How to Win Financially Based on Your Income! ($30k,$50k,$100k,$150k)

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  • Опубліковано 17 жов 2024

КОМЕНТАРІ • 308

  • @pugzilla3597
    @pugzilla3597 7 місяців тому +380

    23 just graduated college, opened my Roth IRA and put 60 dollars into it to buy my first etf, I think I’m set for retirement

  • @christianrollman3006
    @christianrollman3006 7 місяців тому +133

    24 years old, 30k a year. No debt, 25% into retirement, cheap apartment, everything gets paid pretty easily and 785 credit score, currently putting aside $1000 a month to save on a down payment for a house.

    • @oboe23able
      @oboe23able 7 місяців тому +12

      Man are you paying like $400-500 a month for rent and utilities?

    • @noahkyurem
      @noahkyurem 7 місяців тому

      ​@@oboe23ableyep, I'm 23, 535/mo total housing cost. No debt, maxed out Roth last year

    • @christianrollman3006
      @christianrollman3006 7 місяців тому +22

      @@oboe23able yes, I live in a pretty cheap apartment with a roommate. (I’m in NC, in a relatively cheap city)

    • @jaydenherrera9306
      @jaydenherrera9306 7 місяців тому +5

      Keep it up!

    • @pairofdragonflywings
      @pairofdragonflywings 7 місяців тому +2

      Wooooah😮 that's insane! Maybe I should move there. How many flatmates do you have?

  • @Aaaronicus
    @Aaaronicus 7 місяців тому +144

    I just crested 6 figures and was thinking about a new car with worse gas mileage 😂. Thanks for the reminder about lifestyle creep.

    • @getinthespace7715
      @getinthespace7715 5 місяців тому +2

      I always buy used 2-3 years old still under warranty. Find a nice lease return. Bought a truck this year. 2021 ram 30k miles, msrp new was $60k. I paid $36k last year. That's $1k a month depreciation from new.
      I'm saving for our next vehicle now. Toss $500/month in a treasury based money market that is paying 5.4%. In 5 years I'll have another $36k in cash or a new second vehicle.
      I want to buy a Lexus GX550 overtrail to replace my Subaru Forester that I've put 200k on so far. Those Lexus will deprecate 40-50% in a few years.

  • @tyleralexander5976
    @tyleralexander5976 7 місяців тому +69

    Brian, this is nuanced, but just so you know next time... a commercial pilot's license (ATP) often costs over $100,000 with no degree and a degree is recommend for becoming a commercial pilot. Just wanted to add some realistic expectations for folks. You guys are great!

    • @AbsolutTrash
      @AbsolutTrash 6 місяців тому

      In 2017 it cost me 80,000 to get my ratings at ATP flight school. Took me 5 months from start to finish and I paid that loan off in 4 years.
      It requires a loan and 80k isn't the cheapest but it's possible. Also a degree means nothing anymore.

    • @CaraMarie13
      @CaraMarie13 6 місяців тому +3

      I was looking into becoming a pilot in 2012. It cost about 50k... 😮

    • @peetoikeller2355
      @peetoikeller2355 5 місяців тому

      I was literally going to say this. If you are going for a fast track program expect to take on ~100k of debt. Takes a few years to pay off but very worthwhile if you enjoy flying.
      I will say that a bunch of companies dropped the 4 year degree requirement for employment, but it still may give you a leg up. It’s a highly competitive career so every bit helps.

    • @0x4rk0
      @0x4rk0 Місяць тому

      I was just going to say!

    • @CSpottsGaming
      @CSpottsGaming Місяць тому +2

      ​@@AbsolutTrashA degree absolutely isn't meaningless. There are meaningless degrees, but not all degrees are meaningless.
      Definitely a square/rectangle situation.

  • @theSpotato
    @theSpotato 7 місяців тому +15

    I like the title but I wish there was more specific information for each income bracket; would love if you delved into this more with more details!

  • @BusterDarcy
    @BusterDarcy 7 місяців тому +20

    I went from making $50k/year in my late 30’s and not investing anything, to now making $190k plus 20% bonus in my early 40’s and investing 60% of my take home, 80% of my bonus, 80% of my tax refund, and of course doing the 4% match with work. My lifestyle has improved somewhat from when I was making $50k where the pressure is off and I can enjoy a meal out or a modest vacation but it’s still relatively modest living with a burning desire to put my money to work so I can stop working and do the things I dream of with my time by the time I’m 50-55. No fancy car or giant house is worth delaying that for me just to have those empty indulgences today.

    • @ryebread447
      @ryebread447 7 місяців тому +1

      Good for you! I went from 35 to 100 in 4 years hopping and growing. How did u get to 196??

    • @Falcon8856
      @Falcon8856 7 місяців тому +3

      That's an amazing pay jump. What career/job did you start and how did you boost 50k to 190k?

    • @LeviathanLycan
      @LeviathanLycan 6 місяців тому +1

      What do you do?

    • @getinthespace7715
      @getinthespace7715 5 місяців тому +1

      We are in the same boat. Engineer. Started at $25/hour 13 years ago, got a bunch of raises and a few promotions. Now I'm making $120k plus a massive benefits package. Wife just graduated with her Nurse Practitioner and has a 2 year contract making $200k as a "traveling nurse". We'll have about $230k take-home. Pay off all our debt in the first few months. Our living expenses will be less than $30k a year. Our goal is to invest $150k a year outside retirement accounts to get us prepared for an early retirement in out 50's. Try to hit $2-3 million.
      Even with that high savings rate we'll still have $45k a year in "disposable" income to do all the fun things. Vacations, hobbies, etc.
      Thinking about buying land and building a house this next year. Could pay cash for everything.
      Then our expenses would go down about $6k a year too.
      I can build a place myself for less than half the price of a new house. If you include cost of financing it's WAY less over the span of a mortgage.

