Grew up watching the anesthesiologist the street over drive a new Ferrari every year. They had a $3.5M house, and sent their kids to private school. I thought they had it all before the parents got divorced. It turns out after 10 years as a high payed Dr., he hadn’t saved anything and was drowning in debt. His wife ended up splitting some of the debt too. Imagine divorcing a Dr. after 10 years just to get hit with over a million in debt. It was a great lesson that higher education does not equal higher financial literacy.
These cases are more common now than ever due to the pressure to live as extravagantly as possible. Sometimes the solution is really to just find other friends or disconnect from your industry networks. Easier said than done.
Hmm, so you just want your SO's money but not his debt acquired during your marriage? Probably his wife influenced his lifestlye and known how much in debt they were
I brag about spending no money. I’m living like Mr Krabbs, and people absolutely do not judge me. Surround yourself with the right people and they will absolutely get it.
Society brainwashes most to think income is the only problem, never their spending. People say I want higher income, not earning enough, yet no one ever says their spending is problem. Once one has a certain income, avoiding lifestyle inflation is key.
I've avoided lifestyle inflation but I lost friends in the process. I'm lucky enough with work that I get to travel several times a year and stay at five star hotels and eat at gourmet restaurants, but I would never spend my hard earned money on it, yet my friends wanted me to splurge on luxuries with them. They didn't understand that the novelty means nothing to me and not worth going in debt for.
Right. You can roll this whole video up in one idea - they spend too much. No matter how high your income is, your spending will always outrace it, if you let it.
We are a 6 figure income couple and had very little saved and not much cash lying around the preverbal "...don't have $500 for an emergency" that was us. The big thing was debt all kinds of it, cars mortgage (although our home isn't a high price one), student loans for our kids, and of course credit cards. One day we just got sick of being broke and went total scorched earth and became frugal overnight. Paid it all off, it took almost 5 years but now we have no debt and this year our savings rate is 50% on basically the same income that had us perpetually broke. So for us it is mainly staying out of debt and watching our spending, at first it was a real effort to save in our HISA and 401Ks but now it's actually fun watching our money grow. No car or vacation or neighborhood is worth being broke or financially unstable.
Taking your medicine can be tough. But in the end, if you are committed, you will end up in a very satisfactory position. It's all about what you're willing to do.
My wife and I graduated from college in 98. We never got high paying jobs. Plus, we live in California. Our combined income never got passed $80K but we're very frugal. We own our home. We're in the process of building two in-law suites (ADU) for rental property. One is a studio (garage conversion) and the other is a two-bedroom house in the backyard. I always said, it's not how much you make, it's how much you saved that matters. Good luck to you.
@@mikef2811 I want to say good luck to you also, but you are helping luck to have it's way because you are being smart and planning wisely with your income. WTG Mike!
Graduated pharmacy school with $148,000 in loans, but $180,000 is pretty typical. The only good thing about me having social anxiety is that it takes away my urge to go on vacations, buy show off items or live in a upper middle class neighborhood. I live way below my means, am paying off my student loans as fast as possible and still have enough to not live paycheck to paycheck.
I graduated pharmacy from North Dakota State in 2007 and escaped with about 60k in debt. It felt like a ton at the time, but compared to 180,000, I feel like I got a real bargain.
I have so many friends, family members and co workers mainly supervisors that literally fume at the fact that my wife and I do not live paycheck to paycheck. We don't even make 6 figures combined but we own our home, cars and have no credit card or loan debt with our credit scores in the 800s. We live in a small town in South Texas in house I bought for 54 thousand 15 years ago a fixer upper we paid off and fixed up over a five year span without having to take out any loans. Taxes are low our cars have been paid off for over ten years. What we make goes straight into our investment account and ourselves. We have no college education either. But we live very well and our lives are peaceful. Love it. Yet people think we cheat the system because we pay very little in taxes.
They’re all jealous. Supervisors are furious that you don’t have debt shacking you to your job and making you fearful. You shouldn’t tell anyone your personal business. I have a manipulative co-worker. When my 10-year-old paid-off car was deemed a total loss in an accident, I bought the same model again, but only three years old. It was a big step up, having all the up-to-date features. I added my own savings to the money from the insurance company, and paid cash for the car. I didn’t tell my co-worker. I told her I had a large car payment.
#11: Divorce. High income earners can get into a debt cycle within alimony and child support from divorce that they can never escape. Don’t get divorced. In fact think about marriage very hard before going down that path if you’re the higher income earner in the relationship…
Yes. Think hard. A marriage is like a business partner. Except who would ever go with a business deal where your partner can walk away with half of your assets plus get support from you after the agreement ends? And this is a partner who may not earn as much as you and who didn’t earn the assets they’re taking. Crazy.
Oof. My wife decided to build up 24k of debt behind my back. So sometimes they hide it from you and it sucks despite your best efforts. I would have preferred she just has slept with another guy.
Nothing is permanent. Society tell us materialism, brand names, luxury, wealth are most aspects of life.. happiness is the key, peace of mind is something money can never buy!
My wife and I (48) have a solid upperclass income. We live a debtfree cashflowed middleclass lifestyle with some perks, are properly funding retirement, and are able to be give. I grudgingly thank Dave Ramsey, even though his overall advice is nuts. According to my experience, you need to live 40/50% below your gross. I was shocked when I discovered that. You have to spend waaayyy less money than you make in order to have a stable ship.
Excellent! This is what I wish more people knew. My sweet family is asking about what I need and how they can help me, because I seem poor. 20 year old car, living in a mobile home, same clothes I've had since I was a teenager 20 years ago. The irony is, I earn more than all but one of my cousins.
Dave's good for getting people who aren't financially savvy out of debt by modifying basic behavioral patterns. Beyond that, though - yeah, his recommendations are mediocre at best due to his oversimplifications and "one size fits all" attitude. (Plus, a few of his ideas are actively harmful. 8% withdrawl rate in retirement? Yeahlolno.) That being said, I agree with the 40/50 percent requirement. It's where I am, and I'm struggling to figure out how I could really be investing less and still have a reasonable retirement.
@@genxx2724 When my wife and I retire, we are expecting to have more money than when we are working...crazy world....Most people will have less money. Unless WW3 breaks out and ruin everything.
You’re so right! We paid off >250,000 on student loans. We lived in house less that half the size of our friends and still drive 03 vehicles. We are debt free except our mortgage. You think differently, work differently. Are free to dream differently.
We have a household income of about $415k, however we live based on our household income of 10 years ago ($200k). We save and invest anything earned in excess (Investment properties, stocks, etc.). How were we able to double our income? Spent years learning my trade, learned to monetize it and did it for myself. We stopped making our bosses rich. Lesson, live below your means no matter how much you make.
High prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.
Considering the increased complexity since the 2008 crash and COVID, I suggest diversifying your financial portfolio. I hired an advisor and successfully grew my portfolio by over $150K during this turbulent market using defensive strategies that protect and profit from market fluctuations.
it's best you do your due diligence, I have my portfolio overseen by “JULIE ANNE HOOVER” and her qualifications speak for itself. Most likely, the internet is where to find basic info, she has a noticeable page for consulting.
It all comes down to lifestyle creep. Keep your lifestyle minima for as long as you can. Keep converting your income to assets and then over time it’s fine to enjoy life more.
My grandfather retired at 50 in June of 1982. He worked in the highway department in 1950 at 18 high school student. At 91, he still retired and cash liquid. He invested in bonds, stocks, mutual funds, land. He counted pennies and was smart with his money. Still was able to travel the world and send my mom and uncle to school. It can be done.
I’ve been making six figures ($150-$200k+)for over 20 years. I lived way beyond my means when I was younger. I leased BMW’s every 3 years, Lexus, 911 Carrera, sent two kids to private school, and designer clothes. I stopped trying to impress everyone starting in my early 40’s. Now I’m 50, paid off house, $2mil net worth. I don’t have any debt so financially, I don’t have any stress. I’m so looking forward to retiring at 62-65 and traveling with my wife, sleeping in, spending time on me instead of grinding every day for my family. I totally understand the struggle but just stop spending and trying to impress people you don’t care about!
Sorry for bumping…..but Are you interested on how to really achieve financial freedom I’m just saying because I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence she helped a lot to grow my reserve notwithstanding inflation, from $275k to approx $850k
@@Sophia-p. I don’t do business with someone I don’t know especially when it comes to money. That’s another secret to my success. I’ve known my broker over 20 years. He knows my wife, has been to my house, calls frequently to chat. I would never deal with a stranger especially from the internet. That’s how people get scammed. No thank you.
thanks for sharing. I just wanted to share the flip side of that. I'm 41 been working 11 years at $200-250K and have saved >50% of my income a year since 2013. My net worth in 2013 was negative 6 figures(student debt). Now it is close to $3M.
Great story. Glad you found the solution. I was lucky I figured it out quite young. 6m in liquid investments now and no debt at all. Im 50 next month. Thinking of retiring early. In retro spect message to younger people, it’s not that hard, just take the advice here and you too can be financially free.
