Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
@@emiliabucks33 This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
"Over half of people are unhappy in their jobs." Thinking back, I was always a bit unhappy, but not with the job itself. If I could, I might have volunteered to do the jobs. It was the need for money that I hated. Now that I don't need any more than I already have, it's liberating.
Keep it simple, cut off waste, control your purchasing emotions, pay off debt, don't go overboard with a house, cars or other big ticket items, max out your retirement accounts, buy mutual funds or ETFs for the long run. A boring life is better than a miserable retirement.
There is something satisfying about Lazy investing, market fluctuation is a blip in the grand scheme of things when you invest with index funds for the long term.
I listen to you guys everyday! 1 video before going to sleep and 1 video in the morning. I’m 46 and hyper focused in creating a retirement with dignity. Getting my 16 yr old hooked up to listening to the financial advices.
As to "just watching/ listening & not acting": Maybe I don't represent the norm, but I do both; meaning, I watch a lot of content, And I act. I keep watching shows like The Money Guy because I need the constant reminders: Stay the hell out of debt; think about that next capricious purchase-- The info resonates in my head and keeps me on track. You guys are the best.
I'm the older brother in my family, trying to get my two brothers who are in their early 20s and mid 20s to start thinking about saving for the future now. I keep telling them every dollar now, even if it's just 50 bucks monthly will help so much.
I feel sad that even though I am investing, I don't have the brain power to dig through how each company is doing, is this a good time to buy stocks or not, my reserve of $450K is laying waste to inflation and I don't know what to do at this point tbh, I need solid data on market trajectory
@@devereauxjnr Having an investment adviser is the best way to go about the market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions I netted over $220K during this dip, that made it clear there's more to the market that we just don't know.
@@DreamweaverShade-h9p My Financial Advisor is NICOLE DESIREE SIMON I found her on a CNBC interview where she was featured and reached out to her afterwards. She has since provide entry and exit points on the securities I focus on. You can run a quick online reasearch with her name if you care for supervision. I basically follow her market moves and haven’t regretted doing so.
@@Tsunaniis-j5l She appears to be a true authority in her profession. I looked her up online and found her website, which I browsed and went through to learn more about her credentials, academic background, and career. She owes me a fiduciary duty to act in my best interests. I set up an appointment to use her services.
I was listening on Spotify and got a whole 15 seconds in before I realized I made a BIG mistake not watching on UA-cam, so I had to come check it out. 10/10 intro🤘🏻. *clap clap* 🏎💨
I listen to your podcast but thought I would comment in here. I needed this episode today. I feel we have become passive and I’m not uncomfortable and I was getting busy doing nothing. I had recognized that lately but this really is what I needed to put a fire under my bum. We do our 15% in our 401K, great with our budget but there isn’t much else we do. I realized this past week that we needed to be doing more and I am now excited to sit down with my husband and for us to lay out our financial, career and personal goals. Thank you. And you guys nailed it on the head, I too was an avid listener of Dave Ramsey and once you listen to a show forever you do know what they’ll say. Keep it up. I enjoy your podcast and look forward to your episodes.
I appreciate Brian's stories. I have a HELOC but remember your story about the house in South Atlanta so also have a cash emergency fund instead of just having that HELOC to rely on.
Dave's principles being targeted to the lowest common denominator is a double edged sword. I believe saving and investing should be more than 15% and Dave/the money guys recognize this. Dave doesn't advocate for more than 15% during the baby steps but after your house is paid off he and Chris have both said you can save as much as you want. You guys state this is not the best return on your dollar and i believe you are right. However you also admit that your techniques are for the top 20% of financially disciplined people. That being said, a husband or wife may be in that category (20%) but if their partner is not then it won't matter. This is why Dave's program works, simple tangible goals that motivate people and more importantly couples. Also I am not "trolling you guys in the comments" I enjoy your show and I have nothing but respect for you two giving away such valuable lessons.
Thanks Mel, There are definitely some common denominators to building wealth. We try to teach through stories and covering the big topics multiple ways 👍
Can you do a show around how to prepare for an early retirement do to a progressive disability? Specifically for someone who is able to work for a while, but needs to stop working maybe at age 45-50 and qualify for disability?
