What Your Net Worth SHOULD Be by Age 40
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- Опубліковано 10 жов 2023
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What should your net worth be by age 40? Is it too late to build wealth? In today’s video we’ll talk through calculating your net worth, how to know if it’s good, and what to do if you’re behind.
Links:
Make Your Brain Your Friend Today With BetterHelp: www.betterhelp.com/george
Ramsey Net Worth Calculator: www.ramseysolutions.com/retir...
George Kamel is a personal finance expert and co-host of The Ramsey Show. Following Ramsey’s proven money plan, George went from negative net worth to a millionaire in under 10 years. His goal is to help people spend less, save more, and avoid money traps so they can live a life with more margin, options and freedom.
This channel will simplify complex money topics, bust money myths with actual facts, and debunk the stupid financial advice you're seeing in your social media feed. All with a healthy dose of pop culture, humor, and snark.
I’m 43 and broke with a high salary. Quickly paying off debt and won’t be debt free for another year. Late start but at least I’m starting.
You can do this!!🙌🏿🙌🏿🙌🏿🙌🏿
It all starts with good mind set!
I’m 33 in the same position as you don’t worry
47 year old - same position - broke with higher salary… eating rice and beans for the next year or more..
Got myself on a 10 year plan to be debt free and then positioning myself in some proper investments - gonna make it a game and see what I can do in the next Decade!!
I was similar at 40 (I did have some assets but never took it that seriously) but then I made some big changes. I am 43 now and the differences are already showing and I’m on a good path to be FI by 50, that’s the goal anyway!
I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don't know where to go here out of devastation.
I agree that there are strategies that are put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience
A lot of folks devalue the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k
Do you think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation
Sonya Lee Mitchell is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets
Her name is “Sonya lee Mitchell” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
My wife and I are directors of our farm business and own property, plus small pensions. I am nearly 55, my wife is 52.
We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $1M.
that's impressive!, I could really use the expertise of this advisors , my portfolio has been down bad....who’s the person guiding you.
Please can you leave the information of your investment advisor here? I'm in dire need of one.
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible.
Though I started with as low as $15,000 AUD actually because it was my first time and it was successful, She's is a great personality im in Australia
Nvda are for young ppl that can outlive their stocks. Not Everyone has luxury to wait their life away
Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.
I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
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.
Glad to have stumbled on this conversation. Please can you leave the info of your investment advisor here? I’m in dire need for one.
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website… thank you for sharing.
Creating wealth entails establishing positive routines, I had only $78k to my name at 42 when I first woke up to this reality. I chose the stock market as a medium of growth, got an excellent financial advisor,Financial management is a vital subject that many avoid, often leading to future regrets.
Indeed, currently I'm managing my finances wisely and being frugal. In the last 19 months, my investments grew by 43%, adding over $500K in profits. However, I've had losses in the past month, making me anxious. I'm unsure whether to sell everything or wait.
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
Monica Shawn Marti 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.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
I crack up when at 50 I get told by MULTIPLE ADVISORS that I am investing WAY too aggressively. I just laugh and tell them I'm really risk tolerant. With potentially a 5 year window to retirement (if necessary), we're fine. I don't think I could retire with less than $3 million in income-producing investments. I have already achieved 60% of my goal.
Everyone needs to hear this, you need to create your own process, manage risk and stick to the plan, thick or thin, while continually learning from mistakes and improving.
i'm glad I came across this discussion. If you don't mind, could you tell me how I can contact the financïal advisor who helps you with your investments?
In 5 years we went from negative net worth to $2M. We are 35 & 37. We did the baby steps through step 3, lived on nothing, saved up 1yr of living expenses, and another $80k for a commercial build out, and opened a business.
This year we paid ourselves $38k per month out of our business. I didn’t even know people made this much a few years ago. Now we have opened a more businesses and looking to buy a few more in the coming years. After meeting with our wealthability tax advisor we’ve realized retirement savings is not going to get us to our goals so we’re not even going that route. To reach our 16 year goal we need to make 30% on our money every year. Our businesses do that so let’s keep that train going.
