Optimal Order For Investing Your Money

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  • เผยแพร่เมื่อ 14 มิ.ย. 2024
  • ► There are many options when it comes to investing, but which order should you invest in them? In this video, I'll share with you the optimal order for investing your money.
    ► Try Playbook - Develop Your Most Tax-Efficient Investment Strategy: www.helloplaybook.com/taekim
    Timecodes:
    0:00 - Intro
    0:49 - Emergency Fund
    2:15 - 401K Employer Match
    3:32 - High-Interest Debt
    4:12 - Roth IRA
    5:28 - HSA
    6:24 - 529 Education Savings Plan
    7:27 - Max 401K
    7:58 - Taxable Account
    8:46 - Lower Interest Debt
    9:39 - Pay Off Mortgage
    ------------
    FAVORITE TOOLS:
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    ► Shortform - More Than Book Summaries - shortform.com/taekim
    LINKS:
    ► Get My Weekly Newsletters: www.financialtortoise.com/new...
    ► Favorite Books: www.financialtortoise.com/bes...
    DISCLAIMER: I am not a financial adviser. These videos are for educational and entertainment purposes only. I am merely sharing my personal opinion. Please seek professional help when needed.

ความคิดเห็น • 1K

  • @claraclouse9086
    @claraclouse9086 9 หลายเดือนก่อน +937

    Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.

    • @alexyoung3126
      @alexyoung3126 9 หลายเดือนก่อน +2

      Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?

    • @stephaniestella213
      @stephaniestella213 9 หลายเดือนก่อน +2

      That's quite remarkable! I'm genuinely interested in benefiting from the guidance of such experienced advisors, especially considering the current state of my struggling portfolio. May I know the name of the advisor who has been assisting you in navigating these financial challenges?

    • @stephaniestella213
      @stephaniestella213 9 หลายเดือนก่อน +2

      Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.

    • @TheGooglySmoog
      @TheGooglySmoog 5 หลายเดือนก่อน

      Lisa Angelique Abel was arrested for public masturbation at a pumpkin patch in 2016. Don’t trust her.

  • @Manselus-uy3kz
    @Manselus-uy3kz หลายเดือนก่อน +894

    With markets tumbling, inflation soaring, the Fed imposing large interest-rate hike, while treasury yields are rising rapidly-which means more red ink for portfolios this quarter. How can I profit from the current volatile market, l'm still at a crossroads deciding if to liquidate my $400k bond/stock portfolio.

    • @Valentine-sd2fb
      @Valentine-sd2fb หลายเดือนก่อน +1

      That’s right, Markt slumps are one of the worst times to withdraw your moneey from the maket. hence i advise getting the guidance of an expert to make this downturn count.

    • @Daniel-ss7ri
      @Daniel-ss7ri หลายเดือนก่อน +1

      Couldn’t agree more , I've been in constant touch with a fiinancial-analyst since covid . These days, it's really easy to buy into trending stock's, but the task is determining when to buy or sell. My advisorr decides entry and exit commands on my portfoliio, I've accrued over $550k from an initially stagnant reserve of $150K

    • @user-ql1hu3fr4f
      @user-ql1hu3fr4f หลายเดือนก่อน +1

      That’s impressive! I need guidance so i can salvage my port_folio due to the massive dips and come up with better strategies. How can i reach this advsor?

    • @Daniel-ss7ri
      @Daniel-ss7ri หลายเดือนก่อน +1

      Just research the name Angela Lynn Shilling. You’d find necessary details to work with a correspondence to set up an appointment.

    • @user-ql1hu3fr4f
      @user-ql1hu3fr4f หลายเดือนก่อน

      I just checked her out and I have sent her an email. I hope she gets back to me soon.

  • @alexsteven.m6414
    @alexsteven.m6414 11 หลายเดือนก่อน +653

    Successful investing is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and just craving a little action. Investing is 5% intellect and 95% temperament.

    • @bernisejedeon5888
      @bernisejedeon5888 11 หลายเดือนก่อน

      @@user-hz8fm3dg6x You are right! I’ve diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.

  • @ChristopherAbelman
    @ChristopherAbelman 23 วันที่ผ่านมา +682

    I have a 3 fund portfolio consisting of 33% S&P, 33% Total stock, and 33% international. I feel a need to focus on complete growth so I went 100% stocks, but does the SP500 and TSM overlap too much to make sense holding both? However I’ve been in the red for a month now. I work hard for my money, so investing is making me a nervous sad wreck. I don’t know if I should sell everything, sit and just wait but watching my portfolio of $450k dwindle away is such an eye -sore.

    • @JosephineKenney
      @JosephineKenney 23 วันที่ผ่านมา

      There are many other interesting stocks in many industries that you might follow. You don't have to act on every forecast, so I'll suggest that you work with a financial advisor who can help you choose the best times to purchase and sell the shares or ETFs you want to acquire.

    • @HildaBennet
      @HildaBennet 23 วันที่ผ่านมา

      I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 67% profit in 18 months

    • @PennyBergeron-os4ch
      @PennyBergeron-os4ch 23 วันที่ผ่านมา

      I actually subscribed for a few trading courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your coach?

    • @HildaBennet
      @HildaBennet 23 วันที่ผ่านมา

      Sonya Lee Mitchell is a renowned figure in her line of work. I recommend researching her credentials further.

    • @PennyBergeron-os4ch
      @PennyBergeron-os4ch 23 วันที่ผ่านมา

      she actually appears to be well-read and educated. I just did a Google search for her name and found her webpage, I appreciate you sharing

  • @Angelavaldess
    @Angelavaldess 2 หลายเดือนก่อน +1110

    I just found your page with this video- I consider myself a high income earner so I'm curious to know how people split their pay, how much and in what order does it go into savings, spendings and investments, I earn around $120,000 per annum but nothing in my IRA to show for it.

    • @Higuannn
      @Higuannn 2 หลายเดือนก่อน +3

      In my opinion, IRA is a valuable strategy for retirement planning, providing growth and tax advantages. While the market is promising, expert guidance is essential for portfolio management.

    • @hullbruce
      @hullbruce 2 หลายเดือนก่อน

      @@Higuannn I learnt this when I got disabled from an accident, I had to reach out to a financial planner who devised a plan for me to live off dividends from my investments. Other than Disability Cheque, I earn enough from home and live comfortably with her help.

    • @hullbruce
      @hullbruce 2 หลายเดือนก่อน +2

      I learnt this when I got disabled from an accident, I had to reach out to a financial planner who devised a plan for me to live off dividends from my investments. Other than Disability Cheque, I earn enough from home and live comfortably with her help.

    • @Angelavaldess
      @Angelavaldess 2 หลายเดือนก่อน +2

      @@Higuannn Hi, can you recommend a trusted fellow i can reach out to? I think that is the right thing to do.

    • @Aurierserge50
      @Aurierserge50 2 หลายเดือนก่อน +1

      @@hullbruce Glad to have stumbled on this comment, Please who is the consultant that assist you and if you don't mind, how do I get in touch with them?

  • @alexyoung3126
    @alexyoung3126 10 หลายเดือนก่อน +657

    As an investing enthusiast, I often wonder how top level investors are able to become millionaires off investing. I do have about $70k amount of capital to start up but I have no idea what strategies and direction I need to approach to help me make decent returns

    • @lawerencemiller9720
      @lawerencemiller9720 10 หลายเดือนก่อน +2

      Invest if you actually want to be wealthy. However, you should get guidance from a financial advisor if you want to create a successful long-term plan…

    • @amandawright3808
      @amandawright3808 3 หลายเดือนก่อน

      Invest where you spend ie target, Tesla, Google, PepsiCo etc.

