I wish I learnt most of these principles earlier. A lot of people have been trapped strongly in the matrix- - Go to school, get a job, and then slave your whole life. Many miss out on life changing information that could have great effect on their finances.
Nobody knows anything, you need to constantly acquire knowledge in order to create your own process, manage risk and stick to the plan, through thick or thin while also learning and improving.
This is true:: for instance, I found out sometime early last year that banks are return-driven businesses. I stopped keeping sums or saving. Instead, I invest with professional guidance, enjoy the benefits and actively endeavor into more opportunities.
After the ‘08 crisis, I learnt not to trust corporations. Since 2022, I’ve been investing with a finance advisor and have had no major losses. I’m barely 25% short of my $2M goal after subsequent investments to date.
I sunk into mistake #3 briefly. I bought a 1875 square foot house in a nice neighborhood, just to feel the pride of achieving a milestone my parents did not. (They bought a home in the 1970s, a little smaller, several miles from the city.) I got to sit in the back yard, look at what I financed, and feel proud of it for a week or so. But then it simply became a door I unlocked after work and walked inside. 5 years later I moved out, and rented it to let the tenants make the payments. I'm satisfied with the concept that money should only buy "what you need". It doesn't mean you have to be cheap, or never buy something pricey. Just don't buy because you want to impress anyone.
A lot of Gen X parents have had to help their Millennial children survive. That’s a fact. Wages have not risen to balance astronomical cost of living. Whether your children have college degrees or not. Their challenges are far greater today.
Back in 1979, I got a full-time job making 2.90 an hour minumin wage. I made about 7k that year. My pop asked me who is richer, a guy making 10 k a year and saving 1k in that year . Or, the guy who makes 20k and has zero saved. I said the guy who makes 20k. He said nope. The guy who made more is broke and has to save 2k in the next year to be equal to the guy who made less but saved more.
Baby Boomer here and doing great/my mom born in 1920 taught us to always live below our means/it is fabulous to have followed her advice and the future is to try to spend the money saved when debt free and house paid for left me secure.
Another boomer here. Our frugal parents that went through the hard years of the depression and WW2 are one of our greatest strengths. If we were smart enough to watch and listen we learned so much from them about what's important in life - and it isn't shiny trinkets.
Azul, For over 12yrs I’ve been making early to mid $100K and live on $45k a year. I have now over 7 figure net worth and debt free. I don’t live for other people. And thats still getting a divorce 15yrs ago and paying for both my kids college. It can be done and i never went to college either. Just have a goal, educate yourself and know the difference between a want and a need
Well said. "Have a goal, educate yourself and know the difference between a want and a need". It really is that simple (not easy to do but simple). Well done! 😎 Azul
I work full time and get the weekends off like most people. I got a retail job where I worked one weekend day and picked up others here and there. I put the max I could into their 401K, with their small match…I did this for 20 years. Sure I missed a lot of Sunday football games, birthday parties, cookouts, you name it, but I was able to grow that small trade of a day off into a few hundred thousands for retirement. Time is everything, trade it when you can and it can work for you. The only real hurdle is you have to do this when you don’t need the money you earn from it.
My brother in law lives by the motto:”ride it like you stole it” but he’s not a good thief so he’s broke at 55 years old. He smokes and eats unhealthy waiting for death. My motto is:”bust you azz every day cuz no one is gonna give it to ya” and I retired at 53 now 59 years old and have a net worth over 3M. That’s the difference kids.
I love that! "The tale of two brothers". Thanks for watching and for sharing your story with the community. Congrats on the (very) early retirement. Not easy to do ... Well done! 🚀 Azul
this video provides clear and practical advice, particularly on the importance of living below our means and saving money. it emphasizes that ' investing in health' is crucial, as good health enables us to truly enjoy our financial success.
I’m a 35 year old millennial and the only debt I have is house and property and lost my job 6 months ago and still can’t find a job as a welder even ent the factory manufacturing route still nothing at this pt after having my home for 7 yrs if I lose it cause I either need to eat an put food on table for my kids(single dad) I’m screwed if I can’t find a job soon an did everything I was told to do and I’m still struggling I have no sympathy for boomers or gen x if they are in debt up to their eyeballs
I know a bunch of them who are happy and prospering. They're the ones who are 5 or 10 years older than my stepson who was born in '83. A lot of his friends and coworkers are in that group.
Living below our means. Many make choices to live at their means . It is the YOLO philosophy. That is not the right attitude to create a good future for themselves. It is your choices that make the difference. Many are suggesting that you can not make it on a regular job. That is the problem. They believe something that is not true. It does not matter how much they make, with that attitude it would never be enough. The last stupid thing that I was told is: "I don't earn enough to make a budget." Wow.....
It's easy to say now that we are at all time high adjusted for inflation wages and we haven't had a for real recession in 15 years that it doesn't matter how much you make it's how much you save. In the last half of the 1980's and first half of the 1990's as Gen X joined the labor force, we saw the lowest adjusted for inflation wages since the Great Depression and all time high labor force participation (very crowded) in the 1990's where you literally had to wait for someone to die or retire to move up one rung. Gen X was also asked to serve in the Gulf War. Then as we came out of that terrible stretch, we saw ~20M bankruptcies between 1997 and 2011 including the three highest bankruptcy rate spikes of all time (2005, 1998, 2010), Gen X asked to serve in another war, Dot Com, and top it all off with GFC. That's two and a half lost decades for Gen X and the majority of their working prime. Very different financial story between Boomers and Gen X, and, frankly, it is offensive to lump them together. It was not until the median aged member of Gen X hit 45yo that they finally caught up to Boomers (at the same age) in adjusted for inflation median net worth per capita, despite Gen X entering the workforce earlier, working more hours, being far more productive, obtaining more higher education, and on and on. Boomers should be lumped with Millennials. Just born lucky. No generation in history has had it as good as Millennials in their early prime. Today's 30yo's are 2.25x wealthier on an adjusted for inflation median net worth per capita basis than Gen X was at that age. Gen X was less wealthy than any generation before (or since) at 25yo, 30yo, 35yo, and 40yo. At 45yo they went slightly above Boomers (at the same age), but today they are about on par and Boomers are set to retake the crown. Eventually, Millennials will blow away Boomers/Gen X when they reach those ages.