    • @Falcon8856
      @Falcon8856 5 місяців тому

      @@getinthespace7715 outstanding! What kind of engineer are you?

  • @zacharyhildebrand5077
    @zacharyhildebrand5077 7 місяців тому +29

    I’ll start by saying that I love your work. It has helped me a TON on my journey. But this episode was supposed to be about income levels, but each income level was equated to a life stage. What about the 50 something making 60k who’s trying to figure things out? Or the single parent with two kids who also wants to be prepared for retirement? Like the idea! But I feel the execution wasn’t quite there.
    Keep branching out though! With more attempts these videos with a different lenses will get better.

  • @antionetteportillo1622
    @antionetteportillo1622 6 місяців тому +5

    30 and just paid off my student loans. Now I gotta lot of catching up to do to bring my 60k up to 1x my income.

  • @Aunny123
    @Aunny123 7 місяців тому +59

    I feel like these guys just slam 8 coffees before their pods. It always starts off with “so excited” and they plug their website 26 times during their talks. It cracks me up every time!

    • @AustinMathias
      @AustinMathias 6 місяців тому +8

      He is so excited all the time to talk about the same thing every single day lol

    • @zigeif777
      @zigeif777 6 місяців тому +4

      If you've seen one video, you've seen them all... they know their through-line! :D

    • @M_SC
      @M_SC 2 місяці тому +2

      Yeah but the audience changes

  • @KG-oe8oo
    @KG-oe8oo 7 місяців тому +74

    I know looking at the potential of growth for a 50 year old isn't as sexy as someone in their 20s, 30s and 40s but there are still plenty of people in their 50s trying to navigate their way to savings and retirement.

    • @kahrhoshe
      @kahrhoshe 7 місяців тому +2

      Im in this comment ;)

    • @ambivertical
      @ambivertical 5 місяців тому +2

      Its a huge reality. 20 year olds are fortunate to have youtube. Yall didnt. I respect yall for hustling and making due.

    • @rebeltheharem7028
      @rebeltheharem7028 2 місяці тому

      @@ambivertical Well, that's true. I've been investing since I was like 15 back in 2005 when etrade had all those commercials.
      Without the internet, it would have been hard for me to do research on this stuff.
      Of course, back then I didn't know about ETF's and mutual funds, so I was just buying single stocks, because youtube and finance videos weren't really a thing.
      Of course, I was only buying the major tech stocks back then, because they were and still are, all the rage back, then, some of which I've still kept.

  • @austinscott2577
    @austinscott2577 7 місяців тому +50

    The ROI on being a commercial pilot is great. I am a Captain at a major air line based in Atlanta......the pay vs work ratio is nearly unbeatable.

    • @kristinas998
      @kristinas998 7 місяців тому +9

      That initial investment though (especially at $30k/yr) .... And its not as easy as they guys made it sound.

    • @austinscott2577
      @austinscott2577 7 місяців тому +9

      @@kristinas998 Yea, it was expensive, but I doubt its much different than a degree at a 4 year anymore. Plus overall better earnings.

    • @colorblindkid720
      @colorblindkid720 7 місяців тому +31

      Tell us you work for delta without telling us

    • @austinscott2577
      @austinscott2577 7 місяців тому +15

      @@colorblindkid720 It was as obvious as I can make it. lol

    • @weemackee
      @weemackee 7 місяців тому +11

      As a student pilot who also has a 4 year degree, I chuckled when they said becoming a commercial pilot doesn't require as much cost as college.

  • @hockeyhalod
    @hockeyhalod 7 місяців тому +36

    Lifestyle expansion is so tough. Especially when the first two kids took a whole year to conceive and now the 3rd one worked right away, 😅. Yay messy middle!

  • @MrLazyUchiha
    @MrLazyUchiha 7 місяців тому +7

    How to win financially based on your income.! Is the title of the video. You make 30K. Go make more money You make 50K Go make more money. Amazing wisdom Thanks

    • @rickybobby9885
      @rickybobby9885 3 місяці тому +1

      You want the truth or some comforting BS?

  • @gpaciga
    @gpaciga 7 місяців тому +30

    I would like to see a combo of the "already on track" data with the "savings rate vs age = how much replacement" data, i.e. a chart that says given age and how much of my salary I have saved so far, what savings rate do I need. I'm 40 and I don't have 3x my salary yet, but I'm also not starting at zero.

    • @NickVetter
      @NickVetter 7 місяців тому +4

      You can use an investment calculator and enter all the numbers they did. I play with them all the time.

    • @ryebread447
      @ryebread447 7 місяців тому

      Similar boat

  • @aboutwhat1930
    @aboutwhat1930 7 місяців тому +16

    21:49 Very important point-- save early and you'll have the F.U. money to continue working or to pivot to something new. Do things on your own terms!

  • @edgarjuarez6907
    @edgarjuarez6907 7 місяців тому +9

    Feels good to know at 26 I’m making the 30s income with no kids and wife. Migrated to the US in the 2nd grade . Let’s go !

  • @Luna.inthedirt
    @Luna.inthedirt 7 місяців тому +15

    I just reached a 6 figure gross income and I have only been forming bad habits.. no time like the present.

    • @James-zy5lh
      @James-zy5lh 6 місяців тому +4

      Try to automate the investing so that you never see the money in your checking account. Makes a huge difference when you never see that new margin as extra spending dollars. I assume your retirement dollars are set aside as a percent of your total income and not a fixed dollar amount. That also helps ensure any new income or bonus dollars are already being set aside without you needing to self manage it yourself.

    • @getinthespace7715
      @getinthespace7715 5 місяців тому +1

      Max out a Roth IRA while you still can. I was in your boat. Missed the window to do a Roth. Kicking myself BIGTIME especially when looking at Biden's tax proposals... the socialists are coming hard after upper working class.

