7 Places Your Money Needs To Go (Save Money Fast)
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- Опубліковано 11 чер 2024
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Timestamps:
0:00 - Intro
0:25 - Step 1
1:25 - Step 2
2:28 - Step 3
3:51 - Step 4
5:18 - Opportunity Cost Tradeoff
7:58 - Step 5
10:05 - Step 6
11:30 - Step 7
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PS: I am not a Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel
What is up guys!! Hope you enjoy this video. Make sure you're subscribed! Getting close to 1M :)
Hey @humphrey I just wanted to ask you when paying for the credit card debt do you have to pay the bare minimum or rather the full credit card debt on time. This is a great vid as always thanks
dont roth take a 10% penalty when withdraw early?
@@yia01 Yea that's exactly what I was thinking when I read that
Hey @Humphrey Yang I just found your video by chance and found it very informative and helpful I feel that its exactly what I'm looking especially 4:30-4:40 Of your video. Now I've always been good at saving money but i now feel that i could be saving even more if i just found the right plan for myself as they say "Out of sight out of mind" and I was wondering if you have any other apps you could recommend for just that.
@@yia01 ; For a Roth IRA ; if you have had the account for over 5 years; you can withdraw your money tax free; but you can not withdraw any dividends or gains that have accumulated on your account for the all the years you have had it. But withdrawing just the money 💰 you put into your Roth IRA is free and there isn’t a 10% Penalty for that !!!
Great Video. I'm a 52-year-old QA Specialist at Confluera, with an annual income of $150,000. Although I do have a retirement account, I'm keen on exploring short-term investment opportunities as I prepare to shift to part-time work in the near future. What would be the most suitable strategy to achieve my goals?
Explore the opportunity to engage financial advisors, estate planners, or tax consultants. Leveraging their specialized skills can support you in making informed financial decisions.
The significance of advisors often goes unrecognized until emotions cloud judgment. I remember a couple of summers ago, during a challenging divorce, when I needed significant assistance to sustain my business. Turning to licensed advisors, I discovered someone highly qualified. Despite inflation, she played a crucial role in boosting my reserves from $275k to $850k.
Lately, I've been researching advisors, but the market updates I've encountered haven't been very positive. Who's your guide?
'Laurelyn Gross Pohlmeier' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I'm pleased with the advisor's prompt and knowledgeable assistance. Their professionalism instills confidence. Looking forward to further discussions.
At 40, I wish I could go back to when I was 18. I would have never quit pursuing video production, wouldn’t have gone to college and taken on debt, and I would have done a UA-cam channel in the hey day. And I would have done the things in this video. I would have gotten married. Yeah I would have done a million things differently. But you can’t go back. No you can’t go back. You can only move forward. In my cas It is hard to do but the best thing to do is pick up the broken pieces and make the most of them.
I mean, you can still get married.
The only advice I can give you is you can still do all that you want no matter how old you are. Only YOU hold yourself back from achieving whatever you want. The world is yours for the taking.. so go ahead and take it
Stop feeling sorry for yourself and start doing the things you want.
Yeah, it might feel like you missed your shot. You didn’t. You’re not dead yet.
Well, start it all now! Cmon guy, it’s only “too late” when you’re on your deathbed. Start! Start now!
At 40, you still got at least 40 good years left (hopefully)
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@Lourd-Bab However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments
@@user-qk9ro8rp8t Oh please I’d love that. Thanks!
@@Lourd-Bab Judith Ann peace is her name
Lookup with her name on the webpage.
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am 60 years old, recently retired, and have approximately $1,250,000 in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
That's impressive! I could really use the expertise of this advsors. how can i get to your advisor
Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "Helene Claire Johnson" is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
This is useful information; I copied her full name and pasted it into my browser; her website popped up immediately and her qualifications are excellent; thanks for sharing.
Automating my finances has been one of the biggest keys in helping me not only stay out of debt but save money without even thinking about it. This video is super valuable... great work Humphrey!
Do you use an app or anything to automate your finances?
Can you outline how you achieved this ? Are you sending percentages of your paycheck to an HYSA?
I wish I had started automating savings earlier in life. Such a great tool!
@@isaacibbotson4632
U can just log into your bank account and allocate your finances automatically
I completely agree, The first $100k was the toughest, and I didn't really start seriously investing until I was 30 back in 1998. Today, I'm 55 and have a decent $3.2M
nest egg, thanks to the careful supervision of my CFP.
