Are You On Track to Becoming a Multi-Millionaire? (Don’t Miss These Important Milestones!)
ฝัง
- เผยแพร่เมื่อ 5 มิ.ย. 2024
- Are You On Track to Becoming a Multi-Millionaire? (Don’t Miss These Important Milestones!)
Jump start your journey with our FREE financial resources: moneyguy.com/resources/
Reach your goals faster with our products: learn.moneyguy.com/
Subscribe on TH-cam for early access and go beyond the podcast: th-cam.com/users/MoneyGuySho...
Connect with us on social media for more content: moneyguy.com/link-in-bio/
Take the relationship to the next level and become a client: moneyguy.com/work-with-us/
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.
If I had a dollar for every time Bo said “I am so excited about this”. I would be on track to be a millionaire.
I read that as he said that
I think I need this on a t shirt
No dude.. in last 5-6 years, they released a video once a week. That is just about $300, just saying!!
😂😂😂
@@Sabrap my guy. It’s a joke 😂
1. First 100k
2. Portfolio growing more than you’re saving
3. $1 million net worth (total, not just liquid)
4. $1 million net worth (liquid)
5. Portfolio growing more than your salary
6. Financial Independence
Thank you!
Hoping to hit milestone 2 this year or next! 🎉
Am 41 years old. Started saving intensely 6 years ago. I am at #2. Hopefully I get to #4 before 50
Then you can start enjoying life boarding a plane in a weeelchair.
We reached step #4 and are now staring at the nearly impossible climb it's going to take to get to step #5. I'm in my early 50s and running out of runway.
It's a nice problem to have but can we just cheat a little by simply taking lower paying jobs?
Brian: One day you’re gonna be my age
People older than Brian: 😮
I'm 25 now. Since 22, I went from -$80k to +$100k in net worth. Watching you guys keeps me motivated so thank you for all you do!
Congratulations reaching $100k! That’s a huge milestone. Just curious on how you learned about how finance. We are trying to get our grandson’s on the right path.
Congratulation! Took me more years to do the same! You doing great! 🎉
@@eightsprites Thank you! I’m sure you are doing great as well!
congrats! do you have plans to buy a residence?
@@Darkbunnyess thank you! Not really for another few years. I live in an expensive area, currently split rent, and may move by 2026.
The wife and I just hit the $1mil mark this year at 34. Focusing on after tax brokerage contributions now!
congrats, that's awesome. Well done
That’s absolutely insane. Awesome! Plan to get to 1 mil before the average, preferably at 40. But it’s gonna take a lot of work, luckily I still got time on my side since I’m 24.
Super dope and shows the power of 2 can accelerate vs just on your own. Congrats
Amazing! Just passed $300K at 36 yr old.... hoping to hit $1m at ~42 and then $2m at ~50
@@RushButter I'd bet you'll hit it earlier than that! Especially if you keep the big ticket items down for a while. You've got this!
Love the content but one step is missing. The most rewarding financial milestone I’ve hit is achieving a zero net worth by paying off all my student debt. I don’t remember when I hit $100,000 but I can tell you the exact minute I hit zero.
Yes! I’m currently in that stage. I’ve gone from -40k net at graduation 4 years ago to being (almost) at 0 when factoring in investments, etc. Looking forward to that milestone later this year hopefully!
That is an excellent reason to celebrate.
I’m halfway there, can’t wait till mine hits zero
Completely agree with this one. I started tracking my net worth when I completed grad school with -$50K net worth and I remember celebrating when I hit $0 net worth 18 months later because I lived CHEAP. It felt like a turning point and my path to F.I. started in earnest.
THIS! This was the video guys! My wife and I are on our way to that $1M portfolio by age 32 and things are exciting! It’s great to hear words of encouragement and to get a little piece of that excitement before we are there. Thanks for all the free knowledge you guys share with your audience!
I discovered this channel about 2 months ago, and you guys ignited such a fire in me and I've now binged so many episodes that I could probably record an episode at this point, haha
The difference is night and day LITERALLY. (I'm now working night shift to earn the 10% shift premium) I'm that excited about earning and saving more.
