I Hit 110k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject. thanks to Karen Preston for helping me achieve this.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
Hi, I’m retiring in two years and I’m curious how others split their income into savings, spending, and investments. I make around $150,000 a year but haven’t saved much. Can you share some advice?
That’s right. I’m a wife, mother of four, and new grandmother. After 28 years in Corporate America, I recently retired at 57. Since the pandemic in early 2020, I’ve been investing and grew my $250,000 savings to nearly $1 million, thanks to my investment advisor.
I’ve been retired for a while now, and since I started making withdrawals, I’ve begun to question if my focus on ETFs is limiting my nest egg's growth rather than just managing risk. They feel so broad that I worry I’m missing out on higher returns from standout performers. There's also a lingering concern I have about outliving my savings, especially with the potential sequence of returns risk
I’m nearing retirement myself, and I had similar concerns. I started investing later than most, and just relying on ETF compounding wasn’t cutting it for me either. After working with a financial advisor, I managed to restructure my investments and am now on track to retire with around $5 million. If I hadn’t sought advice, I doubt I’d be as confident in my plan right now
I usually steer clear of recommending specific people because financial needs are so personal. But I can say that working with Emily Ava Milligan has made a world of difference for me. I noticed her strategies are tailored to fit personal goals and make sense for different needs. It might be worth exploring to see if her approach resonates with you.
Who spends $20K a month you ask. We spend 15K after taxes that we get from our pensions. We rent and spend it on normal stuff plus 6 months of snowbird travel while we let our $2million nest egg grow at 8%.
Yah too many think we are all poor, Wife and I bring home $13k and have just over $1Million invested for Retirement plus my military retirement (medical) is $7k tax free a month for rest of life and we are 40 and plan to want to spend $20k a month at 55 when wife retires, of course we could live on less but want to retire having fun
What analyses such as this one always miss is that they do not assess the meaningfulness of the spending habits of people. Here are some examples of choices. 1. Take the grandkids to Disneyland vs. taking them on a week of camping, 2. five-star restaurant vs. local ethnic restaurant, 3. A luxury car vs. a reliable car. 4. Down-hill skiing in Aspen vs. local hike. The first of each choice is the commercially sanctioned choice pushed by advertising and peer pressure and notably more expensive than the second choice, even though the second choices are the most fulfilling for memories, experiences, and self-improvement. With an expenditure of 20k a month, many of the couple's choices must fall into the first, and not the second category, so they can greatly improve their life fulfillment in retirement and spend much less, too, by assessing the spending side of the equation.
Definitely. I'd argue that the goal we should all have is to extract maximum meaning from what you have, or "get the most juice from the fruit." There are tons of opportunities to do this of course. It just depends on what juice you care about and what you don't. For one person Disneyland may be important but five star cuisine isn't. The exercise is to identify what matters to you and optimize toward those values.
When rich folks spend their money, we all win. Let's hope that folks who have resources don't pass it to the next generation and spend it all, on themself quickly. Read about 'velocity of money'. Then you will know why I am saying what I am saying.,
I’m 32 years old and I am just starting to invest for the first time in my life. I have started contributing to my 401K and opened a Roth IRA with automatic contributions. My question is, does asset allocation even matter early on, or am I just overthinking this?
There’s a lot to decide on… How much do you want to carry in international, small value, bonds, etc. Most times it is better to just delegate your day-to-day investing to someone of great expertise
Couldn't agree more, investing with the help of a financial advisor set me up for life, retired as a millionaire at 55. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually. But if it wasn't for the covid-19 lockdown, I wouldn't have supplemented my income with stocks and alternative investments.