After learning all of this, my only regret is not starting earlier when I was 25. It may not seem like much but those extra 5 years are the most important.
Stop the 🧢
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
@@Christina-Gisela That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@@Christina-Gisela I will give this a look, thanks a bunch for sharing.
Bots
Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. Hence what are the best stocks to buy now or put on a watchlist? I’ve been trying to grow my portfolio of $260K for sometime now, my major challenge is not knowing the best entry and exit strategies... I would greatly appreciate any suggestions.
The best is an index fund... Unless you don't have a job, good luck beating the market
S&P is historically strong and growing.
@@LycorisThe Historical growth doesn't guarantee future growth. American stocks have been strong because the US have taken risks that could've turned out disastrous, but didn't. However, it's a fine investment because of low costs
@@dragan176It's still almost guaranteed cuz the US will wage wars against other countries just to save their own companies as always.
I'm not even kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it, Investing is a long-term game, so I try to focus on the long term.
I cannot focus on the long run when I should be retiring in 4years, you see l've got good companies in my portfolio and a good amount invested, but my profit has been stalling, does it mean this recession/ unstable market doesn't provide any calculated risk opportunities to make profit?
There are a lot of strategies to make tongue wetting profit especially in a down market, but such sophisticated trades can only be carried out by proper market experts
I completely agree, I have been consistent with my profit regardless of the market conditions, I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2020 this time with guidance from an investment adviser that was recommended by a popular economist on a popular forum, long story short, its been years now and I've gained over $850k following guidance from my investment adviser.
I've been down a ton, I only hold so that I can recoup, I really need help, who is this investment-adviser that guides you
If that is the case, it would be an innovative suggestion to look out for Financial Advisors like Olivia Maria Lucas who can help shape up your portfolio. Trying times are ahead, and good personal financial management will be very important to weather the storm.
I started stacking to SAVE wealth. I've always been the type of person to spend my entire paycheck. I hate having money just sit in the bank. I am under pressure to grow my reserve of $950k. before I turn 60, I would appreciate any advice on potential investments
Well the bigger the risk, the bigger the reward and such impeccable decisions are better guided by professionals.
@@DanLeahfort Yes true, I have been in touch with a financial advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k
@@Curbalnk t I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
There are a lot of independent advisors you might look into. But i work with *Heather Ann Christensen* , and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her
@@Curbalnk Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
I realize that it can be a wise way to keep investing during times of volatility to build wealth. I've heard testimonies from people who have accumulated over $80,000 during this red period. What measures can I take to ensure this?
You're right! The current market may offer opportunities to maximize profits, but to achieve such growth in your portfolio you need to be an experienced trader/investor.
Very true, I started investing before the pandemic and that same year I pulled a profit of about $200k with no prior investing experience, basically all I was doing was seeking guidance from a financial advisėr, you can be passively involved with the aid of a professional.
@@IAMBETTERTHANYYOU This is really nice. I worry that I have a couple more years before retirement, and I want to switch to using a financial advisor, I could really use the expertise of this advisor
I started out with a Financial Adviser called "Jill Marie Carroll". Her honest approach gives me complete ownership and control of my position, and her rates are incredibly affordable given my ROI. However, do your due diligence before contacting a financial advisor.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
My priorities is a little different
1. Necessities. Rent, food, healthcare...things to live.
2. Safety net, 3 months of expenses
3. As much towards debts as I can (Not just minimum payment)
4. HSA
5. 401K and any other investments
To enhance our long-term investment mix, my partner and I are introducing a range of stocks and ETFs. We've committed $220k initially, with a particular emphasis on inflation-protected bonds and businesses demonstrating robust cash flows. I see potential for enduring growth in the current market, yet I'm also keen to explore strategies for generating short-term gains.
While the current market offers short-term profit potential, it's crucial to note that executing such a strategy requires expertise and skill
Having an advisor is the smartest approach in today's market, especially for those nearing retirement. I personally gained over $270K during this market downturn, which highlighted that there's valuable insight the average individual may not be aware of.
@@yeslahykcim impressive gains! how can I get your advisor please, if you dont mind me asking? I could really use a help as of now
I'm being guided by “Leila Simoes Pinto’’ who is widely recognized for her competence and expertise in the financial market. She has a thorough understanding of portfolio diversification and is regarded as an authority in this field.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
I love your videos. Unfortunately, it's been a while since I visited I am experiencing one of the most challenging phases of my life... Lost a fortune investing in emerging companies... Hopeful, for a turnaround.
