How To Become A Middle Class Millionaire (evidence based)
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- Опубліковано 17 чер 2024
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This information is only provided as an informational resource and should not be viewed as investment advice or recommendations. To get professional financial advice from a fee-only financial advisor near you, please visit www.napfa.org.
The decisions on how to invest, when to retire, and other financial planning topics are some of the most important financial decisions you will make in your life. I urge you to seek professional financial advice as you make this decision. Ideally, from a financial adviser, AND a CPA AND an attorney. Having the perspective of all three professions will help you make the right decision for you and your family.
This information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and may NOT be suitable for all investors.
This information is NOT intended to, and should NOT, form a primary basis for any investment decision that you may make. Always consult your own legal, tax, and/or investment advisor before making any investment/tax/estate/financial planning considerations or decisions.
Spoiler Alert: There are no "get rich" programs. Rather, just basic blocking & tackling and putting in time and care. Do your homework, choose wisely and (IMHO) work with experienced professionals who are fiduciary to you 100% of the time.
68B{TN}NE How They Became Middle Class Millionaires
Honestly, this concerns me and has left me uneasy. Especially this potential depression, no more a recession. I'm unsure about my $130K account strategy, considering the uncertainty of this whole recession mostly.
If you lack knowledge about market investing tactics, get advice from a financial counselor.
Agreed! this is why I work with one. My $520k portfolio is well-matched for every market season yielding 85% rise from early last year to date. I and my advsor are working on more figures for this year. IMO, financial advisors are the most sought-after professionals after doctors.
I've been getting suggestions to use one, but where and how to find one has been challenging, Can i reach out to the one you use?
Lucia Alicia Cruz is a hot topic among financial elitist in The US. She's gained some reputation for her works during Covid. All the info. you need to set up an appointment is on her web page.
Thank you. I just checked her out on the web browser, She seems really proficient. I'll follow up with an email. Thanks for the lead.
Been saving for retirement since first day at work May 18, 2000.
24 long years later my wife and I in our late 40's finally surpassed a net worth of $5 million with the recent upswing.
It wasn't easy nor quick!
At my Dad’s suggestion, I purchased $2000 IRAs annually starting in 1984, and it happened for me
Love your content and sound advice. I’m 62 and thank God I listened to my father and became a union electrician. We are blessed with a fantastic pension and health care. Whether you are white collar or blue collar, conservative or liberal it’s sad to see that traditional pensions have died here in the United States 🇺🇸. The marketing of spend, spend, spend and spend some more is killing the American dream. We as human beings need to stop, look and listen to our future selves. Life on this big blue marble of ours is extremely short. Don’t get caught with the short end of the stick. Live a little but save and invest in the process. God bless.
Watch out for that 347V neutral ;)
I started at a large company with a 401k at 22. I invested in a low overhead index fund. Skip to today, that account has a $2 million balance.
Same! started at 26
nice to see a new walk-and-talk, Azul.
congrats on 130k subs!
Tell you what, living below your means is an absolute requirement for wealth building.
I took the path of number 2, education and licensed to do a highly skilled job with fantastic pay and benefits. Learned about investing and became the millionaire next door.
Don't feel like one but wife did her 403B and I've built and invested in rental prop. for 20 years. We don't over spend and have built a great nest egg. Time is how you get there.
Albert Einstein said, "Compound interest is the 8th wonder of the world."
We didn’t want children so that helped us save a LOT of money.
I became a £ millionaire recently through climbing the career ladder as a Chartered Accountant. I became a partner 5 years ago and my earnings have gone from $120k then to $1.1m now. I invest $10k per month and still live in the same $500k house I bought 12 years ago when my earnings were $70k. I’d saved more if it wasn’t for more than half my earnings go to the tax man and the bank. I enjoy your videos as aiming to take early retirement in 7 years when I’ll be 55
Live a little or your kids will.
I don’t earn your salary, but around 500k aud from my wife and I. We spend and save like only flying BC and living in a 4m house.
When I die there will still be plenty of
@@SP-xi4xd yes 100% agree with you, it’s a fine balance to strike between saving and investing. I go on several trips abroad a year, including 2 big long haul holidays with my other half and she’d refused to fly economy now. I’m mainly investing so much because I want to do a lot more travel after early retirement. I have a friend who is a multi millionaire but is a complete miser and I don’t understand why he won’t enjoy his money. I don’t have too much else to spend the money on and never expected to earn anything like this much. The 3 kids are now grown up and I’ve helped 2 of them (the eldest who are my stepsons) on to the property ladder. Part of what I’m investing is to help my daughter and her boyfriend buy a house. I do also try and give a fair amount of money away to dog charities and plan to give away a lot more once I’m retired (fingers crossed assuming it all goes to plan).
