Girl, that was the funniest opening line ever. Agreed, I’m doing all of that, zero debt, house and car paid in full, maxing out retirement accounts and high yield savings accounts doing lovely. 😘😘😘
@@Kelly_Ben Nope. Get married in a cemetery, they've already got the flowers, next to an open grave, so the ring can be the thing that tips her over, by a judge, so we can read the will right after the wedding.
I'm doing all of these. No debt except my mortgage. 20% into retirement and I save $1000 a month in a high yield account. BUT I'm 56 and my retirement is wayyyyyy behind.
@@jengamboa4958 better later then never. There are plenty of people who won't wake up to reality until their last paycheck and end up with no retirement savings unfortunately
I mean she's not wrong, strip for a few months and you can jump start some of the steps listed 😂 I have a teen and a toddler. I'm explaining generational wealth to my teen and the steps I'm taking now to help her jump start her future as soon as she turns 18. I grew up poor but managed to do ok for myself as a single adult. Both kids are authorized users for credit cards as their ages allow so that way by 18 they will leap start with credit scores. I've explained to my teen that staying home when she's an adult and having a job will make her life less stressful so that way she can put money in places for her instead of towards someone else. I don't have anyone to help me so I'm making sure my kids get off to a better start with financial knowledge than i had so that if they decide to have families they can begin generational wealth.
@@xeechav4538 yes.... long term investments and also I have dabbled in day trading some as a way to learn charts, technical analysis, etc bc I knew nothing at all prior to that.
Definitely agree that increasing income is a lot better than decreasing expenses. I've managed to double my income in 6 years through a combination of job changes, promotions/raises and (most significantly) a change of industry. It was a bit of a wild ride with some stressful situations, but I love my current job and am very happy where I ended up.
👍 I'm currently contemplating changing careers as well. I got very ill (kidney failure) and had to go on FMLA and now my employer won't let me come back. I got approved for Disability but it doesn't start until the end of the year so I'm kind of in limbo. I still have my job but they won't let me work.
I walked into my company with the goal of a promotion every year. First one at 7 months. By the 3 year mark 3 promotions. Averaging an increase of 6, 000 a year. No degree xxx, xxx. I hope this encourages someone to bet on themselves and their soft skills.
@@stacylynn5291 I got a certification as pharmacy technician. I built off that knowledge by learning EVERYONE's job lol. You only need a degree for executive leadership and as a pharmacists. Other than you can learn anything. I spent years training and getting people promotions. I want to see everyone win. Feel free to ask many questions or even your skills and I can help point you in the right direction. No cost just love sharing knowledge.
The problem is not many employers are willing to fairly promote all employees. That's one reason I promote civil service positions. Many of these positions are highly paid, collectively bargained jobs with guaranteed promotional tracks.
Problem is that I can’t even get a job being halfway through my undergrad with lots of volunteering, some research and a customer service job that I used to do before the pandemic :( resume looks good, cover letters are good but the job market is so horrible where I live that I just can’t seem to get any roles. I’ve called and handed my resume in person too but still haven’t gotten a single interview.
Not at all. I was divorced, walked away with a boatload of credit card debt (30k+), lost my house and my credit score... I lived very frugally, worked OT, and put $10-20 a month into investments using the Stash app. (Starting amount $5, and simple articles/ options for those of us who don't have a clue.) When I got any tax returns, OT etc, half would go right into stash. That was while struggling, paying down debt. My credit score went up, as my debt went down, and I refinanced into a lower rate loan. Life became WAY easier after that, but it took 2-3 years of tight budgets and extra OT. Totally worth it!!
Also, make sure that your raises are compounding. Don't let people say, "Oh, we increased your salary by 10K last year, and we're doing the same this year." A super reasonable counter offer is, "!0K was blank percent of my pay last year,, I'd be more comfortable with that same percentage again." Also, look up the inflationary index for the year before you negotiate. It's pretty reasonable to say any raise that's less than the inflationary index isn't a raise, it's a cost of living adjustment, and they need to do better.
What I struggle with is wanting more income but not the workload or hours or responsibilities that come with it. Working 8+ hours a day 5 days a week can get tiring so quickly before you realize where is all that time going? I’m getting older and working more but actually living? It’s more like living to get ready for the next work day. I don’t know… maybe I will want higher income with the responsibilities as I get older in my 30s… another struggle I face is being labeled as lacking ambition and drive as a professional… isn’t it ambitious enough that I want to make it in this capitalist system no matter how exhausting and draining it is?! It’s not ambitious or cool when I bring work to my home and answer calls or emails late or super early or not have a set start and end time to my work day or work through a lunch break. All of that screams burnout. I wish there was more balance… I wish all jobs paid at least $30/hour and we had 4-day workweeks. And more PTO and vacation time to actually LIVE and ENJOY life.
