At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
People often overlook the value of financial advisors until they experience the downside of emotional decision-making. I recall a few summers ago, after a difficult divorce, when I needed help reviving my struggling business. I did some research and found a licensed advisor who worked diligently to grow my reserves, even amid inflation. As a result, my reserves grew from $275k to around $750k.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Sophia Maurine Lanting” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thank you for this tip. It was easy to find your coach on google . Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
The issue is most people have the “I will do it myself mentality” but not skilled enough. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 350%, since covid-outbreak to date, summing up nearly $1m.
Appreciate your videos! I’m 54 and younger generations should know there’s no shortcut to acquiring wealth, but there are ways to go about it. Fellow millionaires don’t tell the poor/middle class they need the knowledge of finance coaches to help build their wealth. If anyone here needs a good coach, here’s it..
I am 53 and retired at 50. 1 thing I did do to retire early was to get out of the 401K and IRA programs. Bought rental real-estate and I am now a Limited Partner in about 1500+ units from collabrative efforts in the fund my estate planner has me invested in. I do not work.
I only contribute 5% to get full company match, that’s it. The 401K plan is designed for you to work until you are about dead. Also, the government does not have their hands on it yet either.
My wife and I live off of our 401K. We don't work. I recommend highly to everyone to build your 401K or Roth IRA's as an alternate revenue stream in retirement to your Social Security. An observation on 401K's is when it gets over 300K it starts to accelerate. When you get over 500K it can really accelerate as the stock market grows.
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
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.
I definitely share your sentiment about these firms. Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
It's a common misconception that when a stock you buy skyrockets, the smart thing to do is sell it (or at least sell some of it) to lock in your profits. But the context matters. If the stock has increased sharply because the business is performing exceptionally well, it could still be a bargain. I'm still looking for companies to make additions to my $350K portfolio, to boost performance. Here for ideas...
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Viviana Marisa Coelho is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets.
Dave said “Don’t do a Roth if you’re over 55 because it doesn’t have time to grow”, But I have a cash savings of $600K which I need to invest for retirement, and I’m 57. What strategy should I use?
There are many ways to approach this. Converting your IRA to a Roth IRA can be beneficial, especially if done when the market is down. For example, if you're in a 22% tax bracket and convert $30k, you'll owe $6600 in taxes. If the market rises at a modest rate of 7% per year, you can recoup the $6600 in about three years. Converting when the market is high means it takes longer to recoup taxes. Since I'm over 72.5 and have to take RMDs, my CFP suggested this strategy, and it's working well. You need to consider your tax situation and goals. If you plan to spend the money soon, keeping it in a traditional IRA might be better.
*Victoria Louisa Saylor* has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Should those of us with less than one million and above 50 be worried then? I have only 650k in my Roth and I don't know how to grow it and I'm worried I'm nearing retirement.
I was in this same position a couple years ago. I was always anxious. I decided to start working with a financial advisor, and I started making a lot of monthly dividends that my anxiety disappeared.
Exactly my solution too, even though I'm not retired. As a contractor with limited time to analyze investments, I've relied on a fiduciary for the past seven years to manage my portfolio. This strategy has helped me navigate market fluctuations effectively and also increased my porfolio by up to 300%. You might consider a similar approach.
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $540k now to put in the market.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k....
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?.
'Laurelyn Gross Pohlmeier' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
i am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again
Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.
I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
I don't have enough time because of my busy work to carefully review my assets and examine particular stocks. So, in order to stay ahead of the curve in the market, I have hired a fiduciary to manage my portfolio actively for the last seven years. With the help of this technique, I've been able to successfully negotiate the financial terrain and choose the right times to purchase and sell. Maybe you ought to take a similar tack.
Hello Dave, How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Vivian Carol Gioia is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
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 in my 50s and I'm more interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?
Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. hence I will suggest you get yourself a financial-Advisor that can provide you with entry and exit points on best stocks to buy now or put on a watchlist.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. he's helped grow my reserve notwithstanding inflation, from $275k to $850k.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications.
The first step to successful investing is figuring out your goals and risk tolerance either on your own or with the help of a financial professional but is very advisable you make use of a professional like I did. If you get the facts about saving and investing and follow through with an intelligent plan, you should be able to gain financial security over the years and enjoy the benefits of managing your money.
Then, should those of us over 50 with less than a million dollars worry? I worry that I'm rapidly approaching retirement with only $500k in my Roth and no idea how to grow it.
A few years ago, I found myself in a similar situation. I had anxiety all the time. My worry vanished after I made the decision to begin working with a financial counselor and began to get large monthly profits.
Well, that's also my answer, even though I'm not retired. I've been relying on a fiduciary to handle my portfolio for the past seven years because, as a contractor, I don't have much time to research assets. I have expanded my portfolio by up to 300% and been able to navigate market volatility with greater effectiveness thanks to this method. You could think about taking a similar tack.
Amber Michelle Smith has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Thank you for sharing, I must say she appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled
*Wow😁, it's crazy how some people can become multimillionaires by investing just $10K in trading within a few months, while others have to work for 40 years to reach $1M in retirement savings. The power of smart investing, right?*
That's true. a lot of people today have been having a ton of disappointments in forex and crypto trading in light of helpless direction and awful specialistsThat's true. a lot of people today have been having a ton of disappointments in forex and crypto trading in light of helpless direction and awful specialists
Age 53. Wife, two kids. We’ve got a Kamel A++. A few more years to get these kids a university degree and then the wife and I are calling it a day. God willing. Live like no one else so one day you can live like no one else
I'm 44, net worth just over $1M of which 40% is my house, retirement is 30% and 30% made up of investments & assets. Had to start from scratch 9 years ago and have worked hard to catchup. My goal by age 50 (2030) is to have a net worth of $2M. Currently maxing out everything, 401K, backdoor RothIRA, HSA and ESPP.
I'm pretty close to this picture. I'm 59, and we are still putting 20% towards retirement and children's college, 20% towards paying down the mortgage, (20% to taxes, and 40% to monthly expenses) and I have no plans to retire early....looking to be 67 with a paid-off house and $2.5 - $3.5 million in retirement. It's a good place to be.
Nice, it’s about being consistent. 43 and 39 and we were able to buy property during the downturn and have been constantly maxing out to retirement as well. It been years of just doing that and we are lucky that we will be in the same boat like you.
I own a paid off home. It's not worth anywhere near $500k. It's $140k at best (low cost of living area and a small bungalow). That alone puts me at a 25% deficit according to this math. Yet, the smaller house has much lower property taxes and insurance, so my overall savings required for retirement is much lower. I'm just pointing this out because expenses are the other side of the coin to savings when it comes to retirement.