@@SP-xi4xd you’re 100% right, I do enjoy the benefits of it too. We fly on a couple of long haul trips a year to the Caribbean or similar, and a few shorter trips. The other half certainly wouldn’t fly economy now either. It’s a balance between investing for the future and helping the grown up kids buy their own house vs enjoying life now, as we don’t know what’s around the corner healthwise.
I am a mix of 1 and 4 and very happy to be retiring early at 56 soon. Saved 50% of my income for years. Totally possible!
Nice! Congrats!
The large company is where I started, but I did not start with a high salary, or rise to the top of the company. At year 1, I started with a contribution of 8% to the 401K, then increased it with my yearly inflation raises until it my contribution hit 16%(the max allowed by the company). The company was adding in 3%, so essentially, I was saving 19% of a low salary for about ~20 years. In addition, I started a brokerage account and added to both for years. That created the first million after 15 years. So a large corporation, where your vacation builds, and your health care is subsidized is a good way to go forward if you do not maintain lifestyle creep. And in my 20 and 30, I had no bonds, the timeline was just too long to have bonds.
Wow. I am blown away by this presentation. I was an insecure 49 year old on SS in January 2018 when I started buying Bitcoin/crypto. Everyone though I was irrational. Most still do. I put my income in every month and watched the value drop each month but for some reason really believed in Bitcoin and alt coins/blockchain even though I don't totally understand. Finally, the crypto market started turning around and I am astonished at the value of my crypto currency portfolio today. I engaged in active trading and managed to grow a nest egg of around 2.3B'tc to a decent 27B'tc....At the heart of this evolution is Kerrie Farrell, whose deep understanding of both cryptocurrency and traditional trading has been instrumental. Her holistic approach to investment and commitment to staying abreast of market trends make her an invaluable ally in navigating this new era in cryptocurrency investment....
As a beginner, it's essential for you to have a mentor to keep you accountable..
I appreciate the professionalism and dedication of the team behind Kerrie’s trade signal service...
Kerrie Farrell program is widely available online..
Investing with an expert is the best strategy for beginners and busy investors, as most failures and losses in investment usually happen when you invest without proper guidance. I'm speaking from experience..
I rather invest my money on crypto. Bitcoin trading is great unlike the stock market and other financial markets, bitcoin has no centralized location , since it operates 24hrs in different parts of the world..
Azul, I've been watching your content for about a year now. Love what you create. I know you have to experiment with different ways of delivering the content but I'm stuck on the "Let's go for a walk" type of delivery. Nothing fancy...just bringing a bottom line type of content. No matter how you deliver the info it's always helpful but the go for a walk setting just resonates the best for me. Best wishes!!!
2:48 Actually it was Albert Einstein who said compounding is the 8th wonder of the world.
For me it's been a little of #2 and a lot of #4. I worked in a STEM field where pay was pretty good. Not exceptional, but well above an average US salary. Combine that with living below our means and investing a good percentage of our income. All that's left to do then is to keep doing it for a few decades.
It was Albert Einstein who said compound interest is the eighth wonder of the world.
At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
I appreciate you sharing this. When I looked up the woman you named and read through her credentials, it was obvious that she was a complete professional. I just need her to respond to the message I wrote her.
That’s us. We averaged 180k and topped out at 275k. I’m an accountant and my wife was a software engineer. So now in our 70s and retired a while we’re worth 2mill invested in stocks and bonds buy and hold. I’m. 70/30 investor and my wife is 50/50. We rebalance every December
This sounds great. Please share the estimated value of your home so, we can get the full picture of your net worth (smile...smile).
I’ve never made more than 90k a year. Saving 20-25% a year has us just under 800k with a few years left to work. Should reach a million. It’s doable
What are some reliable Bitcoin recovery
companies that can help recover lost
funds and also improve account security?
Thanks to Mrs Sarah O'Neill
She helped me recoverd it all
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315
864
Thank you, Azul for another very nice comment video. Perhaps it is because, I live in Southern California but another great source of wealth, in addition to saving and investing, is home ownership. There are tons of average single family homes built during the 1950's and 1960's, that because of the neighborhood they are located, are easily valued between $1.1 million to $1.7 million. Therefore, if you add in a retirement account (i.e. 401k, 403b, 457 plan, IRA, etc.) of $300,000, and personal savings of $100,000, their net worth would be between $1.5 million to $2..1 million. However, I am sure they would still think of themself as, just Middle Class (smile ... smile).
