I never had what I called a secure job, so I had a high saving rate. Turns out the job lasted 34 years before losing my job. I ended up with a decent amount to retire on.
I drive a 22 year old car. Runs great. Keep 20k emergency fund. Rest is in long term equities and a Roth IRA. Live below my means and add to equities every month through dollar cost averaging. Fat equity in both my houses. All this done after I pulled my head outta my a$$ 7 years ago and decided to change my financial life. Dug out of 30k in consumer debt and now shovel all extra into my accounts. I'm behind for my age, but theres no going back to my old life.
I’m 42 and investing for the first time in my life. I have started contributing to my 401K and opened a Roth IRA with automatic contributions, but my question is, does asset allocation really matter at first, or perhaps am I just overthinking as a beginner?
Right, I once downplayed the role of advisors until suffering 40% portfolio loss amid covid-outbreak. At once, I consulted a license professional and got my portfolio revamped thankfully. As of today, I'm just about 10% shy of $1m after 100s of thousands invested.
Karen Lynne Chess is the licensed professional I use. Just research the name. You’d find necessary details to work with and set up an appointment if you like.
curiously inputted Karen Lynne Chess on the web, spotted her consulting page and was able to schedule a call session, no sweat. Ive seen commentaries about advisors but not one looks this phenomenal
I'm so fortunate that early on in my career I had some teammates that were down to earth as for lifestyle and financially astute. I got in with the investment club at work and I was smart enough to listen and learn. I was already older than average for someone just out of college and starting their career. So hitting the ground running as far as saving and investing goes has made quite a difference now 30 years later.
So far I'm doing good, approaching retirement with about 800k in savings. Transitioning from building wealth to spending can be scary, especially with soaring inflation. My question is, after maxing out my tax-advantaged retirement accounts, what next?
In my opinion, some financial situations can be handled on your own if you research enough, while others are best navigated in consultation with a financial advisor
I agree. Based on personal experience working with a financial advisor, I currently have $2 million in a well-diversified portfolio that has experienced exponential growth from when i started. It's not only about having money to invest, but you also need to be knowledgeable, persistent, and have strong hands to back it up.
I work with Stacy Lynn Staples as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
*If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you..prevent inflation..*
I started investing in crypto and def earlier this year and it's the best decision I've ever made. My portfolio is now worth almost a million and I've realized that if a cryptocurrency hits the news, you're probably pretty late to the game. The idea is to get in on blue chips early before they go public. There are a lot of life-changing opportunities in the market that you should make the most of.
Hello, I am very interested. As you know, there are tons of investments out there and without in-depth knowledge, I can't decide which is best. Can you elaborate on how you invest and earn?
Good video and good advice. We basically followed all the advice that you provided. Focusing on life, living within our means and planning for the future. We now are "mostly" retired. We have been all around the world, supported causes we value, and will end up with more money than we need. I guess that is "rich".
30y annual rate of return for S&P is 9.9%, for QQQ it’s 14.5%. My first QQQ investment was 8k in 2002. It’s worth ~150k today. Had I put it in S&P instead,it would be ~58k.
@@poonekar Only problems are the QQQ has only been around since 1999 and many company 401Ks are limited. Good run by the QQQ, but if your company has a match and only a few stock funds and one is the S&P500, that’s the way to go. Thirty-four years S&P 500 and I’m at $3.7 million and it took me years to max out.
@@glasshalffull2930 Wow! Congrats on building an impressive nest egg! The QQQ purchase I mentioned as an example was in a taxable brokerage account. After realizing it was significantly outperforming my 401K account because of the limited choices it provided, I started moving my 401k funds to a self-directed IRA whenever I switched jobs. Decisions like that have helped me build an 8-figure net worth.
@@glasshalffull2930 Congrats on an impressive nest egg. It was because of that limitation I started moving my funds from 401K accounts to self-directed IRAs whenever I switched jobs. But more importantly, I also started investing heavily outside the retirement accounts.
