I've come to realize that the key to amassing wealth lies in making sound investments. I purchased my first home at the age of 21 for $87,000 and sold it for $197,000. My second home, acquired for $170,000, was later sold for $320,000, and my third property, purchased at $300,000, fetched $589,000, with buyers covering all closing costs and expenses. Not reaching a million before retirement feels like an unfulfilled goal.!!
Whichever firm you select, make sure you get your insurance from a reputable financial adviser, such as Natalie Lynn Fisk, who has dedicated her career to financial planning. Because they will assist you in escalating, navigating better, and completing the task in a safer manner||.
I was pleasantly surprised to find that you're familiar with her as well. I've had the privilege of working closely with Natalie Lynn Fisk over the past few months, and she has not only helped me earn substantial profits but has also been an exceptional mentor and trader. Her ability to navigate various market situations is truly remarkable, and I couldn't be more satisfied with our collaboration.,.
"It's quite a surprise that you're acquainted with her as well. I've had the privilege of gaining significant profits while learning and investing under her guidance for the past few months. Natalie Lynn Fisk truly stands out as one of the most exceptional mentors and traders I've had the pleasure of collaborating with in recent years. Her expertise in navigating various market situations is truly
Great video man. I’m 25 right now with no debt, I’ve got 15k invested and 50k saved up for my first home purchase. Just slowly working on increasing my yearly income to purchase my first property within the next year or so. Slow progress but hopefully in 10 years things will be a lot better and I can retire by 40 ish🤞🏽
I’m 16. Planning to be financially independent by 25 and able to retire by 35. I’ve been working my ass off since I was 13… let’s hope it all works out!
🔥🔥🔥, I started at 16 what I can say is stay consistent/ignore distractions and yeah work your ass off like you said. I’m 22 now those lil 6years of me working my ass off has payed off I’m on pace to be able to retire by 35 so you can definitely do it.
Great video, thank you Tommy! I'll be 50 in a few months, and in great excellent shape to retire in 5-7 years. My house will be paid off by then, and I should have between $1.5 to $2M saved in my investments. The hardest part is making all the sacrifices and cutting back on expenses. I'd say balance is very important as well. You can't take your money with you when you pass away. So, while it's very important to save for your future, you have to enjoy life as well.
Yeah...you spend years making/saving💰finally!!!! You become a millionaire! Then you kick the bucket and someone else takes your money and goes on a spree!
You guys are so luck. just started my journey a year ago, but did save and invest hardcore. This year will the same and will only loosen up by 2026. By doing this will be able 47 since I'm 34 now. Congrats to you guys you're are doing awsome.
This is one of the best guys out there. Top two with who can actually hold a conversation and not bore you to death. Him and finance whiteboard guy Marko are the only two I can watch learn and laugh once in a while
Man you look like you’ve been getting money. Congratulations brother, I’ve been watching you for a while now. You’ve definitely inspired me helped me & taught me so much over the last year or two. Keep it up 🥳
I only discovered your channel a couple of days ago but have already learned so much. Thank you. Wish I’d known a lot of this years ago as I’m not terribly far from retirement and it would have really impacted how I spent my money through the years. Still trying to wrap my head around the calculation you did for figuring out how much you need in a retirement account to live comfortably though. Will take a bit of thought and math to figure that one out! 😊
36 here. I had to go into my work TSP retirement to aggressively pay off some initial debts (credit cards, car loan etc). I’ve only had it for about 3-4 years and it’s gone now. It still wasn’t enough but I figured it was a sacrifice to expedite the debt I endured the last year. I also moved out of my apartment (Bach pad) for the next year to aggressively pay things off and get into a better space financially. So far I’m on schedule but I battle with embarrassment and shame that I do see is necessary to not end up in this situation again. It’s also a big blessing to have a friend who let me move in for a temporary fraction of a rental price that really helps with the goal. I’m glad I found this channel as it affirms knowledge and endorses new growth and healthy relationship with money/finances. My question is if we live in America, chances are our rent/mortgage is gonna be over 33% of income. Or maybe that’s the thing, move out of America but then that means making the American dollar is the next challenge. So much to unpack but I’m glad to be here
I just used the avalanche method to pay off one of my credit card balances of 15k. I have one more credit card balance of 15k to go then I want to cut my cards 😂. Also I'm 28 and planning on retiring around age 48 or 50. Great video Tommy as always 👍
I'm 23 and I plan to retire by 35 years old .been working since I was 17 years old and this year I graduated university working 9-5 (not the best) and I've built me a place I'm my aunts backyard so I don't pay rent .