I’m a UK boomer and retired nearly 3yrs ago at 57 and never regretted it once. My wife is just Gen X and retired at the start of the year, taking voluntary redundancy as a bonus from University. People generally say we had/have it easier, but I started off on a council estate, went to a state comprehensive school and our first Christmas in our first home we bought, we only had beans and half a dozen eggs in the fridge for a meal. However, we worked hard and smart over the years working in manufacturing, finance, Education and worked our way up into upper management and invested wisely. We have truly earned our money and our retirement and have enough to do whatever we want when we want and fingers crossed…..for some considerable time.
Both my wife (before we met) and I were desperately poor back in the early 90's. Both of us were on unemployment benefits at one stage. For years I really felt that the recession had robbed us of a chunk of our lives. I look back on it now as a blessing in disguise. It taught us how to be frugal, it taught us patience and it taught us what is really valuable to us. That's paid dividends as we approach our retirement. Neither of us feel like we're making sacrifices, quite the contrary in fact. We feel like we're in control of our destiny. We know we could have "more". We can afford better cars and a bigger house. I could "upgrade" my motorcycle. But we are both very content with what we have. Mindset is hugely important. Do a stock take. Look around you and see what you have rather than what you don't have. And enjoy the "basics". See things like cooking as a hobby, not a chore. Grow a few vegetables rather than mow the lawn. Put an "A" in attitude.
@@AzulWells Thanks for your reply and your kind words. I really hope that the next generation doesn't have to learn the same lessons, the same way, but it's not the end of the world. There's light at the end of the tunnel, even if you have to put a low wattage globe in it for a while.
I'm 54 (mid gen "X"). From my observations, my peer group has either been debt free for 10+ years or they're in debt up to their eyeballs. There seems to be a huge disparity in how people manage their finances in my age group.
I’m a 35 year old millennial and the only debt I have is house and property and lost my job 6 months ago and still can’t find a job as a welder even ent the factory manufacturing route still nothing at this pt after having my home for 7 yrs if I lose it cause I either need to eat an put food on table for my kids(single dad) I’m screwed if I can’t find work soon an did everything I was told to do and still struggling I have no sympathy for boomers or gen x if they are in debt up to their eyeballs
@@ryanlangston439 We had it way easier than you guys in many respects. I can't stand people my age and older that argue to contrary. Often their argument is, "we didn't have this, that and the other thing, like you young people of today...". And while that is in part true, we weren't required to have a mobile phone and access to the internet, and TV was entertaining enough! But what we did have was cheap housing (rent or buy), cheap groceries and cheap utilities. You know, the important stuff to sustain life. That was easy, so easy I did it on welfare for about six months, and when the storm was over, I was able to save. Those savings ended up as investments and I don't want this to sound like a boast, but life's pretty easy these days as a consequence. You guys can barely afford a breath of fresh air once you've paid the bills. Too many oldies don't get it. They see a couple of young dudes in a cafe with their brand new Apple tablets out and believe that to be representative of a whole generation. And at the same time, they forget to look around and notice that the other 95% of patrons have grey hair or at least a good dose of salt and pepper. My son's 27. He's doing "alright", but I wouldn't trade places for the world. I don't think that when push comes to shove that many of us more mature folks would. I wish we'd stop lying about it, I really do. Good luck with the job hunting.
I’m 47, youngest Gen x. Was debt free this time last year but now considering taking in a big mortgage to pay off in 13 years. I’m not taking it lightly but my wife has to keep up appearances
I love the absolute magic of living well below your means! Today we drove into town to get some movies from the library, stopped by the post office and hit our small town grocery store for boneless chicken breasts for $1.99/lb, sirloin tip steaks for $4.99/lb and Blue Bunny vanilla bean ice cream for $3.99 which is so clean they use egg yolks as a stabilizer rather than cheap gums like carrageenan, tara or guar gum much less the mono and diglycerides. We've got burgers and fries for tonight with the excellent fresh ground beef from our local butcher, bakery rolls made in-house at the grocery store, cheddar cheese, lettuce, tomatoes, dill pickle slices, thinly sliced sweet onions and a little mayo...best burgers around. I can't wait to pound the chicken breasts to a uniform thickness before seasoning them well and grilling for chicken sandwiches, wraps and even on their own. I'm really looking forward to the steaks for lunch with a pile of green beans and maybe a home made biscuit or baked potato. For now my hardest decision is weather to watch "Diehard", "Star Wars: A New Hope" or "Rear Window" with Jimmy Steward after we finish "The Accountant". I've got my laptop set up on a small table in the living room so I'm also going to re-visit publication 590-A for a clarification as well as do a little poking around on Morningstar since I get free access through our public library system. Windows 10 support ends October 14th, 2025 and all of my computers are pre-TPM so I'm going to switch them over to Ubuntu before then which I actually prefer so I'll also check into that a little as well but most likely I'll stick with Windows 10 for a while longer. It's nice putting 2024 to bed, yesterday I paid our 4th quarter water bill and retired the checkbook registry (2018-2024, R.I.P., lol) as it was full and relegated my 2024 paperwork to storage, ready to start the new year. Meanwhile it's 18°F with a biting wind but we're all set with a set of clean flannel sheets on the bed, good stuff to watch as well as additional projects to keep me busy and it's not going to snow again for several days but when it does I've got my 39 year old Toro snowblower all gassed up and ready to go with it's single pull start. Cheers!
