Financial Planning 101 for 40-Year-Olds - Guide to Financial Success
ฝัง
- เผยแพร่เมื่อ 22 พ.ค. 2024
- Financial Planning 101 for 40-Year-Olds - Guide to Financial Success
Jump start your journey with our FREE financial resources: moneyguy.com/resources/
Reach your goals faster with our products: learn.moneyguy.com/
Subscribe on TH-cam for early access and go beyond the podcast: th-cam.com/users/MoneyGuySho...
Connect with us on social media for more content: moneyguy.com/link-in-bio/
Take the relationship to the next level and become a client: moneyguy.com/work-with-us/
Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.
I'm in my 40s. Nice to see videos that speak directly to our age group. So many are focused on the 20s with lots of time or the 60s who are transitioning.
I turn 40 this year and looking back I am SOOOOOOOO glad I got that employee match in my 20s and early 30s (before starting my own company). Going to make this decade a lot less stressful than if I hadn't even started yet. God bless everyone out there trying to make it happen!
40 something year-old here - I feel so far behind the curve despite being invested three ways from Sunday, actively saving, and slowly but steadily paying off debt. This is mainly due to the fact that I didn't get "fiscally smart" until my mid to late 30s. So, I feel like I'm just playing catch up. What advice do you have for folks late to the game?
Don't lose sight of the here and now, enjoy life and don't succumb to regret. You'll get caught up! I'm in the same boat.
I did not follow the career or financial path that is often described in this show. I’m ok; I think a. Lot of content on this show assumes that one had been disciplined and streamlined in their twenties and thirties - that was not the case with me. I’m now finally in a long term career and am financially catching up. Single unmarried no kids. $60k is what I do annually, that’s very good money in the rural area where I live.
Despite being from a US perspective, I enjoy listening from the UK - just as relevant for my future steps in life.
Totally agree from Canada. The details (IRA, 401k) may not fully translate, but the mindset and concepts 100% apply.
I’m in my 40s and I still feel broke. Not my money though; now it’s my body!😂
Hey y’all. 🎉
I have a 70 percent pension. Will be able to retire at 55-60. Depends on how many years I buy. How much do I need to save. I make 93k a year.
Financial planning is an important aspect of financial stability. It’s crucial to make informed decisions and seek expert advice. With all the information the digital age provides, making uninformed decisions is pure ignorance.
I completely share this perspective. After so many referrals at my workplace, I have just recently been inclined with a very reputable advisory firm that matches individuals with skilled financial advisors. Their personalized approach has had a positive impact on my financial journey.
It’s been 3 months and I very much remember my startup being a little over $30k USD. And today, my portfolio has reached an all time high of $ 205, 000.
Quite an informative thread. What is the name of this Advisory Firm and how did you find them?
I’m really curious. This aligns perfectly with my interest in diversifying my financial portfolio. Could you share the information of your financial advisory for further guidance?
*I discovered Folmar Advisory through online search of the name. Their commitment to client satisfaction and financial education is impressive. They connect clients with advisors who align with their goals and values.*
What interest rate do you consider high interest at 40?
Standard Money Guy formula for "high interest" is "6%, -1% for every decade after 20."
So, 6% in your 20's, 5% in your 30's, 4% in your 40's, and 3% in your 50's. By your 60's you should really have all your debt paid off. Obviously this was prior to the last few years of inflation, but usually home loans are the exception for that. (Although the general recommendation is to re-finance your home loans if they're high.)
I juat spent 12k moving to try and pump my pension up. Feels bad.
I just turned 49 and up until 2023 all my money was invested in child support. $980 per week. Now that is finally over I'm finally able to have a savings account and I'm heavily invested with my companies 401K. They match up to 25%, I'm currently at 11% with both 401k & ROTH 401K. I have $3500 in CC debt and $5000 left on my car. Then I'll just have my house payment. My mistake was not starting earlier, even with small contributions.
What would happen if I never had a 401k and never invested
When is financial planning 40 for 101 year olds
As a 45 year old who has saved over the years, I now realize that it’s time for an adjustment. I finally realize that the government will punish you for saving, basically taxing you for being a good life long saver. I’m still going to save, however just at a very modified rate, which will allow me to spend and enjoy life today. Bottom line, don’t over save, ENJOY TODAY!
How will the government tax you for saving? Do you mean taxing interest earned as well as capital gains tax?
Roth 401K & Roth IRA the best options to pay now & have tax free income later
Yeah I don’t understand what you’re referring to either. I save a lot & intentionally attempt to be tax-efficient. The punishment for not saving is way worse than anything the government is doing
The tax drag is minimal compared to the returns for most people
@@chemquestsCan you describe how you are being tax-efficient? I am a saver and I want to be more tax efficient.