@@justlikekingsolomon good gains! who is this professional that guides you please? enthused about investing for my eventual retirement but dont know how to go about it, for now I only invest in my 401k through my employer and gains are quite slow
Can't divulge much, I delegate my excesses to someone of great expertise ''Katherine Nance Dietz' preferably you can look her up on the web, her qualifications speak for itself.
such an eye-opener! curiously inputted Katherine Nance Dietz on the web and at once spotted her consulting page, she seems highly professional from her resumé
I would like for you to consider go-go, slow-go, and no-go years. They will spend less as they age (mortgage gone, more homebodies), and they can spend more when they are younger, and still be safe.
Good point. I've never met someone in their 90s who spends as much as they did in their 70s. It's inevitable for most people to taper their spending over time. It can also be a little dangerous to assume that in a retirement model though. Health care and other expenses can be wildly unpredictable.
Good exercise. This would roughly be where my wife and I would end up if we decided to keep working until age 65, but we're currently shooting for retirement at age 57.
interesting to see an analysis of 5M as i retired around that networth but at 55. fortunately my monthly expenses are nowhere near that and the portfolio has grown since retiring. when they say 20K month, they mean spending 20K/month. taxes are not included there for sure. roth conversions certainly are needed given the large tax deferred bucket. not ideal but given the amount of spending needed, i think they have to pay the conversion taxes out of the trad 401K rather than using the taxable bucket. in order to reduce the 401K balance further before RMDs. i think they should start tapping into the 401K to fill the first 2 brackets for spending and topping it off with their taxable brokerage at ltcgs rates and then do conversions but this means the conversions will be at 22 and 24% brackets assuming current tax rates. their expensive house could be tapped for any shortfall by relocating or downsizing or a reverse mortgage.
Yep, lots of ways to draw it up. Taxable accounts can be useful thanks to qualified dividend and long term capital gains rates. That's not always the case though, since some people have taxable investments with very large unrealized gains we're reluctant to cash out.
@@ThreeOaksWealth but you only need to liquidate what you need. in this case they'll get 18.8% rate on the LTCGS and of course principal doesn't get taxed. even for a 5 bagger(80% gains) they will pay about 15% of whatever they withdraw.
May I know why you don’t recommend this couple taking more withdrawals out of 401 K in their 60s to reduce mandatory RMD amount ? I am in a similar situation.
That could be helpful, but depends as always on the circumstances. We tried to keep this video on the shorter side, so we avoided the granular facts that would make those types of withdrawals a good or bad idea. It may be a good idea for you. It may not be.
@@ThreeOaksWealth thank you. Can the software used in the academy help answering specific questions such as the order in which accounts (cash, IRA, brokerage, social security) should be used to fund retirement and the most ideal time given clients age, tax liabilities , etc?
Hold up… he only has a $3000 SS benefit and she has $0… And they have a $20,000/mo lifestyle. That is not a fact pattern suggestive of a portfolio this large. A $3000 SS benefit at 65 means income is probably around $75,000/year? This scenario doesn’t pass the sniff test.
I do easily. We give about $10k/month to charities. We pay about the same in taxes for income and property taxes. Roth conversions are the majority of our income, with dividends, interest and social security. Medicare costs us about $2,000/month. We help out family when needed, including paying for the two homes our sons live in. We pay another $550/month for long term care insurance. We fund 529 college savings plans for three grandchildren and three nieces and nephews. No, we don’t live a luxurious lifestyle.
@@logicae4096 after tax I’m left with 12k. After rent I’m left with 9k. After bills and food I’m left with 7.5k. After car payments and running costs I’m left with 6k. After pension contributions I’m left with 4k. After paying my ex wife I’m left with 2k. I know there’s as easier way to write this! Money just goes
20k a month in expenses, still have a mortgage and have a net worth of $5 million, who's your financial advisor? The person needs to be fired immediately. How should been paid off a decade ago and get a grip on your monthly living expenses.
You have it all wrong. House should not be paid off. It’s a tax deduction at a low rate. $5 million , mostly in tax deferred. If you understand the portfolio you would understand why this is a good balance.