We are 45 and 40. We jumped on the Dave Ramsey train early in our 20’s and are worth over $600K. We did this on one income less than $100K for 19 years. We’re have 5 kids ranging from 7 to 18. You can do it!
Man that’s awesome to hear!
Nice work.
Absolutely amazing 🤩
In between the B and C tier; not bad!
Wow that is amazing. Especially doing this with 5 kids - good for you and best wishes in the future.
On my 40th birthday my net worth was 475k, and the most I could ever contribute in my 401k was 11%. Then I found Ramsey at 41, paused 401k for 2 yrs during baby step 2, now at 46, at 15% in the Kizzle and paying down the Mortgage, I’m at 975k. My goal is 1.2 mil and house paid off at 50. This stuff works. Just follow the plan. No excuses & your situation is not unique. You can do this. Btw.. love the KFSS!
We have the EXACT same net worth! Congrats man, way to turn it around 👏
Hell yeah brother! I have around 450k net worth at 30. Trying to have a mil at age 37. That’s my goal at least
It is funny how we act differently when it comes to money. Most of us know to get better at something it takes diligence and hard work. That is exactly what Dave's plan requires and you are doing a fantastic job. Curious when people say net worth they are talking about their 401k and maybe some side money and if the house is paid off you add that into the equation. (typically right)
Hahahahaha!!!! KIZZLE lol
Truly inspirational
Net worth at 39, 400k. Net worth at 40, 150k.
Relationships are expensive
Oof, I’m learning from previous generations and never getting married.
Marriages do better on avg xD
@@amazinglats6020prenuptial agreement
🎉🎉🎉 Thanks for this video, George! My net worth is A+ since our home which we bought in 2018 is totally paid off and is now worth $835K and my 401K is worth $1.2M. We have $50K in cash in our ER Fund and own all three cars out right - paid for them in cash. I’m 42, graduated college with no debt (thanks, Mom & Dad), got a $60K job out of college at age 22 and have never held any consumer debt. Married a wonderful woman at age 23 and have three sons. God has been good to us and we have followed wise financial advice from Ramsey Solutions our entire marriage.
60k over 20 years ago. Wow that is impressive. You are rich
God bless you and your family. You are killin' it (in a good way)
God bless you! Absolutely beautiful and inspiring! Enjoy your life 😊
Congratulations. I’m really happy for you and not at all jealous 😭
that's amazing you have 1.2 Million in your 401K at 42. Wow, well done sir
I got a C. I turned 40 in August. Current networth is $135,678. Better than I was doing 3.5 years ago 👍🏻
Progress is everything! Well done! Keep running the race, brother.
@@paulwinters6024 you too man, thanks.
Keep going
Keep going. You got this!!!🙌🏿🙌🏿🙌🏿
Keep going bro. You are gonna be a millionaire in no time!
I'm 33, with a D rating for my net worth currently, but this video gives me a good goal to strive for in the next seven years.
Definitely an F. However am very motivated and am turning my life around. I've already made a lot of progress just this year and am learning and gaining more strategies and insights. I believe I am going to make it and be more than okay. I am not discouraged but determined and grateful for all the opportunity to change direction and am already seeing the differences. Thanks for more inspiration here with this video.
Well done. You can make up ground quick when highly motivated
37 and just broke the million 🧐Most of it is tied up in retirement accounts and the home. Graduated college with no debt (scholarships) and started investing at 25.
I do want to say, give yourself some grace in your 30's. Getting married, buying a home, having kids can mess things up a bit (especially the kids). There was a 3 year period where we could only afford to invest the 5% company match. But I invested plenty before the kids, and I'm investing 30% now to make up for it. So I would advise everyone to save more when you are able to, because there may be times where you have to scale it back.
