Goal is to graduate debt free! So far going well. I chose to go to a cheaper college and to get an associates degree in horticulture. It’s a good degree that can take me in many directions, not gonna waste my time getting a four year degree because sometimes people can’t even get jobs with their degrees and end up with a massive amount of debt. Tuition for me is 5,000 a year so I’ll be paying about 10,000 for my whole degree. Im taking it slow by going part time and paying little by little per class. Sometimes the slow way is worth it.
One thing that needs to be taken into account is your lifestyle. As an example, I recently retired at 60 with about 800k,...and don't worry one bit even with the current market downturn. I live a modest life with no wife, debt, children,....or grandchildren. Others I graduated with have children in college,..mortgages, car loans, second homes, weddings to pay for, boats, RV's, lost money in ''grey divorce'' etc,etc. Each person is uniquely different.
Seems crazy that a normal people needs to work and invest their whole life to acumulate a million dollar, and the other hand atlets like boxers can make 50 millions an a single night, I believe this world is not fair.
I’ve watched more than one of the “how much should you have saved” videos and read articles, and this is the first one that actually resonates with me. As a data point, I’m 34, I did hit the $100k assets by 30 with some luck, also bought a house right around that time, so followed your timeline. We had down payment help to the tune of half our DP which made it so we didn’t have to liquidate stocks to pay for the house, for which we were very fortunate. I am hoping we can do the same for our children in the future since it makes an enormous difference. Now because of that, and saving quite a bit more than 15%, I hit the $300k mark of assets between my 33rd and 34th birthdays. So should be on track to hit the future milestones. I especially liked how you said to ease off and enjoy your assets a bit in your 40’s. That sounds great since saving hard core for the rest of my life does not sound ideal, but that’s what all the advice online seems to point to.
Warning: the following video may not be appropriate for viewers in the 40s who are ass deep in debt, can't get anything other than subprime loans, and switch jobs like dirty socks. Viewer discretion is advised.
I came to the U.S when I was ~25 years old. I haven't had any student loans/car loans. I have my B.S degree. I am 38 years old now. I am living in a one-bedroom apartment. I have saved $150,000 cash. Living in California, having 1 million dollars is still poor because we can't buy a house with 1 million dollars.
The issue I have with these types of videos is they just aren’t realistic for the majority. I feel like to hit these numbers requires quite a bit of luck and generational wealth to hit. These videos just feel super out of touch and are really just preaching to the top 15% who don’t need a pep talk anyways.
I am 41... I have a paid off home that is currently worth $300k... I only have $30k in etfs and just barely opened a roth IRA account. I know I'm behind, but I make 6 figure income. I hope I am not too far behind to retire with dignity.
Hey there, central europe resident here. You can definitely live off of 700$ a month here - that is my granny's pension and she is still putting some of that aside for worser times. Also a good aspiration for me to live off of every month, albeit excluding housing because that's just the mortgage payment. Great video though.
You seem like a numbers savvy person and I like your channel in general. Recommendations are great, and I myself highly recommend everyone be born a millionaire and then put some work in not to lose it all on frivolities, but that's vacuous dispensing of platitudes. What would pack the punch for the viewers and people to whom financial advice of this nature could be relevant is you using your spreadsheet and numbers skills to show how a $50K annual income with 2% per year (optimistically speaking) growth needs to be mindfully applied to a REALISTIC person's monthly budget and how the statistically probable left over cash could be put to work. That would be useful to see how savings track with a REALISTIC income and life expenses. Be sure to include significant student loans for the American population. Don't gaslight people into feeling like weirdos for having them, and thus DON"T omit them from the budget. Thank you for your service.
I don’t get the example you gave. The only way you can save up a $100k in a “Roth IRA” by the time you are 30 would be maxing it out every year since you’re 20 years old… and to do that you’re already investing 14% of your gross income… not only is that not optimistic but ridiculous when you also suggested to bump your investment by 1% in your 30’s the scale of the rules you’ve set are basically stupid….and just plain unrealistic. And this is also assuming you just start making the median 30 year old’s income at 20…. the math ain’t mathing Karson…..
Thank you! I do not get why she keeps getting so much positive feedback. Her advice is extremely unrealistic and makes no sense. She's pointing out the median saved by age, so that should tell her she's giving unattainable goals. I'm having a hard time understanding why people value her content. Her judgmental advice is very off-putting.
Yes! I’ve always thought that 100k in savings would be ideal for a 30 year old that makes about 50k. I feel horrible for not having nothing near that. I’m a at a measly 30k. Which is not too bad considering I started really saving a few years ago. I was the type of individual to pay bills and essentially buy whatever I wanted as long as I had my bills paid. Looking back on it now. It was pretty stupid of me. But oh well. I’m on the right path now. I will say that most millennials my age live at home and pay zero rent so 100k doesn’t seem too hard to attain for someone like that.
Hi all, My net worth is now closer to 50 thousand! I was able to make some money during the banking “crisis” while investing in COF & ALLY. I’m 29 years old! And here where I live in California it is very common for people my age to live with their parents. It’s probably different in rural areas
To me its a little bit insane that the average yearly income in the usa is about 50k at age 30. Im from austria and have a good job that pays more than many other jobs and i dont even get to 40k per year.
Thanks for great vid! I watched the clip about renting vs buying house. Question is, why is it better to buy a house, compared to apartment? What's the financial difference? Everybody is talking about "buying a house", just as if there are literally no apartments at the market at all. Why? From financial point of view. Just curious :)
People in the younger age group will have a house mortgage, so I understand we are not including the mortgage balance into the savings calculation. But what about car loans? For example: if I have 200k in savings, but have 25k in car loan balance, then my actual savings is 175k?
@@Sylvan_dB I know the definition of net worth. I don’t think she is talking about net worth. Her savings recommendation by the age of 30 is 100k. The video shows expert recommendation for savings by age 30 is 50k, and median net worth is 14k by age 30. If we go by her recommendation of 100k by age 30, then most 30 year olds won’t have a net worth of 100k by that age, because they will still have their mortgage balance.
I’m 19 almost 20 living on my own and I stress myself out a lot just bc of not having when younger and now taking the initiative to have what I want on my conditions as an adult. I have a good amount saved up but I just want advice maybe from the comments how much I should have by 20 years old starting.
I hope this doesn’t sound like I am talking down on you but you’re doing great. You have great info a growing RU-vid channel bought a home at 21-22? I hope you are following the rest of your own advice and have a good amount saved. Have some fun too though take a vacation and enjoy your 20s hopefully you’re already doing this. Thanks for the videos I enjoy listening to what young people are doing. I’m not old lol just in a different place in life.
To be honest, I think an average of 7% real rate of return from the S&P is extremely unlikely going forward,, unless you mean 7% nominal growth and 3-5% inflation (so a 2-4% real rate of return annually) We will never see a repeat of the last 20 years of bull run of growth stocks in our lifetime unless it's nominal growth from extreme quantitative easing/low rates. The reason for this is the federal reserve will not be able to curb inflation (and will change their inflation target from 2% to 3% or higher) and an inverse demographic pyramid /death rates exponentially higher than birth rates. I think dividend stocks that provide services people need like utilities/energy/telecom/health/real estate are a better bet than competitive tech growth stocks which push non essential products people wont be able to afford anymore.