What's your income like? With the average US salary (55k) there's no way mathematically, even with following these steps, can lead to retirement in 10yrs. I calculated your average income to be: 6yrs to retirement ($1M) = Saving $13,889/m Which you say to save 30% $13,889 is 30% of $46,296/m Which equals a salary pretax of ~$556k per year ...
Almost none of these people mention their UA-cam money, which have MASSIVE payouts for financial channels. Sure, it’s not useful advice to say “Start a big UA-cam channel.” But it is kinda dishonest to not mention they had a big income boost from it.
I agree. But just try to save 30% of your take home pay. That will put you in a better position. Retiring in 20 or even 25 years (depends on your age) but that's better than working til you die. Save and invest it in index funds
Your calculations are not wrong, but your starting point is flawed. He is not talking about saving $1m. The idea is to invest as you make money, and let compound interest do its thing. For an accelerated 10 year retirement plan, it's essentially impossible with this investment strategy to get there with $55k/yr, but you can get pretty close if you are, say, living at home with parents and have no expenses other than little stuff like gas to get to your job. $3500/m invested with an expected annual 10% return = 700k in investment savings in 10 years. Some people can afford to retire with this much, start of $28,000/yr income with 4% rule.
Don't pay off mortgage early.that extra money could go to work for you instead of sitting around not earning anything...a low interest fixed mortgage never goes up despite inflation and all your other expenses..
You will either pay rent or a mortgage. 32 years (2 refinances) later...it's mine except gotta pay taxes and insurance! I save up for them. I checked what my taxes pay for..police, county hospital, schools, roads...it goes to make my life better.
Very informative Tommy, as a person gets closer to retirement it's a good idea to increase your Emergency Fund up to 2 yrs. Because when the stock market goes into a Bear market you have enough money available to ride it out, without selling any of your stocks. I am hearing that the 4% rule is to much & we should draw down around 3.5% due to the fact that when the 4% rate was created, bonds were paying around 6% which we have not seen in a long time. Thank you for these videos Tommy.
I came here to learn how to invest after listening to a guy on radio talk about the importance of investing and how he made $960,000 in 4 months from $160k, somehow this video has helped shed light on some things, but I'm still confused, I'm a newbie and I'm open to ideas.
@Erica Stewart That's impressive. Are you giving her your money or the money stays in your trading account? What's really the idea behind copying trades.
Reading about people grabbing multi-figures monthly as incomes in investments even in this crazy days in the market, any pointers on how to make substantial progress in earning? I would appreciate
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate or crypto and stocks.
I really don't trade, I only invest with a professional assigned by a crypto company that trades for people and returns profits on weekly basis for me and you can invest your capital and get weekly Returns of investment (ROI) without any extra fees attached.
Just keep at it, We paid our home off in 10 years and 3 months. Sacrificed a lot for Id say 6 of those years. But my wife and I could both lose our jobs and we would be OK. Wish I would have started even younger!
Thanks for the update and keep doing what you do. My journey in investment diversification has taught me a lot of lessons, at the top of that list is that it never pays to live above one's means. I have managed to grow a nest egg of around $600k to a decent 7 figures in the space of a few months. Sad to say but a lot of us have poor money management skills. My 2 cents -get an advisor to keep you accountable and aid you make better decisions, Marnell English has been helping me a lot, all through my journey. I find it better to pay a little bit more for peace of mind than worry about money or market trends and still get burned.