Net worth truly snowballs after $100k! Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE!
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to my FA, my portolio is doing really great and im proud of the decisions i made last year.
If you think networth snowballs after $100k, wait until you hit $1 million! It took me 10 years to hit a million but after less than a year im already at $1.4 million
Awesome! I appreciate your viewpoint. I currently earn $600k per year. I have no home or investments, and my job is in New York because I work from home. I need to act quickly or else I'll owe the IRS thousands of dollars come tax season. What should I do?
To better understand the factors that could affect your finances as a beginner. To make the best decision, speak with a financial professional. They have a wealth of information regarding both current events and upcoming developments.
Opportunities are scarce; make an investment today to become financially independent. I am participating in numerous sectors with the help of a Financial Advisor, and success seems to be more straightforward than I had thought.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
We just Crossed over 1Million in our 401k!! Just a nurse and a barber. We are both 54. Two paid off cars and 11 more years on our mortgage. Net worth $800,000 . I was looking at the video because I thought WE were behind. I really wanted to know how much most people live on during retirement so that I could plan to have enough money (THE GOOSE) and live off the interest (The eggs) . I have heard $10k a month? With No debt .
The number depends on what type of lifestyle both you and your wife would like to live after retirement. Do you want to travel more? Do you want to assist in helping your elders or children or grandkids? Do you have any causes that you want to contribute to? Do you want to move to a more upscale area? Or maybe you both may want to start a business somewhere down the line. I’m just throwing somethings out there but start having those conversations now because you both are on your way towards multi millionaire status. Way to go! 🤜🏾🤛🏾💪🏾✊🏾
@@rachelcrossen8136 we have $100 k in debt now but our "living expenses" run about $6000 I really am trying to get a number in my head so that I can focus on the amount we NEED to save/invest so that we can have $10,000 to spend if we wanted to
How is your net worth $800k with $1M in investments? Lots of other debt? As for expenses in retirement, I’m sure the spectrum is huge with some limiting their spending to what they get in SS, and some spending tens of thousands per month. The best way to calculate is using your own expenses. With a paid off home, you can live in most places comfortably for $60k per year.
@@Faben202 The way I understand "net worth" is how much we have invested liquid 1mil. minus how much debt we owe $200,000 (house and some loans) ...am I missing something? Or am I doing that part wrong?
This is one of the best Ramsey related videos. The only missing piece is saving for college for your kids. Oh, how I wish I took that seriously as soon as the babies were born.
College costs have jumped so much! I graduated 19 years ago and tuition is about 5 times more expensive than it was when I was in school!! I'm telling my kids to really consider community college for their basics so they can use their college funds to help with when they have to transfer to a more expensive school!
I tell people this often. However, I've started to shy away from sheltered plans in case the kid doesn't go to college, then the $ can be used elsewhere like a home.
Good video. What has bothered me over the years is radio ads selling some kind of protection, touting your home as your "largest asset," which really should almost never be the case.
This was backwards. It should have been, "You're 50 and short of where you should be... what can you do to catch up." This was a better video for a 20 year old than a 50 year old.
Perfect scenario described. Conveniently left out that people 50+ now probably bought a house between 2005-2007 and lost big time. Then they didn't recover for 10 years or more.
Or that their job got hit by the same recession and it took years to get another job and back to average pay. I have a B by this score and I'm miles ahead of most. Have been investing since I was 20 and have a reasonable paid off 2 bedroom condo and a reasonable paid off 2018 Mazda 3 (a year old when I bought it). Most of my clothes are thrifted. Nothing fancy. The only reason I have as good as B is because I'm frugal and I don't have kids. I think that net worth for the average single individual is not realistic. I would have had to live like a monk. Baring any more massive downturns I should at least have that net worth by 60.
Great video George. I’m 51 with a $1.4 million net worth. On baby step 6 and owe about 300K on my home on a 15 year mortgage. With extra payments we should be fully debt free in the next few years. The Ramsey baby steps helped my wife and I get to this point. We had a negative net worth through our thirties and didn’t go positive net worth until our 40’s. I max out my 401K every year and pay cash for everything. You can do this if you save diligently and stick with the baby steps.
I use the 300 rule. Take your current monthly expenses & multiply that amount by 300. The result is a rough guideline on how much money you need to save (and invest) to keep the same lifestyle you have now, during retirement.
My husband and I were almost where you are in our late 40s and we both worked like dogs for the past 10 years - you still have time to turn this around, don’t give up!
You did NOT fail. I had zero till around 58 years old. I went back to school and became a midwife. I worked like a crazy person and 10 years later I had almost 500k. Now that I'm drawing Social Security I pull out 1k a month from my investments and do great! I'm thankful I did the hard work
Building wealth involves good habits and risks like putting money into solid investments like digital currencies,having a good financial manager is what people tend to shy away from,and it keeps hunting them in the near future after many losses, be disciplined and get certified manager, I pray that anyone reading this will be successful!!!
32 y/o and net worth 360K. That median number is sad and it’s even more sad if you remove home equity in primary residence and look at invested assets. Hope this video inspires people!
You’re math doesn’t add up. No one making 30K a year can afford a 200k house on a 15 year mortgage. Even with 20% down it still sucks up nearly their entire paycheck. If you want these to be realistic and relatable, drop the 15 year assumption, most people aren’t doing those.
I did, it is doable. You'll notice one of the key pieces was that you started investing and saving with your first job, and now you are 50. The numbers would be slightly different today as the mean starting income is different. And your 'starter house' should be smaller, or rent until you can do a 15 year mortgage where the payment is less than 25% of your take home.
The video was interesting but you are correct. At one time I had a $160,000 30 year mortgage that was actually at 6% and my payments were right around $1000 a month. Obviously thats not an exact comparison but completely undoable at that salary. My first job out of college I was making low 30s my take home was around $900 every 2 weeks. I wasn’t investing and my health insurance was under $40 a month. That would mean $1375 every month to make a house payment and invest at 15% out of my monthly $1800 salary. The math is definitely not going to work. I guess I should edit to say investing and making good choices work but these made up scenarios and numbers are distracting to me because these fake numbers don’t work.
$30k/year starting, but that was buying the house at 30, so like 8 years of working, saving and pay raises. Might have been up to $40k or higher by 30, also by 30 maybe married and two incomes of $40k = $80k, which is 100% doable
I'm pretty sure that's based off two people earning and paying that in the 90s. It was more common to have shorter mortgases. It also shows a normal progression of wage rises top of that. Less realistic nowadays
Many of us in that age bracket had to start over from scratch & were barely getting by for some time. But it's never too late. We're about a year away from having debts paid off, then another year to save up a hefty down payment & then a plan to have that house paid off in time to retire while also rolling every penny we can into savings/investment & becoming as self-sufficient as possible. When your expenses are low, you don't need as much to live on. We have no desire to travel, etc. now, let alone when we retire, so all we'll need is just our basic necessities.
