I’m 27 . If I had $360k I would invest $100k in tech & $260k into dividend stock with a proven track record to grow with capital appreciation & dividend increase year over year
The current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner
The best market strategy is to work with a credible investing coach. Since a while ago, I've been in touch with a coach, mostly because I lack the depth of understanding and mental toughness to deal with the ongoing market conditions. You lack the information necessary to succeed in a competitive market, not because you're doing anything wrong, but rather because of your lack of experience.
28 and net worth of $135,000. That includes the $27k in consumer debt that’s left. Started on baby steps at $48k consumer debt (all credit cards / personal loans) 8 months ago. The plan works if you do it
I was an usher at my high school’s production of, you guessed it - Bye Bye Birdie. Still a fan! The cummerbund looked ridiculous though. Love you, George! Keep up the amazing content.
17,000 hours seems kinda low... I'm certain I put that many hours in the last 6 years alone lol (Averaging out 60-hour weeks in construction and didn't stop working during covid)
I can’t remember exactly where I was at age 30 but for sure was never in the red overall since I’m just so debt averse. I’m 40 now and according to this would be an A+ but sometimes it doesn’t feel like it 😅
I'm 27; I sometimes feel like I need to do more and upgrade (get more endorsements/certifications for my CDL (commercial driver license) to earn more money. But when I sit down and talk with other people I'm doing well off for the average 20-30 year old. I may not be rich but I have my own house paid off, have a high credit score almost reaching excellent, no debt, have a decent mutual fund/Roth IRA, currently looking to invest more money either mortgage a second house or other stuff, all the while having 0 debt of any kind (no credit card debit, mortgage, lease, etc). And when I talk to other people I'm always nervous of being told I'm very behind. Even though now I know I'm at least doing ok for my age. Although still paranoids me😅
Ive gone back yo school AT 32 with a ok Network (around a 100k) 2 years later while being a full Time student un AT 120. IT possible if you Play your cards right.
Hello, I am due for retirement in two years, I'm a senior citizen but I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $50K per year but nothing to show for it yet.
In this current unstable markets, It is advisable to diversify while retaining 70-80% in secure investments. looking at your budget, you should consider financial advisory.
Having an investment advisor is the best way to go about the stock market right now. I used to depend on RU-vid videos but it wasn't working. I’ve been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Rebecca Nassar Dunne’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
I've kept much of my savings in cash for safety, but I'm unsure if it's right for retirement. Contemplating investing $400K in stocks, as I've heard investors can profit in tough times. Unsure about my next move.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
Rachel Sarah Parrish is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her
Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. I retired with 5 million dollars
If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
Sonya Lee Mitchell is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her
To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough. I've been quite unsure about investing in this current market and at the same time I feel it's the best time to get started on the market, what are your thoughts?
Since the crash, I've been in the red. I’m playing the long term game, so I'm not too worried but Jim Cramer mentioned there are still a lot of great opportunities, though stocks has been down a lot. I also heard news of a guy that made $250k from about $110k since the crash and I would really look to know how to go about this.
Thats true, I've been getting assisted by a FA for almost a year now, I started out with less than $200K and I'm just $19,000 short of half a million in profit.
The whole point of wealth for me is freedom. My magic number in my mind is 5 million needed at 65 to not worry about anything. Am i better off investing a good portion of my income into stocks or saving my earnings to achieve this goal?
Varied sources of income is wise and especially living within your means. My net worth is $2M and I can pay my bills with no stress, but I don't live like I have that. I have no complaints.
Exactly, a good number of people discredit the effectiveness of financial advisor, but over the past 10years, I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $3million in gains… might not be a lot but i'm financially secure and that's fine by me
Having recently sold a property in Portland, I'm contemplating investing the proceeds in stocks. While many claim it's an opportune moment, I'm uncertain: Is now truly a favorable time to enter the stock market? When can we expect a complete recovery? Moreover, I'm puzzled by how others in the same market are achieving gains exceeding $450k within months.
I feel your pain, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $130k in passive diversified safe-haven assets, Up 200k so far and pretty sure I'm ready for whatever comes.
Portland OR? Look into middle housing development. I’m a developer in Eugene and we need more local developers to help balance the market away from hedge funds (they’re buying up absurd amounts of single family housing)
Stocks is considered a high risk high reward. You mainly lose money if you let emotions take over. It’s a good way to make money, but just be diligent and do your research first
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
@priscy_kk However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
Absolutely not, as I've closely tracked my portfolio's performance, witnessing a staggering $482k growth in just the last two quarters. This experience has taught me the secrets behind experienced traders' substantial gains in what might appear as unpredictable markets. Undoubtedly, it's been a bold and rewarding choice I made fairly recently.
