Good for you. Especially if you’re young, keep going. I tell my kids, if you do this well, you may be able to retire at 45 or 50 or just be able to work where you want without money being the motivation.
Great job!!! Keep up the good work @carpelunam !!! You can do this! I'm so excited everyday knowing that I'm building a great life for myself while also living a great life right here and now!
Congratulations on 300K! You guys give great advice and it's obvious that you truly want what is best for your audience. We all appreciate you so much.
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look.
@Marjorie C. Larson Such market uncertainties are the reason I don’t base my market judgements and decisions on rumours and here-says, got the best of me 2020 and had me holding worthless position in the market, I had to revamp my entire portfolio through the aid of an advisor, before I started seeing any significant results happens in my portfolio, been using the same advisor and I’ve scaled up 750k within 2 years.
THis comment is spam, report it everyone. They always do the same scam. They buy up SEO on some random name, build a site, and then name drop them in the comments using sock puppet accounts.
The term "second home" seems a common source of confusion (both here and other podcasts). How about "next home" which implies the upgrade rather than "a second home in the mountains (or on the beach)." 56:51
Glad I did not listen to 20%. I focused on the overall affordability of the house being under 25%. Put 0% down with a 2.75% interest rate. Made $35,000 in equity and will hopefully keep it for a long time.
Best advice of the year yet you've made so much point. Saving a day off work is the best step to financial freedom. I would really love to get started investing
Great show folks, however, I believe the Trinity Study wasn't done the way Brian characterized it. Rather than calculating 4% of your investments at the beginning of year 2 of retirement, and also subsequent years, and taking that as a withdrawal for that year, you calculate the 4% at the beginning of retirement and continue withdrawing that same amount all through retirement. You only calculate the 4% once when you start retirement. Table 3 of the study shows that even if you adjust this initial withdrawal amount by inflation using the CPI, a 50/50 stock/bond asset allocation would succeed for 30 years 95% of the time.
I’m age 36 and have $21k invested in a Roth, and around $36k in a traditional account. For years I’ve hoarded my savings in a checking account, but now I’ve invested most of it, so maybe I still have time left. I don’t plan to retire until I’m at least 65, so perhaps all my time hasn’t been wasted.
Brian! I'm pretty sure the 4% rule is 4% of starting balance, adjusted for inflation, throughout retirement. I don't think they modeled downshifting in recessions.
We used the benefit and pulled out $75k as a down payment on a house that allowed us to purchase before selling the current house at the very beginning of the pandemic (April). We then got everything done before moving in and sold our house at the end of the year when demand skyrocketed and got $50k more in October than we would have in April. Quite the return and paid everything back in before the end of the year.
Great show as always. I have to note that Brian didn't actually answer that last question about the mega-backdoor Roth, he just explained what it is, not whether or not Jason should work on maxing that out before contributing to a taxable account. I guess maybe that's a little too in the weeds for the show, as I've tried a couple times to get this question answered, too. Or maybe that's just down to personal preference. I suppose the megabackdoor Roth route is technically better if that money is definitely only going to be used for retirement, but the taxable route allows you to pull that money back out for those unexpected opportunities Brian has talked about and possibly do some tax loss harvesting in down years. So I'm always torn on how to balance my megabackdoor Roth and taxable contributions. Part of me wants to take advantage of the MBD Roth while I have it since it's not certain I always will, but the flexibility of the taxable account is a big draw as well.
If Bo were here he’d immediately say “we can’t give you personalized advice because we don’t know every aspect of your situation”. I’m sure Brian feels the same way he just doesn’t explicitly say it
401k balances are only up 5% because the other 65% was lost to management fees. I used to have a mutual fund and a self directed brokerage until I realized the self directed brokerage was making a larger return every month than the mutual fund was in a year. I got rid of the mutual fund. Americans are bad a growing wealth because other than a very small percentage, they have no money because its all tied up in a house and car, food, rent, clothing etc.... and the majority of us aren't paid enough. 40k a year was great money 30 years ago. Its basically minimum wage these days. Can someone please tell me why a house that starts breaking down and needing bits replaced the second you buy it appreciates but a car that does the same thing depreciates????? How is a house an investment but a car that you need just to go to work to pay for the house is a liability?????
