The Dark Side of Being a Millionaire! (The Truth About Being Wealthy)
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- เผยแพร่เมื่อ 26 พ.ค. 2022
- The Dark Side of Being a Millionaire! (The Truth About Being Wealthy)
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As adults, we spend the first 20 years accumulating "stuff", the next 20 years enjoying what we have, and the last 20 years trying to get rid of all the "stuff" we accumulated.
I feel like you're missing 20 years in there somewhere.
@@MrPennstate2014 🤔 Depends how long you live I suppose.
"As adults" = 20 years old
1st 20 years getting stuff: 20-40 years old
2nd 20 enjoying it: 40-60 years old
Last 20 getting rid of it: 60-80 years old
😉😊
@@denisep.98 What happened to ages 0-20?
@@MrPennstate2014 😊 People usually don't come into real purchasing power until they have jobs and start flexing that consumption muscle. A majority of what few lasting items most minors have, come at the generosity of the adults in their lives. But, sure, tweak the ages ... 😉😃
@@MrPennstate2014 surviving until you can accumulate stuff
“The road to Happiness starts in the town of Gratitude.”
The continuous drive to succeed for me comes from growing up broke & the fear of returning to that. I don’t think my kids will ever know that fear & I’m not sure they should. I teach them the logic but that doesn’t drive you as hard as running from something.
I pay off my credit card every month but if you look at my credit report, it indicates that I have a balance of about $10k. That is due to the float on the card. I think they are getting the data from the credit report data and I would argue that it is misleading. When I heard them say these millionaires are keeping revolving credit, I happen to think it is probably more of my case. I put everything on my card just for the float and points. But I always pay the statement balance every month. Not a problem…
Came here to say just this.
Damn bro you have 10k of expenses a month? That's intense! Respect!
Brian, can totally relate to losing dad in early 20s. That’s what motivated me to get financially literate and work on my career so I don’t go homeless 🙂
How Much is Enough:
The American investment banker was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked. Inside the small boat were several large fin tuna. The American complimented the Mexican on the quality of his fish and asked how long it took to catch them.
The Mexican replied, “only a little while.”
The American then asked why he didn’t stay out longer and catch more fish?
The Mexican said he had enough to support his family’s immediate needs.
The American then asked, “but what do you do with the rest of your time?”
The Mexican fisherman said, “I sleep late, fish a little, play with my children, take siesta with my wife, Maria, stroll into the village each evening where I sip wine and play guitar with my amigos, I have a full and busy life.”
The American scoffed, “I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds, buy a bigger boat, and with the proceeds from the bigger boat you could buy several boats. Eventually, you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor, eventually opening your own cannery. You would control the product, processing and distribution. You would need to leave this small coastal fishing village and move to Mexico City, then LA and eventually NYC where you will run your expanding enterprise.”
The Mexican fisherman asked, “But, how long will this take?”
To which the American replied, “15-20 years.”
“But what then?”
The American laughed and said that’s the best part. “When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions.”
“Millions?” asked the fisherman, “Then what?”
The American said, “Then you would retire. Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take siesta with your wife, stroll to the village in the evening, sip wine and play your guitar with your amigos!”
(Author Unknown)
Thank you- after we recorded Bo was quick to let me know I didn’t exactly stick the landing on my description- this should help 😉👍
Good joke , I got one for you. Man goes to doctor. Says he's depressed. Says life seems harsh and cruel. Says he feels all alone in a threatening world where what lies ahead is vague and uncertain. Doctor says, 'Treatment is simple. Great clown Pagliacci is in town tonight. Go and see him. That should pick you up.' Man bursts into tears. Says, 'But doctor…I am Pagliacci.'
I think the fisherman has it figured out more than the businessman lol. Somewhere in the middle is more ideal imo, like to fish a little more than necessary to meet your needs so you can have a rainy day and retirement fund. But it's important to not lose sight of your goals and values.
That was very deep
It’s a sad irony.
