Does My Income Bracket Change My Investing Strategy?
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- เผยแพร่เมื่อ 3 ต.ค. 2024
- Does My Income Bracket Change My Investing Strategy?
Listen to how ordinary people built extraordinary wealth-and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, Anthony ONeal and John Delony.
I make nowhere near what this man makes, but I'm genuinely happy for him. Great job!!
I like that Dave still is impressed by high incomes and is rooted in normal incomes despite making crazy money himself.
He has too or folks would stop listening .
Sounds like a solid man and a very smart one at that. They deserve all of the good that continuous to come to them.
He can have his house paid off while he's on this call.
Why would I wanna pay off my house if I'm under 3% interest and I'm writing that off
Yes! This guy dont need to do nothing, and be a millionaire(S).
@@LG123ABC so is 10% YoY the S&P has never went to zero
@@filmislife77 But he's making 600k. If he were make 200, it'll be different.
@@filmislife77 You don't understand that debt robs your future, that is why.
Ken coleman is my favorite cohost on the ramsey show.
You do not get to where these two doctors are by sitting on the couch and watching the world spin. Not every person who reads a lot is successful but the majority of successful people read a lot.
I inferred "income 'tax' bracket" from the title and was interested to hear what they were going to say.
Same
Conditioning
Can’t believe I just heard Dave say invest less then 15% at 2:46
srsly. he should be investing more. He just got out of residency a couple years ago. He can afford to live on half of what he makes and invest the rest.
@@dodgeplow him and his girl will be MD”s that’s over 400k a year income
@@thetruth5635 they already make 600k they’ll be at 800k+ once she’s done with residency I’m sure
He’s so hard headed
@@dodgeplow if he lives in the Midwest he can live on less than 1/6 of that lol
White Coat Investor's material would help this guy.
How would his career take a hit? Seems it be more busy last year
Not all doctors had much to do with the pandemic tho ppl aren’t always coming forward for treatment as they are worried they may get COVID so some specialties are going through a dry season. Although as an ER doc i imagine he means he got burned out
Don't pay cash for a house.
Out of curiosity why?
@@James-lg6pp opportunity cost
@@James-lg6pp because fixed rate mortgage debt is the cheapest it's ever been in history. You can get a 30 year mortgage for less than yearly inflation.
What a problem to have! Here I am trying to figure out how to pay cash for a used Honda, haha.
Good choice can’t go wrong with a good used Honda or Toyota
@@shannonzittlow8462 I concur!
Hey i was there not too long ago. I have 100k income and instead of leasing or financing a new 20k car i bought a 2000 lexus es300 for 1800 cash lol. Gets me around and when im out of debt im going to save to buy a tesla. Be patient and good things will come man
I would love to see what these people with crazy high incomes direct deposits look like, especially into my account.
Big yes MAX your 401-k that will lower you taxable amount some ,after you pay off debt .Need to think a lot about taxes when investing .
I dont think he understands his question. Bless his heart.
I’m new to investing and your super helpful.
Yea...you can easily invest more and retire easily at age 55 with 30+ million no issue.
His wife will probably cut down on work once they start a family.
Yeah most likely, but they will still have a very good income AND they are both in ironclad fields of work when it comes to job security. Plus they seem to be reasonable people when it comes to finances and prioritize being debt-free over excess. If they don't end of up with a net worth of at least $8-10M by the ages of 55-60, I'd be surprised!
I have 0 debt including house. I invest 90 % plus of my income. Why wouldnt I ???
Anyone read the new EY study?
I want to see a baby step 7a, 7b, and 7c
What's the problem? I don't get it.
When everything is settled, now what? This is a very common problem for people who work towards a common goal of getting their debt knocked out and then paying off their home. YAY, you've done it, now what?
@@ellencox8415 Easy invest and retire a multi millionaire.
I think he was asking where to put his money, given the IRS contribution limits. A $600,000 income times 15% equals $90,000. Even if both spouses have a 401k ($19,500 each for $39,000 total) and a backdoor Roth IRA ($6,000 each for $12,000 total), the IRS limits would stop them at $51,000. As such, using the 15% rule, there is $39,000 left to go that can't be put in tax-advantaged accounts. And he was wondering where to put the remainder of the 15%.
@@heathmcconnell3901 Put it in a index fund...wont get tax benefits but atleast its growing.