Congrats on 300k subs! Well deserved! This show has really opened up my passion for personal finance so much so that I'm considering starting my journey towards earning a CFP status. I would love to start coaching and helping people get on the right track.
@TMG are you recommending $400-500k for the individual or household? Also, can you explain why a "young person" should sign up for an AUM advisor? Seems as though this is equivalent to the 1-2% fees that you tell us to avoid!
It’s 500k household investable assets, that’s probably their firms minimum. The AUM model can be expensive but some of these advisors provide a lot of value in the form of in the form of tax advice, asset allocation, risk tolerance management, estate planning advice, insurance advice, trust advice etc… Definitely not for everyone with those kinds of assets though. Also a lot of the advisors out there are very bad. I also don’t know that it always makes sense to keep an AUM advisor as most tend to do a lot of the heavy lifting in the first year of the client relationship. Definitely will at least partially pay for itself if you have a talented advisor.
I’m a big fan of money guy and team after graduating from Ramsey. With all due respect Money Guy has a different goal in mind to meet the needs of financial mutants like myself! I’ll be calling once I hit that $500k milestone
I have several different retirement accounts, which include a couple of rollover IRAs, a 401(k), a defined contribution plan, and a Roth IRA. Some of these are with different companies. Something tells me that I doubt very seriously that they’ve bothered to crosscheck to see how many accounts each individual may have. So I think those numbers are skewed.
The ONLY time I pulled money from my IRA compatible account (so far) is in 2020 when I was looking for work because I was laid off by my employer. I took advantage of the Cares Act to withdraw enough money to pay off my mortgage since I had no idea how long I would be looking for work. It turns out that I found work about 45 days later. I did not pay back the retirement account. I just paid the tax on that money over the next 3 years. No regrets for doing what I did. I'm currently contributing 15% into my Roth 401k.
Congrats on 300k!!! I'm just about there - been following your channel since 2021 and about to hit the mark where I will need a co-pilot in the next leg of my journey! P.S. Where can I get those stickers "Respect the FOO" and "So Excited?" LOL.
I start most mornings with the MG, and lately all l'm waiting to hear is "army of dollar bills!" Please keep incorporating this satirical/metaphorical phrase. Congrats on 300k.
This video is accurate. Lots of people went on shopping sprees during covid. It would be nice to see a video on the percentage of people who lose large amounts of wealth to hospitals and nursing homes the last few years of life.
Brian, your subscribership growth is akin to investing. It took you guys forever to get past 25,000 subscribers and then a while to get to 100,000 and now faster and faster you got to 300,000.
fortunately I have no debt, great federal pension will wait for FRA for SS, won't touch IRA/TSP except to ROTH convert, the pension covers monthly expenses and has a yearly COLA
lets be honest, housing isnt just out of control because of rate hikes and such, housing is also out of control because of landlords who buy up the supply and drive up prices and rents
I love your point about the cost of transportation. I really wish more Americans see this. I just bought my second multifamily and never eould have been able to do it if i had a car payment! It's definitely not doable for everyone, but it's doable for more people than you'd think.
Moved into the US from another country, able to max out roth ira, hsa, and employer match 401k with a little extra to make it to 25% mark and a fully funded 3-6 months emergency funds and ddductibles covered. Your channel has been really helpful for my investing needs 😊
Have to look at the individual people, that 40c pulled out of every $1 invested in retirement fund may not tell you that it is the same 50% of people who keeps withdrawing all of it repeatedly. Those who invest in things like S&P500 are also generally those who are financially stable enough to not need to touch it long term, they leave it in there when the share prices goes down as much as when it goes up, some years are in negative and others have high gains and dividends, it takes many years to average that 8-10% per year gain.
I have not watch but the first 2 min of the video i wouls say becase evertime the market dops people cut the % they are putting into there 401k and as the maket comes back they but in more.
Damn, if I only made 5% in 5 years I would be better off just spending it… oh wait that’s what they are doing. It was tempting to take out money with the penalty waiver to pay off the house but I fought off the urge with the logic that my interest rate is 3.5%.