I’m starting a new job next week, full time pay is $19 an hour in Ca, we don’t have debt and my partner and I have about 2k in cash savings Rn and can’t wait to finish the video and learn how I can retire ASAP
Oh let me give you all one piece of advice that I’ve had to learn the hard way. I had every insurance you can have to be prepared for any issues that might arise. I even had a separate cancer policy. But I had life, health, cancer, car, home, etc. When I was 33 I developed lupus. I worked for 2 more years but at that point I was no longer able to work. I had state retirement that had a disability program like social security disability but because they were $1.2 million in debt they treated me like trash at my hearing and denied me. I would have been ok financially if I had gotten it because it’s separate from social security disability and I could have drawn both. But because the denied me all I have is social security disability. And trust me it’s not enough! Thankfully, my husband works full time, dispatches part time, and has a DJ business also. If I’d only had long term disability insurance I would be a lot better off! I wish I’d known about it. It’s not cheap and no one ever thinks they will be disabled. I sure didn’t! I’d planned to work my entire life and be able to help out one day with my future grand kids. So if you can or try to figure out a way to get long term disability insurance. Also, my mom had an almost fatal car wreck when I was 15 that permanently disabled her. You never know what can happen. It’s much better to have it and never need it than to need it and not have it. I always say, Plan for the worst and hope for the best and you will be just fine! Another piece of advice is to have more than one type of retirement. My grandparents who retired early told me not to depend on my work retirement because it doesn’t matter how much it is it won’t be enough. They had theirs thru their employers and were great retirement funds, they had investments they drew off of but when one came due if they didn’t need it they reinvested it, and they had an account with a lump sum that they drew off of the interest it got every month. That gave them 3 streams of income. Trust me just one retirement plan isn’t enough if you want to do things. They traveled all year long and truly enjoyed themselves.
I love these videos, my goal since I was 16 is to be able to retire by 35 latest 40. Now I’m 22 and I can say within those 6 years I might be able to retire by 35. My retirement Date 05/23/2035.
@@hispantrapmusic301 well I started saving at 16 working at McDonald’s getting paid 15/16hr until I was 18. Then I got a security job making 18/20 an hr while going to school to become an MRI Tech and that’s what I currently do at 22 getting paid 35hr.
@@HitNrun115 damn, I’ll be starting to work at 24. I’m 17 right now but I can’t move to the states till I finish my degree. Here is difficult to get a job. My degree is in software engineering and I’ll do a master degree in the US Anyways congrats man. Keep going and you’ll get there
@@hispantrapmusic301 Thanks, and you’ll get to retire at 30 just stay focus ignore distractions and don’t forget your goal there’s not too many young people thinking about their future I was fortunate enough to have my mother guide me.
Hey Tommy, I am at a solid 60hr a week in month three. My credit debt pretty high and my student loans might be forgiven. Also have a fixed loan for my car. I am a single father so unfortunately there are only so many hours I can work what suggestions would you give to make additional income solely for paying off debts. My projections are 3 years but I want to speed it up by moving out my nyc apartment and maybe renting a room. Hope your good I been watching a long time man and your on fire 🔥
i can imagine living in an nyc apartment is extremely expensive. def finding a cheaper place to live will help and save up money. have you looked across the bridge in NJ for cheaper places ?
@@vchambliss24 depends, it's much worse than than. Buying a house cost way more than renting, and if you were to find cheaper renting you'd most likely have to move to a bad area (not worth it with a kid).
Thanks for the sound advice, ill be debt free minus student loans after next month (ironically $9600 left in student loans and bidens aiming to wipe $10K) currently I’m renting and looking to maybe purchase though i’m not sure…. Also looking to establish multiple streams of income to retire quicker, 10 yrs is admirable…. My situation depends on a legal matter, if i get justice for the wrongs Ill probably retire in 20 yrs (volunteerly of course) if the legal matter ends with corruption and evil winning, i’m gonna aim to retire in 5yrs or less as theirs no purpose but to make money to retire
Lol. Well, it's 6 months since you made this video. Did you hit your goal? Also, the word is probable, which I think you figured out. Are you from the United States? Your verbal fluency is generally phenomenal, so it does catch me off guard when you get hung up on certain words. Probably just need to supplement with a choline source or something.
I’m in a Roth with my company (above the match) --BUT they choose the investments (guided portfolio). Does that sound good??? (Or should I go outside with the Roth IRA after I’ve maxed out the match???)
Tommy id like to get some advice from you , regarding some finances I’m going through right now, but i don’t have social media is there any other way to get in contact with you
Been watching some of your videos for the last week or so and you give great advice! Keep doing what you're doing. You mentioned the ROTH IRA which is for US, I'm in Canada so I assume taking the same formula but using the TFSA would be alternate for Canadians. Looking to retire by early 50 sounds pretty good as I am turning 41 this year.
