Used to think investors lose out amid crash, meanwhile some make profits. I also thought folks went out of business during the great depression, but some went into business. Bottom line, there's always depression for some while others amass wealth gains.
well said, in my opinion, times are crazy now, hence everyone needs a sort of financial planning in order to thrive forward. ideally, investment advisors are the best reps for getting the job done
Right, a lot of folks downplay the role of advisors until being burnt by their own emotions, no offense. I remember years back, amid covid-19 outbreak, I needed a good boost to help my business stay afloat, thus researched for licensed advisors, and thankfully came across someone of excellence. She's helped grow my reserve notwithstanding inflation, from $350k to nearly $1m as of today.
Nice insight! Big fan of your channel, I Retired with a seven-figure portfolio and i'm receiving over three hundred grand in dividends yearly. I've been investing in stocks for nearly ten years. Passive income is likely one of the most essential and central ways millionaires accumulate wealth. I started putting money into ETFs and other stocks last year, 2k weekly to be precise and my ETF portfolio has risen to 190k since i started January last year, whereas what I have invested is 48k. I'm grateful for my broker Dianne Sarah Olson, who handles all of my investments and ensures I stay above the market.
Successful investing is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and just craving a little action. Investing is 5% intellect and 95% temperament.
Government policy has thrown the future under the bus for decades. The day of judgment is near. I predict an 80% drop in the stock market. Investors will abandon stocks in favor of real estate. There will be no money in banks... You must devise a strategy for survival.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Annette Christine Conte turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.
1. First 100k 2. Portfolio growing more than you’re saving 3. $1 million net worth (total, not just liquid) 4. $1 million net worth (liquid) 5. Portfolio growing more than your salary 6. Financial Independence
We reached step #4 and are now staring at the nearly impossible climb it's going to take to get to step #5. I'm in my early 50s and running out of runway. It's a nice problem to have but can we just cheat a little by simply taking lower paying jobs?
Net worth truly snowballs after $100k! Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE!
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to my FA, my portolio is doing really great and im proud of the decisions i made last year.
Nice. People often underestimate financial advisors' importance. Over 50 years of data reveal that those who work with advisors typically earn more than those who go it alone. I've been fortunate to work with one for 13 years, resulting in a $1 million portfolio, largely from early investments in AI and other growth stocks.
Only if a good amount of folks do what you guys teach, just imagine how many millionaires we already have or will have in the future. Not the sad statistics where at least 50% of people are living paycheck to paycheck, even for high income earners. Great contents as always!
I have been telling myself for years to do what is necessary: open a brokerage account, buy ETFs or whatever, just play it safe. My last five or six New Year's resolutions have included this. However, I can't force myself to do it, for some reason. I think it's time to admit that I'll never be the smart, thrifty, DIY investor like all millennials are supposed to be.
I believe every Investor should start with ETFs for a solid foundation, then diversify across asset classes and maintain disciplined, regular investing to minimize risks and maximize growth.
Very true, I diversified my portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across growth stocks, dividend stocks & ETFs.
Your advisor seems competent. Could you share how I can reach out to them? I've recently sold some property and i am interested in investing in stocks.
Congratulations reaching $100k! That’s a huge milestone. Just curious on how you learned about how finance. We are trying to get our grandson’s on the right path.
That’s absolutely insane. Awesome! Plan to get to 1 mil before the average, preferably at 40. But it’s gonna take a lot of work, luckily I still got time on my side since I’m 24.
Love the content but one step is missing. The most rewarding financial milestone I’ve hit is achieving a zero net worth by paying off all my student debt. I don’t remember when I hit $100,000 but I can tell you the exact minute I hit zero.
Yes! I’m currently in that stage. I’ve gone from -40k net at graduation 4 years ago to being (almost) at 0 when factoring in investments, etc. Looking forward to that milestone later this year hopefully!
Completely agree with this one. I started tracking my net worth when I completed grad school with -$50K net worth and I remember celebrating when I hit $0 net worth 18 months later because I lived CHEAP. It felt like a turning point and my path to F.I. started in earnest.
A couple extra of my personal financial milestones: 1. Back to broke (Net worth = 0) 2. Student loans paid off I haven’t quite yet hit my first milestone, but I have hit your first milestone! Thanks for the content 😊
I discovered this channel about 2 months ago, and you guys ignited such a fire in me and I've now binged so many episodes that I could probably record an episode at this point, haha The difference is night and day LITERALLY. (I'm now working night shift to earn the 10% shift premium) I'm that excited about earning and saving more. Currently watching and typing this comment while in hour 14 of the double i volunteered to work, something that a few months ago i would have scoffed at. It will take me another year or so to atone for all the mistakes i made before. But, if i hadn't found you guys I'd still just be digging the hole. On track to be able to claim financial mutant status around July, 2025. Won't type a novel explaining every detail, but suffice to say... THANK YOU!
Great effort. I had a similarity thing happen in late 2022, I never did any overtime, but this past 18 months I started slowly and built up to a decent amount a week and now I'm getting more done and earning more. Massively boosted my savings. :D it feels so much better knowing you working for something at work rather than cruising along with no goals.
I think you’re already a financial mutant by the description you provided. When you hit that “financial mutant” moment you think of, nothing would change from what you’re currently doing. You’re doing what it means to “be a financial mutant”. It is a mindset, not a number. The numbers follow.
