When is a Retiree Considered "Wealthy" ??? | FRB Data
ฝัง
- เผยแพร่เมื่อ 2 มิ.ย. 2024
- This video discusses what "wealthy" means in retirement. The video uses the most current Federal Reserve Board data and segments the "Age 65+" category into Poor, Middle Class, Well Off, Wealthy and Super Wealthy.
Retiring rich is in the eyes of the beholder, and while no one definition exists, you know it when you see it. This video explores the age old question what does wealthy in retirement mean?
FREE Retirement Ready Checklist:
HolySchmidt.com/Checklist/
Important Links:
Follow Me on INSTAGRAM:
/ the_schmidtlist
Geoff's Facebook Page
/ geoffreymschmidt
Federal Reserve Board Survey of Consumer Finances:
www.federalreserve.gov/econre...
Social Security Administration Application for Benefits
secure.ssa.gov/iClaim/rib
Current Social Security Cost of Living Adjustment
www.ssa.gov/cola/
Social Security Payment Estimator
www.ssa.gov/benefits/retireme...
THE CHANNEL’S MOST POPULAR VIDEOS
Should You Take Social Security at Age 62 and Invest it?
• Should You Take Social...
7 GOOD REASONS to File for Social Security Benefits at Age 62
• 7 GOOD REASONS to File...
Average Retirement Savings by Age 60. Are You Almost Ready to Retire?!?
• Average Retirement Sav...
The BEST AGE to File for Social Security Retirement Benefits
• The BEST AGE to File f...
3 Social Security "Little Known Facts" That Are REALLY Important
• 3 Social Security "Lit...
Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.
![[TH] VCT Masters Shanghai Playoffs DAY 2 // PRX vs G2 | EDG vs TH](http://i.ytimg.com/vi/T5j2XVcDFs0/mqdefault.jpg)
Check out one of our most popular videos - *4 Major Social Security Updates for 2024: What You Must Know* -> th-cam.com/video/zBCmA5Xx7U0/w-d-xo.htmlsi=UKlzbdkAe1kuk20O
Very informative with consise explanations of wealth terminologies and USA wealth categories.
Thank you
WILL do
I am trying to find a video you made where you show the credit card you use for everything: gas, groceries, restaurants, etc... You made it clear that you were being sponsored by the credit card company. I am unable to find the video, would like to look into the credit card information. If possible, please list the name of the video or the link. Thank you.
One thing you didn't mention about the financial wealth of retirees that I'm curious to know is the added value of pensions in this equation. For instance, how much would a $90,000 yearly pension add to the net worth of a retiree?
Retirement is now more difficult than it was in the past. I've been saving for a long time instead of investing, and right now I only have about $400K. considering all the inflation, i'm thinking of investing in stocks, i dont just have idea on market strategies.
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one
*Jennifer Leigh Hickman* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Wow, her track record looks really good from what I found online. I'll take a chance and see how it goes. Thanks for the info
I'm no longer confident in my investment strategy due to the impending recession. I aim to reallocate my $250K portfolio. What's the most effective strategy to invest right now?
Although the stock market is continuing rallying, there is a risk of reversals in the key indexes, sectors, and top stocks in particular. I advise you to consult a broker or financial counselor for advice.
True. Having the right financial planner is invaluable. My portfolio is well-matched for every season of the market and recently hit 90% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, though this could take till Q3 2024.
I'm sitting on some significant money ready to toss it into VOO, but I'm kinda hoping that price drops a bit. I know we only want to see the stock rise, but being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
I'm grateful for this advice. Finding your coach wasn't too hard. I researched her well before arranging to speak with her on the phone. Considering her resume, she appears competent.
What evidence do you have for an impending recession? Why would you think that?
I visit my WV relatives, who live in the middle of the state in Clay County, often. The thing that strikes me the most is the scent of the air. It's sweet. I can make myself light-headed from deep breathing the air. As of 2019, West Virgina had 84.4% forest cover. Imagine all those trees cleaning and sweetening the air. I'd love to retire there,
A good percentage of people do not invest in the stock market because of lack of guidance. Every year you don't invest, you are falling behind. I’m hitting numbers in the stock market I used to dream of… now my dreams are getting bigger. Going from ($50k to $600k) is surreal all thanks to insights from a professional.
I thought gains like that are nothing but a pipe dream! mind sharing details of yourmanager please?
SONYA LEE MITCHELL is the manager I use. Just research the name. You'd find necessary details to set up an appointment.
Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.
If it smells like ammonia then it’s probably a Meth Lab
I'm a single, 43-year-old father who resides in Hamburg. If everything continues to go well for me, I intend to retire at age 50. I couldn't be happier right now than I am that I just bought my first house last month. I'm so happy that I made wise choices that altered my life forever.
Salutations, dude. At your age, you're doing extremely well. I'm 54 years old, and right now my finances are a mess. Any helpful advice would be greatly appreciated in helping to mold my life. I want to buy a home of my own.
It seems like I used the FIRE movement to manage my finances. Investigate it further by doing some research. With the help of a financial professional, they were then successful when investing in stocks, cryptocurrencies, and real estate.
I buy into the idea of using an expert but finding a decent one has been the challenge. Do you have any recommendations?
Her name is “Vivian Carol Gioia” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
I just Googled her name and her website came up right away. It looks interesting so far. I'm going to send a mail to her and let you know how it goes.Thanks for sharing truly!
Minus the increasing wealth gap, it's sad how difficult things have become in the present generation. I was wondering how to utilise some money I had. I used some of it for e-commerce business, but that sank. I'm thinking of how to use what's left to invest, but I don't really know which way to go.
I understand how you feel. It's a little bit difficult to navigate things these days. You don't wanna lose whatever is left. I may suggest that you find a financial advisor who could give you thorough advice on how to go if you want to go the investment route. Also, the fact your business failed doesn't mean you should give up.
Exactly. Failed businesses are just steps forward. Don't despair. When choosing a financial advisor, find someone who understands your needs-I learned this from experience. Now, I earn six figures from investments alone, and even more from my businesses.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
Monica Shawn Marti is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Mind if I ask you to recommend this particular coach you using their service?
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
This is financial advice and I never give financial advice: DONT LEAVE DURING THE BEAR. If you don’t want to invest…learn. If you don’t want to learn…build. If you don’t want to build observe. DO SOMETHING…other than leave. There is so much opportunity here. Take advantage!
I suspect too many just want to get another beer and forget the future.