Yes if you dont wanna keep working the rest of your life Why save Money to spend it On Luxury when you can spend it on assets for passive income that will make more money for u
@@lemonkid2543 Well as long as we have the government we do and pay taxes on our properties and any income, we are always going to be slaves...That was the ultimate plan to make us think "they" ended slavery.
Any IRA you can start pulling out at 59.5 yrs. old. With the ROTH any money you put in can be pulled, just not the interest, some people use it as a Emergency Fund, but I wouldn't. Hope this helps.
I've come to realize that the key to amassing wealth lies in making sound investments. I purchased my first home at the age of 21 for $87,000 and sold it for $197,000. My second home, acquired for $170,000, was later sold for $320,000, and my third property, purchased at $300,000, fetched $589,000, with buyers covering all closing costs and expenses. Not reaching a million before retirement feels like an unfulfilled goal.!!
Whichever firm you select, make sure you get your insurance from a reputable financial adviser, such as Natalie Lynn Fisk, who has dedicated her career to financial planning. Because they will assist you in escalating, navigating better, and completing the task in a safer manner||.
I was pleasantly surprised to find that you're familiar with her as well. I've had the privilege of working closely with Natalie Lynn Fisk over the past few months, and she has not only helped me earn substantial profits but has also been an exceptional mentor and trader. Her ability to navigate various market situations is truly remarkable, and I couldn't be more satisfied with our collaboration.,.
I've come across several positive endorsements of Natalie Lynn Fisk on various platforms, including UA-cam channels, seminars, and more.._
"It's quite a surprise that you're acquainted with her as well. I've had the privilege of gaining significant profits while learning and investing under her guidance for the past few months. Natalie Lynn Fisk truly stands out as one of the most exceptional mentors and traders I've had the pleasure of collaborating with in recent years. Her expertise in navigating various market situations is truly
Great video man. I’m 25 right now with no debt, I’ve got 15k invested and 50k saved up for my first home purchase. Just slowly working on increasing my yearly income to purchase my first property within the next year or so. Slow progress but hopefully in 10 years things will be a lot better and I can retire by 40 ish🤞🏽
That's a great goal. Much success to you.
Get a three family house! It should pay for itself. I did. Best investment I've ever done.
Look up Julien Gordon for more info
Tommy you’re awesome. I copied your portfolio. Just started at 43 now it’s late but I’m hoping to be on track 10 years from now.
I’m 16. Planning to be financially independent by 25 and able to retire by 35. I’ve been working my ass off since I was 13… let’s hope it all works out!
Good for you honey!!! That is awesome!
I’m 17, with similar prospects, may the odds be ever in your favor. Lets get it.
Abigail please vlog your journey.
🔥🔥🔥, I started at 16 what I can say is stay consistent/ignore distractions and yeah work your ass off like you said. I’m 22 now those lil 6years of me working my ass off has payed off I’m on pace to be able to retire by 35 so you can definitely do it.
@@HitNrun115 what job do you have also What are you invested in bro You must got alot of passive income (real person lol)
Great video, thank you Tommy! I'll be 50 in a few months, and in great excellent shape to retire in 5-7 years. My house will be paid off by then, and I should have between $1.5 to $2M saved in my investments. The hardest part is making all the sacrifices and cutting back on expenses. I'd say balance is very important as well. You can't take your money with you when you pass away. So, while it's very important to save for your future, you have to enjoy life as well.
Yeah...you spend years making/saving💰finally!!!! You become a millionaire!
Then you kick the bucket and someone else takes your money and goes on a spree!
I have five kids. Don’t plan on paying off my home just selling it when I’m done with kids and buying a condo cash in Belize to retire
Lol I’m from Belize I can’t wait to bring my family back so they can experience it
Proud of you man. Keep inspiring us. I retired @47 from employment. I'm a New Yorker from Brooklyn of Puerto Rican parents.
‘’Courage taught me no matter how bad a crisis gets ... any sound investment will eventually pay off."
Sounds like plan, how do you put money to work?
@Dan Romero Thanks for replying me, I've heard so many people talk about investment but none had said how to do it right.
Am hoping on you can explain more on how you make extra income from investments
This is awesome, please can you be of an assistance to me how can I connect with your broker?