I paid about 20k extra toward mine. I wish I had kept my cash & invested it, but I did so with my emergency fund in place and now am investing the rest
I wish you guys gave more practical examples. Near the end the examples seemed to be towards people over 45. What woke me up about the 3 months ago is happening to read something about APY, and that 0.05% was actually bad. I knew it wasn't great, but I didn't know of alternatives . Since moving banks, I've earned more interest in these 3 months than I have in 3 years. I beat myself up for a week or so for not doing it 5 or even 10 years ago. This woke me up to how low I was contributing to my 401k. I have made adjustments that I will be putting significantly more in moving forward, around 18% of my gross. Straight forward stuff like this would probably help a wider audience.
rguy84, Check out our Financial Order of Operations or By Age shows and that is exactly the information we share. Thank you for watching and the comment 👍
What you guys should do is start helping people with questions! Change some of your shows to that- because it does get hard to listen just to you both for an hour etc...but I like hearing other people’s questions or issues or problems and I think that would be good for you guys too and be a win-win
They do live q&a almost weekly once they get through their planned content. A lot of the q&a gets cut out before being uploaded as a full episode like this video if you don’t see it live but they move the q&a into the “highlight” videos.
So regarding 6:00, as a 20 year old looking to transfer next year to get a bachelors in Finance, do you even suggest going to get an education or just trying to jump straight into the field? Looking to become a Financial advisor one day and currently cash flowing my college as well as building my $2600 stock portfolio by $500 a month.
I wish you guys would give specific suggestions for ETF's or Mutual Funds, which ones are your favorites ? Which one do you think has a chance of highest percentage growth ?
You say save 25%, should that be before or after taxes? It might be different in Australia compared to the US, but our taxes are taken out of our salary before we get the $$$ in our account.
And, forgive me; I know I repeat myself ad nausium. But I STILL marvel at the "80%" of Americans wallowing- in- debt stat. That is a Dumpster Fire ON a Train Wreck. I was that person, in a past life. Once you've seen over the castle walls, there is simply no never, no never ever, going back into borrower/ lender slavery. Period.
I have certificates in Lean and Six Sigma. It’s called analysis paralysis. Any project can be too big and too complicated rather than a bunch of small steps that are in a logical sequence. But with saving and investing, it can be big and complicated. The average person to grasp saving 20 to 25% is just unthinkable. Rather than do things step by step and increasing gradually. Second is the psychological desire for immediate gratification.
The absolute #1 *best* way to speed up your wealth building is to *make more money* and spend less. Stock grocery shelves at night if you have to. This will allow you to max out your 401K and HSA savings.
I think the repetition of the Money Guy Show is kind of like going to Church. In theory, the message doesn't change, but you need to be reminded of it every now and then.
Would love to know about your recommendations for kids college savings. What amount is a good amount to have in a college savings account? How much should you put in if you start at say... age 5 to fully fund? How much if you were to put in a standard amount monthly at age 5? Where should this money be parked - or what combination of places should you park the money? Would love a detailed breakdown on this. Thanks!
Based on various research and personal experience. Ball park number I concluded is that ~$250/month starting at young age will cover about 1/2 of in-state college cost (assuming no grants and scholarships). $500/month will cover most of the in-state college cost. If your income is high you will likely get no financial aid other than loans from in state schools. I would recommend 529 college savings for most people especially if you live in a state that let you deduct contributions on state tax return. 529 Age based investment options make things simple. For private schools, equation is quite different of course. This channel is hesitant to give specific number as everyone's situation is different.
Hosts: find out what you're good at Me: "huh, ok". takes Department of Labor skills assessment DOL: you're good at nothing, you should be clerk for $30k or a line factory worker Me: WTF!
Don’t know too many that are throwing in the towel because of a DOL assessment 😂. Write down talents that you are world class at and what your passions and hobbies are. Confident there is an opportunity waiting for you 👍
I like your guys content but I don't think people can count on 7-8% annual returns in the market over the next 15-25 years with how overinflated the valuations are currently at and assuming a substantial bear market or two during this time. I'm 40 now, I just don't see how investing $1M in the market, even compounding tax free, will be worth over $7M by 65. I hope you guys are right but just seems far fetched.
It's very much a show muscle, even with clothes on you can tell who trains legs and who doesn't. People hate training legs because it's WAY more difficult then other muscles
![How to Build Wealth With the 3 Bucket Strategy [By Age!]](http://i.ytimg.com/vi/Hb5CCFUFbHg/mqdefault.jpg)
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
@@emiliabucks33 This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
"Over half of people are unhappy in their jobs." Thinking back, I was always a bit unhappy, but not with the job itself. If I could, I might have volunteered to do the jobs. It was the need for money that I hated. Now that I don't need any more than I already have, it's liberating.