That's where we were able to gain traction! We built our $390k, 3500 square foot home in '14 and today it's worth $750k+. However, we refinanced at 2.25% and pay less than $1,700. Our income has increased 25% since and that's huge. There was luck but still smart decisions that played in building our wealth.
@@DAMfoxygrampa In Utah, '14, it was considered expensive. I'm from Boston so I know what my house would cost there and find it hard to believe we built it for what we did.
@@PokerDummyface1024 🤣🤣🤣🤣. If you say so. Look up any house in Northern Utah built in '14 and see the value today. My neighbor paid $350k when we all first built and sold it in '21 for $675k.
My ex! He is a commercial airline pilot and got half of my retirement in the divorce. I’m a public school teacher. He hardly saved anything so I ended up cutting my losses when I could. He’s a leech.
Taxes are a bigger issue than people realize. Everyone focuses on federal taxes but remember that state and local taxes are through the roof in many areas. I live in NJ and easily pay close to 50% in total taxes, makes a high income not so high.
Great video, Tae. Having chatted with a Chief Exec earning £340k/ $425k p.a. on this topic, he said the trouble with constantly needing a higher income (and not saving much) is that *his family* around him build more and more expensive tastes too! When even your 10 yr old is costing incrementally more each year (😄), that causes your expenses to grow in tandem with any income rises. Also, for some high earning professionals in business, the occasional gap of 6-12 months between jobs can sap their savings a lot too.
That’s no excuse, that attitude is why children become spoiled and entitled. As adults it’s our duty to raise our children to be grateful for the basics, not addicted to material possessions and more importantly to be financially responsible so that that they are safe. Wealthy parents should not gift money to their kids and motivate them to earn their own wealth because that journey is where character is built. It’s no shock spoilt kids so often become selfish, irresponsible and lazy people.
@@AkireMaru Indeed, in an ideal world you should be resisting your wife/kids' urges and bring down their expectations. In the real world they use all sorts of blackmail tactics against you and you are screwed. People are emotional creatures, not rational.
$360k income no student loans (former athlete) I drive a company car, and pay $1950 mortgage on a $320k house split mortgage with wife and own a couple investments properties. Looking to own the first four with no debt and leverage 30/70 beyond that. I’m hoping to be retired from W2 in the next decade
Agreed. The whole modern society is built on spending, one person’s spending is another person’s earning. If I did all works around the house by myself a lot of trades people in my area are going to miss that bit of income. And if nobody bought new cars the factory workers are going to lose their jobs. Being frugal is selfish just as being in unnecessary debt. Why can’t people just have a healthy balanced spending habit that won’t break the society?
In 2005 , I lived on $550 to $600 (equivalent to $950 in 2023 ) in New Jersey while having a monthly salary of $5000 (approx , equivalent to $7900 in 2023 ) . Stayed in shared apartment with 4 friends from same project , traveling only by NJ Transit , eating only pre cooked simple meal from market , no drinks or smoking or any other addiction , if ever traveling then going in group tour , buying simple clothes and using one laptop and simple mobile and still managing once a week outing to a mall or movie . So yeah it's possible to save , you need to be frugal and smart . Hi fi spendthrift lifestyle will lead to ruin later in life .
Sorry for bumping…..but Are you interested on how to really achieve financial freedom I’m just saying because I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence she helped a lot to grow my reserve notwithstanding inflation, from $275k to approx $850k so you could try less
I think it’s important to note that this advice can easily be applied to all income earners. It may come off as insensitive but it’s important to garner the habits associated with frugality. To save money is to make decisions on your life and how it’s lived. Be honest with yourself and only spend on things that are important to you. It’s easy to fall in a trap convincing yourself too many things are important to you, however. Create a list of priority, sacrifice what is least important relative. Edit: also holy bots Batman.
As a soon retiree, keeping my 401k on course after a rocky 2022 is top priority. I have been reading of lnvestors making up to 250k ROI in this current crashing market, any recommendations to scale up my ROI before retirement will be highly appreciated
It's really hard to beat the market as a mere investor. It's just better if you invest with the help of a professional understands the market dynamics better.
I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with a advisor. In a nutshell, i've accrued over $2m with the help of my advisor from an initial $350k investment.
I'm being guided by “Leila Simoes Pinto’’ who is widely recognized for her competence and expertise in the financial market. She has a thorough understanding of portfolio diversification and is regarded as an authority in this field.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
It is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY. The fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income i was able to make over $750k with just an investment of 120k you could try less
Well I suggest you seek a financial guidance someone who can help you carry out your trades perfectly to avoid loss because the losses in this game could make one cry and depressed
I have more and more family arriving here in the States and it is completely normal for ALL of them go and and get a NICE car on payments as one of the very first things they do. Next? Clothes and going out to places in order to post it on Facebook. I've had to accept that I probably won't be spending much of any time even talking with most of them. It's crazy to see it happen from a distance. It's like a fly trap that keeps attracting flies.
A big big part of high cost homes is access to top public schools. Right now private schools may be a better deal as you can usually get away with $10k to $20k per year per child in school cost. But usually spending an extra $3-$4k per month can be diverted into a home in a better school district.
I think a safe middle of the row school district is fine. My spouse and I went to fancier schools and feel like a lot of the kids there were pricks, I don’t want my kids growing up around those kids. Including me I bullied a few kids for being “poor.” If we feel like our kids are behind I don’t mind paying for a tutor several times a week and almost every school has advanced classes. I also know one family who specifically pulled their kids out of their fancy suburban school for a more middle of the row school. All of the kids were valedictorians because they were competing against every kid with unlimited resources.
@@5daysofcoffee while there is definitely a strong correlation between home prices and school quality, it’s definitely not a perfect correlation. You can have a top school district that is not filled with rich pricks. There are also areas with really expensive homes where the schools are mediocre.
When the question is about living paycheck to paycheck rather than wealth, you sometimes get some weird cases. I know people who feel like they're paycheck to paycheck, but have automated a big chunk of savings. Like maxing out pre+post tax 401k contributions and then ignoring the fact that they could update those settings - the money never hits their checking account, the checking balance gets close to zero between paychecks, etc. They may also do that with other savings. If you look at their budget, they may have $5-10k/month allocated to some sort of investment. They feel like the budget is tight because they view the wealth building as mandatory/take it off the top before they budget for other things and their budget has preallocated all of their money.
That should not be called living 'paycheck to paycheck' then. Idk why someone would be able to max their 401k, then fix their mouth to say that they are living check to check. Having a CHOICE to send your money to investments is not the same as someone who is poor and has to spend it all on bills.
@@AO-kr9kd it's not by a lot of people's standards, but to the person with that budget, they've spent every dollar of their paycheck and are going to tell you they can't afford to go out on Saturday because they don't have the money until next payday. A ton of "paycheck to paycheck" is lifestyle choices - particularly as incomes rise. Choosing to max retirement, choosing to drive a new Mercedes when a used civic would do, choosing to send kids to private school when a public school is available.
@@AO-kr9kd True... It shouldn't be considered living paycheck to paycheck but that's exactly how the study was conducted and now everyone is quoting a misleading stat. The study should have been based on monthly increases to household net worth not monthly cash flow.
@@eddiemalvintrue that. We consider ourselves living paycheck to paycheck but we overpay almost double on our monthly mortgage (living in the uk, don’t have super long term mortgages so have to brace for rate rises in the future), have high pension contributions and sanding orders for monthly savings to be automatically taken out. Whatever we have left we just splash it all, considering it our contribution to the economy. But we would probably say that we feel like we live paycheck to paycheck because we quite often have to live on £300 for the last week of the month and that makes us feel panicked.
No lie, that's kind of me. 😂 I have to remind myself sometimes that my take home isn't as large as it could be or that the number in my checking account isn't as big because I'm putting money toward investments/savings. I definitely don't view it as living paycheck to paycheck, but I do find myself thinking "money's tight" from time to time which leads me to cut back on things like eating out, etc.
If you are having problems with living paycheck to paycheck and blame the progressive tax rate of 37 percent for the money you make after 600,000, you need to stop showing off and reevaluate your life goals.
I never made more than 50K yet managed to accumulate $1 million in assets. I'm retired comfortably for 23 years. I spent my money wisely. I still drive my old 2008 Lexus LS460. i never took out a loan, even for my house. To be fair, my employer gave me free housing during my working years so I saved enough to buy a house in cash when I retired.
It is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY. The fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income i was able to make over $750k with just an investment of 220k you could try less
I mean... If you're earning 400k per year, your problem is not that you bought the iphone 15 pro max.... You have many other issues. But 2k on a phone is nothing for you.
Great video. Student debt is getting out of control and I’m just talking about getting bachelors degree! I agree with your reasons, add all together, it’s not living below your means. Thanks for sharing
I'm a high school dropped out and a single mom. I don't make much but I'm living comfortably. I have no debt. I have saving and 401k. I don't have to worry about money. Compare to these people I'm rich.
