We need to create Money Guy bingo with phrases from the show. FOO is obviously free space, then phrases like "money is only a tool", "boiling/bowling point" and "every $1 can become $88" populate your board. Once they use a phrase on your board you get to cover it up.
About the increased book sales - For me personally, I bought extra copies of Millionaire Mission to share with my family, and I wonder if other people just now finishing the book are doing the same? All I can say is, I hope my 20-something family members take heed and acknowledge the FOO while they're at this critical juncture in their life. I'm gift-wrapping their copies this evening!
We set aside $50,000 total in a 529 for my son. Soon he'll be done with a Bachelor's and Master's in Computer Science totally debt free. $50,000 well spent!
For the header question, don't forget there is PSLF. Residency usually counts as it is most often with a non profit hospital. So after Residency you only need likely 4 to 6 more years as an attending at a non profit hospital to have the debt forgiven. Personally, I paid it all off after fellowship within 5 years after refinancing (over 300k after residency and fellowship.) After you pay it off, it's like a huge pay raise!
Dont buy a house until done with residency and fellowship - you might wind up somewhere you didnt expect to be. When you finally get the income as an attending live like a resident until loans paid off and some money saved. My car obsessed office mate used to make fun of my beat up old Chevy in the doctors lot but it was worth it to be in the good financial spot I'm in now.
As the parent of teenagers I wish Brian would write a book I could give them to explain finances on their level. My kids aren't interested in finance unless they happen upon my screen when I am checking balances. They take for granted that their mother and I have money, but have no clue how arduous the road to success was.
@20:48 I missed Rebie when I got to see the studio too a couple years ago. I was also disappointed, as she is a great addition to the show. Though at least I got to meet Brian, Bo and Katie. For the book, it certainly wasn't a random 100 extra sales, but my local library recently ordered ANOTHER copy. I'm finally #9 on the hold list for one of the 5 copies. Hoping to read it the week in between Christmas and New Year's.
After finishing medschool, the residency is a matching process, so his fiancee is likely will need to move to do it, it's similar for fellowship if she is going to do subspecialty. I would recommend not buying a house yet. Also, her residency will likely pay only $70-$80k, so help her pay the student loan interests that accrue (don't let that compound). And don't let lifestyle rocket when she finishes, at least not until the loan is paid off. Also keep in mind that even after the loan is paid off there will be other life events that will add expenses (like having children).
As some one with a post graduate degree and 300k in student debt. I highly recommend to every one not to focus only on defense and not offense. Instead of tackling the debt and living on beans and rice. I bought a house and invested heavily. I still have just under 300k in debt. But I have 200k in equity and 250k in investments. Now I can focus on the loans while having a place to live and my army working with me.
This is one of the reasons I prefer MoneyGuys over Ramsey show bc they see both sides of the equation. Student debt is gone, car is paid, plenty in liquid assets, and home nearly paid.
Hey guys, my wife and I still have high interest debt in our 40s, but big shovels. Our first world problem is whether to completely focus on paying off credit cards and auto loans vs saving on taxes by maxing out retirement contributions. Our combined income before adjustments puts us into the 32% federal tax bracket and a 10% state income tax. By maxing out our annual contributions and other deductions, we’re able to just squeeze under the 24% tax bracket limit. Is it better to save money for retirement and minimize taxes while continuing to pay off debt, or take the hard line approach?
I'm in a similar boat. Im focusing on taking care of the debt first. The high interest will eat you alive. For investments I would do the 401k up to your company match. You can also catch up later on once debt is gone.
Pay off all your high interest debt ASAP. Keep investing up to your retirement match from work and as soon as you are done with high interest, you can ease off on low interest debt until you hit your 50s, then you should have 0 debt overall.
Eliminating high interest debt quickly is about risk mitigation. That’s why it’s recommended as such an early step, even if the math makes sense to do otherwise. Even if you think your income is extremely secure, things happen. My father had a stroke and couldn’t work for a year, then 9-11 happened and his business prospects evaporated for another year. Which brings me to the other reason to pay off the high interest debt quickly. It stands in the way of establishing a fully funded emergency fund.
You're in high interest consumer debt in your 40's??? Sell the cars and buy a cheap used car and pay those off fast. Then go after the credit cards and pay those off as fast as you can, then build an emergency fund for 1 years expenses. When finished max out retirement savings any money left after that pay down the house note. If you have big shovels there is ZERO NEED FOR CREDIT CARD DEBT!
Are steps 5&6 of the FOO interchangeable? Currently 28, married with one toddler. I max out a Roth IRA and contribute about 50% of max to an HSA. Maybe it is my young mind fogging my thinking, but the past few years, with annual raises I have increased my 401K contribution amount. I’ve got a decent chunk of money in my HSA, my average annual spending is less than 10% of my balance. Wouldn’t my money be better used increasing my 401K contribution?