Kicked out of high school because I was pregnant
Single teen mom, waitress by day, GED, then community college by night
Took ten years to get a professional degree in Nursing
Taught myself the basics of finance
Worked full time, saved, invested in 401K and real estate
Retired with zero debt
Wealthy category
Bam...
Sounds like you need a man to ruin your life!
And that’s the way it’s done! You go girl👍
Teens that are struggling need to hear this story…what an inspiration!! Motivation speaker needed 🥳
You should be very proud of what you have done financially in your life. Way to go! I love story's like yours.
I just made it to the wealthy category. I worked for 37 years and invested following the advice of paying yourself first. Before I bought anything I invested a set amount out of my paycheck. When I got a raise I invested it in more funds. I have been involuntarily retired at 58 some 11 years ago and I am having fun. Save and invest buy when the market is down the same or up. I can't tell you where the market is gonna be next week, next month or even next year but in the next 10 years it will be higher.
Sound advice, and nice job!
Great job, I endured two divorces, child support out the wazoo, a depleted 401k to pay off debts (allowed in a divorce settlement without penalty) and still retired a multi-millionaire. I endured at one company for 38 years and 9 mos. and retired with two defined benefit lump sums and a 401k, which I had built back up to ~$500k in nine years from 72k.
Quite an amazing result! I have been trading for quite sometime, I can't seem to break out the market myself
@lunamcdonald6951 how possible can I reach Christopher Pecktol?
@lunamcdonald6951 He appears to be well educated and well experienced. I ran a Google search on his name and came across his website, thank you for sharing.
The average retiree, I believe, should have been able to have enough to last the rest of his days. I t just depends on choices during your working days, just as I came to realize later. Surprising how I still netted more $2m. by retirement. And this is while living in New York!
New York is sure as hell an expensive place to live in. Were you affiliated to Wall Street? Because how could you net such a huge amount?
Not at all. I have just had a good savings habit from early in life. So when a friend introduced me to investing, I was intrigued. And this was just about four years before retirement, and I had only 480k to my name.
The person I work with is *Sharon Louise Count* and she's an incredible financial advisor. I only wish I started working with a financial advisor much sooner.
Thanks a lot for this. I just looked her up now and I sent her an email. I hope she gets back to me soon.
If that’s the same Sharon Louise Count I used she stole my money and my dog.
I don't have anywhere near even the 50th percentile and am not only very happily retired but live in a luxury seniors apartment complex. God has blessed me tremendously and all of my needs are met. I have fabulous neighbors and a wonderful church family. There is more to life and wealth than having boatloads of money. I am happy and content.
Amen.
Just another middle class guy, but without health, doesn't matter what "class" you're in, life sucks when you can't enjoy it.
It sucks even more when you have Democrats destroying everything intentionally!!!
For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My Wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $760k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
STEPHINE KOPP MEEKS she is whom i work with look her........
I'd be retiring or working less in 5 years, and I'm curious how others split their pay, how much goes into savings, shopping, or investing; I earn roughly $250K per year but have nothing to show for it.
You can invest some of your earnings in stocks with market-beating returns and shares that at the very least keep up with the market over the long term. I urge that you seek the advice of a broker or financial counselor for a successful long-term investment.
Very true , I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.
@@ThomasHeintz wow ,that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
Laura Marie Ray is my portfolio-coach, I found her on Bloomberg where she was featured, I looked up her name on the internet. Fortunately I came across her site and reached out to her, you can verify her yourself.
@@ThomasHeintz Thank you for this tip. it was easy to find your investment advisor. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
High school dropout
Laborer all my life.
Retired at 62.
$4100. Take home pension
House paid off. No debt at all
Money in the bank. Travel the world
Life is good
You should be very proud of yourself. 80% are doing less than you
What happens when you wake up from that dream?
@@unclebuck5051 I’m at the airport right now
Headed to San Francisco Ca.
Life is good
@@darelljones4621 thx. I’m blessed
@@PInk77W1 I think I see you across the way.
I would be retiring or working less in 5 years, and I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $90K per year but nothing to show for it yet.
I recommend you seek the guidance of a broker or financial advisor.
It's gotten especially difficult since the pandemic, hence why I decided to use the expertise of an advisor, my spouse kicked against the idea initially, but oh well guess who's best buddies with our advisor now
*@spacecadet6* Hi there, This got my attention, which advisor do you use and are you making more than average returns?
This reference seems valid.. Just looked up her full name on my browser and found her webpage without sweat, over 15 years of experience is certainly striking! very much appreciate this.
When I started working I was fortunate enough to be able to put the most the government would allow into a 401K along with match money my company put in that amount had many years to grow (time was on my side). So many things have happened in life and the world over say the last 30+ years if possible you may want to max out your retirement account options both pre-tax and after-tax. CD's are paying a great return at this time I was able to retire at a young age I got out all my S&P500 index fund. I am not a financial planner so that can only help to talk to at least one pro in that area. Fidelity has always worked for me and I have only read good things about Vanguard. When it comes to money be careful.
Choosing a Roth IRA is advantageous as it uses after-tax funds and allows tax-free growth. When I retired, I had $3M million saved, and I won't be taxed on my withdrawals.
Currently, my primary worry is how to increase revenue during periods of quantitative easing. I cannot afford to witness my savings dwindle away.
That’s true, Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, , and in just a few months, I was able to earn over $950K in net profit from high dividend yielding stocks
@@VanPelt54u7fcyde57
who is your coach if you don’t mind me asking.. heard a bit about coaching where investments are done in personal trading account with the help of a license advisor, is this right?
Absolutely, Monica Amanda McClure is my portfolio coach, and my trading account basically mirrors that of hers, it's quite transparent and automated, so I don't have to be active during trades. You can vet her if you like.
If you need to ask it’s not gonna be good. You need to educate yourself. Lots of scam traders out thhere
Great video. We are all seeking for financial independence and a better way of life. This is not difficult to achieve with savvy investing, a frugal lifestyle, and cautious budgeting. I'm glad I learned early on to work hard for financial independence. As Warren Buffet said, he has seen this happen many times in his life. Not an investor, My husband and i never earned more than a middle class salary. We plan to get retired at 58 with a stock portfolio worth $2.7M. We have never sold so much as one share of stock.
Most people don't understand the power of compound interest or are just impatient. However, I think the average person is better off investing in the S&P 500 and waiting for what is reliable, albeit extremely long: many years, or simply hiring an investment advisor and accelerating wealth accumulation. Most people underestimate the power of the latter.
That's right, I've been backed by a financial advisor for almost three years now, I started with over a hundred thousand and I'm just $19,000 away from making half a million profits from compounding and dividends.
