@@xyz-pg3zd Would have benefiting from - -High School Vocational and technical programs Became either IT Computer Specialist or License Practical Nurse a 18-19 from those programs get a job with a company or hospital that pays tuition assistance, Complete IT A.S. or Register nurse ( age range 22 making more than $50K easily) Complete Bachelors online, Comp programing or BSN RN ( $75K) If Nursing Track was the way, complete P.A. School or Anesthesiologist M.S - On the Finance side, Save invest ever but here comes the Family Wealth Hack buy 1/1 or 2/2 Apartment as soon as possible, encourage significant other to do the same. it doesn't matter where it is or the conditions, there's no need for luxuries at 22. hopefully married around 25-26 and move in to one of the apt with significant other, rent the other one (you have started your RE empire here) if pregnant, buy 3/2, Bank would allow you to keep both apartments and give 7% down for 3/2 since it will become primary residency and apartments are locked to their respective interests rates. YOUR LITTLE FAMILY AROUND 28 COULD START WITH 2 RENTAL APTS! most likely cash flowing, NO STUDENT LOAN, HIGH PAY SALARY! my current job as a counselor I explain this to all my kids and they don't get it, they want to splurge their hardly earned little money. what do you think?
I could have done more, but since my kids (13 and 17) were born I’ve taken a portion of their yearly gift money and invested it in a custodial account. Before they were 5, I invested 100%. After that I would give them the choice of how much they wanted to invest and I’d show them their accounts and use a compound interest calculator to show them how their choices would impact. This past Christmas they each received ~$400 each. My daughter invested $250 and my son invested $200. They are going to have some financial sense when they go out into the world, which is more than my parents ever did for me.
I love these longer live stream shows, however, it would be really neat if the Q&A section focused more on the topic of the episode instead of a free-for-all Q&A. Just a friendly suggestion and keep up the great work!
I feel like they do a good job at this in general, but it just depends on the questions that come in. If there are questions on the topic (which there usually are since a lot come in live during the stream) they usually always answer those. The Q&A part gets broken up for their short form content throughout the week and they need to hit a certain amount of questions to stay on their upload schedule, so taking all types of questions makes sense to me.
@@28cthedestroyer The main portion of the show “pre-Q&A” is 100% focused on the title so I don’t think their title falls into the pure clickbait category?
I'm so glad you guys went over on time. I'm much would prefer for a 30 minute show on the topic you did and no questions from the public then a 10 minute show and lots of questions from the public.
I also have a kiddo with autism, and I learned of the ABLE account for the first time through your show. Can you do something on preparing to take care kids that might not be able to be fully independent?
My dad made me pay half of my first car as well. We bought it at a California state police auction for $200. (1984) Then I had to pay for insurance and all of the things that broke on my 1974 Valiant. I learned to appreciate my dollars really early.
Now add family trusts that continue to grow and allow access to future descendants with making the tiny contributions to their future when they are born. And if this mentality continues through multiple generations your family will have a ridiculous amount of wealth with just having normal jobs and being smart
@@rossinverted essentially! Passing down a parents trust to multiple generations while contributing to 529, Roth ECT once they are born and provide financial knowledge. No member of the family will ever be poor ever again...as long as the trust is set up correctly that's a big part
A compelling guide on instilling financial literacy and entrepreneurship in children, empowering them to build a path towards financial success. A must-watch for parents and educators seeking to nurture the next generation of entrepreneurs.
50:00 Great question on the car. I still have the 2004 Saab 9-5 Wagon I bought my wife shortly after we got married. It's worth about $1500, and it has mostly sat for the last 6 years as my wife "adopted" the 2017 pickup that I bought for myself. Now my daughter is 15. I took this $1500 car in for ALL of the deferred maintenance including brakes, new brake fluid, coolant, oil, transmission fluid, new tires, some sensors, some other broken items. Total tab: $4000. But, that should be mostly it for the next 3 years outside of oil changes, wipers, etc. In my thinking, that's totally worth it, even if it's a bit illogical. I doubt I would be more confident in a $4000 "new-to-me" car...and I'd probably be tempted to spend $10-$15k for something for my daughter if I didn't already have this car.