Thanks for the advice on thinking about bonds as covering “years of living expenses”. This is a new concept for me as I always assumed bonds were just for additional diversification rather than a place to pull money from when you actually need to dip into the retirement portfolio. I’m likely decades out from retirement so I’m 100% broad market index funds right now.
The bonds and cash are wise to have for emergencies and shorter term needs. But, the heavy lifting and the engine of a retirement portfolio is stocks not bonds. Stocks are were the needed compounding and growth has to come from, because bonds won’t do it. So learn as much about investing in them , ie. index funds, mutual funds, and put the majority of your nest egg there. Learn about compounding and the rule of 72. That will put your thoughts in the right direction. 😊
Azul, we have our monthly expenses money in the local credit union with FDIC protection but little interest. However we have our emergency funds with FDIC insured Marcus account paying 4.1% on deposits. We can move money between Marcus and the Credit union in about 2-3 business days.
I make twice the median household income. I save and invest 35% of my take home pay and live on the rest. I saved and invested 15% from age 23 to 46, then began saving / investing 35% every year since and I'm now 55. I have an unrealized invested net worth of about $3.1M and I plan to retire in about 5 years.
If you have a state or city job in California and work 30 years you will be rich-100K USD annually w COLA-even a MBA grad from Stanford could have a better retirement working in a state job!
100k a year in California does not qualify as rich, and my wife worked 30 years in a government job in California and grosses about $60k/year pension. Obviously it depends on the salary but that doesn't matter for angry people to make blanket statements.
Retirement is now more difficult than it was in the past. I've been saving for a long time instead of investing, and right now I only have about $400K. considering all the inflation, i'm thinking of investing in stocks, i dont just have idea on market strategies.
At a time like this, when the pressure to retire is mounting, it's highly recommended to consult with a financlal advlsor. This ensures you make more informed and strategic investment decisions.
It's unfortunate that many people lack access to this kind of information. I can’t blame those who panic-lack of knowledge is a major obstacle. I've been earning over $30k passively by investing through an advlsor, with minimal effort on my part. Regardless of how the economy behaves, skilled wealth managers consistently generate returns.
Charity is in the "wants" category. It's not a need though it may be a strong value. And it's spending not saving. That said I live on my SS check very nicely and have budgeted my contributions and made them automatic.
The biggest sign is having the ability to consume less then you have. And have money available to invest for retirement. And on the end the ability to manage yourself, and not overspend the ability for your nest egg to grow during the rest of your life.
I knew I'd be a comfortable middle class in my late 20's based on my career choice. I didn't realize I would be "rich" until 2019 when I used a 401k growth calculator and saw the potential growth when I had ~$600k at that time in the account at age 40's. Our net worth actually outperformed those estimates and until very recently I realized we are actually upper class in the top 5% based on our net worth. Crazy how simple this was, the hard part was waiting two+ decades.
That’s awesome. Do you invest outside of your 401k? If not, you should seriously consider that. I’ve been maxing out my 401k for over 2 decades but still that’s maybe a 5th of my net worth. Investing outside my retirement accounts allows me to use leverage that causes investments to grow 2-3x faster and there’s no cap like 401k contribution limits. That’s how I got into the 1% on a W2 income and like you I’m still in my 40s.
That's all good of course; but I was on taht track when 2008 happened and I lost nearly everything I expected to retire on. Fortunately I do live below my means and did the best I could with what I had and have a blissful retirement and money left over every month. So just saying, be vigilant and careful because we never know what might hit us.
The one thing they dont tell you is how to invest $. I had my 401 k sitting in low funds Earning 3% every year for over 12 years. learned how to invest it correctly in S and P 500 and IM up 19% on year. Never to late to learn I am 45 and now I know how to invest. I used to have my money just sit in savings making .001 %, pretty dumb but I always thought saving was good, it is but $ never worked for me. Now I have Roth IRA maxed out yearly, YYSA, Brokerage account and 401 k making a good return. Only debt I have is house and I throw a good amount towards principal each month, hopefully I can have paid off in less than 10 years
All you guys are quite funny, Somewhat helpful, Somewhat full of shit for some on some things. One size don't fit all/opiniins.. Lol. Appreciate all you As a collective group learning little things in the each video.