Agree. Why pay off a tax deduction when you can make 8% in the stock market rather than 3% in paying off the mortgage creating a 5% extra return vs paying off mortgage.
The title of this video is obnoxious. $5 million puts you in the top 1.5 to 2.0 percent of wealth among US households. Grant acts like this is normal. Far from it. Give advice to mainstream America!
Wealth is relative…a video like this is perfect for me and I’m 51…have just as much if not more financial anxiety in some ways now then before, which as I said is relative, as compared to actually wealthy people I’m quite poor. With all of that said, I do hear where you are coming from.
Many people still have low interest mortgages - like 3.5% or less. If you can earn more than the rate you're paying on your mortgage (after taxes) it can make sense to make the minimum payments instead of paying it off quicker.
This is not realistic. Most people who follow a 4% withdrawal rate and at least 500k in retirement savings. Even pretax. End up with more than 500k when they die. Seriously people do not need 5 million dollars or even a million on retirement.
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I Hit 110k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject. thanks to Karen Preston for helping me achieve this.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
The very first time we tried, we invested $2000 and after a week, we received $9500. That really helped us a lot to pay up our bills.
You trade with Karen Preston too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much.
Hi, I’m retiring in two years and I’m curious how others split their income into savings, spending, and investments. I make around $150,000 a year but haven’t saved much. Can you share some advice?
Consider investment planning; learning from an experienced advisor is very valuable.
That’s right. I’m a wife, mother of four, and new grandmother. After 28 years in Corporate America, I recently retired at 57. Since the pandemic in early 2020, I’ve been investing and grew my $250,000 savings to nearly $1 million, thanks to my investment advisor.
I’ve been thinking about getting an advisor but haven’t taken action yet. Could you recommend yours? I could really use some guidance.
Melissa Elise Robinson is the licensed advisor I use. Just research the name. You’ll find necessary details to work with to set up an appointment.
Thanks for the tip. I quickly found her website after searching her name. I checked her credentials and did my homework before getting in touch.
I’ve been retired for a while now, and since I started making withdrawals, I’ve begun to question if my focus on ETFs is limiting my nest egg's growth rather than just managing risk. They feel so broad that I worry I’m missing out on higher returns from standout performers. There's also a lingering concern I have about outliving my savings, especially with the potential sequence of returns risk
I’m nearing retirement myself, and I had similar concerns. I started investing later than most, and just relying on ETF compounding wasn’t cutting it for me either. After working with a financial advisor, I managed to restructure my investments and am now on track to retire with around $5 million. If I hadn’t sought advice, I doubt I’d be as confident in my plan right now
I’m trying to figure out the best approach for my portfolio. How did you find your advisor?
I usually steer clear of recommending specific people because financial needs are so personal. But I can say that working with Emily Ava Milligan has made a world of difference for me. I noticed her strategies are tailored to fit personal goals and make sense for different needs. It might be worth exploring to see if her approach resonates with you.
Thanks for that. I did a quick search and found her page. I was able to email so I sent over a few questions to get more info. Appreciate you sharing
You’re not alone. I think a lot of people feel the same way
Can you do one with 50million of assets? I really want to feel badly about myself more than I already do. Thanks for the help.
lol. Dont feel bad; just start small and do what you can. Consider retirement savings a must vs. discretionary
Right plus a 10 million dollar house🤣🤣
Yes, that will make me feel so inferior 😂
@gregfisher545 his office is worth five million cents.
Who spends $20K a month you ask. We spend 15K after taxes that we get from our pensions. We rent and spend it on normal stuff plus 6 months of snowbird travel while we let our $2million nest egg grow at 8%.
Yah too many think we are all poor, Wife and I bring home $13k and have just over $1Million invested for Retirement plus my military retirement (medical) is $7k tax free a month for rest of life and we are 40 and plan to want to spend $20k a month at 55 when wife retires, of course we could live on less but want to retire having fun
I spend 20,000 per month travelling easily.