ABLE accounts are difficult. Both of my sisters have permanent disabilities. For one they must be disabled before turning 26. For another, there's a cap on how much can be given or saved in it each year. And third, the total that can be saved isn't adjusted for inflation. Presently that max amount is $100,000 and has been since inception (signed into law Dec 2014, first implemented Jun 2016). If they were adjusted for inflation, that cap would be roughly $130K here in 2024. Anything over $100K is counted as assets for SSI and stops eligibility. A special needs trust is generally a better way to protect the money and go beyond $100K in assets there. There's further issues and strategies but you're have to find your own disability lawyer & financial planners. Likewise there'll be open questions about how to fund it and protect the assets for a reasonable inheritance without substantial clawbacks.
Loved the talk about life making things more complicated at the end. My husband and I were on track to be millionaires by 35. That was until I came home from work to have 2 kids. 😆 Our oldest needs some extra help with her speech that insurance doesn't cover and our second has food allergies, which means a significantly higher food budget. Priorities shift! I still think we'll hit that goal way ahead of the curve, but the numbers aren't going up quite like they used to!
Setting up my daughter a Roth IRA and doing a dollar for dollar match for her investing. It's about teaching the habits of saving and investing, so she gets the best out of it.
We lived such a scarce lifestyle growing up and it honestly stressed me out thinking we didn't have enough and feeling poor compared to my classmates who got new clothes and tons of Christmas presents. However, I was taught to tithe and save from an early age. In high school, my dad provided gas/insurance money as long as I was working. Looking back, I realize that scarcity was only partly out of necessity and mostly out of wisdom. Coming into adulthood with university tuition and a down payment paid in full has been priceless and I'm so grateful. I like my job, but it doesn't pay much! Still, I know I'll be a millionaire in this lifetime.
I bought my daughter’s first car, a 2001 Tacoma with 212K miles. I put about 40 hrs into making it road worthy and she helped take the interior out and clean it up. She’s been driving it for a year and a half and loves that truck, but she knows it goes to her brother when she goes to college. Then she and I will buy her an economical car for her college commute.
For purposes of Custodial Roth IRA contributions, how do you document for the IRS earn income from jobs such as baby sitting or mowing the neighbor’s lawn, since you will not have a W-2 or 1099 for those types of ad hoc jobs?
Great show y’all! I talk with my boys about money now. (6 1/2 and 9 1/2) Giving. Saving. Spending. But about compound interest and teaching them what I wasn’t taught (Darnit! I would’ve saved $100 a month since starting work at 14, if knew! Ahh) so I want them to be successful. Glad I know now. Hubs and I are investing later (38) unfort but still hope. They know the key is hard work though! And being wise. Not living beyond their means. To rethink buying things don’t need but occasional things want is ok if have the money. And on and on 😊 this show was helpful, thanks again! (Follow and love the Ramsey show and their personalities on there 😁)
As a parent, it's your responsibility to make your kids ready for the real world. For $100 a month, you can set them up for the rest of their lives. IMO, I wouldn't do a 529. I am putting money into a generic S&P 500 index. When they start their adult lives, you can give them the flexibility to use it for education, a house, or whatever they want to set themselves up. Or they can just keep investing into it and retire at like 40 without having to deal with the 401k penalties
At 13:26 I can’t understand what he is saying : “hey we’re saving in this u___ account…it’s how you put a down payment on a house” ? ?? Upma account?? I’m very interested for my kids because we live in CA & real estate is expensive to get into
I love your guys' content. But some of it seems so out of reach for someone like me who has been living in California (VHCOL) area, my whole life. How do these numbers and guidelines change for someone living in these types of places. where home ownership and everything else seems so far out of reach unless you have two multiple 6 figure incomes .... which is not the case for me at all.
My two college roommates got a new car for college graduation. I had to buy my car, much to my grandmother's displeasure. However, my Mom sold all my clothes when I was very young, because I was always adorably dressed, lol. We went to the resale shop and got the check then to the bank which I would get one day. One time I got to buy a Barbie doll, but that was only once. In 1999, that had ended up being $7-8K, which paid for probably half of my Ford (Escort) ZX2.
they can baby/toddler/child models. take some photos , type up a invoice from your child, produce a w-9,1099. deduce the child income. find a institution to open up a Roth IRA. fund it. boom.
