America is presently besieged by the hydra-headed evil combo of inflation and recession. The worst aspect about this crisis is that consumers are piling up credit card debt. Credit card debt increased by 20% in April alone, while interest rates have doubled in a year. Inflation is so severe that customers are essentially going into debt to buy basic essentials. The collapse has certainly begun.
Every day, we face a new challenge. It has become the new normal. We felt it was a catastrophe at first, but now we know it's a new normal to which we must adjust. This year will be a year of great economic suffering across the country. What initiatives can we take to earn additional revenue during the period of quantitative adjustment? I can't afford for my hard-earned $200k to fall to dust.
More reason I enjoy my day to day market decisions is that i'm being guided by a portfolio-coach, seeing that their entire skillset is built around going long and short at the same time, both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive information/analysis, it's quite impossible not to
Thank you very much. I just checked her out and wrote her an email. I'm hoping she responds soon. I've been thinking about doing this for a long time, and I've already procrastinated enough.
When yall compile the data from the survey, when showing the net worth responses could you please have a chart that separates it by income ranges? My SO gets deflated when hearing about people’s high net worth, when hers is well above average and she has a pretty average/median salary. I think comparing to her actual peers would be valuable information.
THIS PLEASE! I want to see how I'm doing against people who have earned as much as me. I mean, it would be nice if I had as much saved as someone who makes 3x, but it's not a direct comparison.
First time homebuyers in 2020, 25 years old. We put down 3.5 percent with a 3.75 interest rate. 2 months later, we refinanced, dropped the PMI and our new interest rate is 2.9%. We did not have a fully funded emergency fund or 20 percent down but we went with our gut and purchased the house. Our home has now increased 30% in value and our mortgage is less than 15% of our monthly income. I like that they say there isn’t always a one size fits all when it comes to down payments and depending where you live, buying a home is more obtainable than you think!
I subscribed back when you were excited about nearing 100k subscribers, thinking I’d just support you since you asked. Little did I know it would turn out to be one of the best financial decisions I’ve made. The wealth of knowledge I’ve gained, along with your weekly encouragement and reminders to keep investing, even through the messy middle, has brought me both peace and confidence. It’s reassuring to be guided by those who have already walked this path and succeeded. Huge congratulations on hitting 500k - it’s truly well deserved!
The survey was fun, but I wish there were more opportunities to enter narrative responses. A lot can be gleaned from raw data, but as you often say, personal finance is personal, so it can be enlightening to elaborate on the data in a more personal way. For example: To the question "At what age did you first take finances seriously?" I answered 16. I opened my Roth IRA as soon as I had earned income from my first Summer job. But I made mistakes. I only knew "Roth IRA = Good!" but I didn't know anything about investing, so those dollars I saved just sat in cash for years. It wasn't until much later that I learned that all investing isn't a risky gamble and properly allocated an investment mix. I was learning then, and I feel like I am continually learning now. There's not really a single point when I decided to take it seriously -- I feel like I always did -- I'm just constantly growing, learning, and evolving.
I also have a staggered history of financial prosperity, and even though the concept and attention was paid to it from a young age, mistakes were made, up to and including starting from a negative net worth at age 27 after cashing out a previous 401k and having consumer debt, getting a new car at age 28, taking a loan out against my 401k at age 29, and being out of work for 9 months at age 32/33. At 37, after taking things *serious* since 2020, things look good. Very good. Less than a year(estimate) from coast FI, by my estimation. These guys helped a ton!
Same for me. I answered 24 because that's when I took the time to learn about investing and retirement planning but realistically, I could have answered 10 because that's when I started asking for money on my birthdays/christmas. I started doing this because what I wanted cost too much for a single gift so I needed to pool the money together and from 10 on, I never had a negative net worth. I always saved my money and never spent more than like half of what I "made". And because I started doing this at 10, it must mean that I had already learned it before 10. Not from my parents, though... They've always been in consumer debt due to bad habits. So I probably learned it from video games? I've always been careful with spending my virtual money because what if I need it later or what if I find a better item soon and wasted my money buying it. Thank you video games for teaching me about money when I was 6, I guess!
Would LOVE Money Guy to do a show on how to course correct if you're in your late 40s & 50s. Is it too late to bother with Roth if we haven't ever done one? Is there still time to invest aggressively or is that risky? Money Guy seems to target the young because that's the best time, but what about those of us who didn't find you until we're older & realize we've missed the boat. Is it too late for us to hope for mutant status?
Roths are powerful tools for controlling current/future tax bases at every age. I am maxing mine and converting in mid 40s because my income is a little lower. My dad in his late 60s just started Roth accounts too.
Could ask on their Facebook group to start with some details. Personally, Roth is too good not to do , never hurts to have some . Would start doing some Roth till you get a better answer.