So true! Same age as yourself. Got house at 26. Then roof started to leak at 30, then kids started arriving 30-34, then furnace broke 32. Lol. Now at 37, the kids are eyeing more nature and sport involvement.
Good advice👏👏👏
Thanks for the advice. I'm 34 with NW 143k no kids plan on having kids next year though.
I've come to realize that money is a tool. I’ve worked so hard over the years to realize that if you don’t make money work for you, you can’t experience true freedom. I’m glad I found that out although it was later in life, but that marked the turning point in my finances.
You are absolutely right ,firstly I believe money in the bank is not money because it is bond to inflation and losses values overtime
You have to be well disciplined to achieve success and save before you spend
Lastly success does not happen overnight it takes time, dedication and self discipline
money is a liability, not an asset. You have to exchange it for assets that represent real VALUE. Real estate - properties for rent. Stocks (dividends). Bonds (interest), funds, REITs (interest), intellectual property, The aid of an institutional or basic financial advisor's cannot be over expressed, have been in touch with 'Martha Cornell Kerns, over the years before taking any financial decisions and it's been working perfect for me because i don't have to send her my money to manage but taking her advise
I only save money for emergencies, like having an emergency fund. I'm aware that it loses value over time and doesn't make me anything, but it's there as a financial insurance, to cover my ass if ever I get into some trouble from life.
@@Edgardo477 great info if i don't have to send her my money. I feel like this next bullrun will be the millennials last hope for financial freedom. because this next bullrun will literally determine if I work until I'm 70 or not. I hope I can build a big enough portfolio for it to matter.
@@AnielaGorska Her honest approach gives me complete ownership and control of my positions, and her rates are incredibly affordable given my ROI. You're right, the best time to buy in the market is when there's fear. A huge part of my growth has also come during this bear market. This year alone, I have scaled from 112k to over 354k speaking with her before picking my stocks.
Had this goal when I got married and told my wife we'll have $1m net worth by 40, stay focused with consistent investing and made it happen by 38. Projected to be a multi-millionaire by 42. No real secret but living within your means, put away 15-20% every paycheck, and stay out of debt. As someone that never came from money, anyone can do this with financial discipline
Your videos are hilarious and educational at the same time! Thanks for the entertainment and education!
Thanks George. I needed this. I’m always wondering and I try not to compare myself. I’m 44 and by your math I should take a reduction from these values for the extra 4 years. I’ve been a widower for 10 years raising 2 kids on my own and 10 years ago I was deep in debt. So I’m pretty pleased that I’m probably a solid B and I’m happy but not satisfied, stay focused!
Man, I LOVE your energy lol. And kudos to your editors for finding all those clips! Really enjoying your show!
I'm 36 and scored a B. Also, the honey roasted BBQ is all you need, it's like a premium version of the Chic fila sauce.
Congrats on the baby! Currently holding a 6 week old (our 3rd) and the newborn stage is rough, all ours were colicky 😢😢
We are 41 and 39 and just had the annual meeting with our financial advisor. Everything George is saying are facts. No college debt, no new cars, investing 15% of our income for 15+ years and a house payment at 27% of our monthly income on a 15 year/2.6% rate. We have three kids, two are through and the third is still in daycare which is a massive cost. Damn straight I am proud of our hard work and focus. Proudly rocking that A+. Currently in steps 4-5-6.
Way to go!! So proud of you guys!
@@GeorgeKamelwe sure haven't been perfect over the past 15+ years. Having at the least a basic monthly budget and communicating with each other is most of the "battle." Respectful and honest communication with your spouse is so key and a must. The rest is execution and having just a bit of will power. And as our kids know, "No" is also a complete sentence. They will thank us later, I'm sure of it. A huge thank you to the Ramsey Solutions team for your teachings over the years.
C … wish I had kept investing years ago or it would have been way more
4/5/6 here. Good retirement savings but only just started with college funds. I reckon 4 more years of mortgage...can't wait, 50's approach...