There are a lot of independent advisors you might look into. But i work with "Jill Marie Carroll" and I have been working together for nearly four years, and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her.
Holy Schmidt, how about 60, 70, 80 percentile?
@@Americanpatriot723 Here comes the bullshit!
Health is wealth. If your 65, home paid off, summer home paid off and money to travel, look in the mirror and smile, you made it. Holy Schmidt, love your video’s.
I don’t have a summer home, but everything I have. I am so thankful that I’m most of all healthy, 65 years old , retired and enjoy life!
Education is also wealth. “your”?!? Moron
@@beautyRest1 consider yourself lucky. Very few of the people I know that bought a summer home (or winter home - snowbirds) use them as much as they thought they would. Usually, after a few years, they want to go somewhere else for vacation, so they miss part of the season. Then they start missing a few more weeks. And sooner than later, the house sits empty or is on Airbnb, and they complain about all the Airbnb fees every time you see them.
@@JBoy340a I would not want or desire a summer or winter home. Too much trouble and I couldn’t afford it anyway!
@@beautyRest1 what is the difference between wanting and desiring
According to your video, my wife and I are wealthy.
We don't feel wealthy, because our combined incomes aren't exceptional - we just managed to save a lot by keeping our expenses down. And most of our wealth is tied up in real estate, 401(k) accounts, and stocks ... so it's not like the money is readily accessible to us. We both drive ten year old vehicles and probably won't trade them in until they reach 20 years. Our discretionary expenses include a night out at a restaurant a couple of times a month and a trip to the movie theatre once a month (we even splurge on popcorn!).
My wife still works. I retired in 2017. You could say that we are missing out on some of the best of our Golden Years. And there may be some truth to that.
However, for the things that we value most (family), we are rich beyond words. We care for my 96 year-young mother. We care for our 20 year-old son, who is taking time "finding himself" (i.e., no college and no job). And we care for our 10 year-old labrador/golden retriever mix dog. Each has their own set of needs, each requires our attention and support, and we love them all. I don't consider what we are doing as a sacrifice. It's just the way things are: we're needed.
At some point in the future, my mother will transition to a long term health care facility, my son will find his independence and our dog will go to Doggie-Heaven, freeing my wife and me to come and go as we wish. While we may enjoy the opportunity of taking long vacations then, I don't think that we'll be any happier than we are now. Life is good! 🌄
I didn't have my life together until I turned 40.
If I had only put money away in my 20's' and 30's.
But I didn't.
It's a lot harder to catch up on savings later in life and all the junk I wasted money on earlier is gone.
It's my fault.
Doing better now but I sure didn't do myself any favors.
Strange, everyone else in the comments is in the 95th percentile or above :-).
@@4040smokeyInteresting, right? It makes me wonder what all of these “wealthy” people are doing here, watching TH-cam videos. Don’t “wealthy” people have anything better to do?
My husband and I are in the 90th percentile bc we have been careful w our finances. Having a few million in the bank gives us the financial security but at this day and age in the States, it could easily go away if we are not careful w our spending. We don't splurge in expensive cars or any luxury brand products but we do invest in more substantial things in life like a healthy lifestyle and eating healhy. It's cheaper than having hospital bills actually.
I agree. We are in the 1987000 percentile with $4.72 billion in the bank. We're very frugal and currently live in a converted school bus out in Slab City. We limit ourselves to $2.65/week in expenditures.
@@unclebuck5051 lol 😂
Could I consider the 75th percentile to be approx. 800K? You should have given more figures between 50 and 90 where well off blue collar people might be.
Agreed! That is about where I am going to fall.
You're doing a simple linear extrapolation between 50th and 90th percentile which is not correct based on the data he's provided. The data is a curve not a straight line. 800k probably puts you higher than 75th percentile.
@@mitchd949 Which is why my statement was done as a question. 800K is 1/2 way between 50 and 90 dollars.
@@clbcl5 and I said your estimate is incorrect - it's too low because you assumed a linear relationship instead of a curve.
@@mitchd949 I did not assume anything, I made a very UN-educated guess. I'm no expert. But we would not know until a follow up video is done, unless you know.
Interesting I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
Thanks for the efforts you put in these. I found her and i leave her a message i awit a respons.
Retirement is not an end, but a new beginning.Your dedication today will pave the way for a future filled with financial security and the freedom to pursue your passions.Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income..
@@Margaret22- Alright so generally, investing requires higher knowledge. For this reason, It's important to have a solid support structure (financial consultant) to guide you through especially in asset picking. I operate with (NICOLE DESIREE SIMON) an investment advisor who partners with a licensed wealth management firm. For the record, the experience has been the best for my finance. She is quite popular for her services so you might have heard of her.
@@corrySledd Please how can I get to her?
@@McElvinnNICOLE a well-known person in her field, is my advisor. I got to know her through my wife. It's my wife that has her number, but you could further investigate her credentials and contact her yourself.
Not everyone wants to work their butt off just to build up massive boatloads of money. Some of us value experiences more than dollars. I can't come close to matching your $$$ but my life has been one long adventure, moving and traveling all over the place. I am retired and living nicely but frugally and have no regrets. :)
A perfect storm is brewing in the United States. Inflation, bank collapse, severe drought in the agricultural belt, recession, food shortages, diesel fuel and heating oil shortages, baby formula shortages, available automobile shortages and prices, the price of living place. It's all coming together and it could lead to a real disaster towards the end of this year (or sooner). With inflation currently at about 6%, my primary concern is how to maximize my savings/retirement fund of about $300k which has been sitting duck since forever with zero to no gains.
These are the conditions in which life-changing money is made by those who remain calm, patient, and take controlled risks. Volatility goes both ways. The bigger the red candles, the bigger the green ones.
Investing in stocks can be a wise decision, especially if you have a dependable trading system that can lead to successful outcomes. Personally, I've been working with a financial advisor for about a year now. Starting with less than $200K and I'm now just $19,000 away from making half a million in profit.
@@hermanramos7092 I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same. Is there any chance you could recommend who you work with?
@@Oly_laura my advisor is ‘’Catherine Morrison Evans ’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
@@hermanramos7092 She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
This is my fifth year after retirement. I’ve been following the 4% rule thing, but this isn’t really how hard I expected things to be. I still have about $460k outside funds in my IRA to invest in stocks. Pls how do I take advantage of the market turnaround?
now you are retired and depend on your investment, it’s best you redistribute your capital. To simplify the process, you could allocate your resources with the help of a financial advisor.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.