Currently watching and typing this comment while in hour 14 of the double i volunteered to work, something that a few months ago i would have scoffed at.
It will take me another year or so to atone for all the mistakes i made before. But, if i hadn't found you guys I'd still just be digging the hole. On track to be able to claim financial mutant status around July, 2025. Won't type a novel explaining every detail, but suffice to say... THANK YOU!
My first book comes out on May 28th- please share with your friends, family, and co-workers moneyguy.com/millionairemission
Great effort. I had a similarity thing happen in late 2022, I never did any overtime, but this past 18 months I started slowly and built up to a decent amount a week and now I'm getting more done and earning more. Massively boosted my savings. :D it feels so much better knowing you working for something at work rather than cruising along with no goals.
I think you’re already a financial mutant by the description you provided. When you hit that “financial mutant” moment you think of, nothing would change from what you’re currently doing. You’re doing what it means to “be a financial mutant”.
It is a mindset, not a number. The numbers follow.
It might be the best time to be alive with all this high-yield free content available on the internet!
A couple extra of my personal financial milestones:
1. Back to broke (Net worth = 0)
2. Student loans paid off
I haven’t quite yet hit my first milestone, but I have hit your first milestone!
Thanks for the content 😊
This should be a deliverable to go along with the FOO.
It will give Brian more laminated papers to rattle around too!!😂😂
Brian is EXCITED too!!
You realize that if Bo is not excited… the video is not worth watching! Love the channel!
@18:00 -- You only need to invest more for a shorter period of time to really accelerate. Your contributions for the first 30-50% of the time horizon is more valuable than the rest.
So if people see investing more as a temporary goal so that you can let compounding do the rest it can give some encouragement to do larger investments just to get you jump started for the first couple years then go down to the 1,000$/month after that.
Thanks for the weekly reminder to stay the course!
This has been one of my favorite videos from you guys, and I watch religiously! Thanks for the real, encouraging examples and benchmarks! 💰
One of my favorite topics to date. Thank you!
Great episode, nice work! My favourite one (Avid watched for 3 years or more)
Im on track to retire with a 8 figure fund, never thought that would be me. The first time it returned 6 figures i was kinda in shock. Now it might return 7 figures in retirement and that doesnt seem possible.
This was the best video that yall put out in my opinion! Im 24 now and just set my first goal of saving 10,000 this year, and i am so encouraged and hopeful for my family’s future! Thanks guys!
My most significant milestone was when my liquid net worth times the risk free interest rate was equal to our greater than my annual spend.
One of the best things you’ve ever done. Sharing with everyone I think will benefit.
We have been at this place for a while now. We are just now letting go of the purse strings a bit. I FIRED when DD was born, hubby is in coast mode at his job, when there is this kind of money in the bank, you get to tell the boss NO a lot more, and the bosses tip toe around you a lot more. I want everyone to know this IS possible even in this current time. The first 100k is really the hardest part, the rest just takes time. Hubby could FIRE any day he wants. The idea is to have hubby keep working at his easy job till the kid graduates college. Then we will just cash flow her schooling.
This is one of my most favorite videos that you guys have shared. Thank you!
This video was actually perfect for what I needed on my financial journey! Thanks for the goals and landmarks I will shoot for!
I'm on the precipice of milestone number 4! should definitely happen next year but might could happen this year
Long time listener and i have been trying to explain this to fellow financial mutants lately as you guys have been hinting at these different steps for a while. Thanks for putting it in a nice package here. My only caveat would be that "FIRE savers" (greater than 50% savings rate) might reach step 6 before step 5 or even 4 depending on income.
I absolutely love the content! Thank you for all that you do!
This is *THRILLING!* I feel a bit better about my army of dollars now
Wonderful and encouraging video, guys!! Thank y'all so much!
I really liked the end, talking about the abundance cycle, and giving. And that Brian & Bo are not looking to gouge people for money, but that they’re here to help, and that while they’re doing well, they want to uplift others.
