As a blue-collar worker with nothing more than a HS diploma, i retired 3 months ago at 51 years old. I only started saving and investing hand over fist since my early 30's. The last 8 years i was making a solid 6 figure income, and now that my investments are earning more than that, i decided to retire. We've always lived beneath our means, I still drive a 15 year old vehicle, live in a 2k sq ft home, and hardly ever eat out. But money worries are long gone.
People need to hear what you are saying. Over the last 25 years, when I make more for the year, I allow myself to spend up to 20% of it, the rest goes to savings. Once your savings/investments reach a substantial amount, the compounding gains are really noticeable (Annual gain of 8% for: $10,000 = $800 for $100,000 = $8,000! and so on) Related: *Don't go into debt for something you "want" save until you have enough money to buy it!* Rather than pay 18% interest on a credit card bill, you can have the same bank PAY YOU 4.5% on the money you are saving to buy whatever! (a net difference of +22.5% to you!) Good work, keep it up!
Paycheck will support your lifestyle or make you rich. Live cheap save and double payments when you can. home is a savings account but you still need long term property so you don't have to sell the one you're in later. I call it bench depth just like a ball team.
I'm retired. No pension beyond my investments. My retirement accounts are growing slowly even with my withdrawals to support my life. I have saved a portion of every dollar I earned for my whole working life. It sounds to me like you have the right approach.
Most Americans are broke because they have a spending issue and taxes suck too. I work in banking and people spend more than they have and don't budget most of the time
Paying monthly for Amazon, Netflix, hulu, TH-cam, an overpriced cellphone or 4, eating out every meal and not cooking, paying $800 a month for something to drive and wearing expensive clothes usually doesn't work out when you make $15 an hour. 😂
As a blue-collar worker with nothing more than a HS diploma, i retired 3 months ago at 51 years old. I only started saving and investing hand over fist since my early 30's. The last 8 years i was making a solid 6 figure income, and now that my investments are earning more than that, i decided to retire. We've always lived beneath our means, I still drive a 15 year old vehicle, live in a 2k sq ft home, and hardly ever eat out. But money worries are long gone.
Hell yeah that's what life is about
Dude I have a 30 year old truck 56 years old top 4% of Americans nobody knows.
@@ruthlessreid9172 Welcome to the middle-class millionaire club, my friend!
People need to hear what you are saying. Over the last 25 years, when I make more for the year, I allow myself to spend up to 20% of it, the rest goes to savings. Once your savings/investments reach a substantial amount, the compounding gains are really noticeable (Annual gain of 8% for: $10,000 = $800 for $100,000 = $8,000! and so on)
Related: *Don't go into debt for something you "want" save until you have enough money to buy it!* Rather than pay 18% interest on a credit card bill, you can have the same bank PAY YOU 4.5% on the money you are saving to buy whatever! (a net difference of +22.5% to you!)
Good work, keep it up!
Paycheck will support your lifestyle or make you rich. Live cheap save and double payments when you can. home is a savings account but you still need long term property so you don't have to sell the one you're in later. I call it bench depth just like a ball team.
I'm retired. No pension beyond my investments. My retirement accounts are growing slowly even with my withdrawals to support my life. I have saved a portion of every dollar I earned for my whole working life. It sounds to me like you have the right approach.
Are you happy with life overall. I would think at your age all the hard things are behind you.
@@tips4truckers252 Life in general is good. Health issues are a bitch.
Most Americans are broke because they have a spending issue and taxes suck too. I work in banking and people spend more than they have and don't budget most of the time
Exactly my point 💯
Alternative title: Rich dude explains how its easy to not go broke.
See so many people refuse to take extra routes or overtime until it's holiday season. Because then they "need" the extra money to spend??? 😂
Totally
You mean investing in lottery tickets is not a smart move?
Paying monthly for Amazon, Netflix, hulu, TH-cam, an overpriced cellphone or 4, eating out every meal and not cooking, paying $800 a month for something to drive and wearing expensive clothes usually doesn't work out when you make $15 an hour. 😂