Pls who is this coach that guides you? I’m in dire need of one
I started out with an FA named Nicole Desiree Simon Her honest approach gives me complete ownership and control over my position, and her rates are incredibly affordable given my ROI.
I Found her online page by searching her full name, I wrote her an email and scheduled a call, hopefully she responds soon. Thanks
I'm 60 years old and have paid for everything. Everything you described was something I considered before retiring, but I never did. Fortunately, when I was 18, I had an economics professor who taught me. That lesson was that you couldn't buy anything else for every purchase you made. It is prudent to diversify your sources of income and, above all, to live within your means. Consider taxes and how you obtain your revenue. I own a ten-year-old vehicle because it meets all of my needs, I like it, and I can do whatever I want with it. My net worth is $4 million, and I can pay my bills without worry, but I don't live like if I do. I have no problems, only gratitude.
Right alongside you. No debt, early retirement. Children are well-cared for. On 11 acres overlooking the river valley, I'm constructing the house of my dreams. There are many methods to get riich right now, but only real-time professionals are capable of making such high-volume, near-perfect trades.
That's right, I began invsting sometime in 2018 and by the end of 2021, I had earned a profiit of over $750k This can only be carried out by seasoned institutional invstors with ISDA agreement. With no prior invsting experience or skill, Instead I merely followed the instructions provided by my invstment advisor, proving that you don't have to be an expert invstor or put in a lot of effort; all you need is a profesional who can mentor and guide you for a fee.
@@smithmurphy I'm glad I stumbled upon this discussion. If you don't mind, could you tell me the name of this invësttment advisōr who helps you with your investtments and how I could contct them?
@@svengrot7943 Having an advisor is essential for portfolio growth and wealth creation through the stocks market. My advisor is "JILL MARIE CARROLL" who is easily searchable and has extensive knowledge of the financial markets.
@@smithmurphy This is useful information; I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
I've been diligently working, saving, and investing toward financial independence and early retirement, but the economy since the pandemic has eaten up the majority of my $3 million portfolio. I want to know: Do I keep contributing to my portfolio in these unstable markets, or do I look into alternative sectors?
Just try to diversify your portfolio to other market sectors, that way your investment is balanced and you don’t get to make so much losses.
I stopped listening and taking financial advise from these TH-camrs, because at the end of the day, I end up with a bunch of confusing stocks without knowing when to take profit, In reality, all I needed was professional advice.
@@cloudyblaze7916 How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
@@selenajack2036 I’m a contractor, and my job doesn’t permit me the time to properly analyze my holdings/evaluate stocks myself, so I’ve had a fiduciary " MRS MARISOL CORDOVA " actively restructuring my portfolio for the past 7 years now to match the present market condition and that’s how I’ve been able to stay afloat, knowing when to buy and sell…maybe you should do the same.
@@cloudyblaze7916 Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly scheduling a call.
I grew up in poverty and I am now in the 88th percentile of household income. I didn't win the lottery I just worked hard and invested well. If I can do it anyone can do it. By the way it's nice not having to ever worry about money.
Congrats on your personal achievements..
Same here. We used to hope we could find enough quarters to be able to do laundry and now I am in the same place you are! It feels good.
You accomplished a lot and you earned it. There is still opportunity in the USA.
First, congratulations on your hard work and investment savvy. When I was 17 years old I was homeless and everything I owned fit in a backpack. Fifty years later, I'm now retired and I'm above the 90th percentile. My friends think I'm "lucky" but they don't remember that while they were recreating and having fun, I was attending night school, working weekends, and I had to move repeatedly to move up the corporate ladder. So, work hard, get an education, avoid debt, and live on half of your income and invest the remainder.
@@lockman004 I know many people thought I was delusional for not buying the mcmansions, expensive cars, and other toys. One thing I learned early on is that all the "stuff" doesn't bring happiness. The only thing that money buys that has any value is freedom. Freedom from want, freedom from anxiety, and freedom from fear.
My mom and dad lost everything due to war, but eventually built themselves back up to the 99th percentile. They unfortunately both passed away, but they left me and my siblings enough to all be in the 90th percentile and I am very blessed by all of their hard work.
But can you imagine losing it all when you're too old to gain anything back?
These are fantastic takes, the secret to wealth is saving for a better investment. I feel exceptionally lucky I started investing in my early 40s and compounded my income to create more cash flow. I retired with a 7 figure well-diversified portfolio having exposure to different prolific investments mainly stocks, real estate, precious metals, and high yield dividend funds. I'm forever grateful to Trisha Jean Webb my F.A... Now house and cars all paid off and no other debt.
I started investing a little while ago and I've come to realised that the secret to wealth is saving for a better investment.
Truly Stocks are the best investment decision you can make. I buy quality firms, anticipate to hold them regardless of what happens, pay up but not too much, keep track, sell only when necessary.
I did look up your FA and I'm impressed with the reviews, very remarkable and transparent with solid accreditation. I hope she is open to assist me.
Scammer
I'd love to see a few more numbers in the middle brackets. (Where most of us live, as opposed to the upper wealthy)
Yea, an "Upper Middle Class" would have been nice.
Yes, agreed! I’m in between middle class and wealthy and have worked since I was 14!
Good stuff Goeff. It gives me perspective. Thanks! I like your 7-10 minute posts especially and I listen often.
My wife and I have done very well and were never big money makers. The key to our success was teamwork, we both worked together to move in the right direction. We also made a succession of good decisions. Moving through each phase of our lives keeping pointed the right way. We now live in adult community and are enjoying the fruits of our labor. It was hard work and we lived fugally.
"Wealthy" to me always meant your 'needs' were taken care of (ie, 4 walls, food, utilities, transportation, medical) with a bit left over for wants, good health and a great circle of 'friend and family'. I had never considered it a set $$ amount - I've known 'rich' people with lives you couldn't pay me to live - they had all the toys and fancy houses but horrid personal lives (cheating spouses, kids who wouldn't talk to them, working all the time, etc); but I've seen 'poor' people with no financial acumen who created their own financial stresses due to chasing wants instead of needs and not trying (or in 1 case I know, out right rejected) to educate themselves. Guess in a way it is down to your POV and how willing you are to be 'independent' financially. Numbers are numbers - but, as you said, being 'rich' is not the whole story.
I read the title and thought , man I don’t need to be wealthy!! I just want to take care of myself!!! Wealth is so much more than money!!!
Don't drink the Koolaid!
Pretty hard to pin down because wealthy means many different things to many different people.
It's a financial channel.
Looking at percentile definition takes out the guessing. Not hard at all.