@@markg999 Exactly!
There’s high burn out rate in these professions. Invest heavily and now instead of later, so you have the option to work less or leave when you want. Why only 10MM? They can be worth 20MM! That’ll change generations for them.
Bro how are you making like $500k-$550k as an ER doc? Teach me your ways
It's rare but doable. He'd have to work ~25 days/month at 10-12 hr shifts.
My good friend is an ER doc and he makes between $500-600k depending on where he works and whatever the going rate is. It's not that rare, it's just that most are like this guy who called and don't go shouting it from the rooftops and none of them fill out the stupid doctor salary surveys.
@@thomaseidson6374 No it's fairly uncommon. To get that much you have to work about 80-90% of time. Sure, for the workaholics it's not rare, but most ER docs don't work that much.
@@thomaseidson6374 trust me……it is very rare unless you are working constantly or traveling all over the country doing per diem work. I’ve been out of residency as an ER doc for 7 year…..have seen a lot of residents come and go and this is quite an outlier.
it's springfield, ill. middle of nowhere
Yes, but Dave won’t sell you that.
Will you?
@@alinatamashevich3354 maybe.
@@CaseyBurnsInvesting Is that a yes or a no? Maybe what, you will transmogrify into a genius?
@@alinatamashevich3354 It’s a maybe. But only if he has time after posting a comment on every single Dave Ramsey video ever... 🤣😂
@@JamesJamersonIsAGod And trying to poach viewers from every financial channel on YT.
These folks should be able to save/invest at least 50% of their gross income -- especially when they start pulling in $1,000,000/year. If they can average an 8% return, they would be right at $10,000,000 net worth in about 12 years. They should just stay in the starter home for awhile unless they're planning on having a bunch of kids.
No let them enjoy their life if they want to get a million dollar home let them or even a $2 million one. With their income if they choose they could still pay it off very quickly. If you’re making a million per year, you don’t need to live in a tent just to save money
Why though? What's so enticing about hitting 10 million?
Dababy car likes this
Don't pay cash for a house when you can get a sub 3% interest rate. Thats bad math dave.
Why pay any rate when they can pay it off very quick ! I say max your 401-k out that will lower your taxable income ,then use other tax shelters to help the tax bill . Using borrowed money as a tax shelter is silly in this situation and most !
@@SG-zh5xd its a hedge against inflation. Your 401k max contributions are like 20k. I can't really show you the math in the comments. But why spend 500k on a house ? When you can spend the banks 500k on the house and put your money in a sp 500 fund that returns 8-10% and you are only paying 2.5% .
@@chuckbizzert9098 But once you pay off your house you can make up any lost ground then really save with other tax shelter investments ,on top of the 401-k .
@@SG-zh5xd you can use them same tax shelters with a mortgage . And have the whole value of the house in cash to invest. What is your point, other than the moral victory of it being paid off. Dave's math is bad any way you slice it. You always take the loan when the interest rate is less than inflation. I might agree with him if rates were 8%.
Leave IL they will take all of it in taxes.
Oh, 2 full time doctors?…I bet the kids will be happy, and the relationship will be great…all good though, they have lots of money
Shame Dave doesn't fully understand finances and compounding.
🤣🤣🤣 ffs you are talking about a multimillionaire.
@@wolseleyleveney9229 he's a multimillionaire because he sells broke people a product. Not from his mystical mutual funds that always beats the market. Dave's advice is terrible.
@@aaront936thousands have come out of debt , paid off their homes and have successfully become Baby step millionaires using his methods. That's why people buy his stuff.
The guy called him for advice and Dave gave it . He is already investing in BS4 which Is approx 90000 per annum ( did not acct for taxes if he meant gross or net). So the guy is already way ahead of any of us in investing. Dave has said to pay of the house - baby step 7 which he could do in a year or less with a salary of 600 thousand. With no debts all he will be doing is investing, having fun and giving.
Both Husband and wife are going to be millionaires as well
@@aaront936 he is a multimillionaire because of his investment properties, uses all retirement funds, health funds, index funds etc. At his disposal.
And yes selling a very good product (Financial Peace) is a part of it.
This dude has a big problem of having 600K a year
He should put some mouny in real estate in Islamabad
Yooo
Dave is a clown
And yet, here you are.