@RobertBeedle Still going strong! Won't pretend there aren't hurdles but once I've escaped the mounting problems I accrued when I was financially uneducated, I'm still very excited by the prospects. July next year still on track : )
THIS! This was the video guys! My wife and I are on our way to that $1M portfolio by age 32 and things are exciting! It’s great to hear words of encouragement and to get a little piece of that excitement before we are there. Thanks for all the free knowledge you guys share with your audience!
27 years old with a portfolio of $120k and contributing almost $50k a year into the accounts (401k, two Roth IRA’s and Non-retirement). This video made me feel a lot better! Thanks guys! I started when I was 18 when basically my former mentor forced me to start my 401k at my previous company. He said “one day you will thank me”. I thank him everyday!
Don’t you know it!!! When I started my career in the 1989s, all I got was a brochure. The employer had just switched from pension to 401K and there was almost no help. Back then, most people had pensions and so very little help from relatives/neighbors. In fact many considered stocks as gambling and said “NOT to put your savings into stocks.” What saved me was a coworker had been in the financial world and steered me to the S&P 500.
This was the best video that yall put out in my opinion! Im 24 now and just set my first goal of saving 10,000 this year, and i am so encouraged and hopeful for my family’s future! Thanks guys!
@18:00 -- You only need to invest more for a shorter period of time to really accelerate. Your contributions for the first 30-50% of the time horizon is more valuable than the rest. So if people see investing more as a temporary goal so that you can let compounding do the rest it can give some encouragement to do larger investments just to get you jump started for the first couple years then go down to the 1,000$/month after that.
I have no memory of when I crossed the $100K mark. It was a long while ago, I know that. I remember it seeming forever that I was in that $30K - $60K range. Mainly I just kept investing, didn't change anything when the markets were down, and didn't bother to check the balance. I do remember one time when I checked the investment balances and it was over $1M (We don't count our house or cars in our net worth calculations). That was quite a surprise as I didn't think we were anywhere close. Fwiw it took us about 28 years to get to a little over $2M in investments. And for most of my career I have not been a high income earner. But we've lived modestly and well below our means even when I wasn't earning very much.
Heh, I remember when I did. 2007. Been investing for almost 9 years at that point. My supervisor was yelling at me about some cases that I supposedly done wrong, and I had opened my account statement before I came into work. When I discovered I hadn't done those cases, and I saw that $100,000 mark, I knew that I could quit, pay off my house, and go say, "would you like fries with that?" I walked over to her office, yelled at her about how I didn't do any of those cases, threw them at her and proceeded to storm out. Strangely enough? I wasn't fired. That supervisor was hated, so no one snitched on me. 😆
I am at 70k in my investing and it’s all in SCHD. I plan on investing 2k over the next 12 months and then 1k a month until 60. My goal is to be over 100k next July 2025. Also, I own a 3 bed 2 bath brick home, 20 acres and all vehicles and ATVs are laid off (zero debt). I also retire from Army in 2 years, if I decide to. Playing the long game, I’m 42 years old.
We should be good. I'm going to setup my 13 year old a Roth IRA this year with her first earned income. Help her get to over $100k in a roth by the time she graduates college. If she just leaves it from there, she'll have $5-10 million in a roth when she hits retirement. If she kept maxing it out, she'd have $10-20 million in a roth IRA.
We have been at this place for a while now. We are just now letting go of the purse strings a bit. I FIRED when DD was born, hubby is in coast mode at his job, when there is this kind of money in the bank, you get to tell the boss NO a lot more, and the bosses tip toe around you a lot more. I want everyone to know this IS possible even in this current time. The first 100k is really the hardest part, the rest just takes time. Hubby could FIRE any day he wants. The idea is to have hubby keep working at his easy job till the kid graduates college. Then we will just cash flow her schooling.
I really liked the end, talking about the abundance cycle, and giving. And that Brian & Bo are not looking to gouge people for money, but that they’re here to help, and that while they’re doing well, they want to uplift others. I liked it because most younger viewers don’t need guidance, and it’s nice that they said they’d be here when we need it, and, for the time being, to simply use the free content they provide and set yourself up for success. It’s a really cool thing to think about, this “abundance cycle”! I want to be like that in my life, and in some ways I do, I just need to keep up on it!
Long time listener and i have been trying to explain this to fellow financial mutants lately as you guys have been hinting at these different steps for a while. Thanks for putting it in a nice package here. My only caveat would be that "FIRE savers" (greater than 50% savings rate) might reach step 6 before step 5 or even 4 depending on income.
We've had several exciting milestones this year. First 100k, almost to our second 100k, saving about 65% of our income right now, opened and maxed a Roth IRA, have 2 jobs that started offering retirement and investing to the match at both.
Im on track to retire with a 8 figure fund, never thought that would be me. The first time it returned 6 figures i was kinda in shock. Now it might return 7 figures in retirement and that doesnt seem possible.
For those of us who aren't high earners (middle school teacher here), videos like this excite us until the first milestone rolls out and then they discourage us. "If you can save $10,000 a year...." Bro, really? Can you do a lower-middle-class version of this?
@@dkaikI started my career in 1991 as an entry level professional, my first salary at the time was $20k a year. Tell me how this math could have worked out for me at that time.
I started saving and investing at age 23, reached 1 million net worth at age 46, 2 million net worth at age 52, 3 million net worth at age 55. My home is worth $250k (I paid 160k) and I'm debt free including house and cars. I plan to retire at age 60 so I'll go with a 60/40 or 50/50 portfolio as I get closer then at age 67 I'll start SS and my workplace pension for about 6k a month total. The 4% rule will work and the added income will lower the amount I have to withdrawal to 3%.