What analyses such as this one always miss is that they do not assess the meaningfulness of the spending habits of people. Here are some examples of choices. 1. Take the grandkids to Disneyland vs. taking them on a week of camping, 2. five-star restaurant vs. local ethnic restaurant, 3. A luxury car vs. a reliable car. 4. Down-hill skiing in Aspen vs. local hike. The first of each choice is the commercially sanctioned choice pushed by advertising and peer pressure and notably more expensive than the second choice, even though the second choices are the most fulfilling for memories, experiences, and self-improvement. With an expenditure of 20k a month, many of the couple's choices must fall into the first, and not the second category, so they can greatly improve their life fulfillment in retirement and spend much less, too, by assessing the spending side of the equation.
Definitely. I'd argue that the goal we should all have is to extract maximum meaning from what you have, or "get the most juice from the fruit." There are tons of opportunities to do this of course. It just depends on what juice you care about and what you don't. For one person Disneyland may be important but five star cuisine isn't. The exercise is to identify what matters to you and optimize toward those values.
When rich folks spend their money, we all win. Let's hope that folks who have resources don't pass it to the next generation and spend it all, on themself quickly. Read about 'velocity of money'. Then you will know why I am saying what I am saying.,
It's about the experiences
I’m 32 years old and I am just starting to invest for the first time in my life. I have started contributing to my 401K and opened a Roth IRA with automatic contributions. My question is, does asset allocation even matter early on, or am I just overthinking this?
There’s a lot to decide on… How much do you want to carry in international, small value, bonds, etc. Most times it is better to just delegate your day-to-day investing to someone of great expertise
Couldn't agree more, investing with the help of a financial advisor set me up for life, retired as a millionaire at 55. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually. But if it wasn't for the covid-19 lockdown, I wouldn't have supplemented my income with stocks and alternative investments.
@@justlikekingsolomon good gains! who is this professional that guides you please? enthused about investing for my eventual retirement but dont know how to go about it, for now I only invest in my 401k through my employer and gains are quite slow
Can't divulge much, I delegate my excesses to someone of great expertise ''Katherine Nance Dietz' preferably you can look her up on the web, her qualifications speak for itself.
such an eye-opener! curiously inputted Katherine Nance Dietz on the web and at once spotted her consulting page, she seems highly professional from her resumé
I would like for you to consider go-go, slow-go, and no-go years. They will spend less as they age (mortgage gone, more homebodies), and they can spend more when they are younger, and still be safe.
Agree. We have front loaded our spending on the go go years.
Good point. I've never met someone in their 90s who spends as much as they did in their 70s. It's inevitable for most people to taper their spending over time. It can also be a little dangerous to assume that in a retirement model though. Health care and other expenses can be wildly unpredictable.
If they wanna spend $20k a month, they should probably work a few more years.
Good exercise. This would roughly be where my wife and I would end up if we decided to keep working until age 65, but we're currently shooting for retirement at age 57.
interesting to see an analysis of 5M as i retired around that networth but at 55. fortunately my monthly expenses are nowhere near that and the portfolio has grown since retiring.
when they say 20K month, they mean spending 20K/month. taxes are not included there for sure. roth conversions certainly are needed given the large tax deferred bucket. not ideal but given the amount of spending needed, i think they have to pay the conversion taxes out of the trad 401K rather than using the taxable bucket. in order to reduce the 401K balance further before RMDs. i think they should start tapping into the 401K to fill the first 2 brackets for spending and topping it off with their taxable brokerage at ltcgs rates and then do conversions but this means the conversions will be at 22 and 24% brackets assuming current tax rates. their expensive house could be tapped for any shortfall by relocating or downsizing or a reverse mortgage.
Yep, lots of ways to draw it up. Taxable accounts can be useful thanks to qualified dividend and long term capital gains rates. That's not always the case though, since some people have taxable investments with very large unrealized gains we're reluctant to cash out.
