4:55 "Retirement is not about living out your dream. It is quite literally about being able to live, and hopefully live somewhat comfortably" OMG so true! 👍
Love that y'all are getting back to your roots by making more practical personal finance content/advice! Hope this trend continues. Thanks Holly and TFD!
as a member of gen z my retirement plan is expecting there to be societal collapse by the time i'll retire due to us not properly addressing climate change
Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.
I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
I can't tell you how much I enjoy this series! I severely miss Chelsea's Tuesday show and LOVE that we now get this. Hope it, or something similar, will continue until forever xx I love the podcast and longer essays as well Thank you so much Holly!
This was reassuring to hear. I became insecure with all the advice to invest and etc. But finally settled on just increasing the contributions I make into my 401K and the Roth IRA offered by my job.
"50c for every dollar you contribute up to 6% of your salary" woah, my employer match last year was 5.5c for every dollar lol. cut that in half since they've only matched every other year for the past few.
@@TheMntnG 401ks are a great investment vehicle (assuming you have access to good investment options) and it's a lot easier to grow your 401k vs a traditional brokerage because you (probably) get a 401k employer match. So, if you want to retire early, it's nice to have access to the big pot of money that you've accrued over your career. Also, it's good to have multiple income sources and/or have different account types that you can pull from so you can adjust your tax rate and minimize your total tax burden in retirement.
I was left wondering what was that 'The laziest way'? Half of the airtime goes to US pension plans which would be relevant to just 3% of the potential global audience. What's the laziest way for the 97% (what I heard was pretty standard thinking but did I miss something)?
Lol nothing like people who can generate multiple streams of income from being rich to begin with. I had to learn the lesson by losing money. But you know what, i kept those hype stocks because pne, bo point in selling when its rock bottom, and two, i like the remainder of what doing stupid things get you. My new investments are growing at snail pace and am ok with that.
^^^. biggest reason people fall into financial trouble is biggest they rather be ignorant. Getting a base understanding of personal finance is incredibly accessible. Good gateway is just to watch personal finance videos yt. Easily digestible and google terms you don't understand.
It's a way, but fees. If your job offers a 401k or a TSP, get that at least to whatever your job matches. It should pull automatically so you won't notice it and thus won't spend. Then don't pay attention to it until you're getting close to retirement.
@@laurenpesci37 I would add to look at it once a year or two to make sure that the risk balance is still what you want it to be. And if not, rebalance. But the not paying attention to it and adjusting your lifestyle to the lower take home is 100%.
Speaking as a successful F.I.R.E. practitioner I'd like to chime in with some basic personal finance advice: Learn to live BELOW your means and invest your savings into a low cost stock index fund every month. You don't have to be a financial wizard to do that. If your employer offers a 401K, then jump on that! Best ways to save money: if you're not married, then get a housemate to split living expenses; always buy cars used and always pay cash; Android does 90% of what iPhone does yet costs 90% less; no one really has to spend over $100/year on clothing and shoes, anything more is a luxury, not a necessity; credit cards are a trap; and I honestly don't understand everyone's obsession with world travel. Now, if none of that sounds appealing to you, that's fine. It's your money, your choice. But, you lose your right to complain about money when you're living a life of luxury.
I tried to start using acorns to invest tiny bits of money when I could, and was trying to build up an EF at the same time. Unfortunately an emergency happened and I had to pull all my money out of acorns to try to pay for it. The saddest part? I only ever lost money... I would have been better off dropping those small amounts of money into a savings account instead. I've never managed to build up an emergency fund because I don't make that much for the area I live in, and I every time I get even a small amount of money, something comes along that drains it. Car problems, sick pets, unexpected health problems, someone loses a job, etc. I've been watching TFD for literally years and I want so badly to put the information I get from them to good use, but I just haven't been lucky enough :(
Sorry to hear that! The reality is that you are STILL better off compared to not building up an emergency fund. Unfortunately, emergencies happen, and for people in precarious life situations, emergencies are more likely to happen. Please give yourself credit for at least not being in a deeper hole due to no EF savings.