No it isn't.
The number is a tangible known percent of any given society.
I agree. I know multi millionaires who still feel they don’t have enough. Poverty is a more tangible position since that involves people who can’t even afford what they need.
@@helenaville5939 Right! I started to comment about how having a lot of $ doesn't mean "all is right with the world" and then I remembered that lol!
Fantastic video! It's super accurate from various perspectives. Thanks for sharing. The descriptions in each category hit the mark perfectly. Much appreciated!
I’m retired,65 blue collar. I don’t take Social Security yet. I made the plates that printed that sheet of currency hanging on your wall. I own an 11 year old car and a newer one 2024 CRV that I paid cash. House is paid for and my net worth is 1.8 mill. But I’m not wealthy. Just happy I have my health and family to enjoy. I appreciate my life and spread my happiness. ✌️
Pa-LEASE put something in between middle class and Well-off. Lol I felt very good after the middle class description but fall short of the Well-off description.
I’m in the upper middle class, but I retired ten years early. Knew too many people who either never made it to retirement, or died shortly after. Money don’t do any good in the graveyard. 😊
Well said.
Irrelevant issue when you're 6-ft under. Regret is for the living - like when you're 90 years old and regret that you stopped working while you were still able to.
@CHixon ...said no one, ever...
@@User-cc6cqoh yes they do…
I enjoy your videos, and appreciate your summary at the end, “all’s right with world, at least financially.” It is always good to keep things in proportion: I have know few really wealthy people, and some had miserable lives despite.
I love that you keep your presentations fairly short! Short and sweet.. Thank You
My pleasure
Thanks so much for the good videos Jeff. A small thing, but wanted to say thanks for giving values by household. I see so many videos or articles that speak to how much to have at retirement and its never clear to me if that is for a single person or for a two person household.
A true friend is worth a lot.
Totally
Thank you. It's nice you actually gave numerical figures for each category
This is a great visual of milestones to meet for the next 20 year! Thank you!
Thank you Mr Schmidt
Interesting, but in a few years the numbers may become dramatically higher in every percentile group. I once heard a wealthy man who was ill say, "If you have good health, you are wealthy." He didn't say anything about money.
Like the show😊. I like the fact that you pointed out the difference between median vs mean. So often programs say average without specifying which one, or try to prove a point by comparing one mean to another median. Thanks@
Great video! Benchmarks and defined goals is how to close on your best future.
Keep preaching these no-nonsense facts of life! Absolutely Love them, and your straightforward approach without sugar-coating anything! People need to realize that spending everything you make is really, really a continual lapse in judgement throughout your life. My wife and I (now at 53 and 54 respectively) both started saving early, years before our marriage in the late 80's...almost to the point of lunacy over the years, more or less making a game out of it. Not going out with friends, buying generics, shopping at Goodwill or Salvation Army, clipping coupons like crazy, second or third hand cars, garage sale tools and yard equipment, off-season trips, always ordering water if we do go out for dinner and no appetizers...and 10% max on tips...and that's only if they really "earned" them. Neither of us were ever "given" anything in life and knew that hard work and determination was the magic key that everyone can put to use. For many, many years we made it a goal to save/invest at least 50% of our monthly pay. I retired at 45 and she retired at 46 (neither of us ever making more than $70K/yr). Now trying to make it worth our while for all those years of sacrifice. Hang onto your hat though, as this is where the irony in this story comes out, and you'll find this part "nonsensical"....we have a little over $2.6M in savings and investments that we should never have to touch the principal on....YET, we still go to Goodwill/Salvation Army, clip coupons, drink water if we go out, drive secondhand cars, and basically still do all the stuff we did during our earning years, and still make a game out of it...and even still put money into savings every month! I can't imagine ever, ever, ever paying "retail" for goods the rest of our lives....what a waste of money! Get ready, even more irony....we never had kids, and as such, have no grandkids to leave anything to, so trying to identify which nieces or nephews we'll leave anything to. By the way, none of the relatives on either side of our family know we have anything saved or invested and they just think "we're just scraping by monthly"....they just see us as the Aunt and Uncle who live "modestly" in a small home and keep to themselves...but they all know we love them to pieces. And as the experts have always stated over history....."NEVER tell any of your family or friends you have money"....we heard this story continually over the years, so we stuck with that mindset. So to stay in this context, all our relatives think we still have jobs, as we always plan visits around theoretical "vacation time", just so they don't get to wondering "how do they get by without working". Yes, we know, not exactly being straight up with them, but it should "keep fences up where they need to be", as my grandad used to say. Getting on the Savings & Investment train while still young helps immensely while developing those first spending habits. Our grandparents on both sides who had been through the depression as kids themselves, taught us that putting money in a "Passbook Savings Account" (not sure if these even exist anymore) and then only using it for emergency purposes will help keep you happy and safe. We had both started jobs in our early teens (that paid minimum wage at $2.75/hr) and started the savings train early on in life...this was the catalyst in the whole deal, because once you save actual "cash"....this mindset rubs off on just about everything else in life you come across by always thinking about where you can "save money", and you're constantly on the lookout for "deals" and "where you can save"....and those "well-worn jeans, T-Shirts, Jackets...and all other Goodwill & Salvation Army finds" are still the rage around our place! Just a few tidbits of info. on us "unemployed 50+ year olds" here at our homestead...and still saving for that "rainy day".
10% max on tips. Wow, you guys are tighter than bark on an oak tree!
@@miket7184 Yep! Frugal and stingy are 2 different things!
@@miket7184 Ridiculous, the richer you are the cheaper you are. I would be embarrassed to leave a 10% tip!
I remember in high school some asked me what having enough money meant to me. I said being able to buy a set of new tires for my car without any issues. I can do that today.
If you live within your means and are happy with your life, the amount of money in your account is just a plus, no matter how much or how little.
Agreed. I too desperately need the S&P 500 index to go back over its December 2021 all-time high of 4,819. I am hugely invested in that stock index fund and cash. Please, God, soon. I haven’t sold a single mutual fund share since August of 2021 for living expenses. I’ve been using my cash & bond tent to stave-off the two deadly occurrences for a new early retiree: (1) high inflation, and (2) sequence of returns risk. I need the market to start pulling its share yet again. There are many luxury items & international trips on which I need to splurge mightily, and $3,000 / month in Social security payments is still many, many years away. Oh God in heaven.
