Don’t forget that college is not for everyone!! And those college savings accounts only apply for United States. If your child decides to study overseas, which I will definitely encourage, those funds will not work!
I think it's just a mental thing too. Some people (me) feel a whole lot less stress once our house is paid off even if it makes more sense financially.
@@JeanValjean875 They recommend investing only 15% of your income into your 401k retirement account (rather than maxing it out) before you pay off your house. However, after you pay off your house, THEN you can max out your 401k contributions (for example, increase from 15% to 25%).
23 years old. I make 90k per year. No debt. No kids, single, etc. I'm renting. I'm investing just over 50% of my gross income (employer match included). Is there a better place I should be putting my money or am I doing the right thing?
There are a various choices in mutual funds/ETF’s, but the most important thing to do is invest consistently, AFTER and in addition to making your max roth contribution. It will only be a question of how many millions of dollars you will have at age 65.
I’ve been trying to work on the baby steps for a couple of years and I finally pulled the plug on my retirement contributions a couple months ago. It was painful because there’s a match, but getting the bigger take home check made me more motivated to pay down debt 🙏🏼 EDIT: guys, I was contributing just the match before, and I was still drowning financially in my every day life and accumulating more debt. That’s why they tell you to just pause retirement for a minute while you pay that off. Did you even watch this video? I’m just saying her advice worked for me once I finally shifted from what you guys are saying, cause I thought the same thing before.
Maybe you can contribute to 401k up to the company match if possible while trying to pay off the debt. This way, you still enjoy the compounding interest on your retirement account over time. Good luck!!
Having a good credit score can affect you whether it’s buying a house,renting an apartment,or even how much they charge you for insurance! I always tell my children to protect your reputations as well as that that credit rating!
Actually that's not correct. You didn't need credit scores for renting or buying a house. We didn't, and look up George Kamel's video on manual underwriting that's how you do it without credit.
I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don't know where to go here out of devastation.
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy” for about five years now, and her performance has been consistently impressive.
Bogus! Never had any company do a full credit check for renting cars. Just for getting loans for a car. So if you don't want a loan you don't need a credit score.
@@davidbrooks8809 I rented for close to 10 years and loved traveling, renting allowed me to travel for months at a time. It’s comes down to convenience. Everything is good for a season. Now I own a home, just a different season of life.
I am regretting not investing in stocks ever since but still grateful i kept money in the money market maturing soon, i want to invest in the stock market. What stocks should I look out for as a newbie to safely grow my money? hoping to retire this year Sep at 55 on my birthday
Time in the market beats timing the market. You'll be waiting a long time, trade the chart! learn how to create a basket of securities like an expert or seek guidance from an expert
The issue is most people have the “I want to do it myself mentality” but not equipped for a crash that comes afterwards. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 300%, summing up nearly $1m, since covid outbreak to date.
Credit to 'Martha Cornell Kerns' will recommend you look her up, One of the things I have learned in my years of investing is not to completely move in or move out of investments, if you have quality assets. It is better to trim, and then hold some cash for buying opportunities
Exactly what I’m doing again this week. The smartest thing I’ve ever done was having 30% in cash to buy on the way down in 2021. It hurt watching 30-40% discounts drop to 50, but grabbing Google, NVDIA, Apple, and others near the bottom has paid off. I love the bull outlook but I’m not confident to should hold all equities
Question. Should you still try to pay off your home as quickly as possible if you don't plan on staying in that home forever? My wife and I have a home but our dream is build our own home one day so should we focus on paying off our mortgage or saving as much as possible to build our next home since the value of our home has increased quite a bit in the past few years?
@@wesjimez2941 Don't do what? We do have a low interest rate. In fact our high yield savings account has a higher interest rate than our mortgage rate so we make more than we save by putting our money there than towards paying off our home.
It's easier to buy a new house if you don't have a sales contingency on your current one. Probably harder to get 20% down on the next house if the money is tied up in your current house.
No harm in having a paid off house. But you would have better returns in the market over time. As long as you arent upside down on your mortgage, I would save up cash for the dream house and put down as much as possible!
I always thought by investing 15% for retirement it meant your pre-tax income not take home income. Thanks for clarifying. Im going to try use the plan starting end of the month as thats when I start my graduate job. Im in the uk so i think some steps such as student loans might need tweaked but it seems like a solid plan
15% take home is better than nothing, but I'd err on the side of caution and go for 15% gross MINIMUM, especially when you're still in the workforce. It's a lot easier to ease up later in life when your nest egg is huge than worry you might not have enough when you're a lot older. Just my thoughts.
@@tcgtpl Yeah I think I will probably aim for 15% gross into retirement every month. I'm 23 so I should have time to build a decent amount over the next 40+ years
What do you recommend we do with money that we’re saving for a down payment? To me the stock market seems too risky for that money but a HYSA isn’t gonna grow drastically.