In 2014 I retired at 60 and make more in retirement than I did while working. Along the way I still managed to have a nice house, a new truck every so often, an airplane, a Harley and I traveled to about 45 different countries. Now, between two pensions and SS, I pull in over $100,000 a year. Financial worries are something I know nothing about.
Those that post about their six figure incomes and no debt, living on 16k a year, you should get on your knees and thank God for where your at. The rest of us still have bills aside from utilities to pay because life kicks your nuggets at the worst times. Even with insurance, try paying a portion of 650k in medical bills. Be careful about bragging because life and wealth can come crashing down in short order. Take care of your health!! SPEND money on your health well being needs!!!
There's a book called The Gilded Nexus of Prosperity, and it talks about how using some secret techniques you can attract a lot of money, it's not some bullshit law of attraction, it's the real deal
Living below our means is a tough pill to swallow, but it's so important. I've been guilty of lifestyle creep, but this video is a great reminder to focus on what truly matters.
Being able to live below your means, and saving what you don't spend, is the sign of success and self discipline. Being ahead of the game should feel good.
I started in the workforce at age 23 in 1994. I began investing at least 25% of my salary then and never stopped. By mid 40s, I was a multimillionaire working a W2 9-5. At 53, I retired. Time is your friend when investing.
The fruit of post modernism - is rejection of personal responsibility and self discipline- viewing billionaires every 3 minites on social media is destroying peoples ability to remain rational. The lack of perspective is horrific.
I'm 44 so I'm at the very end of Gen X. Paid my mortgage off at the age of 40. I'm saving most of what I make now. I refuse to go into any kind of dept again. Not doin it. I've been putting more towards my 401k also which I've had since my early 20s. The next 20 years for me will be save and invest.
I agree with all your points but I would suggest one other, reduce your dependence. Learn how to maintain stuff, have the faculties to look after yourself, time will come when you physically wont be able to do some things and you will have to pay for support but in the meantime you will save heaps. I'm 70 and I know how much I save not having to get somebody in to do most jobs.
Make $60k saved $500k. Paid for my son's EE degree and then all living expenses while he saved up $70k. It is important to save early in life so it can compound. When I'm dead and he's alone I hope that he remembers baseball, bikes, archery, shooting, wrenching, lifeguarding together, and all the other shared good times we had, but also that I set him up for an easy financial life.
We had every advantage. 3 layoffs and cancer and still did fine. With cheap education, reasonable housing, and plenty of work options and good enough insurance. So if you could do the minimum saving and avoid a divorce or 3, live within means and survive a health emergency, you came though. So what's left for the kids? They will need it as they have a different situation.
Seems that most people think the government will save them from themselves. From the beginning I made the assumption that SS wouldn't be there for me. I know it will be (although maybe at a reduced benefit), but I don't need it because I prepared. No college degree, never owned my own business...just earned a paycheck for 36 years, saved over 20% and retired at 55.
I’m making sure that my son has 100k in his super by the times he’s 20. That plus regular contributions at 15 of income should have him sorted at retirement.
Don't fall for the lie of making less money. Always make as much as you can. Having money gives you options... and making $50k will give you less options than making $100k. And you don't have to "love" your job... you just need to like it enough for the amount of money you make. I love watching TH-cam and naps, but no one is going to pay me $100k to do that.
I have said for years, ours is the last generation that will be able to create generational wealth for our families. If you don't create an economic base for your kids to build on, they will be economically disadvantaged
Some people live for to today and enjoy their younger years spending as they get it . Others do nothing but work and save and if they make it to retirement they have no worries . To each their own . I am the in middle As I don’t work my life away I also do not spend every dollar I make .
The inflation was not random. It was a coordinated attack on the older generation, which is high numbers, and to demolish their savings and keep them generating taxes. Efing luckily me and wife (B&X) were able to come out of this sht debt free (0$) with good savings to keep us alive, living frugally.
The younger generations are far harder hit by inflation than us "more mature" people. We've at least got assets that have appreciated over the years, especially the past few. For younger folk, their hope of acquiring such assets has been put far further out of reach.
I retired May 2024. I have been living on only 65% pf my salary and puttinf 65% away for retirement. Houae is paid off and I have zero debt. I have 640k in a brokerage and 1.4 million in IRAs. Retirement will be comfortable.
For Asset Allocation, is it wrong to stick the money in a birthday fund as based on the fund, they adjust the risk portfolio. I.e. closer it is to retirement, the less the risk profile.
People make bad choices, not systems. There are millions of people, tens of millions of people, who are okay and aren't in debt and broke, etc. There are tens of millions of people getting along well in their careers, too. Are things perfect? Of course not, as everyone can see.
My observation is that Boomers are more apt to have been savers and planners for retirement.The X Gens have been living to the potential of their salaries.
I prioritized finding a job with a pension. I found this benefit in healthcare- I’m a hospital administrator and have worked for the same employer for the last 25 years. Many family and friends told me I was crazy to “limit my options” just because I wanted a pension, and couldn’t understand why I stayed for the pension. I will retire in a few years at 60 with a six figure pension, and am still eligible for social security also. Many who criticized me have bounced around from employer to employer and are cobbling together a 401K but will need to work until 65+.
Ah, yes. When I’m having one of those rare, perfect days and everything is falling into place, I just have to pop over to this channel. Nothing like a healthy dose of misery to remind me that happiness is overrated and that life’s only true constant is the crushing weight of existential despair. Keeps me grounded.
Retire to something, not from something. Building wealth requires discipline and intention. Develop a routine of regular saving and smart investing to secure your financial future. Start today and shape the life you want tomorrow.
Don't simply retire from something; have something to retire to. Start saving, keep saving, and stick to investments. Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
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.
I paid off my $529k 2.125% 15 years loan in 25 months. Started in October 2022 last payment was November 2022. Now totally debt free with 3 paid off rentals. Love having no debt for the last 1.5 years. Thank you juliakeyhole
I'm surprised that you just mentioned and recommend Mrs Julia keyhole. I met her at a conference in 2018 and we have been working together ever since, she have helped me earn lots of profits.