I have to say when you start with nothing and it is all up to you, everything means more. I worked from a young age. I put myself through school and have a career that could have provided me a 6 figure income and more. What I did instead of lifestyle creep, I began to work less. Instead of working 40+ hours a week, I found jobs that I could work 25-30hr/wk and still have health insurance. This allowed me to raise my daughter without her being in daycare all week. She is now 17 years old, she is amazing. She never went through the “terrible twos” or terrible teenage years either. BTW we bought her 10 yr old car together for 4K. She has had it for almost 2 years, she loves her “Sebring.” The day we got it she was so excited, it reminded me of buying my first vehicle. I have reached my “enough” now all I want to do is help her with college so she can reach success. She is grateful everything I give her, but most grateful that I am always there for her.
You have done well.
I love getting help, it definitly makes more possible. I dont think you lose much as long as you arent given so much you put in zero work and litterally cant afford to compete with what you are given.
Me and my wofe have been lucky to get help on every major purchase. But it has still required majority investment on our part. And its been enough to feel rewarded by every step forward and improvement in income.
You dont need 100% rags to riches to feel that buzz of steady progression.
Same. I have had more money than I could easily spend. Now I work at a ski resort and ski for free while making $20/hr.
That’s great… but Did you work enough to set yourself up for retirement so that wonderful daughter doesn’t have to support you
@bossman yes I worked more than enough! I could have retired at 50! My daughter will not need to support me. She might help take care of me at the end of my life because she witnessed me take care of my parents. When I die, she will have all the money she will need as well, because I didn’t just save for my future, I saved for hers as well.
29:30 I eat in steakhouses and fancy, expensive restaurants nearly every day due to work and they do quickly become mundane. Now home cooked meals are special and I value them a ton. Whatever you do often becomes normal, even if you once considered it special.
Same kinda
I travel a lot working for the railway. I value self contained rooms where I can actually cook a decent meal for myself.
My parents gave my brother a second hand BMW. I got a brand new Honda Civic. They offered me a luxury second hand and I refused. I then also helped pay off my car. We still have very different perspectives abt cars. I make very decent money but still drive a Toy as it’s paid off. Those mentalities start early!
A superb episode guys.
Loving your content and channel from across the pond here in the United Kingdom.
Great episode and I'm with Brian totally on spending time on researching purchases and the actual pleasure that comes with it.
Been listening to yall for a couple years now and I think what keeps me coming back is the passion and enthusiasm you all bring to educating us and paying it forward. The entire Money Guy Team rocks and I'm thankful for you all.
I love the advice to just SLOW DOWN!
I had a friend come to me and send me a car listing for an old '69 Corvette and he wanted to buy it and fix it up, but I know he isn't the biggest car guy. It felt very heat of the moment for him and I told him "Just hold off for now. Give it 1 week. If you find yourself still thinking about this car in a week, then go for it. Otherwise you might want to reconsider." I think just slowing down and giving yourself time to think about something is the best way to make sure you have it completely in perspective.
What you described is exactly me and my husband, started with humble beginnings, same experience as to upgrading from a small apartment to moving to our 3rd home. :) Happiness and fulfuillment is being thankful for what you have everyday. There is something about working hard for what you dream and bringing it to life that makes you happy and content.
Brian and Bo , thanks a lot for the wisdom you constantly drop!You are exceptional !If only the world had access to this type of information earlier ,could have been better!!Keep it up!
Excellent talk guys 👍
At 13:00 you stated what we in our home do. In example, I have been wanting a drone for about 2 to 3 years now. I may never get in, but looking forward to it or researching it is just as fun if not more than having it. Now let me say that there is a difference from a tool and a toy. In example if our fridge goes out and can't be fixed, it is bought immediately, no waiting. We are also starting to dream about our next car , that will be another 5 years before we buy one, unless of course it breaks, then it becomes a tool and we will buy now, not wait. Thanks for posting, I am glad I found you and able to subscribe to your channel.
Best show that you guys have done in my opinion!
Great show guys!
15:22 Oh God, please stop this.
I had a boss that made us do that on our Tuesday meeting and it is just awful.
You think it's making people reflect and appreciate what they have but they only come up with quick answer to satisfy the question.