There are no words to express how much I love you guys. I wish everyone would get it... Lots of love from Canada!
Keep it simple, cut off waste, control your purchasing emotions, pay off debt, don't go overboard with a house, cars or other big ticket items, max out your retirement accounts, buy mutual funds or ETFs for the long run. A boring life is better than a miserable retirement.
Don't worry, the government will take care of us
There is something satisfying about Lazy investing, market fluctuation is a blip in the grand scheme of things when you invest with index funds for the long term.
I listen to you guys everyday! 1 video before going to sleep and 1 video in the morning. I’m 46 and hyper focused in creating a retirement with dignity. Getting my 16 yr old hooked up to listening to the financial advices.
As to "just watching/ listening & not acting": Maybe I don't represent the norm, but I do both; meaning, I watch a lot of content, And I act. I keep watching shows like The Money Guy because I need the constant reminders: Stay the hell out of debt; think about that next capricious purchase-- The info resonates in my head and keeps me on track. You guys are the best.
Im starting to watch this with my 16 year old daughter... God bless
Kirk,
Congratulations and that will definitely pay dividends 👍
I'm the older brother in my family, trying to get my two brothers who are in their early 20s and mid 20s to start thinking about saving for the future now. I keep telling them every dollar now, even if it's just 50 bucks monthly will help so much.
I feel sad that even though I am investing, I don't have the brain power to dig through how each company is doing, is this a good time to buy stocks or not, my reserve of $450K is laying waste to inflation and I don't know what to do at this point tbh, I need solid data on market trajectory
I'll suggest you find a mentor or someone with experience to guide you especially in this recession.
@@devereauxjnr Having an investment adviser is the best way to go about the market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions I netted over $220K during this dip, that made it clear there's more to the market that we just don't know.
@@Tsunaniis-j5l please who is the financial adviser that assist you with your investment and if you don't mind, how do i get in touch with them?
@@DreamweaverShade-h9p My Financial Advisor is NICOLE DESIREE SIMON I found her on a CNBC interview where she was featured and reached out to her afterwards. She has since provide entry and exit points on the securities I focus on. You can run a quick online reasearch with her name if you care for supervision. I basically follow her market moves and haven’t regretted doing so.
@@Tsunaniis-j5l She appears to be a true authority in her profession. I looked her up online and found her website, which I browsed and went through to learn more about her credentials, academic background, and career. She owes me a fiduciary duty to act in my best interests. I set up an appointment to use her services.
Thanks for being able to explain money management in simplified language with out any membership fees.
This video just inspired me to up my contribution to 17%. It’s done now.
I was listening on Spotify and got a whole 15 seconds in before I realized I made a BIG mistake not watching on UA-cam, so I had to come check it out. 10/10 intro🤘🏻. *clap clap* 🏎💨
Be uncomfortable? In my seventies I'm perfectly comfortable, and listen to these guys so I can stay that way.
Thanks Michael 👍
I believe that these guy's are more on the money than Dave Ramsey.
I listen to your podcast but thought I would comment in here. I needed this episode today. I feel we have become passive and I’m not uncomfortable and I was getting busy doing nothing. I had recognized that lately but this really is what I needed to put a fire under my bum. We do our 15% in our 401K, great with our budget but there isn’t much else we do. I realized this past week that we needed to be doing more and I am now excited to sit down with my husband and for us to lay out our financial, career and personal goals. Thank you. And you guys nailed it on the head, I too was an avid listener of Dave Ramsey and once you listen to a show forever you do know what they’ll say. Keep it up. I enjoy your podcast and look forward to your episodes.
Rebecca,
What an awesome comment! Thank you for watching and so excited for you and your husband. 👍
I heard Index Funds, especially with Voo were good. While looking at the expense ratios, and how funds have performed since their inception.
I appreciate Brian's stories. I have a HELOC but remember your story about the house in South Atlanta so also have a cash emergency fund instead of just having that HELOC to rely on.
Dave's principles being targeted to the lowest common denominator is a double edged sword. I believe saving and investing should be more than 15% and Dave/the money guys recognize this. Dave doesn't advocate for more than 15% during the baby steps but after your house is paid off he and Chris have both said you can save as much as you want. You guys state this is not the best return on your dollar and i believe you are right. However you also admit that your techniques are for the top 20% of financially disciplined people. That being said, a husband or wife may be in that category (20%) but if their partner is not then it won't matter. This is why Dave's program works, simple tangible goals that motivate people and more importantly couples.