You are the first person I've seen on youtube define net worth in terms of household rather than individual. And for the first time I feel I'm getting useful information. Because to hear what is ''wealthy'' for an individual is going to be much different than for two individuals. Yet most people talk about what the individual needs to be considered wealthy, without reference to whether there are one or two individuals in a household? What is really needed is a metric for defining wealth according to the number of people in a household, with a somewhat higher number needed for each additional person. By the way, I'm a retired financial planner.
Based on these numbers I am part of a wealthy household, but I don’t think that way and I don’t act like it either. I am grateful to be able afford a comfortable life and for my feeling of financial security, but we live pretty modestly. It is the financial/economic uncertainty that keeps me living well below my means. Maybe since I have experienced economic hard times during my 61 years my most valuable lesson was past performance is no guarantee of future results.
Well said Kurt
You sound like me, but I’m 62
Retired from real job, decent pension. Run a small painting business, work when I want, hire friends for big summer jobs
Inherited assets definitely plays into higher wealth. It's not a level playing field.
It definitely matters. If not for my husband's inheritance recently, we would be at the bottom of middle class or less. Now we're in the middle of middle class. His brother, whose wife also inherited a good amount of money is in the well-off category even though he never made a big salary.
Even if you tax people at 100% of what they wanted to give the relatives or children when they died it was still not be a so-called level playing field. People have different abilities either by genetics or education by their parents or talents or discipline.
Some people have ideas and motivation to be entrepreneurs and make a lot of money. That way and other people have a lot of discipline and work at traditional jobs and save and do not overspend, and make money that way. So it’s never going to be a level playing field unless I guess you turn to communism do we want that? No is my answer.
Wow thanks for the clarification, especially on the mean vs median. I always wondered about that 🤔
I’m closing in on my retirement and I’d like to move from Minnesota to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways.
Indeed, the recent market downturn serves as evidence that a vast majority of individuals lacked a sufficient understanding of the underlying financial dynamics at play.
@@McElvinn Such market uncertainties are the reason why I don't base my market judgments and decisions on hearsay and rumors, I got the best of myself in 2020 and it made me hold a worthless position in the market, I had to revamp my entire portfolio with the help of an advisor, before i started to see significant results in my portfolio, i have been using the same advisor and i have climbed $850k in 2 years, either a bull or bear market, both make good profits, it all depends on where you are looking.
@@Aziz__0 we’re only just an information away from amassing wealth, I know alot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market, could this coach that guides you help?
@@AUstinnesc Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "NICOLE DESIREE SIMON" is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
@@Aziz__0 I just Googled her name and her website came up right away. It looks interesting so far. I'm going to book a call with her and let you know how it goes. Thanks
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Consider buying stocks when the economy is not doing well, like during a recession. It could be a chance to buy them at a lower price and sell later when prices go up. Just keep in mind, this isn't financial advice, but sometimes it's better than keeping a lot of cash.
I’m closing in on retirement, too, and I have benefitted so much from using a financial advisor. I didn’t start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who had been investing for many years.
How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings
The advisor that guides me is Amber Dawn Brummit, most likely the internet is where to find her basic info, just search her name. She's established.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
Great analysis…best financial channel by far!
Thanks G!
Interesting information. Thanks!
It's always good to see the numbers.
Thank you for clarifying ‘median’ vs ‘mean’ for this video. Different folks seem to use those terms interchangeably.
‘Net worth’ is another term that some people use for indiscriminately.
I understood the definition of net worth = total assets - total liabilities. It is separate and distinct from income.
I recently saw an interview of the wife of a celebrity. He had made a lot of money; they had been wealthy. She said, “Yes, now our debts are higher than our net worth”.
(I don’t know all the circumstances, but I felt sorry that they didn’t learn the basics of personal finance along their journey.)
@mcmccoy1184
"I understood the definition of net worth = total assets - total liabilities. It is separate and distinct from income. "
That is my understanding as well.
That wife of the celebrity misunderstood the meaning of net worth when she said their debts are higher than their net worth.
Net worth INCLUDES subtracting debt.
If their debts are higher than their ASSETS, then they have a negative net worth. They are probably living paycheck to paycheck, paying off that debt.
To keep up with rising cost we are beginning to see the equity of our home for what it truly is, Its becoming hard for us seniors not to ask the obvious question: Should we cash in, invest the money, and rent/relocate?
I knw times are uncertain. I and my spouse are wrking on a ballpark estimate of $5M for retirement, and I have a good 6-figs each load/ed up for this, you think we can do it in 5 yrs at most? I'm nearly 55.
@@MelbournecityyVery true, people downplay planners role, until burnt by their mistakes. I remember just after my layoff early 2020 amidst covid outbreak, I needed to stay afloat, hence researched for license-fiduciary advsors. Thankfully, I came across someone of practical knowledge, and decades of experience, I liquidated 200k of 325k from my 401(k) it has yielded nearly 1 m after subsequent investments so far.
Kayla Tabitha Rodrigues is the CFP responsible for my portfolio success, the lady has a private client base you can confirm her yourself on the internet, regulation an all.
@@MimaLopez-jt4vqThanks for the share! copied and pasted full name on my browser, effortlessly found her site, very professional. I got some feedback hope to speak on the phone soon.
@@user-et5kj3wz7bDo you have a 401k? you should contribute to your retirement diligently, or better still look into financial planning
I would like to see figures on the 75th percentile where I'm willing to bet most of your listeners are at. That way we'd be looking at people who had saved additional money besides their home value but weren't in the extremes of wealth. Please do that for us.
I grew up in a trailer parks and left home when I was 17 y.o. and joined USMC. Then life got busy and fast by getting married and having a kid when I was 23 y.o. After being married and divorced twice, I finally started saving for my retirement in my late 40s. I worked two full time jobs then went on my own with a business partner. I'm retired with comfortable retirement accounts and owning nothing but my own vehicle. I believe it's not how much retirement income that you have but how much are your retirement expenses. I'm in above 90th percentile but I don't considered myself as well off. I feel wealthy since I have more money in retirement accounts than what I spend.
Great video.
I am somewhere between the 95th and the 99th percentile.
Worked hard to get there, now at age 62, near 63.
God bless all of you as you strive for financial independence.
We can all do it.
Keep optimistic even in the current climate.
Same here. We retired mid fifties on half what we have but compound interest really driving it now, even with lots of travel and toys. Enjoy the fruits of your labor !
