Why Are So MANY Government Employees Millionaires? 💵
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- เผยแพร่เมื่อ 19 ม.ค. 2024
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Government employees can reach millions of dollars throughout their career but how is this exactly done? Most people understand that a lot of private sector jobs can pay more than government jobs. Well, this is largely done with the TSP. In this video, I discuss some of the ways you can use a TSP to accumulate millions of dollars. Have you started applying to federal government jobs yet? Let me know down below.
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100% C Fund for me. Roth.
Last year I made it 6 years working in the federal government and I hate that it took me this long to finally change my contributions to a different fund.
I do 80% C fund and 20% S fund. I’ve seen bigger returns in 1 year than I ever have over these last 6 years. Highly encourage everyone to do some sort of split between those.
I do 80% C fund, 10% S fund, and 10% I fund if anyone cares, lol.
Thanks.. what else do you do in terms of investments? I’m 23, I just started with the NGA
I plan to take 1% of my raise (step level increase) each year and add it to TSP
Great plan.
I remember there being an article I had read. It stated that if one were to live on their base income, when they received that job, and put everything else into investment (bonuses, raises, etc.), they would probably be well off financially in a # of years. I had that happen to me with three raises last year; however, I never kept track of my spending. I saved a lot and I am investing, but I do not know how much better off I would have been had I actually kept track of the amount extra $ the raises were and where that could have put me.
So $1M can be achieved by working 26-65 = 39 years. 1000000/39 = $25642/yr. So if one makes that minimum and one were put into a government job at the age of 26 (when one finishes graduate school), one could make it. Not to mention, after working a certain number of years, one can get a pension. That $ also goes into the net worth.
What’s crazy is how in my city and cities around me that the city council members have been in public government jobs their whole lives are driving around town in $300k+ cars and taking multiple month long vacations that get in the way of important local meeting on things to vote on. It’s always crazy that after just 8years of public work making $100k or less having millions of dollars saved up.. maybe I don’t know how to do math but seems off..
@@Dr.Unsteady Politicians get paid through the nose iirc
Love this video it’s actually more than 3.5 when u count the cola every year ur the best
i'm keeping my TSP 100 percent in stocks forever. as a fed u get SS and pension, that's like 60 percent of your retirement income in fixed income. not sure why you would wanna make it more.
Pension plus TSP were all millionaires. Thank You post office
Because we plan ahead. Early retirement is nice too and the armed forces now have TSP too so you could do a quick USAF career then a second GS job and retire a second time.
I suggest doing a video on such "hybrid" careers because no one else does and outside the government and military they're ignored!
I think it all depends on how much your contributing and if you do any loans from your tsp.
Tsp is great, but if you get divorced it takes a big hit. I've unfortunately been set back due to this. 4 years to retirement with Law Enforcement Retirement. I have 80% C , 20% G. I don't feel peace with 2023 chaos to be 100% stocks.
You'd want a mix of international. When interest rates here go down more jobs are off shored and international companies do better. Especially if they have dollar denominated debt.
One more thing the c fund was 26 percent return last year so let’s say you had 2 million ummm you would make 520000 on interest that’s an awesome deal you basically made 4 years of salary in 1 years
Hi, do you offer a service where you review resumes for a fee? I went to your site and didn't see this service.
Hi, you can send me your resume at federalresumemasterclass@gmail.com and then schedule a call here: clarity.fm/armandcuret
@@armandcuret1 ok thank you
59 percent
A million ain't what it used to be...
Is the TSP the same thing as the 401(K), 403 (b) and the IRA?
It’s similar, you invest in the market and can contribute up to $23,000 per year. Federal employees are matched to 5%
I join Facebook group s I have 10 percent g 40 s fund 40 c fund the rest of funds is other percents. I started at 35 years old in the government so I have a small TSP so far but I do contribute to 5% since they upgraded it. I’m thinking about contributing more but inflation is a problem.
i did 100 percent C
Remember when government jobs had good benefits and decent pay, now its great pay and great benefits for crappy employees.
What's your point? Are you a Government employee? Why don't you offer a solution instead of whining about it.
i have been in tsp for 20 yrs and only have 150.
You definitely did something wrong. All G fund and low contributions, borrow money from TSP. I had six figures in 5 years and 350k by 10.
How much were you contributing? 150 what?
I have 150K in 5 years and a colleague that has almost 30 years working has only 200k ( GS-12-Step 10) you figure that out.