We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.
Keeping some gold is usually a wise decision. You would be better off keeping away from equities for a bit or, even better, seeking advice from an expert given the current market conditions and everything that is at risk with the current economy.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst
My CFA ’Stacy Lynn Staples’, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I pray that if you’re Gen X or a Boomer and you haven’t got the money to retire you can get yourself in gear and get it ASAP. And if you haven’t the money but keep making up nonsense reasons to cede your life away to some soulless corporation or the government you see the light and retire while you have time. If you’re a millennial or Gen A you see the light and get on the road to early retirement.
The current market and ecThe current market and economy feel especially challenging for boomers and senior citizens like myself. I’ve always relied on a buy-and-hold strategy for my investments, but that approach doesn’t seem to be working well in today’s volatile market. On top of that, inflation is eroding the value of my portfolio. I’m really starting to worry about my financial security and survival once I retire.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
I envy you, I’m still trying to recover from losses I incurred in 2021/2022, who is this investment adviser you work with, I’m intrigued and I could use some quality guidance
My CFA Melissa Terri Swayne , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Gen Xer lucky enough to have a pension and a 401k. Excluding the pension and social security I have about 400k in Ira/401ks. I have 20 years to go before retirement. And I’m still worried. lol.
I'm favoured only God knows how much I praise Him, $230k every 4weeks! I now have a big mansion and can now afford anything and also support God’s work and the church.
Only God knows how much grateful i am. After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!
I remember giving her my first saved up $20000 and she opened a brokerage account with it for me, it turned out to be the best thing that ever happened to me.
Travel and pick up side jobs? You sound like Dr. David Bruce Banner. "Mr. McGee, don't make me angry. You wouldn't like me when I'm angry. "🤣 You could turn those adventures into a television series. 😉
THANKS, as always, Azul. BTW, the next president will push a law that people on SS will not have to pay taxes on their SS income....that will either necessitate major reforms to SS, and/or living on starvation proceeds from what was a great program for all Americans. So, I hope they're watching your Big Five!
I’m 53 and my planned budget for when I retire is that I’ll be receiving 70% of the Social Security that the SSA web site says I’ll be getting. In addition I’m planning my budget on my marginal tax rates being 3% higher than today’s marginal tax rates. It sucks, but we need to plan for the worst.
@ I don’t remember him promising to lower taxes for the rich. Probably because that screwed the working class. He didn’t “close the border” and Obama deported much more illegal immigrates than Trump did. Did Mexico pay for the wall? Was Hillary locked up? Where is the great healthcare plan he promised? Sure try again.
I am not a native speaker, but I clearly understood the word cavalry. Plus, I love the way Azul speaks, slowly and well pronounced. Greetings from Germany
I wish I learnt most of these principles earlier. A lot of people have been trapped strongly in the matrix- - Go to school, get a job, and then slave your whole life. Many miss out on life changing information that could have great effect on their finances.
Nobody knows anything, you need to constantly acquire knowledge in order to create your own process, manage risk and stick to the plan, through thick or thin while also learning and improving.
This is true:: for instance, I found out sometime early last year that banks are return-driven businesses. I stopped keeping sums or saving. Instead, I invest with professional guidance, enjoy the benefits and actively endeavor into more opportunities.
@@TiffanyTomasame here
After the ‘08 crisis, I learnt not to trust corporations. Since 2022, I’ve been investing with a finance advisor and have had no major losses. I’m barely 25% short of my $2M goal after subsequent investments to date.
Your finance advisor must be really good, I hope it’s okay to inquire if you’re still working with the same Advisor and how can I get in touch?
I sunk into mistake #3 briefly. I bought a 1875 square foot house in a nice neighborhood, just to feel the pride of achieving a milestone my parents did not. (They bought a home in the 1970s, a little smaller, several miles from the city.) I got to sit in the back yard, look at what I financed, and feel proud of it for a week or so. But then it simply became a door I unlocked after work and walked inside. 5 years later I moved out, and rented it to let the tenants make the payments. I'm satisfied with the concept that money should only buy "what you need". It doesn't mean you have to be cheap, or never buy something pricey. Just don't buy because you want to impress anyone.
A lot of Gen X parents have had to help their Millennial children survive. That’s a fact. Wages have not risen to balance astronomical cost of living. Whether your children have college degrees or not. Their challenges are far greater today.
I think you mean that Gen Xers help their Gen Z children - not Millennials.
True but most of us have Gen Z kids. Ours are early 20s, still home.
Gen Zs are offsprings of Gen Xs :) So proud.
Back in 1979, I got a full-time job making 2.90 an hour minumin wage. I made about 7k that year. My pop asked me who is richer, a guy making 10 k a year and saving 1k in that year . Or, the guy who makes 20k and has zero saved. I said the guy who makes 20k. He said nope. The guy who made more is broke and has to save 2k in the next year to be equal to the guy who made less but saved more.
This boomer is retiring this year, and I'm not looking back. Glad to be out of the rat race.
This Gen Xer is retiring this year at age 55.
Great! I wish I was in that position at your age. 2008 set me back a few years.
57, will retire in two yrs and move to Southern France. Have a good day, love from Germany ❤️🇩🇪
If it was a rat race to you, your approach was flawed. Working isn’t just a means to an end.
@plbria i work to live not live to work.
Baby Boomer here and doing great/my mom born in 1920 taught us to always live below our means/it is fabulous to have followed her advice and the future is to try to spend the money saved when debt free and house paid for left me secure.
Another boomer here. Our frugal parents that went through the hard years of the depression and WW2 are one of our greatest strengths. If we were smart enough to watch and listen we learned so much from them about what's important in life - and it isn't shiny trinkets.
