Financial Planning 101 For 30 Year Olds
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- เผยแพร่เมื่อ 20 มี.ค. 2023
- Financial Planning 101 For 30 Year Olds
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True, we’re only just an information away from amassing wealth, I know a lot 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 yo help?
Just look his name up on TELEGAM AND TICKTOK
Investing in this economy crisis will be one of the best thing to do this year.
I'm the definition of messy middle. Lower 30's, 3 Kids now, and Career starting to take off. Was fortunate to be able to max out both the Roth 401k and Roth IRA for the first time last year. Despite all the added costs of having children especially daycare, I'm blessed to be able to also focus on saving for the future. Holding off on upgrading house and car have been probably the biggest financial impact on our lives so far.
That's awesome
Sounds like you’re doing well, keep it up! I’m still driving a 16 year old toyota. Not having a car payment is much more peaceful than the stress of financing.
@@mikes2974 21 year old Honda here and she works just fine!!
Messy is an understatement for this generation of 30 year olds. I've been fortunate to work in tech for a FAANG company but it's been a wild few years for our generation; a pandemic and economic turmoil causing layoffs, inflation, rates increasing combined with companies purchasing homes and pricing you out of a low housing inventory market.
Bro how can shit be messy for you with a FANG job especially in tech. cmon dawg with that type of salary & a savings rate of 50% I’d unplug myself from the matrix in a decades time.
@@clublulu399 Bay Area is expensive and I haven't worked a decade yet at a FAANG salary. I by no means struggle, and am debt free. I do not want to purchase a home that is both overpriced and has a high-interest rate loan. The point was that these last few years the housing market has been abysmal for folks and not to mention I'm not buying a home while there are mass layoffs in my industry.
Messy is a perspective, in my mind, I work at a great company and have a great salary, but also feel priced out of decent homes when a decade ago I would have easily afforded them even if you reduced my salary for that time period.
Black Rock is buying up as much real estate as possible in the hopes of eradicating home ownership.
I’m 36. Started ROTH IRA when I was 32. Only regret is not starting earlier. Car is paid off. Reduced all bills as much as possible. Started an individual brokerage to invest more than ROTH caps. So far so good.
What else do you invest in? My husband and I are both 32 about to start. We just opened Roth IRA.
@@MommyandMelanie mainly index funds that track the S&P500 (SWPPX). I also invest in SCHD (dividend fund), and SCHG (large growth). Over 80% of my portfolio is in SWPPX
29 watching this in preparation for the 30’s 😂
Same bro 🤣🫡 11 month count down
Looking to buy our first home at 39 this next year.
Will be debt free and have full 20% down payment.
Then we are going to save at extreme levels.
Our income will also be doubling.
My plan after we get settled is to save up.
Buy a piece of property with cash and start building our next place after a couple years.
Sell the first one then start building another one.
Try to take advantage of the federal section 121 exclusion to avoid taxes on sale of your primary residence $250k (single) $500k (married).
Might be able to make some great extra money every few years.
Curious as to what yall would recommend for someone who doesn't qualify for term life insurance. I have atypical cystic fibrosis (pancreas is affected, but my lungs are ok). I've been denied since the companies think I'm at high risk for death like most cf patients in their 30s. I have a decent amount of insurance thru my work, but would like to have more.
My last year of my 30s. Life style creep is real and I am recovering from it. Though I have a better out look on taxes, saving and living below my threshold...
It's a strange feeling (even disheartening sometimes) when you look at your net worth (tracked on apps like Mint) and you're basically flat the entire year despite throwing 50% of your income [35% roth 401k, 10% roth IRA, 5% brokerage] into investments. As bad as it is, I know that I have it lucky (taking safe investments) compared to those with accounts down like 30% this year.
What I'd want to hear more about is the "critical mass point" that's mentioned at 9:06. No specific amount is mentioned. Although I've heard from other mentors in my life that once you break $100k-$150k salary, your career can really take off.
If you think an app is smarter than you then you still don’t know how to live. If you can build into an investment that can pay your bills and later lifestyle you are doing better than most millionaires
@@rockystaatz521 i think it's a misunderstanding. the app simply tracks NW based on the aggregation of accounts. I simply mentioned it to say I have a standardized way of tracking NW.
@@rockystaatz521 the app just tracks your investments…you’ve seriously never heard of Mint?
@@2k3SteedaGT i actually have things that grow & don’t chance much anymore, the taxes suck when you’re turning thousands a lot to make more thousands & they know because everyone reports to the government
@@rockystaatz521 I’m not sure you understand what Mint is
Me and my wife this year paid off all our debt we earn 130k a year we're both 30 ND getting our stuff together.