@@michellemadrid6049 The only thong to watch for with Roth vs NonRoth is whether too much roth will cost you ACA subsidies when not employed. The there is a cliff for ACA subsidies in 2026, unless the Trump tax credits are renewed
They always say that if you start late, then more of the burden is on you. You might need to save 30,40,50% instead of 25%. Certainly not too late, but you must do more heavy lifting
This is one of the only channels I've seen where the OG main host isn't present and the people he has under his wing take over flawlessly, usually when the main host leaves on most channels they don't get as many views or the entire channel dies off I firmly believe if Brian passed it down to Bo to be the main host from now on forever the show would only continue to grow at the same rate or better in time
If the average US investment balances are all well below $100K for all ages and you know it takes 7-9 years to reach $100K, then why is the lowest number you can click on the survey "less than 100K"? I hypothesize most people are going to be in this range and it would be nice to have more granular data (i.e. 0-25, 25-50, 50-75, etc) There is a big difference between $5K savings and $95K savings.
I answered the survey. Will be interested to see how TMG audience fares. Are they more well off and further down the road or looking for education either due to just getting started or making financial mistakes?
Agree. I feel like the ranges were more appropriate for the actual clients rather than their TH-cam audience which obviously skews toward less/lower age, income, and assets.
Hey I love what you guys do! I filled out the survey and got my free resources which included the military resources. There was one thing that no one really talks about that should be added, it’s called continuation pay! It’s an entitlement in which you can receive between your 8-12 year mark and is 2.5 times your monthly salary!
For me it would be beneficial if you guys talked about a cash management plan in practice, and with a variable income. Like which buckets and how to organise things, such as fun money, necessities and everything. Some practical examples would be great as I’m not in finance and sometimes some terms pass over my head. Great content as always and the only people I follow 💪
Been watching them a long time and they don’t do anything around budgeting or cash management. They focus on the wealth building part and leave that topic to Dave Ramsey
@@chemqueststhat’s exactly why I want to hear from them. Because Ramsey is not as flexible and, from the few episodes where TMG talks about this, they seem more flexible as long as your investment goals are met. And when they talk about it, they talk about the different buckets and meeting goals and so on. So it would be interesting to see them doing a deep dive, IMO. Also for me on a variable income I had to find ways to still do my investment and savings. So, yeah! I’d be curious to watch it. This is just me and fully understand if people tune in just for investment, house buying, cars, etc
Did the survey. Definitely glad to see a few of those questions, especially on credit card use and what age people started taking things seriously. I didn’t feel I could invest until I was in my 40s, so I feel like I’m playing catch-up.
Your survey doesn't ask about a pension. My retirement savings seem low, but I'm fully vested in a pension that will provide about $65K a year plus healthcare coverage for whatever medicare doesn't cover.
Agreed. What I do for my pension is look at the portable cash option amount for my net worth and just star it noting pension with the est yearly payout.
Did your survey. I thought the questions were well thought out. I would add additional questions for couples regarding each person’s individual information regarding collage etc. 😊
The one question that I’m curious most about is how many millionaires use credit cards. I’m guessing close to 90% use them but don’t carry a balance from month to month.
@@scottcampbell96 Their millionaire survey from last year said that 97% of their millionaire clients use credit cards and only 3% carry a balance month to month
The problem with the average Erica is that once you have 20k saved you start thinking we can now take that Disney vacation or 40k you can now renovate that bathroom and raise your roof. It's like against people's religion to save money
Because they have the wrong mindset. Money shouldn't just be saved, it should be invested to grow. Every dollar invested is worth multiples in the future. In contrast that Disney trip or renovation is costing your future self those same multiples of lost growth. Let's say the trip costs 10k but if you invested that same 10k for 25 years it would be worth around 60k in today's dollars. So the trip actually costs 60k. This helped me change my outlook. A simple change of prospective can be pretty powerful.
@Daveyjonesvi find a way to do the Disney trip for half the amount and invest the rest. Cheap vacations can be just as good as expensive vacations. Bring a portable grill and tailgate that lunch instead of buying food inside the park. Stay at a cheaper hotel, etc etc.
@@zachhecksel2920 Very true, I'd rather replace Disney with something more affordable anyway, it is the most woke place on earth now, rather then the most magical.
If you want to calculate a pension's value, take the projected amount in year 1 and multiply it by 25. That should be the approximate dollar value. If you have $500K in retirement savings and your pension will be $25K in year 1, then your total retirement fund value is $500K + $1,000,000 = $1,500,000. Don't underestimate the importance of a pension if you're fortunate enough to get one. A pension and SS can make a solid financial floor for you to build on.
100%. I'm so stoked to have the opportunity to earn a pension working for the government. If I stay long enough to max it out I can get like 40% of my final salary in retirement. It's like 7.5% of my salary to fund it, but imo that's money well spent.
I would point out that the expected first year income usually assumes that you will continue to make deposits from today until your retirement. In other words, the 25x calc usually is what your pension WILL BE valued at in retirement, not what it's current value is right now.
@@maxinoume Correct. My projected 1st year pension value now will also be different when I actually retire as I will have more time in and salary COLAs will take place. MD state workers contribute 7% of their salary towards their pension. The 25 multiplier is used as a projection tool to give people an rough idea of what their pension will be worth when they retire. It helps people with determining their desired retirement date. Of course inflation factors in as well so I need to plan accordingly.
We’re already collecting an inflation adjusted government pension and disability. I’ve used annuity calculators to determine the overall value and it was far different than the 25x formula.
@@hrw3mom103 Understood. The 25x is just a rough calculation used. Some pensions are fixed amounts while others, like yours, are inflation adjusted. Also, your retirement lifespan is considered too so the 25x is used as an average. Provided I live at least 25 years in retirement, mine will end up being more than 25x as well since we will also get COLAs.