@Ibrahim faizan I'm keen on trying this out. Thank you all for the information
Im 32 right now, started the journey in June 2020, will be financially independent by 40 - June 2030.
Same age and goal!
You guys are so luck. just started my journey a year ago, but did save and invest hardcore. This year will the same and will only loosen up by 2026. By doing this will be able 47 since I'm 34 now. Congrats to you guys you're are doing awsome.
I’m 52, so this is very important and valuable information.
DON'T GIVE UP TOMMY!!! YOU'RE TOO CLOSE!! YOU GOT THIS! 6 Months! Congrats!
This is one of the best guys out there. Top two with who can actually hold a conversation and not bore you to death. Him and finance whiteboard guy Marko are the only two I can watch learn and laugh once in a while
These daily videos keeps me on my p’s and q’s lol.. much love and I really appreciate all the informative videos.
So u gone help me or what lol
33 years old today. Started my path to FI at 29. My goal is to be fully work optional within 5 years.
Man you look like you’ve been getting money. Congratulations brother, I’ve been watching you for a while now. You’ve definitely inspired me helped me & taught me so much over the last year or two. Keep it up 🥳
I’m maxing out my IRA every year and I have mutual funds and EFT
I’m 28 and I’ll be retired at 38! Let’s go bro on the road to financial freedom. Nice video brother
What are you invested in bro also what is your job
Good for you almost reaching your retirement goal soo young!
I only discovered your channel a couple of days ago but have already learned so much. Thank you. Wish I’d known a lot of this years ago as I’m not terribly far from retirement and it would have really impacted how I spent my money through the years. Still trying to wrap my head around the calculation you did for figuring out how much you need in a retirement account to live comfortably though. Will take a bit of thought and math to figure that one out! 😊
36 here. I had to go into my work TSP retirement to aggressively pay off some initial debts (credit cards, car loan etc). I’ve only had it for about 3-4 years and it’s gone now. It still wasn’t enough but I figured it was a sacrifice to expedite the debt I endured the last year. I also moved out of my apartment (Bach pad) for the next year to aggressively pay things off and get into a better space financially. So far I’m on schedule but I battle with embarrassment and shame that I do see is necessary to not end up in this situation again. It’s also a big blessing to have a friend who let me move in for a temporary fraction of a rental price that really helps with the goal.
I’m glad I found this channel as it affirms knowledge and endorses new growth and healthy relationship with money/finances.
My question is if we live in America, chances are our rent/mortgage is gonna be over 33% of income. Or maybe that’s the thing, move out of America but then that means making the American dollar is the next challenge. So much to unpack but I’m glad to be here
I just used the avalanche method to pay off one of my credit card balances of 15k. I have one more credit card balance of 15k to go then I want to cut my cards 😂. Also I'm 28 and planning on retiring around age 48 or 50. Great video Tommy as always 👍
I'm 23 and I plan to retire by 35 years old .been working since I was 17 years old and this year I graduated university working 9-5 (not the best) and I've built me a place I'm my aunts backyard so I don't pay rent .
Damnnnn everything you say just clicks. Thank you!
What's your income like? With the average US salary (55k) there's no way mathematically, even with following these steps, can lead to retirement in 10yrs.
I calculated your average income to be:
6yrs to retirement ($1M) =
Saving $13,889/m
Which you say to save 30%
$13,889 is 30% of $46,296/m
Which equals a salary pretax of ~$556k per year
...
@TommyBryson am I off on my calculations?
It's click bait
Almost none of these people mention their UA-cam money, which have MASSIVE payouts for financial channels.
Sure, it’s not useful advice to say “Start a big UA-cam channel.”
But it is kinda dishonest to not mention they had a big income boost from it.
I agree. But just try to save 30% of your take home pay. That will put you in a better position. Retiring in 20 or even 25 years (depends on your age) but that's better than working til you die. Save and invest it in index funds
Your calculations are not wrong, but your starting point is flawed. He is not talking about saving $1m. The idea is to invest as you make money, and let compound interest do its thing. For an accelerated 10 year retirement plan, it's essentially impossible with this investment strategy to get there with $55k/yr, but you can get pretty close if you are, say, living at home with parents and have no expenses other than little stuff like gas to get to your job. $3500/m invested with an expected annual 10% return = 700k in investment savings in 10 years. Some people can afford to retire with this much, start of $28,000/yr income with 4% rule.