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Elizabeth Wesley.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
Don't feel hopeless... The median for people at 50 is less than 250K. More than half of people age 50 have less than that.... You're not alone. And there's still time to do something. Catch up contributions to IRA's for instance...
Also-this is just his opinion. Love Kamel but let’s get real. He’s one person and he’s giving the ideal situation. Had I really known the power of compounding when I was 25 or 30, I would’ve focused more on saving. I’m 56 and have about $150k. Feel really good about since I was -$25k only 5 yrs ago. More important than reaching a certain net worth by a certain age is to focus heavily on your money goal, and you’ll achieve it. I’m making traction for the first time doing what I’m really good at in a niche profession/entrepreneur. You can make more $$$ this way when you are the best at what you do and therefore don’t have to worry about competitors. I’m on track to be a millionaire by age 64 if not earlier! Never thought that was a possibility until I started studying Ramsey and others.
I've been a millionaire for about 5 years and at 57 I'm getting ready to roll up on 2 million. I started investing when I was 18 and methodically put money away most of my life. I believe consistency is key. here.
I own seven rental properties in NJ. I had a 30 y mortgage and focused on buying rentals over the last 25 years. The total cashflow from all propeties combined was able to pay my hous of really fast. If I didnt buy rentals I would have missed on my net wort tripling with inflation.
If you wanna be successful, you most take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life.
So much knowledge! Absolutely free! I was never taught anything about money, I am praying and working to change that. I am in my 50s no retirement no savings because I made a lot of mistakes when I started investing, trying to correct that now. Already have a few thousand$ saved up to invest for long term. I would like to know what advice you could give to start my investing journey. Listening to you gives me inspiration and wisdom. Thank you so much!
I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years.
‘Grace Adams Cook’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
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.
For those complaining about interest rates today, I bought my first property in early 90's at 9% and had friends who bought in the 80's closer to 20% I made out very well investing in RE, 401k, IRA. And I worked my azz off
I’m single, 54 and just under $3.5 million net worth. And I didn’t inherit any of it and I’ve never owned my own business. I have a 15-year fixed mortgage with $381K remaining at 2.49%. I could pay it off but why bother when I’m making double that just parking it into a CD at 5%. The Ramsey mafia’s phobia of debt is downright comical. My debt is good debt.
@@Thebignagro I would take a hit with capital gains but not enough to lose money compared to paying off the mortgage. Plus I do get a mortgage interest deduction, which is very valuable since I am in the 35% tax bracket.
After watching this, I feel like I failed as an adult. I'm not quite 50, but close at 47. I am nowhere near where I should probably be right now. I can't help but feel no matter what I do at this stage in my life that it won't make a difference at retirement.
what really sux about the math--you will always owe. i am in a blue state. no debt, whatsoever, and yet in 30 years, my ins. has trippled, fees are everywhere and escalating, property taxes are are more than doubled, and the golden dome spends my money like drunken sailors on ''newcomers'' while our vets are living on the streets. leaving by the end of summer.
Around 30% of "our vets" are on some form of disability. Your homeless vets may be choosing to live like they do and be on some kind of disability? Our military personnel get way better benefits than most. Heck, they get 10% off at many locations which covers their sales tax. Many get their property taxes taken care of when on disability, and many draw up the $3500 a month for the supposed disability. I use to see them with signs begging for money by the VA hospital in Charleston SC. The military is the biggest welfare complex we have. The vets don't deserve anything more than anyone else. Remember most you see volunteered. Any drafted vet deserves all they can get.
In my mid/late 40s. Don’t have any debt other than mortgage. But most of my worth is in my house which is a little scary to be honest. Graded well for the 40s scale. Graded ok for the 50s which I’m not there yet, but I have some work to do before I get there (and I’m getting close). So I’m working on paying off my house and putting money into my retirement. Life does get into the way as it does. I want my house to be someone I enjoy living in, so I keep paying for some improvements in my home (cash, not debt) as I’m going. Not little things, but replacing my roof, etc. Home ownership just isn’t for the weak. It’s a scary life, but we all do what we can and living without putting things on credit cards is an amazing feeling.
We have been blessed and learned early to pay ourselves first. We averaged investing 20%+ over the years. We live a great life but well within our means. We are both within a year and a half of the 59 mark and we don’t owe anyone a dime. We’re fortunate to pay our house off in 13 years. The net worth calculator says we have a net worth of $6.5M. 😊
Watching videos like this really make me feel better abouth retirement. I was STUPID when I was younger - had a good job, made good money for the time, but blew it as fast as I made it. Cashed in my first 401K (all of $10K) to buy my first house which I then stupidly refinanced / 2nd mortgaged several times to pay off credit cards. Luckily I changed my behavior about 22 years ago. Started slamming everything I could into 401K, paid the credit cards down/off, paid off my car and kept it for several additional years before replacing it (new loan). all the while my income has gone up. ] Seeing where I'm at compared to the median and even against the A+ scenario makes me realize I'm doing a lot better than most... I'm blowing away the median by a huge margin. Planning to retire at 62... 11 years from now and will be living quite comfortably at that.
Age 53 - I have $920,000 in my investments, two cars paid for with just under 11,000 miles each, $55,000 in checking, but where I haven’t had luck is with homes. I’ve never taken out a home equity, but most houses I’ve owned didn’t appreciate above realtor fees until the last six years. So I only have about $180,000 in home equity and it’s the only loan I have at 2.875%. I’m definitely jealous of those that have had Lady Luck in timing and location on their real estate investments.
Compound interest is great! Very happy I was forced to save due to the mandatory pension. Otherwise I’d be in serious trouble of a crappy retirement. I’m still renting though, kept moving so I sold the house and never bought another. Renting was affordable and really made moving for that new job easier.
Almost 32 with a $120,637 net worth. I didn’t really start focusing on my finances until maybe five or six years ago, so I’m a little bit behind where I feel I should be, but I know I’m much further ahead than a lot of people in my cohort. The $120k is made mostly from the $77k I have in my 401k and the approximate $40k I have in equity from my home I bought two years ago. I have a little bit of equity in my SUV and I keep some cash laying around, but because I still have an auto loan, right now I’m selling off a lot kf collectibles I’ve accumulated over the last 15 years and pumping all of my excess income into paying that off ASAP. Once I get that taken care of, my only debt will be my mortgage, so I’ll be in good shape for the future.