I would say no, they're not interchangeable in terms of preferred priority. The reason the Roth and the HSA are prioritized ahead of maxing a traditional 401k is the triple tax advantage. I do have one caveat: If, for some reason, you're going to insist on treating your HSA like a savings account (savings in cash equivalents), rather than a retirement-investment account (investing the money into stocks, etc.) then yes, I'd put your next dollars into the 401k if you'd invest that money for long-term growth differently. Failing that - maxing that HSA in addition to the Roth IRA is a better priority step and that's why it is step 5 ahead of 6. The HSA can thought of as another retirement savings vehicle, and it's triple-tax advantaged: Gives you a tax break now in the current year and grows tax-free just like your 401k, but is ALSO gives you tax free withdrawals like a Roth IRA (which doesn't give you a current-year tax break) assuming the money is spent on healthcare. Since we can all pretty much count on having a significant amount of healthcare expenses in retirement if we live long enough for any of our savings to matter, getting that extra tax break on the HSA money should be plenty easy to do - making it better than the 401k's 2 tax advantages (deduction and growth or even the Roth IRA's 2 tax advantages (growth and withdrawals). Also note: If you're "10% of balance" comment suggests that you're paying current medical expenses out of the HSA funds, know that many savvy people opt NOT to do that IF they can afford to pay "out of pocket" for current medical expenses. The money you spend now lowers how much is in there growing tax-free. Of course, if you can't pay your medical costs out of pocket without doing it, then absolutely spend from there - at least you get that first tax break for putting it in there in the first place - but better to leverage all 3 of the tax benefits of an HSA. (As a bonus: If you track those costs, it gives you an option to reimburse yourself later tax free if you're in a jam and find you need that money sooner, or don't have enough medical expenses in retirement to use the money on for some reason - while maximizing the value of those extra tax breaks in the meantime.)
There are 41 condensed video lessons, an ebook, and homework assignments for the steps with a workbook to do the calculations. If you have watched all their content and followed all the steps on your own using Excel/Google Sheets it may not be worth it. I have just started it, but I am enjoying having all the info in one place.
I'm 51yrs old. $40,000 weekly and *I'm retired, this video have inspired me greatly in many ways that I remember my past of how I struggled with many things in life to be where I am today!!!!* ❤️
Question: I get a fixed income from the VA and will receive for the rest of my life. Can your retirement calculator account for fixed incomes that increase with COLA?
Save for the house and wedding now (you make $200k, come on). Get married. Cash flow her remaining school. Live off of $75k to pay off the remaining debt. You’re fine.
Question: I don’t want to pay off my house early because of the convenience of escrow. I wouldn’t have a clue how to pay my taxes. My mortgage is only $250 with escrow Appx another $250, so $500 total mortgage/escrow. 3.5% interest. I am paying $35/mo PMI though that drives me nuts. Is it ok to look at my internet as if it’s a payment for convenience?
It's easy. You get a bill in the mail around October with 2 payment slips in it. You can pay half now and half later. 1st payment due in December, 2nd one due in April. Usually there's even instructions on how to pay it online. You can pay the whole year at once if you prefer.
If have 20% equity with taking current market value (not what you paid for it) into account, ask your mortgage company to remove PMI. If not an FHA loan, they’ll be willing to remove it with an appraisal. We did one that a realtor comes by to value it and cost us $150 for the appraisal to get it removed. You’ll know where to send tax payments when the statement comes directly to you. I wouldn’t allow that be the reason not to pay off a house.
@@aaronbennett7903it’s FHA loan. They won’t take away the PMI unless i refinance and I did the math and it’s not worth it right now. Thanks for the info.
Thanks for the analysis! Just a quick off-topic question: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). What's the best way to send them to Binance?
To see our BIGGEST SALE EVER, head over to moneyguy.com/blackfriday and enjoy!
We need to create Money Guy bingo with phrases from the show. FOO is obviously free space, then phrases like "money is only a tool", "boiling/bowling point" and "every $1 can become $88" populate your board. Once they use a phrase on your board you get to cover it up.
Lol is it really a game if everybody wins?
I am sure "I am so excited" might be said more consistently than FOO
@Jordan-k8s instead of bingo, we could turn it into a drinking game, but that's probably not the best idea, lol
Credit card use ok, credit card debt no way!
We posted a Bingo board recently to Instagram: instagram.com/p/C_I3BWyN-Rq/
As you can guess, "I'm so excited" is the free space!
About the increased book sales - For me personally, I bought extra copies of Millionaire Mission to share with my family, and I wonder if other people just now finishing the book are doing the same?
All I can say is, I hope my 20-something family members take heed and acknowledge the FOO while they're at this critical juncture in their life. I'm gift-wrapping their copies this evening!