It’s so cool to see how amazing everyone is doing. We found Dave this April, but have been doing his principals for a while now without knowing. Husband and i bought our home 20 years at the age of 23 and 25. We have always had big Goals for ouesleves. At the age of 43 and 45 (A+ rating) Net worth 1.9 million. We have always lived below our means.
I love all of the snippets you put in these videos.
I’m 35 and I’ve got a C. Thank you for all this helpful info! So excited to put it into action!
We're 65 and 66, so not a true apples comparo, but I can say that even as average as we were "back in the day", only saving 10% when we were 40 (single income, 2 kids at the time), we still had a net worth of about $375k (in 1997 $$s), with an average engineer's income at the time, probably around $50-60k. Now we're worth around $2.2M, so for y'all that think it can't happen, IT CAN AND DOES!
34 and wife is 33. We are A+. Just reached 1 million net worth. Zero debt including mortgage paid off. I've been on the Ramsey plan since I was 18.
I only heard of Ramsey last year.😅
Excellent video 🔥🫡
Love it. I wish my co worker would watch you. She just took out a loan on her 401k for bills, not good. Bless her heart it isn’t going to end well
I’m 43 and husband is 41. We are CRNAs. My husband had 350K student loans I had 160K plus a 50K truck. I got obsessed with Dave Ramsey. We decided to become travel CRNAs and work a bunch of overtime. We now have net worth around a million. It’s so hard to build wealth when student loans slow you down but it’s worth it.
as a single income household and a student with a mortgage, I thought my net worth would be much lower, turns out I fall into your 'A' grade category. This helped boost my spirits as I push through some financial hurdles on a $20,000/yr income. Currently upskilling to get some additional income to boost my situation. Love the Ramsay group and all the tips and tools! I will definitely be sharing this video with some people!
Shared and liked! 🙌🏽
Good Job George 👍
Wife and I just hit 40 and we are at just over $100k. We have eliminated almost all of our debt (car loan and a 0% interest loan) and never want to be in debt like the F grade we were just five years ago ever again. Keep Going! Like most things in life, it takes active participation and not passive inaction!
I hit 400k at 31.
George, for the baby rash, get an aloe vera plant. Cut a stem, take off the thorn/spikes, peel the green peel to leave just the clear stuff in the aloe vera. I find that leaving the clear stuff inside the diaper on top of the affected skin overnight will help it heal way better than any of the creams. During the day I use the diaper cream just because they are wetting the diaper frequently and the aloe vera would have to be replaced each time.
Love your content. Thank you so much
Love this! Show me where I am, where I should be and if not how to get there ❤❤❤
Great video! I'm new to your channel but have been listening to you on Dave's show for years. I love the content and can't wait to see your channel's continued growth!
Husband and I are 35 and 36. We’re about $715k net worth. $315 house equity, $360 investments, $20k savings and $20k cars.
I love that I get to learn and laugh when listening to George. What better combo is there? We have a C but we’re working towards that A
Tripple thums up for the fleer 94 ultra X-Men reffernce. I had sfarted collecting this set but never finished it, but i did complete fleer 95. Man this takes me back.
Wife and I are sitting @1.4m at 33 - not trying to gloat, just super grateful to come out of college with no debt and worked hard ever since to make sure that didnt go to waste. I know how tempting spending in your 20s can be once ypu start getting a "grown up" paycheck, stay strong people 🤙
That's very good! You are crushing it!
Nice. You are ahead of the game!
That's incredibly rare. Good for you guys though. Are you guys DINKS (Dual Income, No Kids)?
I didn't know anything about investing back then. If I did I would have invested and been in a much better place today. It sucks, but at least it's not too late to do something. So now we are doing the best we can.
Even still, props to you for recognizing that and continuing to grind 👏
41 & 45 with $950k net, including my home at purchase price. Seems like we’re doing OK, but I still feel so behind where we want to be for our early retirement goal in our 50s. It’s always a struggle trying to balance maxing all retirement vehicles to catch up while throwing extras at our mortgage.