The last 30 years have also been the best in history (with substantial volatility) for equity returns, but the future isn’t guaranteed. Think 6%-8% returns, and save way more than 15% to be conservative. Rule of 72 has asset values doubling about every 10 years (not counting continuous contributions, calc a growing annuity for that). The $1mm net worth target Ramsey started with in the 90s is now $2mm-$2.5mm inflation adjusted.
Sweet, at 43 me and the wife are at $1 million net worth. But much more importantly, we finally paid off every single penny of loans including mortgage. So for the next decade plus as long as we stay employed we will stack up the investment account. And if we get laid off, no big deal.
No one considers where they live in this calculation. The cost of living is a big factor. My net worth would be well into the millions if I say owned my current home was in San Jose California. It's all relative to your personal situation.
Will turn 41 next month and my wife and I are over 2 million in net worth. Still feel like were behind. The only debt we have left is the house. Wish I had started investing sooner than 30.
I started investing and bought a condo in 2006. I make much more than avg salary. I have the A scenario. But that is with a Huge match from my employer. I’m think 1.4 million is a little high with the Great Recession too
The only way I could view a vehicle as part of net worth is if you will be walking permanently or you have multiple vehicles. Same for a home, if you have one home and no backup home, your $500k home is basic now, you will have to downgrade if you sold it.
I’m screwed. 56yo woman, no house, working a casual almost minimum wage job, I’ll probably earn 25k this year (sometimes I work 20-25hours per week, other times I only get 8-12 hours per week), I don’t have a retirement fund because I lived overseas for most of my working life, living with family because rents are so high where I live…but living with can’t last forever. My only option for a financial plan now is the lottery. I’m joking, but I’m also very scared.
I'm 49 and have a net worth of $5M... A $1.7 M paid off home and a $750K almost paid off rental property. $2.3 M in my portfolio and $140K in my checking and savings... I'm also recently divorced (had a prenup) and no kids.... I make about $300K a year and save roughly 80% of my income. No debt and love garage sales LOL
I mean if you love what you do keep doing it but I'd say your at the point where you could easily drop wayyyy off on that particularly the savings rate. Assuming that was after tax figures in which case your increasing by almost a million every 4 years not including whatever your investments are actually earning. Like I say if your enjoying things keep going but you definitely have a buffer to just live and do just about anything you want assuming your fit and healthy go and enjoy it.
I disagree. I think it really depends on how you manage your money. If done correctly this money can last forever. Not to brag here, but if you think that you can do just 8% per year in return. Well, you are wrong. You have several factors, the money that you invest, the time invested, the risk and your age. Of course they are not going to talk about risk here. More risk, more rewards. It's really up to you.
If you have a low interest rate the money you pay extra to your mortgage only makes whatever that rate is. On the flip side if you instead invested that money into an account that gets even 1 percent more interest it is better to go with that.
At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
People often overlook the value of financial advisors until they experience the downside of emotional decision-making. I recall a few summers ago, after a difficult divorce, when I needed help reviving my struggling business. I did some research and found a licensed advisor who worked diligently to grow my reserves, even amid inflation. As a result, my reserves grew from $275k to around $750k.
I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advisor? I'll be happy to use some help.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Sophia Maurine Lanting” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thank you for this tip. It was easy to find your coach on google . Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
The issue is most people have the “I will do it myself mentality” but not skilled enough. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 350%, since covid-outbreak to date, summing up nearly $1m.
I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advis0r? I'll be happy to use some help.
Her name is “Rebecca Nassar Dunne’” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
thank you for this pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a calI session with her.
Appreciate your videos! I’m 54 and younger generations should know there’s no shortcut to acquiring wealth, but there are ways to go about it. Fellow millionaires don’t tell the poor/middle class they need the knowledge of finance coaches to help build their wealth. If anyone here needs a good coach, here’s it..
Elizabeth Greenhunts
Get to her with her name..
Thanks.
Cool info..
I am 53 and retired at 50. 1 thing I did do to retire early was to get out of the 401K and IRA programs. Bought rental real-estate and I am now a Limited Partner in about 1500+ units from collabrative efforts in the fund my estate planner has me invested in. I do not work.
I only contribute 5% to get full company match, that’s it. The 401K plan is designed for you to work until you are about dead. Also, the government does not have their hands on it yet either.
My wife and I live off of our 401K. We don't work. I recommend highly to everyone to build your 401K or Roth IRA's as an alternate revenue stream in retirement to your Social Security. An observation on 401K's is when it gets over 300K it starts to accelerate. When you get over 500K it can really accelerate as the stock market grows.
If I may ask, as in withdrew all of the money from the 401K and IRA programs? If so, what was your strategy behind that decision? Thank you.
Vivian Jean Wilhelm is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
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.
I definitely share your sentiment about these firms. Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
It's a common misconception that when a stock you buy skyrockets, the smart thing to do is sell it (or at least sell some of it) to lock in your profits. But the context matters. If the stock has increased sharply because the business is performing exceptionally well, it could still be a bargain. I'm still looking for companies to make additions to my $350K portfolio, to boost performance. Here for ideas...
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Viviana Marisa Coelho is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets.
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.
597 likes on a bot post. Crazy
Dave said “Don’t do a Roth if you’re over 55 because it doesn’t have time to grow”, But I have a cash savings of $600K which I need to invest for retirement, and I’m 57. What strategy should I use?
avoid the hype, my best suggestion is to consider advisory management
There are many ways to approach this. Converting your IRA to a Roth IRA can be beneficial, especially if done when the market is down. For example, if you're in a 22% tax bracket and convert $30k, you'll owe $6600 in taxes. If the market rises at a modest rate of 7% per year, you can recoup the $6600 in about three years. Converting when the market is high means it takes longer to recoup taxes. Since I'm over 72.5 and have to take RMDs, my CFP suggested this strategy, and it's working well. You need to consider your tax situation and goals. If you plan to spend the money soon, keeping it in a traditional IRA might be better.
Pls can you refer me to this CFP?
*Victoria Louisa Saylor* has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Wow, her track record looks really good from what I found online.i just filled the form and scheduled for a call. Thanks to you
Should those of us with less than one million and above 50 be worried then? I have only 650k in my Roth and I don't know how to grow it and I'm worried I'm nearing retirement.
I was in this same position a couple years ago. I was always anxious. I decided to start working with a financial advisor, and I started making a lot of monthly dividends that my anxiety disappeared.
Exactly my solution too, even though I'm not retired. As a contractor with limited time to analyze investments, I've relied on a fiduciary for the past seven years to manage my portfolio. This strategy has helped me navigate market fluctuations effectively and also increased my porfolio by up to 300%. You might consider a similar approach.
I'm actually seeking guidance for my portfolio management. Could you refer me to your advisor?