It's the market. If you can't be on it on the bad days, you shouldn't be in it at all. BTW, as a novice why didn't you work with an expert or at least made proper research about the companies before investing? Maybe you were too hasty & casual because as a complete beginner investor myself, I have made over 145K profit from my positions in a few months of investing with Gary Joe Wilde.
@@Thompson7888 Not far from the truth I regret... Any idea how I can reach Gary Joe Wilde? I love the testimonies I have seen about him by Chris, Brian, and some other youngsters on cnbc makeit... He seems not to own a video channel here.
@@sharroncampbell4009 He's SEC regulated they aren't permitted to own or operate Investing video channels. Simply run a quick web search about him he is quite renowned and long-established mentored a good number of reputable pros.
I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement of about $750k. I want to know: Do I keep contributing to my portfolio in these unstable markets, or do I look into alternative sectors?
Yes true, I have been in touch with a financial advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
There are a lot of independent advisors you might look into. But i work with Nicole Desiree Simon , and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
@@McElvinn This is the interaction all UA-cam comments should be.
This is fantastic, it’s helpful to show a step-by-step plan of what to do with your money each payday. The flow chart is brilliant!
Thank you!
My car payment was $325 at 4.88 % I paid it off in 3 years instead of 5 years
In Australia, Superannuation is a compulsory payment made by employers. Salaries are usually referred to as a yearly amount + super, which currently is 10.5%. IE. if you have a salary of 50K, the total package of your salary is 55,250. You can then make additional contributions to your super which has certain tax advantages.
The majority of income is generally Super inclusive. So approx. 45k plus super of 4.5k
The way you explain is phenomenal. Much needed. Thank you!
I love your videos so much! The way you talk about personal finance, budgeting, investing, etc. is very inclusive. Some people in the youtube finance space are so out of touch with the average person.
I could have used this 20, 30, 40 years ago... No one ever talked to me about money.
I've only been saving for retirement the past 5 years. Just turned 60. Have such a long way to go with Step 5 paying off debt, and Step 3 building an emergency fund. Steps 1, 2, 4, and 6 are covered. Step 7 is in La La Land for me. I won't worry about that until 3 and 5 are taken care of.
You got this! 💪
What is an emergency fund exactly?
What a clear, concise explanation of a complicated topic! I enjoyed your straightforward style so much, I couldn’t wait to like and subscribe to the channel! Keep up the great work - these videos will help a lot of people with their financial planning!
I'm learning so much from you. Thank you!!!! 🎉
not investing in a 401k might be a bad decision if your employer is matching. then you're leaving free money on the table. great video Humphrey!
The point i think he was trying to make was that maybe you can make even more money yourself, if you have the mind for it....investing it in ways that make a lot more than the $3000 your employer will give you....real estate for example or other businesses. But that's a low percentage of people making those types of decisions which is why he said most people should just go with the 401k.
A decade back I had a job that had something similar to a 401K. Looking at the numbers now where I allocated 70% to high risk (never mind the past year being off), I wish I had invested more from my paycheck so that my job would match even more. I like the overall growth that I am seeing years later.
Definitely always get at least the match…it’s free money. After that, you can crunch numbers to decide if you think you can beat the returns doing something else to grow the $$.
Taking early notes from Warren as to the importance of sound asset diversification and risk management It can’t be overstated.
Well the bigger the risk, the bigger the reward and such impeccable decisions are better guided by professionals
Yes true, I have been in touch with a financial advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
There are a lot of independent advisors you might look into. But i work with Nicole Desiree Simon , and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her
I just checked her up online, and I must admit that she has an extremely outstanding experience in investment. Thanks for sharing. I'm going to send her an email right away
love this video! helps me a lot and opens my eyes! love the channel and can;t wait to watch the next one!
Thank you for your video. It's easy to understand.
Appreciate you. Thanks for the info
I like that you translate financial terms considering all continents.
I love the visual flowchart and colour code charts helps me understand the Maths. THANK YOU times a million 😘xoxo
Good video, easy to understand video for beginners about building a sound foundation
Well explain, Excellente presentation, good education.
Decent solid advice, but I was taught be careful w/ CC payments so that you can pay the 100% of the sum. The moment you don't, the company has you on the interest. Gotta keep that up.