Love you George!!❤
Thank you for making the Should be by Age 40 video. I saw the by 30 video and was hoping you will make one for by 40. Seems like I can get an A and shoot for an A+. Thanks George Kamel
Fun to see how I compare at age 41. Thankfully I jumped on the Dave Ramsey plan in my mid 20's and at 41 I'm an A+ with a net worth of $1.8 million. And the first 8 years of my career was in the military, not exactly a "high paying" career field.
That’s awesome 👏🏻
So what’d you do after that?
How come you left that important detail out of your story?
Same here! I'm 41 and my NW is at $1.2 M. Did 8 years in the Reserves as well! Hooah!
I think military is a great career option. I just retired after 20 years. 42 at $1.8M. My salary was probably lower than the peers I graduated with who went into the civilian sector, but I just always lived well below my means and regularly invested.
I was at an F 14 years ago (well below zero net worth.) I finally got a good job, and got married to my wonderful wife a couple years later. Scrimping, saving, and adhering to our budget tightly, we finally got our (ok, my side really) financial house in order fully. Now, at nearly the upper end of the age bracket, and rocking an A, finally. Just need to get the house paid down now before retirement. We are a little light on the retirement assets in classic retirement accounts, but much heavier in brokerage and other investments. And my wife is now a stay at home mom.
I’m 31 and am going to use this as my goals for the next decade of my life
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000
Mind if I ask you to recommend this particular coach you using their service?
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
C now but quickly climbing. Until two years ago my job paid 40k a year and I had to spent all that money. Then I got a job that pays 110k/year and I resisted lifestyle inflation. I suddenly achieved a 65% saving rate and my net worth starts to skyrocket.
39 this weekend and sitting at $765,000. Started to really buy into the Ramsey plan about 10 years ago. It works people. Improve your life!
We’ll done bro 🙌🏻
Millennial Jessica here 🙋🏻♀️. 38 and a B-. Thanks for the check up George!!! Time to get after it!
I got an A+ , thanks George
41 and 35 and together we are in the A+ range but individually we would be a B. Teamwork makes the dream work! Looking to pay the house off next year and be debt free.
George, you don't look a day over 45! At 52, I feel and look younger than I did at 40, and by following Dave Ramsay's plan, my wife and I have a net worth over $1M. And did I mention my wife does not work outside the home and has not since our Milennial kids were born? We are by no means wealthy, but are not afraid of retirement on our own terms because we made smart decisions along the way. Thanks for being a beacon to Milennials and Zoomners.
Me and the mrs are 33, scored an A on this 40 scale. Been doing the ramsey way before i even knew ramsey. Thanks mom and dad for teaching me. They are immigrants from mexico with middle school education. Making them proud.
My husband and I are 38 and 39 years old and we got an A+! Goal is to pay off the house by age 40 and be net worth millionaires!
Currently a D student..
I’ll be 40 next month.. no one was teaching any of this stuff when I was growing up, so I have nothing in retirement yet. Plus side is I make decent money, and will likely have my house paid off in the next 2 years, so I’ll be doing some catching up.
43 this week, A+, 1.15M. Doing very well, but I really wish I had more saved in retirement accounts at this point. We didn’t really start until a year or two ago and only invested 3-5% the past 20 years. We’re very real estate heavy. Got my 16-year old investing in her Roth already, she’ll be much better off in the future with a lot less effort.
Do you have a mortgage? A car loan?
@@IrisP989 nope
We have a solid B. Considering several of our life circumstances that's great for us! We read Total Money Makeover a year after I got out of grad school. Changed the trajectory of our lives and will be changing our son's life. Hoping he will have a better net worth than us someday.
Thanks George, this is timely, as 40’s just around the corner. Quick question, what is your recommendation for retirement savings for those that have a pension? Contributions are automatically taken out of my monthly paycheck to help fund that, so should I calculate a percentage from that based on my salary and then put a portion of my take home pay into a Roth IRA until I get to 15% towards my retirement? Thanks again, really enjoyed the old millennial jokes. Stay Classy!