That's quite remarkable! I'm genuinely interested in benefiting from the guidance of such experienced advisors, especially considering the current state of my struggling portfolio. May I know the name of the advisor who has been assisting you in navigating these financial challenges?
"Stacie Lynn Winson" serves as my advisor, bringing extensive qualifications and experience in the financial market. Her deep understanding of portfolio diversity positions her as an industry expert. I suggest delving into her credentials for further insight. With her considerable experience, she offers valuable guidance to anyone seeking to navigate the complexities of the financial market
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
36yo. Net worth around $725k. Been Ramseying since 2019! Amazing how wealth grows when you stop the credit cards and payments!!! Breakdown: 🏡 =$350k Retirement= $300k Investments= $50k Savings= $25k
Making money is action, saving money is behavior and growing money is knowledge. The basic step to acquiring wealth is figuring out your goals and plans, with the heIp of financiaI pIanner you will gain rapid financiaI growth and enjoy the benefits of managing your finances.
FinanciaI growth was rapidly gained (gathered over 1M in 2years) through my financiaI pIanner. Got my 2nd house in May, hereby making my goaIs a reaIity.
50 now, and everything is paid for. Fortunately, I had a college economics teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. My net worth is $6 million, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.
Right alongside you. No debt, early retirement. Children are well-cared for. On 11 acres overlooking the river valley, I'm constructing the house of my dreams. There are many methods to get rich right now, but only real-time professionals are capable of making such high-volume, near-perfect trades.
That's right, I began investing sometime in 2018 and by the end of 2021, I had earned a profit of over $750,000; This can only be carried out by seasoned institutional investors with ISDA agreement. With no prior investing experience or skill, Instead I merely followed the instructions provided by my investment advisor, proving that you don't have to be an expert investor or put in a lot of effort; all you need is a professional who can mentor and guide you for a fee.
@@IAMBETTERTHANYYOU Having an advisor is essential for portfolio growth and wealth creation through the stocks market. My advisor is "Theresa Dana Peek" who is easily searchable and has extensive knowledge of the financial markets.
Thanks for the tip, JILL seems pretty knowledgeable. After coming across her online site I took a good look at her CV and I have to say it was quite impressive. I reached out to her.
Creating wealth entails establishing positive routines, such as consistently setting aside funds at regular intervals for sound investments. Financial management is a vital subject that many avoid, often leading to future regrets.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
I agree with you. I started out with investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash. I invested the money using an analyst, and in seven months, I raked in almost $673,000
'Melissa Rose Francks' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
If I had George as a friend in my 30’s, I’d have had a true friend. He sure knows how to do this thing called MOTIVATION. Well i'm 42 now with $1.8m net, not there yet. My strategy has been to put half my income into the stock market at the start of every month under the careful supervision of my CFP, regardless of what is happening. The second part of my strategy is not to sell for at least 15-20 years. Time in the market beats timing the market.
You are spot on! This is really not as difficult as many people presume it to be. It requires a certain level of diligence, no doubt, which is something ordinary investors lack, and so a financial advisor often comes in very handy. That is how people are able to make such huge profits in the market.
@tommyers I completely agree, this is why I decided to give a coach control over my everyday investing decisions. Their proficiency in research, specific knowledge, and risk management makes it difficult for them to deliver below expectations. They emphasize minimizing drawbacks while maximizing risk's asymmetrical potential. I have more than two years of investing coach experience, and I have made more than a quarter of a million dollars.
My collection has been underperforming recently, and I'm considering a strategy change with the help of a coach. Is it possible to get in touch with your coach?
Last 15-20 years is vastly different from the coming 15-20 years. Global warming, aging population, increasing institutional swings in the market. People really think the average 7-8 percent annual growth is feasible? Look at how tiny the market was in 1950 😂😂😂
I am 35 and my wife is 32. We started off with $25k in student loans, a leased car, and an apartment we couldn't afford. We have 5 kids that are 8 and under now, and we have never had a household income over $75k per year. 10 years later of following the Ramsey plan we now have no debt including a paid for $250k house and a net worth of about $400k. We appreciate you and the work your team does!
Awesome! I’m in a very similar boat, so I thought I’d share. My wife and I are both 34, single income, 5 kids that 10 and under, no debt besides our house (owe $184k and it’s worth $475k) and we have never had a credit card whatsoever. Well done, bro!
A+ and very Well Done! Your future is on track to financially success with the freedom to live your dreams. Great example for others who hopefully learn from your journey!