I just went through my funds this morning and it looks like the average across the board PRMTX / PRDMX / PRSCX / PRCOX / etc... (17 total funds). and it looks like they are averaging 23% for their 1 Yr. returns. Does this seem possible and is that just some recovery from the Bear Market that has plagued us since COVID? Should I expect that to drop in the next few months? I don't plan on retiring for 10 or more years and I use 7% before and 4% after retirement for planning purposes. I will make about $57,500 this year and expect to contribute $37k into retirement funds this year. I have my house paid off and run a zero balance at the end of each month. At 54 with $148k saved and a 64% pension to add to any SS income, I don't expect to retire rich, but don't want to be collecting cans to make ends meet.
You need to look at some scenarios and assess your risk tolerance before you can answer that question. For example - are you okay losing 50% for a year or more, knowing you have 10+ years to gain it back and more? Most retirement accounts have a target retirement fund for people who don’t know and if you haven’t done anything in your account, that’s most likely where it is.
401K's put the onus of investing in the hands of the workers who don't know how. They get fleeced with fees and management costs that can decimate their retirement plans. There was a reason pensions were the workers choice and 401k's were intended as a supplement. Now, they are the primary retirement plans for most workers who are doomed.
Good show! Question...why does your site require a name & e-mail address before we can access your free resources? What if we are not comfortable sharing that information...yet...or receiving solicitation e-mails from your firm? I'd like to be able to view some of your free content and then decide if I'm ready to take the relationship to the next level, at which time I'd provide my information.
Fortunately we are not marketing spammers. We use our email list primarily to share important announcements. We do send blast emails when we run pricing specials on tools and courses but that is not very often. My goal on asking for email addresses is so I can know my audience. Platforms change or restrict and I would be devastated if I lost access to my Money Guy family. I hope this helps and I completely understand your hesitation 👍
Yes, I took $90,000 out of my IRA and put it in my brokerage account and grew it from there. I should have taken out $100k. The tax was spread over 3 years (a once in a lifetime opportunity). I had too much pretax money and my brokerage account will help me better manage ACA subsidies, taxes, Part B and D costs etc. My last tax on the remaining $30K was paid for 2022.
Well I think you need to understand that this hasn't and still isn't taught in today's education system. Thank god for UA-cam and other platforms that shed light on this. Many Americans just throw money into a 401K or another investment portfolio and leave it alone instead of tracking the market, their investments and Congress.
Fidelity/Vanguard: vti and vxus, or heck just buy a target date fund! American: yolo? F/V: no...target date please American: yolo. F/V: t- American: i yolo'd, wall street bad
I disagree that bonds are ever a good investment as they often lose value to inflation because the returns are so poor. Dividend indexes should replace bonds entirely. Young people especially have zero reason to put a single dime into bonds.
I think the reason why people prematurely withdraw money from their 401k is because they don't understand really what their 401k is for. I don't think they really understand what it's doing. I think they just think that it's a random account that they've been putting money into and they don't realize how much money your investments will profit you over time. They just don't understand what it is. Alot of people have a 401k and don't really know what it does.
I appreciate the information and the hosts seeking to provide free education. The problem I have though is that channels like these feel grossly out of touch with the average Americans struggles. Looking at the data and placing judgement for example on those that pulled from their 401k during the pandemic rather than seeking to better understand is a missed opportunity to connect with a larger audiance.
How much did the “great retirement” affect this? These are going to be your huge savers over the years.. you pull a ton of those folks out of the equation.. or all of those folks all of a sudden move into bonds/ fixed/ lower % low risk funds.. this could be a huge difference in the overall numbers.
Money guy: in your 20s take some risks. (Pause video). Me: Proceeds to send money to African prince emails for my 1000X return. Money Guy: (unpause video)... Buy some equities... Me: 😢
I'm that guy who asks his friends what they have for retirement, most laugh and say zero. A handful have their employers 401k with no clue how it's performing. When I signed up for my employers 401k they had 20 black rock plans to pick from that have all lost 30+% over the past decade, or company stock which is up 15% over the same time. It's down ytd but I consider it onsale. Plus they are a dividend king so I feel comfortable with this for now.