I spent most of my 20 and half of my 30’s spending everything I had traveling and partying with $25k in my 401k by 35. Now I’m 45 and thanks to my house, this year I am now worth $1.1 million.
The swings at this point are pretty wild. The dip I saw in 2008 scared the heck out of me, but now it looks like a blip because the scale changed. Hopefully 2022 looks small again in a few years.
The bigger rhe shovel .... I use that quote all the time! I retired from the military several years back and when I did I had $59k in my TSP! It's sad looking back, but I told myself I didn't need the money because I had a retirement. While true, it's still stupid to think that! Fast forward those several years and with combined income over $350k, we're putting away $75k-$100k annually and our portfolio has grown SUBSTANTIALLY!! We're proud of where we came from and look forward to where we're going!
I've been watching youy guys since around 2020. Even though I had been contributing to a 401k for a few years (thank god) I still didn't really understand much and you guys helped teach me how to accelerate my wealth journey. I stayed the course and kept contributing even though it felt really hopeless when the market wasn't doing well. It was disheartening to see the value of my portfolio go down even though I was making hefty contributions each month, but I stayed the course. And now I'm seeing the benefits because I finally reached the point where my portfolio is saving harder than I am. Thank you guys for everything you do!
Paralysis by analysis kills me sometimes, I'm $310k liquid NW at 33, I save $1200 split 50/50 between roth and traditional in my 457, I put another $600 required into my pension, I max out my Roth, and save another $500 at least on top of that a month and I feel like I'm behind with all these metrics but technically speaking, I'm already halfway to $1M. I increase my 457 by $150 every year and also have some cash savings on the side. 2022 my NW decreased by $27k, in 2023 it increased by $83k, hoping for a good year this year, already up $30k in the first half of the year. I know I'll look back in 10 years and be proud of myself, but I just don't see it yet.
Similar situation here. I also do about 50/50 roth vs traditional between 457 and roth ira (max both out). I'm tempted to switch the 457 to all traditional though as roth is not eligible for early withdrawals (before 59.5) like the traditional is. But maybe I won't need a ton either. Planning to retire at 55, which should be easy to use what I have allocated now. But if I retired earlier, I'd want to switch it more to traditional 457 for sure.
Love the inspiring and informative content you guys provide! I'm halfway to the millionaire milestone myself between my retirement accounts, life insurance, brokerage accounts, etc. Praying for the patience to persist so I can enjoy that F.I.R.E. life
This episode has brought some serious financial mutants into the chat! For those getting started, let the comments and this episode spur you on, not discourage you!
Great show! I am watching from the UK, and would like a UK special UK version of the the Money Show Guy Show. To help, maybe Brian and Bo can add a deliverable which translates the US investment types into UK SIPPs and ISAs?
Wife and I made it to #4 at 36. Just moved to 1 income (still living within means and saving) so we get more investment in our young kids. Starting and saving big percentages early was all worth it. Made the choice for going to one income so much less stressful, and is so much more gratifying than a couple nicer cars or bigger house would have been.
Complex question, and maybe not the right place to ask it, but how would you quantify partial ownership in a family business that produces no dividends to owners, but has a large amount of assets, namely real estate.
I posted a comment about how I needed to rewire my attitude about my saving (even though I'm a liquid millionaire at $1.2 million, I still feel behind). I'm working on number five at this point.
I only put my mortgage in debt. I dont put whatever equity anywhere. Ad far as am concerned, my apartment is where i live and I have no intention of ever tapping my equity unless it's an absolute last option.
This was a fantastic episode. I had a few of these in my head (1 m general networth, then liquid (on my way here right now) and then FI. Interesting to think about some of the others. Never really kept track of annual Rate of Return on my investments, but this definitely will add a new geeky level that I can track, so I'm going to start assuming 8% vs actual, and see when I'll hit these other milestones. Pretty sure first 3 are complete and working now on #4.
I want my bridge account to hit a mil. So far away though but building the portfolio is gonna be fun. It's fun to see my 401k grow but can't touch it haha.
I don't include the value of our paid off 390k house when I calculate our net worth. I prefer to just use the liquid pirtion of our assets to calculate our net worth status for the exact same reason Bo stated. It can't provide for our living expenses.
Can you do a video (or point me in the right direction of a video) about how pensions factor into all of this? I'm a teacher and 7.5% of my salary goes into my pension.
My 1st 100k took the standard 8 years. My most recent took just under 3 months, but it had a lot of help from my Nvidea stock. I'm hitting the acceloraror on my contributions and balancing out my account since i can see the finish line. Also prepping to buy more through the next bear market as it should be the last one i need to work through at my 9-5.
Fantastic video. Love you guys. 41 here. Hit 1 mill liquid in investments and also have 1 mill in Real Estate (equity). I don't count or care abt real estate equity. Plan is to keep saving & investing 100k/yr until 55 and then show a middle finger to everything and travel the world. 😂.
Love the content, but this is mostly if you are invested in assets that are purely reliant on the market growing. If you have dividend assets, especially in a tax-free portfolio. You are compounding way faster.
My original comment is 2 months old. The stock market fell last week and we are seeing signs of a recession. I'm 52 and chose not to retire when I could afford it. I have a weekly income and can buy the dip while watching my assets decline in value. I'm seeing deflation in certain areas like rent, clothing, furniture, cars, even food. Cash is king during deflation and it doesn't happen all in one day. Amazon and other great stocks are on sale. Even VOO. Recessions are the best time to make money. People act like a recession is a terrible thing but its not if you prepare for it. Pay off debt in good times. Get financing in place before credit tightens. Save cash. Most importantly, be patient!