I had a teacher years ago who used to be a CPA. He once had a client who made 400K a year but was in financial trouble. When asked what happened the guy said he was a mid level executive in his company. They were all "required" to buy a house in the same expensive neighborhood. They were also required to maintain an apartment near the office in case of all nighters and to be members of the same exclusive country club for networking purposes. This plus his wife had very expensive taste. He just couldn't keep up with it.
Hi Tae Kim! I am a new viewer, and I am writing in appreciation of the timestamps in your video, as they allowed me to skip to the parts that are new to me rather than having to wait for information by watching the entire video. Really appreciate the respect for our time. Subscribed! Target For Financial Institutions was a shock to me :o
$300,000 for dental school debt? That’s rookie numbers. I graduated with $420,000 in dental school debt just blaze. Nowadays tuition alone in certain Boston and New York schools are $100,000 per year in tuition alone, plus borrowing for the high cost of living. You’re getting out at around $700,000 before paying for specialization residencies
I earn $110,000 a year as an ammonia systems operator. I live paycheck to paycheck. Why? After taxes, insurance and benefits I bring home around $1,500 a week which is $6,000 a month. Where does this all go? Rounding to the nearest 10s, I pay - $950 a month for my mortgage - $220 a month for a storage unit to hold my mom's belongings - $180 a month in auto insurance - $300 a month in utilities between gas, electric and water / sewage - $150 a month for my phone plan which has my mom on it as well - $250 a month on one credit card - $400 a month on another - $170 a month on a third - $600 a month on groceries for myself, my mom and cat supplies such as food and litter - $600 a month in gas for my truck (drive 300 miles a week) That leaves $2,180 a month. I spend about $200 a week on tools (-$800) about another $120 a week on vending machines and gas station stuff (-$480), I donate ans give to charity an average of about $100 a week (-$400). That means out of the $6,000 I bring home, I only keep about $500. So when something happens like my cat needed surgery to extract two broken teeth, or I need new tires or I am sick and seeing the doctor, I can barely afford it. Now, Don't get me wrong. I live happily. I have a ton of tools and toys and a home. I have two cats, I support my disabled mother. I eat well. I have a fun job. I'm not complaining at all in the least. Just offering a perspective; The more you earn, the more you spend because the more opportunities you have to better yourself and those around you. And yes once my credit cards are paid off and I close my storage unit, and maybe get a different vehicle, I'll save a tremendous amount of money. But for now, I'm happy and content.
I have a real issue with 'Rich Dad, Poor Dad' suggesting buying a home with a mortgage is a liability but renting is not. In a balance sheet, lease obligations should be included in the long term liability section in exactly the same way as a mortgage. It's just ridiculous to suggest otherwise, and leads people to believe renting is therefore better than owning, when this is rarely the case.
A mortgage is a liability, rent is an expense. You might not like it, but that's GAAP. As far as which is better, that's dependent on a lot of factors. Kiyosaki didn't invent any of that and does a poor job explaining it.
@@seriousfaith nope. Rent is an expense (as is a mortgage payment) but the lease is a liability (as is the mortgage) - GAAP was updated in 2016 (Accounting Standards Update 2016-02, Leases (topic 842)) to force companies to record any operating lease of 12 months or more (I.e not short term renting of tools, cars etc.) as both a liability and an asset exactly like a mortgage. Sounds like you need a better accountant.
@@DionTalkFinancialFreedom I’ve read the book and he contrasts renting with owning a home by suggesting a mortgage is a liability but a lease is not, and that is what I have an issue with. I understand, as mentioned above, that he didn’t invent this model, but he still chooses to repeat it, and it’s wrong. Unfortunately, the choice is not actually between buying a performing or unperforming asset, but between renting an unperforming asset or buying an unperforming asset.
2022 was a challenging year, but I managed to make $250,000 before taxes as the sole breadwinner and head of household. It's a good starting point, but I'm always looking ahead on how to improve. I have 2 autoloans and hoping for a miracle to offset them as refinancing is more expensive in the long run.
You might want to consider starting with a different approach, like the snowball method. Focus on one loan, usually the smallest one, and direct all your resources to pay it off while maintaining payments on the others.
Another option is to work with a money coach or investment advisor. While an investment adviser focuses on the long term, a money coach can help pay off all your debts, maximize cash flow, and create systems for proactive money management.
A financial adviser could also provide a holistic plan for your money, addressing both short and long-term goals. I've been consulting with Monica Mary Strigle from WA, and it's been transformative. Making $662k in the past 8 months from barely $400k gives me high hopes for 2023.
That's impressive! Who is Monica Mary Strigle, and how can I reach her? I've tried finding a good adviser around me, but it seems impossible without exorbitant fees. Can you share her fee structure as well?
Monica Mary Strigle is highly ranked and renowned among investors in WA. I was referred by a friend at the Washington Post. You can find her online, and her fee structure is reasonable considering the invaluable guidance she provides.
My friend made more than 500K a year, he told me since he had many homes loan total about $5million, 7 rental and 1 primary, he is living on every paycheck with only about $20K in bank for emergency. Although his net-worth in his asset is more than 15M. He told me leaving money in the bank is the worst way to save money when we are young . He borrowed every dollar as much as he could.
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.
Home prices will come down eventually, but for now; its best to offset some of your real estate investments and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
I agree, before the pandemic got real serious, I used to handle all my investment and I was pretty good at it, fast forward to post-pandemic and my-portfolio is steady in the red with profit rate down to the lowest, that's when I touched-base with a coach I saw featured on business week, who restructured my portfolio and over the last couple years, I've made over $850k from initially $210K
@@maryHenokNft Would you mind telling me how to contact this specific coach using their service? You seem to have the solution, as opposed to the rest of us.
Thanks for the advice. The search for your coach was simple. I investigated her well before using her services. Considering her résumé, she appears competent.
Once you don't care about status, have a watch that works, cloths that look decent and a used car to take you from a-b, and no debt...your already doing better than 99% of people.
Great content. U earned my subscription. If other videos are like this I will be watching them and sending to others. Many get sucked into the trap of looking wealthy instead of being wealthy.
I always wondered while my single mom who made pretty decent money as a nurse practitioner, never drove a nice car and we didn't live in a fancy house despite the school I went to. Turns out she was putting all the money away in two places. 1. Her retirement 2. My college fund 3. The 200k debt my deadbeat dad left behind.
Interesting information. Here in Australia we have a progressive tax system but very high. Every dollar over 180k is taxed at 47%! And on top of that a standard house is a million dollars in the two major cities. With the cost of living so high, it's very hard for the middle class. I'm a high income earner and doing ok but still feel it's tough to really thrive. Sometimes I do think it's by design
Top tax bracket 37% is just federal tax. There are also state and local taxes. So effective tax rate can easily cross over 50% for high earners living in high tax states. Plus property taxes, sales taxes, inheritance etc
It's just lifestyle inflation for most of them. Going on regular holidays, sending children to private schools etc. Many of my friends in Melbourne make 6 figures, but they don't own anything. They all spend big.
@@lamentate07 6. Figures is 100k. 100k is pretty average or below average in the building industry. My work mates all earn 120k plus and none are rich.
People need to have a balance in life. Stay out of debt, save, invest and throw in some fun. People are doing it backwards. This is part of the reason high income earners are living paycheck to paycheck. Lack of discipline. Keeping up with the Jonses mentality needs to change.
The pressure to 'look the part' is no joke. It's like there's an unspoken rule that if you're successful, you have to spend big. But who's really winning in that scenario?
Right now I'm saving ~34% of each paycheck in a mix of retirement accounts, investments and just straight up cash for emergencies. But, in order to do that, I'm forgoing taking on a bigger mortgage and car loan etc and a bunch of stuff I could technically afford but don't actually need. That's not to say that I never spend money on anything nice or have any fun of course. But lifestyle creep is real if you're not intentional with your money, and I suspect that high-earners, like most people, tend not to be.
I was saving 50% of my post tax income for about 3 months. I canceled my health insurance to make it happen. This month I snapped. I withdrew two weeks worth of savings and got health insurance, lol. I've got to tighten the budget up again.
Why do people act like a home mortgage isn’t wealth building? It absolutely is an investment. I don’t view my mortgage as equivalent to rent and neither should anyone else. A home is a great wealth building tool
I have a 30M colleague to who has no college debt, no wife or kids, lives rent free at his parents and earns highly as a manager with a lot of shift allowances so most of his earnings are not taxed in my country. He spends his money of going out every week at high class restaurants, new car thats been in 4 accidents, life insurance (which is not mandatory in our country) with his niece as beneficiary, has a hobby of playing billiards and drinking at clubs and no life savings! i dont say anything since its not my place and not my money but damn some poeple have all the luck. nevermind the high paying job, just having his situation of living rent free for 1 year would allow be to put a downpayment on a house so i can live rent free.
circumstances of these video often do not give the age of samples. If you are young and spend a lot, its still okay. Its experience and learn the hard way. If you are getting older and imagine retirement, yest still spending a lot, respect!
