How I Invest 30%, And You Can Too
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- เผยแพร่เมื่อ 7 ก.ย. 2024
- How I Invest 30%, And You Can Too
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One of the reasons why I love ramseys because they encourage giving
Recently had a set back. Paid almost $4k for surgery on my ankle as I was in a bike accident & broke my ankle a few mouths back. I'm mostly healed & should be back to work soon. My plan is to stop investing temporarily & rebuild baby step 3. Thank goodness I had an emergency fund or else I'd be making payments on that bill right now.
I wish Ramsey would do a series on investing AFTER retirement. I'm 62, live on Social Security and pension, and on BS4. I understand the value of compound interest but don't know how or where to invest 30% of my income after expenses if it's only for 10 years not 30+ years. I split my time in multiple countries so buying real estate might not be the best next step. Not sure what to do with my excess income other than just keep it in a savings account.
You can open a Roth IRA.
Same here everyone says to invest but I've spent hrs looking into it and have no idea still.. seems like it's much easier to invest if you live in the states.
Watch his videos again then, just because you're in retirement doesn't mean he recommends different funds. His funds are the same which are growth, aggressive growth, international and I forget the last one.
I would love to see that, too. Out of 401(k), Roth 401(k), Roth IRA, brokerage savings, and social security, what is the optimal mix of withdrawal, and how do I invest the rest?
I see lots of people having problems increasing their savings ratio, but that's really important to pay attention to your day-to-day purchases, the small ones (some people call it as "ghost expenses"), tracking these expenses makes a huge difference in the end of the month. Most of people don't pay attention but you could be saving a lot more if you focus on these little expenses. If that's your priority. of course.
@@pparks8776 exactly, and it has all to do with our mindset as well. Congrats on your initiative by the way. I wish you the best 🙏🏽
As soon as I got out of debt I was eligible for my company's 401k and since I only work part-time I wasn't able to get the benefits until I worked for a year. The maximum that they will allow out of your check is 30% and they would do a 3% match but since I have lower bills than the average person I didn't hesitate to take out the 30%.
I feel like i'm still not doing enough. 30yo, single, no kids.
No idea about how much I'm saving (in % terms) in total but I've maxed out Roth IRA, contribute 35% to Roth 401k, just started a 529plan (exp savings of $200/mo), $500/mo to normal ETFs.
The caveat here is that I've been at home living with the family, doing this for like 3 years. So despite the savings, it feels like i've only been able to save this much because i don't live independently.
We have done 50% investing before, and it was totally annoying, almost like reliving babystep 2. So back to 30-40%. Giving is more fun than buying stuff.
We started at BS 3 as well 30 years ago.
woo hoo Rachel! we are on step 3 and can’t wait to get to where you are!
6:46 is exactly where I've gotten too! It's a relief to look at "stuff" as a burden and realize I don't need it or even want it!
Hi, Rachel, can You and your team make a video on investment for Europeans? Because baby steps are universal but investing in Europe is really different.
You are the daughter of a mega millionaire. Married, had your college paid for, and have high incomes. Some of us are only debt free now at age 34.... also I'm single and no one helps me. I do all this alone.
I am new to the stock market. Every stock that I bought so far, I was out of luck because I bought them when they were expensive. I feel I missed out on all the stock opportunities so far for the tech stocks.I believe having 75K yearly income would be a good investment so I want to plug all my savings into the stock market. I know this sounds a bit dull but I would like to know if I should learn investing or let somebody else (more capable like a FA) do it for me? Please share your thoughts. I am kind of tired of searching for a good stock to buy and losing all the good opportunities
@philipp llobet Hi , please who is the expert assisting you and how do I reach out to them?
@philipp llobet Thanks for sharing, I just looked her up online and I would say she really does have an impressive background on investing
As a professional in the camera/production world please do me a favor and STOP CUTTING THE CAMERA ANGLE SO OFTEN
It’s awesome that you guys have production quality but you want the production to be seamless and not distract from the very important information you’re presenting.
Stop cutting the camera angles so much and so fast! You could get the message across so much better and connect with your audience more if you used them deliberately!
I used to work for a production company. There’s actually a science to how often you should change the camera angle to keep attention. Now competing with what video games and cell phones in everyone’s face have done to people they have to change it quickly.
@@bethanyg153 so your 100% happy with how many cuts are in this video? Honestly, I feel like you assume that I don’t know the science behind cutting. I would not have said anything if It actually followed the science. I’m my opinion they cut way too much and lessen the possibility of making an impactful deliberate cut by drowning it out with many meaningless ones that can grab attention but in excess are distracting and jarring.