Do you guys view investment real estate different than your primary residence. You can sell a duplex rental way easier than you can sell your home. And the market rate of the rental could look different on net worth statement than residence.
I was utterly broke and in debt at the end of 2022. Its been a year and a half. I bought a house and have over 150k in stocks now between all of my brokerage accounts. Sometimes it feels like 1 step forward and 2 steps backwards with bills.
One thing to know when your portfolio earns more than your income you have to factor in you get income and health benefits from work so you have to add that in as well Because if you don't you're gonna have to increase your expenses to pay for health benefits
I hadn't given it much thought, but my wife and I had our net worth increase $142k in 2023, and our W2 wages were $132k, so we are close to financial independence I guess? Seems crazy.
I know. It’s crazy. We felt like we were poor for so many years and after all of the continual investing our portfolio is up over $150,000 in the first few months of 2024. I still get concerned we won’t make our marks but I guess that is good bc it keeps us from overspending.
Financial success is anticlimactic 😅 you just reach ‘the number’ on paper and the world keeps spinning. Same body/health, same mental state, same friends/family, same number of hours in a day you had yesterday. But maybe more freedom if you can wrap your head around writing that letter of resignation 😉
@@majomillan6257 Yeah, I don't update our real estate value annually. We are still probably 10 years of decent returns from the 4% rule covering our expenses. 2023 was just a very good year for investments.
I never counted our home equity or kids investments as part of net worth. We made the 1 million mile stone when I was 39/ 4 yrs ago. We are at 1.5 now only counting our retirement and cash assets. TBH I feel behind and nervous, because I feel the need to max anything and everything. Well can’t really max out the meg back door Roth yet. Since we still wanna live our lives with our 2 young boys lol
excellent content, I just subscribed but have been binge watching for months. Counting the $$ in the net worth is great and all; and I agree with all the milestones. But for me, to not get disappointed when markets decline; I concentrate on share size. For example, I remember when I had 10 shares of VTI, then 100 and so on. With this perspective, whenever there is a market dip; I truly realize I'm getting them on sale, with respect to the current goal of share size.
If I had a dollar for every time Bo said “I am so excited about this”. I would be on track to be a millionaire.
I read that as he said that
I think I need this on a t shirt
No dude.. in last 5-6 years, they released a video once a week. That is just about $300, just saying!!
😂😂😂
@@Sabrap my guy. It’s a joke 😂
Used to think investors lose out amid crash, meanwhile some make profits. I also thought folks went out of business during the great depression, but some went into business. Bottom line, there's always depression for some while others amass wealth gains.
well said, in my opinion, times are crazy now, hence everyone needs a sort of financial planning in order to thrive forward. ideally, investment advisors are the best reps for getting the job done
Right, a lot of folks downplay the role of advisors until being burnt by their own emotions, no offense. I remember years back, amid covid-19 outbreak, I needed a good boost to help my business stay afloat, thus researched for licensed advisors, and thankfully came across someone of excellence. She's helped grow my reserve notwithstanding inflation, from $350k to nearly $1m as of today.
How-can I reach this ad.visers of yours? because I'm seeking for a more effective investment approach on my savings???
@@Erinmills98 Kristin Amy Rose killed my dog.
I think the key is having some cash to invest when the crash hits.
Nice insight! Big fan of your channel, I Retired with a seven-figure portfolio and i'm receiving over three hundred grand in dividends yearly. I've been investing in stocks for nearly ten years. Passive income is likely one of the most essential and central ways millionaires accumulate wealth. I started putting money into ETFs and other stocks last year, 2k weekly to be precise and my ETF portfolio has risen to 190k since i started January last year, whereas what I have invested is 48k. I'm grateful for my broker Dianne Sarah Olson, who handles all of my investments and ensures I stay above the market.
I did read about Dianne Sarah Olson on the web., quite a great resume she has
That's quite impressive, you surely made a good bit of money..
i made my focus on looking at investing from a long term perspective and watching it compound
Found her webpage by looking up her name online.... Her resume is quite outstanding, I'll be writing a mail to her shortly.
Successful investing is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and just craving a little action. Investing is 5% intellect and 95% temperament.
Government policy has thrown the future under the bus for decades. The day of judgment is near. I predict an 80% drop in the stock market. Investors will abandon stocks in favor of real estate. There will be no money in banks... You must devise a strategy for survival.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Annette Christine Conte turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.
1. First 100k
2. Portfolio growing more than you’re saving
3. $1 million net worth (total, not just liquid)
4. $1 million net worth (liquid)
5. Portfolio growing more than your salary
6. Financial Independence
Thank you!
Hoping to hit milestone 2 this year or next! 🎉
Am 41 years old. Started saving intensely 6 years ago. I am at #2. Hopefully I get to #4 before 50
Then you can start enjoying life boarding a plane in a weeelchair.
We reached step #4 and are now staring at the nearly impossible climb it's going to take to get to step #5. I'm in my early 50s and running out of runway.
It's a nice problem to have but can we just cheat a little by simply taking lower paying jobs?
Net worth truly snowballs after $100k! Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE!
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to my FA, my portolio is doing really great and im proud of the decisions i made last year.
Nice. People often underestimate financial advisors' importance. Over 50 years of data reveal that those who work with advisors typically earn more than those who go it alone. I've been fortunate to work with one for 13 years, resulting in a $1 million portfolio, largely from early investments in AI and other growth stocks.
I've been considering but haven't been proactive. Can you recommend your advisor? Could really use some assistance.