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Brooke Grace Miller.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
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
!!I recently sold some of my long-term position and currently sitting on about 250k, do you think Nvidia is a good buy right now or I have I missed out on a crucial buy period, any good stock recommendation on great performing stocks or Crypto will be appreciated.
As a beginner investor, it’s essential for you to have a mentor to keep you accountable. Ruth Ann Tsakonas is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Ruth Ann Tsakonas, for her expertise and exposure to different areas of the market.
I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $100k passively by just investing through an advisor, and I don't have to do much work.. Inflation or no inflation, my finances remain secure. So I really don't blame people who panic.
Without a doubt! Ruth Ann Tsakonas is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted based on thorough research and years of practical experience.
I never had what I called a secure job, so I had a high saving rate. Turns out the job lasted 34 years before losing my job. I ended up with a decent amount to retire on.
I drive a 22 year old car. Runs great. Keep 20k emergency fund. Rest is in long term equities and a Roth IRA. Live below my means and add to equities every month through dollar cost averaging. Fat equity in both my houses. All this done after I pulled my head outta my a$$ 7 years ago and decided to change my financial life. Dug out of 30k in consumer debt and now shovel all extra into my accounts. I'm behind for my age, but theres no going back to my old life.
Well done! I am so glad I pulled my head out of my but too. life is so great now that I am solvent.
Positive story good for you
I’m 42 and investing for the first time in my life. I have started contributing to my 401K and opened a Roth IRA with automatic contributions, but my question is, does asset allocation really matter at first, or perhaps am I just overthinking as a beginner?
There’s a lot to decide on, although most times as a beginner, it is better to delegate your day-to-day investing to a financial advisor
Right, I once downplayed the role of advisors until suffering 40% portfolio loss amid covid-outbreak. At once, I consulted a license professional and got my portfolio revamped thankfully. As of today, I'm just about 10% shy of $1m after 100s of thousands invested.
@@okaydamian very encouraging for newbies like myself, mind sharing advisor info please? in dire need of proper asset allocation
Karen Lynne Chess is the licensed professional I use. Just research the name. You’d find necessary details to work with and set up an appointment if you like.
curiously inputted Karen Lynne Chess on the web, spotted her consulting page and was able to schedule a call session, no sweat. Ive seen commentaries about advisors but not one looks this phenomenal
I'm so fortunate that early on in my career I had some teammates that were down to earth as for lifestyle and financially astute. I got in with the investment club at work and I was smart enough to listen and learn. I was already older than average for someone just out of college and starting their career. So hitting the ground running as far as saving and investing goes has made quite a difference now 30 years later.
Same
I LOVE living below my means
You mean poor and boring.
I also live below means. Retired at 62 with zero debt.
You give me hope that I may be okay in retirement! I will work on all these goals!
I gain inspiration from your advice, understanding that my retirement will be a great time of life, and the roadmap to finish strong.
I appreciate you and enjoy your videos. Thank you for your advise
So far I'm doing good, approaching retirement with about 800k in savings. Transitioning from building wealth to spending can be scary, especially with soaring inflation. My question is, after maxing out my tax-advantaged retirement accounts, what next?
In my opinion, some financial situations can be handled on your own if you research enough, while others are best navigated in consultation with a financial advisor
I agree. Based on personal experience working with a financial advisor, I currently have $2 million in a well-diversified portfolio that has experienced exponential growth from when i started. It's not only about having money to invest, but you also need to be knowledgeable, persistent, and have strong hands to back it up.
Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
I work with Stacy Lynn Staples as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
I searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
*If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you..prevent inflation..*
I started investing in crypto and def earlier this year and it's the best decision I've ever made. My portfolio is now worth almost a million and I've realized that if a cryptocurrency hits the news, you're probably pretty late to the game. The idea is to get in on blue chips early before they go public. There are a lot of life-changing opportunities in the market that you should make the most of.
Hello, I am very interested. As you know, there are tons of investments out there and without in-depth knowledge, I can't decide which is best. Can you elaborate on how you invest and earn?