Also I am not "trolling you guys in the comments" I enjoy your show and I have nothing but respect for you two giving away such valuable lessons.
These guys are really pretty good. Easy to relate to.
It's funny I'm listening to this in the gym on leg day 11:57 🙂
That is the way to do it 👍
On the stairs lol 🏆🏆🏆
Double workout!
Content is on point ! Sometimes I’m like woah the titles are so click baity but I always learned something from all your podcasts! Keep it up!
Keep up the great work in educating the world in personal finance!
Love listening to your content !! This is so inspiring !! Thank you !!!
I need you guys to out chapters into these. I always turn on the video and then zone out and forget to listen because they are so long
Who cares if it’s the same info. I like it and I listen to all of the videos. U have some really good advice. I hit like on all your videos.
Thanks Mel,
There are definitely some common denominators to building wealth. We try to teach through stories and covering the big topics multiple ways 👍
Yep, if it’s not consistent with previous advice it’s probably wrong
Repetition helps me internalize the principles.
I NEEDED to hear this today. Thank you!!
'How to build up your wealth building process'......don't own a car for a start!!! (what I learnt today....)
Yes, a horse is better.
Can you do a show around how to prepare for an early retirement do to a progressive disability? Specifically for someone who is able to work for a while, but needs to stop working maybe at age 45-50 and qualify for disability?
I paid about 20k extra toward mine. I wish I had kept my cash & invested it, but I did so with my emergency fund in place and now am investing the rest
No golfers were harmed in the making of this episode.
I think the show is amazing! Keep up with the good content
This video rocks! It really resonates with me.
I wish you guys gave more practical examples. Near the end the examples seemed to be towards people over 45. What woke me up about the 3 months ago is happening to read something about APY, and that 0.05% was actually bad. I knew it wasn't great, but I didn't know of alternatives . Since moving banks, I've earned more interest in these 3 months than I have in 3 years. I beat myself up for a week or so for not doing it 5 or even 10 years ago. This woke me up to how low I was contributing to my 401k. I have made adjustments that I will be putting significantly more in moving forward, around 18% of my gross. Straight forward stuff like this would probably help a wider audience.
rguy84,
Check out our Financial Order of Operations or By Age shows and that is exactly the information we share.
Thank you for watching and the comment 👍
@@MoneyGuyShow I believe I have watched those.
Awesome content guys! And some of us need it pounded in our head over and over again!) keep them coming!
What you guys should do is start helping people with questions! Change some of your shows to that- because it does get hard to listen just to you both for an hour etc...but I like hearing other people’s questions or issues or problems and I think that would be good for you guys too and be a win-win
They do live q&a almost weekly once they get through their planned content. A lot of the q&a gets cut out before being uploaded as a full episode like this video if you don’t see it live but they move the q&a into the “highlight” videos.
So regarding 6:00, as a 20 year old looking to transfer next year to get a bachelors in Finance, do you even suggest going to get an education or just trying to jump straight into the field? Looking to become a Financial advisor one day and currently cash flowing my college as well as building my $2600 stock portfolio by $500 a month.
Currently using the dollar cost average method on what I believe are long term companies.
There are actual masters in financial advising and counseling programs that prepare you for CFP. After a finance degree. Many are online programs.
I wish you guys would give specific suggestions for ETF's or Mutual Funds, which ones are your favorites ? Which one do you think has a chance of highest percentage growth ?
"chance of highest percentage growth"
If that a anyone knew that answer they'd be Uber wealthy. It's unknowable
Always great content!
What do you guys think of the CKA designation? I’m graduating from Liberty University this spring and am looking at pursuing that alongside a CFP.
Austin,
Had to look up CKA. Great for the knowledge, but it is not that well known in the industry. The biggest are CFP(r), CPA / PFS, and CFA.
You say save 25%, should that be before or after taxes? It might be different in Australia compared to the US, but our taxes are taken out of our salary before we get the $$$ in our account.
25% is based off of pre-tax gross salary
I love you guys :).......thank you for this kick up the bum!
And, forgive me; I know I repeat myself ad nausium. But I STILL marvel at the "80%" of Americans wallowing- in- debt stat. That is a Dumpster Fire ON a Train Wreck. I was that person, in a past life. Once you've seen over the castle walls, there is simply no never, no never ever, going back into borrower/ lender slavery. Period.
I love your content.