Kristin Amber Landis is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip
Only if a good amount of folks do what you guys teach, just imagine how many millionaires we already have or will have in the future. Not the sad statistics where at least 50% of people are living paycheck to paycheck, even for high income earners. Great contents as always!
I have been telling myself for years to do what is necessary: open a brokerage account, buy ETFs or whatever, just play it safe. My last five or six New Year's resolutions have included this. However, I can't force myself to do it, for some reason. I think it's time to admit that I'll never be the smart, thrifty, DIY investor like all millennials are supposed to be.
I believe every Investor should start with ETFs for a solid foundation, then diversify across asset classes and maintain disciplined, regular investing to minimize risks and maximize growth.
Very true, I diversified my portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across growth stocks, dividend stocks & ETFs.
Your advisor seems competent. Could you share how I can reach out to them? I've recently sold some property and i am interested in investing in stocks.
'Melissa Elise Robinson' is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
Brian: One day you’re gonna be my age
People older than Brian: 😮
I'm 25 now. Since 22, I went from -$80k to +$100k in net worth. Watching you guys keeps me motivated so thank you for all you do!
Congratulations reaching $100k! That’s a huge milestone. Just curious on how you learned about how finance. We are trying to get our grandson’s on the right path.
Congratulation! Took me more years to do the same! You doing great! 🎉
@@eightsprites Thank you! I’m sure you are doing great as well!
congrats! do you have plans to buy a residence?
@@Darkbunnyess thank you! Not really for another few years. I live in an expensive area, currently split rent, and may move by 2026.
The wife and I just hit the $1mil mark this year at 34. Focusing on after tax brokerage contributions now!
congrats, that's awesome. Well done
That’s absolutely insane. Awesome! Plan to get to 1 mil before the average, preferably at 40. But it’s gonna take a lot of work, luckily I still got time on my side since I’m 24.
Super dope and shows the power of 2 can accelerate vs just on your own. Congrats
Amazing! Just passed $300K at 36 yr old.... hoping to hit $1m at ~42 and then $2m at ~50
@@RushButter I'd bet you'll hit it earlier than that! Especially if you keep the big ticket items down for a while. You've got this!
Love the content but one step is missing. The most rewarding financial milestone I’ve hit is achieving a zero net worth by paying off all my student debt. I don’t remember when I hit $100,000 but I can tell you the exact minute I hit zero.
Yes! I’m currently in that stage. I’ve gone from -40k net at graduation 4 years ago to being (almost) at 0 when factoring in investments, etc. Looking forward to that milestone later this year hopefully!
That is an excellent reason to celebrate.
I’m halfway there, can’t wait till mine hits zero
Completely agree with this one. I started tracking my net worth when I completed grad school with -$50K net worth and I remember celebrating when I hit $0 net worth 18 months later because I lived CHEAP. It felt like a turning point and my path to F.I. started in earnest.
When you paid off your loans, you had $0 and no items?
A couple extra of my personal financial milestones:
1. Back to broke (Net worth = 0)
2. Student loans paid off
I haven’t quite yet hit my first milestone, but I have hit your first milestone!
Thanks for the content 😊
I discovered this channel about 2 months ago, and you guys ignited such a fire in me and I've now binged so many episodes that I could probably record an episode at this point, haha
The difference is night and day LITERALLY. (I'm now working night shift to earn the 10% shift premium) I'm that excited about earning and saving more.
Currently watching and typing this comment while in hour 14 of the double i volunteered to work, something that a few months ago i would have scoffed at.
It will take me another year or so to atone for all the mistakes i made before. But, if i hadn't found you guys I'd still just be digging the hole. On track to be able to claim financial mutant status around July, 2025. Won't type a novel explaining every detail, but suffice to say... THANK YOU!
My first book comes out on May 28th- please share with your friends, family, and co-workers moneyguy.com/millionairemission
Great effort. I had a similarity thing happen in late 2022, I never did any overtime, but this past 18 months I started slowly and built up to a decent amount a week and now I'm getting more done and earning more. Massively boosted my savings. :D it feels so much better knowing you working for something at work rather than cruising along with no goals.
I think you’re already a financial mutant by the description you provided. When you hit that “financial mutant” moment you think of, nothing would change from what you’re currently doing. You’re doing what it means to “be a financial mutant”.
It is a mindset, not a number. The numbers follow.
Keep up the hard work. When the honey moon stage wares off its hard to stay focused. Keep the eyes on the prize
@RobertBeedle Still going strong! Won't pretend there aren't hurdles but once I've escaped the mounting problems I accrued when I was financially uneducated, I'm still very excited by the prospects. July next year still on track : )
THIS! This was the video guys! My wife and I are on our way to that $1M portfolio by age 32 and things are exciting! It’s great to hear words of encouragement and to get a little piece of that excitement before we are there. Thanks for all the free knowledge you guys share with your audience!
27 years old with a portfolio of $120k and contributing almost $50k a year into the accounts (401k, two Roth IRA’s and Non-retirement). This video made me feel a lot better! Thanks guys! I started when I was 18 when basically my former mentor forced me to start my 401k at my previous company. He said “one day you will thank me”. I thank him everyday!
Keep it going
It might be the best time to be alive with all this high-yield free content available on the internet!
Don’t you know it!!! When I started my career in the 1989s, all I got was a brochure. The employer had just switched from pension to 401K and there was almost no help. Back then, most people had pensions and so very little help from relatives/neighbors. In fact many considered stocks as gambling and said “NOT to put your savings into stocks.” What saved me was a coworker had been in the financial world and steered me to the S&P 500.