Sorry this happened to you :( Like the other commenter said it's awesome that you had savings you could dip into even though it was in the form of investments. I feel you, I just had 7k in vet bills for my cat and it was painful on so many levels, both emotional and financial. Things happen and we can't really avoid it. Not sure if this is helpful, but a rule of thumb I've heard is to avoid investing any money you're likely to need within 5 years. I've taken this to mean emergency fund first, investments second, until a solid emergency fund foundation is built for daily stability. For example you could put $5 a day into your emergency fund, just in a savings account, and put $1 a day into long term savings at the same time in a money market account. And then if you run into emergencies and need to deplete the short term that's cool, just keep going at that rate to replenish it. If you have a good year and you get to a comfortable place with your short term savings, then you can switch the focus to long term without worrying about having to sell prematurely.
@@caseylarae9109 Yeah, that’s solid advice. I do think that unless something changes, waiting means that I won’t ever be able to invest though, outside of my employer’s 403b. I’ve been trying to build savings for literally a decade, and am still is no better shape savings wise than I was before. I’ve been paying down debt as aggressively as I can, so my hope is that when I’m done doing that, i can start putting all that money toward saving instead. Wish me luck!
80% of all millionaires are self made. Multiple research studies show this. Most of these people don’t make large incomes. They are disciplined, save and invest on a continuous basis. Plain and simple!
Kaplan-Chicago edu most billionaires self made Ramsey study surveying 10,000 individual millionaires 79% self made no inheritance. 2019 Study by Wealth x shows over 2/3rds are self made CNBC 2019 68% of worlds richest people are self made 2017 Fidelity Investments 88% of millionaires are self made. Excuse me, I have to go back to making money now.
To be fair, I have to say, Crypto has been one of the easiest ways to make money... It only takes a research into the fundamentals of it and to stick to playing a safe game with it that you can make some decent returns. Not trying to time the market makes sense for traditional stocks because it's so much slower and the movements are so minimal, but crypto cycles are much more volatile and predictable so timing the market is way easier.
Yes but it’s a lot higher of a risk than other forms of wealth building. In my opinion it’s just a glorified mlm. There’s no product being offered and the value is based on how many people you can get to buy into it. All you can do it buy it and hope someone will come along and pay more for it.
@@tatimarie8277 Depends. Many crypto's have currencies related to the operation of their blockchain technologies which are services in development. There's store of value currencies like Bitcoin where they serve the sole function of being held and traded, where the tokenomics will decide their appeal, for example deflation built into bitcoin makes it a great hedge again the inflation of fiat once the volatility settles in many years to come. Meme coins are basically copies of this to an extent, however the narrative is different for them as people don't have any real belief they'll be of use in the future like bitcoin, but instead it's the high-risk gamble you describe.
This comment makes 0 sense. Something being volatile doesn't mean it is more predictable. It means the exact opposite. You are lying to yourself thinking there is some kind of skill or knowledge that allows you to stay safe and pull your money out before its value is lost. Reality is you are relying on pure dumb luck.
4:55 "Retirement is not about living out your dream. It is quite literally about being able to live, and hopefully live somewhat comfortably" OMG so true! 👍
I've adjusted my dreams to simple living and the true pleasures of good food and safe kind relationships. It has helped considerably.
Its all up to the retiree, save enough and make the returns youve calculated and retirement CAN absolutely be a dream
Love that y'all are getting back to your roots by making more practical personal finance content/advice! Hope this trend continues. Thanks Holly and TFD!
Step 1: find high paying job
Step 2: don't over-consume anything
as a member of gen z my retirement plan is expecting there to be societal collapse by the time i'll retire due to us not properly addressing climate change
That's fair. Late stage capitalism is definitely giving all of us the shiv in the kidneys.
Climate change isn't even real
@@seeleunit2000late stage capitalism isn't even real
@@seeleunit2000 in the neck, more like.
Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.
I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Glad to have stumbled on this conversation. Please can you leave the info of your investment advisor here? I’m in dire need for one.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website… thank you for sharing.
I can't tell you how much I enjoy this series! I severely miss Chelsea's Tuesday show and LOVE that we now get this. Hope it, or something similar, will continue until forever xx
I love the podcast and longer essays as well
Thank you so much Holly!
Struggling for no reason over here trying to figure out whether her earrings are basilico pizza or strawberries 😂
Oemgeee
Same - but the blue part on her earlobe looks like a flower, so, maybe a flower pot or basket? 😂
I think they are strawberries
S T R O B E R I
I saw pretzels
Too bad employer matching in 401k's has become less and less common.