I like the idea of everyone grabbing a chemical engineering degree 📜, before moving onto grabbing their later degree. He likes the idea of all starting with accounting
My question is: After you leave a job, do you need to roll an old 401k into a new one right away or can you wait a couple years (or never roll it over) in order to claim a super-delayed employer match? To elaborate, I start a new job next week, and (although I won’t get any employer match at the new job until one year has passed), I will be eligible to contribute into my new 401k after one month of employment. My previous 401k is 100% vested and contains about 42k Roth and traditional investments (50% target retirement funds and 50% other index funds). However, my previous employer’s 2023 contributions (3% non-elective) will not be paid into my old 401k account until October 2024. If I roll my old 401k into a new 401k account before October 2024, I assume I will lose this free money (about 2.2k). What are my best options to avoid losing money from fees/taxes by not rolling over my 401k right away but also avoid losing these (super delayed) contributions from my previous employer? Should I just leave my old 401k as-is until retirement? Some notes: I am 37 years old (married, no kids) and learning more about how to become a financial mutant thanks to your show! In 2024, because of the new job, I plan to invest 48% of my almost 100k income into retirement to build up to a more comfortable retirement amount. I want to max out my 2024 401k, as well as max out 2023 and 2024 Roth IRAs for myself and my husband. We’re also trying to max out our 2024 HSA. We’re going to feel super broke in 2024, but I’m so excited! If we invest aggressively in our retirement accounts for the next few years (hopefully reaching 200k by age 40?), maybe we can back down to the typical rate of 25% after that. Thanks for all the amazing content, Money Guy Show!!
HELP: I just can't bring myself to invest in the stock market. Stocks are at an all time high, and I see the absurd federal debt along with stock over-valuations. I have amassed $1.5 million in cash earning 5%++ in MYGA's and Tbills, zero debt, own my home. Should I just wait for a correction? I just can't tell my 20++ year old sons to dive into the market, know there is a significant probability stocks will dive, yet I do know long term stock probably will be needed to hedge inflation.
No one knows what the market will do (including you and me). One could say we’ve just been recovering from a 2 year correction. This high is just getting back to where we were. 10 years from now we can expect it to be way higher than it is today, so I’m going to keep buying every month rain or shine. As these guys always say “time in the market is more important than timing the market”.
@@chemquests But if you look at the chart, it is a classic candle stick pumped up by stimulus and massive debt. How do people ignore the inflated stock valuations?!?!?!
@@kevinedward4195 you’re focusing on the short term (what’ll happen this year) which is irrelevant over a long term horizon (like a decade or two). You can’t miss the best days of the market, which typically occur in proximity to the worst. For the short term, “inflated” is relative to the value of the business in question. The majority of the growth in the S&P is from the “Magnificent Seven”, which are actually solid companies. The optimistic case for the market is based on the growth that is beginning to spread among more companies. Will it be a soft landing? I don’t know but it looks pretty mild. I’d agree things will slow down, intentionally, so we could have a dip. Of course the bears anticipate rate cuts when that happens and the threat of recession is in the rear view. I’ve been buying all year every year for decades, which gives me a pretty low average cost basis; a few high valuation periods have occurred before.
This is exactly why I dollar cost average. I don’t want to sit on the sidelines and miss a great run, and I can’t predict the future. So I DCA so there is no need to predict. If I had a chunk on the sidelines I would trickle it in, the pace is up to you.
Wait, did Brian just say that he views cars as getting him from point a to point b? I could have sworn I saw a video of him last week about buying a six-figure Tesla
If you can’t agree with their 20% saving, then move to 15%. It’s equally close to 10% & 20%. On any given day, you can tell yourself that you’re at 10% or 20%.
I hear everything, anf so far so good.. buuuutttt, Did he just say shopping at the thift store was weird????? 🏃♀️➡️🏃♀️➡️😮 😢 why sir, why? That's one of the most rediculas things anyone has ever said. Honestly just stick to the money talk... 😢
I have money my kids have nothing. I already told them everything is dinated when i die. My will does have the money going to them but they dint need to have that knowlege.
At some point when they're adults, it might be good to share a little more with them, even if it's not numbers. It might be good motivation for them to have Roth accounts, so they're not adding your IRA RMDs for 10 years after your death, causing a really high tax bracket. There are worse situations for them, of course, but if they're wise with money, they might appreciate more information while they're planning their own retirements.
One thing to consider: keep with plan of no inheritance after death, but give "mini-inheritances" along the way. $5k in their 20s or 30s may mean much more than $50k in their 60s.
You need to get that in a irrevocable trust with the very specific rules you want the money used for and it's not super expensive to set one up with a lawyer.