Survey filled out from your FB post alone. Now that I've seen this and your ideas behind it, I'm even more excited for what's to come! Congrats on 500k!
I've done the survey and got my friends to do it as well. Although we are not from America - we are from New Zealand and Malaysia. Not sure whether it is helpful or not but we listen to you every week and look forward to your videos every week!
Hello! I would just like to note that the survey does not ask for data regarding current students, which are somewhat important variables for your young mutants (like me!). E.g. future student debt, debt accrued in undergrad vs. grad, work status, ect. This might make it hard to get a proper understanding of where 20-somethings are at and worry about. Thanks for all this wonderful content! :)
Survey was easy, in the future I would have appreciate more shows and details on government type retirement accounts. My spouse has one, and it is weird and seems to take the place of 401k. I was tasked with managing our finances, so knowing nothing about this is difficult.
Finished the survey- I know it’s for mutants but I wish there were more options for the guys that are starting and approaching the 50k in investments. The guys building up
Survey was quick. Not a fan of the “optimist or pessimist” question. I find myself in the middle there.. I’m a “Hope for the best, plan for the worst”-type, but I find that it’s just good for the soul to be as positive you can about your future and expectations.
Kind of wish there was a section in the survey to say “I’m not American/don’t live in the US” because while I get their advice can be specifically American in a lot of ways, it’s also helpful for us non-Americans very often!
Hello FIRE friend, I listen to biggerpockets money podcast in addition to the money guy show. They focus a lot more on early retirement things that relate to me more. Id suggest checking that one out as well if we're not getting the more specific things from the money guys. Both are fantastic shows
I’m 61 and still have cereal for dinner sometimes. We work long days and long commutes and hey, saves money too. But good cereal, like high up on the YUKA app.
I did the survey today took only a few minutes honestly. I started taking retirement seriously earlier this year and do not have a company match 401k so decided to only mildly contribute to that but to actively manage my Roth IRA. I maxed that out my roth in July and have already netted a 22% gain so far this year. On top of the 401k already sitting at 15k in those two accounts since starting in February 2024. Hoping to finish the year at 20k and have it up to 50k by the end of 2025. I was lazy with my wife having a sizeable 401k since her company matches and has been contributing to it since she was in her early 20s. We could easily survive off hers but I have gotten to the age of why just survive in retirement and not enjoy it to the max and thrive? With Money guys videos and some others we are on track to be multimillionaires by retirement age not just net but in liquid.
Congrats on reaching 500k! Love your content! Excited to see where the survey will go. Some questions I would be curious about for future surveys: 1) How much of your retirement savings is from employer match (under $200k income)? 2) What step of the FOO are you? 3) What percentage of savings do you have in each bucket (tax-free, tax-deferred, and after tax)? Looking forward to the results!
I filled out the survey but as someone in the 0-5 year journey, but doing very well, I would have appreciated a little more granularity in some of the answers. The ranges seemed quite large for anyone younger than 30-35 years old.
I live in an area with a large Hispanic population. I was sitting next to a guy that said he drives a city bus for a living. He said he is saving money because his daughter is having a quincenera party and it costs $50k! I said I didn’t even spend that on my daughter’s wedding! It’s hard if your culture spends a lot of money on frivolous things.
It may not be frivolous in his culture; maybe that’s one of the most important memories for his family. I agree with spending responsibly but we all have different ideas of what’s”worth it” or valuable.
Survey was so quick and easy! I’d love to see more content on home buying. How do I continue to save when the prices don’t feel achievable on a single income? How can I afford a home that, even with a 20% down payment is more than the 25% guideline? With a first home, I can compromise on size and aesthetics but not location. With the median home price being $417k, how can home ownership be attainable as a first time buyer? Are there best practices for getting lower rates? Can I avoid HOAs? Seems like every community has them and they are unavoidable. Sometime $500-900/month!
Soooo.. Soo. So. good. This is their best overall snapshot of (if this > then this). They really took a full approach while looking at all sides. I would say the thing that is the weirdest part of being a financial Mutant is the 11-month to 24-month part. Everything gets less "Fire" and more peaceful. I thought it was strange. I was like something is going to happen that will cause me to fail. Then it just does not happen. Yes life and savings goals got more complicated, but wayyy less stressful urgency events occurred.
I am 32 years old. I reached my first 100 thousand dollars in just three months. I started with 30k investing in Bitcoin ETFs and other dividend income. My medium-term goal is to reach one million dollars before I turn 45.
Same here, I believe the Bitcoin ETFs approval will be life changing opportunity for us, with my current portfolio of $108,000 from my investments with my personal financial advisor i totally agree with you
52:27 How about a 15-year old car? It happens to be a Porsche Cayman and does stand out among the huge, new SUVs in the soccer practice parking lot. I paid $25k cash 5 years ago. And the kid and his soccer ball fit just fine in it.
Kinda like that saying, "There's no food that tastes as good as skinny feels," I think it applies to finance as well: "There's no car that drives as well as the one with no payments."