Mine matches half up to 6 percent. So, yay.
Mine matches 5%. It's pretty nice.
This was reassuring to hear. I became insecure with all the advice to invest and etc. But finally settled on just increasing the contributions I make into my 401K and the Roth IRA offered by my job.
Step 1: Inherit it
step to, introduce 100% inheritance tax and stop the dynasties. all of them!
Step 2: use some of that inherited money to pay lobbyists and pols to make sure you can keep it, or trust that others will 💀
"50c for every dollar you contribute up to 6% of your salary" woah, my employer match last year was 5.5c for every dollar lol. cut that in half since they've only matched every other year for the past few.
Nice to meet you Holly!
Correction: If you do it right, you can pull from your 401k without penalties in the year you turn 55. (See “rule of 55”)
why would that be a good thing?
@@TheMntnG 401ks are a great investment vehicle (assuming you have access to good investment options) and it's a lot easier to grow your 401k vs a traditional brokerage because you (probably) get a 401k employer match. So, if you want to retire early, it's nice to have access to the big pot of money that you've accrued over your career. Also, it's good to have multiple income sources and/or have different account types that you can pull from so you can adjust your tax rate and minimize your total tax burden in retirement.
@@LiamRappaport
just work until 65 like a normal person
@@TheMntnGNo thank you. I'd rather not.
I was left wondering what was that 'The laziest way'? Half of the airtime goes to US pension plans which would be relevant to just 3% of the potential global audience. What's the laziest way for the 97% (what I heard was pretty standard thinking but did I miss something)?
The laziest way is to buy kidnapped people and having them work on your plantation instead of doing any labor yourself
That sounds like way too much work. Easier to just work a job and passively invest.
I suppose the truly laziest way would be to inherit the kidnapped people and not even have to buy them yourself.
The laziest way for kidnapped people and their descendants is to sit out on the fight for reparations. Not revenge, simply reparations.
Lol nothing like people who can generate multiple streams of income from being rich to begin with. I had to learn the lesson by losing money. But you know what, i kept those hype stocks because pne, bo point in selling when its rock bottom, and two, i like the remainder of what doing stupid things get you. My new investments are growing at snail pace and am ok with that.
Just buy the whole market. It’s called “VTI and chill”. The boring way is sometimes the best way
How on EARTH does anyone even HAVE six figures of debt before the age of 25?!?
College loans, medical debt, and/or a spending problem
@@emem2863...As soon as I posted that, I had a feeling someone was going to come back with "I bought three college text books."
In the US, college and medical costs seem INSANE to me as a European 😰
That's average for law school, med school, or STEM
Grad school
Is using Acorns a way to do this? I hear words like investments, stocks, etc, and zone out because it’s all foreign language to me. 😅
start paying attention if you want to retire
^^^.
biggest reason people fall into financial trouble is biggest they rather be ignorant.
Getting a base understanding of personal finance is incredibly accessible.
Good gateway is just to watch personal finance videos yt. Easily digestible and google terms you don't understand.
It's a way, but fees. If your job offers a 401k or a TSP, get that at least to whatever your job matches. It should pull automatically so you won't notice it and thus won't spend. Then don't pay attention to it until you're getting close to retirement.
@@laurenpesci37 Oh ok, I should be good then since I’m already doing that. Thanks for putting it in laymen’s terms for me, I appreciate it!
@@laurenpesci37 I would add to look at it once a year or two to make sure that the risk balance is still what you want it to be. And if not, rebalance. But the not paying attention to it and adjusting your lifestyle to the lower take home is 100%.
Speaking as a successful F.I.R.E. practitioner I'd like to chime in with some basic personal finance advice: Learn to live BELOW your means and invest your savings into a low cost stock index fund every month. You don't have to be a financial wizard to do that. If your employer offers a 401K, then jump on that! Best ways to save money: if you're not married, then get a housemate to split living expenses; always buy cars used and always pay cash; Android does 90% of what iPhone does yet costs 90% less; no one really has to spend over $100/year on clothing and shoes, anything more is a luxury, not a necessity; credit cards are a trap; and I honestly don't understand everyone's obsession with world travel. Now, if none of that sounds appealing to you, that's fine. It's your money, your choice. But, you lose your right to complain about money when you're living a life of luxury.