Please stop it, it's making the meeting unbearable, I guarantee it.
I agree. No one likes being forced to speak.
The challenge with goals is once you reach them, the post moves again.😊
Yes indeed, the more you have, the more you think you need,
$ is just a tool, how to use, live and value it in your life is the challenge.
I want to say thank both of you for putting out these informative videos.
Honestly, this information has helped me tremendously. Although I come from humble beginnings there are you limits on what can be achieved.
Please continue to help others & may god bless you both!
PS...My nights are consumed watching these videos LOL 😆
Would love an episode on building intergenerational wealth successfully
My biggest issue is my Wife feeling she needs to give OUR money to HER impoverished family! Every time there is minor issue its "oh but we have so much".. Yes hon we have "so much" because we made good choices!
Go buy The Millionaire Next Door and read the chapter with Economic Outpatient Care. It may create a conversation opportunity - sometimes help unfortunately can hurt and create dependence. Us humans and relationships are so complicated 🤷♂️
@@MoneyGuyShow Haha no it won't! She knows full well the problem of dependence but her need to help is born out of guilt. Thankfully I am not affected by guilt because I don't have any so I have no problem in drawing firm boundaries.. We figure it out most of the time.
Your back and forth handoff is so smooth. Kind of like a dance.
I like how you guys put it find something you can enjoy that will make you rich People always leave out the enjoyment part I'm a painter Not someone that makes an exceptional amount of money But through living below my means and always investing I'll be retired before a lot of CEO's
I found my career and what Makes me happy All that's left now is to develop some high value skills and take it out on my own
You guys are great.
3-5Mil and I will go semi retired. I have the mentality that I will never be 100% retired because it would be a boring life but I will do what I want.
Disney World is almost a right of passage. Never underestimate the positive effects it had on your kids, but definitely plan more fishing trips. Disney is a been there done that. Fishing is a window into their psyche.
Love this analysts. I’m disabled so I need wealth yo buy the freedom that most people naturajjy have.
Matthew 6
Treasures in Heaven
19 “Do not store up for yourselves treasures on earth, where moths and vermin destroy, and where thieves break in and steal. 20 But store up for yourselves treasures in heaven, where moths and vermin do not destroy, and where thieves do not break in and steal. 21 For where your treasure is, there your heart will be also.
22 “The eye is the lamp of the body. If your eyes are healthy,[c] your whole body will be full of light. 23 But if your eyes are unhealthy,[d] your whole body will be full of darkness. If then the light within you is darkness, how great is that darkness!
24 “No one can serve two masters. Either you will hate the one and love the other, or you will be devoted to the one and despise the other. You cannot serve both God and money.
Do Not Worry
25 “Therefore I tell you, do not worry about your life, what you will eat or drink; or about your body, what you will wear. Is not life more than food, and the body more than clothes? 26 Look at the birds of the air; they do not sow or reap or store away in barns, and yet your heavenly Father feeds them. Are you not much more valuable than they? 27 Can any one of you by worrying add a single hour to your life[e]?
28 “And why do you worry about clothes? See how the flowers of the field grow. They do not labor or spin. 29 Yet I tell you that not even Solomon in all his splendor was dressed like one of these. 30 If that is how God clothes the grass of the field, which is here today and tomorrow is thrown into the fire, will he not much more clothe you-you of little faith? 31 So do not worry, saying, ‘What shall we eat?’ or ‘What shall we drink?’ or ‘What shall we wear?’ 32 For the pagans run after all these things, and your heavenly Father knows that you need them. 33 But seek first his kingdom and his righteousness, and all these things will be given to you as well. 34 Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own.
My kid is 15 and she made some jewellery and sold it at school. She said that she didn't realise the value of $5 until she sold her jewellery. I'm happy the penny has dropped for her now, sadly for some, it never drops and lifestyle creep is a killer.
