size 20/3/8 if you got it wrong or took out a loan before knowing the rule, do you have any videos on how to right size student loans when you owe more than your annual salary?
My plan for paying off debt was working overtime. My employer matches $ for $ up to 6%. I could make an extra $500 a week to put towards my mortgage while contributing an extra 6% on that $500 towards 401k. Paying down debt caused automatic ectra investing. Plus I had tenants in the homes and it was cash flowing.
We are having a hard time trying to figure out prioritizing between paying off my car that has $9,900 dollars left at 3% interest or our shower which just had a temporary fix but we learned that the fiberglass is cracked. It's the only shower in the house(we do have another bathroom, but it just has a tub). I assume shower redo should come first before paying off the car?
would you be taking out a Personal loan to fix the shower? if that is the case, I would assume that loan would have more interest than the 3% for the car note. if that is the case and you debt avalanche(tackle higher interest rate first) then yeah the shower comes first. Another question, how much will it cost to fix the shower? but regardless, would think taking care of the shower now is more important. Hope the Money Guys answer this as well! Best of luck!
@catz7679 nice. glad to see debt isn't on the table for this. pay the minimums on the car note, and as you noted, save up for the shower first. then, once done, attack the car note again.
If a repair left unfixed will result in further damage to the home, stopping further cost outflow takes precedence. However, if this is a superficial repair that is noticeable to you but doesn't harm anything then it COULD be put off. Positives: Paying off the vehicle will stop a $300/year outflow + the existing car payment. If it is fixed, it is fixed. If this makes you guys happy, it is probably worth more than the $300.
Four years ago I asked for a refi with Navy Federal Credit Union. They offered the loan modification to me as an option. I was stunned and so was the loan processor. She had never heard of such a thing.
I wish I wasn't stupid back in the day and get into credit card and student loan debt. I have the self-training now but dam do I wish I had this knowledge and convictions I did now before.
But that math at 9 minutes doesnt factor in the "front loaded" interest you will have to pay with a new loan, compared to where you're at in your current mortgage right?
You would have to do an amortization calculation. Basically one with the current loan and what’s left in the term and interest. Then the new loan and rate and compare. The 1% rule is a good rule. You’d want to lower your new loan term.
Question a lot of people ask, “Can the government forgive student loan debt” The answer is yes, they do it all the time. The problem with the way Biden did it was that his executive order was drawing off a law passed by Congress (The HEROES ACT) that did not give him the authority to do this. The Education Act is what the government used to have programs to forgive debt such as working in social services for X number of years. So the question is, “Why did Biden draw off the HEROES ACT instead of the Education Act?” That’s because he wasn’t actually planning on following through with the forgiveness and went about it in a way that he knew would get struck down in court.
Student loan forgiveness is dangerous- if you assume you'll get forgiveness so you only make the minimum IDR payments, then fail to qualify, you've lost a lot of time/opportunity to pay down the debts and will hemorrhage lots of money on interest.
There is truth to this. You really have to know what you are signing up for and what steps to take at the necessary intervals to ensure you don't slip up. In my opinion, the only safe path to student loan forgiveness at the moment is pursuing PSLF while utilizing the income-based repayment (IBR) IDR plan. This is especially true with the new Trump administration coming in, as he has historically been opposed to (and has recently expressed interest in) ending the PSLF program. That being said, both PSLF and IBR were expressly signed into law during the George W. Bush administration, so it would take an act of Congress to eliminate them, which is highly unlikely in and of itself. In addition, even if one or both were to be repealed, current borrowers would very likely be grandfathered into PSLF, as that is in their MPNs.
What if a undergraduate consolidates their student loans then pays only the minimum payment until they die. Meanwhile at the same time they are buying rental properties, growth stock mutualfunds throughout their working years and lives their happy life. I believe inflation will dwarf the balance of the student loans by raising the value of their investment portfolio. In a lifetime inflation will raise the value of the portfolio by 10 times the balance of the student loans. The alternative would be to spend the next 10 years or more paying student loans with todays dollars.....what do you all think???