Azul, For over 12yrs I’ve been making early to mid $100K and live on $45k a year. I have now over 7 figure net worth and debt free. I don’t live for other people. And thats still getting a divorce 15yrs ago and paying for both my kids college. It can be done and i never went to college either. Just have a goal, educate yourself and know the difference between a want and a need
Well said. "Have a goal, educate yourself and know the difference between a want and a need". It really is that simple (not easy to do but simple). Well done! 😎 Azul
@ Thanks Azul. Being Disciplined is key, it may take awhile but definitely worth it in the long haul!
Amen I took this same path
“Over 7 figures net worth”. Does that mean 8 figures ie 10,000,000 dollars? Or do you mean 7 figures? Regardless … congratulations.
I work full time and get the weekends off like most people. I got a retail job where I worked one weekend day and picked up others here and there. I put the max I could into their 401K, with their small match…I did this for 20 years. Sure I missed a lot of Sunday football games, birthday parties, cookouts, you name it, but I was able to grow that small trade of a day off into a few hundred thousands for retirement. Time is everything, trade it when you can and it can work for you. The only real hurdle is you have to do this when you don’t need the money you earn from it.
Great background to see you living a great life. Thank you for the daily dose of great information
My brother in law lives by the motto:”ride it like you stole it” but he’s not a good thief so he’s broke at 55 years old. He smokes and eats unhealthy waiting for death.
My motto is:”bust you azz every day cuz no one is gonna give it to ya” and I retired at 53 now 59 years old and have a net worth over 3M.
That’s the difference kids.
I love that! "The tale of two brothers". Thanks for watching and for sharing your story with the community. Congrats on the (very) early retirement. Not easy to do ... Well done! 🚀 Azul
this video provides clear and practical advice, particularly on the importance of living below our means and saving money. it emphasizes that ' investing in health' is crucial, as good health enables us to truly enjoy our financial success.
I’m a 35 year old millennial and the only debt I have is house and property and lost my job 6 months ago and still can’t find a job as a welder even ent the factory manufacturing route still nothing at this pt after having my home for 7 yrs if I lose it cause I either need to eat an put food on table for my kids(single dad) I’m screwed if I can’t find a job soon an did everything I was told to do and I’m still struggling I have no sympathy for boomers or gen x if they are in debt up to their eyeballs
What was your net worth at retirement?
@@music-jj2pl 2.3M
That is why nobody really attacks GenX, because nobody envies GenX.
I know a bunch of them who are happy and prospering. They're the ones who are 5 or 10 years older than my stepson who was born in '83. A lot of his friends and coworkers are in that group.
Living below our means. Many make choices to live at their means . It is the YOLO philosophy. That is not the right attitude to create a good future for themselves. It is your choices that make the difference. Many are suggesting that you can not make it on a regular job. That is the problem. They believe something that is not true. It does not matter how much they make, with that attitude it would never be enough. The last stupid thing that I was told is: "I don't earn enough to make a budget." Wow.....
It's easy to say now that we are at all time high adjusted for inflation wages and we haven't had a for real recession in 15 years that it doesn't matter how much you make it's how much you save. In the last half of the 1980's and first half of the 1990's as Gen X joined the labor force, we saw the lowest adjusted for inflation wages since the Great Depression and all time high labor force participation (very crowded) in the 1990's where you literally had to wait for someone to die or retire to move up one rung. Gen X was also asked to serve in the Gulf War. Then as we came out of that terrible stretch, we saw ~20M bankruptcies between 1997 and 2011 including the three highest bankruptcy rate spikes of all time (2005, 1998, 2010), Gen X asked to serve in another war, Dot Com, and top it all off with GFC. That's two and a half lost decades for Gen X and the majority of their working prime.
Very different financial story between Boomers and Gen X, and, frankly, it is offensive to lump them together. It was not until the median aged member of Gen X hit 45yo that they finally caught up to Boomers (at the same age) in adjusted for inflation median net worth per capita, despite Gen X entering the workforce earlier, working more hours, being far more productive, obtaining more higher education, and on and on. Boomers should be lumped with Millennials. Just born lucky. No generation in history has had it as good as Millennials in their early prime. Today's 30yo's are 2.25x wealthier on an adjusted for inflation median net worth per capita basis than Gen X was at that age. Gen X was less wealthy than any generation before (or since) at 25yo, 30yo, 35yo, and 40yo. At 45yo they went slightly above Boomers (at the same age), but today they are about on par and Boomers are set to retake the crown. Eventually, Millennials will blow away Boomers/Gen X when they reach those ages.
Well stated. When I heard him say that Boomers and Gen X were similar I stopped watching. Not even close.
I’m a UK boomer and retired nearly 3yrs ago at 57 and never regretted it once. My wife is just Gen X and retired at the start of the year, taking voluntary redundancy as a bonus from University. People generally say we had/have it easier, but I started off on a council estate, went to a state comprehensive school and our first Christmas in our first home we bought, we only had beans and half a dozen eggs in the fridge for a meal. However, we worked hard and smart over the years working in manufacturing, finance, Education and worked our way up into upper management and invested wisely. We have truly earned our money and our retirement and have enough to do whatever we want when we want and fingers crossed…..for some considerable time.
Both my wife (before we met) and I were desperately poor back in the early 90's. Both of us were on unemployment benefits at one stage. For years I really felt that the recession had robbed us of a chunk of our lives. I look back on it now as a blessing in disguise. It taught us how to be frugal, it taught us patience and it taught us what is really valuable to us. That's paid dividends as we approach our retirement. Neither of us feel like we're making sacrifices, quite the contrary in fact. We feel like we're in control of our destiny. We know we could have "more". We can afford better cars and a bigger house. I could "upgrade" my motorcycle. But we are both very content with what we have.
Mindset is hugely important. Do a stock take. Look around you and see what you have rather than what you don't have. And enjoy the "basics". See things like cooking as a hobby, not a chore.
Grow a few vegetables rather than mow the lawn. Put an "A" in attitude.