  • @BenjaminMcLeod815
    @BenjaminMcLeod815 10 หลายเดือนก่อน +661

    Dividends are what got me into investing in the stock market. The thing to me is, if you invest and have other income outside of dividends then you will be able to live off dividends without selling. Which means you can pass that on to your kids which will give them a leg up in life. Have over $600K in my portfolio as I bought a lot of dividend stocks before, I'm buying more now, and I will buy more when it drops further

    • @Robertgriffinne
      @Robertgriffinne 10 หลายเดือนก่อน +1

      As a new investor it's always great to hear from a person who has gone through all the difficult times and come ahead of it. It's unnerving to see your portfolio go from green to red but as mentioned if you have invested in quality names just have to keep adding to them and stay the course

    • @BenjaminMcLeod815
      @BenjaminMcLeod815 10 หลายเดือนก่อน +7

      I see any market condition as an opportunity. So far I've made north of $260k in raw profits from just Q3 of 2022 under the guidance of my Financial-Advisor "Deborah Jean Dykstra ". Am I selling? Absolutely not. I have purchased growth stocks too a little at a time over the past few weeks. I am going to sit back and observe how this all plays out.

    • @CharlotteJacobsons
      @CharlotteJacobsons 10 หลายเดือนก่อน

      @@BenjaminMcLeod815 Please can you leave the info of your investment analyst here? I need such luck lol

    • @Christine-ce4xo
      @Christine-ce4xo 10 หลายเดือนก่อน +1

      @@BenjaminMcLeod815 Out of curiosity, I Looked up Deborah and her webpage popped up immediately, interesting stuff so far, written her.

    • @NancyFranciss
      @NancyFranciss 10 หลายเดือนก่อน

      @@BenjaminMcLeod815 >< i found Deborah on the web

  • @stevensmiddlemass2072
    @stevensmiddlemass2072 11 หลายเดือนก่อน +934

    As an investing enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $745K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?

    • @colleen.odegaard
      @colleen.odegaard 11 หลายเดือนก่อน +1

      @@Curbalnk That’s right, I started investing sometime in 2018 and by late 2019, I pulled a profit of over $950K, I was basically just following the guidelines set by the financial advisor I use, so you don't necessarily need to be a perfect investor or do the hard work, just have a professional to guide you

    • @lesliewilliams9072
      @lesliewilliams9072 10 หลายเดือนก่อน

      Hopefully while you are figuring out what to do you have it sitting in a high interest rate savings account. You can easily get a risk free 4 - 5% return. (SoFi, Capital One, Charles Schwab). You may also want to look into VTSAX/VTI, VUG, VOO and I personally love AAPL (preferably at $140 per share or less). Good luck on growing your windfall!

    • @dlg5485
      @dlg5485 8 หลายเดือนก่อน +4

      If I didn't need the money any time soon, I'd invest it in an array of diverse index funds immediately.

    • @colleen.odegaard
      @colleen.odegaard 8 หลายเดือนก่อน +2

      I’m a Dentist, and my job doesn’t permit me the time to properly analyze my holdings/evaluate stocks myself, so I’ve had a fiduciary " *Monica Selena Park* " actively restructuring my portfolio to match the present market condition and that’s how I’ve been able to stay afloat, knowing when to buy and sell…maybe you should do the same.

    • @horanz
      @horanz 3 หลายเดือนก่อน +1

      Don’t try to time the market or pick stocks. Invest 100K a month into a brokerage account over the next 7 months. Research what to invest, like a 3 fund portfolio; e.g. 60% us stock, 25% international stock, 15% bonds.

  • @LarryAnthony-ut8ok44
    @LarryAnthony-ut8ok44 3 หลายเดือนก่อน +370

    The best investment one can do right now is investing on real estate though stocks are good but ever since I swapped to real estate, I've seen so much difference.

    • @BillyeFuson2
      @BillyeFuson2 3 หลายเดือนก่อน

      I have been making a lot profit through real estate which has been the main source of my income.

    • @JerryLuca-nm9ru55
      @JerryLuca-nm9ru55 3 หลายเดือนก่อน

      Sounds great! please I will appreciate your assistance on how to go about it, who's your coach and how good is your coach?

    • @LarryAnthony-ut8ok44
      @LarryAnthony-ut8ok44 3 หลายเดือนก่อน

      Stephanie Kopp Meeks is the licensed advisor I work with. Just research the name. You’d find available details to work with her and set up an appointment.

    • @JerryLuca-nm9ru55
      @JerryLuca-nm9ru55 3 หลายเดือนก่อน

      Thanks for your recommendation, I have looked her up on the internet and through her site, very professional. already sent her message....

    • @smartguy4149
      @smartguy4149 3 หลายเดือนก่อน +2

      This looks like a bot conversation lol

  • @jessicamoore3093
    @jessicamoore3093 9 หลายเดือนก่อน +689

    I've been diligently working, saving, and investing toward financial independence and early retirement, but the economy since the pandemic has eaten up the majority of my $3 million portfolio. I want to know: Do I keep contributing to my portfolio in these unstable markets, or do I look into alternative sectors?

    • @alexyoung3126
      @alexyoung3126 9 หลายเดือนก่อน +3

      Just try to diversify your portfolio to other market sectors, that way your investment is balanced and you don’t get to make so much losses.

    • @lawerencemiller9720
      @lawerencemiller9720 9 หลายเดือนก่อน +2

      I stopped listening and taking financial advise from these TH-camrs, because at the end of the day, I end up with a bunch of confusing stocks without knowing when to take profit, In reality, all I needed was professional advice.

    • @lawerencemiller9720
      @lawerencemiller9720 9 หลายเดือนก่อน +3

      I’m a contractor, and my job doesn’t permit me the time to properly analyze my holdings/evaluate stocks myself, so I’ve had a fiduciary " Helene Claire Johnson " actively restructuring my portfolio for the past 7 years now to match the present market condition and that’s how I’ve been able to stay afloat, knowing when to buy and sell…maybe you should do the same.

    • @dlg5485
      @dlg5485 8 หลายเดือนก่อน +1

      If I had 3m I'd already be retired. What are you waiting for?

    • @Stashmo
      @Stashmo 5 หลายเดือนก่อน +1

      What in the world did you invest in?

  • @andrewhunt8908
    @andrewhunt8908 ปีที่แล้ว +60

    Kudos for touching on the vesting period for 401k's. Everyone gives the advice to put in to get employer match, but never takes into account if the job is temporary or not.

    • @Outwardpd
      @Outwardpd ปีที่แล้ว +1

      I will say that you should also ask your employer about what happens in the event of a layoff or RIF. Most companies in my experience waive the vesting period for 401k matching if you are laid off or RIFed. Plus unless you're going to stick around only for like a few months the vesting period is usually AT WORST around 20% after 1 year which is still better than anything a normal person has access to without even factoring in the tax benefits.

  • @NormanGhali
    @NormanGhali 8 หลายเดือนก่อน +271

    With all of the current events, what is the best approach to profit from the present stock market? I'm still debating diversifying my $400k stock portfolio to obtain some profits while minimizing risk.

    • @judynewsom1902
      @judynewsom1902 8 หลายเดือนก่อน +4

      Remember that investing in the st0ck market carries risks, and it’s important to do your own research and consult with a financial advisor before making any investment decisions.

    • @DanielPanuzi
      @DanielPanuzi 8 หลายเดือนก่อน +3

      Pls who is this coach that guides you? I’m in dire need of one

    • @sting_grayl
      @sting_grayl 8 หลายเดือนก่อน +2

      I Found her online page by searching her full name, I wrote her an email and scheduled a call, hopefully she responds soon. Thanks

  • @KingDavid-jj7tk
    @KingDavid-jj7tk 7 หลายเดือนก่อน +414

    I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement of about $750k. I want to know: Do I keep contributing to my portfolio in these unstable markets, or do I look into alternative sectors?