Brian is EXCITED too!!
This was the best video that yall put out in my opinion! Im 24 now and just set my first goal of saving 10,000 this year, and i am so encouraged and hopeful for my family’s future! Thanks guys!
Long-time viewer here. Finally subbed. Ya'll are so impactful and really passionate about finance. Thanks for the tools and tips!!
This should be a deliverable to go along with the FOO.
It will give Brian more laminated papers to rattle around too!!😂😂
@18:00 -- You only need to invest more for a shorter period of time to really accelerate. Your contributions for the first 30-50% of the time horizon is more valuable than the rest.
So if people see investing more as a temporary goal so that you can let compounding do the rest it can give some encouragement to do larger investments just to get you jump started for the first couple years then go down to the 1,000$/month after that.
You realize that if Bo is not excited… the video is not worth watching! Love the channel!
One of the best things you’ve ever done. Sharing with everyone I think will benefit.
This has been one of my favorite videos from you guys, and I watch religiously! Thanks for the real, encouraging examples and benchmarks! 💰
One of my favorite topics to date. Thank you!
I have no memory of when I crossed the $100K mark. It was a long while ago, I know that. I remember it seeming forever that I was in that $30K - $60K range. Mainly I just kept investing, didn't change anything when the markets were down, and didn't bother to check the balance. I do remember one time when I checked the investment balances and it was over $1M (We don't count our house or cars in our net worth calculations). That was quite a surprise as I didn't think we were anywhere close. Fwiw it took us about 28 years to get to a little over $2M in investments. And for most of my career I have not been a high income earner. But we've lived modestly and well below our means even when I wasn't earning very much.
Heh, I remember when I did. 2007. Been investing for almost 9 years at that point. My supervisor was yelling at me about some cases that I supposedly done wrong, and I had opened my account statement before I came into work. When I discovered I hadn't done those cases, and I saw that $100,000 mark, I knew that I could quit, pay off my house, and go say, "would you like fries with that?"
I walked over to her office, yelled at her about how I didn't do any of those cases, threw them at her and proceeded to storm out.
Strangely enough? I wasn't fired. That supervisor was hated, so no one snitched on me. 😆
I am at 70k in my investing and it’s all in SCHD. I plan on investing 2k over the next 12 months and then 1k a month until 60. My goal is to be over 100k next July 2025.
Also, I own a 3 bed 2 bath brick home, 20 acres and all vehicles and ATVs are laid off (zero debt).
I also retire from Army in 2 years, if I decide to. Playing the long game, I’m 42 years old.
We should be good.
I'm going to setup my 13 year old a Roth IRA this year with her first earned income. Help her get to over $100k in a roth by the time she graduates college. If she just leaves it from there, she'll have $5-10 million in a roth when she hits retirement. If she kept maxing it out, she'd have $10-20 million in a roth IRA.
We have been at this place for a while now. We are just now letting go of the purse strings a bit. I FIRED when DD was born, hubby is in coast mode at his job, when there is this kind of money in the bank, you get to tell the boss NO a lot more, and the bosses tip toe around you a lot more. I want everyone to know this IS possible even in this current time. The first 100k is really the hardest part, the rest just takes time. Hubby could FIRE any day he wants. The idea is to have hubby keep working at his easy job till the kid graduates college. Then we will just cash flow her schooling.
My most significant milestone was when my liquid net worth times the risk free interest rate was equal to our greater than my annual spend.
I really liked the end, talking about the abundance cycle, and giving. And that Brian & Bo are not looking to gouge people for money, but that they’re here to help, and that while they’re doing well, they want to uplift others.
I liked it because most younger viewers don’t need guidance, and it’s nice that they said they’d be here when we need it, and, for the time being, to simply use the free content they provide and set yourself up for success.
It’s a really cool thing to think about, this “abundance cycle”!
I want to be like that in my life, and in some ways I do, I just need to keep up on it!
Long time listener and i have been trying to explain this to fellow financial mutants lately as you guys have been hinting at these different steps for a while. Thanks for putting it in a nice package here. My only caveat would be that "FIRE savers" (greater than 50% savings rate) might reach step 6 before step 5 or even 4 depending on income.
When the first step is 100k, you know the video is gonna be good
We've had several exciting milestones this year. First 100k, almost to our second 100k, saving about 65% of our income right now, opened and maxed a Roth IRA, have 2 jobs that started offering retirement and investing to the match at both.
Im on track to retire with a 8 figure fund, never thought that would be me. The first time it returned 6 figures i was kinda in shock. Now it might return 7 figures in retirement and that doesnt seem possible.
For those of us who aren't high earners (middle school teacher here), videos like this excite us until the first milestone rolls out and then they discourage us. "If you can save $10,000 a year...." Bro, really? Can you do a lower-middle-class version of this?
…10k/year savings doesn’t equate to being a high earner. That’s 20% savings rate on a 50k salary, hardly a high earner.
@@dkaikI started my career in 1991 as an entry level professional, my first salary at the time was $20k a year. Tell me how this math could have worked out for me at that time.
They're speaking in 2024 dollars. That would be equivalent to saving $4350 in 1991 - a 20% savings rate isn't impossible depending on your expenses
Bo loves to say “I'm so excited about this “😂❤
He's always excited
I started saving and investing at age 23, reached 1 million net worth at age 46, 2 million net worth at age 52, 3 million net worth at age 55. My home is worth $250k (I paid 160k) and I'm debt free including house and cars. I plan to retire at age 60 so I'll go with a 60/40 or 50/50 portfolio as I get closer then at age 67 I'll start SS and my workplace pension for about 6k a month total. The 4% rule will work and the added income will lower the amount I have to withdrawal to 3%.