Beautifully said David. “Hard” times produce wise people. Congrats on your enjoyment. I’m thrilled to hear how much you are enjoying it. 🙏Azul
@@AzulWells Thanks for your reply and your kind words.
I really hope that the next generation doesn't have to learn the same lessons, the same way, but it's not the end of the world.
There's light at the end of the tunnel, even if you have to put a low wattage globe in it for a while.
Boomers and Gen X should be debt free at this point and taking on no-more debt.
I'm 54 (mid gen "X"). From my observations, my peer group has either been debt free for 10+ years or they're in debt up to their eyeballs. There seems to be a huge disparity in how people manage their finances in my age group.
I’m a 35 year old millennial and the only debt I have is house and property and lost my job 6 months ago and still can’t find a job as a welder even ent the factory manufacturing route still nothing at this pt after having my home for 7 yrs if I lose it cause I either need to eat an put food on table for my kids(single dad) I’m screwed if I can’t find work soon an did everything I was told to do and still struggling I have no sympathy for boomers or gen x if they are in debt up to their eyeballs
@@davidbrayshaw3529 im gen x debt free since 30. the only debt had after 30 - investment properties i'm renting out. and last year at 46 all paid off
@@ryanlangston439 We had it way easier than you guys in many respects. I can't stand people my age and older that argue to contrary.
Often their argument is, "we didn't have this, that and the other thing, like you young people of today...". And while that is in part true, we weren't required to have a mobile phone and access to the internet, and TV was entertaining enough!
But what we did have was cheap housing (rent or buy), cheap groceries and cheap utilities. You know, the important stuff to sustain life. That was easy, so easy I did it on welfare for about six months, and when the storm was over, I was able to save.
Those savings ended up as investments and I don't want this to sound like a boast, but life's pretty easy these days as a consequence.
You guys can barely afford a breath of fresh air once you've paid the bills. Too many oldies don't get it. They see a couple of young dudes in a cafe with their brand new Apple tablets out and believe that to be representative of a whole generation.
And at the same time, they forget to look around and notice that the other 95% of patrons have grey hair or at least a good dose of salt and pepper.
My son's 27. He's doing "alright", but I wouldn't trade places for the world. I don't think that when push comes to shove that many of us more mature folks would.
I wish we'd stop lying about it, I really do.
Good luck with the job hunting.
I’m 47, youngest Gen x. Was debt free this time last year but now considering taking in a big mortgage to pay off in 13 years. I’m not taking it lightly but my wife has to keep up appearances
I love the absolute magic of living well below your means! Today we drove into town to get some movies from the library, stopped by the post office and hit our small town grocery store for boneless chicken breasts for $1.99/lb, sirloin tip steaks for $4.99/lb and Blue Bunny vanilla bean ice cream for $3.99 which is so clean they use egg yolks as a stabilizer rather than cheap gums like carrageenan, tara or guar gum much less the mono and diglycerides. We've got burgers and fries for tonight with the excellent fresh ground beef from our local butcher, bakery rolls made in-house at the grocery store, cheddar cheese, lettuce, tomatoes, dill pickle slices, thinly sliced sweet onions and a little mayo...best burgers around. I can't wait to pound the chicken breasts to a uniform thickness before seasoning them well and grilling for chicken sandwiches, wraps and even on their own. I'm really looking forward to the steaks for lunch with a pile of green beans and maybe a home made biscuit or baked potato. For now my hardest decision is weather to watch "Diehard", "Star Wars: A New Hope" or "Rear Window" with Jimmy Steward after we finish "The Accountant". I've got my laptop set up on a small table in the living room so I'm also going to re-visit publication 590-A for a clarification as well as do a little poking around on Morningstar since I get free access through our public library system.
Windows 10 support ends October 14th, 2025 and all of my computers are pre-TPM so I'm going to switch them over to Ubuntu before then which I actually prefer so I'll also check into that a little as well but most likely I'll stick with Windows 10 for a while longer. It's nice putting 2024 to bed, yesterday I paid our 4th quarter water bill and retired the checkbook registry (2018-2024, R.I.P., lol) as it was full and relegated my 2024 paperwork to storage, ready to start the new year. Meanwhile it's 18°F with a biting wind but we're all set with a set of clean flannel sheets on the bed, good stuff to watch as well as additional projects to keep me busy and it's not going to snow again for several days but when it does I've got my 39 year old Toro snowblower all gassed up and ready to go with it's single pull start.
Cheers!
The “Calvary” may not be there to save you but the Cavalry might.
In 2014 I retired at 60 and make more in retirement than I did while working. Along the way I still managed to have a nice house, a new truck every so often, an airplane, a Harley and I traveled to about 45 different countries. Now, between two pensions and SS, I pull in over $100,000 a year. Financial worries are something I know nothing about.
Those that post about their six figure incomes and no debt, living on 16k a year, you should get on your knees and thank God for where your at. The rest of us still have bills aside from utilities to pay because life kicks your nuggets at the worst times.
Even with insurance, try paying a portion of 650k in medical bills. Be careful about bragging because life and wealth can come crashing down in short order. Take care of your health!!
SPEND money on your health well being needs!!!
There's a book called The Gilded Nexus of Prosperity, and it talks about how using some secret techniques you can attract a lot of money, it's not some bullshit law of attraction, it's the real deal
I'll buy you dinner for this recommendation
I know about that book, my father told me about it
Living below our means is a tough pill to swallow, but it's so important. I've been guilty of lifestyle creep, but this video is a great reminder to focus on what truly matters.
Being able to live below your means, and saving what you don't spend, is the sign of success and self discipline. Being ahead of the game should feel good.
Azul enjoy your vacation. film some tourist sites in New York city for the people who can't go there.
I started in the workforce at age 23 in 1994. I began investing at least 25% of my salary then and never stopped. By mid 40s, I was a multimillionaire working a W2 9-5. At 53, I retired. Time is your friend when investing.