    • @Emily-le2op
      @Emily-le2op 7 หลายเดือนก่อน +12

      Very brilliant idea, I was managing my portfolio by myself using TH-cam and Incurred a huge loss which made me hire an advisor. It's been 2yrs already and I have made up to $380K in returns and would pay fully for my 3rd rental property in Ohio by next month.

    • @KingDavid-jj7tk
      @KingDavid-jj7tk 7 หลายเดือนก่อน +3

      Please How can one reach this advisor of yours?

    • @Emily-le2op
      @Emily-le2op 7 หลายเดือนก่อน +3

      I take guidance from a California-based wealth advisor *Natalie Carol Nielson* you're most likely going to find her basic info on the internet, she's firmly established and well qualified.

    • @SixOhThreeSam
      @SixOhThreeSam 4 หลายเดือนก่อน +4

      Invest it all in bitcoin

    • @kylehennen
      @kylehennen 4 หลายเดือนก่อน +2

      Buy VTI. And keep buying it. It’s the entire market. Parts of the market will be up while others are down.
      So buy the whole thing rather than to time each peak and trough
      * not financial advice

  • @goldengriffon
    @goldengriffon 4 หลายเดือนก่อน

    This is an extremely high-quality video! Lots of vital info, efficiently presented. Many other channels ramble too much, and don't mention the important details you cover in a shorter time. You're doing a great service!

  • @jacobcolman5423
    @jacobcolman5423 8 หลายเดือนก่อน +1

    Just found your channel and am binge watching these videos. Amidst so much ‘get rich quick’ toned content online, it’s so refreshing to see some long-term, wealth-building focused content that advocates for financial wellbeing. Loving the channel dude!

  • @keishaofthe
    @keishaofthe ปีที่แล้ว +79

    it feels good to see the market in green, but just how long until we actually break even, I’m the average retail trader, DCA-ing, buying and holding on to stocks for eons, but it’s like I’m up 5% today and down 17% the next week, Yes the market is very Darwinian, there’s winners and losers, and it’s looking like I’ve been on a losing streak, while others make huge 6figure gains in the same market. What strategies are these folks using?

    • @jenniferpowell23
      @jenniferpowell23 ปีที่แล้ว +2

      @Flora Quntinilla
      flora nicely said, I was thinking about going that route too, Jimmy Cramer has been going on about opportunities at stake in this present market and I’d really love to set my portfolio up for whatever is coming 2023, could you recommend this coach that guides you?

  • @justinpickens9308
    @justinpickens9308 ปีที่แล้ว +3

    Tae, you may or may not read this but I just wanted to say your video was educational, easy to follow along with, simple and enjoyable to watch. Good work.

  • @sergiomachuca4554
    @sergiomachuca4554 10 หลายเดือนก่อน +8

    You're a vet?! Thank you for your service! And kudos to sharing this financial knowledge. Props for securing your education with your service and props to saving for your kids' education as well. I strive to be in a similar boat as you.

  • @bob.weaver72
    @bob.weaver72 ปีที่แล้ว +94

    Yes stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.

    • @lipglosskitten2610
      @lipglosskitten2610 ปีที่แล้ว +3

      There are actually a lot of ways to make high yields in a crisis, but such trades are best done under the supervision of Financial advisor.

    • @kenanporubsky2122
      @kenanporubsky2122 ปีที่แล้ว +1

      Thats true, I've been getting assisted by a FA for almost a year now, I started out with less than $200K and I'm just $19,000 short of half a million in profit.

    • @kenanporubsky2122
      @kenanporubsky2122 ปีที่แล้ว +1

      @Dan Brooks My advisor is ‘’Christine Jane Mclean’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. 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

    • @JGComments
      @JGComments ปีที่แล้ว

      They aren’t that unstable if you take a long enough view/time horizon.

    • @euler2117
      @euler2117 ปีที่แล้ว +1

      @@kenanporubsky2122 where can I buy your get rich quick scheme?

  • @lailaatallah1857
    @lailaatallah1857 ปีที่แล้ว +5

    Fantastic video and information! Thank you!
    You made the order and all the details more clear an actionable than any other video I’ve seen.

  • @jnac216
    @jnac216 ปีที่แล้ว +1

    Great job Tae! Love the way you laid this out

  • @wandiehazan
    @wandiehazan ปีที่แล้ว +2

    Great video! Beautifully explained and straightforward. Thank you.

  • @rolexer
    @rolexer ปีที่แล้ว +4

    ty. i got rid of CC debt first, maxed 401(k), paid off cars, then mortgage. i still have some student debt left at a low rate that will be paid off in the next few months. it has hurt but i will be happy to be 100% debt free soon. the emergency fund was done prior to all the above.

  • @susannnico
    @susannnico ปีที่แล้ว +166

    The most important thing that should be on everyone's mind currently should be to invest in different sources of income that doesn't depend on the government. Especially with the current economic crisis around the word. This is still a good time to invest in various stocks, Gold, silver and digital currencies.

    • @lailaalfaddil7389
      @lailaalfaddil7389 ปีที่แล้ว

      How can this person, ROCHELLE DUNGCA-SCHREIBER be reached please...

    • @lailaalfaddil7389
      @lailaalfaddil7389 ปีที่แล้ว

      Wow! I just looked up this person out of curiosity and I'm super impressed with her qualifications. Thanks for sharing.

    • @shadoninja
      @shadoninja ปีที่แล้ว +4

      These are all bots. Save yourself and ignore these scammer

    • @jayw900
      @jayw900 ปีที่แล้ว

      @@shadoninja
      Oh wow how could you tell? /s

  • @stephanietravis4215
    @stephanietravis4215 ปีที่แล้ว +2

    Thank you for the beautiful visual of this ladder, awesome!

  • @ryanm1706
    @ryanm1706 ปีที่แล้ว

    I go back to this video constantly it’s a really great framework for allocating excess savings!

  • @stephenpotter21
    @stephenpotter21 ปีที่แล้ว +91

    The media is currently barraged with a lot of economic data right now. It takes a lot to see beyond the whole ocean of news on focus on what is important, which is that no matter how low stocks go, they always bounce back. I really ignore all the news and keep investing. I recently allocated about $121k to put in the market as we anticipate a crash. Any recommendations?

    • @kaylawood9053
      @kaylawood9053 ปีที่แล้ว +3

      Be careful not to jump into trading without any proper training because it can be very detrimental. Many folks jump into trading only to suffer great loss at the very beginning. Do not try to imitate advice you get on the internet. Better still, ask questions. Get the services of a professional stock expert or a licensed broker.

    • @ericmendels
      @ericmendels ปีที่แล้ว +3

      Yeah, this makes sense. You'll tend to get a lot of recommendations, but most would be inaccurate. I personally don't like engaging in those mundane decisions, so I just allow a wealth manager do them for me. Been doing that since 2020, and have pulled in a cumulative of more than $213k.

    • @brownkloops2328
      @brownkloops2328 ปีที่แล้ว +2

      @@ericmendelsPlease, could you recommend the FA you work with? I could really use some help right now. I tried going solo one time, but it was a disaster.

    • @ericmendels
      @ericmendels ปีที่แล้ว +1

      I'm not one to give investment advice, because I believe everybody's situation is unique. However, I work with Sharon Louise Count, and all I can say is that she's really god at what she does.

    • @stephenpotter21
      @stephenpotter21 ปีที่แล้ว +1

      This recommendation literally came at the right time. I’m down by $7k in stocks this week alone. It's crazy! I just looked up Sharon online, and researched her accreditation. She seems very proficient. I wrote her detailing my financial goals and scheduled a call.

