I think part of the issue is that a lot of people just don’t know where to start. Saving can feel overwhelming, especially if you don’t earn a lot or you’re dealing with debt
When you don’t have anything set aside, even something small, like a car repair, can throw off your whole financial situation. It’s crazy how many people are living paycheck to paycheck with no safety net
And once an emergency hits, people often have to rely on credit cards or high-interest loans to cover expenses, which just adds to their financial stress in the long run. If they’d had savings in place, even a small emergency fund, it could make a huge difference
It’s easier said than done though, right? I mean, some people barely make enough to cover their bills as it is, so saving can feel impossible. I think that’s part of why so many people don’t do it. They don’t see where they can squeeze anything extra out of their budget
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
People often overlook the value of financial advisors until they experience the downside of emotional decision-making. I recall a few summers ago, after a difficult divorce, when I needed help reviving my struggling business. I did some research and found a licensed advisor who worked diligently to grow my reserves, even amid inflation. As a result, my reserves grew from $285k to around $720k.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
I think saying American's aren't living paycheck to paycheck, is a privileged point of view. I might agree with you in the literal sense that maybe their entire money isn't gone once bills are paid. but what's left after the bills is barely enough to survive through the month. It will be difficult to convince the people who are experiencing this that it isn't happening to them.
Age, she and I, 60. I'm retiring next year, she does side gigs, real estate (more nuisance than its worth these days), online auctions, etc. SSI taking at 62: $4100/mo, credit debt: zero. Child: 22, homeowner, fully self-sufficient. Assets: $820k liquid, $500k real estate equity. Cars: all owned outright, I do all maintenance on them and the house. Medical: ACA until 65 plus HSA for out of pocket expenses. Traveling plans: (w/dog) he goes with us in an RV. We'll be ok.
I retired at 62 and went on Obamacare. No premium payments for 3 years by using the bronze plan and keeping income below the subsidy limit. Packed a HSA to cover the deductible. I got lucky and with the right investment planner, returns actually had more in my HSA after I reached medicare age compared to when I first retired.
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.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Becky Lou Gordon” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
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.
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Poor people can come up with a thousand excuses as to why they can't save. Rich people can come up with a thousand excuses as to why they limit spending. I started life poor and didn't like it, so I worked my way to wealth and early retirement without a financial care in the world.
And billionaires can come up with a billion reasons to why they can't pay their taxes in full or pay their employees a living wage. Poor people can come up with a thousand ways to make 2 lbs of rice and ramen feed a family for a month.
@@RooftopRose079 MOst of the laws favoring tax deductions for the rich were passed by Dems.Living wage is a fallacy:Wages are based on the value of the work. Just showing up and riding the clock has minimal value.
@@RooftopRose079 Those people shouldn’t be having families all while going through the rat race. People self inflict themselves then start blaming everyone else.
As hard as it may sound you can plan for the recession. If you are working, find extra work and get an Invest--advisor. Protect your deposits by having enough cash in short term fixed income. Then cut your expenses. Minimal insurance, cut utilities.
Your right 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.
@@Rachadrian Even if you have a humongous income you still need to draw up futuristic plans because anything can happen. One could lose one's job or whatever. Investment cannot be overemphasized. About your advisor, how does one reach pls
My CFA Annette Christine Conte, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
‘’Marisa Michelle Litwinsky’’ 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.
If you are 45 - 60yo, you need an emergency fund to cover about 18 months of expenses, especially the closer you are to 60. I was laid off at 49 and it took 16 months to land a new job. Age discrimination is a real thing I discovered now that I'm that age.
People feel entitled to new phones, new cars, oversized homes, and excessive eating out, new clothes, etc. They have no discipline. When I was right out of college earning squat, I was still able to save because I made sound, adult choices. Fast forward and I never made more than $100,000 yet retired a multimillionaire at 55. Grow up people and make better decisions. No sympathy here.
Oh you mean you worked and invested through the 90's huh? The best economic times of any country the world has ever seen, but you're telling people to be responsible... smfh... typical ignorant boomer. Sound adult choices aren't enough for most earners nowadays. Get in touch with reality please, good God.