Thank you for watching and the comment 👍
No doubt chris an ramsey changed my life but I was working so hard before I even found them also an now I'm going to be well over 5 million I think
I have certificates in Lean and Six Sigma. It’s called analysis paralysis. Any project can be too big and too complicated rather than a bunch of small steps that are in a logical sequence. But with saving and investing, it can be big and complicated. The average person to grasp saving 20 to 25% is just unthinkable. Rather than do things step by step and increasing gradually. Second is the psychological desire for immediate gratification.
The absolute #1 *best* way to speed up your wealth building is to *make more money* and spend less. Stock grocery shelves at night if you have to. This will allow you to max out your 401K and HSA savings.
Very little of this episode was actually about wealth specifically. It was just about success generally.
Getting into it is 100% more useful than overthinking!
I think the repetition of the Money Guy Show is kind of like going to Church. In theory, the message doesn't change, but you need to be reminded of it every now and then.
I'd like to know what you guys think about "Rich Dad Poor Dad" and Robert Kiyosaki? Also Suze Orman?
Best video by yall
I get paid bi-monthly. Should I be saving 20-25% a check or a month?
Either will give you the same amount of savings!!
@@Isabel-re7sl lol sorry for the dumb question. I'm new to this and apparently not too good at math
@@driverfan94 there’s no such thing as a dumb question. The dumb thing is asking no questions at all. :)
With the title being what it is I was hoping this would be a conversation about leveraged wealth.
They have advised against that
Great financial advisors
Great question, Why
Would love to know about your recommendations for kids college savings. What amount is a good amount to have in a college savings account? How much should you put in if you start at say... age 5 to fully fund? How much if you were to put in a standard amount monthly at age 5? Where should this money be parked - or what combination of places should you park the money? Would love a detailed breakdown on this. Thanks!
Nikki,
Watch our Order of Operations show. Thank you for watching and writing a comment.
Based on various research and personal experience. Ball park number I concluded is that ~$250/month starting at young age will cover about 1/2 of in-state college cost (assuming no grants and scholarships). $500/month will cover most of the in-state college cost. If your income is high you will likely get no financial aid other than loans from in state schools. I would recommend 529 college savings for most people especially if you live in a state that let you deduct contributions on state tax return. 529 Age based investment options make things simple. For private schools, equation is quite different of course. This channel is hesitant to give specific number as everyone's situation is different.
now I feel a little embarrassed about my golf score. :)
I am a coupon Queen does that count
I really like your channel. Because I like to know if I am on the right path or not. Well I am.
People who skip leg day often bench press more than they can squat. 😅
Remarkable content here. A book with similar points was a pivotal life experience. "Mastering Money Mindfulness" by Benjamin Hawk
Now I want to go play golf with Brian lol
Wow, back when they had only 39,000 subscribers
Hosts: find out what you're good at
Me: "huh, ok". takes Department of Labor skills assessment
DOL: you're good at nothing, you should be clerk for $30k or a line factory worker
Me: WTF!
Don’t know too many that are throwing in the towel because of a DOL assessment 😂. Write down talents that you are world class at and what your passions and hobbies are. Confident there is an opportunity waiting for you 👍
I like your guys content but I don't think people can count on 7-8% annual returns in the market over the next 15-25 years with how overinflated the valuations are currently at and assuming a substantial bear market or two during this time. I'm 40 now, I just don't see how investing $1M in the market, even compounding tax free, will be worth over $7M by 65. I hope you guys are right but just seems far fetched.
Be the hero 23:00
Wish your videos weren’t 40 min long. 25 min max is my limit
Consider watching our highlight videos (look at the upper right hand of the thumbnails) 👍
What is the 39,500?
UA-cam subscribers. Quickly approaching 120k so don’t keep us a secret 👍
Rule Number 1: Quit putting so much money in your 401k and IRA.
I came here from the podcast just to see what Brian did in the intro and boy oh boy was that underwhelming.
Bo liked it 😂
@@MoneyGuyShow I say that with a playful amount of snark
25:20
5 minutes into this video and haven't heard anything useful so far...
Army of dollar bills…I guess Roth money would be like green berets than….ha…
That clap! Haha
Love to keep the content team on their toes 😉👍
@@MoneyGuyShow oh man! :)
You keep us all on our toes. Haha
3rd?
nobody wants to do legs because its not a show muscle..
It's very much a show muscle, even with clothes on you can tell who trains legs and who doesn't. People hate training legs because it's WAY more difficult then other muscles
2nd
Brian has no brows tho