  • @jalins6
    @jalins6 ปีที่แล้ว +1

    That was an outstanding, well explained and concise video. You are a great speaker. Very engaging and easy to understand.

  • @thetruemorg
    @thetruemorg ปีที่แล้ว +2

    I really like this balanced approach. It's not sexy like people throwing around lots of money but it's really smart and very applicable to a broad number of folks thank you I really enjoyed this content

  • @ps2050
    @ps2050 ปีที่แล้ว +3

    great video. often simple straight forward steps are not talked in the media and emphasized enough. so thx for posting this step by step summary.

  • @rene.s.s
    @rene.s.s ปีที่แล้ว +3

    Great video! I would add Non-ROTH After-tax 401k contributions right before taxable accounts. It likely needs its own video so I don’t think it’s necessarily missing here.

  • @kuhataparunks
    @kuhataparunks ปีที่แล้ว

    I’ve been looking for this thank you. Finally actually education and not preying on emotions like other videos

  • @NoKingButChrist
    @NoKingButChrist ปีที่แล้ว +1

    To never let your guard down around debt is a very nice saying and way of approaching it. Very perspective warping due to it being a peculiarity of the US tax system as far as advantages for the wealthy.

  • @PatPauloMMA
    @PatPauloMMA ปีที่แล้ว +3

    More great content! Thank you!❤

  • @DT-tg5ps
    @DT-tg5ps ปีที่แล้ว +4

    Solid video. I concur. It seems elementary but unfortunately schools don’t teach you about these things. You will have a decent retirement fund if you’re young and follow these simple steps.

  • @Mywalkingblog
    @Mywalkingblog 3 หลายเดือนก่อน

    Thank you for your service, Tae. Excellent step-by-step guide.

  • @juliad6201
    @juliad6201 ปีที่แล้ว +2

    Thanks for this video. This year is the first I maxed out my 401k and decided to put my raise into my HSA instead of my normal budget. I think my future self will be pleased 🙂

  • @ScottClausen76
    @ScottClausen76 ปีที่แล้ว +4

    You should add tax advantaged bonds - especially Series I bonds that are inflation protected and are exempt from federal taxes. Similarly, muni bonds offer attractive rates and are exempt from most of not all income taxes.

  • @nmrooney1
    @nmrooney1 ปีที่แล้ว +3

    Would love to see a video on your opinion of Traditional 401k and Roth 401k, and which you feel is superior in the long run?

  • @MasterpieceFinance
    @MasterpieceFinance ปีที่แล้ว +2

    Great video as always Tae! Great breakdown 💯

  • @mompreneurlife
    @mompreneurlife ปีที่แล้ว

    ❤ Love how you put emergency fund first. Great ideas! Thank you for sharing. ❤

  • @DeviJane-jp3xn
    @DeviJane-jp3xn 7 หลายเดือนก่อน +21

    To be successful in markets, traders should understand the crossover between asset classes & liquidity flow. Paula David focuses on Multi-asset trading, a single strategy to manage risk, profit, and the code or the actual decision-making across multi-asset classes. Her skills set is top notch.

    • @daviesgriffiths5215
      @daviesgriffiths5215 7 หลายเดือนก่อน

      I'm surprised you know her too, I've been making a lot of profit investing with her for a few month now.

    • @georgeheyden4524
      @georgeheyden4524 7 หลายเดือนก่อน

      You invest with Paula too? Wow that woman has been a blessing to me and my family.

    • @tessbakker7549
      @tessbakker7549 7 หลายเดือนก่อน

      You invest with Paula too? Wow that woman has been a blessing to me and my family.

    • @klaasjohnsons1523
      @klaasjohnsons1523 7 หลายเดือนก่อน

      Any information on how i can reach her, i'm new at this

    • @liamjones6540
      @liamjones6540 7 หลายเดือนก่อน

      I was skeptical at first until i decided to try. Its huge returns are awesome, can't say much

  • @kriskoshy9853
    @kriskoshy9853 ปีที่แล้ว +4

    Excellent video. Many other Financial TH-camrs gloss over the order in which you should do things but you got it right. Definitely getting a sub and a like from me. This video should be at the top of everyone's playlist for the great information. Keep it up.

  • @reynoldscf95
    @reynoldscf95 ปีที่แล้ว +1

    HI TAE! THIS IS AWESOME. GOOD LUCK ON YOUR TH-cam JOURNEY. :D

  • @autobotdiva9268
    @autobotdiva9268 ปีที่แล้ว

    We do it all! putting whatever we can in whatever we can consistently.

  • @randolphh8005
    @randolphh8005 ปีที่แล้ว +39

    All great suggestions, especially for the younger to middle age crowd. I will make my daughter watch this.
    I do think that as you get older getting rid of the mortgage and debt is a huge advantage, once it is gone income needs drop precipitously. This allows us to delay Social Security, yet quit working and take less out of investments.

    • @Stashmo
      @Stashmo ปีที่แล้ว +5

      I get the psychological benefits for some folks, but if your mortgage has a good rate, it’s not financially prudent to accelerate paying off your mortgage. The $ used to do that can remain invested and grow.

    • @AllTheArtsy
      @AllTheArtsy ปีที่แล้ว

      A better advantage? Not having debt to begin with. US college and credit card debt is ridiculous.

    • @ATCrogerwilco
      @ATCrogerwilco ปีที่แล้ว +2

      @@AllTheArtsy that's just not realistic unless you come from wealth. Debt is unavoidable for most people who are trying to get things done or go places in the world.

    • @Sandyyyyyyyyyy
      @Sandyyyyyyyyyy ปีที่แล้ว +1

      ​@AllTheArtsy some of that debt (student loans) cuts the time between your low income years and your high income years. I think everyone should run the math themselves

  • @MrTimeConservator
    @MrTimeConservator ปีที่แล้ว +100

    Great advice! I would change 2 things. Fund and invest the HSA before the Roth because HSA is triple tax advantaged while Roth is double. For younger investors investing more in a taxable gives more flexibility for a house down payment instead of being retirement account heavy. Granted there are programs that allow you to use IRA for your down payment without penalty.

    • @stevedaddio781
      @stevedaddio781 ปีที่แล้ว +7

      came here for this

    • @MEtter17
      @MEtter17 ปีที่แล้ว +16

      Agreed in principle, but a small problem with this comment is that an HSA has significantly more limits on how much can be contributed (less than $4k for 22 IIRC), and it can ONLY be used for health expenses (although it can be used immediately). Roth has significantly higher contribution limits ($6k I think if under 55), and while you have to wait to use it, you can use it on anything you want, and still get the 2x tax advantage - using an HSA on anything but health expenses eliminates all tax advantages instantly (on the amount disbursed).

    • @mattf7926
      @mattf7926 ปีที่แล้ว +10

      At age 65 you can pull from your HSA for non-medical expenses, but it will be taxed like a traditional retirement account if not used for medical purposes. I guess the only downside is you have to wait five years longer than an IRA. I would fund the HSA first.

    • @mundie33
      @mundie33 ปีที่แล้ว +7

      @@MEtter17 the part i think you're missing here is employer match which is also a factor. my employer contributes enough to cover my family's entire premiums for the year, which is another advantage of having the HSA plan, and while I pay the premiums with 2022 or 2023 money, the contribution by my employer is available to me 40+ years from now not subject to taxation (or subject to standard trad IRA taxation if I use for non healthcare expenses)
      tbh though ,the idea that you're NOT going to use the HSA for some kind of qualifying expense is wishful thinking - by the time i retire I'm sure those expenses will be close to $2M from retirement thru my life expectancy

    • @MEtter17
      @MEtter17 ปีที่แล้ว +2

      @@mundie33 I am not missing it, but for me, its a non-factor. My employer scales down HSA matches as you work your way up, to the point now where its only a few hundred dollars (and I am nowhere near the top). So bottom line, that is entirely subjective and depends.
      Additionally, you have to be enrolled in an HSA, which for some people, its definitely not the best plan. Some people need a more "full coverage" plan, otherwise they could be getting destroyed on expenses that would outweigh any benefit of having an HSA/HDHP.
      Bottom line, Roths can be used by basically anyone. The use case is extremely strong for HSAs, but they are far more subjective and the scenario has to be right.