Don't pay off mortgage early.that extra money could go to work for you instead of sitting around not earning anything...a low interest fixed mortgage never goes up despite inflation and all your other expenses..
Really appreciate your content 🙂
I’m 28 I’ll be 29 in a few weeks I want to be retired by 45-50 years old
Chasing my goals I know I’ll get there ✊🏾💰🥳
Shout out Tommy for sharing the sauce much love bro🙏🏾💪🏾
Thanks for all you do
You will either pay rent or a mortgage. 32 years (2 refinances) later...it's mine except gotta pay taxes and insurance! I save up for them.
I checked what my taxes pay for..police, county hospital, schools, roads...it goes to make my life better.
Very informative Tommy, as a person gets closer to retirement it's a good idea to increase your Emergency Fund up to 2 yrs. Because when the stock market goes into a Bear market you have enough money available to ride it out, without selling any of your stocks. I am hearing that the 4% rule is to much & we should draw down around 3.5% due to the fact that when the 4% rate was created, bonds were paying around 6% which we have not seen in a long time. Thank you for these videos Tommy.
You just got a new subscriber. Awesome video bro
Yasss I started late ⏰ but I’m going to be the turtle 🐢 that won the race
Health is wealth.
My son has that same Kobe book he’s him favorite player.
Awesome advice, thank you again
Notification gang! I appreciate you bro ✊🏿💯💪🏿👍🏿
I came here to learn how to invest after listening to a guy on radio talk about the importance of investing and how he made $960,000 in 4 months from $160k, somehow this video has helped shed light on some things, but I'm still confused, I'm a newbie and I'm open to ideas.
@Florence sean Exactly, the trick is to diversify your investment, don't panic when everyone else is and invest consistently.
@Erica Stewart Hello Do you trade on your own?
@Erica Stewart That's impressive. Are you giving her your money or the money stays in your trading account? What's really the idea behind copying trades.
@Erica Stewart Is her service available outside of the US? As her broker is registered in the US.
Please how do i get in touch with Mrs Mitchell
Roland, I would love to trade with her
Great Channel!
Thanks for this video.
Reading about people grabbing multi-figures monthly as incomes in investments even in this crazy days in the market, any pointers on how to make substantial progress in earning? I would appreciate
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate or crypto and stocks.
I really don't trade, I only invest with a professional assigned by a crypto company that trades for people and returns profits on weekly basis for me and you can invest your capital and get weekly Returns of investment (ROI) without any extra fees attached.
The professional is Ms Gloria Eller 🔥
@@migueldiaz3917 Really you know her😳... I even thought I'm the only one she had helped walk through the fears and fall of forex trading
Last month a friend refered me to her, I started Investment with 5,400€ and now I've made 15,340€. I think she deserves a credit.
Just keep at it, We paid our home off in 10 years and 3 months. Sacrificed a lot for Id say 6 of those years. But my wife and I could both lose our jobs and we would be OK. Wish I would have started even younger!
Great video
42 retire 52.
Thanks for the update and keep doing what you do. My journey in investment diversification has taught me a lot of lessons, at the top of that list is that it never pays to live above one's means. I have managed to grow a nest egg of around $600k to a decent 7 figures in the space of a few months. Sad to say but a lot of us have poor money management skills. My 2 cents -get an advisor to keep you accountable and aid you make better decisions, Marnell English has been helping me a lot, all through my journey. I find it better to pay a little bit more for peace of mind than worry about money or market trends and still get burned.
OMGGGGG wait, you know this lady too so amazing seeing others trade with the same woman I trade with, she’s been a blessing in my life.