I did the survey. Seemed like it assumed you were still working. Not much there for people already retired. I define a bridge account for me as "an account to bridge me from retirement at 62 until filing for SS at 70". It is all pre-tax and used for living expenses and ROTH conversions. Need to spend the pre-tax before RMD's.
Why does it take you guys so long to fix the low audio after the stream is over? Seems like a day. All love 😊 just hurts my ears when my next video starts playing lol
i have a million thoughts, (bc i was-- emphasis WAS-- the "average American")-- Absolutely, one imperative: Impose "opt-in" investments/ savings. AKA, make it hard for "normal" Americans to NOT save for tomorrow. AKA Nobody but Nobody gonna regret "Oh Em Gee! I saved too much money!" Protect people from themselves.
Did the survey despite not living in the US haha - made sense until the zip code question haha. Obviously not optimised for non US people, but I think you'd be surprised the amount of people not in the US that can apply similar ideas, i.e. savings rates, tax wrappers etc. also you might want to include an option for people that aren't married but are in long term relationships.
Late to the party on this, so maybe this was addressed, but mean is average, not median. If I had to guess, with personal finance, the mean/average numbers are probably even a fair amount lower than the median (middle) numbers. So that’s even more frustrating if true. Also, congrats on 500k! 🤙
Just the opposite. Median excludes the extreme statistical outliers like billionaires. Thus, not averaging in their numbers with the majority. Average numbers will be higher than median.
@@CaptainCrunch-lh3ev Not saying you’re wrong, but I’ve never heard of median having specific designated exclusion criteria. I don’t work in finance, so perhaps I’m ignorant. If extreme outliers are excluded, particularly on one end, excluding billionaires while still including broke people or those that save nothing, then it stands to reason that “yes” the mean average would be higher than the median. At least I think that’s what you’re saying. All that being said, it seemed like they were conflating mean/average with median/middle, as they were using them synonymously in the same sentences and even in the title. In everyday conversation I wouldn’t mention it, but since it’s a finance podcast it seemed like the difference was relevant, but maybe I misunderstand something.
Congrats on 500k! 🎉
Wow Brian looks great!
Really I think he looks 1000% better without the beard.
I don't know ... something seems different. New hair do maybe.
Maybe he's been working out?
He's a stud
Man, whatever new skin cream he's using, I think he's using too much.
Always a fun shake up to see Rebie behind the desk!
The survey was super easy, barely an inconvenience. Paused the video to immediately fill it out.
It was surprisingly quick to fill out
Ha!
I understood that reference!
Same!
It's closed now
America is presently besieged by the hydra-headed evil combo of inflation and recession. The worst aspect about this crisis is that consumers are piling up credit card debt. Credit card debt increased by 20% in April alone, while interest rates have doubled in a year. Inflation is so severe that customers are essentially going into debt to buy basic essentials. The collapse has certainly begun.
Every day, we face a new challenge. It has become the new normal. We felt it was a catastrophe at first, but now we know it's a new normal to which we must adjust. This year will be a year of great economic suffering across the country. What initiatives can we take to earn additional revenue during the period of quantitative adjustment? I can't afford for my hard-earned $200k to fall to dust.
More reason I enjoy my day to day market decisions is that i'm being guided by a portfolio-coach, seeing that their entire skillset is built around going long and short at the same time, both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive information/analysis, it's quite impossible not to
Can you provide me the name of this coach? I've been researching advisers because I really need some guidance.
Thank you very much. I just checked her out and wrote her an email. I'm hoping she responds soon. I've been thinking about doing this for a long time, and I've already procrastinated enough.
Which recession are you talking about?
When yall compile the data from the survey, when showing the net worth responses could you please have a chart that separates it by income ranges? My SO gets deflated when hearing about people’s high net worth, when hers is well above average and she has a pretty average/median salary. I think comparing to her actual peers would be valuable information.
I also think they should have had more household income options. $100k - $200k is probably pretty common, but it's a wide range.
THIS PLEASE! I want to see how I'm doing against people who have earned as much as me. I mean, it would be nice if I had as much saved as someone who makes 3x, but it's not a direct comparison.
First time homebuyers in 2020, 25 years old. We put down 3.5 percent with a 3.75 interest rate. 2 months later, we refinanced, dropped the PMI and our new interest rate is 2.9%. We did not have a fully funded emergency fund or 20 percent down but we went with our gut and purchased the house. Our home has now increased 30% in value and our mortgage is less than 15% of our monthly income. I like that they say there isn’t always a one size fits all when it comes to down payments and depending where you live, buying a home is more obtainable than you think!
I subscribed back when you were excited about nearing 100k subscribers, thinking I’d just support you since you asked. Little did I know it would turn out to be one of the best financial decisions I’ve made. The wealth of knowledge I’ve gained, along with your weekly encouragement and reminders to keep investing, even through the messy middle, has brought me both peace and confidence. It’s reassuring to be guided by those who have already walked this path and succeeded. Huge congratulations on hitting 500k - it’s truly well deserved!
They are giving you graduate course level education, for FREE
Congrats on 500k to the best Financial channel on all of TH-cam‼️
I’m typically a podcast listener but came on today to You Tube and subscribed!
The survey was fun, but I wish there were more opportunities to enter narrative responses. A lot can be gleaned from raw data, but as you often say, personal finance is personal, so it can be enlightening to elaborate on the data in a more personal way.