You take a car to 200k miles and don’t want it badly anymore? Great. Get a new car and be glad about it. For extremists, I note the bonus for reaching a million miles.
Some car companies will give you a free new vehicle (whichever you like), if you get any of their vehicles to a million miles. If your car is at 900k miles, it’s valuable
This is easy. Just finance a bunch of stuff valued at millions of dollars and you're done. Now your officially a multi millionaire (on paper), in real life you're broke.
25:22 “..cut the trolls off at the pass..” - Really? Just because some members of your audience challenges you, you’re gonna label them all Trolls? Get over yourself.
No more tumblers? Why bother asking a question if all I am going to get in return is high quality financial advice for free?
😂
Agreed.
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I prefer the longer content. Don’t let them hold you back, Brian!
I’m 23 and we just had our first kid. I’m doing $100 a month into his 529. I appreciate the free information you guys put out!
Enjoy this particular season of your life. It literally does go by so fast. Trust me
Congratulations! you are 23 and you are here in a Personal Finance UA-cam Channel. I was wasting my time and money at your age.
@@DonesdeMotivacionwhat would you have done differently
@@xyz-pg3zd Would have benefiting from -
-High School Vocational and technical programs
Became either IT Computer Specialist or License Practical Nurse a 18-19 from those programs
get a job with a company or hospital that pays tuition assistance, Complete IT A.S. or Register nurse ( age range 22 making more than $50K easily)
Complete Bachelors online, Comp programing or BSN RN ( $75K)
If Nursing Track was the way, complete P.A. School or Anesthesiologist M.S
- On the Finance side, Save invest ever but here comes the Family Wealth Hack
buy 1/1 or 2/2 Apartment as soon as possible, encourage significant other to do the same. it doesn't matter where it is or the conditions, there's no need for luxuries at 22.
hopefully married around 25-26 and move in to one of the apt with significant other, rent the other one (you have started your RE empire here)
if pregnant, buy 3/2, Bank would allow you to keep both apartments and give 7% down for 3/2 since it will become primary residency and apartments are locked to their respective interests rates.
YOUR LITTLE FAMILY AROUND 28 COULD START WITH 2 RENTAL APTS! most likely cash flowing, NO STUDENT LOAN, HIGH PAY SALARY!
my current job as a counselor I explain this to all my kids and they don't get it, they want to splurge their hardly earned little money.
what do you think?
I could have done more, but since my kids (13 and 17) were born I’ve taken a portion of their yearly gift money and invested it in a custodial account. Before they were 5, I invested 100%. After that I would give them the choice of how much they wanted to invest and I’d show them their accounts and use a compound interest calculator to show them how their choices would impact. This past Christmas they each received ~$400 each. My daughter invested $250 and my son invested $200. They are going to have some financial sense when they go out into the world, which is more than my parents ever did for me.
I love these longer live stream shows, however, it would be really neat if the Q&A section focused more on the topic of the episode instead of a free-for-all Q&A. Just a friendly suggestion and keep up the great work!
Agreed but nowadays you have to put those type of titles cause literally everyone else does it unfortunately. Gotta compete somehow
I feel like they do a good job at this in general, but it just depends on the questions that come in. If there are questions on the topic (which there usually are since a lot come in live during the stream) they usually always answer those.
The Q&A part gets broken up for their short form content throughout the week and they need to hit a certain amount of questions to stay on their upload schedule, so taking all types of questions makes sense to me.
@@28cthedestroyer The main portion of the show “pre-Q&A” is 100% focused on the title so I don’t think their title falls into the pure clickbait category?
I'm so glad you guys went over on time. I'm much would prefer for a 30 minute show on the topic you did and no questions from the public then a 10 minute show and lots of questions from the public.
My first car was £1100 and I had it for 7 years. What an amazing deal that was.
I also have a kiddo with autism, and I learned of the ABLE account for the first time through your show. Can you do something on preparing to take care kids that might not be able to be fully independent?
Did my net worth yesterday. Thanks for the inspiration money guys.
Love the longform videos even if the algorithm doesn’t. Thank you ❤️🙏🏻
My dad made me pay half of my first car as well. We bought it at a California state police auction for $200. (1984) Then I had to pay for insurance and all of the things that broke on my 1974 Valiant. I learned to appreciate my dollars really early.
I started my son at 2yrs old he been working for what he want. He in my shorts working.