Most people miss it but the secret to retiring comfortably is finding a way to make returns while your money works for you. My Dad, as i remember started saving for retirement quite late but I know he was making more than 10k returns from his investments monthly and it was completely passive.
Haha, investing enthusiast? Not really. Our family got introduced to an expert consultant about four years before my dad retired. And it changed things, and I think my retirement will be on the right track.
Please could you guide me on how to get in touch with your consultant? My funds are being eroded by inflation and I seek a more lucrative investment strategy to effectively utilize before I consider retirement..
I am hesitant to make recommendations like this online so I can't share his contact, but you could look him up online and contact if you wish, his name is Chris Ryan Stewart
I am hesitant to make recommendations like this online so I can't share his contact, but you could look him up online and contact if you wish, his name is Chris Ryan Stewart, in my case Chris Ryan Stewart has assisted me in doing that effectively, I'm not an expert so I lack experience in investment strategies, I work and my consultant handles the rest.
lol that’s the stupidest advice ever to give is to put your emergency fund in a traditional savings account. I have mine in Wealthfront HYSA at 5% interest and I have a debit card with it for easy access.
You gotta have an emergency fund, that's liquid so you can cover moving costs and a new car. Otherwise those expenses, and mistakes will compound for years.
Don’t forget that college is not for everyone!! And those college savings accounts only apply for United States. If your child decides to study overseas, which I will definitely encourage, those funds will not work!
The baby steps are brilliant❤. 😊
Thanks Rachel. Appreciate the information.
Thank you for the advice 💪
I would definitely max the 401k and Roth IRA before paying off the house - especially if you have a sub-3% mortgage rate.
Exactly. 3% mortgage rate is free money
I think it's just a mental thing too. Some people (me) feel a whole lot less stress once our house is paid off even if it makes more sense financially.
Isn't that what they recommend? Investing comes before paying off the house in the baby steps.
@@JeanValjean875 They recommend investing only 15% of your income into your 401k retirement account (rather than maxing it out) before you pay off your house. However, after you pay off your house, THEN you can max out your 401k contributions (for example, increase from 15% to 25%).
23 years old. I make 90k per year. No debt. No kids, single, etc. I'm renting. I'm investing just over 50% of my gross income (employer match included). Is there a better place I should be putting my money or am I doing the right thing?
There are a various choices in mutual funds/ETF’s, but the most important thing to do is invest consistently, AFTER and in addition to making your max roth contribution. It will only be a question of how many millions of dollars you will have at age 65.
I’ve been trying to work on the baby steps for a couple of years and I finally pulled the plug on my retirement contributions a couple months ago. It was painful because there’s a match, but getting the bigger take home check made me more motivated to pay down debt 🙏🏼
EDIT: guys, I was contributing just the match before, and I was still drowning financially in my every day life and accumulating more debt. That’s why they tell you to just pause retirement for a minute while you pay that off. Did you even watch this video? I’m just saying her advice worked for me once I finally shifted from what you guys are saying, cause I thought the same thing before.
Maybe you can contribute to 401k up to the company match if possible while trying to pay off the debt. This way, you still enjoy the compounding interest on your retirement account over time. Good luck!!
@@HK-yn1vl that’s what I was doing before!
Keep at least the match in there to get the free money
Never say no to free money…invest up to the match..this is basic advice
Having a good credit score can affect you whether it’s buying a house,renting an apartment,or even how much they charge you for insurance! I always tell my children to protect your reputations as well as that that credit rating!
Actually that's not correct. You didn't need credit scores for renting or buying a house. We didn't, and look up George Kamel's video on manual underwriting that's how you do it without credit.
I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don't know where to go here out of devastation.
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy” for about five years now, and her performance has been consistently impressive.
My cpa told me i need a good credit score but when i asked why he said to get a rental car i dont think id ever want to rent a car
Bogus! Never had any company do a full credit check for renting cars. Just for getting loans for a car. So if you don't want a loan you don't need a credit score.
What about buying property and then putting a house on it instead of buying an already built house?
I would like to purchase a home but renting seems so much less stressful.
Depends… it’s definitely more work but at some point you get sick of giving rent away every month.
where are you located? I am a realtor and there are a few reasons why owning is actually better that renting long term.
I love renting !!!
@@davidbrooks8809 I rented for close to 10 years and loved traveling, renting allowed me to travel for months at a time. It’s comes down to convenience. Everything is good for a season. Now I own a home, just a different season of life.
Depending on your age why not buy a Condo? It gives you many of the benefits of renting.
And all while building equity. I bought Oct 22, and it’s already appreciated around $9k.
So glad my parents used the 529 plan for me. I think they only had to pay like $10K for my college education which cost significantly more than that.
Does an Esa work if you’re saving for your own education?