I think Warren buffet said "adjust your spending to your income, not your income to your spending habits"
I moved to the US 24 years ago this month with only a suitcase, followed all 7 steps and am finally secure financially, but now keep wondering how much one really needs... Retire at 50 with 2M, or at 64 with more than double. Discover the world in good health, or continue to accumulate not knowing what one's health will be at 64... The story of the fisherman also got to me. Thanks for all the wisdom in your content.
I’ll take my chances.
Haha, yea first world problems
I have a net worth of over $7MM, and the reporting agencies do state that I have CC balances. Why? Because I use CC to pay for things, (and get the awards etc.). I pay the entire balances off monthly. So I am not sure its "debt: or not. I suspect that is where that stat comes from though,
If you live in a nice suburb, it’s not hard to tell the difference between the student parking lot and the student parking lot. I’m a teacher and even if I could afford BMW, that’s not me. Hey, my first car was a 1986 Cavalier! (Called it the cadavalier because of lack of reliability)
For a person that had a top house hold income of $62,000. A million in the market is very comforting. 1 mill /30 years= 33k a year plus 36k in SS = $ 70k of almost tax free money. With no payroll deductions, so the $70k is like making $110k working. I am not even counting any growth. Life is good if you let it be.
This is a great point. Many people think they need to replace their gross income before all the taxes and deductions. But if you have a paid for house, no need to save for kids college, or retirement, you’ll find you only need 50% or even less to live off of.
That’s all well and good but I want to retire before I have access to SS
Investing where I can access the money early means it is going to be 100% taxable
Also your math neglects any return on that 1M investment?
@@thomasa5619 It’s not 100% taxable. Only the capital gains are taxable, and even then at a lower rate than earned income.
@@dforrest4503 I don’t know about the US, but in australia, outside of the “locked away till 65 unless you’re terminally ill” retirement account, yes, dividends and capital gains go on your income for tax purposes. Capital gains held longer than a year is discounted, but it’s still taxable income.
If the share registry doesn’t have your tax file number they just keep half and give you a receipt for the accountant.
I was just giving a slight critique. Your show is great. Keep up the good work. I am a bit taken back by your e-mail response.
I have to admit i am the total opposite ...i made it to the financial pinnacle, but its hard to break the saving discipline cycle ...it becomes a habit.
I also listen to James Conole on the Root Financial Partner channel. He talks about this quite a bit. Balance is the Kay, but I’d rather be in your shoes than someone who has a spending mentality.
The thing that surprises most people is that money does not make you happy. Money solves money problems and removes the stress of not having enough money.
I live in a neighborhood in which most of the residents park their cars in the driveway because their garages are so full of stuff… golf carts (hardly ever used), four wheelers (almost never used), holiday decorations, extra refrigerator/freezer…
I’m not criticizing any of these items specifically, but it does reign in spending when you require space for both cars in the garage!
I am always amazed when I drive by those houses and their garage doors are open. Who needs that much junk?
Ha I loved my 626 with the oscillation vents as well! Not that many listeners can relate tho 😂
Mazda?
I had a '89 MX-6 GT with those same vents! I loved that car!
So I have a pension that should cover 50% of my expenses and my Roth contributions should cover almost the other 50% in retirement (with just 13% savings). What type of account should I invest in for enjoying life before retirement? Future vacations, future memories.
Millionaire is kind of a loaded word. Truth is having a million dollars in your 401K or other retirement instrument in your mid-fifties just means you are on track to retire somewhere between 62-65.
I would say heavy research into a gadget acctually builds anticipation and works against me sometimes.
Everone will NEED at least a million to live well. The future isn't what it used to be.
$3 million would passively generate $100k/yr (3.5% safe withdrawal rate) which is just about perfect for retirement with SS coming in and no debt.
I wouldn’t make that a blanket statement for everyone. People could easily live off of less in lower SOL type areas and will be able to live well, even factoring in future inflation variables
One of my favourite sayings is from Jordan Belfort. Money does not buy happiness. I have been rich and I have been miserable. but a lack of money is a passport to misery.
Most people with 6-figure incomes live in high-cost areas of the country. I live in Orange County, CA where the median priced house just hit $1 million. I’m a single dad with 2 kids and not much of my $156k salary is left over after expenses.