Now add family trusts that continue to grow and allow access to future descendants with making the tiny contributions to their future when they are born. And if this mentality continues through multiple generations your family will have a ridiculous amount of wealth with just having normal jobs and being smart
Trying to hear this. Dynasty 529, business trust + family/personal with distribution rules and database for training young family
Generational wealth doesn't work because the first generations wisdom will turn to knowledge in the second generation and lost in the third.
@@rossinverted essentially! Passing down a parents trust to multiple generations while contributing to 529, Roth ECT once they are born and provide financial knowledge. No member of the family will ever be poor ever again...as long as the trust is set up correctly that's a big part
You won't hear about trusts here I don't think it's this shows expertis
@@x8XdrjayX8x CFA, CPA, CFP? Haven’t heard it, so maybe
A compelling guide on instilling financial literacy and entrepreneurship in children, empowering them to build a path towards financial success. A must-watch for parents and educators seeking to nurture the next generation of entrepreneurs.
50:00 Great question on the car. I still have the 2004 Saab 9-5 Wagon I bought my wife shortly after we got married. It's worth about $1500, and it has mostly sat for the last 6 years as my wife "adopted" the 2017 pickup that I bought for myself.
Now my daughter is 15. I took this $1500 car in for ALL of the deferred maintenance including brakes, new brake fluid, coolant, oil, transmission fluid, new tires, some sensors, some other broken items. Total tab: $4000. But, that should be mostly it for the next 3 years outside of oil changes, wipers, etc.
In my thinking, that's totally worth it, even if it's a bit illogical.
I doubt I would be more confident in a $4000 "new-to-me" car...and I'd probably be tempted to spend $10-$15k for something for my daughter if I didn't already have this car.
I’ll have to watch your other content on ABLE accounts. I also have a child with autism. He’s 12.
ABLE accounts are difficult. Both of my sisters have permanent disabilities. For one they must be disabled before turning 26. For another, there's a cap on how much can be given or saved in it each year. And third, the total that can be saved isn't adjusted for inflation. Presently that max amount is $100,000 and has been since inception (signed into law Dec 2014, first implemented Jun 2016). If they were adjusted for inflation, that cap would be roughly $130K here in 2024. Anything over $100K is counted as assets for SSI and stops eligibility. A special needs trust is generally a better way to protect the money and go beyond $100K in assets there. There's further issues and strategies but you're have to find your own disability lawyer & financial planners. Likewise there'll be open questions about how to fund it and protect the assets for a reasonable inheritance without substantial clawbacks.
Thank you for doing these sessions! I love watching them and learning
I wish it was even longer!! Id of watched just info on this for an hour.
Loved the talk about life making things more complicated at the end. My husband and I were on track to be millionaires by 35. That was until I came home from work to have 2 kids. 😆 Our oldest needs some extra help with her speech that insurance doesn't cover and our second has food allergies, which means a significantly higher food budget. Priorities shift!
I still think we'll hit that goal way ahead of the curve, but the numbers aren't going up quite like they used to!
Thanks for sharing. All too true. Life changes all the time. We just need to be flexible
I'm doing the UTMA thing, doing at least the gift limit ($36k per kid between my wife and I) and possibly more, to keep our estate size in check.
Bo is always excited
Setting up my daughter a Roth IRA and doing a dollar for dollar match for her investing.
It's about teaching the habits of saving and investing, so she gets the best out of it.
Great show today!
We lived such a scarce lifestyle growing up and it honestly stressed me out thinking we didn't have enough and feeling poor compared to my classmates who got new clothes and tons of Christmas presents. However, I was taught to tithe and save from an early age. In high school, my dad provided gas/insurance money as long as I was working. Looking back, I realize that scarcity was only partly out of necessity and mostly out of wisdom. Coming into adulthood with university tuition and a down payment paid in full has been priceless and I'm so grateful. I like my job, but it doesn't pay much! Still, I know I'll be a millionaire in this lifetime.
I bought my daughter’s first car, a 2001 Tacoma with 212K miles. I put about 40 hrs into making it road worthy and she helped take the interior out and clean it up. She’s been driving it for a year and a half and loves that truck, but she knows it goes to her brother when she goes to college. Then she and I will buy her an economical car for her college commute.
12:23 "12 year old car, glad no road trips ". I would still be driving a 2011 Malibu if it wasn't for a deer. No engine lights, ran great.