Sharon Lynne Hart is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
It's become incredibly hard to retire in America. Thank you for the recommendation. I'll check her out and set up an appointment.
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $540k now to put in the market.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k....
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?.
'Laurelyn Gross Pohlmeier' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
i am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again
Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.
I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
I don't have enough time because of my busy work to carefully review my assets and examine particular stocks. So, in order to stay ahead of the curve in the market, I have hired a fiduciary to manage my portfolio actively for the last seven years. With the help of this technique, I've been able to successfully negotiate the financial terrain and choose the right times to purchase and sell. Maybe you ought to take a similar tack.
Hello Dave, How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Vivian Carol Gioia is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
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 in my 50s and I'm more interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?
Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. hence I will suggest you get yourself a financial-Advisor that can provide you with entry and exit points on best stocks to buy now or put on a watchlist.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. he's helped grow my reserve notwithstanding inflation, from $275k to $850k.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications.
The first step to successful investing is figuring out your goals and risk tolerance either on your own or with the help of a financial professional but is very advisable you make use of a professional like I did. If you get the facts about saving and investing and follow through with an intelligent plan, you should be able to gain financial security over the years and enjoy the benefits of managing your money.
James Walter is the licensed fiduciary I use.
I'm 49 years old. I have been working almost consistently since I was 13. My networth is 79 dollars.
Should have found these guys 30 years ago. It’s criminal this isn’t taught in high school
@@scottdesilets6147it’s intentional
Then, should those of us over 50 with less than a million dollars worry? I worry that I'm rapidly approaching retirement with only $500k in my Roth and no idea how to grow it.
A few years ago, I found myself in a similar situation. I had anxiety all the time. My worry vanished after I made the decision to begin working with a financial counselor and began to get large monthly profits.
Well, that's also my answer, even though I'm not retired. I've been relying on a fiduciary to handle my portfolio for the past seven years because, as a contractor, I don't have much time to research assets. I have expanded my portfolio by up to 300% and been able to navigate market volatility with greater effectiveness thanks to this method. You could think about taking a similar tack.
I've been considering but haven't been proactive. Can you recommend your advisor? Could really use some assistance.
Amber Michelle Smith has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Thank you for sharing, I must say she appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled
I just passed $1m net worth 1 month after my 35th birthday. Original goal was by age 40. 🎊 🎉
Congrats! I've got the same goal of 1M by 40; hoping to beat that as well. Best of luck on the second M
I reached mine two months ago at the age of 39. Congrats 🎉
Wow, what's your secret? Some highlights pls. Would benefit us non Americans
Good work. How much is liquid?
60% liquid...no secret . I was able to save money and take advantage of the real estate market in 2012...
*Wow😁, it's crazy how some people can become multimillionaires by investing just $10K in trading within a few months, while others have to work for 40 years to reach $1M in retirement savings. The power of smart investing, right?*
That's awesome!!! I know nothing about investment and l'm keen on getting started. What are your strategies?
If you are using really a good broker or account manager is easier to earn from the market
That's true. a lot of people today have been
having a ton of disappointments in forex and crypto trading in light of helpless direction and awful specialistsThat's true. a lot of people today have been
having a ton of disappointments in forex and crypto trading in light of helpless direction and awful specialists
I've been trying to trade but I keep making losses and it's frustrating
Can you recommend a guide for me?
Age 53. Wife, two kids. We’ve got a Kamel A++. A few more years to get these kids a university degree and then the wife and I are calling it a day. God willing. Live like no one else so one day you can live like no one else
Hitting 50 this year. Proud of my younger self. Scored an A++ and will be able to retire when I'm 54.
Congratulations!!
Hell yeah
I'm 44, net worth just over $1M of which 40% is my house, retirement is 30% and 30% made up of investments & assets. Had to start from scratch 9 years ago and have worked hard to catchup. My goal by age 50 (2030) is to have a net worth of $2M. Currently maxing out everything, 401K, backdoor RothIRA, HSA and ESPP.
Just paid my mortgage off and im 39. Feels amazing
Congratulations! 🎉
Congrats🎉
Nice job!
Sick
Congratulations!
I'm pretty close to this picture. I'm 59, and we are still putting 20% towards retirement and children's college, 20% towards paying down the mortgage, (20% to taxes, and 40% to monthly expenses) and I have no plans to retire early....looking to be 67 with a paid-off house and $2.5 - $3.5 million in retirement. It's a good place to be.
Nice, it’s about being consistent. 43 and 39 and we were able to buy property during the downturn and have been constantly maxing out to retirement as well. It been years of just doing that and we are lucky that we will be in the same boat like you.
I own a paid off home. It's not worth anywhere near $500k. It's $140k at best (low cost of living area and a small bungalow). That alone puts me at a 25% deficit according to this math. Yet, the smaller house has much lower property taxes and insurance, so my overall savings required for retirement is much lower. I'm just pointing this out because expenses are the other side of the coin to savings when it comes to retirement.
nice work. it's true that keeping it simple will mean your needs are less later too. I hope your house is cute and comfy... sounds like a great setup
Net worth truly snowballs after $100k! Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE!
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to my FA, my portolio is doing really great and im proud of the decisions i made last year.
How? What does one do if they have a 100k$?
I've been considering but haven't been proactive. Can you recommend your advisor? Could really use some assistance.
If you think networth snowballs after $100k, wait until you hit $1 million! It took me 10 years to hit a million but after less than a year im already at $1.4 million
*Sharon Lynne Hart* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Been divorced twice. Lost everything. Turning 40 this year and starting all over. Net worth is negative at this point.
Pre nup brotha!
3rd times the charm! 😅
Awesome! I appreciate your viewpoint. I currently earn $600k per year. I have no home or investments, and my job is in New York because I work from home. I need to act quickly or else I'll owe the IRS thousands of dollars come tax season. What should I do?
To better understand the factors that could affect your finances as a beginner. To make the best decision, speak with a financial professional. They have a wealth of information regarding both current events and upcoming developments.
Opportunities are scarce; make an investment today to become financially independent. I am participating in numerous sectors with the help of a Financial Advisor, and success seems to be more straightforward than I had thought.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I appreciate your advice. How can I get in touch with your Financial Advisor, if you don't mind? I am in severe need of financial aid.
Annette Christine Conte is her name. You may look her up online; she is a reputable financial counselor in the US with a license.
We just Crossed over 1Million in our 401k!! Just a nurse and a barber. We are both 54. Two paid off cars and 11 more years on our mortgage. Net worth $800,000 . I was looking at the video because I thought WE were behind. I really wanted to know how much most people live on during retirement so that I could plan to have enough money (THE GOOSE) and live off the interest (The eggs) . I have heard $10k a month? With No debt .
