Why I Don't Have $1Million Investment Portfolio (repost)
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- Опубліковано 25 сер 2024
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Most people don’t want to be a millionaire…they want to spend a million dollars.
Your channel is my favorite because you provide perspective. Not over indulgence or being a miser, just a healthy balance. Appreciate you Josh.
Transparency regarding your own financial journey gives you real credibility not to mention relatability. Thanks for sharing.
Being rich is awesome!!! Everyone should try it.
Appreciate your honest thoughts and transparency. You make so many valid points and I think there is alot of wisdom in your post to strongly consider and apply in our personal lives.
Hey...if you make 150k to 250k for more than five years in a row.... Shouldn't you have 200 million like some members of Congress.... You're clearly doing it wrong 😂😮😂
You can also be a Millionaire if you are the crackhead son of a President too.
You absolutely did the right thing for you and your family. All of us thank you for it! Thanks for being here for us all.
God has guided you to help others with your skills, work ethics, and many other qualities.
Now you spend more time with your family and still provide while sharing with others.
You found a great balance for you while sharing with all of us.
By the way, I have never been to a eulogy that mentioned someone's net worth ever.
Keep doing what you are doing to help others.
Thanks, brother.
My wife and I sold everything and moved to Florida I don't think I would have done that without your video
I think a Million dollars is a number people can wrap their heads around. That equals 40 grand a year in retirement which comes out to 3 grand a month.
But you are forgetting SS! 2-4k a month (more if married) on top of your portfolio.
@@jdthompson5778so SS shouldn’t be “on top”. It’s simply included in the portfolio.
Many are closer to this magical 1 million dollars and this is actually how people actually make it with way less than 1 million saved.
4k per month = 48k then divide by .04 = 1.2 million. It’s even more since SS is inflation adjusted.
@@f430ferrari5 I didn’t say SS shouldn’t be “on top”.. not sure what your point is?
@@jdthompson5778 Josh and yourself make good points about remembering to factor in SS.
Many don’t and they chase this 1 million dollar “saved” amount.
Stating “on top” doesn’t emphasize enough how SS future flow of income is in reality what one has “saved” related to this magical 1 million number.
Nobody even pays attention to 1 million saved. They just balk at it since it’s an outrageous amount to accumulate.
Companies like Fidelity or Vanguard who put out these misleading surveys are just trying to get people to save more money into their accounts. I’m sure you’re aware of this.
Perhaps a better example is a person who will have 2k SS income. It doesn’t sound like enough but if the mortgage is paid off then 2k per month is plenty.
Even if not then if one needs an extra 1k per month then again multiply by 12 then divide by .04. One would need 300k saved. Not one million.
Or another way to look at it is that 2k per month in SS is like 600k saved. So combined this is 900k which is close to the 1 million.
Rich is having more than you spend
No debt is absolutely the priority. Like you, I am dumping extra $$$ into my mortgage to pay it off in 10-12 years instead of 30.
Being rich is not a number once you have financial freedom thats the goal
Josh is right. Debt is the true financial killer (spending money before you have it) no matter how you look at things! Mortgage to buy a home is the exception but many get in over their head and it can be a very bad thing if overdone or used in place of a credit card to finance frivolous spending.
This is a really good video !!!
Good to hear you have a plan. Career setbacks/changes can make it tougher, as well as, family obligations. Good to see you have your priorities in order. Most of the time (not all), people can work longer than they'd like, or manage a budget in retirement (with SS) to make it work. We don't see senior homelessness en masse by any means. May not be the retirement we want, but it will be retirement nonetheless. It also helps if you have relatively modest wants/needs.
My daughter used to love the movie Monster house. I miss seeing how happy she was watching it. She was afraid to hit play because the tongue would come out of the house. I always had to get the movie started. Great movie. 🍿
I love u Josh ur a good person
Nah brother I always listen to u ur like family in my house
Net Worth is very key but, if all your Net Worth is tied up in your House, you better Sell that house in Retirement!
I respectfully disagree. With 25% of my portfolio, I focus on dividends in my taxable account. My dividends are now more than my expenses, and I live off my dividends, and save 100% of my income after paying taxes.
I agree, there are more important things in life then a brokerage account balance, and a couple doesn't need as much money as some financial advisors claim (the same advisors that milk people for fees I suspect). I'm one of the lucky ones, I worked in a STEM field for decades, frugal lifestyle, no debt. But I'll never be richer than my parents no matter how much money I have - as they knew what was important in life and it doesn't have a dollar sign in front of it.
In response to your high salary years.
Studying my career and how I was paid over the 37yrs period I realized I wasn’t really paid all the much. I started it on the low side making 8.00/hr. Ended it making over 70.00/hr.
Averaging the whole 37yrs I’ve discovered since I had a really slow start salary wise peers in my industry who currently make half actually have had a greater lifetime salary than I have.
So your years where you made nearly 300k really boosted your lifetime average. You could have had zeros along the way and still made way more than the average Jo.
Very transparent, is there anything you wish you had done different such as spending less especially when you were a higher earner or continuing to work while you built your business? I think it's hard to trust a financial advisor who's net worth is significantly less than what you've been able to build all on your own, adjusted for age of course. At some point we all need to find one as we age and our mental capabilities began to fail. After 3 decades of self education I'm well versed and I've even figured out how to do some pretty amazing things with our 1040 and I've already got my Secure Act 2.0 work around figured out as well.
Cheers!
I have the same perspective of the financial institutions.. They're supposed to be fiduciaries and provide for your best interest, but they have conflict of interest to collect as much as possible from their clients that I just can't ever get behind AUM-style finance models...
It's not that difficult unless your literally doing their yearly tax management on a very complex business, but more than likely at that point they already have someone hired to do that work already..
No worries Josh …PAWblo’s got ya covered he’s a Million dollar Dawg 😄 Finny too …!
Problem is he’s a planner. Not an executor. Emotional financial intelligence is different than financial planning intelligence. Those who can’t….coach. That’s ok.
I can definitely tell you and I are close in age based off you slang! You know what I'm saying?😂❤
Say it's not so Josh...
What’s your opinion on umbrella policy?
I have one
@@HeritageWealthPlanningWe just got one as well. I figured it was a good decision since we have a teenager/young adults drivers on our automobile policy.
Josh I am so glad you are my friend ❤.. I argue with my dad over money all the time and he will probably be right, God bless josh ❤.. I get obsessed with legacy while not enjoying it my dad probably gets it right…
We’re friends??? How dare you! 🤣
This dodo just rattled off a bunch of years of earnings, but didn't explain why he overspent and under-invested. With that income, he would have had over a million by 50 if he were any good. If you watch enough of his other videos, you'll learn he's a cooky conspiracy kind of guy. Not that bright.
Your comment makes you sound like a triple-dodo! 😂🤣🤡
Your comment makes you sound like a triple-dodo! 😂🤣
If you are a professional financial advisor, investor, you would have been a 7 figure guy at 45. Deca-7 by 50. Talk is cheap, numbers scream.
And who are you to say how much and when?
The pool man likes to spend money😂
Wow
He’s a financial planner and a darn good one at that! Who are you to judge?
@@jdthompson5778 Scoreboard! Talk is cheap. Numbers scream!