50,000*1.08^(30) = 503,000. 50,000*1.08^(31) = 543,000. Howre they getting 546,000 after 30 years at 8% rate of return? He withdraws on his 35th birthdat and retires the day before his 66th birthday?
what a surprise: in every youtube channel is full of comments of Americans making gazillions here, gazillions there, but then when I fly First, I am surrounded by Chinese and French, while big fat americans go to cattle class. Wonder where all these magicians of investments are
I think this should be renamed Americans are horrible at saving. I pulled out retirement to start a business a few years ago and sold it a few years later. It was a great investment. I know several people here like equities, but I would say take a more active role in your investments and you will see a higher return. That is just me, but others may have a different opinion.
yesterday I hit $20,000 invested which was a huge goal for me and I really have to partially thank the Money Guy Show and its free educational content
Congrats! Way to go!!! Wait till you hit your first $100k. That will feel amazing! Then $500k and finally $1mil. Keep it up
Congratulations!
Good for you. Especially if you’re young, keep going. I tell my kids, if you do this well, you may be able to retire at 45 or 50 or just be able to work where you want without money being the motivation.
Wow i also recently hit over 20k invested too!
Great job!!! Keep up the good work @carpelunam !!! You can do this! I'm so excited everyday knowing that I'm building a great life for myself while also living a great life right here and now!
Congratulations on 300K! You guys give great advice and it's obvious that you truly want what is best for your audience. We all appreciate you so much.
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look.
@Marjorie C. Larson Such market uncertainties are the reason I don’t base my market judgements and decisions on rumours and here-says, got the best of me 2020 and had me holding worthless position in the market, I had to revamp my entire portfolio through the aid of an advisor, before I started seeing any significant results happens in my portfolio, been using the same advisor and I’ve scaled up 750k within 2 years.
@Marjorie C. Larson Having a counsellor is essential for portfolio diversification. My advisor ASHLEY AIRAGAHI who is easily searchable.
Don't forget we are increasingly printing to solve problems in the economy which usually result in asset gains
THis comment is spam, report it everyone. They always do the same scam. They buy up SEO on some random name, build a site, and then name drop them in the comments using sock puppet accounts.
Proud of you guys to hit 300k subscribers; this is the #1 finance UA-cam channel I recommend! Thanks for all the wisdom!!
For each graphic shown, is there any chance you can put the sources in the video description??
The term "second home"
seems a common source of confusion (both here and other podcasts). How about "next home" which implies the upgrade rather than "a second home in the mountains (or on the beach)." 56:51
Thanks, guys, for all you do! We've been following your program for years now and making excellent progress.
It’s very easy to get in financial trouble with only a 5% down payment in real estate. Leverage cuts both ways.
The money guy show is my go to place to hear sound financial advice. 300k subscribers is well deserved. And you deserve even more!
Glad I did not listen to 20%. I focused on the overall affordability of the house being under 25%. Put 0% down with a 2.75% interest rate. Made $35,000 in equity and will hopefully keep it for a long time.
I don't know who needs to hear this saving for a better investment is a great step to financial freedom you're saving a day off work
Best advice of the year yet you've made so much point. Saving a day off work is the best step to financial freedom. I would really love to get started investing
Yes it's been helpful to my general income, I make about an extra 2k weekly from my investment portfolio
Wow that's awesome I'm really excited about this how do I get started
There's a lot of investing options real estate, cr ypto, ETFs, st ocks but my best advice get a professional lead you into profitable one
I definitely agree with you Hillary you're right a financial consultant will be of so much help about investing
Great show folks, however, I believe the Trinity Study wasn't done the way Brian characterized it. Rather than calculating 4% of your investments at the beginning of year 2 of retirement, and also subsequent years, and taking that as a withdrawal for that year, you calculate the 4% at the beginning of retirement and continue withdrawing that same amount all through retirement.
You only calculate the 4% once when you start retirement. Table 3 of the study shows that even if you adjust this initial withdrawal amount by inflation using the CPI, a 50/50 stock/bond asset allocation would succeed for 30 years 95% of the time.