@@aronmiller1249 Thanks for sharing! I love hearing stories like yours. We try to share practical advice and encourage our friends that they can do it too even with one income and a lot of kids.
Just paid off my student loans last week to make me debt free at 24! So thankful to those who supported me along the way. That puts me at just over 100k in net worth. Praise be to GOD.
At age 25 I was at rock bottom, my net worth was somewhere around -30k and my income was 38k in a HCOL area. I knew I had to change and I started tracking my net worth and started budgeting At age 30 I bought a property and my net worth was at 45k. I was making progress but I knew there was still much more to gain if I kept at it. Now at age 35 my career exploded, I kept increasing my savings and retirement contributions and my net worth is around 450k. Never did I think I’d be where I’m at now 10 years ago. There is a thought that has always stuck with me. People greatly overestimate what they can do in a year, but they greatly underestimate what they can do in 10 years. It’s never too late!
Amazing content. I started a bit late (graduated from my doctorate program at age 30 in 2016 with 170k in school loan debt). Managed to pay off my debt by 2019 and currently have a house and 250k total in investments (combo of profit share, 401k and a brokerage account). I'm not very knowledgeable in investing, so I just have my investing currently in index funds thanks to my FA Emily Lois Parker (mainly voo, but have been putting a lot into schd the past few months). I dunno if that's the optimal strategy, but psychologically it is very set it and forget it, and prevents me from obsessing over individual stock performance like you mention in one of your old videos
I and my wife diversified my $400K portfolio across various market with the aid of an investment advisor, I have been able to generate over $920k in net profit across high dividend yield stocks, mutual funds and alternative investments
@@tylerforeman667 Sounds great. I could really use the expertise of an advisor. Just can't find while I'm away for work in New Zealand for another year. Who is this person guiding you?
I’m 29, in RN school, have 20k in school debt, and only 700$ in my bank account. Oh and I still live with my parents cuz housing is ridiculous right now.
I've been following the Ramsey Baby Steps the last three months. Wanted to break the cycle so I started focusing on my debt. My grade is a "D," but I'm actually working the plan. My car will be paid off at the end of October and then it's onto the student loans. One step closer to being DEBT-FREE!
Have hope! I started out 340k in debt in student loans. A massive negative net worth. I now have zero debt, paid for my car and house in cash, and have a small retirement going. It felt pretty bleak at the start of everything but now looking back it actually went pretty fast and I am in such a better place today, and have so much more security. You can get there too!
I really enjoy your videos George, they make me think about a lot of things that I haven't considered yet. I almost fell into a point of no salvation in my mid 40’s but thankfully now I’m close to retiring in a satisfactory manner and have majority of my boxes ticked
George really does get me motivated with his videos. Makes me want to rethink my lifestyle too. Thankful for the passion and knowledge that he shares with others! We need more people like him in this world
I love listening to his seminars too, there's a lot I need to learn, I need to start making the best decisions for my future. You say you where in a crisis in your mid 40's? whats your story and how did you navigate through it? I'm in a bit of a sh*thole myself haha
@@francescadelight well I went through a d i vorce at 46 and it basically wrecked my me, before that I never really looked at what my r e t i r e ment would be like but after the whole situation I just had to look at things differently because I knew needed to get my life together before 60 at least.
Luckily for me I was r e f erred to a p a r ticular f i r m in Colorado by an a d visor. Fast forward to today through the firm in a couple years I've been able to amass $580k for my r e t i r ement and still going.
I turn 30 next month. I keep track of my Net Worth and next month I should be right at $400,00! I do have a good paying job (that I did not go to college for), but I also started with nothing. Everything I have I earned myself. I have no inheritance nor has anyone given me a large sum of money. I bought a house for $56k when I was 20 and put about $50k into it over the years. It's now worth $165k.. and it's paid off. I have no debt and I've been investing into my Roth 401k since I was 20. Every time I project I'll have X amount of dollars/net worth by a certain time, I out pace that. I was 25 when I heard of Dave Ramsey with a slightly negative net worth. I was in debt, but I became intentional with my money and turned things around quickly.
I had exactly $23k student at 30! Took me years to pay off, and with interest, it was $36K. All the while saving for my pension. Nevertheless, now at 59, no debt and a good chunk of change for retirement. Steady but slowly 🐌 watch the investments grow, and it will happen!
Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.