For purposes of Custodial Roth IRA contributions, how do you document for the IRS earn income from jobs such as baby sitting or mowing the neighbor’s lawn, since you will not have a W-2 or 1099 for those types of ad hoc jobs?
Great show y’all! I talk with my boys about money now. (6 1/2 and 9 1/2) Giving. Saving. Spending. But about compound interest and teaching them what I wasn’t taught (Darnit! I would’ve saved $100 a month since starting work at 14, if knew! Ahh) so I want them to be successful. Glad I know now. Hubs and I are investing later (38) unfort but still hope. They know the key is hard work though! And being wise. Not living beyond their means. To rethink buying things don’t need but occasional things want is ok if have the money. And on and on 😊 this show was helpful, thanks again! (Follow and love the Ramsey show and their personalities on there 😁)
As a parent, it's your responsibility to make your kids ready for the real world. For $100 a month, you can set them up for the rest of their lives. IMO, I wouldn't do a 529. I am putting money into a generic S&P 500 index. When they start their adult lives, you can give them the flexibility to use it for education, a house, or whatever they want to set themselves up. Or they can just keep investing into it and retire at like 40 without having to deal with the 401k penalties
At 13:26 I can’t understand what he is saying : “hey we’re saving in this u___ account…it’s how you put a down payment on a house” ? ?? Upma account?? I’m very interested for my kids because we live in CA & real estate is expensive to get into
If he’s just saying utma- never mind we already have those for both kids…
Boaz lol Wasn't expecting that shoutout on the internet
I love your guys' content. But some of it seems so out of reach for someone like me who has been living in California (VHCOL) area, my whole life. How do these numbers and guidelines change for someone living in these types of places. where home ownership and everything else seems so far out of reach unless you have two multiple 6 figure incomes .... which is not the case for me at all.
If my kid were inheriting millions they wouldn’t get a dime until at least 30-35 and have shown they are responsible.
I came for a financial video and got a science lesson from Bo
Zillow did a study that light blue kitchens sells better than other colors
What time do you guys start the stream at?
10am CST
Henry county??? You went to the same school as my family. I bet they know Mr. Morrow. I’m asking them tomorrow.
My two college roommates got a new car for college graduation. I had to buy my car, much to my grandmother's displeasure. However, my Mom sold all my clothes when I was very young, because I was always adorably dressed, lol. We went to the resale shop and got the check then to the bank which I would get one day. One time I got to buy a Barbie doll, but that was only once. In 1999, that had ended up being $7-8K, which paid for probably half of my Ford (Escort) ZX2.
There will be an account for my children where I will say “your job is to grow this money, not spend it” that would be nice :)
how are you contributing to a 1 year old's custodial account? I thought they had to have income in order to contribute.
they can baby/toddler/child models. take some photos , type up a invoice from your child, produce a w-9,1099. deduce the child income. find a institution to open up a Roth IRA. fund it. boom.
Just what i wanted
I like the idea of everyone grabbing a chemical engineering degree 📜, before moving onto grabbing their later degree. He likes the idea of all starting with accounting
Great episode!
I have Uber cars. I only drive them far enough that a $30 Uber ride gets me home. The older the better.
How can I ask the money guy a question?
My question is: After you leave a job, do you need to roll an old 401k into a new one right away or can you wait a couple years (or never roll it over) in order to claim a super-delayed employer match? To elaborate, I start a new job next week, and (although I won’t get any employer match at the new job until one year has passed), I will be eligible to contribute into my new 401k after one month of employment. My previous 401k is 100% vested and contains about 42k Roth and traditional investments (50% target retirement funds and 50% other index funds). However, my previous employer’s 2023 contributions (3% non-elective) will not be paid into my old 401k account until October 2024. If I roll my old 401k into a new 401k account before October 2024, I assume I will lose this free money (about 2.2k). What are my best options to avoid losing money from fees/taxes by not rolling over my 401k right away but also avoid losing these (super delayed) contributions from my previous employer? Should I just leave my old 401k as-is until retirement?
Some notes: I am 37 years old (married, no kids) and learning more about how to become a financial mutant thanks to your show! In 2024, because of the new job, I plan to invest 48% of my almost 100k income into retirement to build up to a more comfortable retirement amount. I want to max out my 2024 401k, as well as max out 2023 and 2024 Roth IRAs for myself and my husband. We’re also trying to max out our 2024 HSA. We’re going to feel super broke in 2024, but I’m so excited! If we invest aggressively in our retirement accounts for the next few years (hopefully reaching 200k by age 40?), maybe we can back down to the typical rate of 25% after that. Thanks for all the amazing content, Money Guy Show!!