Awesome. I pass along your information on Facebook. I do give you credit and put a link to your resources page. I hope it helps.
I’m age 36 and have $21k invested in a Roth, and around $36k in a traditional account. For years I’ve hoarded my savings in a checking account, but now I’ve invested most of it, so maybe I still have time left. I don’t plan to retire until I’m at least 65, so perhaps all my time hasn’t been wasted.
Most certainly not time wasted. You starting now that you’re 36 you will be in great shape. Congrats on the courage my friend!
Better late than never
Brian! I'm pretty sure the 4% rule is 4% of starting balance, adjusted for inflation, throughout retirement. I don't think they modeled downshifting in recessions.
We used the benefit and pulled out $75k as a down payment on a house that allowed us to purchase before selling the current house at the very beginning of the pandemic (April). We then got everything done before moving in and sold our house at the end of the year when demand skyrocketed and got $50k more in October than we would have in April. Quite the return and paid everything back in before the end of the year.
Wowzers. Now that was savvy!
Great show as always. I have to note that Brian didn't actually answer that last question about the mega-backdoor Roth, he just explained what it is, not whether or not Jason should work on maxing that out before contributing to a taxable account. I guess maybe that's a little too in the weeds for the show, as I've tried a couple times to get this question answered, too. Or maybe that's just down to personal preference.
I suppose the megabackdoor Roth route is technically better if that money is definitely only going to be used for retirement, but the taxable route allows you to pull that money back out for those unexpected opportunities Brian has talked about and possibly do some tax loss harvesting in down years. So I'm always torn on how to balance my megabackdoor Roth and taxable contributions. Part of me wants to take advantage of the MBD Roth while I have it since it's not certain I always will, but the flexibility of the taxable account is a big draw as well.
If Bo were here he’d immediately say “we can’t give you personalized advice because we don’t know every aspect of your situation”. I’m sure Brian feels the same way he just doesn’t explicitly say it
401k balances are only up 5% because the other 65% was lost to management fees. I used to have a mutual fund and a self directed brokerage until I realized the self directed brokerage was making a larger return every month than the mutual fund was in a year. I got rid of the mutual fund. Americans are bad a growing wealth because other than a very small percentage, they have no money because its all tied up in a house and car, food, rent, clothing etc.... and the majority of us aren't paid enough. 40k a year was great money 30 years ago. Its basically minimum wage these days. Can someone please tell me why a house that starts breaking down and needing bits replaced the second you buy it appreciates but a car that does the same thing depreciates????? How is a house an investment but a car that you need just to go to work to pay for the house is a liability?????
It's really scary to think how little self restraint Americans have. I bet the majority of us would fail the marshmallow test.
Congrats on 300k subs! Well deserved! This show has really opened up my passion for personal finance so much so that I'm considering starting my journey towards earning a CFP status. I would love to start coaching and helping people get on the right track.
Congrats on 300K! I've been here since the beginning of your UA-cam venture.
You've changed my life. Thank you.
I have most of my success financially from the money guys!!
@TMG are you recommending $400-500k for the individual or household? Also, can you explain why a "young person" should sign up for an AUM advisor? Seems as though this is equivalent to the 1-2% fees that you tell us to avoid!
It’s 500k household investable assets, that’s probably their firms minimum. The AUM model can be expensive but some of these advisors provide a lot of value in the form of in the form of tax advice, asset allocation, risk tolerance management, estate planning advice, insurance advice, trust advice etc… Definitely not for everyone with those kinds of assets though. Also a lot of the advisors out there are very bad. I also don’t know that it always makes sense to keep an AUM advisor as most tend to do a lot of the heavy lifting in the first year of the client relationship. Definitely will at least partially pay for itself if you have a talented advisor.
I’m a big fan of money guy and team after graduating from Ramsey. With all due respect Money Guy has a different goal in mind to meet the needs of financial mutants like myself!
I’ll be calling once I hit that $500k milestone
Thanks! I appreciate all you do to help us make our money work for us!