I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
I was a theater major, I quickly realized the communication skills I learned adapted well to sales and marketing. Since I have a passion for finance I was able to combine all of these skills to become a CFP. Now in the A+ category. Actors can change and don’t have to strike out 😉
I’m a music major. I moved to Japan and within 3 weeks was scouted to become a pop singer. You don’t realize how saturated the US market is. I’m now making money and connections up the wazoo and am filthy rich for 21yo here because I converted all of my dollars to the yen at 150円/1$ each.
We just paid off our last debt this past weekend, we are now debt free aside from our mortgage thanks to the baby steps!!! 31 years old and planning to have the house paid by 37
I’m 26 and I currently have a D but that’s contributing to being Dave-ish for the past couple years. Now to ramping up my side-hustles and saving to be a B student (like I’ve been for most of my life) by age 30😂😎
How dare you call my 29.5 year old self out for being terrible with money my whole life. Baby step 3 technically, but not even $8000. 😭😭😭😭😭 I needed this kick in the pants.
31, missed the train on home ownership pre 2020 so no mortgage. About to tip 100k in my retirement accounts just from maxing out my Roth IRA and contributing the matching about my employer offers in my 401k for 6 years. For that reason, I’m proud of myself for reaching this milestone without the equity of a house.
Im 29 and have a negative net worth, still rent, my knees are shot, my financial aid fell through afger 1 semester of college, ive had 4 cars completely break down on me. Sucks. Oh, and just finally started making over 15 an hour recently. Should be positive next year though. I really wish housing and food wasnt so expensive.
Turning 30 this year and my husband and I have a net worth of $192k. However, a good 90-100k of that is because the house we bought 2 years ago we up in value so much.
Dude that's a fair but sad A threshold. You're the fist channel I've seen set the bar that high for 30. Charlie Munger's 100k goal is my current goal, but I'm not yet halfway there. As a South African, the currency conversion of 19 makes it extremely hard, but I shall press on
I’m 30 and my wife is 29. We have been really fortunate and have worked really hard over the last 10 years. We are currently worth $2.4M and counting. I will say that consumer debt is a thief. But real estate debt if used properly (not 90 day notes like Dave used) is extremely powerful.
@@prevaloir5362 It’s a little difficult without knowing peoples current situation. But I would suggest that someone in their 20s find something they can do to make as much money as possible. My wife and I work in sales and the opportunity it limitless. If you work a w2 job you will have to just work a long time and be very disciplined. If you work in sales, or start a practical business, you can achieve more faster. But if you don’t find success in sales, it is a really difficult career path. Find something that you like (don’t have to love it) and find a way to make as much money as possible. Live on 20% or less of your income and invest the rest. Not sure if that helps but that’s what I personally do 😀
Impressive! my wife (25) and I (28) are around 450k right now. 95% of that is from "my" networth since she has only been working a couple of years and I've been saving for around 10 years now.
@dylanbarrett599 Can you elaborate on what you mean by being in sales? Do you own a company, or are you salaried salesmen employees? What industry are you selling in?
To be clear, in George's scenario for A+ we are assuming from 22 to 30 you lived off ~2300/month. Probably possible in low cost of living areas, but as George said, you would have to be 100% dedicated for 8 years and graduate with 0 debt from college.
I'm doing good but it's because I moved back in with my parents 5 years ago. My car is payed off, my college apparently waved my loans with COVID relief money during the pandemic. My advice to other young people is to suck it up and live with your parents for at least 5 years and drive a car with a easy monthly payment and low maintenance. Literally have coworkers with cars they can't even afford lol
Back when I was 30 in 2009 i was lucky to have networth over 50k...that seems low to me but was pretty good for a single guy making maybe 45k a year. Fast forward to age 40 and was around 800-900k....So anyone discouraged dont be. Just keep plugging away.
I'm there at 40. Lol. We've had some trials over the years. Wish I would have gotten on the Ramsey plan earlier. Our income is doubling through and we'll be debt free by December. We'll be able to invest $140k a year moving forward. $60k annually in retirement accounts and 80k in outside investments. Buying property and building our first house with cash over the next year.
Yes grace and as a Christian probably you know that life it’s not about what you have and you will find many godly and content people who have much less or even nothing
@pamelalima5401 You're right. Money isn't everything, nor have we turned it into our God. Also, blessings you receive are meant to bless those around you and that is what we do through our church, charities and just being generous out on the streets.
I see your point. Hope it worked out during the last 9 months. I would not give my family for an 3x portfolio. Wish you luck and openness to find what you seek.
I've had life full of unique experiences that people will never be able to buy with the money they were busy squirreling away, what do you have to say about that? I see a lot of people boasting about how much money they have, and padding themselves on the head. I do wonder if I would trade my experience for the money, sometimes yes, but mostly I would not.