Same here man… a little too much. Had to work on something else because the flashing bothered me from listening
Yeah, I have ADHD and even I thought the camera angles switched too fast. It was a bit distracting. Maybe they were trying to transition in time with how fast she speaks?
Lol everyone's a critic 😆🤣
Excellent breakdown and insight, Rachel! Way to go! Yes to manage finances wisely and invest right!
Can you please do a series or classes to explain the basics on investing! We invest but do not understand it all. I know we can call a smart investor pro but we want to understand all they are telling us as well!!!
Most important step: have a rich father.
😂
Your doing great 👍 ignore the Haters
We’re in a lower income period in our 30’s (mat leave plus grad school) so the challenge is just not divesting what we’ve already saved for retirement. We might have to a bit to avoid debt but we will try to live within our means as much as possible 😅
They say for steps 1-3 to pause and retirement investing but dont take any out. If there's extra stocks/mutual funds in addition to retirement, then take that out and pay down debt.
Awesome info. everyone needs to hear and learn this in their youth. We woke up to these principles a little later in life but still got ahead of it. Now we put 35 to 40% of our income into investments every year. We could retire now but like the work so going to stay a bit longer and pull the plug next year. Also spot on about having "things" in your life. A bunch of clutter and junk is a sign of a mental illness IMHO. Don't have a bunch of material items or they will have you.
Can you recommend a strategy for us Brits (in the UK)? What should we do with our surplus money?
How much can I invest into a backdoor Roth? Is there a maximum? What should I do when it's time to invest a large sum of money all at once? The Roth and i believe backdoor Roth both have limits allowed. If I happened to start earning $300k+ or receive a 6 or even 7 figure inheritance, what are my options to set up generational wealth with compound interest?
Currently 33, make 120ish investing 30% and debt free minus my house that I am actively paying down. No wife/no kids life is good so hopefully will FI/RE one day!
I love those earrings ❤️
What do we do if we can’t afford the 15%at baby step 4? I’ve even talked to one of the Ramsey coaches n he couldn’t help me figure out ways to cut or explain why my numbers didn’t work, he just said do what you can until you can do the 15… so no help
Hey Lindsey, have you ever tried to track your daily expenses? Just to see how much you're spending on these small purchases (some call it "ghost expenses"). That makes a huge difference in the end of the month. Glad to help
@@frankbatista.official I do the Dave Ramsey plan so I track everything and budget to zero every month yes.
@@lindseye2750 That's great. Congrats. Something that you can try too is renegotiating some services (phone bill, internet) it might not be a huge difference at the end of the month but you can save a lot more at the end of the year. I've seen people saving 5% more just by renegotiating services like these ones. (you might wanna say you're gonna change for their competitors though if they refuse hahaha) "they don't wanna lose a client"
@@frankbatista.official I agree. I changed my car insurance and canceled cable and saved more money that way
@@candy2325 Exactly., I try to renegotiate all these services at least once per year. Congrats pm your initiative Candy.
Fantastic explanation!! Thank you!
Get a 2nd part time job that pays 30% of your regular income……and invest it all. 😊
That could work for some people. But most people increase their lifestyle level as soon as they start making more money haha self-control and knowing your priorities is very important
@@frankbatista.official very true……many people spend more when make more.
Can't really do this if you need a new car, a driveway, etc. You don't address if you have 3 months of living expenses what if you need a new car?
who pays out the interests and when how does this part work?
How do you open a Roth IRA? I’m low income less than 28,000
Rachel can I skip Baby Step 2 5 and 6 becuase I don't plan on living in the United States someday int he future I would like to live in another Continent or Nation with No Debt , Being Single for the rest of my life .I plan on not having family because it's expensive and just go on to Baby Step 1 , 3 , 4 , 7
It doesn’t really work that way. Baby Step 5 & 6 is optional as you might not have kids to pay college for and you might not desire to own your own home. But Baby Step 2 is essential. It’s very hard to get ahead when you still have debt (esp. high interest debt) holding you back. Investing when you have debt is counterproductive, especially right now when we’re in a bear market. Yes, it’s buying at a discount but it’s also guaranteed 100% return if you’re paying off debt. It just seems abit backwards. At minimum, I recommend following Baby Steps 1-4 in order. You can disregard 5 & 6 if it doesn’t fit with your vision or plans 💕
@@leahmcdermott4189 I don't have debt and never plan too also I never plan to have children and be single for the rest of my life
Doesnt matter what country you are in. Debt is debt. If you dont have any debt then just work on step 3. Step 5 is optional for everyone even if they have kids. Hard to really be in step seven if not own a house. I guess put alot more into other investments to compensate.