My only regret is not investing in my 401k
Our 401ks are at 15% and my pension pays 15 % we should be fine. Next is saving for a house
Very similar situation to me and my wife. It’s all about tue habits and systems you put in place and maintain! Keep it moving 👏
Great content! Keep it up!
Should I consider myself behind if I just started my 30s, but have no property, no family (not even a gf), a job instead of a career, but I do follow these guidelines and have been somewhat financially successful so far?
If you have an emergency fund, some retirement savings, and not a lot of debt then you are doing better than most. If it's true you are financially stable then your job is fine don't worry about it being some perfect career development. I will say if you wanted you could still build a career path even at your age. You have 30 years left till 60 and most people don't even retire till 70s so that's 40 years till your old old. You have a long time to figure this out but you should start now.
No, since you’re here and have a financial plan you’re already ahead financially than the average person.
As far as personal life, you’re not behind either. You seem like the norm for Americans your age. If you want the “American Dream” with a house, wife and kids then you still have time. But just remember, the American Dream doesn’t have to be your dream. Everyone’s different, do what makes you happy.
Job/career? Those are small points about investing with what you can
a gf is a not an indication of making it or falling behind. get yourself a starter house, townhome/apt, work towards a career, stay out of debt.
If I was single I would have pushed extremely hard saving, maybe working 2 jobs or 1 job and starting a side business to try to hit millionaire status before 40.
At that point your portfolio will clear $70k-$100k a year and grow like a rocket ship.
Definitely make sure you are taking advantage of a Roth IRA. Max it out every year.
Women will come. Younger women seem to really seek out older men these days.
With the recent problems with SVB and Signature Bank and others … Are the Money Guys concerned about the fed’s impacts of raising interest rates on the banks? Would you recommend reducing small cap stock exposure as liquidity tightens on small banks?
Whats your opinion on Roth IRA Accounts that have very small amounts of money in them but now phased out of contributing? What should you do?
Like too old to contribute or too much income to contribute? If too much income, consider doing backdoor Roth.
@@17h127 yeah recently married and now the income won’t allow it
A will is not enough, you need a trust to avoid accidental disinheritance
Yes, my parents put our childhood home and assets in a trust, so when they past away the home was divided up evenly with me, my brother and sister.
in my 20s I got diagnosis with a disability. I didn't get my finances stable until my late 30s. So now entering my 40s it's work as much as possible and hope I don't trigger symptoms to my lifetime chronic illness
What does Money Guy say to people who live with a long-term disability they got in their 20s.
I'd say make sure you have the best health insurance you can have, have an HSA, and have a larger emergency fund than usual. That way if something happens and you can't work or you get a big medical bill then it is manageable.
@@rpgeek22 I'm in Canada, so your advice is not helpful. I did email in a question to the show.
That I think they could answer based on their FOO, but I asked my question in a way they could give me practical advice.
Living with an existing permanent disability in Canada is a lot more complicated then people trying to give me general advice.
@@MinnieOnCam how was he supposed to know you lived in Canada?? Does this disability affect your attitude towards people or something?
Money guy is USA based. Y'all are different up there. Only overlap is saving money is good, eh. All our investment vehicles are different and health care extremely different. I don't goto a plumber for electrical help. Sure they may have pipes that have water move through them like current through a wire, but it's not the right profession at all. Ask an advisor in Canada.
@@17h127 I've found many financial advisors do not understand the disability support programs from the provinces.
So I'm left on my own to figure it out. and it's even worst trying to contact a community service provide claiming to help people on disability social assistance.
I'm 30 but make less money than i did when i was 19 and I'm less independent than i was as a child due to disability. I'm going to need to pick up my life pretty much as though i was 18. It's disheartening
whats the significance behind 10x your current salary for life insurance?
For me and my wife it is so if one of us dies the life insurance can completely offset that income if invested with 10% returns.
I have a $1 million 10 year term for my wife and I that costs $100/month.
My goal is to have saved and invested over $1 million before the term expires. Then we don't need life insurance after that and our daughter will be graduated from college.
Is it 20-25% of net or gross income I should aim for
Always gross
I'm a 31 year old male. I made 175k last year and maxed out my 457k and roth ira. I bought a house for 545k but it's too big and I don't have a family so I rent it out. I had fear of missing out and locked in more house than I would have gotten because of the 2.83 interest rate. I only have about 120k in retirement accounts and my pension will be 50% of my salary in 10 years (42 years old) I'm worried I'll have to continue working part time to make ends meet at 43 years old
Just watch out with your Roth IRA, you’re over the income limits. I’m assuming you did tax deferred 457k and probably an HSA to get under the limit.
@Andrew Carlson correct my 457k brought my agi down along with a couple other deductions put me below the limit.