I have the opposite problem. Saved, invested, lived a modest lifestyle, retired a millionaire, and now I have trouble spending more than what I think is normal.
It is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY. The fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income i was able to make over $750k with just an investment of 120k you could try less
As someone who lived in Silicon Valley for over a decade, purchasing a condo or home in a safe very basic neighborhood will cost minimum $850K-$1M. The $1.3M example is barely a step above that. Just when you think home prices can’t go up anymore, they increase by another 20-30%, and most sell for over the asking price. It’s a horrible situation and only benefits the very wealthy. That’s why we moved. We were priced out.
A house is both an asset and a liability on the balance sheet. If you have a down payment and a monthly mortgage, you reduce your liability keeping the asset value the same. So every month your principle payment increases your net worth. Under no circumstances, except for falling house prices and negative equity does buying a house decrease your net worth. It may decrease your cash-flow, but you must also compare buying a house to renting which is a pure expense. This is basic accounting.
I earn 500k a year. Net worth 2mm. 32. And i give absolute zero shts about status. The only status i need are hotel and airline status. I buy my cloth from costco
Accountant with $83k student debt and my husband is going to med school…. We currently make average of $130k and are torn between paying off debt or cash flowing school…
It is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY. The fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income i was able to make over $750k with just an investment of 120k you could try less
Excellent video! I loved every part of this video - particularly your points about trying hard to look the part and also living in high-cost-of-living areas. Can you do a followup (if you haven't already) about how to resolve the issues you mentioned in the video?
My parents were not 6-figure income earners, but what they did right with their earnings was acquire assets. And I am so grateful for their wisdom! It's not about how much you earn, but how well you deal with your money. I live in an expensive Canadian city, and I see how people wear their money, and I see the expensive cars in the area. With our higher taxes and high cost of living, even making C$100K still isn't enough to guarantee a wealth of savings. I think it's so important to make sure that no matter what, we always try to put some money into an investment that can guarantee its growth. And stay off of social media! Let's not continue to be brainwashed into thinking we need things that we don't truly need! ✌🏾
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@@mariaguerrero08Mind if I ask you to point at how to reach this particular person assisting you? Seems you've figured it all out unlike the rest of us.
I am 27 and I have about 185k invested in the market. Mostly mutual funds, index funds, etfs. My largest single stock positions are in Amazon, Berkshire, Google, Facebook, JPM. Should I be more open to foreign companies or continue betting on the US. In the last two weeks I have sunk about 7k in small cap funds.
It is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY. The fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income i was able to make over $750k with just an investment of 120k you could try less
It is very relative and you are generalizing anyone who is earning more than 200 thousand to be wealthy. For example, earning 200 thousand in SF Bay Area will put you just above the poverty line and it is not the same for some one making 200 thousand in some god forbidden place in US.
This sponsor actually looks like a decent straightforward tool rather than some scam investment app. Nice choice of sponsor. Unfortunately the sponsor link doesn't work.
I make between 90k and 115K and am living paycheck to paycheck cuz I live in the Bay Area. ahem....rent a room in the Bay Area. I still have $12k left to pay for school loans
I can't relate to this at all. What's so hard to understand to live below your means ? I currently do very very well, but even when I was making $ 500 per month with my business, I always saved. At the time, I was 27 years , old and working out of my room of my parents house. Currently, I live in a nice house, I go to Europe on vacations 3 times a year... but I wouldn't do it if I didn't have the money and I still save 50% of what I earn. All my neighbors have BMW's and Mercedes and I drive a Toyota Tacoma 2008. As far as they are concerned I'm the poorest guy on the block. I could give a rats ass about impressing them or anybody else for that matter. Work hard , do well and be smart with your money but above all...do it for yourself.. not to impress other people.
America (Specifically the USA) does not have a Progressive Tax System. It is a tiered tax system. for instance, if you make above $95,375, and you get a $1 raise to $95,376, ONLY that $1 gets taxed at the higher 24% tax rate. This is NOT the reason why high income earners are not wealthy.
I was paid 300k plus most of my working life A good part of it was put aside for retirement Even when I was young and making minimum wage, a part of it was going into savings
Each individual is different. Only thing I did was buying a modest house in a good location and saved a portion every month and put it all in S&P 500 and now after 35 years it is nice chunk.
You assume large mortgages are only for luxury properties. In places like NYC and DC, it’s easy to have a $800k mortgage for a fixer upper. Also, you forget the cost of child care and education. Quality licensed child care in these places can easily exceed $1.4-2k per child per month. And no this isn’t for fufu nanny services. That’s closer to $60-70k per year. The high cost of living is typically driven by proximity to job and/or safe and quality schools. Even if you go cheap on your home, that likely comes at the cost of lesser quality or safety in school choices. Privates in these cities easily range from $40-80k per child, so you basically pick your poison: high mortgage/taxes or mediocre but expensive private. Let’s not even get into costs for special needs and taking care of aging or disabled parents. Edit: typos
I only have a rent payment and nice car. That’s it. I do get some luxury goods once in a while. Prada or Burberry. But I don’t over do it. Just enjoy what I like once and a great while.
Well I suggest you seek a financial guidance someone who can help you carry out your trades perfectly to avoid loss because the losses in this game could make one cry and depressed
It is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY. The fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income i was able to make over $750k with just an investment of 120k you could try less
I like the last one and it rings true for us. We are make a good living but hang out with people who like playing board games and walking their dogs. Hard to go broke doing that! People with fancy cars and boats can keep them!
Grew up watching the anesthesiologist the street over drive a new Ferrari every year. They had a $3.5M house, and sent their kids to private school. I thought they had it all before the parents got divorced.
It turns out after 10 years as a high payed Dr., he hadn’t saved anything and was drowning in debt. His wife ended up splitting some of the debt too. Imagine divorcing a Dr. after 10 years just to get hit with over a million in debt.
It was a great lesson that higher education does not equal higher financial literacy.
These cases are more common now than ever due to the pressure to live as extravagantly as possible. Sometimes the solution is really to just find other friends or disconnect from your industry networks. Easier said than done.
Hmm, so you just want your SO's money but not his debt acquired during your marriage?
Probably his wife influenced his lifestlye and known how much in debt they were
I brag about spending no money. I’m living like Mr Krabbs, and people absolutely do not judge me. Surround yourself with the right people and they will absolutely get it.
And even better lesson to not get married when making that kind of moneyb😂😂😂
Zero sympathy for them
Society brainwashes most to think income is the only problem, never their spending. People say I want higher income, not earning enough, yet no one ever says their spending is problem. Once one has a certain income, avoiding lifestyle inflation is key.
You speak facts...It's not how much you make, it is how much you save. My wife and do just that and our combined income is under $80K. Need vs Want.
I've avoided lifestyle inflation but I lost friends in the process. I'm lucky enough with work that I get to travel several times a year and stay at five star hotels and eat at gourmet restaurants, but I would never spend my hard earned money on it, yet my friends wanted me to splurge on luxuries with them. They didn't understand that the novelty means nothing to me and not worth going in debt for.
Right.
You can roll this whole video up in one idea - they spend too much.
No matter how high your income is, your spending will always outrace it, if you let it.
The realest thing I read today
You nailed it. People never blame their own spending. They'll blame inflation for reasons they can't save while going out to eat daily.
We are a 6 figure income couple and had very little saved and not much cash lying around the preverbal "...don't have $500 for an emergency" that was us. The big thing was debt all kinds of it, cars mortgage (although our home isn't a high price one), student loans for our kids, and of course credit cards. One day we just got sick of being broke and went total scorched earth and became frugal overnight. Paid it all off, it took almost 5 years but now we have no debt and this year our savings rate is 50% on basically the same income that had us perpetually broke. So for us it is mainly staying out of debt and watching our spending, at first it was a real effort to save in our HISA and 401Ks but now it's actually fun watching our money grow. No car or vacation or neighborhood is worth being broke or financially unstable.
Congratulations on taking the steps necessary to get yourself out of the financial bind you were in.
Taking your medicine can be tough. But in the end, if you are committed, you will end up in a very satisfactory position. It's all about what you're willing to do.
Indeed it is
My wife and I graduated from college in 98. We never got high paying jobs. Plus, we live in California. Our combined income never got passed $80K but we're very frugal. We own our home. We're in the process of building two in-law suites (ADU) for rental property. One is a studio (garage conversion) and the other is a two-bedroom house in the backyard. I always said, it's not how much you make, it's how much you saved that matters. Good luck to you.
@@mikef2811 I want to say good luck to you also, but you are helping luck to have it's way because you are being smart and planning wisely with your income. WTG Mike!
Secret to living well is to live BELOW your means no matter how much you make.
Spending doesn't make someone wealthy. saving and more importantly, investing does
I make $85k before taxes had $27k in student loans. Payed off in two years, never had a car payment, and funded a $90k 401k six years into my career
"Paid"
Did you want a medal?
Good Progress 📈
mama’s boy😂
Well done, buddy!