First time buying a rental property. Question is it best too pay it off or leave it on mortgage? Thanks
Pay off
I am regretting not investing in stocks ever since but still grateful i kept money in the money market maturing soon, i want to invest in the stock market. What stocks should I look out for as a newbie to safely grow my money? hoping to retire this year Sep at 55 on my birthday
Time in the market beats timing the market. You'll be waiting a long time, trade the chart! learn how to create a basket of securities like an expert or seek guidance from an expert
The issue is most people have the “I want to do it myself mentality” but not equipped for a crash that comes afterwards. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 300%, summing up nearly $1m, since covid outbreak to date.
@@Edgardo477 my picks are really bad, please who is guiding you?
Credit to 'Martha Cornell Kerns' will recommend you look her up, One of the things I have learned in my years of investing is not to completely move in or move out of investments, if you have quality assets. It is better to trim, and then hold some cash for buying opportunities
Exactly what I’m doing again this week. The smartest thing I’ve ever done was having 30% in cash to buy on the way down in 2021. It hurt watching 30-40% discounts drop to 50, but grabbing Google, NVDIA, Apple, and others near the bottom has paid off. I love the bull outlook but I’m not confident to should hold all equities
Question. Should you still try to pay off your home as quickly as possible if you don't plan on staying in that home forever? My wife and I have a home but our dream is build our own home one day so should we focus on paying off our mortgage or saving as much as possible to build our next home since the value of our home has increased quite a bit in the past few years?
Don't do that. If you have a low mortgage rate keep it. Just pay one or two extra payments each year
@@wesjimez2941 Don't do what? We do have a low interest rate. In fact our high yield savings account has a higher interest rate than our mortgage rate so we make more than we save by putting our money there than towards paying off our home.
@@wesjimez2941also take advantage of “skip a payment” because you can do that and manually pay your normal mortgage but all in principle
It's easier to buy a new house if you don't have a sales contingency on your current one. Probably harder to get 20% down on the next house if the money is tied up in your current house.
No harm in having a paid off house. But you would have better returns in the market over time. As long as you arent upside down on your mortgage, I would save up cash for the dream house and put down as much as possible!
Mistake 6 and 7 are the same - not investing with a pro
I always thought by investing 15% for retirement it meant your pre-tax income not take home income. Thanks for clarifying. Im going to try use the plan starting end of the month as thats when I start my graduate job. Im in the uk so i think some steps such as student loans might need tweaked but it seems like a solid plan
15% take home is better than nothing, but I'd err on the side of caution and go for 15% gross MINIMUM, especially when you're still in the workforce. It's a lot easier to ease up later in life when your nest egg is huge than worry you might not have enough when you're a lot older. Just my thoughts.
Ramsey Solutions website says 15% of gross income.
@@tcgtpl Yeah I think I will probably aim for 15% gross into retirement every month. I'm 23 so I should have time to build a decent amount over the next 40+ years
Putting $1,000 in a high yield savings account is only gonna be a $40-$50/yr difference....
“New year new hope” and I find out I’m getting laid off from my job next month 😐
Theres a mistake with the 6th banner lol
$1,000 is a joke post Covid. It should be at least $2k.
Is this 15% of post tax or pre tax ?
Pre
Interesting that she advice for 5% on a down payment for the house , i usually hear from Dave 20% .
That's what tu watch, when watching me
Huh?
Love watching this channel ❤️
What do you recommend we do with money that we’re saving for a down payment? To me the stock market seems too risky for that money but a HYSA isn’t gonna grow drastically.
Bask Bank gives you close to 5% on a savings account
75% mutual funds or ETFs, 25% HYSA
Most people miss it but the secret to retiring comfortably is finding a way to make returns while your money works for you. My Dad, as i remember started saving for retirement quite late but I know he was making more than 10k returns from his investments monthly and it was completely passive.
This is amazing, I'm curious, how did he do it? Was it real estate? Or he was a market enthusiastic?
Haha, investing enthusiast? Not really. Our family got introduced to an expert consultant about four years before my dad retired. And it changed things, and I think my retirement will be on the right track.
Please could you guide me on how to get in touch with your consultant? My funds are being eroded by inflation and I seek a more lucrative investment strategy to effectively utilize before I consider retirement..
I am hesitant to make recommendations like this online so I can't share his contact, but you could look him up online and contact if you wish, his name is Chris Ryan Stewart
I am hesitant to make recommendations like this online so I can't share his contact, but you could look him up online and contact if you wish, his name is Chris Ryan Stewart,
in my case Chris Ryan Stewart has assisted me in doing that effectively, I'm not an expert so I lack experience in investment strategies, I work and my consultant handles the rest.
buying a house in this environment seems like a very bad idea. You need to look at what you can rent the house for and if renting is cheaper dont buy.
lol that’s the stupidest advice ever to give is to put your emergency fund in a traditional savings account. I have mine in Wealthfront HYSA at 5% interest and I have a debit card with it for easy access.
You gotta have an emergency fund, that's liquid so you can cover moving costs and a new car.
Otherwise those expenses, and mistakes will compound for years.
You are beautiful, just thought i should let you know
That’s not creepy at all
Creepy simp.