Great point. I agree, I need to start mentioning real estate as the "4th leg" of the retirement stool. Thanks for the kind words and for taking the time to share your experience with our community. 🏡 Azul
I'm about 2-3 years from an early retirements, unless something drastic occurs. I have a percentage in bonds, much lower than recommended percentage. I'm still in socks for both growth and income, and gradually moving some growth assets to income/value.
By the time I retire, I'll have ETFs funded that will provide monthly income when combined with social security income providing enough to live on. In positive market years, I can take a small percentage our and reinvest the rest. In negative market years, I have cash to offset any shortfalls for about two years so I don't need to sell assets in a down market.
My goal is to stay in or below the 24% tax bracket in retirement; and adjust my annual withdrawals based on the change in market value prior to forced RMD distributions. My goal for RMD is to stay below the 35% or higher tax brackets.
You may want to talk to someone about Roth to redistribute your portfolio to avoid as much tax when the RMDs hit.
@@glasshalffull2930 unfortunately, even in retirement, the income phase out range, my MAGI / earned household income will prevent contributions. If I stay below the income phase out / MAGI limits, my understanding is there are no limits on how much can be converted to a Roth IRA, however that conversion also adversely impacts income taxes.
8:41. I think “aspirational” Is the correct word.
Azul thanks for your video and info. I remember on one of your video you made the comment that the first 7k of your income it’s very important on your earnings. Can you please expand on this. I need one more year to reach 35 yrs in contribution. Hence the question.
Yes, I also remember this statement from Azul. Since, I have a pension my understanding was say, I have 28 service years ....should, I stay two more years to make it a round number of 30 service years, and also earn a little extra with a higher percentage of my last year's salary. The answer was no, because that small extra 2 to 8 percent in my monthly pension check will take away from the "youth of my Senior years" (smile...smile).
Yep. Easy to do if you stay out of the consumerist mindset that is broadcast to you every second of every day. Then have some money to save and invest. Do that over decades and voila ! You are loaded. Hindsight being 20/20 I wish I would have started earlier but was able to catch up and now retiring early. At least our daughter learned from our mistakes and started at 23 with investing. She is set for life if she just continues that.
I only barely make 6 figures and have only done it for the last few years. I crossed 7 figures a couple years ago in invest able assets in my late 40's.
*Waking up every 14th of each month to $210,000 it’s a blessing to I and my family… Big gratitude to Ann Marie strunk* 🙌
Hello , I am very interested. As you know, there are tons of investments out there and without solid knowledge, I can't decide what is best. Can you explain further how you invest and earn?
1M or more on paper (qualified accounts and home value) isn’t enough. You need ample sources of cash and cash flowing assets as well to make up for market losses, tax and inflationary headwinds. The on paper millionaire can’t even buy lunch.
Do you do phone consults? 😊
I wondered the same thing
We did it by making good money and living under the poverty line. We saved 75% in the last few years.
Is it really that cold where you are that you need a heavy jacket?
Bikes, train ... Europe? 🔭
Here comes all of the spam financial advisor ads!
I’m a widow at 54 my husband left me some money I don’t know how to manage it until I retire.
Do a lot of research on this topic through youtube and books at your local library and book stores. Also speak to others you may know who can offer sound advice.
The other reason 2mil makes you middle class is because that's what 2mil will fund over time.
There is no middle class.
They don't make the long term decisions that you do.
Save, Inheritance, lottery, sports. and the fifth, Politician
You have to be a millionaire to be middle-class these days
Gee, my dream is to become a poverty class millionaire. Nothing like being a millionaire who has no money.😊
TRUTH ! That’s called TAX ! Property - income etc.
@@martywilliard Ha ha ha, that is funny. Well, my wife pays the annual property tax on our modest Southern California single family home (smile...smile).
@@transitengineer 😁
Unfortunately being a millionaire is not what it used to be. Pretty soon being a millionaire will be lower class.
Decamillionaire is the new millionaire
Thanks for the continuous update! I am super excited about how my crypto investment is going so far, making over 15k weekly is an amazing gain☺️
Same here all thanks to Miss Susan Marie Alessio, she has always been there to guide me through with detailed analysis and recommendations that I wouldn't have access to otherwise.
Please how do I go about it, am still a newbie on investment trading and how can I make profit?
Susan Marie Alessio is considered a key Crypto Strategist with one of the best copy Trading Portfolios and also very active in the cryptocurrency space.
She is really a good investment advisor. I was privileged to attend some of her seminars. That is how I started my crypto investment
I have heard about her excellent trading expertise in CNBC news, guess she's more popular in United States.