@@tim_salotto_ND Typical victim mentality. I see the poor decisions around me each and every day. Now everyone wants free money and debt forgiveness while living the life of the rich and famous. The market has never been higher and it is far easier to make money in today's market than it was in the 90s. You're drinking that liberal Kool-Aid
Death over medical debt. I got hit by a bus in my bicycle and told the ambulance "if I die I die". Uninsured american I don't go to the doctor for anything. Haven't even had a check up since 2003
Same I got hit by a car while riding my bike and someone called the ambulance and I was like I don't need them. I wasn't going to to have a medical bill I don't have insurance. I don't go to the hospital and won't. I'm like you and have told my parents the same thing. If "I die, I die."
@@daytonwintle3893 every job i've ever had lol i've never had one that has even offered it. Never had paid time off, vacation time, nada. my last two jobs were dunkin donuts where i made 9.25/hr where the only day they were closed was christmas; and if that was on a day you were scheduled to work, it was an unpaid day off, your next check was just less than your usual one. and my last job was politcal canvassing a 1099 not a w2; it's contract work you got nothing but your pay
I Hit 110k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject. thanks to Natalie Rose Strayer for helping me achieve this
Me being out of a job for like two weeks a couple years ago put my girlfriend and I so far behind that we relied on credit cards. Cards that we are just about to pay off completely now. Of course we didn’t rack up all of our debt during that two week period but it was a major factor in us getting behind financially. We did NOT having any savings and that absolutely killed us. We are almost debt free and are going to work like crazy to build up that emergency fund so that we are never in a situation where we have to rely on credit cards ever again.
Making touch with financial advisors like Theresa Walton who can assist you restructure your portfolio, would be a very creative option. Personal financial management will be crucial to navigating the next difficult times.
Unfortunately, not all of us were financially literate early. I was 35 when I finally educated myself and started taking steps. I went from $176,000 in debt with zero savings or retirement to now, 2 years later, fully debt-free and over $1000,000 net worth. I know that doesn't SOUND like a lot, but I'm incredibly proud of it. Now I'm fast-tracking my wealth building (investing $400,000 annually) and don't owe a dime to anyone. It's a good feeling!
As a person who grew up poor who's now on the wealthier side, i believe people are comfortable where they are. Many complain abou being poor but don't try to educate themselves financially, or work towards building multiple sources of income. I've offered advice to people who never took my advice and are still in the same situations. They blame their situation on external circumstances without choosing to take control of their own futures if it means sacrificing and taking risks.
This situation is only a problem because Americans refuse to change their behavior - spend less, drive a used car, cook rather than eat out, exercise so medical issues don’t arise, etc Most Americans don’t have an income problem, they have a spending problem
I fear for those who live in la la land when it comes to money. I have a couple friends in that boat, they make low income but have no interest in finding better paying jobs. Both are in their late forties, both live with family to help lower the cost of bills but I just don’t see how their situations are sustainable. I don’t know how much they save for retirement but I’ve gotten feeling it is low and they give impression they just expect to work until they die… I tried talking to one of them about cutting back his spending (he buys a lot of unnecessary entertainment stuff) and I got a really bad reaction that had me worried it could hurt our friendship if I kept pushing, so I’ve completely dropped the subject. But I also fear that since I’m seen as one of his more responsible friends he may turn to me for loans if it ever gets bad for him.
You are in a position most financially responsible people find themselves in when it comes to friends and family. You didn't ask for my opinion or advice. But I have been where you are. The day will come when this person asks for your help. If you do so, they will ask again eventually. At some point, you will have to tell him no. The friendship will be strained at the point. If you say no, the first time he asks, the friendship will be strained also. People who live the way your friend is living usually have someone to lean on when their finances fail. Maybe it isn't you yet. Maybe it will never be you. But those types of people treat the financially secure people in their lives as a fallback option. One day it will be your turn. If I were you I would decide now what you are going to do when he tugs at your pockets. You could help once, but explain this is one time only. You can refuse and explain how disciplined you are and you don't think you should help those who don't practice discipline at all. I would keep trying to reach him. If he decides you are an irritant and pulls away, so be it. He was going to do the same thing if you don't finance his life when he eventually asks. Don't become the person he depends on because you will find yourself closer to his situation because you are making up for his short comings. People who don't help themselves are rarely put in a position where they have to because everyone bails them out. I wish you the best. Don't worry about when the day comes. Just know what you will do and you there will be no need to worry about it.