Graduated pharmacy school with $148,000 in loans, but $180,000 is pretty typical. The only good thing about me having social anxiety is that it takes away my urge to go on vacations, buy show off items or live in a upper middle class neighborhood. I live way below my means, am paying off my student loans as fast as possible and still have enough to not live paycheck to paycheck.
Which state did you go to pharmacy school?
That doesn’t seem possible. What is your income?
Great going. You can do it!
I graduated pharmacy from North Dakota State in 2007 and escaped with about 60k in debt. It felt like a ton at the time, but compared to 180,000, I feel like I got a real bargain.
Wait so you save money by barely living your life? You can save and enjoy life. What's the point...
I have so many friends, family members and co workers mainly supervisors that literally fume at the fact that my wife and I do not live paycheck to paycheck. We don't even make 6 figures combined but we own our home, cars and have no credit card or loan debt with our credit scores in the 800s. We live in a small town in South Texas in house I bought for 54 thousand 15 years ago a fixer upper we paid off and fixed up over a five year span without having to take out any loans. Taxes are low our cars have been paid off for over ten years. What we make goes straight into our investment account and ourselves. We have no college education either. But we live very well and our lives are peaceful. Love it. Yet people think we cheat the system because we pay very little in taxes.
Kudos to your spending habits
That's awesome!
They’re all jealous. Supervisors are furious that you don’t have debt shacking you to your job and making you fearful. You shouldn’t tell anyone your personal business. I have a manipulative co-worker. When my 10-year-old paid-off car was deemed a total loss in an accident, I bought the same model again, but only three years old. It was a big step up, having all the up-to-date features. I added my own savings to the money from the insurance company, and paid cash for the car. I didn’t tell my co-worker. I told her I had a large car payment.
@@genxx2724 definitely. It's better to tread in silence.
Wow your workplace is toxic. Most people should congratulate you and ask you for advice instead of being jealous and furious.
#11: Divorce. High income earners can get into a debt cycle within alimony and child support from divorce that they can never escape. Don’t get divorced. In fact think about marriage very hard before going down that path if you’re the higher income earner in the relationship…
100%. I said the same thing!
Yes. Think hard. A marriage is like a business partner. Except who would ever go with a business deal where your partner can walk away with half of your assets plus get support from you after the agreement ends? And this is a partner who may not earn as much as you and who didn’t earn the assets they’re taking. Crazy.
This bit me in the butt a few years ago. I gave up a lot of my 401k in my divorce ,and it is going to delay retirement by a few years.
Oof. My wife decided to build up 24k of debt behind my back. So sometimes they hide it from you and it sucks despite your best efforts.
I would have preferred she just has slept with another guy.
@@kabloosh699😮😂😂 u crazy as hell lol
Nothing is permanent. Society tell us materialism, brand names, luxury, wealth are most aspects of life.. happiness is the key, peace of mind is something money can never buy!
My wife and I (48) have a solid upperclass income. We live a debtfree cashflowed middleclass lifestyle with some perks, are properly funding retirement, and are able to be give. I grudgingly thank Dave Ramsey, even though his overall advice is nuts. According to my experience, you need to live 40/50% below your gross. I was shocked when I discovered that. You have to spend waaayyy less money than you make in order to have a stable ship.
Excellent! This is what I wish more people knew. My sweet family is asking about what I need and how they can help me, because I seem poor. 20 year old car, living in a mobile home, same clothes I've had since I was a teenager 20 years ago. The irony is, I earn more than all but one of my cousins.
Dave's good for getting people who aren't financially savvy out of debt by modifying basic behavioral patterns. Beyond that, though - yeah, his recommendations are mediocre at best due to his oversimplifications and "one size fits all" attitude. (Plus, a few of his ideas are actively harmful. 8% withdrawl rate in retirement? Yeahlolno.)
That being said, I agree with the 40/50 percent requirement. It's where I am, and I'm struggling to figure out how I could really be investing less and still have a reasonable retirement.
That’s exactly what I do. As a result, my monthly income in retirement will be nearly three times the amount I’m living on while working.
@@genxx2724 When my wife and I retire, we are expecting to have more money than when we are working...crazy world....Most people will have less money. Unless WW3 breaks out and ruin everything.
@@mikef2811 Retirement is going to be a party every day. 🎉
You’re so right! We paid off >250,000 on student loans. We lived in house less that half the size of our friends and still drive 03 vehicles. We are debt free except our mortgage. You think differently, work differently. Are free to dream differently.
Very inspiring 🙌
I appreciate the correct use of adverbs
We have a household income of about $415k, however we live based on our household income of 10 years ago ($200k). We save and invest anything earned in excess (Investment properties, stocks, etc.). How were we able to double our income? Spent years learning my trade, learned to monetize it and did it for myself. We stopped making our bosses rich. Lesson, live below your means no matter how much you make.
High prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.
Considering the increased complexity since the 2008 crash and COVID, I suggest diversifying your financial portfolio. I hired an advisor and successfully grew my portfolio by over $150K during this turbulent market using defensive strategies that protect and profit from market fluctuations.
@@jeffery_Automotive I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
it's best you do your due diligence, I have my portfolio overseen by “JULIE ANNE HOOVER” and her qualifications speak for itself. Most likely, the internet is where to find basic info, she has a noticeable page for consulting.
I searched her up online and checked out her credentials since I was so intrigued. Top-notch! I emailed her to inquire about accepting new clients.
It all comes down to lifestyle creep. Keep your lifestyle minima for as long as you can. Keep converting your income to assets and then over time it’s fine to enjoy life more.
My grandfather retired at 50 in June of 1982. He worked in the highway department in 1950 at 18 high school student. At 91, he still retired and cash liquid. He invested in bonds, stocks, mutual funds, land. He counted pennies and was smart with his money. Still was able to travel the world and send my mom and uncle to school. It can be done.
I’ve been making six figures ($150-$200k+)for over 20 years. I lived way beyond my means when I was younger. I leased BMW’s every 3 years, Lexus, 911 Carrera, sent two kids to private school, and designer clothes. I stopped trying to impress everyone starting in my early 40’s. Now I’m 50, paid off house, $2mil net worth. I don’t have any debt so financially, I don’t have any stress. I’m so looking forward to retiring at 62-65 and traveling with my wife, sleeping in, spending time on me instead of grinding every day for my family. I totally understand the struggle but just stop spending and trying to impress people you don’t care about!
Sorry for bumping…..but Are you interested on how to really achieve financial freedom I’m just saying because I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence she helped a lot to grow my reserve notwithstanding inflation, from $275k to approx $850k
@@Sophia-p. I don’t do business with someone I don’t know especially when it comes to money. That’s another secret to my success. I’ve known my broker over 20 years. He knows my wife, has been to my house, calls frequently to chat. I would never deal with a stranger especially from the internet. That’s how people get scammed. No thank you.
thanks for sharing. I just wanted to share the flip side of that. I'm 41 been working 11 years at $200-250K and have saved >50% of my income a year since 2013. My net worth in 2013 was negative 6 figures(student debt). Now it is close to $3M.
Great story. Glad you found the solution. I was lucky I figured it out quite young. 6m in liquid investments now and no debt at all. Im 50 next month. Thinking of retiring early.
In retro spect message to younger people, it’s not that hard, just take the advice here and you too can be financially free.
That's where we were able to gain traction! We built our $390k, 3500 square foot home in '14 and today it's worth $750k+. However, we refinanced at 2.25% and pay less than $1,700. Our income has increased 25% since and that's huge. There was luck but still smart decisions that played in building our wealth.
350 omg that's cheap
@@DAMfoxygrampa In Utah, '14, it was considered expensive. I'm from Boston so I know what my house would cost there and find it hard to believe we built it for what we did.
390 to 750. Big lie
@@PokerDummyface1024 🤣🤣🤣🤣. If you say so. Look up any house in Northern Utah built in '14 and see the value today. My neighbor paid $350k when we all first built and sold it in '21 for $675k.
@@roburb73 congrats on All that equity you can't do much with.
My ex! He is a commercial airline pilot and got half of my retirement in the divorce. I’m a public school teacher. He hardly saved anything so I ended up cutting my losses when I could. He’s a leech.
Sounds like basically every situation for every divorced male ever.
Typical airline pilot😂
Taxes are a bigger issue than people realize. Everyone focuses on federal taxes but remember that state and local taxes are through the roof in many areas. I live in NJ and easily pay close to 50% in total taxes, makes a high income not so high.
Same and don’t forget health insurance.
Great video, Tae. Having chatted with a Chief Exec earning £340k/ $425k p.a. on this topic, he said the trouble with constantly needing a higher income (and not saving much) is that *his family* around him build more and more expensive tastes too!
When even your 10 yr old is costing incrementally more each year (😄), that causes your expenses to grow in tandem with any income rises.
Also, for some high earning professionals in business, the occasional gap of 6-12 months between jobs can sap their savings a lot too.