I've been her student since February, and she’s been a great mentor to me
You all are scammers
Love your videos! we see the fresh hair cut it looks nice! I need to get a roth IRA asap. Always great info💛
Where is the link to your portfolio? Thanks
I’m starting a new job next week, full time pay is $19 an hour in Ca, we don’t have debt and my partner and I have about 2k in cash savings Rn and can’t wait to finish the video and learn how I can retire ASAP
👏🏾👏🏾👏🏾
Gotta find ways to make more money
@@bitemedia3679 name some
Oh let me give you all one piece of advice that I’ve had to learn the hard way. I had every insurance you can have to be prepared for any issues that might arise. I even had a separate cancer policy. But I had life, health, cancer, car, home, etc. When I was 33 I developed lupus. I worked for 2 more years but at that point I was no longer able to work. I had state retirement that had a disability program like social security disability but because they were $1.2 million in debt they treated me like trash at my hearing and denied me. I would have been ok financially if I had gotten it because it’s separate from social security disability and I could have drawn both. But because the denied me all I have is social security disability. And trust me it’s not enough! Thankfully, my husband works full time, dispatches part time, and has a DJ business also. If I’d only had long term disability insurance I would be a lot better off! I wish I’d known about it. It’s not cheap and no one ever thinks they will be disabled. I sure didn’t! I’d planned to work my entire life and be able to help out one day with my future grand kids. So if you can or try to figure out a way to get long term disability insurance. Also, my mom had an almost fatal car wreck when I was 15 that permanently disabled her. You never know what can happen. It’s much better to have it and never need it than to need it and not have it. I always say, Plan for the worst and hope for the best and you will be just fine!
Another piece of advice is to have more than one type of retirement. My grandparents who retired early told me not to depend on my work retirement because it doesn’t matter how much it is it won’t be enough. They had theirs thru their employers and were great retirement funds, they had investments they drew off of but when one came due if they didn’t need it they reinvested it, and they had an account with a lump sum that they drew off of the interest it got every month. That gave them 3 streams of income. Trust me just one retirement plan isn’t enough if you want to do things. They traveled all year long and truly enjoyed themselves.
I have a Roth WITH MY BANK BUT I WAS NEVER TOLD THAT I NEEDED TO PICK an investor…. Or what ever you said ! How. Is that different?
12:20 bookmark
Hey your advice is exactly like Dave Ramsey 's 7 baby steps.
So, should I stop investing and use that money to pay off debt?
I love these videos, my goal since I was 16 is to be able to retire by 35 latest 40. Now I’m 22 and I can say within those 6 years I might be able to retire by 35. My retirement Date 05/23/2035.
What’s your job? I want to retire at 30
@@hispantrapmusic301 well I started saving at 16 working at McDonald’s getting paid 15/16hr until I was 18. Then I got a security job making 18/20 an hr while going to school to become an MRI Tech and that’s what I currently do at 22 getting paid 35hr.
@@hispantrapmusic301 but I did save a lot because from 18-21 I lived with my mother
@@HitNrun115 damn, I’ll be starting to work at 24. I’m 17 right now but I can’t move to the states till I finish my degree. Here is difficult to get a job. My degree is in software engineering and I’ll do a master degree in the US
Anyways congrats man. Keep going and you’ll get there
@@hispantrapmusic301 Thanks, and you’ll get to retire at 30 just stay focus ignore distractions and don’t forget your goal there’s not too many young people thinking about their future I was fortunate enough to have my mother guide me.
Hey...what's the title of the book that you quoted from?
If 10% in Roth is more than the max, should you do 401k or save the difference?
Thank you berry much$$$:)
Hey Tommy!
The cost of health insurance will be a bear if I retire early.
Hey Tommy, I am at a solid 60hr a week in month three.
My credit debt pretty high and my student loans might be forgiven.
Also have a fixed loan for my car.
I am a single father so unfortunately there are only so many hours I can work what suggestions would you give to make additional income solely for paying off debts. My projections are 3 years but I want to speed it up by moving out my nyc apartment and maybe renting a room.
Hope your good I been watching a long time man and your on fire 🔥
i can imagine living in an nyc apartment is extremely expensive. def finding a cheaper place to live will help and save up money. have you looked across the bridge in NJ for cheaper places ?
@@vchambliss24 depends, it's much worse than than.
Buying a house cost way more than renting, and if you were to find cheaper renting you'd most likely have to move to a bad area (not worth it with a kid).
Tommy, you are adorable and I just want to thank you for your advise. By the way the word is probable 🙂 Thank you!
I’m going to retire at 42💯💯💪🏽💪🏽
Nice
I have both
Thanks for the sound advice, ill be debt free minus student loans after next month (ironically $9600 left in student loans and bidens aiming to wipe $10K) currently I’m renting and looking to maybe purchase though i’m not sure…. Also looking to establish multiple streams of income to retire quicker, 10 yrs is admirable…. My situation depends on a legal matter, if i get justice for the wrongs Ill probably retire in 20 yrs (volunteerly of course) if the legal matter ends with corruption and evil winning, i’m gonna aim to retire in 5yrs or less as theirs no purpose but to make money to retire
how would you do this is if you have a mortgage ?!?