I liked it because most younger viewers don’t need guidance, and it’s nice that they said they’d be here when we need it, and, for the time being, to simply use the free content they provide and set yourself up for success.
It’s a really cool thing to think about, this “abundance cycle”!
I want to be like that in my life, and in some ways I do, I just need to keep up on it!
Bo has an interesting smile towards the end when Brian talked about "working with us and Millionaire mission"
Love the inspiring and informative content you guys provide! I'm halfway to the millionaire milestone myself between my retirement accounts, life insurance, brokerage accounts, etc. Praying for the patience to persist so I can enjoy that F.I.R.E. life
Bo loves to say “I'm so excited about this “😂❤
Great content as always!
Thanks Money Guys!
That "bowling point" though XD nice work guys! Great show!
This was a fantastic episode. I had a few of these in my head (1 m general networth, then liquid (on my way here right now) and then FI. Interesting to think about some of the others. Never really kept track of annual Rate of Return on my investments, but this definitely will add a new geeky level that I can track, so I'm going to start assuming 8% vs actual, and see when I'll hit these other milestones. Pretty sure first 3 are complete and working now on #4.
Great show! I am watching from the UK, and would like a UK special UK version of the the Money Show Guy Show. To help, maybe Brian and Bo can add a deliverable which translates the US investment types into UK SIPPs and ISAs?
Has someone else already created The Money Guy bingo to play while watching or do I need to do it?
Experienced milestone 5 in 2021 and it felt wonderful. But 2022 lost me that growth and some. 2023 milestone 5 again.
The swings at this point are pretty wild. The dip I saw in 2008 scared the heck out of me, but now it looks like a blip because the scale changed. Hopefully 2022 looks small again in a few years.
excellent content, I just subscribed but have been binge watching for months. Counting the $$ in the net worth is great and all; and I agree with all the milestones. But for me, to not get disappointed when markets decline; I concentrate on share size. For example, I remember when I had 10 shares of VTI, then 100 and so on. With this perspective, whenever there is a market dip; I truly realize I'm getting them on sale, with respect to the current goal of share size.
I love Brian’s intros lately haha reminds me of my dad who is also successful, but still a little goofy 😂
Great one boys
This episode has brought some serious financial mutants into the chat!
For those getting started, let the comments and this episode spur you on, not discourage you!
This is a great video! Original ideas and concepts are hard to come by in the finance space.
I have no memory of when I crossed the $100K mark. It was a long while ago, I know that. I remember it seeming forever that I was in that $30K - $60K range. Mainly I just kept investing, didn't change anything when the markets were down, and didn't bother to check the balance. I do remember one time when I checked the investment balances and it was over $1M (We don't count our house or cars in our net worth calculations). That was quite a surprise as I didn't think we were anywhere close. Fwiw it took us about 28 years to get to a little over $2M in investments. And for most of my career I have not been a high income earner. But we've lived modestly and well below our means even when I wasn't earning very much.
Heh, I remember when I did. 2007. Been investing for almost 9 years at that point. My supervisor was yelling at me about some cases that I supposedly done wrong, and I had opened my account statement before I came into work. When I discovered I hadn't done those cases, and I saw that $100,000 mark, I knew that I could quit, pay off my house, and go say, "would you like fries with that?"
I walked over to her office, yelled at her about how I didn't do any of those cases, threw them at her and proceeded to storm out.
Strangely enough? I wasn't fired. That supervisor was hated, so no one snitched on me. 😆
Do you guys view investment real estate different than your primary residence. You can sell a duplex rental way easier than you can sell your home. And the market rate of the rental could look different on net worth statement than residence.
I've been watching youy guys since around 2020. Even though I had been contributing to a 401k for a few years (thank god) I still didn't really understand much and you guys helped teach me how to accelerate my wealth journey. I stayed the course and kept contributing even though it felt really hopeless when the market wasn't doing well. It was disheartening to see the value of my portfolio go down even though I was making hefty contributions each month, but I stayed the course. And now I'm seeing the benefits because I finally reached the point where my portfolio is saving harder than I am. Thank you guys for everything you do!