That’s no excuse, that attitude is why children become spoiled and entitled. As adults it’s our duty to raise our children to be grateful for the basics, not addicted to material possessions and more importantly to be financially responsible so that that they are safe. Wealthy parents should not gift money to their kids and motivate them to earn their own wealth because that journey is where character is built. It’s no shock spoilt kids so often become selfish, irresponsible and lazy people.
@@BlacksmithBets couldn’t agree more. He has every ability to say no. It seems part of this is a boundary problem.
@@AkireMaru Indeed, in an ideal world you should be resisting your wife/kids' urges and bring down their expectations. In the real world they use all sorts of blackmail tactics against you and you are screwed. People are emotional creatures, not rational.
$360k income no student loans (former athlete) I drive a company car, and pay $1950 mortgage on a $320k house split mortgage with wife and own a couple investments properties. Looking to own the first four with no debt and leverage 30/70 beyond that. I’m hoping to be retired from W2 in the next decade
If the high spenders stop spending, how would that affect our economy?
Agreed. The whole modern society is built on spending, one person’s spending is another person’s earning. If I did all works around the house by myself a lot of trades people in my area are going to miss that bit of income. And if nobody bought new cars the factory workers are going to lose their jobs. Being frugal is selfish just as being in unnecessary debt. Why can’t people just have a healthy balanced spending habit that won’t break the society?
In 2005 , I lived on $550 to $600 (equivalent to $950 in 2023 ) in New Jersey while having a monthly salary of $5000 (approx , equivalent to $7900 in 2023 ) .
Stayed in shared apartment with 4 friends from same project , traveling only by NJ Transit , eating only pre cooked simple meal from market , no drinks or smoking or any other addiction , if ever traveling then going in group tour , buying simple clothes and using one laptop and simple mobile and still managing once a week outing to a mall or movie .
So yeah it's possible to save , you need to be frugal and smart .
Hi fi spendthrift lifestyle will lead to ruin later in life .
Sorry for bumping…..but Are you interested on how to really achieve financial freedom I’m just saying because I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence she helped a lot to grow my reserve notwithstanding inflation, from $275k to approx $850k so you could try less
I think it’s important to note that this advice can easily be applied to all income earners. It may come off as insensitive but it’s important to garner the habits associated with frugality. To save money is to make decisions on your life and how it’s lived. Be honest with yourself and only spend on things that are important to you. It’s easy to fall in a trap convincing yourself too many things are important to you, however. Create a list of priority, sacrifice what is least important relative.
Edit: also holy bots Batman.
If your a high income earner and your still broke you need a financial intervention 🙃
As a soon retiree, keeping my 401k on course after a rocky 2022 is top priority. I have been reading of lnvestors making up to 250k ROI in this current crashing market, any recommendations to scale up my ROI before retirement will be highly appreciated
It's really hard to beat the market as a mere investor. It's just better if you invest with the help of a professional understands the market dynamics better.
I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with a advisor. In a nutshell, i've accrued over $2m with the help of my advisor from an initial $350k investment.
@@yeslahykcim impressive gains! how can I get your advisor please, if you dont mind me asking? I could really use a help as of now
I'm being guided by “Leila Simoes Pinto’’ who is widely recognized for her competence and expertise in the financial market. She has a thorough understanding of portfolio diversification and is regarded as an authority in this field.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
If you can pay off debt in three years by living frugally, then it is simply hard and a choice, not a struggle.
I totally agree. I make $3,000 a month, but my net worth is $650,000. 😄
That’s still broke 😂
Yeah 😂
It is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY.
The fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income i was able to make over $750k with just an investment of 120k you could try less
Well I suggest you seek a financial guidance someone who can help you carry out your trades perfectly to avoid loss because the losses in this game could make one cry and depressed
@@Sophia-p. not worth the money. Just buy an index fund..
I have more and more family arriving here in the States and it is completely normal for ALL of them go and and get a NICE car on payments as one of the very first things they do. Next? Clothes and going out to places in order to post it on Facebook. I've had to accept that I probably won't be spending much of any time even talking with most of them. It's crazy to see it happen from a distance. It's like a fly trap that keeps attracting flies.
Where are they coming from?
A big big part of high cost homes is access to top public schools. Right now private schools may be a better deal as you can usually get away with $10k to $20k per year per child in school cost.
But usually spending an extra $3-$4k per month can be diverted into a home in a better school district.
In san diego right now you can't find a 3 bedroom home for under $1 million in a good school district.
$1M is not even considered starter home with decent school district here in the SF Bay Area. It starts at $1.4M.
@@jml9550in the suburbs of Chicago , you can get a starter home in a top 5% school district in the US, not just Illinois, for 400k
I think a safe middle of the row school district is fine. My spouse and I went to fancier schools and feel like a lot of the kids there were pricks, I don’t want my kids growing up around those kids. Including me I bullied a few kids for being “poor.” If we feel like our kids are behind I don’t mind paying for a tutor several times a week and almost every school has advanced classes. I also know one family who specifically pulled their kids out of their fancy suburban school for a more middle of the row school. All of the kids were valedictorians because they were competing against every kid with unlimited resources.
@@5daysofcoffee while there is definitely a strong correlation between home prices and school quality, it’s definitely not a perfect correlation. You can have a top school district that is not filled with rich pricks. There are also areas with really expensive homes where the schools are mediocre.
My dad always said- spending money is easy, anyone can do it. Saving money on the other hand…
When the question is about living paycheck to paycheck rather than wealth, you sometimes get some weird cases. I know people who feel like they're paycheck to paycheck, but have automated a big chunk of savings. Like maxing out pre+post tax 401k contributions and then ignoring the fact that they could update those settings - the money never hits their checking account, the checking balance gets close to zero between paychecks, etc. They may also do that with other savings. If you look at their budget, they may have $5-10k/month allocated to some sort of investment. They feel like the budget is tight because they view the wealth building as mandatory/take it off the top before they budget for other things and their budget has preallocated all of their money.
That should not be called living 'paycheck to paycheck' then. Idk why someone would be able to max their 401k, then fix their mouth to say that they are living check to check. Having a CHOICE to send your money to investments is not the same as someone who is poor and has to spend it all on bills.
@@AO-kr9kd it's not by a lot of people's standards, but to the person with that budget, they've spent every dollar of their paycheck and are going to tell you they can't afford to go out on Saturday because they don't have the money until next payday.
A ton of "paycheck to paycheck" is lifestyle choices - particularly as incomes rise. Choosing to max retirement, choosing to drive a new Mercedes when a used civic would do, choosing to send kids to private school when a public school is available.
@@AO-kr9kd True... It shouldn't be considered living paycheck to paycheck but that's exactly how the study was conducted and now everyone is quoting a misleading stat.
The study should have been based on monthly increases to household net worth not monthly cash flow.
@@eddiemalvintrue that. We consider ourselves living paycheck to paycheck but we overpay almost double on our monthly mortgage (living in the uk, don’t have super long term mortgages so have to brace for rate rises in the future), have high pension contributions and sanding orders for monthly savings to be automatically taken out. Whatever we have left we just splash it all, considering it our contribution to the economy. But we would probably say that we feel like we live paycheck to paycheck because we quite often have to live on £300 for the last week of the month and that makes us feel panicked.
No lie, that's kind of me. 😂 I have to remind myself sometimes that my take home isn't as large as it could be or that the number in my checking account isn't as big because I'm putting money toward investments/savings. I definitely don't view it as living paycheck to paycheck, but I do find myself thinking "money's tight" from time to time which leads me to cut back on things like eating out, etc.
If you are having problems with living paycheck to paycheck and blame the progressive tax rate of 37 percent for the money you make after 600,000, you need to stop showing off and reevaluate your life goals.
I never made more than 50K yet managed to accumulate $1 million in assets. I'm retired comfortably for 23 years. I spent my money wisely. I still drive my old 2008 Lexus LS460.
i never took out a loan, even for my house. To be fair, my employer gave me free housing during my working years so I saved enough to buy a house in cash when I retired.
It is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY.
The fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income i was able to make over $750k with just an investment of 220k you could try less
I mean... If you're earning 400k per year, your problem is not that you bought the iphone 15 pro max.... You have many other issues. But 2k on a phone is nothing for you.
Tae’s hair is giving Vanilla Ice a run for his money. 😆 Love your content!
Great video. Student debt is getting out of control and I’m just talking about getting bachelors degree! I agree with your reasons, add all together, it’s not living below your means. Thanks for sharing
I'm a high school dropped out and a single mom. I don't make much but I'm living comfortably. I have no debt. I have saving and 401k. I don't have to worry about money. Compare to these people I'm rich.
Somehow, your hair looks BETTER in each video. That's the real victory here.
I had a teacher years ago who used to be a CPA. He once had a client who made 400K a year but was in financial trouble. When asked what happened the guy said he was a mid level executive in his company. They were all "required" to buy a house in the same expensive neighborhood. They were also required to maintain an apartment near the office in case of all nighters and to be members of the same exclusive country club for networking purposes. This plus his wife had very expensive taste. He just couldn't keep up with it.