😂😂😂😂 Omg my net worth is double double that. Thank god!!! No exact figure George is being nice. If you in the negatives in your 30’s and 10 years can’t see yourself passing 30K+ net worth start panicking.
Having a net worth of around 1 million, I want everyone to understand that it's not a race. I can't just spend 1 million right now on anything. It's a real culmination of me living on little wages and not buying dumb stuff but earning okay wages for 2 years with my own business wages. I have 1 nice chain but that's it. IF you aren't buying SOME things for your business you aren't taking advantage of the write offs. Don't buy cars, invest in advertisement opportunities. Lots to it, but be smart. Don't ball out entirely. Not worth it. That sports car isn't worth it.
I only got an A because of the town home I bought in 2020 for cheap and the value sky rocketed 😂. But yay me I guess. Still have consumer debt but I guess I’m doing better than I thought
The millionaire next door has a formula for this purpose. Take your age divided by 10, times your pre-tax income to get your threshold, then divide your net worth by the threshold amount. If this number is between 0.5 and 2, then you are an average accumulator of wealth (AAW). If you are below 0.5, then you are an under-accumulator of wealth (UAW), and if it is greater than 2 then you are a prodigious accumulator of wealth (PAW). If your income varied over your career (as it does for most), average your income starting at age 20. So for example, someone age 30 who earned an average income of $65k would be a UAW if they have a net worth below $97.5k, and they would be a PAW if they have a net worth above $390k.
That seems a bit silly with income varying over time. I went part time recently and my income halved, so my assets are 17x my income instead of 8.5x now.
@@ordinaryhuman5645 It's just a rule of thumb. There are many situations where it breaks down, and it's been criticized for being too high for people under 30 and too low for people over 50
I recommend diversifying your investments by considering stocks alongside real estate. During a recession, there are potential buying opportunities in the stock market if approached cautiously. Additionally, market volatility can offer short-term buying and selling opportunities. However, please note that this is not financial advice. It's important to be proactive in investing as cash may not be the most advantageous option during these times.
You’re right! The current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
At age 30, I had $65K in student loan debt, was still in grad school, was in need of significant dental work and had major mechanical repairs needed on my car which I needed to drive myself to school. On top of full time grad school, I worked 40+ hours/week at my parents' business for free because the business never made any money. The anxiety I had back then probably would have set me back another $100K in medical care which I never sought because I was so broke. I get anxiety just thinking about those days.
We're both 35 and an A. We have accomplished this by intense frugal living because of our circumstances (I became physically disabled at 28 and my Husband works a part-time, minimum wage job so he can be nearby and care for me). You can ABSOLUTELY do this! Thank you LORD for Your Kindness and Goodness to us and for sound, Biblical financial education xx
I was planning on having an A+ net worth but then these things happened once I graduated: - I Graduated when Covid hit. It canceled my internship and delayed me finding a job for 1 year. - While I was looking for a job after my degree, townhomes went from $250,000 to $410,000 requiring a $80,000 down payment. - Interest rates went from 2.8% to over 7% now. - Food and Utilites and other essential costs have gone up 30-50% Despite Covid completely screwing up my 20s to build a good financial foundation, I've managed to have a net worth of $40,000 at age 27. Hoping to at least get an "A" when I'm 30 and have $100,000 saved up for a house. I've recently gotten approved to work overtime so I'm working 60-hour weeks now to try and compensate all the money I missed out on because of Covid. I think everyone has had unfortunate circumstances that have brought them down, but it is fighting and continuing to get back up that builds wealth.
Just turned 30 and in my last year of psychiatry residency. I’m the cheapest doctor I know (no undergrad loans but med school ain’t cheap so took out loans for that, old paid-off-car, clothes from goodwill, making coffee at home) and I still got an “F”… excited to turn that around over the next few years! 11 months until graduation!
Yeah it's easy to feel behind. My wife just started residency at 29. It really is a long term investment, but it will pay really big dividends and you will catch up in no time. You are definitely on the right track without having undergrad loans. Sooo many docs have their medschool debt AND those loans. Yikes!
At age 33, my wife and i have ~200k in student loans. Im having a difficult time deciding to pay it off (partial/full) or put down for a house. I think the house option would make each dollar worth more...
scrolled through the comments for 5 minutes before I found someone else who doesn't have an A or a B! I think making good budgeting practices is important, but I really think that our generation is gonna have to invest HEAVILY in the PITCHFORK market (if you catch my drift) at some point if millennials are to not be homeless in our old age.