Its hard to invest money at this time. So, expensive everything..... its easy to talk about invest, but real life is different ........... 1000$ funds, thats going with inflation... today the emergency fund has to multiply 8 times ( inflation is 8.2%)...... we need today 8000$ for emergency funds...
your emergency fund would not multiply 8 times....just add an extra 10% of that emergency fund to it for extra cushion
I think you multiplied by 800%
thank you
Interesting thank's.
The title alone peaked my interest 😃
I have no debt, have six months of emergency funds, invest 35%, but I rent. Should I go down to 15% and save for the down payment on a home?
No actually if you are saving for a home then you pause investment and only save for a home. Its called step 3.5. Then after the down payment and move in then do the 15 percent. More then that is not until step seven.
Dude my house is 35% our income, when I get that paid down… that means I can then put that “mortgage” towards my savings account.
When rent is 50% its pretty tough to save 30%.
Youre not supposed to. Rent should not be more than 25%. If it above that, then either move or get roommates etc before you are even at step 4 to save. Plus step four is 15% not 30%. She's talking about at step seven when you own a paid for house and can do 30%.
I wish they would discuss baby 7 more. Like how to continue to build wealth.
They have mentioned doing about 1/3 in that stage- save, spend, give. 1/3 of income per each.
I invest 50%
lovely content
Is this 30% of gross or net income?
Gross so its before taxes also
“Opened up a mutual fund”. Does she mean she opened a brokerage account and invested in a mutual fund?
Id be on baby step 7 at 34 if Dave Ramsay was my dad too.
😂
Never had a combined household income of over 100, and we did it. It's very possible. Don't hate and make a plan for your life.
Income - 35% income tax - 10% tith - 10% sales taxes - 30% investing = live off 15%. Yea math doesn't add up.
I don't know what salary Dave pays Rachael (and he pays Winston to manage his property) but if they have some huge income, lving off 15% would be easy. For eg, f you make 1 million dollars, living of 15% = 150K would be a breeze!
What is logic behind these arbitrary numbers? $1000, %15 ???
Watch dave ramsey youtube. He explains it and much more.
🙏✝️
I thought that I heard you say that you’re on baby step 7, but I’m confused that you’ve only increased your investments by 15%, while saying that you’re not increasing your lifestyle. With your high income I suspect that you’re a victim of lifestyle creep, or that you’re not being totally honest.
Maybe their house payment was only 15-20% of their household income? Once the house was paid, they would enjoy a 15 percent increase in investing and 3-5% for lifestyle increase. I kind of wondered that too though. I'm sure they're raking it in and could really do more if they wanted too.
Dave says to do about 1/3 each in step seven- save, spend, give but can wiggle it some as suits you as you are in step seven.
@@Thatperson2-u7u I don’t recall her speaking about that in the video. Thanks.
I can’t believe paying off your home is called a baby step.
Most people try to do all the steps at once and never get anywhere. Although nothing is easy focusing only on mortgage with no other debt and a little money for emergencies with certainly make it easier and quicker.
Gives no name of any fund to invest in. This should be called "Why I invest 30%"
Legalities. They cant give specific brands to invest in. They would recommend finding an ramsey endorsed investor pro.
I invest 50%. Too much?
If you are in step seven then that is your choice but they recommend about 1/3 each- spend, save, give
Hold on. Papa Dave & other Ramsey Solutions Team have told callers before that they shouldn't be saving more than 15%, even if they can.
Really? For me, the more you can save the better, right? haha
@@frankbatista.official Completely agree with you. I'm just making a point about the Ramsey Team's hypocrisy about this....or maybe more of a point about how the Baby Steps are good guidelines to follow and tailor to yourself, rather than blindly follow a number.
She's in step 7. The 15 doesn't apply
@@tcgtpl Yeah, maybe what they meant was starting small until you get used to saving. I've seen clients trying to start big, saving a lot of money but somehow they couldn't and they get unmotivated, so for some people, it's better to start small and then increase their savings ratio over time. But I see your point 😁
They not to save more than 15 until your house is paid off, once you’re to step 7 he says save as much as you can and give generously
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I can't imagine how long it took to edit this video