Greg & Jerry, started the Money Vikings as a source of inspiration and ideas where we “conquer financial freedom!” We are guys with families, and our own fair share of challenges, doing what we can each day to build wealth and conquer financial freedom. Conquering financial freedom looks different for every individual, but there are dozens of ways to find one’s own path to True Wealth. With a combination of strong finances, health, family and friends. We believe that everyone can achieve this, if they put their mind to it. Our content is a treasure trove of ideas and inspiration! We believe that anyone can build wealth through various, sound, practices and habits. We are all human and we are not perfect, but we can pick ourselves up and move forward to improve. So what if we make some mistakes along the way, it does not mean we cannot achieve a solid net worth and enjoy a rich life. That is what we believe and we will make a believer too!
Nice heartfelt summary of what we can do to build wealth. Even a 4.8% savings account ain’t bad! What’s wrong with a steak dinner in 2024? It’s too ordinary or considered unhealthy now?
Your right, pure savers will receive smaller interest amounts back, but prudent investors are typically rewarded. I locked in some CD's before returns fall a bit.
Thank you so much. It’s so critical in my view to get comfortable with some form of risk and build a portfolio that suits you. And keep in mind there is really never a magical day when every asset is sold. It’s like building your own trust fund for income. Thanks for commenting.
Great point. I think they truly pulled off LOTR and it was something special. I too have not enjoyed many of the modern sets as much. Just too much frantic production.
@@MoneyVikings We never leave any on the table. We just hit Coast Fire and no longer need to fund our 401ks but we are just to get the match. We aren't going to deny a 4% "raise"!
Hey Greg. Interesting video as always. I was wondering how you are precisely determining the relative price performance of the art market. With it being such a massively broad market with many sub categories, how is it possible to quantify overall performance? I’d be really curious to hear your thoughts. Feel free to DM me if you’d like to talk about it private; you’re always welcome on my channel for a discussion too if you’d like. Thanks!
Brother Mike! I would love to join you to discuss art, collecting and investing. Hopefully I could bring a unique perspective as an artist and collector. I got my info from some news articles I read about the global art market. But understand that was based on a broad perspective and admittedly every collecting market is niche. Similar to real estate, some areas are still seeing price increases while others are softening. My main message are rules of thumb when investing in collectibles that I have used over the years. Anyway, I will DM you and let’s set something up. Take care and thank you!!! Greg
@@MoneyVikings that makes sense Greg. Yeah let’s definitely do it. I have a busy couple weeks ahead but I think I’ll free up a bit in September. Looking forward to connecting!
That’s awesome. Did you have this collection for a long time? I used to buy packs with my allowance when the original Tim Burton movie came out. Which card is 17D? If I have an extra I can send it to you.
Financial security is so crucial to us at this stage in our lives. We have secured Coast FI for 59.5 and beyond but now are trying to gain security for before that now. It takes a lot of work and discipline but worth it.
No need to be nervous. Just make sure to take some profits along the way. Also based on the historical data over the past 100 years. Its practically impossible for the markets to dip below the covid-19 lows. Only 8 times in the last 100 years has the markets ever consolidated 30%+.
Great perspective! I love the calm rational approach. I have invested through about 4 major dips/corrections and always turns out great. Strong companies will Keep innovating and the SPY is self cleansing.
@MoneyVikings same here. Aslong as you take some profits along the way you will continue to have liquidity and will be able to stockpile more stocks when they dip. One of the biggest reasons I see people fail in investments is letting their emotions get the better of them.
I am so happy that i made a productive decision about my finances that changed my life forever. I am a single mother and i live in Florida, i bought my first house in September and i hope to retire next year at 50 if all goes well. Thanks to Mrs Judith M Layton for helping me achieve this.
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.
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
Back in reality. Gen X here. I had 100k in 1999. Two 50% drawdowns. Nasdaq crash and GFC ultimately left me with 60k after 9 years. Bought a 100k house with my remaining 60k in 2009. Now worth 550k. Life is not a spreadsheet. GenX had two once in a life time market crashes and a couple of -20% years. Many are only getting back on their feet financially 24 years after the Nasdaq crash. Lost homes, lost 401k's. Events are speeding up. The zoomers will have similar experience. Expect two -50% events in the next 15 years. 2009-2020 was an anomaly due to constant rate cuts and fed printing debt thus adding liquidity to the Market. Even cathy woods could make money. Gotta go, have to pay my kids college fees and my parents full-time helper.
Great points. I’m Gen X too so lived through many of these events. And we all know life happens. One thing to keep in mind is that during those crazy events, if a person just kept buying S&P 500 shares through dollar cost averaging, then it resulted in major gains, buying shares on the cheap. As the saying goes, time in the market beats market timing. But anyway, you’re right, lots of turmoil and I have had my own fair share. But we have to do something to get ahead. Anyway, thanks for taking the time yo comment, I do appreciate ideas being stress tested. Life is not a spreadsheet, we just do the best we can with what we have before us. Take care.
I sort of agree with the number moving to $300k due to inflation and the value that $100k has in these current times. However, I look at it similarly to Dave Ramsey telling people to save $1000 emergency fund. $1000 cannot fix all emergencies but it sure can fix a lot for the average person or atleast be enough to buy them time. Example, the average car unplanned repair will cost you less than $1k. With that being said, I think the $100k mark that shows people how 10% in a year could be $10k in gains that came passively really gets their attention. Then reinvested to another year is $11k in profit not counting any new contributions. Now when they look at the gain with new contributions they get even more intrigued as the contribution plus interest starts to rival what some people make for a year.