  • @DEmechanic2000
    @DEmechanic2000 7 місяців тому +3

    I’m a 23 y/o auto tech from Delaware. Started a new job 4 months ago and at my pace I’ll be making about $60k after tax this year. Huge jump from my previous job at $21k last year. I have no debt of any kind and never carry cc balance. I put $100 in my Roth ira each pay and saving as much as I can for a house down payment. Also trying to find ways to lower my tax bill cause losing close to $1000 per pay to taxes hurts

  • @ValentinaVaVaVoom
    @ValentinaVaVaVoom 7 місяців тому +8

    Love this title!! Doing by income is SOOOO gelpful. All the financial guru's do one by age - which sure, can be helpful based on what chaptwr of your life your in but by income is TREMENDOUSLY helpful. Ok, going to watch now. 😊

  • @U23721
    @U23721 7 місяців тому +7

    Any chance you could do a series of videos for how the financial picture changes, or should change for those without children? The whole financial stages of life and strategies could be different for a portion of the audience *not* wanting children.

  • @JuniorShepherd
    @JuniorShepherd 7 місяців тому +29

    Families are expensive. Take it from me a six figure earner. If I had to do it all over again, I would build a foundation first then add the family later. Trying to do both at the same time is tough!

    • @Zorlig
      @Zorlig 7 місяців тому +2

      Really helps to get the house first

    • @arh1234
      @arh1234 7 місяців тому +6

      The problem is that when people wait, they may not be able to have kids naturally. Biology is not to be discounted.

    • @WoodyJ98
      @WoodyJ98 4 місяці тому +1

      @@arh1234nothing wrong with adoption at all

    • @kuebby
      @kuebby 3 місяці тому +1

      Agreed. My parents got VERY settled before they had kids and it really helped them be more secure and us never have to stress as a family.
      Also, not having kids myself lets my income go A LOT further than it would otherwise, and gave me a lot of freedom to pursue my passion in unconventional ways.

    • @cparkrun
      @cparkrun 3 місяці тому

      ​@@WoodyJ98 adoption can be a long and incredibly expensive process, depending on where you live

  • @teaspoonproductions9910
    @teaspoonproductions9910 7 місяців тому +1

    Started off early and invested in real estate when I was in my early 20s, should I count the equity I have in my cashflowing, debt-free properties when I calculate the total amount saved in comparison to income? Interested in your wisdom and insight!

  • @littleninja71
    @littleninja71 7 місяців тому +5

    raised hand - guilty of lifestyle creep. Working to reign that in by asking the need vs. want question and eliminating the wants that don't make sense or aren't really an inconvenience to give up.

  • @maggyblue9421
    @maggyblue9421 7 місяців тому +1

    24 F: Currently $20k in between my traditional and Roth IRAs ($3k, $17k respectively) and $1200 in my 401K that I started this year with my company. $5k in Acorns - only “contributing” my cents, I don’t have reoccurring contributions since there’s no tax advantage.

  • @michelesong6363
    @michelesong6363 7 місяців тому +1

    Thanks for doing it by income, my generation is getting married and/or having kids later so the messy middle sometimes doesn’t hit us until our 40s not the 30s. Thanks money guys!

  • @lonz0_0
    @lonz0_0 7 місяців тому +13

    Those savings %'s make me feel much better lol. 23 @ Step 1 of FOO but total savings % is 10%. Not too far off from that 12%! (obviously will try to do more) but it is nice knowing that can still potentially replace 80%.

    • @LAZERZ-OP
      @LAZERZ-OP 7 місяців тому +2

      Also helpful to know that's with a very conservative 6% return. Considering S&P 500 has returned 10% on average since the 1950's it's even more reassuring that things will be alright

    • @justthebrttrk
      @justthebrttrk 7 місяців тому

      @@LAZERZ-OP6% includes inflation adjustment. Historically inflation adjusted has been closer to 7%. So, while conservative, 6% is not THAT conservative.

    • @17h127
      @17h127 7 місяців тому +1

      It's hard to save the full 25% in your 20s, especially early 20s. As the years go by, you'll get raises. When they happen try not to have lifestyle creep and instead put it towards retirement. By the time you're 30, putting away 25% is much easier provided your lifestyle hasn't increased. Whatever you are putting away now will grow the most of any money, so whatever you can will be well worth it.

  • @sookim3661
    @sookim3661 7 місяців тому +8

    When you say “savings”, does that include 401k contribution or just pure savings? I am trying to figure out if the suggested saving rate of 25% gross income would be my 401k contribution plus additional savings

    • @jeumd
      @jeumd 7 місяців тому +9

      Definitely includes 401K contributions.

    • @silverfresh
      @silverfresh 7 місяців тому +11

      I believe when they say saving they mean investing for retirement. Not what is saved in a savings account for purchasing or emergency funds.

    • @rapfreak7797
      @rapfreak7797 7 місяців тому

      @@silverfresh100%

    • @TheFirstRealChewy
      @TheFirstRealChewy 7 місяців тому +2

      It's 25% of your gross income no matter how you save it. However, it will make a big difference if you are saving 25% pre-tax or post-tax, and it also make a big difference where you live.

    • @angierice7154
      @angierice7154 7 місяців тому +1

      It's including 401(k). I also max out a Roth IRA and an HSA. Then I opened an investment account to get the rest of the way there. Good luck!

  • @fernando3061
    @fernando3061 3 місяці тому

    These guys have the best energy, I'm always pumped when i watch them and it makes me learn better

  • @kristinas998
    @kristinas998 7 місяців тому +47

    Airline pilots?? OMG Y'all need to take another look at how much it costs to do that. Just because its not necessarily a 4-year degree required, its freaking expensive.