Do you need 10k a month to live off now?
The number depends on what type of lifestyle both you and your wife would like to live after retirement. Do you want to travel more? Do you want to assist in helping your elders or children or grandkids? Do you have any causes that you want to contribute to? Do you want to move to a more upscale area? Or maybe you both may want to start a business somewhere down the line. I’m just throwing somethings out there but start having those conversations now because you both are on your way towards multi millionaire status. Way to go! 🤜🏾🤛🏾💪🏾✊🏾
@@rachelcrossen8136 we have $100 k in debt now but our "living expenses" run about $6000 I really am trying to get a number in my head so that I can focus on the amount we NEED to save/invest so that we can have $10,000 to spend if we wanted to
How is your net worth $800k with $1M in investments? Lots of other debt? As for expenses in retirement, I’m sure the spectrum is huge with some limiting their spending to what they get in SS, and some spending tens of thousands per month. The best way to calculate is using your own expenses. With a paid off home, you can live in most places comfortably for $60k per year.
@@Faben202 The way I understand "net worth" is how much we have invested liquid 1mil. minus how much debt we owe $200,000 (house and some loans) ...am I missing something? Or am I doing that part wrong?
Videos like these just remind me of how far behind I am.
Same. And I feel like shit now lol
No time like the present to get on track! 👍
@@sillybilly9428 I’ve been on track, just still playing catch up lol.
Age 59, net worth of about £36k 😢
I’m in the club also.
51 and about $525,000.... ehhh. I made a LOT of mistakes. The biggest was trusting others managing my money. Do it yourself if you can.
You should tell Brian at The Money Guy Show that he gets an A+. He’d be proud to receive Professor Kamel’s approval.
This is one of the best Ramsey related videos. The only missing piece is saving for college for your kids. Oh, how I wish I took that seriously as soon as the babies were born.
College costs have jumped so much! I graduated 19 years ago and tuition is about 5 times more expensive than it was when I was in school!! I'm telling my kids to really consider community college for their basics so they can use their college funds to help with when they have to transfer to a more expensive school!
I tell people this often. However, I've started to shy away from sheltered plans in case the kid doesn't go to college, then the $ can be used elsewhere like a home.
Good video. What has bothered me over the years is radio ads selling some kind of protection, touting your home as your "largest asset," which really should almost never be the case.
This was backwards. It should have been, "You're 50 and short of where you should be... what can you do to catch up." This was a better video for a 20 year old than a 50 year old.
Exactly what I was thinking.
Perfect scenario described. Conveniently left out that people 50+ now probably bought a house between 2005-2007 and lost big time. Then they didn't recover for 10 years or more.
Womp womp
@@trexasaurus5322I
Or that their job got hit by the same recession and it took years to get another job and back to average pay.
I have a B by this score and I'm miles ahead of most. Have been investing since I was 20 and have a reasonable paid off 2 bedroom condo and a reasonable paid off 2018 Mazda 3 (a year old when I bought it). Most of my clothes are thrifted. Nothing fancy.
The only reason I have as good as B is because I'm frugal and I don't have kids. I think that net worth for the average single individual is not realistic. I would have had to live like a monk.
Baring any more massive downturns I should at least have that net worth by 60.
Great video George. I’m 51 with a $1.4 million net worth. On baby step 6 and owe about 300K on my home on a 15 year mortgage. With extra payments we should be fully debt free in the next few years. The Ramsey baby steps helped my wife and I get to this point. We had a negative net worth through our thirties and didn’t go positive net worth until our 40’s. I max out my 401K every year and pay cash for everything. You can do this if you save diligently and stick with the baby steps.
I use the 300 rule.
Take your current monthly expenses & multiply that amount by 300.
The result is a rough guideline on how much money you need to save (and invest) to keep the same lifestyle you have now, during retirement.
Almost 50 net worth negative $108k, definitely failed. 😢 working til the day I die.
You’re doing better than most probably, you’ll make it
My husband and I were almost where you are in our late 40s and we both worked like dogs for the past 10 years - you still have time to turn this around, don’t give up!
Baby steps. You can do it!
go off grid. will change your entire outlook...
You did NOT fail. I had zero till around 58 years old. I went back to school and became a midwife. I worked like a crazy person and 10 years later I had almost 500k. Now that I'm drawing Social Security I pull out 1k a month from my investments and do great! I'm thankful I did the hard work
I am slightly behind, 54 and net worth is negative $15k. I flunked life.
Quite negative I can’t lie maybe due to bad decisions
I don’t fancy working for people or companies I live investments and being self established, I see works as modern day slavery.
Building wealth involves good habits and risks like putting money into solid investments like digital currencies,having a good financial manager is what people tend to shy away from,and it keeps hunting them in the near future after many losses, be disciplined and get certified manager, I pray that anyone reading this will be successful!!!
I do recommend Anna Dorris Arthur
The details are on the browser
32 y/o and net worth 360K. That median number is sad and it’s even more sad if you remove home equity in primary residence and look at invested assets. Hope this video inspires people!
Always confused by these stats when I hear average net worth per person when I think it is really more important to talk about household net worth.
You’re math doesn’t add up. No one making 30K a year can afford a 200k house on a 15 year mortgage. Even with 20% down it still sucks up nearly their entire paycheck. If you want these to be realistic and relatable, drop the 15 year assumption, most people aren’t doing those.
I did, it is doable. You'll notice one of the key pieces was that you started investing and saving with your first job, and now you are 50. The numbers would be slightly different today as the mean starting income is different. And your 'starter house' should be smaller, or rent until you can do a 15 year mortgage where the payment is less than 25% of your take home.
Your*
The video was interesting but you are correct. At one time I had a $160,000 30 year mortgage that was actually at 6% and my payments were right around $1000 a month. Obviously thats not an exact comparison but completely undoable at that salary. My first job out of college I was making low 30s my take home was around $900 every 2 weeks. I wasn’t investing and my health insurance was under $40 a month. That would mean $1375 every month to make a house payment and invest at 15% out of my monthly $1800 salary. The math is definitely not going to work. I guess I should edit to say investing and making good choices work but these made up scenarios and numbers are distracting to me because these fake numbers don’t work.
$30k/year starting, but that was buying the house at 30, so like 8 years of working, saving and pay raises. Might have been up to $40k or higher by 30, also by 30 maybe married and two incomes of $40k = $80k, which is 100% doable
I'm pretty sure that's based off two people earning and paying that in the 90s. It was more common to have shorter mortgases. It also shows a normal progression of wage rises top of that. Less realistic nowadays
Many of us in that age bracket had to start over from scratch & were barely getting by for some time. But it's never too late. We're about a year away from having debts paid off, then another year to save up a hefty down payment & then a plan to have that house paid off in time to retire while also rolling every penny we can into savings/investment & becoming as self-sufficient as possible. When your expenses are low, you don't need as much to live on. We have no desire to travel, etc. now, let alone when we retire, so all we'll need is just our basic necessities.