It depends on the interest of the student loans. If it is really low (at the very least below their investments' growth), then you are right, but if it is high, then you need to factor in that interest compounding during their entire lifetime.
Student loan forgiveness is very misleading. Many people who try for it do not get it for one reason or another. It’s a good option to try, but it’s not something I would ever suggest someone plan on.
IDR PLANS ARE THE WORST. BEWARE, your balance will barely decrease UNLESS you send a Separate Extra Payment Memo'd or notifying the provider it's PRINCIPAL ONLY. Tested and Tried over 10 years, UNTIL I changed to STANDARD Payment which required I work part-time for a short time.
I refinanced my mortgage just right before Covid hit. I had a very weird experience though and thought it was VERY scammy on the part of the mortgage company. I refinanced with my existing mortgage company. Two days after I signed the refi papers I received a notice they had SOLD my mortgage. So for 45 days I had a “new” mortgage company. Never even made a payment to that company.
@@dirtydan6098 the cash for cars thing is bs. That’s really it, paying cash for cars isn’t possible for a large amount of people. Great for you but I live in the real world
@@joeltroughton3021 I mean sure, not sure about your last comment about imaginary world. I have cash for a 25k car. Would leave me low on cash but I could do it.
I cannot be financial mutant ever because I didn’t know this stuff 20 years ago I am behind on my retirement savings my wife has two pensions and military disability so she is good I am saving 30% of mine income. Just reached $100K this year at 44 but I see no hope getting to a million in 15 years at this rate.
We started later than you (I was 44 and my husband was 50 -4 years ago) we definitely have made headway but we will never be able to make up for all that lost time . Just keep plugging away you’ll be surprised how much you can make up
I get it… I actually did invest well, but a divorce split it in half… so I’m also looking at rebuilding at 59yo. It definitely involves redefining my current lifestyle and also my retirement goals.
That first 100k is a huge milestone -- congratulations! Depending on what markets do and how much you're able to shovel into your investments, you may find that 1 million comes in fifteen years or not, but I promise that getting that first 10% of a million scraped together has done wonders for your ability to leverage compound interest. You're 44 and you still have plenty of life left. Chin up and be proud of how far you've come.
Top channel for finance on YT
Absolutely, it changed my life. So grateful to them.
Completely agree!
Indeed.
💯
100%.
OMG, I love this show! I could watch it all day and all night without ever wanting to close the browser. Brian and Bo, you both are such inspirations to me!
I wish I had this knowledge 20 years ago!!
@@josefj1776 Same here! I’m 38 and feel like I’m a bit late to this journey since I only discovered this channel at the beginning of this year.
@ at 44 I just reached my first $100K sadly with my wife in the military I never worked at a place long enough to get a 401k
$1 of credit card debt can turn into $264 of credit card debt after 25 years.
Boo lol
27:00 that’s me! I used a 0% 12 month offer at my local CU and it really helped me get ahead to knock out that last bit of cc debt. On track to get it all gone early 2025, with no additional interest paid. It really just requires you to take the remaining balance you have and divide it by the number of months the 0% offer applies for. If you can make that payment each month, it is a useful tool. But as Brian said, read the fine print. On to student loans next and step 4 soon thereafter
The Money Guy Show is simply the best. As long as I respect the FOO, I know I will have a great big beautiful tomorrow and it’s a great feeling
Got my youtube 2024 recap. AskTheMoneyShow was #1 and TheMoneyGuyShow was #3. Love the content. Keep it up!
For me I take the debt part of the ramsey plan and the growing wealth part of the money guys plan
Dave Ramseys debt repayment plan isn’t the greatest mathematically. Paying off your lowest debt first, regardless of interest rate, isn’t sound advice.
@ they have done scientific research about the debt snowball method and it works the best… also if you are in any consumer debt you suck with money anyway
I think it’s more of a right tool for the right job approach. If you’re in massive consumer debt and have financial behavioral problems, then it absolutely is the best. If you’re a bit better with money, the avalanche works best.