    • @joelplatt2651
      @joelplatt2651 7 місяців тому +6

      Private training is very expensive, but you can get a pilots license as part of a 4 year aviation bachelors degree or at a community college for a very reasonable price

    • @eddie1199
      @eddie1199 7 місяців тому

      You are able to cash flow it though

    • @kristinas998
      @kristinas998 7 місяців тому

      @@eddie1199 you have to get your private license before you can move to other licenses (commercial, CFI, ATP, etc.) and its pretty tough to cash flow at $30k/year unless you can get a loan or have saved so much you're able to get your PPL in the requisite 40 hours, which most people don't. Bo made it sound like an easy thing to get into and cheap to do.

    • @AbsolutTrash
      @AbsolutTrash 6 місяців тому

      @@joelplatt2651 This is not true. The only reasonable price for flight training is a mom and pap, part 61 school. Any 4 year is going to be more expensive than just the flight training it's self

  • @BobSure_AKA_PotatoSmasher
    @BobSure_AKA_PotatoSmasher 7 місяців тому +3

    Don't sleep on the US portal service. 401k, a pension plan, union-protected work and at times unlimited overtime.

    • @UnknownNev
      @UnknownNev 5 місяців тому

      As long as it’s a green portal

  • @rileydoman3366
    @rileydoman3366 7 місяців тому +4

    Okay I’m 22 almost 23, I’m currently living at home paying only 400$ a month for rent, with no other expenses, I make 2800 per month on average, I’ve got 3k saved, no bad debt, would you recommend building my savings up past 10k or would you recommend putting all of it past 10k in to a retirement/ investments? In my current budget I’m setting aside 600$ for retirement a month to hit the 7k cap on Roth, and I’m putting 1000$ into savings, would you recommend I continue doing this split? I would put more of my money away but I spend about 360$ a month on gas being a delivery driver.

    • @lonz0_0
      @lonz0_0 7 місяців тому

      I'm 23, can give you some insight to what I'm doing if you'd like. Lmk

    • @andreamaresh6958
      @andreamaresh6958 7 місяців тому

      My two cents: Put anything past 10K into retirement/investing to take advantage of your army of dollar bills. 🙌

  • @KevinRichardhamsik
    @KevinRichardhamsik 6 місяців тому +7

    *I didn't become financially independent until I was in my late 40's, and I'm still in my 40's. In addition to having purchased my second home and earning money on a monthly basis through passive income, I've also achieved three out of five goals. I just hope this inspires someone to realize that it doesn't matter if you don't have any of these things yet, you can start today no matter your age. Change your future by investing! I made a rather big decision by investing in the financial market.*

    • @catlinbrayan9404
      @catlinbrayan9404 6 місяців тому

      Investing in many sources of income that are independent on government paychecks is the prudent thing that everyone should be thinking about right now, especially given the global economic crisis. Stocks, forex, and digital currencies are still good investments at this time.

    • @princessswitf8060
      @princessswitf8060 6 місяців тому

      Sure, investing is essential for maintaining your financial stability, but making any kind of legitimate investment without the correct advice of a professional can result in a significant loss as well.

    • @Namja_66
      @Namja_66 6 місяців тому

      I made a lot of loses when I tried the financial market.

    • @Elimoore_jk67
      @Elimoore_jk67 6 місяців тому

      You need a professional to handle your asset if you really want to make something from the market. That how I do mine!

    • @raphaelstones9331
      @raphaelstones9331 6 місяців тому

      That's absolutely correct, I use a financial expert also

  • @NicholasGramazio
    @NicholasGramazio 5 місяців тому +1

    How do you guys factor in government pensions and social security when calculating how much is saved up/needs to be saved to collect 80% pre-retirement income? I will have a 90% pension collectable upon retirement at 60 years old, therefore how much supplemental (if any) retirement should I save up, since you guys are saying to collect 80% pre-retirement income at 65? I'm hoping to clear this up so I know if I'm ahead or behind with 24 years yet to go until 60. Thanks!

  • @crackpotfox
    @crackpotfox 5 місяців тому

    If i keep to the 50/30/20 plan, and have a solid 30% of my taxed income (including 401k) going into retirement, is dropping 30% on wants too much?
    Also, i have another ~10-15k to invest or save. Should i save it for a down payment, or invest it? I plan to put down 20+% when i do end up buying a house.

  • @Raaandy
    @Raaandy 4 місяці тому

    37yo, basically starting over from scratch after "yada yada" hardships, but now have worked my way out of debt and into a situation where I'm on pace to make over $150k this year. Single, no kids, and no roommate, but can still save 30% with ease. Have my emergency fund in place, and starting to invest outside my traditional 401k, which I have committed 10% of my day job to + 3% employer match. Question is: since it's now an "un-messy middle" and I'm making good money, should I be trying to max out my 401k? Or is what I'm doing good enough there?

  • @AlexaVonSuess
    @AlexaVonSuess 6 місяців тому +2

    So much of this is common sense and I really appreciate that. But the 25% housing rule just seems virtually impossible these days. I wouldn't be able to live within five hours of my business if I followed that rule. I don't know a single person under 30 who could limit themselves to 25% for housing costs (who is not living with their family that is.) 50% is hard enough.

  • @plastermaster4669
    @plastermaster4669 4 місяці тому

    28 years old - making 500-600k with lots of growth happening in my business. No debt. No Roth IRA so I’m late to compound growth. Still don’t own a home because of not planning but have started saving

  • @anniealexander9616
    @anniealexander9616 5 місяців тому

    Rental real estate was the only escape I saw to financial freedom. I had children and didn't have time for school after working overtime to support them. Owning property meant I could take them with me to show homes, collect rent, clean and paint, etc.
    My struggle having a family young and buying real estate turned out well but so many people discouraged me.

  • @n00182085
    @n00182085 7 місяців тому +2

    I’m 37 and there is no way I’ll have 3x my salary in three more years. I am only now at 1.5x my salary 😢. I just got a salary increase to just over $60k and paying student loans.