  • @mikemush9741
    @mikemush9741 ปีที่แล้ว

    Excellent video Tae. Interesting observation from reading the comments....most of the people watching your video seem to be doing all of things already and you are confirming their good moves. There is lots of value in that! Sadly, I think the people that really need your advice are burrying their head's in the sand. Army guy here too!

  • @dg2517
    @dg2517 ปีที่แล้ว +1

    Awesome list. THank you!

  • @christianpatterson6499
    @christianpatterson6499 ปีที่แล้ว +4

    Tae knows what’s up 👍🏼. After reading I Will Teach You to Be Rich and The Little Book of Common Sense Investing, I feel absolutely empowered to take control of my financial future.

  • @blackjaminboy
    @blackjaminboy ปีที่แล้ว +82

    My wife and I practically follow 90% of what you mentioned. We are working to pay off our home early which is frowned upon but we want the security of a paid off home. Outside of that I think we are on the right path and thank you for mentioning the $6,500 Roth IRA limits for 2023. We will be upping our contributions for January.

    • @Chris-de2qc
      @Chris-de2qc ปีที่แล้ว +18

      Your opportunity cost of earning 10% compounded yearly in your 401k is a lot greater than paying off a 2.5% interest which is also tax deductible. Finance is not about what feels right but it's about the math.

    • @zachh3582
      @zachh3582 ปีที่แล้ว +7

      @@Chris-de2qc Dude be proud of them. Paying off a home early saves you so much money and it can go to additional investing

    • @surajpatel5200
      @surajpatel5200 ปีที่แล้ว +2

      I don't understand the "frowned upon" part. You should always do what makes sense financially

    • @dre32pitt
      @dre32pitt ปีที่แล้ว +1

      @@surajpatel5200 As my father puts it, he'd rather have that money on hand or in other investments rather than tied up in a home..

    • @dre32pitt
      @dre32pitt ปีที่แล้ว +5

      @@Chris-de2qc While I agree with you for the most part.. Being able to deduct mortgage interest for most is going to be hard with the ginormous increases in the standard deduction.. Unless you have a HUGE mortgage note or multiple properties, it's a moot point..

  • @luvmusicusa
    @luvmusicusa ปีที่แล้ว

    Excellent video thank you for keeping it simple.

  • @ATBFinancialFreedom
    @ATBFinancialFreedom 3 หลายเดือนก่อน

    I love the practical advice you offered and your approach to managing money in this video. These are things that I had to teach myself to get good at using, receiving, and allowing money to flow and circulate in my life with ease. I especially like your tip about saving for your kids' education. I worked and put myself through school, and it would have been nice to have a cushion to make it easier while I was in law school. But that option wasn't available, so I did the next best thing and started learning about the energy of money and how to use it responsibly. Thank you for sharing your insights.

  • @joshrenick5253
    @joshrenick5253 ปีที่แล้ว +24

    I follow everything you mentioned here, even that I went to the Army to pay for college and my wife went to nursing school. I like that you mentioned the back door contributions to the Roth IRA as I spent several years in the past not making contributions because I didn’t know about it. One thing I like to do that wasn’t mentioned is make Roth 401k contributions. I also make extra after tax contributions using the mega back door Roth 401k option.

  • @kentloar2175
    @kentloar2175 ปีที่แล้ว +29

    Other than a few rare exceptions, this is absolutely the most mathematically optimal way to invest for the average person. Great advice!

    • @kj7653
      @kj7653 ปีที่แล้ว

      I agree. This is the best order I have ever seen.

  • @kyleansley
    @kyleansley ปีที่แล้ว

    Most common sense approach I have seen yet. Subscribed.

  • @sak_5
    @sak_5 ปีที่แล้ว

    Great video. Straight to the point. Thanks!

  • @hey8174
    @hey8174 ปีที่แล้ว +3

    This is the vest video on the internet to explain personal finance to young adults.

  • @DoubleNickelRoadTrip
    @DoubleNickelRoadTrip ปีที่แล้ว +47

    I can attest that an emergency fund is critical. Many years ago when I thought I was invincible, I used my $12,000 credit line as my "emergency fund". On top of that, I was operating a successful but seasonal business, trying to scale it by pumping all of my income back into the business. Then I blew the engine on my car a year after the warranty ended the same week I had a major medical issue. In short, I ate up my credit line and once that happened my debt spiraled to $37,000. If I would have had $30,000 in an emergency fund, I would have barely blinked an eye. The sad thing is that I knew how important an emergency fund was, but I just thought I was invincible.

    • @Vgk36
      @Vgk36 ปีที่แล้ว

      Not sure what kind of medical issue if you had but if you had a life insurance policy with the cash back option and living benefits you would have been totally covered if it falls under chronic critical or terminal illness.

    • @zachh3582
      @zachh3582 ปีที่แล้ว

      @@Vgk36 Never said medical issue. If you use that part of the life policy its considered a loan and then becomes an interest bearing account. This isn't a sound emergency fund and remember only what you have in there is possible.

    • @Vgk36
      @Vgk36 ปีที่แล้ว +5

      @@zachh3582 You literally said you blew the engine in your car and then that same week you had a major medical issue your words not mine 🤷 and you're definitely incorrect look up americo CBO policy You can get the money if you have a chronic critical or terminal illness and not have to pay it back do some research.

    • @AllTheArtsy
      @AllTheArtsy ปีที่แล้ว +3

      Your "emergency" isn't even an emergency, really. You know a car is going to break down and that you will be sick/injured at some point. These are savings buckets that should have been accounted for already.

    • @DoubleNickelRoadTrip
      @DoubleNickelRoadTrip ปีที่แล้ว +3

      @@AllTheArtsy point taken but an $6000 engine replacement on a three year old car is a bit out of the ordinary.

  • @chuy_chuy
    @chuy_chuy ปีที่แล้ว

    Nice and straight forward thanks for the great video!

  • @seanabel3759
    @seanabel3759 ปีที่แล้ว

    This is excellent information! Thank you so much.

  • @mykreid
    @mykreid ปีที่แล้ว +76

    One thing people fail to do (especially millennials) is INVEST. I made my first million from blue chips and top etfs using a broker so i invested and re-invested my profits. I also acquired large amount of high-quality dividend-paying stocks too that gives me a solid base of passive income. ever grateful to Olivia Maria Lucas handling my portfolio, two years now and she still surprises me, she's actually the only person i know that's richer than me haha

    • @cyrilmilton
      @cyrilmilton ปีที่แล้ว

      Wow, great work. you surely made a good bit of money

    • @suziehovic
      @suziehovic ปีที่แล้ว

      I did read about Olivia Maria Lucas on the web., quite a great resume she has

    • @GrahamCan
      @GrahamCan ปีที่แล้ว

      Did a quick web search, she has a pretty decent bio, I wrote her and I'm waiting on her reply.

    • @drewnator1337
      @drewnator1337 ปีที่แล้ว +4

      Scam scam scam

  • @igortolstov487
    @igortolstov487 ปีที่แล้ว +5

    Number 1 should be weekly OTM options on triple leveraged ETF’s

    • @kkonabill95
      @kkonabill95 ปีที่แล้ว

      Finally, someone speaking some sense around here!