Of course, we are all financial mutants here so these problems don’t exist for us 😎
@ the average person is 18,000$ in consumer debt so married couple is 36,000$ that’s a lot of debt
Did they ever release the stats on money guy viewers? I feel like the debt of our cohort would be much lower.
$18k of consumer debt is insane to me. I’m also completely debt averse though. Dave Ramsey did manage to drill that mindset into me.
Love Money guy show! Could you do a video for couples on how to manage blending finances and maybe tools you recommend? My husband and I manage some items separately but wondering if there is a better way we can understand our financial standing since not everything is visibility
On your discussion about using a HELOC for debt consolidation, you indicated the interest on the HELOC might be tax deductible. I’m pretty sure that is no longer possible - didn’t the most recent changes limit interest deduction to only draws that are directly tied to home improvements or purchases that are secured by the same home the HELOC is secured by? No longer is it possible to deduct the interest for any use generically.
Came here to say this 🙂
10:43 a financial mutant move would be to make principle payments with the extra cash from a re-fi…. Or invest it elsewhere before it get lost in the general budget
Investments maybe but to reduce principle I believe you would just take a smaller mortgage when you refi?
@@andrewwightman7206 the advantage of overpaying a smaller mortage payment is that any additional contributions are applied directly to the principle, reducing the interest for every future month. Most amortization tables frontload all of the interest, so your payment drifts from being 80% interest 20% principle for the first 5 years to 80% principle and 20% interest in the final years.
I recently got out of debt by using a 0% balance transfer, but I think I was successful because I didn’t see it as taking the pain away, but instead as the starting pistol for my race to pay it off before the term expired.
0% balance transfers can definitely be great if you've fixed the underlying cause of the debt in the first place. So many people on Caleb hammers financial audit do things like 0% balance transfers and similar things but then immediately build up the old debt again. So now they just have double the debt.
Paused the video, went to pay off my last credit card balance, and came back to finish the video!
I bought my house during covid, brand new, never lived in, just sitting there. I got my rate @ 2.5%. My mortgage Co. Constantly send me letters & emails to refinance or use my equity. When I ask what are the new interest rates they never give me a direct answer. They just say think of all the upgrades you can do with the loan or wouldn't you like a lower monthly payment? I laugh at them & explain how much more I would be paying in interest by being ignorant or desperate. I usually get the Have a Good day! They even come to my door
Clark Howard is outstanding! Get him on again for your show
Just want to thank you guys for changing my life and helping me prioritize my savings/investments. Thank you from the bottom of my heart! Sincerely, financial mutant.
Don't simply retire from something; have something to retire to. Start saving, keep saving, and stick to investments.
Everyone should have BTC in their portfolio…
It's really heartbreaking to see how inflation and recession impact low-income families. The cost of living keeps rising, and many struggle just to meet basic needs, let alone save or invest. It's a reminder of the importance of finding ways to create financial opportunities. You've helped me a lot sir Jihan Wu! Imagine i invested $50,000 and received $190,500 after 14 days
As a beginner in this, it’s essential for you to have a mentor to keep you accountable.
Jihan Wu is also my invest analyst, he has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my investment decisions align with market dynamics for optimal returns.
Jihan Wu Services has really set the standard for others to follow, we love him here in Canada 🇨🇦 as he has been really helpful and changed lots of life's
His guidance allowed me to restructure my retirement plan, resulting in an estimated $700,000 more by the time I retire.
Some persons think inves'tin is all about buying stocks;
I think going into the stock market without a good experience is a big risk, that's why l'm lucky to have seen someone like mr Jihan Wu.
Loan modification is only available if you already have missed payments and are at risk of foreclosure
We refinanced in 2020 from a 30 year mortgage to a 10 year mortgage at a 2.875 interest rate. We will pay it off in January 2025, 5byears early. Best decision we ever made. Most of our house payment goes to the principal.
I really appricate your warning about 0% balance transfer credit cards. They can make sense in some situations as a tool to help someone get out of debt, but they can also lead people to not making the behavior changes needed to get and stay out of debt. Same with any of the 0% debt options, like the intro periods or buy now pay later programs. You can make a mathematical argument that they make sense to take advantage of, but when personal finance is more behavior than math, this can easily lead to problems.