I like that concept that the $100k can show it’s possible to achieve $10k in gains without doing anything. Nice point. Thanks for taking the time and for checking out our content.
So true! Definitely needs to be revised up. I believe the habits, discipline and automation that get someone to $250k can carry them far. Thank you for commenting! Do you think the figure should be even higher today? Say, do everything to hit that first $400k???
@@MoneyVikings I think the last time I checked the/used an inflation calculator from the mid 70s the 100k came out to roughly 250k . I can't remember exactly. Could be a video for you to do
New sub here! We are on our path to FI in the ages you indicated. Our current goal is 52yrs old and 50yrs old. The key we found to unlock this possibility is discipline. Its discipline to budgeting, discipline to paying yourself first, discipline to say no, discipline to prioritizing your future time over buying "stuff". In 4 years, we have flipped our lives upside down and this week achieved Coast Fire. We should probably do a video on that come to think of it. 😁 Looking forward to following your future content!
This is awesome and thank you so much for checking out my videos. I am really enjoying the inspiration from you and your wife. Congrats on building a great life together and building wealth. My whole goal here is to show that people like me in the middle class can still build wealth and achieve what I call True Wealth! Take care and thanks again.
We do find it odd that net worth includes cars and homes here in the US. We like how you broke it out. Cars and homes are only worth what you can sell them for minus the fees and taxes. Compounding is key like you said!
Thank you for your comment. Yes, cars especially should not be included in my view. Cars cost people in so many ways. I have seen real estate pay off over the long run. Have you already retired early? I will check out your content. Thanks.
Good video. Many of the comics I collected in the 80’s have now been made into movies. In your opinion who are buying comics now I think it’s people in their middle age. Thanks
Thank you for your comment. I was also collecting in the late 80’s early 90’s. I see all ages at my local comic store, but many of the kids might be into toys. I’m amazed comics are still produced given all the screens and tech taking over. But to me there is just something special about holding a real comic. I only collect books I really love or characters I think are great. What are your favorite books from the 80’s?
I liked your video. Maybe make 2 spreadsheets one with the house and one without. You could also do a separate spreadsheet with just the house. I just don’t think people for the most part access the equity in their homes. Yes of course people downsize etc but good to keep an eye on your home’s value in your overall net worth. Thanks
Your right. I struggled with how to present this concept. And I’m not always sure if home equity should be counted given our primary residence typically just costs us money. I was mainly trying to give normal people like me hope that they can build some wealth with a few good practices and some time. When you get to my age (late 40’s) you realize how fast a decade can wiz by. Thank you for commenting. Take care!!! Greg
Fair point. Agree this example is not starting from zero. But basically trying to show a couple things that hold true: automating a high percent in diversified equities plus the power of time yields good results. Especially if someone does not freak out when the market goes down. Thank you for commenting and checking out our content.
Hi Mike! Going well. Have a few side projects. I’m teaching a wine and paint session soon. Looking forward to Arthurian Legends! Wish I could figure out how to get a commission for the next set. I will keep trying. Best to you!!!
Are you adding in property tax and maintenance fees? It should probably be added to the calculations as they are a cost associated with having that "investment" called real estate. Since we are using a 7% for the home, which is the 40 year average in California, then I recommend using the average property tax rate there of around 1% in most municipalities and then around .5% in maintenance fees. Granted you might still be a net worth millionaire in year 15, but if you are going to include the exact SP returns instead of the average, then its probably better to count these in.
That’s a good point. I do realize that this represents a pretty good salary. If two people are working in the household this can be achieved pretty easily. But it shows the potential. Thank you for commenting.
So I am very confused by your video. You constantly say the NW column is being multiplied by the S&P return for that year, but it also appears that your including your housing in the net worth. So your house is generating 7% but is also being multiplied by the S&P but that just doesn't make sense. Could you please explain?
I’m adding a conservative 7% growth each year for housing. It went up more, but I like to keep that conservative when discussing primary residence. I’m using the S&P return each year for just the investment account. These are estimates just to illustrate how a middle class person can build wealth with consistent automated contributions to a diverse stock portfolio. I added the housing because most people hit a million based on home equity and a 401k. It’s just supposed to be inspirational and simplified for illustrating purposes. Thank you for commenting and watching, I really appreciate it!!!!
This is great feedback. In the next video I will probably leave home equity out completely. I was trying to de emphasize home equity because I see a primary home as a consumable and mainly cost. but it seems that confuses things. Thank you!!!
I’m going to re present the numbers solely based on a portfolio of equities and remove the real estate part. I agree that makes this a bit confusing. Thanks again.
Thank you for commenting. Yes it was actually shocking to me. Especially when you get to the 30+ figures. Maybe we need a system that automatically opts people in and then there is friction to opt out of regular saving and investing. And a lot of folks don’t understand saving will never be enough with inflation. Anyway, thank you for watching.
Thank you for watching. This is a real world example of how a person with a steady middle class job can build wealth. This reduces stress and makes a person stronger.
Hi Greg, great video! Question - I'm in my early 50s. For 401k amounts, I’ve rolled mine over a few times into my IRAs over the years, so for the balance of 45-54, just going by my current 401k balance doesn’t account for priorly rolled over to IRA ones. Should I include the IRA + current 401K to compare to median 45-54 year olds? For example, if I started a new job tomorrow, my 401K balance would be zero for the first 30 days at least. Does this assume a professional worker never changes jobs for 50 years?
Great question that gets to the heart of statistics and how they can be misleading. Let me see if I can find out more about how the median figures were derived.