I’m ready we have a years savings and only house debt which should be gone in three years. Putting a good amount into retirement and ira etc my husbands company does a raise yearly. We’re living on a super tight budget we have a goal we wanna reach asap beside paying off house
I already do all these things. But im a millenial and still poor. 😂 to be fair though i pay for college tuition for myself and soon my kids, i pay for monthly vocal lessons because i want to learn to sing and when my 16 year old car died on me i bought a new one about 6 months ago. Ha. I guess im doing ok
The only thing I'm still working on is getting that 3-6 months of savings. I have some savings but not quite that much. I've been prioritizing retirement savings. I'm a bit "behind" since I didn't get my first full time job until I was 28 (long story) but I have just over 1 year of gross income in my retirement accounts (mostly in Roth IRA, rest in 401K - just enough to get the match) 8 years later! The only debt I have is my car but I only owe $3k on that and once that is paid off the monthly payment will go into a car replacement fund because I never want a car payment again. I grew up in poverty and really struggled to figure out finances as an adult but I finally feel like I'm getting somewhere and I feel like I WILL reach retirement as a millionaire unless I die before I get there.
To be fair this is probably the best advice for anyone not wanting to put 10s of thousands of hours studying the stock market, it’s never gonna make you rich quick but following this advice it will get you there safely.
If I kept everything in savings, I'd have nothing to actually live from, or I'd have to only satisfy my very basic needs. This definitely should be the step one.
What if you can’t maximize your Roth IRA contributions ? What if I can only put in $100 a month? Is that still going to be a big help for my retirement?
@@feliciavale4279 hold on buddy. Roth IRA isn’t my only retirement plan let’s start there. My spending isn’t a lot at all it’s already trimmed down. You gotta make enough to save that much for retirement which I don’t put im doing the best I can I’m doing wayyyy better than the average American with the money I have in my savings account and in my 401k and what I’m doing to pay off my debts. I asked a specific question. Can you answer that? If not then save everything else.
For R.... is it ok to have multiple 401k accounts? One of my jobs only offers a traditional 401k and the other has both traditional and roth 401ks. I chose the roth 401k so i won't have to pay taxes later, but doesn't do anything for my taxes every year
I don’t know if this is how it works in the States, (so feel free to ignore this) but you can combine old employer pension pots with your current one in the U.K. - might be worth looking into combining at least two of them?
Im in trucking. They dont give raises and starting out these days can break you before you actually start. And trying to go through another company as a lease can chain you down to them 😂
I have been saving for years and still don’t have 3-6 months living expenses saved but I live in California and make less than 40,000. I have no debt and contribute to my 401k as does my employer. I get bi-annual raises at my company equalling about 1.50 per year. And as an autistic person am not able to get other side jobs without burning myself out so what else can I do?
It sounds like you're actually doing better than the average American, great job! I agree with the roommate, cut expenses, etc. Print off your bank statement, and take a good honest look at where your money is going. I thought I was completely broke... then looked at my statement, and saw I was spending over $200/ month in lunches out! No wonder I was broke! Even if you can save $40-50/month, it'll add up! Best wishes!
I wish you would flip the camera around so it takes true videos because when you show us things that we have to read on our screens but they're backwards and upside down... Then I have to stop the video and turn the phone upside down to read 'YOUTH something'. You're not the only one.
And while I agree asking for an annual increase is good, so many jobs/careers pay so little. I’m including here many noble jobs vital to our communities like childcare worker, teachers, and social workers. Not all of us make a decent living but it doesn’t mean we should abandon our work. Maybe you can do a video on these kind of important jobs which are highly underpaid?
I’m 44 with no retirement. I was a SAHM my whole adult life until my recent divorce. I recently started a business. I have no clue how to start a retirement fund or if it’s too late.
Would like an answer to this myself! I make less than 50k but it's just me. I go for a many 0 spend days a week as I can (I enjoy it) have recently become debt free, even paid my car insurance and cell phone for 6 mo so I only have rent now (utilities are included). But I'm 48 so I'd still like to be a millionaire! I want to leave my kids money when I die!
Change that to maximize your income. So.....take a side gig, get an extra job or make extra income, ask for a yearly raise because the jobs don't freely give you a raise, you MUST ask for it. I'd run for local office...i.e. your local city council or your local county board of supervisors= fast way to get rich, then set up your emergency fund, $1,000 that's not really enough, but it's enough to pay for an expense, i.e. emergency unforseen repair for your house, body (medical bill) or car..... and not completely wipe you out, then invest your money $$$ so it can grow and *live below your means* for a long while so that you could build a good cushion and good nest egg before you enjoy your money.
Her saying ‘make more money’ as a step is hilarious. Like duh! What do you think everyone is trying to do?! It’s not like you can snap your fingers and make it happen.
I am pretty much debt free but I have been working at the same company for almost 3 years. They keep giving merit increases of 2-3% only and I basically have seen no change in my paycheck for the last 2 years. What do we do if our company keeps making excuses not to give raises? I wanted to stay a couple of years so I don’t look flighty on a resume.
Hi Vivian! My son has been working as a background actor since he was 12 but because of the strike, he didn’t really start earning until January this year. I would like to do more for his money that’s in a custodial account with Chase. How can I do that so he can be a millionaire by the time he’s 21, if that is possible? He’s 13 now.
I was right on target until I decimated my savings moving to a new city for a higher paying pension job. 5 months later I may lose that job and I'm deeper in medical debt than when I started 🤦🏾♀️ FML fun fact tho: I've grossed a $1M since I graduated Rutgers in 2005.
Someone once told me that it makes more sense to pay loans eith lower interest rates if they have a higher monthly minimum to "free up" money for the high interest ones 😂