That HELOC warning was huge. I NEVER thought of it that way.
I Hit 110k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject. thanks to Charlotte Grace Miller for helping me achieve this
I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.
The very first time we tried, we invested $1400 and after a week, we received $5230. That really helped us a lot to pay up our bills.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
You guys have mentioned how to right size 20/3/8 if you got it wrong or took out a loan before knowing the rule, do you have any videos on how to right size student loans when you owe more than your annual salary?
My plan for paying off debt was working overtime. My employer matches $ for $ up to 6%. I could make an extra $500 a week to put towards my mortgage while contributing an extra 6% on that $500 towards 401k. Paying down debt caused automatic ectra investing. Plus I had tenants in the homes and it was cash flowing.
We are having a hard time trying to figure out prioritizing between paying off my car that has $9,900 dollars left at 3% interest or our shower which just had a temporary fix but we learned that the fiberglass is cracked. It's the only shower in the house(we do have another bathroom, but it just has a tub). I assume shower redo should come first before paying off the car?
would you be taking out a Personal loan to fix the shower?
if that is the case, I would assume that loan would have more interest than the 3% for the car note. if that is the case and you debt avalanche(tackle higher interest rate first) then yeah the shower comes first.
Another question, how much will it cost to fix the shower?
but regardless, would think taking care of the shower now is more important.
Hope the Money Guys answer this as well!
Best of luck!
@ricy802 I don't want to take out a loan for it. The plan is to save to redo the shower. I was quoted between $4,000 to $6,000 for it.
@catz7679
nice. glad to see debt isn't on the table for this.
pay the minimums on the car note, and as you noted, save up for the shower first.
then, once done, attack the car note again.
@ricy802 Thanks!
If a repair left unfixed will result in further damage to the home, stopping further cost outflow takes precedence. However, if this is a superficial repair that is noticeable to you but doesn't harm anything then it COULD be put off.
Positives:
Paying off the vehicle will stop a $300/year outflow + the existing car payment.
If it is fixed, it is fixed. If this makes you guys happy, it is probably worth more than the $300.
Four years ago I asked for a refi with Navy Federal Credit Union. They offered the loan modification to me as an option. I was stunned and so was the loan processor. She had never heard of such a thing.
I wish I wasn't stupid back in the day and get into credit card and student loan debt. I have the self-training now but dam do I wish I had this knowledge and convictions I did now before.
Love the stash, the flavor savor is too much!
It’s Brian Preston the money guy 😊
Is a 7% car loan high interest debt if you are in the age group of 20-29?
Yes
But that math at 9 minutes doesnt factor in the "front loaded" interest you will have to pay with a new loan, compared to where you're at in your current mortgage right?
You would have to do an amortization calculation. Basically one with the current loan and what’s left in the term and interest. Then the new loan and rate and compare. The 1% rule is a good rule.
You’d want to lower your new loan term.
Bo, you need additional emotional descriptions. I'm becoming immune to you telling Bryan you're so excited 😂
Love your show guys
I need my dealer to put a similar video out about using crack in a responsible manner
Question a lot of people ask, “Can the government forgive student loan debt”
The answer is yes, they do it all the time. The problem with the way Biden did it was that his executive order was drawing off a law passed by Congress (The HEROES ACT) that did not give him the authority to do this. The Education Act is what the government used to have programs to forgive debt such as working in social services for X number of years.
So the question is, “Why did Biden draw off the HEROES ACT instead of the Education Act?” That’s because he wasn’t actually planning on following through with the forgiveness and went about it in a way that he knew would get struck down in court.
Student loan forgiveness is dangerous- if you assume you'll get forgiveness so you only make the minimum IDR payments, then fail to qualify, you've lost a lot of time/opportunity to pay down the debts and will hemorrhage lots of money on interest.
There is truth to this. You really have to know what you are signing up for and what steps to take at the necessary intervals to ensure you don't slip up.