@@ThreeOaksWealth but you only need to liquidate what you need. in this case they'll get 18.8% rate on the LTCGS and of course principal doesn't get taxed. even for a 5 bagger(80% gains) they will pay about 15% of whatever they withdraw.
May I know why you don’t recommend this couple taking more withdrawals out of 401 K in their 60s to reduce mandatory RMD amount ? I am in a similar situation.
That could be helpful, but depends as always on the circumstances. We tried to keep this video on the shorter side, so we avoided the granular facts that would make those types of withdrawals a good or bad idea. It may be a good idea for you. It may not be.
@@ThreeOaksWealth thank you. Can the software used in the academy help answering specific questions such as the order in which accounts (cash, IRA, brokerage, social security) should be used to fund retirement and the most ideal time given clients age, tax liabilities , etc?
Hold up… he only has a $3000 SS benefit and she has $0… And they have a $20,000/mo lifestyle. That is not a fact pattern suggestive of a portfolio this large. A $3000 SS benefit at 65 means income is probably around $75,000/year? This scenario doesn’t pass the sniff test.
"Retire with 5MM". A new style of weapon I guess.
$20k a month? Really who spends that much...
I do easily. We give about $10k/month to charities. We pay about the same in taxes for income and property taxes. Roth conversions are the majority of our income, with dividends, interest and social security. Medicare costs us about $2,000/month. We help out family when needed, including paying for the two homes our sons live in. We pay another $550/month for long term care insurance. We fund 529 college savings plans for three grandchildren and three nieces and nephews.
No, we don’t live a luxurious lifestyle.
I do in London easily
@@carlyndolphin I used to live in London but didn't live the lavish lifestyle! You all are at a echelon above me.
@@logicae4096 after tax I’m left with 12k. After rent I’m left with 9k. After bills and food I’m left with 7.5k. After car payments and running costs I’m left with 6k. After pension contributions I’m left with 4k. After paying my ex wife I’m left with 2k. I know there’s as easier way to write this! Money just goes
It's a lot of money, but not that uncommon. It's all relative too. Some people out there would struggle to keep their spending under $20k / mo.
20k a month in expenses, still have a mortgage and have a net worth of $5 million, who's your financial advisor? The person needs to be fired immediately. How should been paid off a decade ago and get a grip on your monthly living expenses.
You have it all wrong. House should not be paid off. It’s a tax deduction at a low rate. $5 million , mostly in tax deferred. If you understand the portfolio you would understand why this is a good balance.
Why would you ever pay an asset off when paying such a low rate? You are just throwing away money.
Agree. Why pay off a tax deduction when you can make 8% in the stock market rather than 3% in paying off the mortgage creating a 5% extra return vs paying off mortgage.
Stay poor buddy 😂
Billionaires like Musk live on collateralized loans from their assets. It's the loan to net worth ratio.
Stupid ExampleS Far beyond most? Someone w $5,000,000 dosnt get advice from Utube
The title of this video is obnoxious. $5 million puts you in the top 1.5 to 2.0 percent of wealth among US households. Grant acts like this is normal. Far from it. Give advice to mainstream America!
Wealth is relative…a video like this is perfect for me and I’m 51…have just as much if not more financial anxiety in some ways now then before, which as I said is relative, as compared to actually wealthy people I’m quite poor. With all of that said, I do hear where you are coming from.
Why they got a mortgage?
Many people still have low interest mortgages - like 3.5% or less. If you can earn more than the rate you're paying on your mortgage (after taxes) it can make sense to make the minimum payments instead of paying it off quicker.
Seriously?
This is not realistic. Most people who follow a 4% withdrawal rate and at least 500k in retirement savings. Even pretax. End up with more than 500k when they die. Seriously people do not need 5 million dollars or even a million on retirement.
91 percent of people can retire withdrawing 6.5%. Watch the market closely in the first couple year