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
@@ikolimariam4871 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
@@Tyrell-rr Oh please I’d love that. Thanks!
@@ikolimariam4871 Judith Ann peace is her name
Lookup with her name on the webpage.
45, A+. I had 90k in student loans at one point. Bought my first home at 22. And, been lucky that my employer contributes 12% to my 401k - I’ve been with my company for 20 years
Nice 12% is outstanding. My company only matches 7%
Is that in lieu of retirement?
@@ryebread447 401k is retirement
holy canoli that is quite an employer match! I was told I had an amazing one at 7%!
A+ at 35! Been following Dave Ramsey and The Money Guy Show for a LONG time. Following the baby steps is very simple even for a tradesman like me lol
36 and A+ because I saved like crazy in my 20s, when I was single. Currently in baby step 3 trying to figure out how to budget with 2 new kids when my wife and I have never had to budget. Getting on the same page is a struggle, but fortunately blessed to have worked hard in my 20s to have a safety net.
I did the same. Had to slow down my investing to just 5% when we had kids, and we were barely keeping the roof up. 3 years later and we were maxing out the 401ks. Just give yourself some grace during this period.
Age 31 and household net worth of 305K. Had some help from my well off parents with college/wedding/home down payment, but my wife had 120K student loan debt so we are still working on paying it off.. 8 years in and down to 22K left on it.. sloww grind, but worth it
39, B. I wasted my 20’s and only barely started investing at the end of my 29th year. 10 years later, I’m a hair over $300K. I’m encouraged to know I’m not doing too bad, but discouraged because I could be doing g a lot better if I was smarter when I was younger.
I’m maxing out my Roth 401K and Roth IRA, but it seems like too little too late. I know that’s not true intellectually, but emotionally, that’s how it feels.
Me too. Wasted my 20’s at school. With advanced degrees not even related to what I am doing now. I am maxing out 401k and HSA. Cannot do Roth IRA because of income.
I’m going to subscribe, like and share because you talked about X-Men!
Hi! this is measured on an individual basis right? not household. Great videos! thanks 👏🏻
Recently turned 20 years old, sitting at a networth of 133k with no debt. My car is 4 years old and paid off. I am currently renting but planning on buying a house once rates drop low enough for me to afford something small. Enrolling in college soon and will be able to afford it without having to take out student loans. I am an avid credit card user which I know you frown upon but I have never once missed a payment as I treat it as if it were a debit card. Cashback wont make you rich but it sure is nice to get something in return instead of nothing.
Congrats!
I’m 5 and just became a billionaire.
@@DanielSaenz1987 thanks man!
@@15KHPCLUB😂
As a Jessica who is closer to 40 than 30, I'm feeling slightly attacked. 😂 Love your stuff George! ❤
Need to start nailing your financing in your 40s and 56 now and sitting on a very good profolio with cash, taxable, tax deferred and Roth. Good luck🎉
I’m not 40 I’m only 19 and videos like this inspire me to do better and to try to get an A+ my current net worth is around 70k
32, 300k net worth. Feel behind, aiming 1 million at 36
Sweet, I'm 37 and I'm already an A. Great info. Stay out of debt, you will only make so much in your lifetime, do not give it all away to interest. Fastest way to eat up a paycheck is by monthly payments. Start young, and never take it out.
A+
This is awesome! My husband and I are 24 & 25 and at $200k 👏🏻
Great video! I paused the video early on and did the calculations. I’m mid-40s so I probably rate myself a B / B+with a Net worth of $460K+. I just did a very large home reno project that I cash advanced, otherwise I would have pushed just over $500K.
I'm 46 with net worth backup of 17million. New or existing lnvestors that wants to get so rich just need to learn how to diversify their investment portfolio. Like spread your investments across different asset classes to manage risk. Then with growth strategy, focus on capital appreciation through high-risk, high-reward assets. With Income-oriented strategies, target regular income from dividend stocks or bonds. Works like magic!