In my opinion, the only safe path to student loan forgiveness at the moment is pursuing PSLF while utilizing the income-based repayment (IBR) IDR plan. This is especially true with the new Trump administration coming in, as he has historically been opposed to (and has recently expressed interest in) ending the PSLF program.
That being said, both PSLF and IBR were expressly signed into law during the George W. Bush administration, so it would take an act of Congress to eliminate them, which is highly unlikely in and of itself. In addition, even if one or both were to be repealed, current borrowers would very likely be grandfathered into PSLF, as that is in their MPNs.
You did not talk about car debt 😢
You are so beautiful 😍 😊
The mustache is killing me… please tell me that isn’t a permanent change that’s going to stick around.
What if a undergraduate consolidates their student loans then pays only the minimum payment until they die. Meanwhile at the same time they are buying rental properties, growth stock mutualfunds throughout their working years and lives their happy life. I believe inflation will dwarf the balance of the student loans by raising the value of their investment portfolio. In a lifetime inflation will raise the value of the portfolio by 10 times the balance of the student loans. The alternative would be to spend the next 10 years or more paying student loans with todays dollars.....what do you all think???
It depends on the interest of the student loans. If it is really low (at the very least below their investments' growth), then you are right, but if it is high, then you need to factor in that interest compounding during their entire lifetime.
Do it right do it light. Do it wrong do it long.
Student loan forgiveness is very misleading. Many people who try for it do not get it for one reason or another. It’s a good option to try, but it’s not something I would ever suggest someone plan on.
IDR PLANS ARE THE WORST. BEWARE, your balance will barely decrease UNLESS you send a Separate Extra Payment Memo'd or notifying the provider it's PRINCIPAL ONLY. Tested and Tried over 10 years, UNTIL I changed to STANDARD Payment which required I work part-time for a short time.
Totally. And then you fail to qualify and BOOM, your lackadaisical intent to have your loans forgiven means you have a lot to pay off still.
I refinanced my mortgage just right before Covid hit. I had a very weird experience though and thought it was VERY scammy on the part of the mortgage company.
I refinanced with my existing mortgage company. Two days after I signed the refi papers I received a notice they had SOLD my mortgage. So for 45 days I had a “new” mortgage company. Never even made a payment to that company.
That is not scammy, almost all lenders immediately sell mortgages.
Super common. You received a letter or two explaining what was happening.
Yup, car interest is low. I say fix the shower.
How again is your break even at ten months when you just added five years to a loan? 😅😅😅
Debt. Only mortgage is acceptable for me.
Ok Dave Ramsey
@ 😅 haha. what should I get debt for though?
@@dirtydan6098 the cash for cars thing is bs. That’s really it, paying cash for cars isn’t possible for a large amount of people. Great for you but I live in the real world
@@joeltroughton3021 I mean sure, not sure about your last comment about imaginary world. I have cash for a 25k car. Would leave me low on cash but I could do it.
@ you could but many can’t.
I cannot be financial mutant ever because I didn’t know this stuff 20 years ago I am behind on my retirement savings my wife has two pensions and military disability so she is good I am saving 30% of mine income. Just reached $100K this year at 44 but I see no hope getting to a million in 15 years at this rate.
We started later than you (I was 44 and my husband was 50 -4 years ago) we definitely have made headway but we will never be able to make up for all that lost time . Just keep plugging away you’ll be surprised how much you can make up
I think you’ll be surprised that if you keep that up, you’ll be in good shape. Maybe you won’t retire at 55, but you’re doing great
I get it… I actually did invest well, but a divorce split it in half… so I’m also looking at rebuilding at 59yo. It definitely involves redefining my current lifestyle and also my retirement goals.
Being a financial mutant is a mindset not reaching a number
That first 100k is a huge milestone -- congratulations! Depending on what markets do and how much you're able to shovel into your investments, you may find that 1 million comes in fifteen years or not, but I promise that getting that first 10% of a million scraped together has done wonders for your ability to leverage compound interest. You're 44 and you still have plenty of life left. Chin up and be proud of how far you've come.