For example: To the question "At what age did you first take finances seriously?" I answered 16. I opened my Roth IRA as soon as I had earned income from my first Summer job. But I made mistakes. I only knew "Roth IRA = Good!" but I didn't know anything about investing, so those dollars I saved just sat in cash for years. It wasn't until much later that I learned that all investing isn't a risky gamble and properly allocated an investment mix. I was learning then, and I feel like I am continually learning now. There's not really a single point when I decided to take it seriously -- I feel like I always did -- I'm just constantly growing, learning, and evolving.
I also have a staggered history of financial prosperity, and even though the concept and attention was paid to it from a young age, mistakes were made, up to and including starting from a negative net worth at age 27 after cashing out a previous 401k and having consumer debt, getting a new car at age 28, taking a loan out against my 401k at age 29, and being out of work for 9 months at age 32/33.
At 37, after taking things *serious* since 2020, things look good. Very good. Less than a year(estimate) from coast FI, by my estimation. These guys helped a ton!
Same for me. I answered 24 because that's when I took the time to learn about investing and retirement planning but realistically, I could have answered 10 because that's when I started asking for money on my birthdays/christmas. I started doing this because what I wanted cost too much for a single gift so I needed to pool the money together and from 10 on, I never had a negative net worth. I always saved my money and never spent more than like half of what I "made".
And because I started doing this at 10, it must mean that I had already learned it before 10. Not from my parents, though... They've always been in consumer debt due to bad habits. So I probably learned it from video games? I've always been careful with spending my virtual money because what if I need it later or what if I find a better item soon and wasted my money buying it.
Thank you video games for teaching me about money when I was 6, I guess!
I’m so exited for your 500k subscribers! Congratulations! 🎉 Well deserved! 🍾🥂
Would LOVE Money Guy to do a show on how to course correct if you're in your late 40s & 50s. Is it too late to bother with Roth if we haven't ever done one? Is there still time to invest aggressively or is that risky? Money Guy seems to target the young because that's the best time, but what about those of us who didn't find you until we're older & realize we've missed the boat. Is it too late for us to hope for mutant status?
Ditto!
Roths are powerful tools for controlling current/future tax bases at every age. I am maxing mine and converting in mid 40s because my income is a little lower. My dad in his late 60s just started Roth accounts too.
Could ask on their Facebook group to start with some details. Personally, Roth is too good not to do , never hurts to have some . Would start doing some Roth till you get a better answer.
@@michellemadrid6049 The only thong to watch for with Roth vs NonRoth is whether too much roth will cost you ACA subsidies when not employed. The there is a cliff for ACA subsidies in 2026, unless the Trump tax credits are renewed
They always say that if you start late, then more of the burden is on you. You might need to save 30,40,50% instead of 25%. Certainly not too late, but you must do more heavy lifting
This is one of the only channels I've seen where the OG main host isn't present and the people he has under his wing take over flawlessly, usually when the main host leaves on most channels they don't get as many views or the entire channel dies off I firmly believe if Brian passed it down to Bo to be the main host from now on forever the show would only continue to grow at the same rate or better in time
What if Rebie became the host?
@@shaereub4450I dunno. If Bo wasn't here, who would be *so excited* ?
I can feel the passion in Brian and Bo.
If the average US investment balances are all well below $100K for all ages and you know it takes 7-9 years to reach $100K, then why is the lowest number you can click on the survey "less than 100K"? I hypothesize most people are going to be in this range and it would be nice to have more granular data (i.e. 0-25, 25-50, 50-75, etc) There is a big difference between $5K savings and $95K savings.
similarly, I think having a negative net worth option could have been somewhat telling.
I answered the survey. Will be interested to see how TMG audience fares. Are they more well off and further down the road or looking for education either due to just getting started or making financial mistakes?
I agree wholeheartedly the ranges seem unrealistic for the average person
Same for the household income. $100k-$200k is a wide range and doesn't tell the best story (IMO).
Agree. I feel like the ranges were more appropriate for the actual clients rather than their TH-cam audience which obviously skews toward less/lower age, income, and assets.
I’m not American but I really enjoy watching the show since 90% of the content is still great advice for my context. Can I still fill out the survey?
Same here. Cheers from Canada!
Also wondering this, from Canada too
This channel has blown up! Remember when I joined around 10k! Congrats! Look forward to visit Nashville!
Hey I love what you guys do! I filled out the survey and got my free resources which included the military resources. There was one thing that no one really talks about that should be added, it’s called continuation pay! It’s an entitlement in which you can receive between your 8-12 year mark and is 2.5 times your monthly salary!
6:37 survey done took 5 mins. Congrats on 500k. Y’all are great!
For me it would be beneficial if you guys talked about a cash management plan in practice, and with a variable income. Like which buckets and how to organise things, such as fun money, necessities and everything. Some practical examples would be great as I’m not in finance and sometimes some terms pass over my head. Great content as always and the only people I follow 💪
Yes to this!!
Been watching them a long time and they don’t do anything around budgeting or cash management. They focus on the wealth building part and leave that topic to Dave Ramsey
@@chemqueststhat’s exactly why I want to hear from them.