Thanks for more excellent content!
Thanks, as always, Azul. Best of 2025 to you and yours.
The fruit of post modernism - is rejection of personal responsibility and self discipline- viewing billionaires every 3 minites on social media is destroying peoples ability to remain rational. The lack of perspective is horrific.
I'm 44 so I'm at the very end of Gen X. Paid my mortgage off at the age of 40. I'm saving most of what I make now. I refuse to go into any kind of dept again. Not doin it. I've been putting more towards my 401k also which I've had since my early 20s. The next 20 years for me will be save and invest.
I agree with all your points but I would suggest one other, reduce your dependence. Learn how to maintain stuff, have the faculties to look after yourself, time will come when you physically wont be able to do some things and you will have to pay for support but in the meantime you will save heaps. I'm 70 and I know how much I save not having to get somebody in to do most jobs.
Make $60k saved $500k. Paid for my son's EE degree and then all living expenses while he saved up $70k. It is important to save early in life so it can compound. When I'm dead and he's alone I hope that he remembers baseball, bikes, archery, shooting, wrenching, lifeguarding together, and all the other shared good times we had, but also that I set him up for an easy financial life.
Gen x nere. Quit the "job" thing during the pandemic. Now im my own boss. Means i dont eat if i dont work but now its a choice.❤
The " calvary " may not come to our rescue, but the cavalry might.
great minds talk about content, small minds talk about spelling-errors...
@@Pihlalorjoone *Great* ( I see what you did there ) minds can often do both. Some can even pronounce words correctly.
Meh, don't put me in the me category as boomers. I don't want to be associated with those clowns.
Admire your confidence walking around speaking into a selfie stick.
Hard truths cut both ways.
We had every advantage. 3 layoffs and cancer and still did fine. With cheap education, reasonable housing, and plenty of work options and good enough insurance. So if you could do the minimum saving and avoid a divorce or 3, live within means and survive a health emergency, you came though. So what's left for the kids? They will need it as they have a different situation.
Talk about the threats on Social Security and Medicare which could keep many Gen Xers working into their 70s...
Seems that most people think the government will save them from themselves. From the beginning I made the assumption that SS wouldn't be there for me. I know it will be (although maybe at a reduced benefit), but I don't need it because I prepared. No college degree, never owned my own business...just earned a paycheck for 36 years, saved over 20% and retired at 55.
64 degrees out in New York in January? That seems warm for this time of year! What a great day to be there!🎉🎉🎉
It is 35 in New York with a wind chill of 24 today. This series appears to have been prerecorded.
I was in NYC in October. Got super lucky. Sunny and in the 60s all week (both me and the weather) ... 🌤️ Azul
@@AzulWells The information in the series is timeless. It was relevant in October and it is relevant today.
I’m making sure that my son has 100k in his super by the times he’s 20. That plus regular contributions at 15 of income should have him sorted at retirement.
what a GREAT walk thru the big apple!!! freakin' amazing!!!
It’s dirty and dangerous these days. It was beautiful clean and fun 5 years ago. It’s been destroyed.
@@Lego-vp3sz wasnt that a recent walk? looked clean and beautiful
Don't fall for the lie of making less money. Always make as much as you can. Having money gives you options... and making $50k will give you less options than making $100k. And you don't have to "love" your job... you just need to like it enough for the amount of money you make. I love watching TH-cam and naps, but no one is going to pay me $100k to do that.
Amen on the travel and work - I'm in Alice Springs Austrailia working -
I have said for years, ours is the last generation that will be able to create generational wealth for our families. If you don't create an economic base for your kids to build on, they will be economically disadvantaged
Or they can earn their own money
Some people live for to today and enjoy their younger years spending as they get it .
Others do nothing but work and save and if they make it to retirement they have no worries .
To each their own .
I am the in middle
As I don’t work my life away
I also do not spend every dollar I make .
The inflation was not random. It was a coordinated attack on the older generation, which is high numbers, and to demolish their savings and keep them generating taxes. Efing luckily me and wife (B&X) were able to come out of this sht debt free (0$) with good savings to keep us alive, living frugally.
The younger generations are far harder hit by inflation than us "more mature" people. We've at least got assets that have appreciated over the years, especially the past few.
For younger folk, their hope of acquiring such assets has been put far further out of reach.
GenX here! Great video Azul!
Thanks CynCity. 🙏 Azul
Living well below our means it was crazy to run the numbers as to what we will have if we live to be 80.
Driving and listening. One of those car beeps made me hit the brakes…Still enjoy the content.
I retired May 2024. I have been living on only 65% pf my salary and puttinf 65% away for retirement. Houae is paid off and I have zero debt.
I have 640k in a brokerage and 1.4 million in IRAs. Retirement will be comfortable.
Wait... so you've been living off of 65% of your salary and putting away the other 65%? Is that really what you're saying?
For Asset Allocation, is it wrong to stick the money in a birthday fund as based on the fund, they adjust the risk portfolio. I.e. closer it is to retirement, the less the risk profile.
Proves what a heinous society our capitalistic system has created.
People make bad choices, not systems. There are millions of people, tens of millions of people, who are okay and aren't in debt and broke, etc. There are tens of millions of people getting along well in their careers, too. Are things perfect? Of course not, as everyone can see.
Weather looks pretty nice. When was this recorded?
Discipline yourself or be disciplined by reality. Discipline is freedom.
My observation is that Boomers are more apt to have been savers and planners for retirement.The X Gens have been living to the potential of their salaries.
I listen to the term median when sizing up others. But I’ll never apply that term median to me. At least here in the US🇺🇸
I prioritized finding a job with a pension. I found this benefit in healthcare- I’m a hospital administrator and have worked for the same employer for the last 25 years. Many family and friends told me I was crazy to “limit my options” just because I wanted a pension, and couldn’t understand why I stayed for the pension. I will retire in a few years at 60 with a six figure pension, and am still eligible for social security also. Many who criticized me have bounced around from employer to employer and are cobbling together a 401K but will need to work until 65+.