I have several different retirement accounts, which include a couple of rollover IRAs, a 401(k), a defined contribution plan, and a Roth IRA. Some of these are with different companies. Something tells me that I doubt very seriously that they’ve bothered to crosscheck to see how many accounts each individual may have. So I think those numbers are skewed.
The ONLY time I pulled money from my IRA compatible account (so far) is in 2020 when I was looking for work because I was laid off by my employer. I took advantage of the Cares Act to withdraw enough money to pay off my mortgage since I had no idea how long I would be looking for work. It turns out that I found work about 45 days later. I did not pay back the retirement account. I just paid the tax on that money over the next 3 years. No regrets for doing what I did. I'm currently contributing 15% into my Roth 401k.
Congrats on 300k!!! I'm just about there - been following your channel since 2021 and about to hit the mark where I will need a co-pilot in the next leg of my journey! P.S. Where can I get those stickers "Respect the FOO" and "So Excited?" LOL.
The stickers are still an internal bonus but give us time 👍
I laugh that every episode I have seen with Bo in it, he is always “so excited”! 😅 Love it! Appreciate him much.
Massive congrats on hitting 300k subscribers, TMG team. I can't think of a much more deserving channel..... here's to the next 100k!
300,000! 🎉🎉
I have been watching since 200,000, 100,000 and back to 2017
300,001 now! I don't consider myself a money guy so I'm glad you all do what you do.
Buying a depreciating asset - doh! And paying the tax on it. Double whammy….well losing the time value of money - triple whammy!
Investing is easy, simply dollar cost averaging forever lol 😂 compound interest is undefeated, thank you Edward Jones
I start most mornings with the MG, and lately all l'm waiting to hear is "army of dollar bills!" Please keep incorporating this satirical/metaphorical phrase. Congrats on 300k.
This video is accurate. Lots of people went on shopping sprees during covid. It would be nice to see a video on the percentage of people who lose large amounts of wealth to hospitals and nursing homes the last few years of life.
Brian, your subscribership growth is akin to investing. It took you guys forever to get past 25,000 subscribers and then a while to get to 100,000 and now faster and faster you got to 300,000.
fortunately I have no debt, great federal pension will wait for FRA for SS, won't touch IRA/TSP except to ROTH convert, the pension covers monthly expenses and has a yearly COLA
I'm in a similar position--absolutely no debt including mortgage-free. So it's smooth-sailing.
I love listenning your podcast while commuting. you guys deliver great content !
lets be honest, housing isnt just out of control because of rate hikes and such, housing is also out of control because of landlords who buy up the supply and drive up prices and rents
The fact that yall don’t have 1M subs already is criminal
I love your point about the cost of transportation. I really wish more Americans see this. I just bought my second multifamily and never eould have been able to do it if i had a car payment! It's definitely not doable for everyone, but it's doable for more people than you'd think.
Moved into the US from another country, able to max out roth ira, hsa, and employer match 401k with a little extra to make it to 25% mark and a fully funded 3-6 months emergency funds and ddductibles covered. Your channel has been really helpful for my investing needs 😊
What do you do to make that much money?
Should I liquidate a taxable account and max out tax advantage accounts
I wonder if I would get included in these numbers. I mega backdoor Roth IRA, and also bought a vehicle in 2020.
Have to look at the individual people, that 40c pulled out of every $1 invested in retirement fund may not tell you that it is the same 50% of people who keeps withdrawing all of it repeatedly. Those who invest in things like S&P500 are also generally those who are financially stable enough to not need to touch it long term, they leave it in there when the share prices goes down as much as when it goes up, some years are in negative and others have high gains and dividends, it takes many years to average that 8-10% per year gain.
You get Rich, you build Wealth. It’s all about how you got there and how long it stays.
Congratulations to you guys, keep up the good work. 500K is around the corner.🎉🎊🍾🎂🍻🥃
I have not watch but the first 2 min of the video i wouls say becase evertime the market dops people cut the % they are putting into there 401k and as the maket comes back they but in more.
this episode at 23:490-32:01 really hit me on how i used to value time and money before my partner got pregnant and my own struggles i deal with
I think a good percentage of people that took out money, took it out for buying houses.