Hello how do you make such monthly?? sometimes I feel so down🤦🏽 of myself because of low finance but I still believe in God
nice! once you hit a big milestone, the next comes easier. How can I reach him, if you don't mind me asking?
248
Good video and good advice. We basically followed all the advice that you provided. Focusing on life, living within our means and planning for the future. We now are "mostly" retired. We have been all around the world, supported causes we value, and will end up with more money than we need. I guess that is "rich".
When you have money left over every month that is indeed wealthy. And it is amazing how little you need to be in that position!
#1 sign should: You are 100% in stocks for most of your career. IMHO, an S&P500 fund is the Gold Standard.
30y annual rate of return for S&P is 9.9%, for QQQ it’s 14.5%. My first QQQ investment was 8k in 2002. It’s worth ~150k today. Had I put it in S&P instead,it would be ~58k.
@@poonekaryeah, I have to agree. My individual tech stocks beat the S&P handily.
@@poonekar Only problems are the QQQ has only been around since 1999 and many company 401Ks are limited. Good run by the QQQ, but if your company has a match and only a few stock funds and one is the S&P500, that’s the way to go. Thirty-four years S&P 500 and I’m at $3.7 million and it took me years to max out.
@@glasshalffull2930 Wow! Congrats on building an impressive nest egg!
The QQQ purchase I mentioned as an example was in a taxable brokerage account. After realizing it was significantly outperforming my 401K account because of the limited choices it provided, I started moving my 401k funds to a self-directed IRA whenever I switched jobs. Decisions like that have helped me build an 8-figure net worth.
@@glasshalffull2930 Congrats on an impressive nest egg. It was because of that limitation I started moving my funds from 401K accounts to self-directed IRAs whenever I switched jobs. But more importantly, I also started investing heavily outside the retirement accounts.
Thanks for the advice on thinking about bonds as covering “years of living expenses”. This is a new concept for me as I always assumed bonds were just for additional diversification rather than a place to pull money from when you actually need to dip into the retirement portfolio. I’m likely decades out from retirement so I’m 100% broad market index funds right now.
The bonds and cash are wise to have for emergencies and shorter term needs. But, the heavy lifting and the engine of a retirement portfolio is stocks not bonds. Stocks are were the needed compounding and growth has to come from, because bonds won’t do it. So learn as much about investing in them , ie. index funds, mutual funds, and put the majority of your nest egg there. Learn about compounding and the rule of 72. That will put your thoughts in the right direction. 😊
Great advice and friendly presentation
Azul, we have our monthly expenses money in the local credit union with FDIC protection but little interest. However we have our emergency funds with FDIC insured Marcus account paying 4.1% on deposits. We can move money between Marcus and the Credit union in about 2-3 business days.
I make twice the median household income. I save and invest 35% of my take home pay and live on the rest. I saved and invested 15% from age 23 to 46, then began saving / investing 35% every year since and I'm now 55. I have an unrealized invested net worth of about $3.1M and I plan to retire in about 5 years.
If you have a state or city job in California and work 30 years you will be rich-100K USD annually w COLA-even a MBA grad from Stanford could have a better retirement working in a state job!
100k a year in California does not qualify as rich, and my wife worked 30 years in a government job in California and grosses about $60k/year pension. Obviously it depends on the salary but that doesn't matter for angry people to make blanket statements.
Love it, enjoyment creep! Also I’ve been budgeting in categories for 3 decades, it’s proven to make me 2 x millions
Retirement is now more difficult than it was in the past. I've been saving for a long time instead of investing, and right now I only have about $400K. considering all the inflation, i'm thinking of investing in stocks, i dont just have idea on market strategies.
At a time like this, when the pressure to retire is mounting, it's highly recommended to consult with a financlal advlsor. This ensures you make more informed and strategic investment decisions.
It's unfortunate that many people lack access to this kind of information. I can’t blame those who panic-lack of knowledge is a major obstacle. I've been earning over $30k passively by investing through an advlsor, with minimal effort on my part. Regardless of how the economy behaves, skilled wealth managers consistently generate returns.