Because Ramsey is not as flexible and, from the few episodes where TMG talks about this, they seem more flexible as long as your investment goals are met. And when they talk about it, they talk about the different buckets and meeting goals and so on. So it would be interesting to see them doing a deep dive, IMO. Also for me on a variable income I had to find ways to still do my investment and savings. So, yeah! I’d be curious to watch it.
This is just me and fully understand if people tune in just for investment, house buying, cars, etc
Look into You Need a Budget (YNAB). Lots of great resources on their youtube channel, website, and subreddit
Did the survey. Definitely glad to see a few of those questions, especially on credit card use and what age people started taking things seriously. I didn’t feel I could invest until I was in my 40s, so I feel like I’m playing catch-up.
The survey was missing one big thing I expected to see. "Do you have a pension"
Yep. That can make a large difference
Since the list only goes up to age 55, I think the assumed answer is no. Most of even the younger Boomers do not have pensions, for the most part.
Your survey doesn't ask about a pension. My retirement savings seem low, but I'm fully vested in a pension that will provide about $65K a year plus healthcare coverage for whatever medicare doesn't cover.
Agreed. What I do for my pension is look at the portable cash option amount for my net worth and just star it noting pension with the est yearly payout.
Does your pension take a chunk out of your paycheck?
@@kuebby 7.5%
If a pension is not included, it probably doesn't include something like VA disability compensation either.
Did your survey. I thought the questions were well thought out. I would add additional questions for couples regarding each person’s individual information regarding collage etc. 😊
The one question that I’m curious most about is how many millionaires use credit cards. I’m guessing close to 90% use them but don’t carry a balance from month to month.
@@scottcampbell96 Their millionaire survey from last year said that 97% of their millionaire clients use credit cards and only 3% carry a balance month to month
Brian has never looked better than he does today.
Survey done! Congrats on 500k been here since the beginning and the content has done nothing but get better
It says 500k subscribers!!!! Congratulations!!!!
The problem with the average Erica is that once you have 20k saved you start thinking we can now take that Disney vacation or 40k you can now renovate that bathroom and raise your roof. It's like against people's religion to save money
Because they have the wrong mindset. Money shouldn't just be saved, it should be invested to grow.
Every dollar invested is worth multiples in the future. In contrast that Disney trip or renovation is costing your future self those same multiples of lost growth.
Let's say the trip costs 10k but if you invested that same 10k for 25 years it would be worth around 60k in today's dollars. So the trip actually costs 60k. This helped me change my outlook. A simple change of prospective can be pretty powerful.
@@Michael-uf1hzbut then you lack the experience of a Disney trip
@Daveyjonesvi find a way to do the Disney trip for half the amount and invest the rest. Cheap vacations can be just as good as expensive vacations. Bring a portable grill and tailgate that lunch instead of buying food inside the park. Stay at a cheaper hotel, etc etc.
@@zachhecksel2920 Very true, I'd rather replace Disney with something more affordable anyway, it is the most woke place on earth now, rather then the most magical.
@@Michael-uf1hz -- Disney is so highly overrated
If you want to calculate a pension's value, take the projected amount in year 1 and multiply it by 25. That should be the approximate dollar value. If you have $500K in retirement savings and your pension will be $25K in year 1, then your total retirement fund value is $500K + $1,000,000 = $1,500,000. Don't underestimate the importance of a pension if you're fortunate enough to get one. A pension and SS can make a solid financial floor for you to build on.
100%. I'm so stoked to have the opportunity to earn a pension working for the government. If I stay long enough to max it out I can get like 40% of my final salary in retirement. It's like 7.5% of my salary to fund it, but imo that's money well spent.
I would point out that the expected first year income usually assumes that you will continue to make deposits from today until your retirement. In other words, the 25x calc usually is what your pension WILL BE valued at in retirement, not what it's current value is right now.
@@maxinoume Correct. My projected 1st year pension value now will also be different when I actually retire as I will have more time in and salary COLAs will take place. MD state workers contribute 7% of their salary towards their pension. The 25 multiplier is used as a projection tool to give people an rough idea of what their pension will be worth when they retire. It helps people with determining their desired retirement date. Of course inflation factors in as well so I need to plan accordingly.
We’re already collecting an inflation adjusted government pension and disability. I’ve used annuity calculators to determine the overall value and it was far different than the 25x formula.
@@hrw3mom103 Understood. The 25x is just a rough calculation used. Some pensions are fixed amounts while others, like yours, are inflation adjusted. Also, your retirement lifespan is considered too so the 25x is used as an average. Provided I live at least 25 years in retirement, mine will end up being more than 25x as well since we will also get COLAs.
Survey filled out from your FB post alone. Now that I've seen this and your ideas behind it, I'm even more excited for what's to come! Congrats on 500k!
A financial mutant survey!!!!Christmas has come
Early.
Pumped to take it and see the results.
🎉🎉🎉🎉🎉🎉
Survey was super easy. 🎉 on the 500k
Congratulations on 500k! It's been a long road so far with many miles to go. 🎉
Hitting 40 with the husband, paid house 230-240$, and investable assets ~476K, living in low cost area in mid west
Im a tiny bit younger but I have almost the same net worth as both of you combined. Investing early makes a big difference 👍
Congrats on 500k
I am closing in this year on "financial mutant" net worth of 2x the millionaire next door formula. I think I will cross over in the spring next year.