  • @3y3g00
    @3y3g00 7 місяців тому +3

    What a great idea for a show

  • @Alejandracamacho357
    @Alejandracamacho357 7 місяців тому +42

    Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. Hence what are the best stocks to buy now or put on a watchlist? I’ve been trying to grow my portfolio of $560K for sometime now, my major challenge is not knowing the best entry and exit strategie;s ... I would greatly appreciate any suggestions.

    • @Natalieneptune469
      @Natalieneptune469 7 місяців тому +1

      You’re right! The current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner.

    • @MrGravity304
      @MrGravity304 7 місяців тому +2

      A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.

    • @MrGravity304
      @MrGravity304 7 місяців тому +4

      I work with "Natalie Ann Brinkman" as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.

    • @russellmorrow4184
      @russellmorrow4184 7 місяців тому +1

      I put my money 100% in the S&P. The key is setting it and leaving it alone. I avoid advisory fees this way too.

  • @eats4cheaps305
    @eats4cheaps305 Місяць тому

    Don't have even 1x right now. 35 years old. But getting to 3x by 40 still might be doable. I think that we can get a bit more than 30% away, how would you suggest we invest? Should I be putting money in various high yield accounts (5% or so)? Or focus on IRA? 401k is starting up and we'll have match up to 6%.

  • @emoney1231
    @emoney1231 7 місяців тому +11

    Bo is only excited and not "so excited"? What's the point in even watching? ;)

  • @MellisaAdam
    @MellisaAdam 6 місяців тому +46

    You could invest in stocks, start a side business, or focus on advancing your career. It's important to set goals and make a plan. Remember, wealth can mean different things to different people, One thing i can say that helped me in life to reach my first million was starting early, i got curious and informed i became open to passive income, investments in equities , etfs and the likes. also sought help to handle my portfolio which was my foundation. i'm ever grateful to Anna Rounds Fay my FA.

    • @LucyMcCauley
      @LucyMcCauley 6 місяців тому

      That’s some good values. sounds like you got something going for you

    • @Gregtaylor4U
      @Gregtaylor4U 6 місяців тому

      She appears to be well-educated and well-read. I did a search on her name and came across her web, thank you for sharing

    • @harrisonkyunghee
      @harrisonkyunghee 6 місяців тому

      Thanks for the tip miss, i also reached out to her through her web and her responses were articulated. I'm more confident working with her now

  • @jeffsdavis
    @jeffsdavis 7 місяців тому

    This video was really great. Well done. Having a list of timecodes with the money amounts would be really helpful on this.

  • @thisandthatfloridausa6112
    @thisandthatfloridausa6112 7 місяців тому +2

    Good informative video, thank you. God bless you.✌️

  • @leahdisher
    @leahdisher Місяць тому

    I started contributing 15% to my 401K 8 years ago and hit over 100,000 this yr! It truly is about time in investing and not so much chasing what is a high return today

  • @marie-v5bk
    @marie-v5bk Місяць тому

    Love to have more content on this subject!

  • @USAFraimius
    @USAFraimius 7 місяців тому +1

    A note: becoming a pilot usually carries a VERY high entry price. Getting an Airline Transport Pilot license takes 750-1500 hours of flight time, which often costs more than $100/hr. There are some jobs that only require a 200hr Commercial license, but that isn't going to be the big paying Delta/FedEx jobs.

  • @flybyav8tor
    @flybyav8tor 7 місяців тому +2

    I really connect with you guys. It would be great if you could have a series on high income earners like $400k+. People like small businesses owners who do $300k-$1M in positive cashflow per year.

  • @ConserveMore
    @ConserveMore 7 місяців тому +4

    Please try a different way to quantify "How much should I have invested?" beyond salary comparison. For people lucky enough to have steadily increasing salaries, this is a moving target and there's no way to anchor. I heard another video anchor on annual expenses. As long as someone doesn't fall victim to lifestyle creep, that is more usable.

    • @arh1234
      @arh1234 7 місяців тому +1

      Agreed!!

    • @17h127
      @17h127 7 місяців тому +1

      Agreed. My income has increased like it's some logarithmic function, so even though I've saved 90% of my income this whole time their calculations still say I'm behind Rofl. But based on yearly expenses, I reached fu money like 7 years ago.

  • @healthyaisletoasia
    @healthyaisletoasia 7 місяців тому +1

    "Brian! I am so excited to talk about this..." 😂..every episode 🤪

  • @DioDiablo702
    @DioDiablo702 7 місяців тому

    I'm in the 30k bracket and inflation has killed my margin. My main issue is most jobs available in my area that pays above $20 an hour are all part time.

  • @Happymavishappy
    @Happymavishappy 7 місяців тому +2

    Are these numbers based on gross or net income?

  • @JamesSmith-tl7nu
    @JamesSmith-tl7nu 7 місяців тому

    Are these income numbers gross or take home?

  • @yamiyakoumis1007
    @yamiyakoumis1007 7 місяців тому

    Thank you guys!
    Awesome video.

  • @kyliecallaway5273
    @kyliecallaway5273 7 місяців тому +6

    Have a new baby and my husband just got laid off! We aren’t stressed because we have a fully funded emergency fund! 🎉

  • @inlivingcolor...abroad6099
    @inlivingcolor...abroad6099 7 місяців тому +10

    Living in a HCOL area makes it impossible to only spend 25% on housing if you want to live in a half-decent area.

    • @kailaleebabineau3962
      @kailaleebabineau3962 7 місяців тому +2

      We spend 50% of a good income and it's not even a house, just a condo. It's worth it to live in a safe, nice town.