I'm 31, married with 4 kids, make $190,000 a year and have zero clue how to invest my money.
Do retirement investing. You should aim to have 25% going into retirements. I have Thrift savings plan for my retirement and it’s going towards the 2050 life cycle. Keep watching these beautiful men, they have videos to give you an idea of what to do. Roth and 401k are definitely the way to go if you’re making $190k, it’ll help lower your taxable income also :)
rich boi
Rich where? Not if he lives in a high cost of living area (CA, New York, etc.).
$190,000 with 4 kids would be rough. Good luck man 👍
Oh good my husband and I aren’t the only ones in that boat 🥴
I can't believe that anyone would be excited to go to work.
: )
Greetings everyone, Is ok to pay $1,000 in monthly car loan payment, if I can generate $1,000+ in cashflow to offset the $1,000 payment from side hustle profit or dividends from shares NOT from day time job pay cheque.
The younger guy is always so loud.. He shouts too much..His delivery makes him a bit obnoxious... the Older fellow seems more approachable and sensible.
Dude, work sucks, there's no way around it. There's no such thing as a "career" anymore anyway. I'm 34, and I'm miserable. That's just how it is, especially for the vast majority of single men. Women have made it clear they want nothing to do with us. A family is out, it's never going to happen for me. Doesn't matter how much I "self-improve" it isn't ever good enough.
I paid off all my debt, I bought my house outright, I'm working on it and fixing it up. I own two vehicles outright, and maintain them myself. I make over $134k a year, and have savings and investments. It's still not good enough. I'm just trying to accept that life is suffering, and nobody cares I exist. I'm going to die alone, and no one will ever love me.
Life isn't supposed to be "meaningful." And if it is, what the hell is so wrong with me that I'm just completely fucking rejected by women, society, and everyone? I'm literally only good for making someone else money. That's it. God, I hate my life.
Cheer up bro. Life is suffering, but it’s our freedom to choose what to suffer for. If you see life as an endless pursuit of goals and moneys, you never will feel happy about life. But if you see life as an experience, that every breath you take is an enjoyment, life will be different. Hope this help, I am sure you will have a bright future ahead waiting for you.:)
Your attitude might be part of it.. Sorry things are rough man, but you are fully in control of your life, whether it feels like it or not. You got this.
That's a lot of us it feels. Dating is hard. No one wants me either. They told me to improve myself and work on my hobbies. So I did. I make 120 to 250k a year, 8 weeks vacation time plus I only work a couple days a week, have a house, boat, couple vehicles, and some other fun stuff. Can't get a date to save my life. Except for the few guys who are thick headed and don't listen when I say I want a ring first. They leave too once they realize I'm serious about saving myself. Sadly now I'm basically too old to have kids. I wanted to be a housewife more than anything. I put more effort into trying to find a husband than I have anything else and still fell short. Sometimes no matter how hard we try, it's not enough. Accepting it and making the most of what we do have is about all we can do. It's not the life we wanted, or the one we worked for, but it's what we've got.
Find an immigrant not a gal that was born in the U.S. and life is what you make of it stay positive
Buddy, keep on living. More positive thoughts!!
With the recent problems with SVB and Signature Bank and others … Are the Money Guys concerned about the fed’s impacts of raising interest rates on the banks? Would you recommend reducing small cap stock exposure as liquidity tightens on small banks?
I’d say exposure to regional banks probably isn’t a good idea until the Fed backs off from interfering as much as they have been. Large investors already moving their assets to the Big 4.
Personally I'm being diversified. Basically if the banks collapse and FDIC isn't honored, I won't lose everything. And the banks/credit unions I do have my money in are less likely to fail.
@@17h127 well unless you have more than the FDIC limit then you’ll be fine wherever you put your money. No need to throw a few grand in 5 different banks or something. If the FDIC insurance fails then our economic system has already collapsed and USD won’t be worth anything anyway.
@@2k3SteedaGT by diversified I meant some of my money is in BTC, gold/silver, cash, brokerage account, stocks, bonds, and only like 20% at the bank. If the banks collapse and FDIC isn't honored, I won't lose all of my money. I have 3 different banks. One at my credit card because I get more cash back for having a checking account with them. One at the credit union I've had forever because I've always been there. Then a new one I recently opened because my credit union never got on the interest bandwagon and the one down the street started offering 5%. Might eventually switch back to the first one or move all my direct deposits and account linking to the second one, dunno which direction I'll go yet to consolidate them.
And if you watch the FDIC hearing from last Friday, they asked her if other banks failed if they would at least cover up to the FDIC amount. She said they weren't sure and would need to form a committee to decide if they'd honor the standard FDIC amount or not. It should have been an easy and definite yes. That it wasn't, makes me rather uneasy about the future of banks and the USD.