This was a much needed episode which shows beyond the plan path.
Where can I find the decision maker tool? I need that to play (math) around beyond the napkin! 😅
Unfortunately for high income earners getting to a point where the liquid assets generating more than income consistently is a high bar to cross and might need millions in liquid assets.
The math should work regardless of income. If you save a percentage of low or high the timelines should be the same. Check out New Retirement if you want a comprehensive model. Im not affiliated with NR, but have been using it for years.
We've had several exciting milestones this year. First 100k, almost to our second 100k, saving about 65% of our income right now, opened and maxed a Roth IRA, have 2 jobs that started offering retirement and investing to the match at both.
I AM SOOOOO EXCITED
Are the financial independence numbers pre-tax? For example, the "if you need $100,000"...is that $100,000 before taxes, or net of taxes?
I posted a comment about how I needed to rewire my attitude about my saving (even though I'm a liquid millionaire at $1.2 million, I still feel behind). I'm working on number five at this point.
Easy, working on milestone 6!
Slam dunk show. Bravo
Fantastic video. Love you guys. 41 here. Hit 1 mill liquid in investments and also have 1 mill in Real Estate (equity). I don't count or care abt real estate equity. Plan is to keep saving & investing 100k/yr until 55 and then show a middle finger to everything and travel the world. 😂.
I only put my mortgage in debt. I dont put whatever equity anywhere. Ad far as am concerned, my apartment is where i live and I have no intention of ever tapping my equity unless it's an absolute last option.
I'm older than Brian, lol, but this is true. Routine investing year after year will get you to multi millionaire status
The boring middle is real as well. We’re in our 30s and we’re in the boring middle; better than messy middle lol
Love the content, but this is mostly if you are invested in assets that are purely reliant on the market growing.
If you have dividend assets, especially in a tax-free portfolio. You are compounding way faster.
Very good episode.
Im spo excited 😊
This is very similar to their video on the Levels of Wealth
On my way to $1 million, let's go FIRE!
On track to be a thousandaire
Can you do a video (or point me in the right direction of a video) about how pensions factor into all of this? I'm a teacher and 7.5% of my salary goes into my pension.
We should be good.
I'm going to setup my 13 year old a Roth IRA this year with her first earned income. Help her get to over $100k in a roth by the time she graduates college. If she just leaves it from there, she'll have $5-10 million in a roth when she hits retirement. If she kept maxing it out, she'd have $10-20 million in a roth IRA.
I spent most of my 20 and half of my 30’s spending everything I had traveling and partying with $25k in my 401k by 35. Now I’m 45 and thanks to my house, this year I am now worth $1.1 million.
Awesome video! Loved thidnone
Wife and I made it to #4 at 36.
Just moved to 1 income (still living within means and saving) so we get more investment in our young kids. Starting and saving big percentages early was all worth it. Made the choice for going to one income so much less stressful, and is so much more gratifying than a couple nicer cars or bigger house would have been.
I feel you. Been only income for my household pretty much the whole time. Been trying to do 50% savings which is only $2000 for past 5+ years.
Trying to get to #5; we are 41.
Paralysis by analysis kills me sometimes, I'm $310k liquid NW at 33, I save $1200 split 50/50 between roth and traditional in my 457, I put another $600 required into my pension, I max out my Roth, and save another $500 at least on top of that a month and I feel like I'm behind with all these metrics but technically speaking, I'm already halfway to $1M. I increase my 457 by $150 every year and also have some cash savings on the side. 2022 my NW decreased by $27k, in 2023 it increased by $83k, hoping for a good year this year, already up $30k in the first half of the year. I know I'll look back in 10 years and be proud of myself, but I just don't see it yet.
You’re doing well for your age & better than most. The fact that you care means you’ll make it.
Go run some scenarios on honestmath and you’ll see how fine you are.
Similar situation here. I also do about 50/50 roth vs traditional between 457 and roth ira (max both out). I'm tempted to switch the 457 to all traditional though as roth is not eligible for early withdrawals (before 59.5) like the traditional is. But maybe I won't need a ton either. Planning to retire at 55, which should be easy to use what I have allocated now. But if I retired earlier, I'd want to switch it more to traditional 457 for sure.