Lol. Well, it's 6 months since you made this video. Did you hit your goal? Also, the word is probable, which I think you figured out. Are you from the United States? Your verbal fluency is generally phenomenal, so it does catch me off guard when you get hung up on certain words. Probably just need to supplement with a choline source or something.
hello, Tommy you are living in PR, where you are getting your Roth. With the Banco Popular?
You’re awesome
The fact that I already bought the brand new car 🤦🏽♀️n I can deff say it do hold me back a lil mainly cuz insurance doe
I want 1m because
400acres in the PNW to start my family farm and buy all the heavy equipment needed 😅
I’m in a Roth with my company (above the match) --BUT they choose the investments (guided portfolio).
Does that sound good??? (Or should I go outside with the Roth IRA after I’ve maxed out the match???)
Tommy id like to get some advice from you , regarding some finances I’m going through right now, but i don’t have social media is there any other way to get in contact with you
I opened a Roth Ira and put money in there but didn't actually invest and it was siting there for almost a year 😅😂
Does the investing include 401k at work
I need advice. What should I do with old 401ks if my current employer offers 401k but no match???
2065! Let's get there sooner!
Been watching some of your videos for the last week or so and you give great advice! Keep doing what you're doing. You mentioned the ROTH IRA which is for US, I'm in Canada so I assume taking the same formula but using the TFSA would be alternate for Canadians. Looking to retire by early 50 sounds pretty good as I am turning 41 this year.
I’m here
Honestly most people don't make enough money to retire in 10 years!! This is not realistic
What if I love my job and make over six figures? Do you still recommend this in this scenario?
Yes if you dont wanna keep working the rest of your life Why save Money to spend it On Luxury when you can spend it on assets for passive income that will make more money for u
Nothing better than taking advice from someone with the SN @@lemonkid2543 🤣🤣🤣
@@Bng210 i mean im trying to be helpfull You gotta be open minded or Slave forever ♾
@@lemonkid2543 Well as long as we have the government we do and pay taxes on our properties and any income, we are always going to be slaves...That was the ultimate plan to make us think "they" ended slavery.
60 years old at retirement 😎
You can retire like that in Barbados after 10 years.
when I look at properties on the internet in Barbados they are quite expensive.
@@shayscott7498 He claims he's Puerto Rican (instead of Barbados) in one of his other videos though so not really sure.
I'm hoping to retire in 2040 at the latest... Tesla will hopefully change that though
I'm 68, so I will retire at 78...lol!
Never too late, what if you live to 110?
@@shayscott7498 Great point!
I invest in the shadow realm to. Can't spend shadow realm money.
Retirement at 35, I’m make it happen
Here 😊😊😊
When people talk about retirement, they speak as though it compares to an extended vacation. It's not. Aren't you doing what you want now?
39 bro
Start off with 0 my broke azz click ASAP 🤣
Is the 33% rule take home or gross?
Take home
Retirement age will be 55. I am currently 47 today.
I’m 20 gonna retire at 30 let’s go
How much do you invest into your portfolio a month to retire in 10 years?
I look at it like this if your not working 20 hours a day your not working hard enough
Lol I would hate to work that much
You not working 20 hours a day. Stop the 🧢
Nice video but the ROTH IRA you need to be 65 to pull it out sooooo that's a bit more than 10 years awat
Any IRA you can start pulling out at 59.5 yrs. old. With the ROTH any money you put in can be pulled, just not the interest, some people use it as a Emergency Fund, but I wouldn't. Hope this helps.
Tryna retire 54
35 years old I’ll be retired 🤞🏾
Pretty boy Tommy
Guys can someone tell me . Right now I have 1 million dollars is it enough to retire or I need more?
I mean Its ok if your not over spending But you should invest more of it in real estate bro Buy a Apartment building and rent it out
@@lemonkid2543 yeah that is helpful
But beside real estate where should I put my money
@@lemonkid2543 bcz I am planning to literally put my all money in every type of investment (diversification) and live off my investment