  • @rickdunn3883
    @rickdunn3883 7 місяців тому +1

    @ The Money Guy Show. I have a son in the Navy. His 01 pay is about $43K and he also gets about $40K tax free in BAH (Housing assistance). I note that he is in the TSP 13%, but that is based upon his base pay. TSP does not apply to tax free BAH. Shouldn't military be saving to meet future housing costs in retirement. By saving only based upon their base pay....they may be short when transitioning into civilian housing costs at retirement. We need your help to address this and other Military TSP issues. Please do some videos to help the 1% that protect us! (Side note: he's a USNA grad and the taxpayer covered his great education at the Academy)-that alone is a plus.

    • @bolts59422
      @bolts59422 7 місяців тому +1

      The BAH can't be included in the TSP because that is a pre-tax account like a 401k. You could put that BAH money in a Roth IRA and get a double tax benefit in retirement or put more of the base pay into the TSP to account for it, but you can't tax differ "income" that isn't taxed. It's not a military issue it is a tax code thing.

    • @rickdunn3883
      @rickdunn3883 7 місяців тому

      @@bolts59422 Thanks, I'm not asking about the tax code issue. Im asking about a long term retirement savings issue that persons in the military need to save more in the TSP (Roth or traditional) to have enough to retire in a world where they wont be getting tax free housing assistance in retirement.

    • @arh1234
      @arh1234 7 місяців тому +2

      Your son can still calculate what savings rate he needs, then figure out where he wants to put it. Be aware that the TSP match is per month, so DO NOT max it out early in the year or he'll lose out on the match money

  • @TheFirstRealChewy
    @TheFirstRealChewy 7 місяців тому +3

    Taxes are brutal the more income you make. You start to realize why wealthy people do their best to legally limit their tax obligation.
    If you have a 401K and and make up to $92K a year, then 25% will fit nicely within the $23K limit for contributions.😊

  • @aarinsavage6905
    @aarinsavage6905 2 місяці тому

    And Bo, I am excited to listen.

  • @craigmdietrich6916
    @craigmdietrich6916 7 місяців тому +10

    Do I really need a mIllion dollars to retire? If the house will be paid off, and it costs 20% of gross income, I won't need to replace that percentage of income.
    If I'm saving 20%, I won't need to replace that. But then there's Medicare.
    I don't want to travel the world or own a Corvette in retirement.

    • @BigPapiNick
      @BigPapiNick 7 місяців тому

      If that's all you have in investments is 40k/year plus Social security enough. That's what your situation is if you shoot just for 1 mil so that should answer your question

    • @rowddyone3570
      @rowddyone3570 7 місяців тому +1

      Traveling the world sound VERY stressful to me

    • @BigPapiNick
      @BigPapiNick 7 місяців тому

      @@rowddyone3570 it really isn't that complicated especially. English speaking countries and Western Europe isn't too crazy to navigate. UA-cam is a great resource to learn

    • @TheFirstRealChewy
      @TheFirstRealChewy 7 місяців тому +2

      ​@@rowddyone3570 It depends. If waiting until 60 and you have to do all the work, then yes, it can be stressful. That's why we are traveling now. Our plan is to travel to a new destination each year so we created a travel budget.

  • @michaelsmith6722
    @michaelsmith6722 7 місяців тому +11

    It’s sad that my wife has been teaching for 13yrs in the school system with all the licenses/degree and just now started making 51K and we are in our 30s…

    • @DivinePigeon
      @DivinePigeon 7 місяців тому +7

      Yeah, I've been in my "career" for like 8 years, and I'm not making that much. I feel like sometimes these guys are out of touch with how people really live. Everyone's situation is different.

    • @JoeFromSomewhere2303
      @JoeFromSomewhere2303 7 місяців тому +2

      Well sorry guys, but if you live in a big city or are in a better industry then those numbers seem low. I started at 60k and I make a lot more than that 8 years later. Consistent 10-15% raises. And then they always assume like 5% wage growth and I see people all the time saying "but nobody can get 5% raises, 2-3% is industry standard".
      Everyone's situation is different. There's no way they can talk to all of our exact situations. It's just not possible.

    • @Erin-rg3dw
      @Erin-rg3dw 7 місяців тому +3

      Agree, but I appreciate bringing those income levels into the conversation, instead of the ones that always assume people make a lot more. In some fields and locations, $50k is a fair starting income, other places it takes a lot longer to get to (if ever).

    • @arekf3470
      @arekf3470 7 місяців тому +4

      I would advise switching careers. When I was studying computer science I've met a math teacher who was in my class. She was almost 40. I did not keep in touch but she will most likely start at a higher salary in IT/tech then she ever made as a teacher.

    • @onebridge7231
      @onebridge7231 7 місяців тому

      She must not be teaching math or science at a higher grade level. She’ll have to become a Principal to make better money. She has her summers off, time for her to focus on making other income streams during summer.

  • @petedohner8159
    @petedohner8159 7 місяців тому +4

    Thanks for the information. How hard would it be to do this same presentation with the estimated Social Security. Also miss the Boba Fett mug!

    • @kailaleebabineau3962
      @kailaleebabineau3962 7 місяців тому +2

      I'm pretty sure their audience isn't planning on relying on social security. Its future is too uncertain

  • @Settemo35
    @Settemo35 3 місяці тому

    I’m 49 and started maxing out my 401k and roth ira 11 years ago. 5 years ago, I started saving or investing 50% of my net pay. I still feel behind

  • @stacey1994
    @stacey1994 7 місяців тому +1

    So many episodes talk about 20s, 30s, 40s - thanks but what about 50s, 60s. 🤷‍♂️

  • @YusefWakeel
    @YusefWakeel 7 місяців тому +2

    Is 68k pre tax a decent income at 24? Thinking I gotta switch careers to get to 100k +

    • @kailaleebabineau3962
      @kailaleebabineau3962 7 місяців тому +2

      In most cases it's great, depending on the cost of living and student loan debt burden you have.