    • @David-sq2en
      @David-sq2en ปีที่แล้ว

      i have no idea what you said. but would like to learn.

  • @brooks.conkle
    @brooks.conkle 7 หลายเดือนก่อน

    Great list Tae, thanks for sharing!

  • @ThriftyEngineer
    @ThriftyEngineer ปีที่แล้ว +1

    At about 8 minutes into the video I think you meant $30,000 but the screen shows $30,00 (last zero missing). Great content and thanks for putting this together.

  • @WLyons9856
    @WLyons9856 ปีที่แล้ว +6

    Great video. I however, lean towards a taxable account over maxing my 401k because I can not choose investments on my 401k.

    • @leedirtybriches
      @leedirtybriches ปีที่แล้ว

      Self directed 401k. Look it up.

    • @WLyons9856
      @WLyons9856 ปีที่แล้ว +1

      @@leedirtybriches I don’t want a self directed 401k that I get 0 match on

  • @03c5z
    @03c5z ปีที่แล้ว +3

    Id say this is ideal for most average people, but why does everyone advocate tying up your money in accounts you can't touch? Sure there are tax advantages, but there are so many opportunities missed due to no liquidity or flexibility. This passive approach rarely makes anyone truly wealthy. it simply sets you up for a comfortable life on the back end of life (if you make it there).

  • @hannahpemarose6474
    @hannahpemarose6474 3 หลายเดือนก่อน

    excellent, clear, succinct video on investing/wealth management. Thanks!

  • @AdamGamingClips
    @AdamGamingClips ปีที่แล้ว +2

    Great video Mr. Kim!

  • @davidshafer5065
    @davidshafer5065 ปีที่แล้ว +6

    I generally agree with your list, however, I would recommend that younger people who are early in their careers take advantage of the ROTH 401k with their contributions as much as possible. As they get older and their incomes increase, marginal tax rates will also increase. Once they are in the 24% or higher bracket it would make sense to use the pre-tax 401k contributions.

    • @travisschneider3011
      @travisschneider3011 ปีที่แล้ว +1

      You can tell he understands marginal tax rates.

    • @scarling9367
      @scarling9367 ปีที่แล้ว +1

      2nd this advice, but for different reasons. Most of my jobs before my late 20s were mostly temporary. 1-2 years tops. IRA would have been my only real option.

    • @majorgear1021
      @majorgear1021 7 หลายเดือนก่อน

      This! So many investment channels get this wrong. My retirement tax rate will be 15% lower than my current tax rate, so deferring is better.

  • @EvanQuiel4
    @EvanQuiel4 ปีที่แล้ว +3

    Despite the fact that I invest, I am saddened by my inability to evaluate each company's performance and determine whether or not this is the ideal time to purchase stocks. My monetary stockpile is being depleted by inflation. At this stage, I need accurate market trajectory data, but I'm not sure what to do.

    • @logisticsdelivery
      @logisticsdelivery ปีที่แล้ว +2

      Particularly in this weak market, there are several opportunities to generate excellent returns, but such intricate transactions can only be carried out by seasoned market professionals.

  • @grebnetsew
    @grebnetsew ปีที่แล้ว +1

    Great advice. 💯 agree with everything!

  • @mattm7798
    @mattm7798 ปีที่แล้ว +1

    Just gained a new subscriber! I love the philosophy of a financial tortoise. It's not flashy, and they guys on stocktwits who claim to have made $50k in one day might get you down, but sound financial principals never go out of style.
    IMO, it's all about percentages. That means even if you are just starting out with little savings or recovering from a big financial loss, it's never too late to start making smart long term financial decisions.
    The biggest learning curve for me was 401k...i kept thinking "why would i want to give up money now for 40-50 years down the road". I think the goal for long term financial success is make your money work for you. Money sitting in a checking account(other than your emergency fund) isn't doing anything for you. Think of money as your employees. Send them out to bring in more money, even if that money is achieved long term.

  • @gerumgelovani669
    @gerumgelovani669 ปีที่แล้ว +56

    I would greatly appreciate getting coaching from you. I could really use it to get some solid direction in my career and going into the financial market space. My advice to viewers is if you want your money to work for you... Prevent inflation

    • @rizzosandra6203
      @rizzosandra6203 ปีที่แล้ว

      @@mayamartins5573 Speaking of being successful, I know I am blessed if not I won't have met someone who's as spectacular as Samantha Tyler.

    • @gregstone6822
      @gregstone6822 ปีที่แล้ว

      @Gab Newton I was reading comments when I saw something like this and I gave it a try

    • @XYtotheZ
      @XYtotheZ ปีที่แล้ว

      "Samantha Tyler"
      LOLOLOL
      You scammers are all the same. One person leaving multiple comments to make it seem there is a conversation going on about some financial guru named "Samantha Tyler"
      Good lord. You idiots should just send me all you money period. I'll gladly take it if anyone is dumb enough to believe these scammers.
      "Samantha Tyler" AKA "Mike Hunt"....LOLOL

    • @jaquevius
      @jaquevius ปีที่แล้ว

      Samantha Tyler is without a doubt a scam. Just follow the advice in this video. It's not rocket science, and if you think any broker can beat the market over the long run, you likely play the lottery and lose a lot as well.

    • @98Areeb
      @98Areeb ปีที่แล้ว +1

      SCAM

  • @jonathanalvarez3875
    @jonathanalvarez3875 ปีที่แล้ว +3

    Love your videos. I’d doing all that with one difference; I prioritize individual brokerage account over Roth IRA (although I still invest some in it). Reason is that if I want to retire by age of 45-55 (by retire I mean still working but at my own time and less income) I could withdraw money without penalty and tax free, since if a couple makes under $80,500 in income, they aren’t subject to capital gains tax.

    • @scottsinger7806
      @scottsinger7806 ปีที่แล้ว

      You’re allowed to withdraw your contributions to a Roth IRA at any time without any penalty.

    • @jonathanalvarez3875
      @jonathanalvarez3875 ปีที่แล้ว

      @@scottsinger7806 my bad, I meant after doing a back door Roth IRA conversion ladder

    • @jonw2260
      @jonw2260 ปีที่แล้ว +1

      is that true for a brokerage account? what are the income limits for a single filer?

    • @majorgear1021
      @majorgear1021 7 หลายเดือนก่อน

      @@scottsinger7806Only contributions.

  • @ahndeux
    @ahndeux ปีที่แล้ว +8

    You left out a critical item is the After Tax deductions inside the 401K plan (after Step 7). I would use that before I invest into an external taxable account #8. Basically, the hard cap for 401K including company match is $66,000 ($73,500 with catchup). Most companies allow you to put after tax money into these accounts. This money can be converted to an internal ROTH 401K plan or moved to your Roth account in what is called a "Mega Backdoor Roth". Some companies even offer non-qualified plans which divert funds into a separate program if you exceed the $66,000 limit. This allows you to continue collecting matching 401K money even though you exceeded the federal limits. These accounts also save money on a pre-tax basis and defer the taxes until you withdraw in the future. Some companies offer ESPP plans to also be able to buy company stock at a discount, but the benefits depends on how much discount is offered. After all those other investments, then I would consider using a conventional taxable account for investing. Being able to shelter the money from future taxes is key to a successful retirement plan.
    I use all these tax leveraged accounts and save a tremendous amount each year for retirement which would be impossible with only a 401K plan. I know not everyone can do it, but they have to start somewhere and move up the options.

  • @dreadinajeep
    @dreadinajeep ปีที่แล้ว

    fantastic video.The process is so very important

  • @queenidowu13
    @queenidowu13 5 หลายเดือนก่อน +1

    Nobody can become financially successful over night. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals.