Damn, if I only made 5% in 5 years I would be better off just spending it… oh wait that’s what they are doing. It was tempting to take out money with the penalty waiver to pay off the house but I fought off the urge with the logic that my interest rate is 3.5%.
I was fortunate enough to have had my twenty percent down on my first mortgage; I did not want to have to pay PMI.
I love George Dickel!!!
I just went through my funds this morning and it looks like the average across the board PRMTX / PRDMX / PRSCX / PRCOX / etc... (17 total funds). and it looks like they are averaging 23% for their 1 Yr. returns. Does this seem possible and is that just some recovery from the Bear Market that has plagued us since COVID? Should I expect that to drop in the next few months? I don't plan on retiring for 10 or more years and I use 7% before and 4% after retirement for planning purposes. I will make about $57,500 this year and expect to contribute $37k into retirement funds this year. I have my house paid off and run a zero balance at the end of each month. At 54 with $148k saved and a 64% pension to add to any SS income, I don't expect to retire rich, but don't want to be collecting cans to make ends meet.
Congratulations!! Still my favorite show on UA-cam!
I am not surprised. We suck at it, I'll be honest I have no clue how my 401k should be properly invested and where.
You need to look at some scenarios and assess your risk tolerance before you can answer that question. For example - are you okay losing 50% for a year or more, knowing you have 10+ years to gain it back and more? Most retirement accounts have a target retirement fund for people who don’t know and if you haven’t done anything in your account, that’s most likely where it is.
401K's put the onus of investing in the hands of the workers who don't know how. They get fleeced with fees and management costs that can decimate their retirement plans.
There was a reason pensions were the workers choice and 401k's were intended as a supplement. Now, they are the primary retirement plans for most workers who are doomed.
Congrats guy, you do a great job and it shows!
Good show! Question...why does your site require a name & e-mail address before we can access your free resources? What if we are not comfortable sharing that information...yet...or receiving solicitation e-mails from your firm? I'd like to be able to view some of your free content and then decide if I'm ready to take the relationship to the next level, at which time I'd provide my information.
Fortunately we are not marketing spammers. We use our email list primarily to share important announcements. We do send blast emails when we run pricing specials on tools and courses but that is not very often.
My goal on asking for email addresses is so I can know my audience. Platforms change or restrict and I would be devastated if I lost access to my Money Guy family. I hope this helps and I completely understand your hesitation 👍
@@MoneyGuyShow Excellent, respectful reply!
Love this show… one of the best
Congrats on 300k subscribers that's awesome! Brian is awesome I love when he goes off script, so funny!
Considering money isn't even taught in school..
Congrats on 300K!!! Keep up with good content!
I have, so far, a 23% return overall this year.
Congrats on the 300k🎉
They pulled out when it had lost/dropped the most. Magnifying the losses.
I wish that you guys would do a deep dive on the aggregation rule. I think that I get and then I don’t and then I do …
Yes, I took $90,000 out of my IRA and put it in my brokerage account and grew it from there. I should have taken out $100k. The tax was spread over 3 years (a once in a lifetime opportunity). I had too much pretax money and my brokerage account will help me better manage ACA subsidies, taxes, Part B and D costs etc. My last tax on the remaining $30K was paid for 2022.
Well I think you need to understand that this hasn't and still isn't taught in today's education system. Thank god for UA-cam and other platforms that shed light on this. Many Americans just throw money into a 401K or another investment portfolio and leave it alone instead of tracking the market, their investments and Congress.
Fidelity/Vanguard: vti and vxus, or heck just buy a target date fund!
American: yolo?
F/V: no...target date please
American: yolo.
F/V: t-
American: i yolo'd, wall street bad
Congratulations guys!
Is "The Money Guy Show" sign meant to be crooked/unbalanced?
Wealth are assets that pay for your lifestyle. Rich is just having money and can be lost and it may or may not be creating more wealth.
Congrats folks!
Congrats on 300k!