@@zachhecksel2920 That's why I do 50/50, not sure if I'm going to retire early or stick it out till 62 to get my full pension.
Bo “I’m so excited” Hanson
I hadn't given it much thought, but my wife and I had our net worth increase $142k in 2023, and our W2 wages were $132k, so we are close to financial independence I guess? Seems crazy.
I know. It’s crazy. We felt like we were poor for so many years and after all of the continual investing our portfolio is up over $150,000 in the first few months of 2024. I still get concerned we won’t make our marks but I guess that is good bc it keeps us from overspending.
Financial success is anticlimactic 😅 you just reach ‘the number’ on paper and the world keeps spinning. Same body/health, same mental state, same friends/family, same number of hours in a day you had yesterday. But maybe more freedom if you can wrap your head around writing that letter of resignation 😉
Only if it increased in liquid net worth not real estate
@@majomillan6257 Yeah, I don't update our real estate value annually. We are still probably 10 years of decent returns from the 4% rule covering our expenses. 2023 was just a very good year for investments.
Age 44 and only halfway to the “bowling point.” Take it from me kids, start early, cuz your back can’t work as hard in your forties.
One thing to know when your portfolio earns more than your income you have to factor in you get income and health benefits from work so you have to add that in as well Because if you don't you're gonna have to increase your expenses to pay for health benefits
I keep lifestyle inflating myself out of FI, but 4 out of 6 milestones isn't bad.
I don't get why FI is higher than "portfolio growing more than your salary".
FI is usually lower than the full salary.
Unless #5 applies only to the 'good years'.
Step 5 & 6 seems difficult to do already. Can one achieve Step 6 before step 5?
Bowling 🎳 point🎯
I've been waiting for this content...a million is not what it used to be... let's hit 10m
So excited to be a millionaire at 59.5 years old when life expectancy is around 77 years old! 😂
My grandparents on both my moms and fathers side live very long... My grandfather is 96 and still alive, my other grandfather lived to about 98 I believe.
Going to be an old fart.
I was utterly broke and in debt at the end of 2022. Its been a year and a half. I bought a house and have over 150k in stocks now between all of my brokerage accounts.
Sometimes it feels like 1 step forward and 2 steps backwards with bills.
For those of us who aren't high earners (middle school teacher here), videos like this excite us until the first milestone rolls out and then they discourage us. "If you can save $10,000 a year...." Bro, really? Can you do a lower-middle-class version of this?
…10k/year savings doesn’t equate to being a high earner. That’s 20% savings rate on a 50k salary, hardly a high earner.
I’m doing it on my own so it’s harder than those with dual income households.
But I’m closing in on milestone three
If your single then 500k is basically 1M equivalent for dual-income households.. Half as many expenses other than the fixed costs of house / car.. Heck if your a single man basically 300-400k since women spend all the money 😂
@@Lolatyou332 except for fixed cost - which are the largest budget item.
I would argue most pensioners are millionaires in the value of their pensions. Yes it gets doled out one month at a time but in a way it’s liquid too. Take those into consideration and now it’s a lot more than 2%. Maybe 30-40% of the county has pensioners bringing in 3-6k a month.
We have a pension, it will get paid out from
Retirement until lifetime, and death benefits goes to beneficiary. Or you can do lump sum. I didn’t include that in my networth. It’s very tempting to do so.
@@xmochix604 Most pensioners I know who get 4k or above a month I say is worth 1.5-2.0mil. Especially considering that gets paid no matter what the markets are doing. Those without a pension don’t really know if their money will last a lifetime. We all just hope good management and some luck will get us there. Also pensioners don’t have to manage anything it just shows up every month for rest of your life.
25:40 the 4% rule is based on 30 year retirements only
But it also assumes you withdraw 4% every single year. But realistically you will know when the down years have come and adjust your living expenses lower. 4% should be fairly safe as long as your finances aren't at the knife's edge and you have some wiggle room to adapt.