Pay yourself first, then live; whether it is 5%, 10 or 15.... Just do it. Understand the struggle, been there...
So you pay close to 50k a year in taxes, and if you have recently purchased a house it’s close to half the net income. (≈3% interest ≈2% a year in repayments)
Then you’ve got like 50k left for health insurance, property taxes, transport, kid stuff, etc
@@thomasa5619 Yeah, child care is a big expense. Before and after school childcare ("expanded learning") and a nanny who comes one day/week is almost $2000/month alone.
@@kenotube3160 yeah just wanted to be specific for old mate saying “just pay yourself first”
My friend's parents bought him a $30k+ truck, but won't help with his college and having him taking out loans. There is no downgrading vehicles after that so you know his next one will be new also. So he will get out of school and end up with a car payment and student loans.
Kenny Chesney, The Life. Sobering every time I hear it.
Drake quote!! Well done!
Is money causing the stress/depression, or the job? From the examples you gave, it seems like it's the job. The middle income group feels less stress because they have enough income to prevent dire financial stress AND they don't have (overall) the same amount of work stress that the higher income group has.
Some people with credit card debt could’ve quit their jobs to take care of loved ones or maybe lost their jobs and didn’t have a large enough emergency fund. Not necessarily splurging on lifestyle creep choices
Haaaaaadonic treadmill 😂 there is also HENRY
When he said a solid silver #2 I was thinking a silver deuce. Then I realized it was probably actually a “2”. Though, given the players involved, neither would surprise me.
Franklin, TN ➡️ BOUJIE!
Lifestyle creep is real. When our net worth went past $5M, we started shopping at Target rather than Walmat.
FYI that "Fire for wealth" is called greed. The way to train your kids is to help keep their character not their money skill as primary.
Whoa - I would really appreciate more info about havj g a special needs child. I had no idea you were living this daily with your family. I have two kiddos who are medically fragile and both have a chromosome triplication. I would love to hear more about your experiences in that area regarding money or any way you could share. Wow, I had no idea, and I have watched you guys a lot.
Needless to say, the daily issues, $, etc. have been like nuclear bombs on the family and any thoughts of the future we once had, so any more info from you would be greatly appreciated! There are so many special families struggling greatly in all areas.
There are a lot of people out there living way above their means. They better learn to save a few bucks quickly, because time is not on their side.
A very good video on what it means to be able to derive happiness. Money only will make you happy ( at least temporarily) when your worries and unhappiness are caused by the lack of money. Nothing is better than having a purpose ( particularly helping individuals NOT CHARITIES save for children hospitals) . All to often we see these mega savers never help anyone and upon death donate to a University or library that’ll trickle to no one.
Meanwhile they secretly hoarded their money and never enjoyed any of it.
Used cars ( except for the recent shortage) are a waste. My parents were immigrants and never bought a used car. You don’t need a BMW however you have bought way too many cars because used cars are someone else’s problems. Your daughter deserved a NEW Honda Civic or accord. Not that much money and if you take pride and take care of your nice new car can last 15 years. Do it once and do it right ( goes for building your own house too). Buy new when able!
What makes childrens hospitals any more special than other charities?
Why should I pay full price to drive a car for 15 years, when I can pay half price and drive it for 10? I’m not shy of spending money, I just don’t care about cars.
On the jimmy john's my wife goes to, they have a plate with "Warren Buffet ten rules"
Never been this early 😀
Can you give advice to middle age single people with no kids on preparing for old age?
+1 to not spoiling kids. Long term the 14 year old car probably did orders of magnitude more good than the latest Tesla/BMW. Can’t put a price on that.
Mine is 20 years old and runs like a clock
@@apesrus6084 that’s awesome! How many miles does it have!?
@@Omikoshi78 it’s a Toyota Celica gts with only 150K on her. Japan made some good cars back in the days and I’m actually have my eye on a 93 Toyota MR2 with only 75K original owner. These cars kept well last a lifetime.
@@apesrus6084 I loved the celica it was so cool! Really cool you got it to last that long. Good car and even better maintainer!