It’s honestly surreal to me that we’re in the wealthy category at age 42 already and, according to our financial forecast, we will be just below the 99th percentile by age 60. We didn’t set out to build wealth. We haven’t held CEO positions, we’re not doctors or corporate lawyers. We just always lived below our means, invested early and minimized our debt. We also started out with nothing, made modest income early in our careers, didn’t have any inheritance or other type of financial help from anyone, and built everything with our own determination, sacrifice and patience. This goes to show that the vast majority can achieve the same.
patience and consistent work will bring you stable wealth. no matter what you do. ❤❤
Due to inflation, By the time you turn 60 in 18 years, your new 16million of wealth will likely still keep you in the same 95-98 percentile. That same home in Loyola, CA will now be worth $5-10 million
@@jackchen5290 inflation was definitely incorporated into the model. That’s a very basic component of any financial modeling tool/approach. The projected investment balance is also reflected in present day spending equivalent. So if I expect 50mil by age 80 I know its spending power won’t equal the same in todays dollars.
I always like these presentations. Measuring where you stand in interesting and might give you something to think about. For many, their home is their largest asset. An analysis like this, not including the homestead would skew these %s significantly I would think. One last point-Obviously there is a big difference in the concept of net worth and available income. If someone has a home, a lake house, and a hunting camp his net worth might appear higher on that scale than the available income generated by investments for a given lifestyle. If a couple has fixed retirements from a government related pension this is not measured in those net worth calculations, but is crazy significant to those people receiving them. A husband and wife retired teachers from the public school system have significant real wealth than those without.(not to pick on teachers). But, speaking to investment planners, people like those look at retirement much differently. (Note-obviously a public pension benefit is not a recognized asset for a net worth calculation-but imagine a $60,000 joint pension is really “of value” over 30 plus years.
Huh, I don't feel like I'm in the 95th (just retired at 52). You described my situation to a T. I guess it depends on where you have your primary and secondary residence maybe?
Great vids by the way. Been watching you since you were under 50k subs and your informational videos helped me plan to retire early!
Yea, if you "retired" at 52 you definitely feel the 95th percentile. Just sayin...
My portfolio doesn’t just cater to dividend stocks. I hold $VFIAX (S&P 500 index fund) in my Roth IRA and $VTI (Total Stock Market ETF) in my taxable brokerage account. Two of my largest holdings. The individual dividend stock positions all complement the index holdings.
Diversifying with $VFIAX and $VTI is smart. It’s financial independence, not dependency, that truly empowers.
If you lack market knowledge, your best bet is to seek advice or support from a consultant or investing coach. Contacting a consultant may sound simple, but it's how I've managed to stay afloat in the market and increase my portfolio to roughly 60% early this year. It is, in my opinion, the best way to get started in the industry right now.
Whitney Kay Stacy is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Your dollar goes further depending on where you spend it.
I like the 40,000 USD two br houses with garage in the Philippines. And I like their 20 cent fried eggs and 15 cent coffees. (stated in USD, not pesos).
did you come up with that all by yourself?
Thank God!
Solidly middle class but not yet 65 so I am on the right path.
Interesting , Thank You
According to those numbers I'm in the "well off" category and not a terrible distance away from wealthy. My wife and I have lived modestly. We still frequently shop at 2nd hand stores and you'd have to look a long time to find any name brand clothing in our house (and if you find some it likely came from a 2nd hand store). I drive an 8 year old car, and for me that's a new car. I'll be driving it for years to come knock on wood. In short we're just middle class folk that have lived a middle class lifestyle but kept investing through the years. As the video says time is your friend. Best advice I can give is start investing early, even if it's just a few dollars. Wish I'd done better on taking that advice.
I was well off, Biden fixed that.
We are above the 95th. Cars are 10-15 years old, we still bargain and coupon shop, I change my own oil and most auto repair jobs up to a couple engine rebuilds. Same with our home - I built most of it myself and do almost all work on it - I have paid for well, septic and heat pump work but beyind that I do it all. We retired mid fifties and enjoying lots of travel and toys so it is a good balance for us.
@@rob.grangerMaybe you weren’t really well off. I’m well off and nothing Biden has done changed that.
@@Luv2Ski4500 yeah, probably.
Me too, but I just discovered and purchased several high-end Chris Reeve folding knives even though I don’t need them whatsoever. I consider them works of art. That’s several thousand dollars down the drain. Oh, God. What is wrong with me?? I’ve been a strict saver all my life.
One item that individuals should include for their own position of wealth, although challenging to have in your analysis, is the NPV of the income stream of any pensions or external income they receive. In addition, the amount of a household's indebtedness could be detrimental to one's long-term income stream. Three million dollars of net worth may not last if you rely on it alone for living expenses, with the added burden of paying down a large amount of debt.
Yes, we have pensions which almost fully meet our expenses, further letting our retirement savings accumulate. A pension can add another 3-5 million in net worth but not often consisdered. We saved assuming we wouldn't have one as a back-up bit so far it has worked out well. Chose my employer at a little lower pay specifically for their benefits package so it was planned.
True but also keep in mind that the $3M, in most cases, is still invested to that's a very nice stream of income in itself with a large future value. I don't know any retiree that moved to pure cash but I suppose it may happen.
Net Worth by definition subtracts any debt from assets.
You can have three million dollars of net worth and also have a large amount of payments. Net worth does not mean no debt. @@justliberty4072
Really great videos. And thank you for your advice & tips. (Suggestion: consider dropping the "zoom in & out" playback feature that appears to be consistent in your recordings... IMO, it's quite distracting).
Nice video... I've been following for awhile now. I don't ever remembering seeing if you have made any videos about what is typically deducted from the social security payments. Thanks!
You skipped big between middle class and well off.
I guess I'll be somewhere between 65% - 75% with little over 1 million?
It's all relative - my experience of the undeniably wealthy (I'm a retired builder - they were my clients) is that no amount of money is EVER enough to assure them they have enough. It's not necessarily greed, per se, but a pervasive mindset that more is always better, for many reasons. On the other hand, many years ago an anthropology professor told our class that if three conditions apply - 1) you own more than one pair of shoes, 2) you can choose what you'll eat for dinner tonight, and 3) you know where you're going to sleep tonight - that you are among the wealthy of planet earth. And that was many years ago, before climate change ramped up to its present level and the population was this high. I'm not a millionaire, but I KNOW I'm wealthy - I have thousands of dollars in ready cash, a lovely and charming, albeit modest paid-for house, and I drive a fine car. I could, if I chose, fly to Paris or Hawaii for dinner - but not more than a few times. I could take an expensive cruise on the QE2 - but maybe only once. If I didn't do those things, I probably have enough money to last to the end of my days. So yeah - I'm rich. It's all relative...