Hi Tae Kim! I am a new viewer, and I am writing in appreciation of the timestamps in your video, as they allowed me to skip to the parts that are new to me rather than having to wait for information by watching the entire video. Really appreciate the respect for our time. Subscribed!
Target For Financial Institutions was a shock to me :o
$300,000 for dental school debt? That’s rookie numbers. I graduated with $420,000 in dental school debt just blaze. Nowadays tuition alone in certain Boston and New York schools are $100,000 per year in tuition alone, plus borrowing for the high cost of living. You’re getting out at around $700,000 before paying for specialization residencies
I hope you make at least 500k/y
@@fongluu he said he is a dentist so no
Same here bro. I shouldn’t have listen to my wife and had the military pay for it
And the schooling should be 2x that for what you earn
I don't know why anyone wants to scrape teeth for 400k in student loans.
I earn $110,000 a year as an ammonia systems operator. I live paycheck to paycheck. Why?
After taxes, insurance and benefits I bring home around $1,500 a week which is $6,000 a month. Where does this all go?
Rounding to the nearest 10s, I pay
- $950 a month for my mortgage
- $220 a month for a storage unit to hold my mom's belongings
- $180 a month in auto insurance
- $300 a month in utilities between gas, electric and water / sewage
- $150 a month for my phone plan which has my mom on it as well
- $250 a month on one credit card
- $400 a month on another
- $170 a month on a third
- $600 a month on groceries for myself, my mom and cat supplies such as food and litter
- $600 a month in gas for my truck (drive 300 miles a week)
That leaves $2,180 a month. I spend about $200 a week on tools (-$800) about another $120 a week on vending machines and gas station stuff (-$480), I donate ans give to charity an average of about $100 a week (-$400).
That means out of the $6,000 I bring home, I only keep about $500. So when something happens like my cat needed surgery to extract two broken teeth, or I need new tires or I am sick and seeing the doctor, I can barely afford it.
Now,
Don't get me wrong. I live happily. I have a ton of tools and toys and a home. I have two cats, I support my disabled mother. I eat well. I have a fun job.
I'm not complaining at all in the least.
Just offering a perspective; The more you earn, the more you spend because the more opportunities you have to better yourself and those around you.
And yes once my credit cards are paid off and I close my storage unit, and maybe get a different vehicle, I'll save a tremendous amount of money. But for now, I'm happy and content.
I love this channel!
Very simple concepts that so many people need to learn.
Thanks!
I have a real issue with 'Rich Dad, Poor Dad' suggesting buying a home with a mortgage is a liability but renting is not. In a balance sheet, lease obligations should be included in the long term liability section in exactly the same way as a mortgage. It's just ridiculous to suggest otherwise, and leads people to believe renting is therefore better than owning, when this is rarely the case.
Agreed. Where the hell are you living if your rent payment isn't on the outgoings for the next 5+ years.
A mortgage is a liability, rent is an expense. You might not like it, but that's GAAP. As far as which is better, that's dependent on a lot of factors. Kiyosaki didn't invent any of that and does a poor job explaining it.
@@seriousfaith nope. Rent is an expense (as is a mortgage payment) but the lease is a liability (as is the mortgage) - GAAP was updated in 2016 (Accounting Standards Update 2016-02, Leases (topic 842)) to force companies to record any operating lease of 12 months or more (I.e not short term renting of tools, cars etc.) as both a liability and an asset exactly like a mortgage. Sounds like you need a better accountant.
Does your home pay you?
All Kiyosaki is doing is leaving out “performing” when he says asset.
@@DionTalkFinancialFreedom I’ve read the book and he contrasts renting with owning a home by suggesting a mortgage is a liability but a lease is not, and that is what I have an issue with. I understand, as mentioned above, that he didn’t invent this model, but he still chooses to repeat it, and it’s wrong. Unfortunately, the choice is not actually between buying a performing or unperforming asset, but between renting an unperforming asset or buying an unperforming asset.
2022 was a challenging year, but I managed to make $250,000 before taxes as the sole breadwinner and head of household. It's a good starting point, but I'm always looking ahead on how to improve. I have 2 autoloans and hoping for a miracle to offset them as refinancing is more expensive in the long run.
You might want to consider starting with a different approach, like the snowball method. Focus on one loan, usually the smallest one, and direct all your resources to pay it off while maintaining payments on the others.
Another option is to work with a money coach or investment advisor. While an investment adviser focuses on the long term, a money coach can help pay off all your debts, maximize cash flow, and create systems for proactive money management.
A financial adviser could also provide a holistic plan for your money, addressing both short and long-term goals. I've been consulting with Monica Mary Strigle from WA, and it's been transformative. Making $662k in the past 8 months from barely $400k gives me high hopes for 2023.
That's impressive! Who is Monica Mary Strigle, and how can I reach her? I've tried finding a good adviser around me, but it seems impossible without exorbitant fees. Can you share her fee structure as well?
Monica Mary Strigle is highly ranked and renowned among investors in WA. I was referred by a friend at the Washington Post. You can find her online, and her fee structure is reasonable considering the invaluable guidance she provides.
My friend made more than 500K a year, he told me since he had many homes loan total about $5million, 7 rental and 1 primary, he is living on every paycheck with only about $20K in bank for emergency. Although his net-worth in his asset is more than 15M. He told me leaving money in the bank is the worst way to save money when we are young . He borrowed every dollar as much as he could.
Hi Tae, and other personal finance junkies - Happy Thanksgiving!
Why thank you 😁. Hope you're enjoying your Thanksgiving 🍁
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.
Home prices will come down eventually, but for now; its best to offset some of your real estate investments and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
I agree, before the pandemic got real serious, I used to handle all my investment and I was pretty good at it, fast forward to post-pandemic and my-portfolio is steady in the red with profit rate down to the lowest, that's when I touched-base with a coach I saw featured on business week, who restructured my portfolio and over the last couple years, I've made over $850k from initially $210K
@@maryHenokNft Would you mind telling me how to contact this specific coach using their service? You seem to have the solution, as opposed to the rest of us.
Thanks for the advice. The search for your coach was simple. I investigated her well before using her services. Considering her résumé, she appears competent.
@@maryHenokNft she gave me 1 Billion dollars just for contacting her
Once you don't care about status, have a watch that works, cloths that look decent and a used car to take you from a-b, and no debt...your already doing better than 99% of people.
Thanks for summing up some of the highlights of “Rich Dad…”. I’ve been wanting to read it.
Great content. U earned my subscription. If other videos are like this I will be watching them and sending to others. Many get sucked into the trap of looking wealthy instead of being wealthy.
im so glad im a trust fund baby...
I always wondered while my single mom who made pretty decent money as a nurse practitioner, never drove a nice car and we didn't live in a fancy house despite the school I went to.
Turns out she was putting all the money away in two places.
1. Her retirement
2. My college fund
3. The 200k debt my deadbeat dad left behind.
Literally nothing more important in life than making lots of money!!!
Interesting information.
Here in Australia we have a progressive tax system but very high. Every dollar over 180k is taxed at 47%!
And on top of that a standard house is a million dollars in the two major cities.
With the cost of living so high, it's very hard for the middle class.
I'm a high income earner and doing ok but still feel it's tough to really thrive. Sometimes I do think it's by design
so basically what I'm hearing if enjoy life and don't kill yourself where you make over 180K in Australia otherwise you get screwed
Top tax bracket 37% is just federal tax. There are also state and local taxes. So effective tax rate can easily cross over 50% for high earners living in high tax states. Plus property taxes, sales taxes, inheritance etc
@@Bambarbia2447 we have all that as well. Although the US high tax bracket which is much lower than ours was half a million. Ours is above 180k.
It's just lifestyle inflation for most of them. Going on regular holidays, sending children to private schools etc. Many of my friends in Melbourne make 6 figures, but they don't own anything. They all spend big.
@@lamentate07 6. Figures is 100k. 100k is pretty average or below average in the building industry. My work mates all earn 120k plus and none are rich.
People need to have a balance in life. Stay out of debt, save, invest and throw in some fun. People are doing it backwards. This is part of the reason high income earners are living paycheck to paycheck. Lack of discipline. Keeping up with the Jonses mentality needs to change.
The pressure to 'look the part' is no joke. It's like there's an unspoken rule that if you're successful, you have to spend big. But who's really winning in that scenario?
I knew there were some advantages to not having friends!
Right now I'm saving ~34% of each paycheck in a mix of retirement accounts, investments and just straight up cash for emergencies. But, in order to do that, I'm forgoing taking on a bigger mortgage and car loan etc and a bunch of stuff I could technically afford but don't actually need. That's not to say that I never spend money on anything nice or have any fun of course. But lifestyle creep is real if you're not intentional with your money, and I suspect that high-earners, like most people, tend not to be.
I was saving 50% of my post tax income for about 3 months. I canceled my health insurance to make it happen. This month I snapped. I withdrew two weeks worth of savings and got health insurance, lol. I've got to tighten the budget up again.
one of my favorite TH-cam channels.
