Welcome to the channel, I'm Kyle Kuyat, a CERTIFIED FINANCIAL PLANNER™. My goal is to help others live a life that’s impactful and has tremendous purpose. If you want to learn more about personal finance, make sure you subscribe!
About Me: I'm one of the 5% of CFP® professionals under 30 years old. I've accumulated millions of views on TikTok & RU-vid for personal finance and development content. I created The Earned This Podcast, which has received thousands of listeners and has been heard in over 32 countries. In 2022, I was one of five recipients in the country that received the Next-Gen Financial Professional Award.
Licenses & Certifications: CERTIFIED FINANCIAL PLANNER™ Chartered Financial Consultant Retirement Income Certified Professional Life & Variable Insurance Licensed
Disclosures: Advisory services are offered through Defining Wealth Partners LLC; an investment adviser domiciled in Tennessee.
I love Jake input n his extensive knowledge but as far as I knew Roth401k or IRA does not need a RMD but with traditional 401K you will have a required for RMD. There is a 5 year rule for Roth IRA which makes it confusing.
Great question Jordy! The majority of American's have their largest portion of their money saved in their retirement accounts/401K plan. Plenty of those same people also have equity in their home, but most of them don't use real estate as an investment. Not to say one is better than the other, in fact there is likely more upside in real estate. However most people should not be neglecting their 401K plan. Too many people already aren't saving enough for retirement as it is.
@@KyleKuyat That makes sense. I saw the same idea from Dave Ramseys study. I understood it to be a study primarily of millionaires in the 1-5 million range. I'm curious as to what the ranges or tiers in net worth above that make the difference once you're into those higher tiers. I'm assuming generational wealth, maybe real estate investing, and possible business success. Although in his study business owners that sold seemed to only make an average 250k so it wasn't anything substantial there.
It depends on your cash flow, tax rate, etc. It also depends on how many assets you have already in pre-tax or roth accounts. Would be happy to chat about it if you'd like help.
I think spending trillions of dollars, shutting down the economy, while letting in 10 million illegal immigrants may not have been a good idea. But that’s just me.
I got 3 policies that would fix this: 1. Stop brainwashing women into thinking they MUST work a full-time job 2. Abolish the federal minimum wage 3. Repeal the 19th amendment
Average household income of two working parents and including Children that never left home working a full time job and illegal immigrants that live 10 to a household.
If you're referring to me, when I mentioned "55 in some cases" - That's in reference to the Rule of 55 which I encourage you to lookup. Outside of that, it's normally 59.5.
Nah, the dude that said 63 😂 As far as I know, 59 and a half is standard. (Aside from the 55 rule) I genuinely don't know where the '63' came from @@KyleKuyat
Problem is it's underselling the house a lot. My parents have a 3bed 2 story. They bought it for 135k right at the turn of the century (2000) it's now selling for over 550k the mortgage on that is well over 2500/month. Using his numbers that's 40% of a family's monthly income before taxes or nearly 4x the cost of a family's home in 1955
Agree with video but we all need to be realistic this was just a sears shell home did not include labor or land or cement I’ve read some didn’t come either plumbing and wiring so good chance that’s separate. Also factor in the 1950s an average home was 900 sq foot now the average is 2500 sq foot.
That's the price of a house here. Mobile ones are about half that here. Not everyone lives in big cities or states with high housing cost The key point is avg.
The worst part is the avg income in 1955 would be about 34,400 a year now so it makes this way worse. You have to be making over double and pay twice as much of your income a year
In a large city I agree, but this data is the entire country not just metropolitan areas. I linked the census data if you want to check it out. Also this is 2022 data, when interest rates were lower than they are today.
@KyleKuyat it's also avg not median and you're using the specific cost of a 3bed house in a suburban area vs the generic housing cost of a family which is wildly different metrics. In south florida housing prices have increased over 50% since 2020 and over 500% since 2000
Man something doesn’t make sense the average minimum wage back in 1955 was around $1.00/h. Can you explain what demographic of people you are talking about that made $4400.00 a month back then??
What you might want to do with the money in that 22% tax bracket is dump it into a 401k -- that money isn't taxed until you withdraw it in retirement. Eventually it'll get to the point where you can't avoid paying those higher taxes, but it never hurts to try!
@@Kyle496 Reeally? I only get around an effective €10 - 12k tax free income when working where I live. If you don't work you'll be paying 34% taxes after 7k.
They pay alot in taxes my guy. And it's only the top 1% of the 1% who can completely avoid income tax. But they are still paying way more in every other tax then any of us ever do. Stop listening to media and do some research do not be ignorant your entire life.
@@LuckyFoxes789 The flat amount of taxes somebody pays is an awful indicator of how badly or little they are burdened with those taxes. Add cost of living to that equitation and it is blatantly obvious that the middle class is VASTLY more burdened by taxes than the 'rich', even though they pay more.
@failedspark6643 oh 100% I agree! Shit I was upper middle class up until 2 years ago now. I feel more and more of the strain myself! I ain't here saying folks ain't hurting and taxes are not running wild! But my argument is not with my boss! Hell I'm well aware he just bought a Lamborghini and lives real good! However! My argument is not with him for his success in life. My argument will be and always has been with the government and their astronomical mismagement of money! There's 0 reason to put a sliding tax on people or 0 reason why the goverment has loopholes available to only the top 1% of the 1%. It's not the billionaire's fault. It's the goverments.