We set aside $50,000 total in a 529 for my son.
Soon he'll be done with a Bachelor's and Master's in Computer Science totally debt free.
$50,000 well spent!
Nice and congratulations!
For the header question, don't forget there is PSLF. Residency usually counts as it is most often with a non profit hospital. So after Residency you only need likely 4 to 6 more years as an attending at a non profit hospital to have the debt forgiven.
Personally, I paid it all off after fellowship within 5 years after refinancing (over 300k after residency and fellowship.) After you pay it off, it's like a huge pay raise!
Dont buy a house until done with residency and fellowship - you might wind up somewhere you didnt expect to be. When you finally get the income as an attending live like a resident until loans paid off and some money saved. My car obsessed office mate used to make fun of my beat up old Chevy in the doctors lot but it was worth it to be in the good financial spot I'm in now.
As the parent of teenagers I wish Brian would write a book I could give them to explain finances on their level. My kids aren't interested in finance unless they happen upon my screen when I am checking balances. They take for granted that their mother and I have money, but have no clue how arduous the road to success was.
@20:48 I missed Rebie when I got to see the studio too a couple years ago. I was also disappointed, as she is a great addition to the show. Though at least I got to meet Brian, Bo and Katie. For the book, it certainly wasn't a random 100 extra sales, but my local library recently ordered ANOTHER copy. I'm finally #9 on the hold list for one of the 5 copies. Hoping to read it the week in between Christmas and New Year's.
After finishing medschool, the residency is a matching process, so his fiancee is likely will need to move to do it, it's similar for fellowship if she is going to do subspecialty. I would recommend not buying a house yet. Also, her residency will likely pay only $70-$80k, so help her pay the student loan interests that accrue (don't let that compound). And don't let lifestyle rocket when she finishes, at least not until the loan is paid off. Also keep in mind that even after the loan is paid off there will be other life events that will add expenses (like having children).
In my opinion if you take on $300k of debt you shouldn't expect to have a wedding at all unless it's close to free.
You've got that right! But most doctors have their heads up their asses when it comes to money. I know I was married to a doctor for 12 years!
As some one with a post graduate degree and 300k in student debt. I highly recommend to every one not to focus only on defense and not offense.
Instead of tackling the debt and living on beans and rice. I bought a house and invested heavily. I still have just under 300k in debt. But I have 200k in equity and 250k in investments. Now I can focus on the loans while having a place to live and my army working with me.
This is one of the reasons I prefer MoneyGuys over Ramsey show bc they see both sides of the equation. Student debt is gone, car is paid, plenty in liquid assets, and home nearly paid.
Hey guys, my wife and I still have high interest debt in our 40s, but big shovels. Our first world problem is whether to completely focus on paying off credit cards and auto loans vs saving on taxes by maxing out retirement contributions. Our combined income before adjustments puts us into the 32% federal tax bracket and a 10% state income tax. By maxing out our annual contributions and other deductions, we’re able to just squeeze under the 24% tax bracket limit. Is it better to save money for retirement and minimize taxes while continuing to pay off debt, or take the hard line approach?
I'm in a similar boat. Im focusing on taking care of the debt first. The high interest will eat you alive. For investments I would do the 401k up to your company match. You can also catch up later on once debt is gone.
Pay off all your high interest debt ASAP. Keep investing up to your retirement match from work and as soon as you are done with high interest, you can ease off on low interest debt until you hit your 50s, then you should have 0 debt overall.
Eliminating high interest debt quickly is about risk mitigation. That’s why it’s recommended as such an early step, even if the math makes sense to do otherwise. Even if you think your income is extremely secure, things happen. My father had a stroke and couldn’t work for a year, then 9-11 happened and his business prospects evaporated for another year. Which brings me to the other reason to pay off the high interest debt quickly. It stands in the way of establishing a fully funded emergency fund.
You're in high interest consumer debt in your 40's??? Sell the cars and buy a cheap used car and pay those off fast. Then go after the credit cards and pay those off as fast as you can, then build an emergency fund for 1 years expenses. When finished max out retirement savings any money left after that pay down the house note.
If you have big shovels there is ZERO NEED FOR CREDIT CARD DEBT!
Are steps 5&6 of the FOO interchangeable? Currently 28, married with one toddler. I max out a Roth IRA and contribute about 50% of max to an HSA. Maybe it is my young mind fogging my thinking, but the past few years, with annual raises I have increased my 401K contribution amount. I’ve got a decent chunk of money in my HSA, my average annual spending is less than 10% of my balance. Wouldn’t my money be better used increasing my 401K contribution?