No always. I carry a >$10k CC debt bc they were 0% interest 2% fee. I invested the $.
I feel bad because I was considering buying a few pairs of dockers and other pants.
First at my local Air Force Base since I am retired Navy.
Is this wealth/mission creep (or is it creap).
My mission for 2023.
😂😂😂
I just got a raise, I got almost everything I need right now so my expenses have been dropping.
Same. I'm living just like I lived before and I'm investing the extra.
That's the key though, "everything you need" vs "everything you want". Wants can devour saving quickly.
I think the credit card statistics are unreliable. I pay off my credit card every month, but my credit report always shows I have a balance because it reports the current state not how much was carried over.
Awesome
I am willing to take the risk
Comparison?
We have the oldest cars in an affluent Calif community - late 1990's and 2000. Don't care, and now I don't need an earned income anymore 😁
Meh, I pay off 10k monthly cc balances often, doesn’t mean I carry a balance
It sucks. My pockets keep getting stretched out.
"A million dollars ain't what it used to be"
but there are a lot of people out there,if they know that you "are worth a million $" or 3,will hit you up and continually come up with sob stories. Especially co-workers.
It’s a lot if you spend it in 4 years or less lol
That is why I never talk about money. No one needs to know how much you have.
If you think money is going to make you happy you've never had a lot of money before. - Mike Tyson
Still don’t believe these credit card debt stats. Pretty sure this is average monthly balance on credit cards, which can very well be paid off every month.
Most people simply don’t pay off their CC every month. They keep Dave Ramsey in business.
I found it interesting to see that 70% of wealthy families lose their fortune by the second generation. 90% lose their fortune by the third generation! Guess worrying about saving wealth to pass on to those in your family comes with the understanding that it will be blown quickly. Better regulate assistance to slow them spenders down!
37 mins ?
Could be said in 15 mins.
Good info though.
Thank you
Taxes . . Taxes is the Devil. ((BOBBY BOUCHER VOICE))
what these stats mean tho. like 100k income cant afford a $400 emergency. Why is that? Is it because these 100K incomes are investing too much in retirement / stock market. SO the money is tied up? or are they that irresponsible that they spend it all?
I would say that they spend way too much and don't save at all.
To far in debt. If you make 100K and buy a house for 800K, car loans, CC debt, college debt. If there is not a basis in financial understanding, when they start making 100K they figure they can buy anything. It doesnt matter how much you make if you spend more.
Try to keep up with the Jones will make you go broke. If you make over 100 k and dont have money in saving or investment , you've got bigger issues to be worry.
They live paycheck to paycheck. Their life is debt. Their whole check goes to paying payments from a mortgage on too large of a house, a car, payment for their solar panels, payment for their wife's elective surgery, etc. Everything is a payment. When they get a raise they see what new payment they can take on for the extra amount they'll be making.
No, they are spending it all.
I understand why they say it this way, and I agree, but the discussion of starting a teen with practical car rather than a luxury car sounds a bit like "start off low so you have more room for lifestyle creep later"
My coworker is an awesome dude, he just happened to be spoiled as a kid. Now that he has 2 kids and a house he is realizing he cant do everything his parents did for him. I see it hurts him. I think the guys are on to something with the physiology here
I think it’s more of giving room for growth. If you start at what many people have as an end goal then it’s going to be very difficult to even maintain. If they got her a $40K car think about how difficult it would be to maintain that sameish level of car for the next car and so on.
Nah, so u can grind and appreciate the hard work and time it takes to get what u want imo
I think providing your kid with a fancy vehicle right out of the gate is actually cruel in the long run. Think of the pride you had as a young person when you finally bought your first new (or good) car - why would anyone want to steal that sense of accomplishment and/or rite of passage away from their kid……????
I’m not saying buy them a clunker - but when I see some of the cars in the parking lot of my son’s high school I just shake my head. We live in a world gone mad - whether you choose to participate or not is up to you!