I've done the survey and got my friends to do it as well. Although we are not from America - we are from New Zealand and Malaysia. Not sure whether it is helpful or not but we listen to you every week and look forward to your videos every week!
Sucks that the survey was only open for 1 week. I watch all of the live stream recordings and by the time I saw this it was 2 days to late.
Hello! I would just like to note that the survey does not ask for data regarding current students, which are somewhat important variables for your young mutants (like me!). E.g. future student debt, debt accrued in undergrad vs. grad, work status, ect. This might make it hard to get a proper understanding of where 20-somethings are at and worry about.
Thanks for all this wonderful content! :)
Congratulations on your 1/2 Million subscribers
Survey was easy, in the future I would have appreciate more shows and details on government type retirement accounts. My spouse has one, and it is weird and seems to take the place of 401k. I was tasked with managing our finances, so knowing nothing about this is difficult.
Finished the survey- I know it’s for mutants but I wish there were more options for the guys that are starting and approaching the 50k in investments. The guys building up
I went to fill in the survey but then I realised that this is extremely specific to USA. Your advice crosses all borders though! Love from India.❤
Survey was quick. Not a fan of the “optimist or pessimist” question. I find myself in the middle there.. I’m a “Hope for the best, plan for the worst”-type, but I find that it’s just good for the soul to be as positive you can about your future and expectations.
Kind of wish there was a section in the survey to say “I’m not American/don’t live in the US” because while I get their advice can be specifically American in a lot of ways, it’s also helpful for us non-Americans very often!
next time you do your survey you should include a question on medical debt.
Can you all create a "how much rent can you afford" calculator? Thank you!
Just duckduckgo search for "how much rent can I afford" and all the top results are calculators
Good morning Money Guy show.
Just completed the survey ☺️
Some of my pain points i have are the technical or strategic things i can do while being apart of the FIRE movements.
Hello FIRE friend, I listen to biggerpockets money podcast in addition to the money guy show. They focus a lot more on early retirement things that relate to me more. Id suggest checking that one out as well if we're not getting the more specific things from the money guys. Both are fantastic shows
Went to take the quiz but I’m in the U.K. so backed out!
Congratulations on 500 k!! 🥳y'all deserve it!!
congrats on the 500K subs. happy to go take the survey
Just did the survey. Can't wait to see the results!
Survey Completed! Excited to hear the data 📊
I’m 61 and still have cereal for dinner sometimes. We work long days and long commutes and hey, saves money too. But good cereal, like high up on the YUKA app.
I did the survey today took only a few minutes honestly. I started taking retirement seriously earlier this year and do not have a company match 401k so decided to only mildly contribute to that but to actively manage my Roth IRA. I maxed that out my roth in July and have already netted a 22% gain so far this year. On top of the 401k already sitting at 15k in those two accounts since starting in February 2024. Hoping to finish the year at 20k and have it up to 50k by the end of 2025. I was lazy with my wife having a sizeable 401k since her company matches and has been contributing to it since she was in her early 20s. We could easily survive off hers but I have gotten to the age of why just survive in retirement and not enjoy it to the max and thrive? With Money guys videos and some others we are on track to be multimillionaires by retirement age not just net but in liquid.
Congrats on reaching 500k! Love your content!
Excited to see where the survey will go. Some questions I would be curious about for future surveys:
1) How much of your retirement savings is from employer match (under $200k income)?
2) What step of the FOO are you?
3) What percentage of savings do you have in each bucket (tax-free, tax-deferred, and after tax)?
Looking forward to the results!
Congratulations on reaching 500,000 subscribers❤😊
I filled out the survey but as someone in the 0-5 year journey, but doing very well, I would have appreciated a little more granularity in some of the answers. The ranges seemed quite large for anyone younger than 30-35 years old.
I live in an area with a large Hispanic population. I was sitting next to a guy that said he drives a city bus for a living. He said he is saving money because his daughter is having a quincenera party and it costs $50k! I said I didn’t even spend that on my daughter’s wedding! It’s hard if your culture spends a lot of money on frivolous things.
It may not be frivolous in his culture; maybe that’s one of the most important memories for his family. I agree with spending responsibly but we all have different ideas of what’s”worth it” or valuable.
Damn 50k??? That's basically a full year of college.
Congratulations on the 500k!
Survey was so quick and easy! I’d love to see more content on home buying. How do I continue to save when the prices don’t feel achievable on a single income? How can I afford a home that, even with a 20% down payment is more than the 25% guideline? With a first home, I can compromise on size and aesthetics but not location. With the median home price being $417k, how can home ownership be attainable as a first time buyer?
Are there best practices for getting lower rates? Can I avoid HOAs? Seems like every community has them and they are unavoidable. Sometime $500-900/month!
Great content!
the house question, there really should have been a category under
When you refer to total monthly mortgage cost are you including or excluding property tax and homeowners insurance?
Took the survey. Interested to see the results!
Survey done! I’m excited to see the data!
Survey complete. Good survey! 👍
The median assets slide grow linearly; that’s how you know it’s not primarily invested. Compounding would have curvature to that relationship
We want more Rebie!