  • @danielJ2470
    @danielJ2470 ปีที่แล้ว +328

    Getting rich off crypto is much tougher than it seems. I keep losing money while trading with these youtub videos, and finding a trustworthy professional trader to help out with these trades also appears to be nearly impossible. This is extremely annoying

    • @agung1615
      @agung1615 ปีที่แล้ว +1

      That's true! Most failures in the market system today is as a results of poor orientation and bad experts methods in winning

    • @gorgealex8068
      @gorgealex8068 ปีที่แล้ว

      In any market, in any country, there are developers who make money. So I say all of this doom and gloom, but there will always be people who make money, because people always want homes

    • @tradeforum2491
      @tradeforum2491 ปีที่แล้ว

      Real estate has been the best but crypto is better rough for fast wealth growth

    • @JohnWalker-ni7fs
      @JohnWalker-ni7fs ปีที่แล้ว

      That's good to hear 👍

    • @JohnWalker-ni7fs
      @JohnWalker-ni7fs ปีที่แล้ว +1

      One thing I tell everyone is learn about real estate. Repeat after me. Real Estate provides the highest returns, the greatest values, and the least risk but you have to be patient

  • @mstreeter11
    @mstreeter11 ปีที่แล้ว +7

    If you have a low interest mortgage and decide to allocate some money toward paying it off early, and investments that are nearly zero risk (i.e. I-Bonds, T-bills, etc.) are paying a higher interest than your mortgage is charging, it makes more sense in my opinion to put that money into those investments. If interest rates for those investments go lower than your mortgage interest in the future, simply use that money to pay off the mortgage and pocket the difference.

    • @DeuceDeadly74
      @DeuceDeadly74 ปีที่แล้ว +2

      I agree. It's really simple math. Doesn't matter if it's a mortgage or student loan. If the interest rate is low and your employment is steady, invest.

    • @FreakyLynx
      @FreakyLynx ปีที่แล้ว +3

      I lean more on the side of all debt is bad. I get that probably makes me a bad investor and holds my growth down but… I pay off everything as fast as I can. I grew up with parents who constantly had issues with debt, only finally tackling it when they were close to retirement - also have too many friends where debt seems to snowball. Maybe it’s a phobia but even low interest debt I’ll pay off asap rather than have it waiting in the background.

    • @mstreeter11
      @mstreeter11 ปีที่แล้ว +1

      @@FreakyLynx I can definitely respect that opinion. There's something to be said for no debt, no caveats.

  • @ikuyo31
    @ikuyo31 ปีที่แล้ว +1

    Dropping a like I did not know about vesting requirements for 401k employer match. Looked it up and mine is at 3 years and I've only been there 2. That is really good information as that would forfeit a lot of money.

  • @bladewright5356
    @bladewright5356 ปีที่แล้ว +1

    Amazing content thank you

  • @zakkmiller8242
    @zakkmiller8242 ปีที่แล้ว +20

    Im 30 years old and I have 5 children. So that savings part is really hard for me lmao. But getting that spending problem under control has been a big help. I think lots of folks mistake their spending problems as money problems. Great video man!

    • @heins4745
      @heins4745 ปีที่แล้ว +3

      who told you to get 5 children at 30

    • @CaptainBenjamins
      @CaptainBenjamins ปีที่แล้ว +2

      5 children, neck tattoos, having trouble saving money and having spending problems.
      I’ll take poor choices for $100, Alex.

    • @Sandyyyyyyyyyy
      @Sandyyyyyyyyyy ปีที่แล้ว

      It's so fun to spend money without thinking about the longterm consequences. I like to save first and spend second so I never really see how much money the household actually makes.

    • @SM2005_
      @SM2005_ ปีที่แล้ว +2

      Wow. I love people who just pump out kids without having money. Then demand the Government and tax payers pony up.

  • @JoeCoIIar
    @JoeCoIIar ปีที่แล้ว +93

    I think it's most important as an investor to simply have a process regardless of if the market is up or down one must stick to the process... As a long term investor it only got easier for me as a matter of fact l've only been able to double my profits during such times of volatility so cheers to a Crash!

    • @larrydimon7811
      @larrydimon7811 ปีที่แล้ว +5

      So many great assets are on sale right now, and the opportunity might get even better - all we have to do is find them, which is getting easier and easier with stock prices falling. Take a patient and calculated approach and have a buying strategy that you follow, and you will be fine in the long-term. It's time like these when long-term investors make the most money.

    • @wholickedmydumpling
      @wholickedmydumpling ปีที่แล้ว +7

      Mindset of the wealthy is not obsessing over savings. It's about building income streams...

    • @JoeCoIIar
      @JoeCoIIar ปีที่แล้ว +8

      Currently I'm just being smart and frugal with my money, I'm in the green 47% over the last 13 months and l've accumulated over $700K in pure profits from DCA’ing into stocks, ETFs, dividends and futures. However this is not a feat I achieved all by myself, it might sound generic but getting in touch with an experienced IA is how I’m able to outperform the markets as an investor!

    • @sPacEBallOOn
      @sPacEBallOOn ปีที่แล้ว +1

      My portfolio has good companies, however I’ve been in the red for a while now. I work hard for my money, so investing is making me a nervous sad wreck. I don’t know if I should sell everything, sit and just wait.

    • @StanHopson
      @StanHopson ปีที่แล้ว +3

      @@JoeCoIIar Any tips for a nitwit beginner who’s trying to get started? The market is now more volatile than I have ever witnessed before and I’m willing to pick up good stocks now they’re at discounts

  • @getsunova8894
    @getsunova8894 ปีที่แล้ว

    Thanks. This is very important. I think I'm financially competent, but it's not easy to decide best optimization for investments.

  • @TheJrschaefer
    @TheJrschaefer ปีที่แล้ว

    Great advice. Expect “high debt” now qualifies as. 30yr mortgage

  • @workinprogress02
    @workinprogress02 ปีที่แล้ว +7

    Would you consider a 6% home mortgage as high interest debt? Moving forward, many people will be looking at this weekend interest or higher.
    What percentage of gross income do you recommend applying to these goals?

    • @jroysdon
      @jroysdon ปีที่แล้ว

      Medium interest

    • @JohnAdamso
      @JohnAdamso ปีที่แล้ว +1

      The alternative is? Inflation is what? Some questions to ask yourself.... Rent= paying for someone else's mortgage... If interest is 6% and inflation is 12% you are earning 6% interest on your loan...

  • @dlg5485
    @dlg5485 ปีที่แล้ว +8

    Spot on except for the 529, which I think is an overrated account. Frankly, college is overrated, in general. I'd suggest a career in skilled trades for my kids, if I had any. They can do an apprenticeship that pays them while they're being trained and can earn as much as a college grad upon becoming certified.

    • @chrisoconnor3119
      @chrisoconnor3119 ปีที่แล้ว +1

      I'm in the trades and I gross 6 figures and get off in time to pick up my son from school half the time!
      I do wear hi-viz and get dirty and sweat hard though. But we have everything we need and toys and vacation, living really well.

  • @kumar.anupam
    @kumar.anupam 3 หลายเดือนก่อน

    Wish I knew this earlier ! Thank you !

  • @4realphresh.x
    @4realphresh.x ปีที่แล้ว +2

    Thanks for sharing.

