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You have a Georgia Helmet and what appears to be a model tesla cyber truck sitting behind you..... How am I supposed to take anything you say seriously? PLEASE tell me what renovations you are doing (apparently wiht banked cash) that is raising the value of your home that you already put 50k down on (assuming thats supposed to be 20% please correct me if you using some silly money guy show math i dont know about) by 100k.
So wrong on the mortgage. Look at the full interest paid 30 vs 15 years. Live within your means. It’s the trying to “keep up with the Jones’” that drive this “need” for a larger house than makes economic sense.
Unfortunately you will pay regular income tax rates on ALL the money you take out of a Regular, NON- ROTH retirement account- 401k, IRA, etc... so you lose out on long term capital gains tax rates which are 0% if less that $90k+/year MFJ if it was in a regular, non-retirement brokerage account. So if you are going to do a 401k, IRA, etc... make sure it is in a ROTH account... AVOID a TRADITIONAL Retirement account at all costs! PAYING 0% taxes is better than paying 12% even if you are at the lowest income tax bracket. So Grant is essentially correct.... and you will WISH you would have listened to him! A ROTH or regular non- retirement brokerage account is the way to go for tax planning and to have flexibility to take your money when u want if you are investing in stocks, ETFs and mutual funds.
It took me 17 years to reach a million. I started with an income of $28k and at year 17, I was earning $87K. Put that money away as soon as you can and as much as you can then give it time to grow...
Dave has great guidelines. And you should strive for his goals. Doing so will set you up big time. But, it's like you said, it's ideal. Assuming that's the only way to get things done will likely set you behind. But at the end of the day, it's a good mindset. Don't take on debt if you can avoid it. Don't max out CCs and buy brand new cars and buy more house than you can afford. Be smart with your money. That's the root of his teachings really.
Yields as high as 5% typically haven’t lasted two years. Also the longer the money is in a high yield account the more susceptible it is to inflation. The lesson learned is don’t treat an emergency savings account as an investment. Most important feature is to make sure all the money can be accessed in one day for an emergency.
One of the biggest mistakes I see is when people forget to diversify. I mean, they throw all their money into company stock or just stick to one fund. If something goes south, there goes your retirement.
Yeah, and another mistake is not rebalancing. I know people who set up their 401(k) years ago and haven’t touched it since. But markets change, and your portfolio should too
Not to mention cashing out early! I’ve seen people leave their jobs and just withdraw the money instead of rolling it over. Between the penalties and taxes, it’s like setting your retirement on fire
Oh, absolutely. And you know, I used to think I had a good handle on my 401(k) until I realized how much I was leaving on the table by not optimizing my investments.
Love the show and your sound has gotten better. You fixed the echo, but it’s still really hard to listen to with all the extra table noise coming through.
I can get a policy for a small amount now that my children can use to purchase additional insurance up to 6 times in later life. They are guaranteed to be able to be covered to around 500k. That will be invaluable if they at any point ever become uninsurable.
Are we talking about the 1980s when these parents should have been instead investing $50 per month in the stock market? Fees were very high back then, so I'm not sure that math really works out.
When I got married in 1989 the advice I got was don't spend money on the wedding spend it on your honeymoon. Nobody cares and no will remember about the wedding except you. We spent about $2,000 on the wedding including the rehearsal dinner, $2,000 on the honeymoon we had cake punch and chocolate dipped strawberries at the reception on a Friday night and nobody complained
I bought a 2015 ford cmax 18 months ago, bought it with 135k miles and 6000$. Currently sitting at 230k because I drive for uber and deliver for dominos. Tons of awesome sub 10k cars out there if you do your research.
I kept my old 401k instead of rolling it over to an IRA or my new 401k for several reasons: better creditor protection from lawsuits compared to an IRA, good funds with the lowest fees because I have very low cost institutional shares of diversified index funds, and to maintain the possibility of the rule of 55 and backdoor Roth IRA.
Love the engagement ring caution. Too many people jump into the serious parts of life with a casual attitude. Know that more than 1/2 of those who get engaged don't get married or get divorced... both ends are pretty expensive - so choose wisely. I don't know other people's decision process, but my wife and I were sure about each other. I spent about 4 months salary on the engagement ring, but I was working part time at a restaurant while finishing college. I am so glad I spent relatively a lot on her engagement ring... we now make so much more money (it would be about 1.25x months of my current salary - or 2 weeks of her salary), but her engagement ring actually fits our lifestyle and peers. Again, I would not advise anyone else to do this, but sometimes it does work out. My relatively large investment is still being worn by my wife who makes a ton more every month. The ROI is insane at this point lol. Edit: After about 10 years of marriage, my wife did upgrade... but with another band of small diamonds. After 15 years, she got a halo of diamonds around it. Maybe 20 or 25 will be the years we finally upgrade the main rock. Also, the diamond industry is a racket. They aren't worth it, unless you care about societal value. I couldn't care less, but my wife really enjoys having such a nice ring among the executives she works with... the societal value does matter to some.
From $10K to $25k that's the minimum range of profit return every week I think it's not a bad one for me, now I have enough to pay bills and take care of my family.
Little misleading it’s going to take longer to get from 500k to a million. The video has been pieced together in a way that is confusing. What they are talking about in 3.7 years is from 1.4 mil to 1.9.
@@PeopleUnderAnesthesia That is my advice to my kids that I wish someone had told me. Growing up, the magic number was 65. You were going to retire at 65. But when I turned 50, that was when I wanted to retire! So I told my kids to plan appropriately because something seems to happen when you hit 50!! 🙂
Im getting the match. Paying down my debt and investing it is a little slow but i have a solid plan but ill be debt free other than mortgage in 2.5 years id be leaving 16k or $111k compared to the 3k id save on interest paying debt down with the extra money
I don’t think 401 loans are universally bad, as long as it’s not a lot and you fully intend to pay it back. And it depends on the interest rate and length of the loan. And if the loan allows you to continue your 401k comtributions as is.
Am i doing everything wrong? I have no debt but those 3 check boxes is just not reality for me. Lol Kudos to any employee who checked these boxes and still has a life.
I’m a millionaire by age 32. Believe me. I have magic potion that people want to buy from me. I just told them I will only sell it for a million. And next thing I know I have a million dollars and is in the run from the haters who said the magic potion is fake.
80% equities 20% cash. I plan to take advantage of the current market situation as leading indicators predict a bullish S&P 500 by 2025, my only concern is how to properly allocate a large stock/bond portfolio for maximum returns.
I don’t see a problem fully invested into stocks as long as you know what the heck you're doing, ideally it's best you consider advisory services to avoid terrible mistakes
Agreed, investing with the help of an advisor did the trick for me in barely 5 years. I worked hard everyday as a teacher for 32 years and my salary was over 100k, enough to get me fully invested. I'm semi-retired today with about $1m, and only work 7.5 hours weekly.
sounds good! mind sharing info of the professional guiding you please? how to put my money to work has been my daily thought, did my research and most suggestions pointed at the stock market, the thing is i'm an absolute newb.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with *Julianne Iwersen-Niemann* for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
I would love for Brian to do a podcast on financial strategies and rules/regs with regards to retirement accounts when planning for long term care of a special needs child. It seems so complicated.
My grandpa died 5 years ago a multi-millionare. He gave each of his kids 100k each, and then each Grandkid got 20k. I invested a good portion of it, and used some of it to buy an engagement ring. That was the moment I learned about investing and how it can work for me. Thank you for leaving me with this knowledge, grandpa ❤
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