@@wpelfeta I agree with your caveats, I was mostly addressing the phrasing at 25:40 made it seem like it was calculated with 50 year time horizons, which is just wrong
@@wpelfeta 3% is safer for someone retiring with a longer than 30 year horizon. Sure you can adjust your expenses lower, but when you do 4% and then suddenly the market crash how are you going to easily adjust your living expenses much lower?
It's usually better to plan everything from the start to mitigate risk.
If your retiring in your late 60s to 70s a 5% withdrawal rate will actually be fine most of the time, but anyone looking at FIRE will need to consider a 3% at the highest as retiring early can also potentially hurt their SS benefits.
Bowling point is amazing 😂
What about people outside the USA, as about 96% are?
Don't think this is really targeted for those people except maybe in Europe or Canada.. USA is the majority of the stock market right now and EU / Canada have different tax vehicles as well as may have tariffs on investing in foreign (US) equities.
I don't personally trust investing in International equities as the countries that are developed most people are focused on investing in real estate rather than stocks, or they aren't necessarily trust worthy to invest into, such as Chinese stocks.
I dunno. Timing is everything. I put money in and it crashed. Ran away. Came back, put money in it crashed again. Ran away. Came back….guess what, put money in and crashed again lol.
Brian's got a big snow ball
If you only use cost and not the value for the house why not do the same for stock funds
I’d say because you can sell stocks in a heartbeat. For a house, it’s all speculation in the value, things can go wrong and require maintenance, etc. Essentially it comes down to that it takes longer to sell a house and you’ll see the values when you get offers (ignoring the last 3 years of people paying over asking sight unseen)
Because getting cash out of a house is more difficult than a stock portfolio.
Houses are considered “Use Assets” and are illiquid. Even if you sold your house, you would still have to live somewhere. This results in a nearly net-zero transaction if purchasing a similar house in a similar location, net-negative if moving up in house / location, and net-positive if moving down in house / location (plus unlikely to be done unless extenuating circumstances).
Conversely, stocks appreciate and are immediately sellable and convertible to cash. Their appreciable value is liquid.
Because if you are selling your house you're likely buying another house to replace it. Unless you intend to rent or buy a cheaper home you aren't actually getting that cash.
Cause then you'd only have a networth of what you contributed to the stock market and not the actual value 😂
Video Time Stamps!
Quick question. Serious responses only: Somebody gives you a $1.2 million check. What do you do with it?
Cash it and pray it clears.
Is it realistic to assume such high rates of return given that we are seeing worldwide collapse in fertility rates combined with skyrocketing sovereign debt levels? I suppose if technology advances to the point that robots can replace humans altogether, otherwise who is going to do the work that grows your asset value?
No mention of stock market volatility that can dissolve 50% of your portfolio. I was a millionaire, then I wasn’t. Now I’m a multimillionaire, until I’m not. Not complaining, just saying it’s been a roller coaster.
You must own individual stocks 😅
They referred to it in minute 23, talking about’22 vs ‘22.
@@missgui4400 You don’t seem to remember what happened to the SP500 index in 2008. Google is your friend.
@@missgui4400 Yeah, the 2008 crash was the only recent time the stock market dropped 50% and it was only between the peak and lowest point. Besides that it's only really dropped at most like 30% before recovering in the past couple decades.
So... As a single, 48 year old man with a liquid net worth of $400,000, I am doing alright. So often I was hearing that comment of the average millionaire reaching millionaire status at the age of 48.
Yeah, lots of them are house-rich though. Given the median home cost is 412,000$, I guess it'd probably be about 400k-500k in investment assets between two earners with about 100k in vehicles with most of the home being paid off.
Just noticed the cybertruck model on the shelf in the background for the first time. Is that just for fun or an easter egg of Brian's next Tesla?😄
He spoke about now buying it because he was not sure how it will age.
I’m glad you told me what that is
Up next, “the dark side of hitting your multi millionaire milestones!”😂
I will never hit $1 million but I think I will make enough to supplement my pension
If I live at home for another 9 years at sp500 8% average return, I’ll be a millionaire.