Hy, How can I reach them directly please?
Melissa Elise Robinson is the licensed fiduciary I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Where does charitable giving fit into the needs=50%, wants=30%, and saving=20%?
Spend your money and “give” shop owners that work and have a business an income.
@@bills1995vette not sure what you mean. I give to my local church, relief organizations, and to other needs in my community.
Charity is in the "wants" category. It's not a need though it may be a strong value. And it's spending not saving. That said I live on my SS check very nicely and have budgeted my contributions and made them automatic.
Any recommendations for selecting a financial adviser? We are located in Newnan GA. Hope to retire in next couple of years.
One sign you are going to be rich in retirement… you are watching this video.
Most people should not be managing their investments
This will cause a lot of pain at the next downturn
Good video. Please use a tripod or at least turn on video stabilization! 😂
The biggest sign is having the ability to consume less then you have. And have money available to invest for retirement. And on the end the ability to manage yourself, and not overspend the ability for your nest egg to grow during the rest of your life.
I knew I'd be a comfortable middle class in my late 20's based on my career choice.
I didn't realize I would be "rich" until 2019 when I used a 401k growth calculator and saw the potential growth when I had ~$600k at that time in the account at age 40's.
Our net worth actually outperformed those estimates and until very recently I realized we are actually upper class in the top 5% based on our net worth.
Crazy how simple this was, the hard part was waiting two+ decades.
That’s awesome. Do you invest outside of your 401k? If not, you should seriously consider that. I’ve been maxing out my 401k for over 2 decades but still that’s maybe a 5th of my net worth. Investing outside my retirement accounts allows me to use leverage that causes investments to grow 2-3x faster and there’s no cap like 401k contribution limits. That’s how I got into the 1% on a W2 income and like you I’m still in my 40s.
That's all good of course; but I was on taht track when 2008 happened and I lost nearly everything I expected to retire on. Fortunately I do live below my means and did the best I could with what I had and have a blissful retirement and money left over every month. So just saying, be vigilant and careful because we never know what might hit us.
The one thing they dont tell you is how to invest $. I had my 401 k sitting in low funds Earning 3% every year for over 12 years. learned how to invest it correctly in S and P 500 and IM up 19% on year. Never to late to learn I am 45 and now I know how to invest. I used to have my money just sit in savings making .001 %, pretty dumb but I always thought saving was good, it is but $ never worked for me. Now I have Roth IRA maxed out yearly, YYSA, Brokerage account and 401 k making a good return. Only debt I have is house and I throw a good amount towards principal each month, hopefully I can have paid off in less than 10 years
We are ok living below our means. My wife is my biggest leverage for financial stability. 😂
Lol bonds..
With these defecits and unlimited printing.
commercial every 1 1/2 minutes, really?
Get UA-cam premium
All you guys are quite funny, Somewhat helpful, Somewhat full of shit for some on some things. One size don't fit all/opiniins.. Lol. Appreciate all you As a collective group learning little things in the each video.
Lol what
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Brooke Grace Miller.
I'm surprised that you just mentioned and recommended Brooke Miller, I met her at a conference in 2018 and we have been working together ever since.
The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I'm new at this, please how can I reach her?
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
!!I recently sold some of my long-term position and currently sitting on about 250k, do you think Nvidia is a good buy right now or I have I missed out on a crucial buy period, any good stock recommendation on great performing stocks or Crypto will be appreciated.
As a beginner investor, it’s essential for you to have a mentor to keep you accountable.
Ruth Ann Tsakonas is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Ruth Ann Tsakonas, for her expertise and exposure to different areas of the market.
I don't really blame people who panic. Lack of
information can be a big hurdle. I've been
making more than $100k passively by just
investing through an advisor, and I don't have
to do much work.. Inflation or no inflation, my
finances remain secure. So I really don't blame
people who panic.
Without a doubt! Ruth Ann Tsakonas is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted based on thorough research and years of practical experience.
nice!! once you hit a big milestone, the next comes easier.. How can i reach her, if you don't mind me asking?
1st comment!
2nd comment