I would say no, they're not interchangeable in terms of preferred priority. The reason the Roth and the HSA are prioritized ahead of maxing a traditional 401k is the triple tax advantage. I do have one caveat: If, for some reason, you're going to insist on treating your HSA like a savings account (savings in cash equivalents), rather than a retirement-investment account (investing the money into stocks, etc.) then yes, I'd put your next dollars into the 401k if you'd invest that money for long-term growth differently. Failing that - maxing that HSA in addition to the Roth IRA is a better priority step and that's why it is step 5 ahead of 6.
The HSA can thought of as another retirement savings vehicle, and it's triple-tax advantaged: Gives you a tax break now in the current year and grows tax-free just like your 401k, but is ALSO gives you tax free withdrawals like a Roth IRA (which doesn't give you a current-year tax break) assuming the money is spent on healthcare. Since we can all pretty much count on having a significant amount of healthcare expenses in retirement if we live long enough for any of our savings to matter, getting that extra tax break on the HSA money should be plenty easy to do - making it better than the 401k's 2 tax advantages (deduction and growth or even the Roth IRA's 2 tax advantages (growth and withdrawals).
Also note: If you're "10% of balance" comment suggests that you're paying current medical expenses out of the HSA funds, know that many savvy people opt NOT to do that IF they can afford to pay "out of pocket" for current medical expenses. The money you spend now lowers how much is in there growing tax-free. Of course, if you can't pay your medical costs out of pocket without doing it, then absolutely spend from there - at least you get that first tax break for putting it in there in the first place - but better to leverage all 3 of the tax benefits of an HSA. (As a bonus: If you track those costs, it gives you an option to reimburse yourself later tax free if you're in a jam and find you need that money sooner, or don't have enough medical expenses in retirement to use the money on for some reason - while maximizing the value of those extra tax breaks in the meantime.)
Successful bug guy here! 💪🐞
Entomology was my favorite class.
I have a friend who was / probably still is in about 300k in student loan debt from med school..
Have a feeling he won't pay it off for 20+ years.
Paid it off in 4 years physicians get a big shovel all depends if they use it or not
What do you get from purchasing the FOO for $50 that is not in the videos that you provide for free?
Probably not too much, it’s just a condensed ‘all in one’ so all the info is in the same place instead of watching a million videos haha
There are 41 condensed video lessons, an ebook, and homework assignments for the steps with a workbook to do the calculations. If you have watched all their content and followed all the steps on your own using Excel/Google Sheets it may not be worth it. I have just started it, but I am enjoying having all the info in one place.
Residents/fellows should not buy a house while in training.
Sure, but they can (potentially) be saving up for one in a few years.
I'm 51yrs old. $40,000 weekly and *I'm retired, this video have inspired me greatly in many ways that I remember my past of how I struggled with many things in life to be where I am today!!!!* ❤️
It's Maria Frances Hanlon doing, she's changed my life.
I do know Ms. Maria Frances Hanlon, I also have even become successful....
I will leave her information below this comment.
There is her line!!! under this comment!!!
Put the digits together.
*+136*
Question: I get a fixed income from the VA and will receive for the rest of my life. Can your retirement calculator account for fixed incomes that increase with COLA?
What kind of watches are you guys wearing? I thought you previously had Apple Watches but those look like maybe Galaxy Watches.
Will there be an episode discussing whether to save up more for the possible tariffs coming in the States?
Save for the house and wedding now (you make $200k, come on). Get married. Cash flow her remaining school. Live off of $75k to pay off the remaining debt. You’re fine.
What’s the difference between a UGMA and a UTMA accounts?
same, depends on what state you live in
What is that on Bo's face?
Question: I don’t want to pay off my house early because of the convenience of escrow. I wouldn’t have a clue how to pay my taxes. My mortgage is only $250 with escrow Appx another $250, so $500 total mortgage/escrow. 3.5% interest. I am paying $35/mo PMI though that drives me nuts. Is it ok to look at my internet as if it’s a payment for convenience?
…because Amazon put it on discount.
It's easy. You get a bill in the mail around October with 2 payment slips in it. You can pay half now and half later. 1st payment due in December, 2nd one due in April. Usually there's even instructions on how to pay it online. You can pay the whole year at once if you prefer.
If have 20% equity with taking current market value (not what you paid for it) into account, ask your mortgage company to remove PMI. If not an FHA loan, they’ll be willing to remove it with an appraisal. We did one that a realtor comes by to value it and cost us $150 for the appraisal to get it removed. You’ll know where to send tax payments when the statement comes directly to you. I wouldn’t allow that be the reason not to pay off a house.
@@aaronbennett7903it’s FHA loan. They won’t take away the PMI unless i refinance and I did the math and it’s not worth it right now. Thanks for the info.
@@Danny..., do they tell you how much to pay? I don’t have to figure it out myself?
Thanks for the analysis! Just a quick off-topic question: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). What's the best way to send them to Binance?