It's actually not as hard as a lot of people think. Without a doubt, it calls for a certain amount of research that regular investors lack, which is why a financiaI adviser is frequently quite helpful. People are able to generate such enormous riches in the market in this way.
I completely agree, this is why I decided to give a coach control over my everyday investing decisions. Their proficiency in research, specific knowledge, and risk management makes it difficult for them to deliver below expectations. They emphasize minimizing drawbacks while maximizing risk's asymmetrical potential. I have more than two years of investing coach experience, and I have made more than half a million dollars.
@marvishaN That's impressive!, I could really use the expertise of this advisor, my portfolio has been down bad. Please who’s the person guiding you?
@tommyers The adviser that guides me is HEATHER LEE LARIONI. She works with Empower FinanciaI services. There are a lot of independent advisors you might look into. But for me, her strategy works hence my result. She provides entry and exit point for the securities I focus on
@marvishaN Thanks a lot for sharing, just looked her up and I'm super impressed with her credentials. I will be writing her shortly
I'm currently 34 (so not quite there) but man does 40 feel right around the corner. I'm currently rocking a B with a net worth of around $346k - $696k in assets, $350k in debts. Struggling to keep a balanced budget but I've got a bit of wiggle room. If I assume an average growth of 8% per year on my net worth, that should put me in A status with around $509k net worth at 40.
The goal is to retire at 55 - wish me luck :)
You gotta kill that 350k.
That'll be the quickest route to raising your net worth to A+
@alexpietsch7997 286k of that 350k is a 4.5% mortgage. Not touching that, as it makes no sense mathematically. The remaining 63k is floating around 8.5% and I'm killing it as fast as I reasonably can. Which isn't as fast as i would like, but it is what it is.
I've looked into paying it off with a portion of the 696k with my CPA and the opportunity cost of killing it outright currently exceeds the finance charges, so it stays in the short term.
You got this. You got 6 years and it is amazing what you can do and how much your retirement can grow in 6 years if you keep on doing the right things! Trust me. I am basically your future self since I am 43.
Congratulations on your new baby
I’m 22 and about to graduate college in the spring. I am currently working on paying off all my student debt and should be close to paying it off by the time I graduate. I still have $4,000 left on my car but will pay that off once I am done with my student loans (my student loans are a higher interest rate and I want to do the avalanche method). Right now my net worth is $16k so I’m a D right now. Looking forward to paying off all my loans and raising my income🎉
Slight correction @ 7:51. Net worth in the scenario is not $852K; It would be the $852K in Assets less the $80K liability which gets you to $772k.
Good catch. My bad for not hitting the calculate button! Multitasking has its downsides 🤣
A+. Reached 1.3 million at 37. Going to community college for the first 2 years was a huge money saver. I also switched jobs every 2-3 years for a 20+ percent salary bump
SDE? I also keep doing the every new job with 20+ salary bump thing. It’s just easier for engineers to do. I have tripled my salary in ten years. Probably not many careers can do it like that though.
Those Fleer Ultra X-Men cards were absolutely BALLER for their time. Still beautiful cards.
Awesome! I'm still pretty far from 40 but taking notes here.
This is such a helpful video! I am 27 years old and single. I was blessed to have the opportunity to purchase my first home about 3 months ago for $400,000. My current net worth is right around $163,000. I am debt free with the exception of my mortgage and get so excited to make extra monthly payments. Haha! Lord willing, I hope to have it fully paid off in about 6.5 years. George, if you see this, I’d love to hear your take on how I’m doing in this phase of life.
Thanks!
Watch my net worth by 30 video and grade yourself off that! I think you’ll be pleasantly surprised
Same here im 27. No debt. And im putting 12k a year in retirement and 5k in mutual funds a year. Still renting but im saving up to pay down half of a 100k home.