It is good for keeping expectations in line. Do you want to continue supporting their luxury lifestyle in the 20s? 30s? Consistency is really valuable when raising kids; they respond very well and react appropriately. So, by only helping with the practical car, they are able to better internalize that they need to work themselves instead of relying on their parents to provide their luxury lifestyle.
I figured we'd see something about family members mooching money off of you, haha
I was expecting that too lol
Give me five years stress if I don't have to work again
We "feel like" we are living paycheck to paycheck right now with $120k income.
We are paying off debt, cash flowing my wife through nursing school, and investing $30k-40k a year.
Will be debt free except mortgage this year. My wife gets her RN in May, is continuing for her NP in 2 more years.
I just refuse to reduce our long term investment so we can waste more money eating out or pay the debt off sooner because the company matches for my wife and I are so good. Her employer puts in 2x what she puts in up to 20% her annual salary.
My employer puts in 14% if I put in at least 4%.
We are just maxing all that out because it's free money.
Next year we will have plenty of disposable income.
Dark side is knowing that no one in their right mind would retire on a million. That’s how worthless it is these days (thanks to compounding inflation over the past 3 decades)
Maybe not a family but single person…. Very possible
Good thing investments compound as well
@@alecgalbraith5604 - if you lump sum invested 1 million 30 years ago then sure. But most people are DCAing their investment from their monthly paycheck and unless the paycheck kept up with the inflation (hint it has not) then you lose out.
@@Omikoshi78 Something is better than nothing. Besides a smart person knows to have multiple investments.
@@misspriss2482 having one diversified investment is better than having multiple bad investments. I’m personally a multi so just stating my observation.
Brian is the father I never had.
My nephew leased a brand new Lexus for his daughter at 16. They do not live in a wealthy area. I’m positive she’s the only kid, possibly in 30 years in this school district, who got a brand new car of any kind, let alone Lexus. It’s just 🤮 and she didn’t even ask for it. It’s all about the parent in this case. Trying to BE the Jones’s.
Mo money. Mo problems.
Little to no money, starve with problems. I'll take mo money, thanks.
It's 2022, all new cars are crap. Why would you act like a newer car was better?
If a millennial is making six figures, they probably took out massive student loans to get to that point. We need to know how much they are spending on that along with their COL before assuming they are on a hedonic treadmill.
My work paid paid for my college. I spend around 25-30k a year. Cost of living isn't bad here. I have had some lifestyle creep like buying expensive eggs and Zevia soda.
There are several crafts that make really good money without the college degree. Don’t ask a school councilor about it though. So many think college is the only way to a healthy financial life.
Some millennials are in their 40s
Exactly... millennial is like a blanket term for young people it seems. They're middle aged now
Haha, yeah as a millionaire, my son got a used CRV as his car.
The fact that those well-to-do people have ~12K credit card debt simply means that's what they spend monthly. They spend it with cc because of some rewards/points/etc. in other words, for a god reason, not because they really need credit card. I think you just made a major point out of nothing.
It's their carried balance, not what they spend per month and pay off.
@@17h127 in that case they are stupid, unless they use in interest-free period on those cc. And I don’t think they are stupid.
@@yuriypr72 lots of people are financially stupid, even if they're generally pretty smart. Two of my coworkers live paycheck to paycheck and are up to their eyeballs in debt. One has 30k in credit card debt and is usually bumming food a few days before payday every other week. The other coworker has had to go into bankruptcy a couple times due to living above his means and he consistently makes over 200k a year. He's not stupid when it comes to certain things, but living at or below his means isn't something he's capable of doing. These higher income people with carried five figure credit card debt exist. I guess we all can't be financial mutants lol.
Definitely carried balance - we discussed this in our content meeting 👍
Very relevant show. Bo...please...you have a Starbucks right in front of you. Practice the message.
Millionaires everywhere: Yipee!! I have a million USD!! I'M RICH!!!!
Meanwhile millionaires in the SF Bay Area: I have a million USD! Now I can maybe have a second child!
🇺🇸
$1 million will always be enough to retire at 65
I turned this off two or three sentences in when they didn't know the difference between the words "ascribe" and "aspire."
You must be fun at parties