    • @YusefWakeel
      @YusefWakeel 7 місяців тому

      @@kailaleebabineau3962 oh okay, I know a lot of people making over 100k so sometimes feel behind but I barley been out of college, two years post grad will be May.
      No loans, just have a 0% CC with 1k on it, my HYSA earns about $40 a month of interest
      Car and motorcycle paid off, saving for a house now or other opportunities

    • @greggsadler4387
      @greggsadler4387 7 місяців тому +2

      In most cases, the issue is not income but “outgo.”

    • @YusefWakeel
      @YusefWakeel 7 місяців тому +1

      Why was my reply deleted 😂 who did that lol
      Here’s the full picture
      Age: 23, turning 24 in 3 months
      Pre tax income: 68k, post tax is 50k
      Retirement savings: Roth IRA- 8500, 401k- 8000, HSA- 3500
      HYSA- 17k earning 4.30% APY
      Debt- $1000, a CC at 0% interest
      Monthly expenses- 1500, sometimes 3000 if I splurge on a vacation or traveling
      Car and motorcycle paid off, pay $220 a month for insurance for both

    • @YusefWakeel
      @YusefWakeel 7 місяців тому

      @@greggsadler4387 yes that’s true, but houses cost 300-400k on avg so tough to afford a house alone making less than 100k

  • @WingfanSports
    @WingfanSports 6 місяців тому

    20s should absolutely be more about income growth then investing. Both are important but increasing your income will supercharge your 30s

  • @WtZuck
    @WtZuck 7 місяців тому +7

    "If youre making $50,000 you're likely at the beginning of your career"
    - Me with a Masters Degree w/ 6 years experience making $50,000 😢😢😢

    • @AlexKurpas
      @AlexKurpas 7 місяців тому +1

      That’s crazy to think that with a masters people are only making 50k after investing 6 years of your time into education. I’m almost done with my bachelor’s in accounting and entry level is around 40~60k

    • @dianehastings9617
      @dianehastings9617 7 місяців тому

      That’s typical for teaching, if that’s the implied career. Loved it but quite underpaid.

    • @BooRayWisco
      @BooRayWisco 7 місяців тому

      Many careers like trades require 2 to 3 years of schooling at 40 hrs then 5 years on the job to journeyman and yet top pay hits 60-70k on 40 hrs. Schooling doesn’t entitle you to more money…..the only factor is if your job market has the margins. If I understood this when I was younger I would have gone into one of the many job fields that are twice as easy and pay twice as much.

    • @WtZuck
      @WtZuck 7 місяців тому

      @BooRayWisco Yep. Sector matters too. I work in the public school system in a HCOL area.

    • @ambivertical
      @ambivertical 5 місяців тому

      🥺🥺😢

  • @nicholasshook7513
    @nicholasshook7513 7 місяців тому +1

    Everyone should be at community college. Absolutely no reason to overpay for basic first and second year classes

  • @devilmonkey427
    @devilmonkey427 5 місяців тому

    21x my pay saved at 49.5
    Hoping to give up my crap job when I'm 56-58

  • @rowddyone3570
    @rowddyone3570 7 місяців тому +12

    We invest 50% of after tax income

    • @jongolden4855
      @jongolden4855 7 місяців тому +1

      Geez you’re going to be loaded

    • @zachhecksel2920
      @zachhecksel2920 7 місяців тому

      It's pretty much the same here. Maybe a tad under 50%, but we're only 29 & 31, so there is plenty of time to grow!

    • @TheFirstRealChewy
      @TheFirstRealChewy 7 місяців тому +1

      What's your income? I have to give credit to those who can. We'd have to pay off the house to even have a shot at that.

    • @rowddyone3570
      @rowddyone3570 7 місяців тому +2

      @@TheFirstRealChewy we are 1 income 110K in. Missouri , no debt. Between 401k and 2 roths and HSA we contribute 42K before any match. We are 40 this year , I would like if my husband can retire at 60.

    • @zachhecksel2920
      @zachhecksel2920 7 місяців тому +1

      @@TheFirstRealChewy our household income is around $177k gross (145k after tax) in Minnesota. I'm counting extra debt payments towards our 50% amount. Retirement accounts (Roth & Traditional) = $52k and extra debt payments = $21k. All before employer matches.

  • @katherynblankenship2065
    @katherynblankenship2065 7 місяців тому +5

    I like the "Foo Sighting" eyes lol

  • @grantzwingelberg8752
    @grantzwingelberg8752 7 місяців тому

    I've been looking all over the internet for someone to explain how a teacher/state employee with a pension between 40-65% of their take home pay at retirement should invest for maximum medium to long term wealth (retirement and brokerage). At 35, considering I have the pension what, how does that change my calculations for investing/retirement?

    • @andrewoneil8535
      @andrewoneil8535 7 місяців тому +1

      Don't change anything. The pension is icing on the cake. Keep investing.

    • @charleslemaire8137
      @charleslemaire8137 7 місяців тому

      Are you in one of the 15 states that avoids paying FICA? Look at your pay stub. If so, realize that your future SS will not be what is stated on papers from SSA. Be aware early and plan for it. Regards.

  • @TheFirstRealChewy
    @TheFirstRealChewy 7 місяців тому +1

    13:05 Doesn't seem slow to me if this accounts for inflation. If this growth doesn't account for inflation then expecting $50K today to have the same buying power 40 years later will get you in trouble.

    • @MikeLuvsMG
      @MikeLuvsMG 6 місяців тому

      A 6% growth assumption is an inflation adjusted one considering historical S&P average returns. Hope this helps!

  • @mohammedbouayad415
    @mohammedbouayad415 7 місяців тому +5

    Please add timestamps

  • @LindaDavis-b9y
    @LindaDavis-b9y 3 місяці тому

    tnx!!

  • @rebeltheharem7028
    @rebeltheharem7028 2 місяці тому

    Hmmm... I'm at 34, and I've saved about 5 times my annual salary. I guess I'm way ahead of schedule.