  • @armstrong9112
    @armstrong9112 ปีที่แล้ว +6

    Great video I agree with everything said except I don't know much about the college account you were talking about. Right now I'm 17 with over 10k in my roth and a good amount in my normal brokerage and I think for me at-least I'll keep maxing the roth, do the 401k when I'm eligible, and the rest in a normal brokerage account considering I do want to retire early. I don't plan on getting in any high-interest debt as college has already been accounted for, I'm not dumb with credit cards, and I know I will be good. In the meantime while I work and do school I want to make money with other ways which is what I'm experimenting with in starting businesses, reselling, etc so hopefully everything will work out. Atleast I know my retirement is all set as long as I continually put money in the roth, I believe I am very ahead compared to me peers :) great video bro

    • @cesarreyes809
      @cesarreyes809 ปีที่แล้ว

      Your doing great man keep it up. I started investing at 22 and now 24. I'm Trying my best to contribute as much as I can so I can have a comfortable life.

    • @armstrong9112
      @armstrong9112 ปีที่แล้ว

      @@cesarreyes809 Thank you man best of luck to you to bro. Yea financial freedom has always been very appealing to me since i uncovered it at my first job so now one of my main priorities is that among other things

  • @juliemichelman1882
    @juliemichelman1882 ปีที่แล้ว +11

    This video is so valuable! Thank you for making it simple and approachable.
    I would slightly change the order of the middle items:
    4. HSA
    5. Roth IRA
    6. Max out 401k
    7. 529 plan
    I put the HSA ahead of the IRA because of the triple tax advantage and because it is likely that you will have plenty of healthcare expenses to use it on during retirement. Plus you can invest the money now and pay yourself back years later if you keep a record.
    I put the 529 education plan after retirement contributions because money in retirement plans won't be counted toward assets when calculating financial aid. And, as the video points out, there are other ways to fund education. In a more nuanced approach, you could put in just enough to the 529 plan to get state tax deductions (if your state offers any), then max out retirement, then go back to the 529 up to the annual gift exclusion.
    Disclaimer: I am not a financial advisor either.

    • @benjaminkay6464
      @benjaminkay6464 ปีที่แล้ว

      If you max out the annual gift tax exemption, with both parents making the maximum contribution, you are likely to end up with far too much money in your 529. Even before returns you will have more than $600k in your kid's account when they become freshman, which is more than you need for even fancy private colleges. I think it is more sensible to figure out how much your kids will need and then work backwards from their to figure out the contribution limit. However, because Section 126 of the 2022 omnibus bill lets you roll over some 529 funds into a Roth IRA under some circumstances, it may start to make sense to strategically over-fund 529 accounts. But there are limits, so probably not to the extent of maximizing 529 contributions for two contributors for 18 years.

    • @guhreenskittles
      @guhreenskittles ปีที่แล้ว

      I disagree with this if it’s geared toward people who have/planning to have children. Children who inherit their parent’s HSA don’t get the tax benefits so it would be better to invest in a Roth IRA then HSA. Otherwise your options are good for married couple or a single person.

  • @SafetyTrainer
    @SafetyTrainer ปีที่แล้ว

    Great video Tae!

  • @paulbradbury5792
    @paulbradbury5792 ปีที่แล้ว

    I'm on the third step, first time I've seen this video but already been doing it his for a couple years, it's just common sense really. Especially the Roth IRA along with your 401k that is a proper pre and post tax diversification :)

  • @jay.perspective7377
    @jay.perspective7377 ปีที่แล้ว +14

    I’ve always believed that your student debt is the thing that you need to get rid of immediately. This plan has changed my perspective and overall makes good amount of sense. However, I will say that for me personally, I do not like the idea of having lingering debt so I still plan to expedite my student loan repayment. The input about the 401k, HSA, and Education Savings plan was a great input. Great video!

    • @Hernsama
      @Hernsama ปีที่แล้ว +1

      If you had to borrow money to go to college then you shouldn’t have gone. Period

    • @franciswilliams6919
      @franciswilliams6919 ปีที่แล้ว +14

      @@Hernsama L take, by that logic only like 2% of people would be able to go to college.

    • @jay.perspective7377
      @jay.perspective7377 ปีที่แล้ว

      @@Hernsama honestly brother, I actually kinda agree with you lol

    • @mrbigglesworth375
      @mrbigglesworth375 ปีที่แล้ว +2

      Jay--- coming from a someone early retired at 52.. Pay off all your debt first and never borrow again. To build wealth focus upon building the greatest gap between your monthly expenses and your monthly revenue as possible. Easiest way to get this going is to pay off debt like a savage. Ignore keeping up with others.. they are likely broke and running on the payment treadmill. good luck

    • @jay.perspective7377
      @jay.perspective7377 ปีที่แล้ว

      @@mrbigglesworth375 I appreciate the advice very much sir. Thank you.

  • @KylePapili
    @KylePapili ปีที่แล้ว +7

    Great video! I would also suggest people that are super into the weeds on optimizing their investments look into Employee Stock Purchase Plans (ESPP) as well as Backdoor Roth IRA contributions. If you work for a publicly traded company, it is likely they offer an ESPP which, if used correctly, can offer GUARANTEED post-tax returns typically between 10-15%. Basically ESPP gives you a discount on the company's stock price. Regardless if the stock goes up or down, the day you are issued your shares, you will have at MINIMUM a net gain of whatever the discount is. If you sell on day one, yes you pay short-term capital gains tax but its still guaranteed returns

    • @sexygeek8996
      @sexygeek8996 ปีที่แล้ว

      The company I worked for had a very volatile stock and it always took several weeks to issue the stock. By that time the price could have dropped below the purchase price, so it wasn't risk-free. We still made money because we stopped buying stock and sold what we could when it was in the upper part of its usual range. Some optimists who never sold any stock ended up losing it all when the company went bankrupt.

    • @KylePapili
      @KylePapili ปีที่แล้ว

      @@sexygeek8996 it should never take several weeks to issue. The shares are rightfully yours the day the purchase period ends. sounds sketchy

    • @sexygeek8996
      @sexygeek8996 ปีที่แล้ว +1

      @@KylePapili Management has always been sketchy, as well as incompetent and inefficient. It's hard to say which of these was the actual reason.
      There were limits to how much and how often we could withdraw stock from the purchase plan, but we had the option to withdraw everything at the cost of terminating participation in the plan. We just withdrew as much as we could and put it in brokerage accounts so we could sell when we wanted and use limit orders.

    • @KylePapili
      @KylePapili ปีที่แล้ว

      @@sexygeek8996 Are you comfortable sharing what company it was?

    • @sexygeek8996
      @sexygeek8996 ปีที่แล้ว

      @@KylePapili I'd rather not, but it was a fairly small company that most people never heard of. They went bankrupt about 15 years ago.

  • @gregruppert2555
    @gregruppert2555 ปีที่แล้ว

    Nothing new to me here now, but very well explained and I wish I had heard this 10 years ago.

  • @brianshade219
    @brianshade219 ปีที่แล้ว

    Finally someone on youtube I agree with! Thank you for being reasonable! :)

  • @joshgandara8235
    @joshgandara8235 ปีที่แล้ว +3

    I’m glad to hear I am doing all of the ones that apply to me at 23 😁 I plan on maxing my Roth IRA this year!

    • @malachiashley528
      @malachiashley528 ปีที่แล้ว

      thats awesome! I'm 30 and I've been doing the matching with my 401(k). Its already mind numbing how large it's grown (started at 22). I opened a Roth IRA with WeBull 2 years ago, but unfortunately I went 50% into ARKK ... so I'm getting rekt on that front lol. S&P500 funds are what I'm sticking to mostly ... hopefully that goes well over the next few decades lol

  • @mathebulamkhize876
    @mathebulamkhize876 ปีที่แล้ว +171

    Year-over-year inflation stood at 6.5% in December 2022-the lowest that figure has been in more than a year. Inflation was in line with what economists expected and gave many of them a reason to believe that the peak of inflation may be behind us. I have approximately $150k stagnant in my port_folio that needs growth. What is the best way to take advantage of this downturn?