UTMA started as soon as they got their SS number .
Dying 8:07
Great recovery Bo 😂
HELP: I just can't bring myself to invest in the stock market. Stocks are at an all time high, and I see the absurd federal debt along with stock over-valuations. I have amassed $1.5 million in cash earning 5%++ in MYGA's and Tbills, zero debt, own my home. Should I just wait for a correction? I just can't tell my 20++ year old sons to dive into the market, know there is a significant probability stocks will dive, yet I do know long term stock probably will be needed to hedge inflation.
No one knows what the market will do (including you and me). One could say we’ve just been recovering from a 2 year correction. This high is just getting back to where we were. 10 years from now we can expect it to be way higher than it is today, so I’m going to keep buying every month rain or shine. As these guys always say “time in the market is more important than timing the market”.
@@chemquests But if you look at the chart, it is a classic candle stick pumped up by stimulus and massive debt. How do people ignore the inflated stock valuations?!?!?!
@@kevinedward4195 you’re focusing on the short term (what’ll happen this year) which is irrelevant over a long term horizon (like a decade or two). You can’t miss the best days of the market, which typically occur in proximity to the worst.
For the short term, “inflated” is relative to the value of the business in question. The majority of the growth in the S&P is from the “Magnificent Seven”, which are actually solid companies. The optimistic case for the market is based on the growth that is beginning to spread among more companies. Will it be a soft landing? I don’t know but it looks pretty mild. I’d agree things will slow down, intentionally, so we could have a dip. Of course the bears anticipate rate cuts when that happens and the threat of recession is in the rear view.
I’ve been buying all year every year for decades, which gives me a pretty low average cost basis; a few high valuation periods have occurred before.
This is exactly why I dollar cost average. I don’t want to sit on the sidelines and miss a great run, and I can’t predict the future. So I DCA so there is no need to predict. If I had a chunk on the sidelines I would trickle it in, the pace is up to you.
What do you do with a 529 if the child decides to join the military and not go to college?
Same rules apply; it can be transferred to their Roth IRA.
Wait, did Brian just say that he views cars as getting him from point a to point b? I could have sworn I saw a video of him last week about buying a six-figure Tesla
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If you can’t agree with their 20% saving, then move to 15%. It’s equally close to 10% & 20%. On any given day, you can tell yourself that you’re at 10% or 20%.
I hear everything, anf so far so good.. buuuutttt, Did he just say shopping at the thift store was weird????? 🏃♀️➡️🏃♀️➡️😮 😢 why sir, why?
That's one of the most rediculas things anyone has ever said. Honestly just stick to the money talk... 😢
I have money my kids have nothing. I already told them everything is dinated when i die. My will does have the money going to them but they dint need to have that knowlege.
At some point when they're adults, it might be good to share a little more with them, even if it's not numbers. It might be good motivation for them to have Roth accounts, so they're not adding your IRA RMDs for 10 years after your death, causing a really high tax bracket. There are worse situations for them, of course, but if they're wise with money, they might appreciate more information while they're planning their own retirements.
One thing to consider: keep with plan of no inheritance after death, but give "mini-inheritances" along the way. $5k in their 20s or 30s may mean much more than $50k in their 60s.
@@arh1234warm transfer
Giving gifts while you are alive is the way to go. Your kids will have a head start than their peers.
You need to get that in a irrevocable trust with the very specific rules you want the money used for and it's not super expensive to set one up with a lawyer.
Hmm a 12 year old car not safe? Y’all weird 😂 they are made better then new
For my kid, being a multimillionaire won't be a big deal. Inflation will just make that kind of income a necessity.
You take a car to 200k miles and don’t want it badly anymore? Great. Get a new car and be glad about it. For extremists, I note the bonus for reaching a million miles.
Some car companies will give you a free new vehicle (whichever you like), if you get any of their vehicles to a million miles. If your car is at 900k miles, it’s valuable
This is easy. Just finance a bunch of stuff valued at millions of dollars and you're done. Now your officially a multi millionaire (on paper), in real life you're broke.
Not bad
25:22 “..cut the trolls off at the pass..” - Really? Just because some members of your audience challenges you, you’re gonna label them all Trolls? Get over yourself.