I've tried to teach this kinda lesson to my grandchildren. That we are all in this country rich...even the poor. Why? I have a slave that brings me water so I can drink, I have a slave that brings me firewood to heat my home, I have slaves that work the fields to bring me food, I have court jesters to entertain me. I live like a king and so do you if you live in this country, even the poor.
Your perspective is waaaaaaaay more realistic than most of what is pedaled on this site, so thanks for that.
I've often wondered why some of the super rich stay in the grind when they already had generational wealth. Probably why I'm not ultra wealthy.
@@4040smokey Holding wealth and its accumulation as one's - or a society's - highest value is an EXTREMELY toxic pathology...
@@4040smokeyI think many of them actually enjoy the grind and are very driven to achieve. It’s just who they are…
Thanks Geoff. Take care of that cold.
Good to know what my target is 20 years from now...
Yeah, I started investing and saving like mad when I got my first job
I made very good money...and saved nearly all of it.
"The Millionaire Next Door" was a useful book.- got me to the 95% percentile
What is funny, are my two vehicles put me in the lowest 20% percentile - 33 year old truck I rigged for fishing and camping, and a 19 year old Acura TSX (they aren't worth anything
but are solid nice vehicles.)
they are worth a lot to you....they are worth what it would cost to replace them
that, and you have those burger franchises
Not to worry. Geoff and Tony will get you there.
I've purchased four vehicles in my life. The first was one year old and perfect, but got stolen. The next three were new. I sold my '79 Chrysler in 2016. It was perfect. Still have my '01 and a '16 that I bought for a long commute. Buying new and keeping them a long time saved me so much money over the years. I've only had three car loans, all with 0% interest.
@@user-yj3ob9kd3lYeah, I bought the Acura used cash and will just keep it forever. I don't have any auto loans on depreciating assets. The only auto loan was right out of college. I bought it with a loan, that I paid off cash early in 1 year just to establish my credit rating. Everything else bought cash.
I have a 20 years left on a 30 year fixed mortgage at 3.7% but I intend to get a 20 year T Bill making 4.2% against my balance. So I pay more my little apartment complex risk free.
The amount of income in retirement plays a roll. My parents had less net worth but had a healthy pension. They saved a lot of their net worth after retirement.
Yep. My net worth is $1.5 million. But I have a military and a civil service pension that total $13,000 monthly.
Add my wife’s pension and we feel pretty well-off.
you could calculate the net present value of the income (pension etc.) add to your net worth to get an accurate picture of where you stand. Not an exact science but using current anuity rate can give you that number.
@@daviddestefano5044 Yep. An immediate lifetime annuity paying $13,000 monthly would require a one-time payment of nearly $2.2M.
@@stevennevins6643 thats a fair number.
That pension is worth over 3 million if capitalized - so you should feel very wealthy! Enjoy. @@stevennevins6643
“Mr Wonderful’s” take on this was
really profound:
When you are free to do as you
please?…something like that. 4:27
That was very interesting. Thanks for sharing.j
Thanks a lot. Would greatly appreciate if 60th, 70th, and 80th percentile data is included as well.
Yes definitely. I would appreciate more detailed financial data.
I will second that request
DITTO, Those of us who watch these videos are well above the 50th but no where near the 90th.
would you all like some fries with that? maybe a backrub? do the math
@@_-Karl-_ A lot of data but if you do not know how to interpret it, it's useless. The link does not go the a chart or table as simple as given here.
I guess I’m at the 95%…just turned 55 and retired 2 years ago. I’m still in disbelief, that I don’t have to worry about work or money anymore.
I still think that the most important of all is having a close family and really good health.
Just FYI, people that are wealthy have had wealth long enough that they don’t feel the need to brag about it (unless it’s an inheritance).
Hell no!! Not me…I came from dirt. I’m proud of my accomplishments. I’ve only been “wealthy” or have had over a million net worth,for about 12 years now, and 100% debt free.
After having worked 47 years in Hospitality and raising 3 daughters..."Retired Wealthy" is anyone having any savings...I live only on SSA and some minor consulting......I find I can actually live really well on $52K a year vs my last salary of $189K a year. I have no savings, no assets, no real estate, I don't even own a car.
Nice to know where I am. Higher than I thought.
Another great video! Do you know what method is used to calculate a pension into net worth?
there is no method....your net worth is what you have today
I calculate it as based on what it would cost to obtain that $ amount of pension income from an annuity. For example if you receive $80k annual pension would buying a $2M annuity at age 60 give you $80k annually ?
You can google annuity charts where you input age and annual payments to arrive at estimated lump sum cost and that is how you can calculate the value of your pension.
Explanatory video, one that folks really need to watch. I’m 53, retired a while at 45. I have 35% of my capital investments in an IRA, 20% in index funds, and the balance spread across other investment accts, in cumulative of over $850K. Currently looking for more investment opportunities.
Your attention to detail really sets you apart from the crowd of comments here. I added $200k to my portfolio in a matter of months. I would say have a mentor. Not sure where you will get an experience one, but if your knowledge of the market is limited, it seems like a good bet.
I agree with you, Bloomberg and other finance media have been recording cases of folks gaining over 150k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer, if you know where to look. I have been using an FA since 2019, and I return at least $121k ROI, and this does not include capital gain.
@@MarkFreeman-xi3rk I've attempted investing in the stock market multiple times, but the changes in stock value always made me give up. How can i get help?
My Financial adviser is ‘’Margaret Johnson Arndt’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
I’m happy with well off and retired 5 years ago at 53.
Thanks for this information. I am at just over half the number for well off, but 4x the middle class number (with 3 years to go). As JD Salinger once said, I will retire with “enough.”
ahh yes, if you can recognize what is "enough" you are truly wise ---- as well as wealthy.
$50k, $1600 a month SSA and no debt, you can retire if single.
Whooo… whooo. I’m poor. But my social security covers all my wants, needs and expenses each month without touching my retirement and/or savings
That's all that matters ..the rest is just "stuff"..
Wealth is a blessing and a curse, seems to me.
You definitely don't fit in with the rest of the rich folks in this comment section.
@@4040smokey I am rich. I’ve got money and investments that I don’t need to be happy and content. I live in South Florida, 5 miles from the beach. I own my house, I’m out of debt, with no responsibilities to anyone or anything else. My electric bill last month was $53.49 and each month it keeps going down. If the bottom drops out and the economy crashes, I have resources in place to continue my life in comfort.
@@4040smokey Is that a bad thing?
Middle Class without counting my Pension & social security- feeling better overall going into my last 3 years of FT work. I will be working post retirement but on my terms .