Accumulating wealth requires the cultivation of strong habits, such as consistently setting aside funds at regular intervals for sound investments. Financial management is a vital but often overlooked subject, which can come back to haunt those who neglect it. Earning money is only one part of the equation; preserving and growing it is equally essential. The lack of formal education on investments in schools is a glaring omission. The instances you mentioned are illustrative, with the market crisis leading to my initial substantial gains. While many shy away from challenging times, I've learned to embrace them, or at least my advisor does, with a touch of humor.
No doubt, closely monitoring my portfolio's performance has been an eye-opener, with remarkable gains of $473,000 in just the last two quarters. It's given me insights into why seasoned traders can achieve substantial returns even in less-publicized market conditions. I must admit, this recent experience has been one of the most daring decisions I've made.
I'm currently consulting with an advisor named Camille Alicia Garcia. You can consider someone else, but her strategy has proven effective for me, which is reflected in my results. She offers valuable insights on entry and exit points for the securities I concentrate on.
Hey man, we’ve Twist N Shouted our way to a A score 😂. We’ve learned to be store brand kinda people
"Simmer down and find some hobbies" Loved that! 😂
The Jake Triplett cameo! 😂😂
Grade B - $251893 age 42😅. No house yet...
Would this be for one person or a couple? In terms of the “grade”? Thanks! Love your show
A+ here!
at 40 i would have been a B, but in the 15 years since i've worked to eliminate debt and focus on growth and now am sitting at roughly $6 million. Just an encouragement that George's halftime comment was right on target. Spacejam!
Wow, great. Please I'm curious though, do you mind sharing how you get to $6M net worth from 40 and how old are you now, this will help me please, can you share? Thanks.
@@blessingadelakun866 sure. i'm 58. so 18 years later. 1. my house value rose and I simulatenously scrimped to pay off my mortgage- first by switching to a 15 year mortgage then putting every single extra dollar i could towards the principle every month. 2. maxing out 401k each year 3. i took every opportuity to purchase company stock in my company and it ended up doing very well.
Correction: Your net worth is not your asset balance...forgot to subtract the liabilities. (7:48)
I feel like I'm starting so late at 28 almost 29 but once I clear up these last few thousand dollars I will finally be free to really start building wealth unused to think 20k in an account was unattainable and a house was a pipe dream but I realized now it's all about how intentional you are.
I'm 38 and am content with the B I will likely have unless the stock and housing markets go gangbusters. I was actually so excited about nearly hitting the 100k mark in my brokerage accounts, I had to go back and look at my overall net worth to figure out my KFSS grade. I do think there is value in knowing your liquid net worth so you don't become complacent based on house values that could drop at any time.
I don't like counting my house since it's unlikely I'd ever sell unless I was desperate. So therefore it don't exist in my financial mind
Thanks for this video. I’m 34. It was so helpful to know where we’re at financially. I was feeling like a failure lately. We could have done so much better with our money. But actually we have over a 500k net worth.
I'm still paying on a mortgage, so factoring that in puts me at a B (~360K). I like your videos, but the feedback that I'd give on this one is that it isn't all that useful to grade against people who basically started out ahead at 22, somehow manage to make to it to 40 without life hitting them like it does for most, and live someplace where they can somehow make a 56K salary work while saving at a 15% rate + a 15-year mortgage. Not saying that person doesn't exist, but that is not the typical experience for most 40-year-olds.
right there with you - $376,500. 1 divorce will set you back quite a bit, especially when you factor in over $25K in lawyer fees for the custody battle. Worth every penny as I have Full custody of our daughter but the net worth took a serious hit.
Love the video, but isn’t the net worth calculation at 7:48 772k, not 852k?
The grade ranges are interesting though, thanks for pulling this together.
If I am consistent for the next 6 years, I can easily be at a B by 40. My salary is controlled, but steady and consistent. Thank you for sharing this! It really helps to give you a goal to work towards.