New York City: Great pizza! 🍕
#5 health is wealth. Yep, that's the one who I've got to work on sobthat I can enjoy it.
Great camera! what type?
Massive wakeup call is going to hit like a brick wall for the majority of Gen X. Boomers if not invested, those are done. Toast. Don't be normal. 🤪
how to make your trip to NYC a tax write-off
Ah, yes. When I’m having one of those rare, perfect days and everything is falling into place, I just have to pop over to this channel. Nothing like a healthy dose of misery to remind me that happiness is overrated and that life’s only true constant is the crushing weight of existential despair. Keeps me grounded.
Love this video, Gen X, headed towards retirement, but in an expensive apartment 10 blocks from this video 😂 welcome to NYC
Retire to something, not from something. Building wealth requires discipline and intention. Develop a routine of regular saving and smart investing to secure your financial future. Start today and shape the life you want tomorrow.
Don't simply retire from something; have something to retire to. Start saving, keep saving, and stick to investments. Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
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.
julia keyhole demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit.
I paid off my $529k 2.125% 15 years loan in 25 months. Started in October 2022 last payment was November 2022. Now totally debt free with 3 paid off rentals. Love having no debt for the last 1.5 years. Thank you juliakeyhole
I'm surprised that you just mentioned and recommend Mrs Julia keyhole. I met her at a conference in 2018 and we have been working together ever since, she have helped me earn lots of profits.
We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.
Keeping some gold is usually a wise decision. You would be better off keeping away from equities for a bit or, even better, seeking advice from an expert given the current market conditions and everything that is at risk with the current economy.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst
Could you possibly recommend a CFA you've consulted with?
My CFA ’Stacy Lynn Staples’, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
She appears to be well-educated and well-read. I just ran a Google search for her name and came across her website; thank you for sharing.
Actually, the Calvary WILL save us! But, you meant cavalry.
I pray that if you’re Gen X or a Boomer and you haven’t got the money to retire you can get yourself in gear and get it ASAP. And if you haven’t the money but keep making up nonsense reasons to cede your life away to some soulless corporation or the government you see the light and retire while you have time. If you’re a millennial or Gen A you see the light and get on the road to early retirement.
The current market and ecThe current market and economy feel especially challenging for boomers and senior citizens like myself. I’ve always relied on a buy-and-hold strategy for my investments, but that approach doesn’t seem to be working well in today’s volatile market. On top of that, inflation is eroding the value of my portfolio. I’m really starting to worry about my financial security and survival once I retire.
Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
I envy you, I’m still trying to recover from losses I incurred in 2021/2022, who is this investment adviser you work with, I’m intrigued and I could use some quality guidance
My CFA Melissa Terri Swayne , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
Next time pick some nice cozy mountain town instead of this noisy big city ;-), content top notch as always!
Not happy getting combined with Boomers. At least maybe combine Gen Jones Brady Bunch and Xers. Hee haw Boomers aren't like us at all.
Gen Xer lucky enough to have a pension and a 401k. Excluding the pension and social security I have about 400k in Ira/401ks.
I have 20 years to go before retirement.
And I’m still worried. lol.
How? Do you have a paid off home? Are you a doctor or something?
Good visuals. What camera do you use for your vlog?
Just my iPhone (15 Pro Max). I film in Apple’s default camera app in “cinematic” mode). Azul
It’s cavalry
Congratulations on your retirement!
I'm favoured only God knows how much I praise Him, $230k every 4weeks! I now have a big mansion and can now afford anything and also support God’s work and the church.
Only God knows how much grateful i am. After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!
I'm 37 and have been looking for ways to be successful, please how??
I remember giving her my first saved up $20000 and she opened a brokerage account with it for me, it turned out to be the best thing that ever happened to me.
I'm 37 and have been looking for ways to be successful, please how??
I will leave her info below this comment.
This boomer retired 5 years ago at 57 years old. Best decision ever.
But I want another Motorhome.😔😔
And a boat, motorcycle and Disney cruise…
CAV-alry ;)
Travel and pick up side jobs? You sound like Dr. David Bruce Banner. "Mr. McGee, don't make me angry. You wouldn't like me when I'm angry. "🤣
You could turn those adventures into a television series. 😉
THANKS, as always, Azul. BTW, the next president will push a law that people on SS will not have to pay taxes on their SS income....that will either necessitate major reforms to SS, and/or living on starvation proceeds from what was a great program for all Americans. So, I hope they're watching your Big Five!
I’m 53 and my planned budget for when I retire is that I’ll be receiving 70% of the Social Security that the SSA web site says I’ll be getting. In addition I’m planning my budget on my marginal tax rates being 3% higher than today’s marginal tax rates.
It sucks, but we need to plan for the worst.
How is that bad for retirees?
When has he EVER kept a campaign promise?
@@pubmeatmanlowering taxes, closing the border, no wars. Want more?
@ I don’t remember him promising to lower taxes for the rich. Probably because that screwed the working class. He didn’t “close the border” and Obama deported much more illegal immigrates than Trump did. Did Mexico pay for the wall? Was Hillary locked up? Where is the great healthcare plan he promised? Sure try again.
It's CAVALRY not Calvary.
Maybe Azul was cross when he said that…
Love a good English teacher 🥵
Why shout at Azul with all Caps? Don't nail him to a cross for mispeaking, dude!!
I am not a native speaker, but I clearly understood the word cavalry. Plus, I love the way Azul speaks, slowly and well pronounced. Greetings from Germany
You should assume SS is going to be cut in the next 10 years. For high earners the cuts could be draconian. 50% or more. Cheers!
Maybe do videos every hour......really?????
I can barely hear you. Find a quieter place.
no, just turn up your hearing aids
Generally just basic logical advice - thanks man!