I'm testing a theory to see how long it takes to double my $10K investment in VOO. Supposedly in 10 years I can triple my money. We will see.
just keep adding and it'll be a lot more
As my grandpappy used to say, "Reinvest those dividends, boy!"
Good for you, that is interesting research.
I almost did VOO too, but the expense ratio is higher than Schwab and Fidelity Index 500 mutual funds.
@@eedre4864 It’s not enough to matter. You’re really going to bicker between 0.04% and 0.025%?
I disagree that bonds are ever a good investment as they often lose value to inflation because the returns are so poor. Dividend indexes should replace bonds entirely. Young people especially have zero reason to put a single dime into bonds.
Congratulations on 300K!
I think the reason why people prematurely withdraw money from their 401k is because they don't understand really what their 401k is for. I don't think they really understand what it's doing. I think they just think that it's a random account that they've been putting money into and they don't realize how much money your investments will profit you over time. They just don't understand what it is. Alot of people have a 401k and don't really know what it does.
Congratulations!!
👍Bull and bear markets 49:39.
I appreciate the information and the hosts seeking to provide free education. The problem I have though is that channels like these feel grossly out of touch with the average Americans struggles. Looking at the data and placing judgement for example on those that pulled from their 401k during the pandemic rather than seeking to better understand is a missed opportunity to connect with a larger audiance.
All I know is that YTD my IRA portfolio is up 23.48% just saying lol.
My friend just changed jobs and cashed out his 401k even though I told him about the lost interest.
Content good. Audio bad
Not a new Bull until we break out a new high.
Man, I'd love to work for Brian.
Wouldn't we all? haha. Happy Tuesday Mike!
Why not do what he says and you won't work forany body, bon voyage.
How much did the “great retirement” affect this? These are going to be your huge savers over the years.. you pull a ton of those folks out of the equation.. or all of those folks all of a sudden move into bonds/ fixed/ lower % low risk funds.. this could be a huge difference in the overall numbers.
Why no time stamps?
Thanks bud for keepin us financially Educated! Regardless of how bad it gets on the economy, I still make over $22,000 every single week.
That's awesome!!! I know nothing about investment and I'm keen on getting started. What are your strategies?
@Carlos.Scheffler.7133 Thanks dear, I'll most definitely ensure to do that.
That is a scam.
HeyMG’sand Ribi (sp?)
Her computer has a sticker of a song title by Stevie Ray Vaughan. Did she ever hear So Excited?
Money guy: in your 20s take some risks. (Pause video).
Me: Proceeds to send money to African prince emails for my 1000X return.
Money Guy: (unpause video)... Buy some equities...
Me: 😢
I'm that guy who asks his friends what they have for retirement, most laugh and say zero. A handful have their employers 401k with no clue how it's performing.
When I signed up for my employers 401k they had 20 black rock plans to pick from that have all lost 30+% over the past decade, or company stock which is up 15% over the same time. It's down ytd but I consider it onsale. Plus they are a dividend king so I feel comfortable with this for now.
50,000*1.08^(30) = 503,000. 50,000*1.08^(31) = 543,000.
Howre they getting 546,000 after 30 years at 8% rate of return? He withdraws on his 35th birthdat and retires the day before his 66th birthday?
If you compound monthly instead of annually its 546k after 30 years
@aaronjosephs2560 gotcha. Yup that's the trick.
50,000*(1.0066666)^(360) = 546,000. Thank you for the clarification!
@@JoeFromSomewhere2303 no prob!
Fun fact: Americans aren't the ones investing their 401K.
what a surprise: in every youtube channel is full of comments of Americans making gazillions here, gazillions there, but then when I fly First, I am surrounded by Chinese and French, while big fat americans go to cattle class. Wonder where all these magicians of investments are
I was curious about putting out MoneyGuyShow materials at our Military Chapel and was curious what resources would be best.
Sweet lord! When Bo is gone the show goes off the rails! Brian's ADHD was kicking in on this one!
Love it!
I think this should be renamed Americans are horrible at saving. I pulled out retirement to start a business a few years ago and sold it a few years later. It was a great investment. I know several people here like equities, but I would say take a more active role in your investments and you will see a higher return. That is just me, but others may have a different opinion.