New Zealand has compulsory superannuation as well, the Employer contributes 2% and we contribute between 2% and 10% (we can choose)
Very good ideas!!! Thanks for sharing!!!!❤
In Australia Superannuation is compulsory/automatically paid out at a rate of 10.5% (slowly being increased to 12%). Great system!
For the last 20+ years I have used first Microsoft Money and now Quicken to budget my money at least 90 days out. I find that covers pretty much any cyclical purchase and gives me a good idea of how much I will have saved over the next 3 months.
Putting well-earned money into the stock market can’t be over emphasized for first - time investors, unlike a bank where interest is sure thing! Well, basically times are uncertain, the market is out of control, and banks are gradually failing. I am working on a ballpark estimate of $5M for retirement, and I have a good 6-figure loaded up for this, could there be any opportunity for a boomer like me? I'm nearly 60.
Sincerely, unless you're a cunning person yourself, it's better to seek advice at this time. We're in a severe recession, and people are running out of money, as I can attest from my experience as an eBay reseller of all product categories and a business owner in the service sector.
Very true, people downplay advisors role, until burnt by their mistakes. I remember just after my layoff early 2020 amidst covid outbreak, I needed to stay afloat, hence researched for license advisors. Thankfully, I came across someone of practical knowledge, and decades of experience, my stagnant reserve of $325K has yielded nearly $1m after subsequent investments so far.
Could you kindly elaborate on the advisor's background and qualifications?
My advisor is Vivian Carol Gioia a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
I put my money towards my Mortage, Principal. The sooner i pay off my house the sooner i give myself a pay raise.
nice Aldo
Absolutely Aldo
Humphrey, I want to teach my 10 and 6 year olds financial literacy starting early. Would you be open to having some videos on that? I’m sure there are a lot of parents who would really appreciate that.
Love this video. My dad gave me similar advice. Great advice. It's scary that 64% of people can't manage money or know how to save it. Let's hope people will apply the advice you give them from this video. It takes a lot of discipline and dedication to do this.
Thanks for sharing!!
64% can't manage money, and 90% live beyond their means...
Its not that they cant manage or know how to save it its the fact that most dont make enough to save anything at all…
@@SeudXe spoken by someone who sounds like they're living beyond their means...
@@SeudXeThey don't get it. People working hard every day, and living in their cars trying to raise a child. Some areas of the country building secure parking lots for those people working 40 hours a week and having to live in their cars. And people want to say they are "living beyond their means".
For my student loans I been combining both avalanche and snow ball method. I payed my high interest private loans first, took me about half a year of big commitment as it had a very high interest rate, and now with the remainder of my loans since they are much smaller and have very low interest rate I am paying off the smaller ones first just to reduce monthly payments as much as possible this allowing me to save more efficiently and not feel burdened.
I didn’t truly understand how little most people track their finances until I started working in payroll. 99% of the time payroll runs as planned. But employees need to be checking their paystubs to make sure it’s correct. I’ve had people come up to me MONTHS after they last time they received a paycheck. Yes, we still fix that and catch them up on paychecks. But how can you go the better part of a year without noticing you aren’t getting paid?!
I check my pay stubs before I even get paid for the day. I have caught my self not being paid one time and another time I got double paid.
They still haven't fixed my double pay so I have 2 paychecks worth of money that am not touching because they were supposed to do a reversal but they haven't done it yet and it's almost 2 months.
I don’t think you know what the actual issues people have with saving money are lol
Avoidance. It’s fear essentially
My job stop time at 88 hr but the other hours in other an don’t put the number lol like did u put all my hours.
Thank you for sharing your experiences and skills with all of us.
I love listening to everything these legends talk about!!! The volume of practical experience of decades they have one can't find in books or anywhere else!!! I already own shares of Tattooed Chefs and Kairos Minerals, and I'll buy some Corsair as well. Sure, I don't mind having these equities sit around for a few years, but I'd also like to appreciate short-term profitable investments that could, say, turn $100K into $500K.
You’ll have to stay ahead by doing your research and intensive analysis.
@@lisaollie4594 I agree; I'm in my 30s and I don't plan to own equities for at least five years. If you need advice on short-term investments, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
@thelastunicorn1987 I've worked with a few different financial advisors, but I ultimately chose KAITLIN ROSE STERNBERG because she seems to be very thorough and knowledgeable about the financial market. I made $480K in my first six months with her, more than I ever did when I invested on my own using UA-cam.