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Elizabeth Wesley.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
Elizabeth Wesley strategy has normalised winning trades for me also. and it's a huge milestone for me looking back to how it all started
You trade with Elizabeth Wesley too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much
I’m 50 and this video has made me feel very hopeless.
54 and same
🥹 same
Don't feel hopeless... The median for people at 50 is less than 250K. More than half of people age 50 have less than that.... You're not alone. And there's still time to do something. Catch up contributions to IRA's for instance...
Make a plan- you still have time to retire with integrity.
Also-this is just his opinion. Love Kamel but let’s get real. He’s one person and he’s giving the ideal situation. Had I really known the power of compounding when I was 25 or 30, I would’ve focused more on saving. I’m 56 and have about $150k. Feel really good about since I was -$25k only 5 yrs ago. More important than reaching a certain net worth by a certain age is to focus heavily on your money goal, and you’ll achieve it. I’m making traction for the first time doing what I’m really good at in a niche profession/entrepreneur. You can make more $$$ this way when you are the best at what you do and therefore don’t have to worry about competitors. I’m on track to be a millionaire by age 64 if not earlier! Never thought that was a possibility until I started studying Ramsey and others.
I've been a millionaire for about 5 years and at 57 I'm getting ready to roll up on 2 million. I started investing when I was 18 and methodically put money away most of my life. I believe consistency is key. here.
I’m just getting started at 50 paying off debt, no savings or retirement. Working 7 days a week. So I’m a bit behind, I guess!
I think I’m at an A+ scenario so I will not be selling my beanie babies
I own seven rental properties in NJ. I had a 30 y mortgage and focused on buying rentals over the last 25 years. The total cashflow from all propeties combined was able to pay my hous of really fast. If I didnt buy rentals I would have missed on my net wort tripling with inflation.
This actually mirrors my start except my first job was in 95 at 36k. I felt really fortunate to land that job after college.
2:05 I 'm 50 and I didn't start making $30K or more until I was 30. Only started making over $100K about 4 years ago.
50 with an A.
Hopefully an A+ before the end of 2025.
I've been blessed.
I haven't gotten an A+ in a long time. Thanks, George! :)
LOL
If you wanna be successful, you most take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life.
I’m 52 and don’t know anyone who ever had a pet rock. I think that was an early 1970s thing.
They are back lol. I saw some the other day
I'm 52 and had one. By that time they we covered in faux fur shaped like a mouse.
So many people who have spent everything they had to get to the USA and are starting this from scratch in their late 30s or 40s. Fun times
awesome, already have an A at 43. not even counting my employer paid pension, which should make retirement life very nice!
I am on +700k € with 37y and having a family of 5, age might be one parameter maybe beside family size. But good to know we are on track. Thanks!
So much knowledge! Absolutely free! I was never taught anything about money, I am praying and working to change that. I am in my 50s no retirement no savings because I made a lot of mistakes when I started investing, trying to correct that now. Already have a few thousand$ saved up to invest for long term. I would like to know what advice you could give to start my investing journey. Listening to you gives me inspiration and wisdom. Thank you so much!
The best course of action is to get yourself a financial-advisor that can provide you with entry and exit points on the shares/ETF you focus on.
I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years.
Pls who is this coach that guides you? I’m in dire need of one, my stock portfolio is declining even in a bull market.
‘Grace Adams Cook’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
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 videos and great tools. Thanks for the information
For those complaining about interest rates today, I bought my first property in early 90's at 9% and had friends who bought in the 80's closer to 20%
I made out very well investing in RE, 401k, IRA. And I worked my azz off
I’m single, 54 and just under $3.5 million net worth. And I didn’t inherit any of it and I’ve never owned my own business. I have a 15-year fixed mortgage with $381K remaining at 2.49%. I could pay it off but why bother when I’m making double that just parking it into a CD at 5%. The Ramsey mafia’s phobia of debt is downright comical. My debt is good debt.
I’m in a very similar situation. Currently 53 y/o with $2 million. I’m going to have difficulty spending it.
Wouldn't the capital gains tax screw you at income tax time?
@@Thebignagro I would take a hit with capital gains but not enough to lose money compared to paying off the mortgage. Plus I do get a mortgage interest deduction, which is very valuable since I am in the 35% tax bracket.
@@hejiranyc how will you transition from a saver to spender mindset? It may sound crazy but I see this as a real problem
@hejiranyc well you can't go wrong with that in canada unfortunately we don't have a mortgage interest deduction 😢
After watching this, I feel like I failed as an adult. I'm not quite 50, but close at 47. I am nowhere near where I should probably be right now. I can't help but feel no matter what I do at this stage in my life that it won't make a difference at retirement.
what really sux about the math--you will always owe. i am in a blue state.
no debt, whatsoever, and yet in 30 years, my ins. has trippled, fees are everywhere and escalating,
property taxes are are more than doubled, and the golden dome spends my money like drunken sailors
on ''newcomers'' while our vets are living on the streets. leaving by the end of summer.
Yes well said
Texas home insurance and property taxes are rising too.
Around 30% of "our vets" are on some form of disability. Your homeless vets may be choosing to live like they do and be on some kind of disability? Our military personnel get way better benefits than most. Heck, they get 10% off at many locations which covers their sales tax. Many get their property taxes taken care of when on disability, and many draw up the $3500 a month for the supposed disability. I use to see them with signs begging for money by the VA hospital in Charleston SC. The military is the biggest welfare complex we have. The vets don't deserve anything more than anyone else. Remember most you see volunteered. Any drafted vet deserves all they can get.
@@fred-ts9pb i'm glad i don't live in your world.
In my mid/late 40s. Don’t have any debt other than mortgage. But most of my worth is in my house which is a little scary to be honest. Graded well for the 40s scale. Graded ok for the 50s which I’m not there yet, but I have some work to do before I get there (and I’m getting close). So I’m working on paying off my house and putting money into my retirement. Life does get into the way as it does. I want my house to be someone I enjoy living in, so I keep paying for some improvements in my home (cash, not debt) as I’m going. Not little things, but replacing my roof, etc. Home ownership just isn’t for the weak. It’s a scary life, but we all do what we can and living without putting things on credit cards is an amazing feeling.
Yay I'm finally above average in something!
lol i'm in my mid-thirties and still use/have a VCR.... the 90's were the best
🤣🤣
Don't have a vcr...but yes the 90s and early 2000s were our peak.