Congrats on 500k!
Soooo.. Soo. So. good. This is their best overall snapshot of (if this > then this). They really took a full approach while looking at all sides.
I would say the thing that is the weirdest part of being a financial Mutant is the 11-month to 24-month part. Everything gets less "Fire" and more peaceful. I thought it was strange. I was like something is going to happen that will cause me to fail. Then it just does not happen. Yes life and savings goals got more complicated, but wayyy less stressful urgency events occurred.
Waking up every 14th of each month to *210,000 dollars* it's a blessing to I and my family... Big gratitude to *Janice Isaac*
I am 32 years old. I reached my first 100 thousand dollars in just three months. I started with 30k investing in Bitcoin ETFs and other dividend income. My medium-term goal is to reach one million dollars before I turn 45.
Same here, I believe the Bitcoin ETFs approval will be life changing opportunity for us, with my current portfolio of $108,000 from my investments with my personal financial advisor i totally agree with you
I'm favoured financially with Bitcoin ETFs, Thank you buddy $32,000 weekly profit regardless of how bad it gets on the economy.
*Huge thanks to Janice Isaac Owen, my inves tment coach, who guided me to achieve this success!*
As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.
would love access to those resources, but as a Canadian w/out a zip code, I can't do the survey.
You can just put a ZIP Code that is closest to a Canadian town, for example, international Falls, Minnesota or Seattle, Washington.
YO! This is the first time I notice the Millionaire Mission Book Club sticker on Rebie's PC. Where can we get some of those stickers??!
The Money Guy posts one of the "where do you rank" videos each week.
So.... No more Preston, Bo has a beard, and 500k subscribers? This level of change is unprecedented
Done! Also congrats on 500k
52:27 How about a 15-year old car? It happens to be a Porsche Cayman and does stand out among the huge, new SUVs in the soccer practice parking lot. I paid $25k cash 5 years ago. And the kid and his soccer ball fit just fine in it.
Completed the survey
Bummer. I can’t feel the survey in because I am Canadian.😮
Kinda like that saying, "There's no food that tastes as good as skinny feels," I think it applies to finance as well: "There's no car that drives as well as the one with no payments."
Link to the survey?
It's on the homepage of their website.
@@Zazu1103 i must be blind i still don't see it
Just refreshed nvm
Take the Financial Mutant Survey here! moneyguy.com/survey
@@MoneyGuyShow thanks friends! Love all you do.
I did the survey. Seemed like it assumed you were still working. Not much there for people already retired. I define a bridge account for me as "an account to bridge me from retirement at 62 until filing for SS at 70". It is all pre-tax and used for living expenses and ROTH conversions. Need to spend the pre-tax before RMD's.
Why does it take you guys so long to fix the low audio after the stream is over? Seems like a day. All love 😊 just hurts my ears when my next video starts playing lol
i have a million thoughts, (bc i was-- emphasis WAS-- the "average American")-- Absolutely, one imperative: Impose "opt-in" investments/ savings. AKA, make it hard for "normal" Americans to NOT save for tomorrow. AKA Nobody but Nobody gonna regret "Oh Em Gee! I saved too much money!" Protect people from themselves.
As the population that plans to be childless grows, it would be nice to see something around those couples.
Will the survey resources be available again? I missed the survey unfortunately.
Did the survey despite not living in the US haha - made sense until the zip code question haha.
Obviously not optimised for non US people, but I think you'd be surprised the amount of people not in the US that can apply similar ideas, i.e. savings rates, tax wrappers etc.
also you might want to include an option for people that aren't married but are in long term relationships.
500k! 🥳🎉
Competed the survey
I'm super! Thanks for asking.
I was done with the survey and wrote this comment before they finished talking about it
What cereal was it? My favorites as kid were Fruity Pebbles and Lucky Charms.
Survey is done and easy 🎉
Late to the party on this, so maybe this was addressed, but mean is average, not median. If I had to guess, with personal finance, the mean/average numbers are probably even a fair amount lower than the median (middle) numbers. So that’s even more frustrating if true. Also, congrats on 500k! 🤙
Just the opposite. Median excludes the extreme statistical outliers like billionaires. Thus, not averaging in their numbers with the majority. Average numbers will be higher than median.
@@CaptainCrunch-lh3ev Not saying you’re wrong, but I’ve never heard of median having specific designated exclusion criteria. I don’t work in finance, so perhaps I’m ignorant. If extreme outliers are excluded, particularly on one end, excluding billionaires while still including broke people or those that save nothing, then it stands to reason that “yes” the mean average would be higher than the median. At least I think that’s what you’re saying. All that being said, it seemed like they were conflating mean/average with median/middle, as they were using them synonymously in the same sentences and even in the title. In everyday conversation I wouldn’t mention it, but since it’s a finance podcast it seemed like the difference was relevant, but maybe I misunderstand something.
The median doesn't exclude the billionaires. It makes them less relevant as outliers. @LeatherneckJedi
I took the survey. I thought the check mark at the end where I “certified” that my answers were correct was a little strange for an optional survey.
I am paying for my child's college and it is really squeezing me financially just when I want to kick up my savings
On to 1 M, congrats!
Survey compete 👍