Thank you for this awesome video
Belive it or not im watching from costa rica. Great video, thanks
Great financial tips! Great content 👍 New subbie here 🤗
Great production value 👌 love the flowchart
Much appreciated!
It's pretty simple anno 2023. Just have your bank set up in such a way (most banks have apps in which you can do this) that, say. 10% is sent to your personal savings after your monthly salary comes in, another 10% into your emergency fund and for example, a part into the joint checking account between you and your partner. That way, groceries, nights out etc. are paid from the joint account, you're both saving, and the money you have left in your own account is yours to do whatever you please. That's how we set it up and it works - savings are building up over time and it's done before you even see that you have new money in your account.
Beautiful. Bull eye advice
Great information. This keeps me on track.
Good vid. I like it👍🏻
@10:38 Cavat to withdrawing from a Roth IRA. First off, it is not tax free off the bat, there is a 5 year waiting period of only contributions. If you take the principle out at any point, while there is no penalty (because it was after-tax dollars), it resets the 5 year clock for it to be enabled as tax-free. Just an FYI for everyone =)
Thank you! Never knew that.
Comprehensive good starter video
Glad you think so!!!
In Malaysia, we have EPF/ KWSP which is named as Employee Provident Fund. It is mandatory auto deduct from our salary 11% and employer match up another 12-13%. We can't take out the money untill we are 55/60 Y/O or in some circumstances. In my POV this is a great programme where the citizen are kind of secured in future after retiring. Btw the annual dividend percentage is higher than keeping in any other bank in Malaysia as in fixed deposit manners.
One thing to add is that there are some math advantages to regular IRAs over Roth accounts. They're generally better when you're younger because the money should stay in the market longer and grow larger but then be taxed at a lower income rate in retirement. They are less liquid though and of course the math changes for everyone.
IT IS BACK!!!!! THE BACKGROUND!!!
BRUH im glad i found your page by far most direct oinvesting and finance ive seen for the average person you keep it dumbed down enough for anyone to watch i feel like i am watching a live action of investing for dummies i really appreciate your videos i gotta binge watch know THANK YOU
Most times you need to take actions
Sorry for bumping…..but Are you interested on how to really achieve financial freedom I’m just saying because I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence she helped a lot to grow my reserve notwithstanding inflation, from $275k to approx $850k
So you could try less
I always recommend that people have 3 separate bank accounts one for payments, a second for food, and a third for personal use that way you know where the money is going and it is a lot easier to track your expenses I personally have 4 and the fourth is for clothes and shopping in specific stores because I get bonuses using that card in those stores
I didn't become financially independent until I was in my mid 40s, in addition to owning a second house making money on a monthly basis through passive income, and I've also met some of my goals. I really hope this motivates someone to know that it doesn't matter if you don't have any of these things yet; no matter your age, you can start today. Investing can help you change your future! By participating in the financial market, I took a significant decision.
Yeah, strategic investments are critical for financial freedom and newbies always make the mistake of picking the wrong assets when investing
When you say you didn’t become financially independent until your mid 40s you make it sound like it took you a longer time than most. I think you becoming financially independent by your mid 40s is something to be very proud of yourself for, that’s a great achievement to make at such a young age. Way to go!
Great video ! One bit of advice, you gotta give yourself something. An example would be $100 a week as spending money. If you don’t do this you’ll lose your mind
Thanks so much for this awesome video. You’re one of my favorite channels on here. I wish I saw your videos in high school ! Too bad no UA-cam then lol
Definitely THE BEST video I’ve seen on this topic!!! You explained everything very clearly and concisely, and the flow chart was a great value added item. Thank you so much - you’ve earned yourself a new sub!! ⭐️⭐️⭐️
This such a good refresher. Thank you!!!
Loved the opportunity cost section! Forced savings help a lot of people lol
haha it was a bit of a hot take!
If you have a roth 401K and it had an employer match, then yes, you are literally throwing away tax-free money if you don’t use it. Short of those, you have a liquidity risk along with standard market risk for not much more return compared to a standard brokerage account.
Just recently started following your channel and I have to say you have really helped me with managing my money, making it work for me and not the other way around. Kept on hesitating when I should start investing but this channel rly inspired me to actually take that leap so thank you!
Hell ya Krish!
Appreciate Mr Sam content . Do you mind sharing the platform name showed around the 4 minute mark? Also, is it like a tracker for your affiliate links or what's the nature of it exactly? Again, your content is awesome 👌 keep going
Great tips!