We have been blessed and learned early to pay ourselves first. We averaged investing 20%+ over the years. We live a great life but well within our means. We are both within a year and a half of the 59 mark and we don’t owe anyone a dime. We’re fortunate to pay our house off in 13 years. The net worth calculator says we have a net worth of $6.5M. 😊
Those Tickemaster fees are crazy
Watching videos like this really make me feel better abouth retirement. I was STUPID when I was younger - had a good job, made good money for the time, but blew it as fast as I made it. Cashed in my first 401K (all of $10K) to buy my first house which I then stupidly refinanced / 2nd mortgaged several times to pay off credit cards. Luckily I changed my behavior about 22 years ago. Started slamming everything I could into 401K, paid the credit cards down/off, paid off my car and kept it for several additional years before replacing it (new loan). all the while my income has gone up.
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Seeing where I'm at compared to the median and even against the A+ scenario makes me realize I'm doing a lot better than most... I'm blowing away the median by a huge margin. Planning to retire at 62... 11 years from now and will be living quite comfortably at that.
Age 53 - I have $920,000 in my investments, two cars paid for with just under 11,000 miles each, $55,000 in checking, but where I haven’t had luck is with homes. I’ve never taken out a home equity, but most houses I’ve owned didn’t appreciate above realtor fees until the last six years. So I only have about $180,000 in home equity and it’s the only loan I have at 2.875%. I’m definitely jealous of those that have had Lady Luck in timing and location on their real estate investments.
Compound interest is great! Very happy I was forced to save due to the mandatory pension. Otherwise I’d be in serious trouble of a crappy retirement. I’m still renting though, kept moving so I sold the house and never bought another. Renting was affordable and really made moving for that new job easier.
This is for singles, wondering what it should be for couples.
How would you calculate this if you have a pension?
Not sure everyone is 100% invested in the S&P from age 20 to 50. 🤔 diversification would be some great advice.
Almost 32 with a $120,637 net worth. I didn’t really start focusing on my finances until maybe five or six years ago, so I’m a little bit behind where I feel I should be, but I know I’m much further ahead than a lot of people in my cohort. The $120k is made mostly from the $77k I have in my 401k and the approximate $40k I have in equity from my home I bought two years ago. I have a little bit of equity in my SUV and I keep some cash laying around, but because I still have an auto loan, right now I’m selling off a lot kf collectibles I’ve accumulated over the last 15 years and pumping all of my excess income into paying that off ASAP. Once I get that taken care of, my only debt will be my mortgage, so I’ll be in good shape for the future.
I was just sitting and found myself chuckling. George Kamel is the best youtuber out there! 😂 Hilarious and educative contents.
The last 30 years have also been the best in history (with substantial volatility) for equity returns, but the future isn’t guaranteed. Think 6%-8% returns, and save way more than 15% to be conservative. Rule of 72 has asset values doubling about every 10 years (not counting continuous contributions, calc a growing annuity for that). The $1mm net worth target Ramsey started with in the 90s is now $2mm-$2.5mm inflation adjusted.
I figure I'll need $5 million to retire in 20 years. Especially with our out of control government spending.
So is this a house hold net worth or each person in the homes individually net worth???
House hold
@@shannonpennock7813 ok thanks
That means my wife and I are tripple A
Sweet, at 43 me and the wife are at $1 million net worth. But much more importantly, we finally paid off every single penny of loans including mortgage. So for the next decade plus as long as we stay employed we will stack up the investment account. And if we get laid off, no big deal.
No one considers where they live in this calculation. The cost of living is a big factor. My net worth would be well into the millions if I say owned my current home was in San Jose California. It's all relative to your personal situation.
Happy to say we are an A+ with $1.1 mil!
Thanks for the video. I’m 49 and have net worth of $1.75M.
What about real estate income
I agree with the Ramsey plan. However I need to find your 10 percent investment. Vanguard from my company only gives me 7 to 8 percent.
I’m 29 and got $64,500 in net worth calc 👍
Where is the information regarding the high yield savings account online.
Will turn 41 next month and my wife and I are over 2 million in net worth. Still feel like were behind. The only debt we have left is the house. Wish I had started investing sooner than 30.
Clean up your comments section. It's absolutely ridiculous how many bots there are.
Im now an A and quitting work, cashing in and heading where my money will work hardest for me
Cool. Going overseas? Or staying in the U.S.?
I started investing and bought a condo in 2006. I make much more than avg salary. I have the A scenario. But that is with a Huge match from my employer. I’m think 1.4 million is a little high with the Great Recession too
The only way I could view a vehicle as part of net worth is if you will be walking permanently or you have multiple vehicles. Same for a home, if you have one home and no backup home, your $500k home is basic now, you will have to downgrade if you sold it.
I will become a Quinqie later this year!
Oh wait I have 120k in restored Mustangs!
A+ at 44. Hoping to double my NW by 50.
The first 25 secs sums up the whole video
net worth calculator link is incorrect, takes you to Investment calculator which is different
I’m screwed. 56yo woman, no house, working a casual almost minimum wage job, I’ll probably earn 25k this year (sometimes I work 20-25hours per week, other times I only get 8-12 hours per week), I don’t have a retirement fund because I lived overseas for most of my working life, living with family because rents are so high where I live…but living with can’t last forever. My only option for a financial plan now is the lottery. I’m joking, but I’m also very scared.
I'm 49 and have a net worth of $5M... A $1.7 M paid off home and a $750K almost paid off rental property. $2.3 M in my portfolio and $140K in my checking and savings... I'm also recently divorced (had a prenup) and no kids.... I make about $300K a year and save roughly 80% of my income. No debt and love garage sales LOL
I mean if you love what you do keep doing it but I'd say your at the point where you could easily drop wayyyy off on that particularly the savings rate.
Assuming that was after tax figures in which case your increasing by almost a million every 4 years not including whatever your investments are actually earning.
Like I say if your enjoying things keep going but you definitely have a buffer to just live and do just about anything you want assuming your fit and healthy go and enjoy it.
Bottom line… you need to earn a high salary. Even if it means a second job. You’ll never invest yourself to high net worth.
I disagree. I think it really depends on how you manage your money. If done correctly this money can last forever. Not to brag here, but if you think that you can do just 8% per year in return. Well, you are wrong. You have several factors, the money that you invest, the time invested, the risk and your age. Of course they are not going to talk about risk here. More risk, more rewards. It's really up to you.
If you have a low interest rate the money you pay extra to your mortgage only makes whatever that rate is. On the flip side if you instead invested that money into an account that gets even 1 percent more interest it is better to go with that.
600k house paid off, 210 in cars paid off. 290k savings, 2.2mil retirement. 850k salary. 45 years olds