I make 750k/year and I live pay check to pay check…but my portfolio makes 6-8 million dollars a year so I don’t care
Why do people act like a home mortgage isn’t wealth building? It absolutely is an investment. I don’t view my mortgage as equivalent to rent and neither should anyone else. A home is a great wealth building tool
I love your style of and philosophy. Thank you for producing this incredible content.
Tae Kim, have a friend named that, but it is a common name in Korea! Thanks for video and my family is Korean!!!
I have a 30M colleague to who has no college debt, no wife or kids, lives rent free at his parents and earns highly as a manager with a lot of shift allowances so most of his earnings are not taxed in my country. He spends his money of going out every week at high class restaurants, new car thats been in 4 accidents, life insurance (which is not mandatory in our country) with his niece as beneficiary, has a hobby of playing billiards and drinking at clubs and no life savings! i dont say anything since its not my place and not my money but damn some poeple have all the luck. nevermind the high paying job, just having his situation of living rent free for 1 year would allow be to put a downpayment on a house so i can live rent free.
circumstances of these video often do not give the age of samples. If you are young and spend a lot, its still okay. Its experience and learn the hard way. If you are getting older and imagine retirement, yest still spending a lot, respect!
we're ordinary human beings, not monks. we need indulgence, at least occasionally
I have the opposite problem. Saved, invested, lived a modest lifestyle, retired a millionaire, and now I have trouble spending more than what I think is normal.
It is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY.
The fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income i was able to make over $750k with just an investment of 120k you could try less
As someone who lived in Silicon Valley for over a decade, purchasing a condo or home in a safe very basic neighborhood will cost minimum $850K-$1M. The $1.3M example is barely a step above that. Just when you think home prices can’t go up anymore, they increase by another 20-30%, and most sell for over the asking price. It’s a horrible situation and only benefits the very wealthy. That’s why we moved. We were priced out.
This is why my residential home is cash paid in full.
Thanks man, needed a good laugh and this video hit it!
A house is both an asset and a liability on the balance sheet. If you have a down payment and a monthly mortgage, you reduce your liability keeping the asset value the same. So every month your principle payment increases your net worth. Under no circumstances, except for falling house prices and negative equity does buying a house decrease your net worth. It may decrease your cash-flow, but you must also compare buying a house to renting which is a pure expense. This is basic accounting.
I earn 500k a year. Net worth 2mm. 32. And i give absolute zero shts about status. The only status i need are hotel and airline status. I buy my cloth from costco
You really do have amazing hair.
Accountant with $83k student debt and my husband is going to med school…. We currently make average of $130k and are torn between paying off debt or cash flowing school…
😢😢
I was once in your shoes
It is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY.
The fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income i was able to make over $750k with just an investment of 120k you could try less
I made $950,000 in 2022 and finished the year with less than $20,000 in the bank and I live off 25% necessities and still don’t have a dime. 🤦🏿♂️
🎉🎉 great video. It’s all about what you keep not what you make.
Excellent video! I loved every part of this video - particularly your points about trying hard to look the part and also living in high-cost-of-living areas. Can you do a followup (if you haven't already) about how to resolve the issues you mentioned in the video?
My parents were not 6-figure income earners, but what they did right with their earnings was acquire assets. And I am so grateful for their wisdom! It's not about how much you earn, but how well you deal with your money. I live in an expensive Canadian city, and I see how people wear their money, and I see the expensive cars in the area. With our higher taxes and high cost of living, even making C$100K still isn't enough to guarantee a wealth of savings. I think it's so important to make sure that no matter what, we always try to put some money into an investment that can guarantee its growth. And stay off of social media! Let's not continue to be brainwashed into thinking we need things that we don't truly need! ✌🏾
Lately I've seen media reports about Canadians earning CAN$100,000 turfed out of their rental units. It's rough out there!
In light of the ongoing global economic crisis, it is crucial for everyone to prioritize investing in diverse sources of income that are not reliant on the government. This includes exploring opportunities in stocks, gold, silver, and digital currencies. Despite the challenging economic situation, it remains a favorable time to consider these investments.
The pathway to substantial returns doesn't solely rely on stocks with significant movements. Instead, it revolves around effectively managing risk relative to reward. By appropriately sizing your positions and capitalizing on your advantage repeatedly, you can progressively work towards achieving your financial goals. This principle applies across various investment approaches, whether it be long-term investing or day trading.
Even with the right strategies and appropriate assets, investment returns can differ among investors. Recognizing the vital role of experience in investment success is crucial. Personally, I understood this significance and sought guidance from a market analyst, significantly growing my account to nearly a million. Strategically withdrawing profits just before the market correction, I'm now seizing buying opportunities once again.
@@mariaguerrero08Mind if I ask you to point at how to reach this particular person assisting you? Seems you've figured it all out unlike the rest of us.
Credits to "Gertrude Margaret Quinto", she maintains an online presence. Just make a simple search for her name online.
Thanks for the info, i found her website and sent a message hopefully she replies soon.
Appreciate the video; only criticism is the tax bracket comment which is too simplistic. That high earner is paying significantly less than 37%.
Yep. Why are high earners not wealthy?
Intake
I am 27 and I have about 185k invested in the market. Mostly mutual funds, index funds, etfs. My largest single stock positions are in Amazon, Berkshire, Google, Facebook, JPM. Should I be more open to foreign companies or continue betting on the US. In the last two weeks I have sunk about 7k in small cap funds.
Ouch sometimes the outcome isn’t that good 😢
It is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY.
The fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income i was able to make over $750k with just an investment of 120k you could try less
It is very relative and you are generalizing anyone who is earning more than 200 thousand to be wealthy. For example, earning 200 thousand in SF Bay Area will put you just above the poverty line and it is not the same for some one making 200 thousand in some god forbidden place in US.
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This sponsor actually looks like a decent straightforward tool rather than some scam investment app. Nice choice of sponsor. Unfortunately the sponsor link doesn't work.
I make between 90k and 115K and am living paycheck to paycheck cuz I live in the Bay Area. ahem....rent a room in the Bay Area. I still have $12k left to pay for school loans
I can't relate to this at all. What's so hard to understand to live below your means ? I currently do very very well, but even when I was making $ 500 per month with my business, I always saved. At the time, I was 27 years , old and working out of my room of my parents house. Currently, I live in a nice house, I go to Europe on vacations 3 times a year... but I wouldn't do it if I didn't have the money and I still save 50% of what I earn. All my neighbors have BMW's and Mercedes and I drive a Toyota Tacoma 2008. As far as they are concerned I'm the poorest guy on the block. I could give a rats ass about impressing them or anybody else for that matter. Work hard , do well and be smart with your money but above all...do it for yourself.. not to impress other people.
Reason#11: Alimony
Reason#12:Children college expenses
Reason#13: Unfair practices against African Americans
In San Diego all houses are about 700k and above. My moms house is $800K and it’s not a fancy house or even a brand new house 🏡
America (Specifically the USA) does not have a Progressive Tax System. It is a tiered tax system. for instance, if you make above $95,375, and you get a $1 raise to $95,376, ONLY that $1 gets taxed at the higher 24% tax rate. This is NOT the reason why high income earners are not wealthy.
I was paid 300k plus most of my working life
A good part of it was put aside for retirement
Even when I was young and making minimum wage, a part of it was going into savings
Each individual is different. Only thing I did was buying a modest house in a good location and saved a portion every month and put it all in S&P 500 and now after 35 years it is nice chunk.
You assume large mortgages are only for luxury properties. In places like NYC and DC, it’s easy to have a $800k mortgage for a fixer upper. Also, you forget the cost of child care and education. Quality licensed child care in these places can easily exceed $1.4-2k per child per month. And no this isn’t for fufu nanny services. That’s closer to $60-70k per year. The high cost of living is typically driven by proximity to job and/or safe and quality schools. Even if you go cheap on your home, that likely comes at the cost of lesser quality or safety in school choices. Privates in these cities easily range from $40-80k per child, so you basically pick your poison: high mortgage/taxes or mediocre but expensive private. Let’s not even get into costs for special needs and taking care of aging or disabled parents.
Edit: typos
This is a very well done video. High value content
Wealth is HOW LITTLE YOU NEED rather than how much you have.
I only have a rent payment and nice car. That’s it. I do get some luxury goods once in a while. Prada or Burberry. But I don’t over do it. Just enjoy what I like once and a great while.
Well I suggest you seek a financial guidance someone who can help you carry out your trades perfectly to avoid loss because the losses in this game could make one cry and depressed
It is always good to have a financial plan. I work with a professional planner and fixed-income strategist in NY.
The fixed income portion of your portfolio won't simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income i was able to make over $750k with just an investment of 120k you could try less
Tae can you do a video on Whole Life and Annuities?
I like the last one and it rings true for us. We are make a good living but hang out with people who like playing board games and walking their dogs. Hard to go broke doing that! People with fancy cars and boats can keep them!