Do you need to max out your work 401k contributions before opening a Roth IRA? I ask because I'm military, so my TSP contributions max out at 22500 (I think) a year. I contribute 18%, which is well above what the military will match. Should I work towards hitting that 22500/year first or go ahead an open a Roth IRA?
What brand of sweater is that? It looks dope
Great advice thanks Humphrey.
I didn’t realize just how damn good my 403b employer match is until you said most employers match 3% on 401k. Mine matches 200% on my 403b (public higher ed)
Great video 📹 👍
Great point-something to think out the later you start the higher your investment will need to be or if you stop during certain period of time. Had to restart my retirement accounts but investing 25-30% of my gross income to catch up. Also was able to pay off all my debt which freed up a lot of money.
good points!
Really needed this video today Humphrey!
im glad!
Actually, there are at least three methods to pay off debt: avalanche, snowball, velocity banking. The third option is amazing for those without a serious spending problem who want to fast-track high-interest debt payoff.
Almost , close to 1 million……. 👍🏻😉thanks for sharing your experiences, expertises.
yes! thank you :D of course.
Ur heading to 1M so deserved!
At 18 y.o. I started an IRA, contributed at least the minimum employee match to a 401K, and did the needs vs wants. I retired at 59 y.o.
UFB, an online only bank, is currently paying 4.81% on savings accounts.
Unsure if you're still replying here, but I'm a US watcher. Recently was not working, and am back to work, but racked up around 3k credit card debt, and have about 700 monthly obligation in bills outside of that. Should I be aggressively hitting step 1 (Paying debts) instead of doing minimums, or should I build back my emergency fund first..?
What platform can you recommend for investment ?
This is a really awesome video. I’ve seen how debt can put people’s lives on hold, and that is something I absolutely 100% want to avoid. I’m 18 and have been building my credit for a while. Only using credit for gas is a great way to safely do this. I’ve been setting aside every penny that isn’t used for food, rent, and car stuff like insurance and gas. Definitely want to save save save and buy my first rental property at some point using that saved money that I’ve invested into mutual funds.
CDs are good too. You can get one for three months and watch it grow like a plant.
I have two CDs great investment!
Super in aus I like, force savings is nice, plus we can salary sacrifice more pre tax to save same tax savings and currently have saving schemes to purchase your first house by putting extra money into your super, but not the money the employer has to put in on your behalf
I completely agree
The taxes that you have to pay on a 401k can be to high.Thats why i moved to a roth IRA.The 50/30/20 rule work for me as well.
Great video with sound advice. I think I'll accidentally put this on while eating dinner with the kids tonight, and tomorrow, and this weekend. Thanks and keep the good advice coming.
Solid bro.
Something to think about for people in the USA using a subsidy from the healthcare marketplace. If you are considering adding a "side hustle" that reports and files taxes, not like walking your neighbours dog or something... you have to go in and notify the marketplace and either start paying more on your health insurance or choose a less valuable insurance option. Otherwise you will probably end up owing taxes at the end of the year. I was burned in the past.
Great tips for making sure you get your money in the right place to set yourself up for the future!
Absolutely!
@Humphrey, I have both a Roth IRA and a 403b.... I save about 15% of my income in these accounts. I am partial to wanting to max out my Roth first and then using the rest for the 403b....any thoughts on this strategy?
Really appreciate your informative videos Humphrey 🙏🙏🙏💪💪💪💯💯💯
I appreciate that
In Australia our employees are legally required pay into our Superannuation so that's really helpful.
Sorry for bumping…..but Are you interested on how to really achieve financial freedom I’m just saying because I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence she helped a lot to grow my reserve notwithstanding inflation, from $275k to approx $850k
You could try way more less
Very helpful and much appreciated the plan.❤
CIT Bank high yield savings is 4.5% or 4.75% right now! FDIC Insured too!
thank you!!
I'm 26 and never really watched finance videos before. I thought I was behind the ball, and after watching this video I have actually done all this prior, Soni think I was thaught well by my dad when I was younger lol
Lol I guess you’re talking on the aspect of saving money right?
Sorry for bumping…..but Are you interested on how to really achieve financial freedom I’m just saying because I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence she helped a lot to grow my reserve notwithstanding inflation, from $275k to approx $850k
You could actually try lesser investment packages