This.👏👏👏
I tried to start using acorns to invest tiny bits of money when I could, and was trying to build up an EF at the same time. Unfortunately an emergency happened and I had to pull all my money out of acorns to try to pay for it. The saddest part? I only ever lost money... I would have been better off dropping those small amounts of money into a savings account instead.
I've never managed to build up an emergency fund because I don't make that much for the area I live in, and I every time I get even a small amount of money, something comes along that drains it. Car problems, sick pets, unexpected health problems, someone loses a job, etc. I've been watching TFD for literally years and I want so badly to put the information I get from them to good use, but I just haven't been lucky enough :(
Sorry to hear that! The reality is that you are STILL better off compared to not building up an emergency fund. Unfortunately, emergencies happen, and for people in precarious life situations, emergencies are more likely to happen. Please give yourself credit for at least not being in a deeper hole due to no EF savings.
Sorry this happened to you :( Like the other commenter said it's awesome that you had savings you could dip into even though it was in the form of investments. I feel you, I just had 7k in vet bills for my cat and it was painful on so many levels, both emotional and financial. Things happen and we can't really avoid it.
Not sure if this is helpful, but a rule of thumb I've heard is to avoid investing any money you're likely to need within 5 years. I've taken this to mean emergency fund first, investments second, until a solid emergency fund foundation is built for daily stability. For example you could put $5 a day into your emergency fund, just in a savings account, and put $1 a day into long term savings at the same time in a money market account. And then if you run into emergencies and need to deplete the short term that's cool, just keep going at that rate to replenish it. If you have a good year and you get to a comfortable place with your short term savings, then you can switch the focus to long term without worrying about having to sell prematurely.
@@caseylarae9109 Yeah, that’s solid advice. I do think that unless something changes, waiting means that I won’t ever be able to invest though, outside of my employer’s 403b. I’ve been trying to build savings for literally a decade, and am still is no better shape savings wise than I was before. I’ve been paying down debt as aggressively as I can, so my hope is that when I’m done doing that, i can start putting all that money toward saving instead. Wish me luck!
Hii
❤
Does this apply in India?
Yeah why not. 401K I believe is equivalent to EPF/PPF
@@TheFierywaters thanks dude
Did I see Nicole Victoria 👀👀
Second
80% of all millionaires are self made. Multiple research studies show this. Most of these people don’t make large incomes. They are disciplined, save and invest on a continuous basis. Plain and simple!
ok. link them. link the research if you're so sure.
Kaplan-Chicago edu most billionaires self made
Ramsey study surveying 10,000 individual millionaires 79% self made no inheritance.
2019 Study by Wealth x shows over 2/3rds are self made
CNBC 2019 68% of worlds richest people are self made
2017 Fidelity Investments 88% of millionaires are self made.
Excuse me, I have to go back to making money now.
Step 1 - Buy Bitcoin
Step 2 - Wait
To be fair, I have to say, Crypto has been one of the easiest ways to make money... It only takes a research into the fundamentals of it and to stick to playing a safe game with it that you can make some decent returns. Not trying to time the market makes sense for traditional stocks because it's so much slower and the movements are so minimal, but crypto cycles are much more volatile and predictable so timing the market is way easier.
Yes but it’s a lot higher of a risk than other forms of wealth building. In my opinion it’s just a glorified mlm. There’s no product being offered and the value is based on how many people you can get to buy into it. All you can do it buy it and hope someone will come along and pay more for it.
@@tatimarie8277 Depends. Many crypto's have currencies related to the operation of their blockchain technologies which are services in development. There's store of value currencies like Bitcoin where they serve the sole function of being held and traded, where the tokenomics will decide their appeal, for example deflation built into bitcoin makes it a great hedge again the inflation of fiat once the volatility settles in many years to come. Meme coins are basically copies of this to an extent, however the narrative is different for them as people don't have any real belief they'll be of use in the future like bitcoin, but instead it's the high-risk gamble you describe.
@@tatimarie8277 That's for the most part true for crypto, but not at all true for bitcoin.
Crypto is a scam, but thank you for adding money to the economy 👍🏾
This comment makes 0 sense. Something being volatile doesn't mean it is more predictable. It means the exact opposite. You are lying to yourself thinking there is some kind of skill or knowledge that allows you to stay safe and pull your money out before its value is lost. Reality is you are relying on pure dumb luck.
Wealth rocks!