  • @BuddyHomieDude
    @BuddyHomieDude 5 місяців тому +1

    No timestamps for income over $50k

  • @MrJSplash
    @MrJSplash 7 місяців тому

    Anyone know if the savings rates they talk about are before or after tax? So if they say save 25% at 100K income before tax, that's 25K.

    • @zackcinq-mars2129
      @zackcinq-mars2129 7 місяців тому +4

      They talk about savings rate as a percentage of your gross income. Meaning your income before taxes. If your salary is 100k they think you should save 25k.

    • @esnowz2756
      @esnowz2756 7 місяців тому

      ​@@zackcinq-mars2129😮 Thanks zack, I definitely thought it was take home... That's what I have been doing for the past 6months.

  • @sethkramer3834
    @sethkramer3834 7 місяців тому +1

    Bo is…excited you say?

  • @FIN-LYTbyEWA
    @FIN-LYTbyEWA 7 місяців тому +1

    Great share!

  • @CrayonEater94
    @CrayonEater94 7 місяців тому

    Is this gross or net income?

  • @martinyeager7948
    @martinyeager7948 7 місяців тому

    Replace 80% of your income at retirement? At retirement you are no longer paying Social Security Tax (6.2%), Medicare Tax (1.75%), and your income tax is probably down. Also, you are no longer saving 10-20% for retirement.

  • @Laboy88
    @Laboy88 7 місяців тому +1

    So today Bo is excited but not SO excited

  • @kjkjkjkjkjkj1719
    @kjkjkjkjkjkj1719 7 місяців тому +1

    When you talked about the $100k income, you reverted to talking from an age perspective, not income. Any age can make $100k and not have kids. Just something I noticed.

  • @swithheld9905
    @swithheld9905 7 місяців тому +2

    this channel is BS. so apparently there's no way to build wealth at $30K?! your ONLY advice is to "make more money?" certainly it is more difficult but this pod seems woefully out of touch with many people's realities.

  • @BestJokesEver...
    @BestJokesEver... 7 місяців тому +5

    Always borrow money from a pessimist. They’ll never expect it back.😉

  • @BradyMordhorst-i3n
    @BradyMordhorst-i3n 7 місяців тому

    I’m a huge fan of you guys, but $100,000 for a family of 4 is not enough for the West Coast. I very politely say you are out of touch with what is going on out here.

  • @blueskeletonking2701
    @blueskeletonking2701 3 місяці тому

    The American is dead for the average person. For the exceptional people who can make a lot of money or can really manage their money well the dream is still alive. Let’s not lie to ourselves this is the reality.

  • @vnep5743
    @vnep5743 7 місяців тому

    Making 50k = just starting your career. *Poker face engaged*

  • @maddy38890
    @maddy38890 7 місяців тому

    Maybe you guys should spend some time doing more research into the lives of the actual lower class, especially at different stages of their lives, because just saying "make more money!" is pretty out of touch. Many people making under $50k can't just go out and get a new job - if it was that simple, they would have already done it! This kind of advice alienates a big chunk of your viewers and keeps people from continuing to watch your videos.

  • @eldersprig
    @eldersprig 7 місяців тому +1

    Is Bo never excited?

  • @tomciamacco
    @tomciamacco 7 місяців тому +1

    early gang 😎

  • @az-qf9ht
    @az-qf9ht 7 місяців тому

    This is another finances by age

  • @planepirate
    @planepirate 7 місяців тому

    uhh..."airplane pilot" may not require a 4 year degree but it is definitely not cheaper than a 4 year degree. Flight lessons are NOT cheap.

  • @User-pu3lc
    @User-pu3lc 7 місяців тому +1

    lol at living a modest lifestyle and needing 4.5M by retirement age to live another 30 years.
    Boomers really f’d up everyone’s future.

  • @Unstottsable
    @Unstottsable 7 місяців тому +1

    Behold, the power of the FOO!

  • @carlgarrett5142
    @carlgarrett5142 7 місяців тому +10

    So the only advice you have for people who make $30,000 per year is "increase your income"? Give me
    me a break, you can do better than that. Even something as simple as putting $25/month in a Vanguard target date fund, or 1% in your 410k if the company will match it, is a start. Of course it's important for someone in that income bracket to increase their income, but just shrugging your shoulders and leaving it at that tells me you haven't bothered to do your homework here.

    • @swithheld9905
      @swithheld9905 7 місяців тому +1

      this was my exact comment, too! I was so excited to hear someone talk about low income earners for once. Some of us aren't physically/mentally able to increase our incomes, but would love to do what we can with what we get. what a letdown.

    • @nedelchopankovski9681
      @nedelchopankovski9681 7 місяців тому +3

      I absolutely disagree. Of course doing 25$ a month or the 1-2% 401K is good, good habit for the future, but the main issue is the income in this instance. There is only so much you can do with this amount. I mean just another 10h/week job at 15$ an hour gets you 150$ more a week, 600 a month. And don't tell me this is not doable for like 80-90% of the people, if not even more. Of course there are exceptions, not saying that, but if you just do this you can invest 600 more a month, in contrast to the 25$ + 75 or w/e would be the 401k contribution. Thats 6 TIMES more, just from working 10h more a week.
      For this group of people the best thing really, as they say in the video, is to see what you can do to increase your income, that will make the biggest dent in having a better financial future.
      If you do not think you can increase your income, the ceiling is just too low to have something meaningful in retirement. With this income it's impossible to save up for a home, unless somehow you are currently living for free, which is very unlikely, and can save the difference for 5-10 years. Then you will have increased expenses in retirement, etc. etc. It is just not feasible to think you can retire with this income. It's not enthusiastic but this is the hard truth. People need to figure it out or they will be absolutely broke in the future, no way around it.

  • @alexbond2097
    @alexbond2097 7 місяців тому

    1st comment