I spent most of my 20 and half of my 30’s spending everything I had traveling and partying with $25k in my 401k by 35. Now I’m 45 and thanks to my house, this year I am now worth $1.1 million.
Great show. Thanks for your service❣️🙌🏽🙏
Experienced milestone 5 in 2021 and it felt wonderful. But 2022 lost me that growth and some. 2023 milestone 5 again.
The swings at this point are pretty wild. The dip I saw in 2008 scared the heck out of me, but now it looks like a blip because the scale changed. Hopefully 2022 looks small again in a few years.
This is *THRILLING!* I feel a bit better about my army of dollars now
The bigger rhe shovel .... I use that quote all the time! I retired from the military several years back and when I did I had $59k in my TSP! It's sad looking back, but I told myself I didn't need the money because I had a retirement. While true, it's still stupid to think that! Fast forward those several years and with combined income over $350k, we're putting away $75k-$100k annually and our portfolio has grown SUBSTANTIALLY!!
We're proud of where we came from and look forward to where we're going!
I love Brian’s intros lately haha reminds me of my dad who is also successful, but still a little goofy 😂
I've been watching youy guys since around 2020. Even though I had been contributing to a 401k for a few years (thank god) I still didn't really understand much and you guys helped teach me how to accelerate my wealth journey. I stayed the course and kept contributing even though it felt really hopeless when the market wasn't doing well. It was disheartening to see the value of my portfolio go down even though I was making hefty contributions each month, but I stayed the course. And now I'm seeing the benefits because I finally reached the point where my portfolio is saving harder than I am. Thank you guys for everything you do!
Paralysis by analysis kills me sometimes, I'm $310k liquid NW at 33, I save $1200 split 50/50 between roth and traditional in my 457, I put another $600 required into my pension, I max out my Roth, and save another $500 at least on top of that a month and I feel like I'm behind with all these metrics but technically speaking, I'm already halfway to $1M. I increase my 457 by $150 every year and also have some cash savings on the side. 2022 my NW decreased by $27k, in 2023 it increased by $83k, hoping for a good year this year, already up $30k in the first half of the year. I know I'll look back in 10 years and be proud of myself, but I just don't see it yet.
You’re doing well for your age & better than most. The fact that you care means you’ll make it.
Go run some scenarios on honestmath and you’ll see how fine you are.
Similar situation here. I also do about 50/50 roth vs traditional between 457 and roth ira (max both out). I'm tempted to switch the 457 to all traditional though as roth is not eligible for early withdrawals (before 59.5) like the traditional is. But maybe I won't need a ton either. Planning to retire at 55, which should be easy to use what I have allocated now. But if I retired earlier, I'd want to switch it more to traditional 457 for sure.
@@zachhecksel2920 That's why I do 50/50, not sure if I'm going to retire early or stick it out till 62 to get my full pension.
Has someone else already created The Money Guy bingo to play while watching or do I need to do it?
Love the inspiring and informative content you guys provide! I'm halfway to the millionaire milestone myself between my retirement accounts, life insurance, brokerage accounts, etc. Praying for the patience to persist so I can enjoy that F.I.R.E. life
Thanks for the weekly reminder to stay the course!
Bo has an interesting smile towards the end when Brian talked about "working with us and Millionaire mission"
This episode has brought some serious financial mutants into the chat!
For those getting started, let the comments and this episode spur you on, not discourage you!
Great show! I am watching from the UK, and would like a UK special UK version of the the Money Show Guy Show. To help, maybe Brian and Bo can add a deliverable which translates the US investment types into UK SIPPs and ISAs?
Age 44 and only halfway to the “bowling point.” Take it from me kids, start early, cuz your back can’t work as hard in your forties.
Wife and I made it to #4 at 36.
Just moved to 1 income (still living within means and saving) so we get more investment in our young kids. Starting and saving big percentages early was all worth it. Made the choice for going to one income so much less stressful, and is so much more gratifying than a couple nicer cars or bigger house would have been.
I feel you. Been only income for my household pretty much the whole time. Been trying to do 50% savings which is only $2000 for past 5+ years.
Thank you for sharing these milestones. They are very helpful no matter where someone is on their financial journey!
This video was actually perfect for what I needed on my financial journey! Thanks for the goals and landmarks I will shoot for!
Complex question, and maybe not the right place to ask it, but how would you quantify partial ownership in a family business that produces no dividends to owners, but has a large amount of assets, namely real estate.
Great episode, nice work! My favourite one (Avid watched for 3 years or more)
This was a cornerstone type of episode. Thanks for this !
I posted a comment about how I needed to rewire my attitude about my saving (even though I'm a liquid millionaire at $1.2 million, I still feel behind). I'm working on number five at this point.
I'm older than Brian, lol, but this is true. Routine investing year after year will get you to multi millionaire status
The boring middle is real as well. We’re in our 30s and we’re in the boring middle; better than messy middle lol
On track to be a thousandaire
Haha 🎉
I only put my mortgage in debt. I dont put whatever equity anywhere. Ad far as am concerned, my apartment is where i live and I have no intention of ever tapping my equity unless it's an absolute last option.
That "bowling point" though XD nice work guys! Great show!
This was a fantastic episode. I had a few of these in my head (1 m general networth, then liquid (on my way here right now) and then FI. Interesting to think about some of the others. Never really kept track of annual Rate of Return on my investments, but this definitely will add a new geeky level that I can track, so I'm going to start assuming 8% vs actual, and see when I'll hit these other milestones. Pretty sure first 3 are complete and working now on #4.
On my way to $1 million, let's go FIRE!
the videos just keep getting better
Unpopular opinions
1. A house is a liability
2. Only way I count a true millionaire is by liquid assets only
I'm on the precipice of milestone number 4! should definitely happen next year but might could happen this year
I want my bridge account to hit a mil. So far away though but building the portfolio is gonna be fun. It's fun to see my 401k grow but can't touch it haha.
This is very similar to their video on the Levels of Wealth
I loved the book!📚
Wonderful and encouraging video, guys!! Thank y'all so much!
I don't include the value of our paid off 390k house when I calculate our net worth. I prefer to just use the liquid pirtion of our assets to calculate our net worth status for the exact same reason Bo stated. It can't provide for our living expenses.
You can track both net worth and investable assets on your yearly statement
@@Yugiboii I know. I choose not to do so, but thanks.
If I live at home for another 9 years at sp500 8% average return, I’ll be a millionaire.
Always Amazing Content !
How do you think about net worth as a married couple. Is it one combined number? Is it that number divided by 2? Individually calculated?
Can you do a video (or point me in the right direction of a video) about how pensions factor into all of this? I'm a teacher and 7.5% of my salary goes into my pension.
My 1st 100k took the standard 8 years. My most recent took just under 3 months, but it had a lot of help from my Nvidea stock. I'm hitting the acceloraror on my contributions and balancing out my account since i can see the finish line. Also prepping to buy more through the next bear market as it should be the last one i need to work through at my 9-5.
It’s really hard to take someone with a Cybertruck model seriously
Fantastic video. Love you guys. 41 here. Hit 1 mill liquid in investments and also have 1 mill in Real Estate (equity). I don't count or care abt real estate equity. Plan is to keep saving & investing 100k/yr until 55 and then show a middle finger to everything and travel the world. 😂.
Great one boys
I AM SOOOOO EXCITED
Love the content, but this is mostly if you are invested in assets that are purely reliant on the market growing.
If you have dividend assets, especially in a tax-free portfolio. You are compounding way faster.
I’m 21 with $10k in my 401k and making $85k a year, is that good?
You probably know, 23,000 is 2024 max contribution for your age cohort. Focus on a bigger shovel . Good luck!
It's a great start! I'm on my way to multi-millionaire status and I had less and was making less at 21. Focus on saving 25% and you will do well!
My original comment is 2 months old. The stock market fell last week and we are seeing signs of a recession.
I'm 52 and chose not to retire when I could afford it. I have a weekly income and can buy the dip while watching my assets decline in value. I'm seeing deflation in certain areas like rent, clothing, furniture, cars, even food. Cash is king during deflation and it doesn't happen all in one day. Amazon and other great stocks are on sale. Even VOO.
Recessions are the best time to make money. People act like a recession is a terrible thing but its not if you prepare for it. Pay off debt in good times. Get financing in place before credit tightens. Save cash. Most importantly, be patient!
Best video on UA-cam that I have seen in a while! Thank you!
I absolutely love the content! Thank you for all that you do!
Is this for individuals or households?
Do you guys view investment real estate different than your primary residence. You can sell a duplex rental way easier than you can sell your home. And the market rate of the rental could look different on net worth statement than residence.
I was utterly broke and in debt at the end of 2022. Its been a year and a half. I bought a house and have over 150k in stocks now between all of my brokerage accounts.
Sometimes it feels like 1 step forward and 2 steps backwards with bills.
One thing to know when your portfolio earns more than your income you have to factor in you get income and health benefits from work so you have to add that in as well Because if you don't you're gonna have to increase your expenses to pay for health benefits
I've been waiting for this content...a million is not what it used to be... let's hit 10m
Bo “I’m so excited” Hanson
Slam dunk show. Bravo
I hadn't given it much thought, but my wife and I had our net worth increase $142k in 2023, and our W2 wages were $132k, so we are close to financial independence I guess? Seems crazy.
I know. It’s crazy. We felt like we were poor for so many years and after all of the continual investing our portfolio is up over $150,000 in the first few months of 2024. I still get concerned we won’t make our marks but I guess that is good bc it keeps us from overspending.
Financial success is anticlimactic 😅 you just reach ‘the number’ on paper and the world keeps spinning. Same body/health, same mental state, same friends/family, same number of hours in a day you had yesterday. But maybe more freedom if you can wrap your head around writing that letter of resignation 😉
Only if it increased in liquid net worth not real estate
@@majomillan6257 Yeah, I don't update our real estate value annually. We are still probably 10 years of decent returns from the 4% rule covering our expenses. 2023 was just a very good year for investments.
I never counted our home equity or kids investments as part of net worth. We made the 1 million mile stone when I was 39/ 4 yrs ago. We are at 1.5 now only counting our retirement and cash assets. TBH I feel behind and nervous, because I feel the need to max anything and everything. Well can’t really max out the meg back door Roth yet. Since we still wanna live our lives with our 2 young boys lol
I do appreciate the Scorpion intro this time.
excellent content, I just subscribed but have been binge watching for months. Counting the $$ in the net worth is great and all; and I agree with all the milestones. But for me, to not get disappointed when markets decline; I concentrate on share size. For example, I remember when I had 10 shares of VTI, then 100 and so on. With this perspective, whenever there is a market dip; I truly realize I'm getting them on sale, with respect to the current goal of share size.
Grate, let me get a crazy paying job by tomorrow.