Nobody likes working at Dunkin. Late 30s. If I could get a better paying job I would. Don't live with family though I have no loved ones. I just have to budget to survive on 9.25/hr. I don't even have a phone bill I just use wifi calling with a Google voice number. No car, I ride a bicycle etc. And I basically live out of a storage unit lol
I had a friend that borrowed money and then paid me back and the next day borrowed the same amount again. I gave him the money and told him it was a gift and he didn’t have to pay me back but never to ask me to borrow money again. Borrowing money complicates relationships and I didn’t want him to feel bad for owing me and me upset for waiting on him to pay me back. So, I would not be giving any more money again.
Spend your money wisely-invest in quality where it counts, for it often outlasts the cost of cheapness. Yet, remember that sometimes the simplest, least expensive option is the real gem in disguise.
I hope we all know that it doesn't matter who is in the 'top job' because this is a systemic problem -- greed. We have allowed many of our economic sectors, to take advantage of the American people. It's disgusting and frightening for the future of our country. My wife and I will be retiring in the next two years in another country. We are absolutely worried that SSI will no longer be funded. we'll have to rely on pension, a 403 (b) and a very prolific Investment account with my Glen Howard Chester my FA. Our national debt is bloating and expanding every month. Our government needs to get spending under control and cut the federal budget.
@richolman Steady progress! A solid strategy is crucial for growth and minimizing taxes. After six months of getting affiliated with Glen Howard Chester , l'm averaging 35k a week . It's not huge, but it eases financial stress. Best of luck on your journey!
In the US the average household spent 58% of their food budget eating out during 2023. Growing up my family ate out 2 to 3 times a year and prepared the rest of the food at home. Little surprise people are saving less money these days.
Hallelujah! God is still performing wonders. I'm positioning myself for such miracles. This is the best thing I've seen today on UA-cam-thank you so much!.540k earned so far.
Venturing into crypto as a newbie was very difficult due to lack of experience which resulted in loosing funds... But miss noah rachel, restored hope shes a good woman
I've never had that much financial sense, so I only ever saved into schemes that would ensure they took my money on payday and kept it safe, I spent 30 year pumping 20% a month into pensions as I simply couldn't trust myself with anything where the money would be easily accessed. It was COVID that finally brought home what would happen if I lost my job, I'd be so screwed as I had no emergency fund and no liquid cash. So my wife and I sold loads of old stuff on eBay and it became a game to see how much crap we could sell and see how much we could put into savings, after 18 months we had £14k in cash just from selling old junk and saving cash every month, we cleared the spare room of old crap as a bonus!
You can't prepare for an unexpected cost without a buffer. If you're preparing for 3 months, by definition of "unexpected" is what you can't plan for, so you probably need 6 months. If you're preparing for 6, get 9 or 12 and so on.
As a 22 year old glad I beat the average of these statistics Just reached $100k networth Even documented it on my channel 😊 Tuff road And tougher road ahead
I have no sympathy for people without savings and order door dash 2 or more times a month and/or have the majority of their food eating out. Those are a luxury but most people treat them as necessity. When you're spending money so wastefully I'm not surprised there's nothing left over to save.
Money is a common denominator we all make believe is worth something. It could be sea shells or marbles. It's what you can do that makes you rich in life, so learn it all. Life is only what you make it. Every minute of everyday
I dont be having enough at all tbh. An i still live with my mother. Im about to try to get a second job. Make 17 an hour an cant get overtime sadly other than working on the weekends (sadly not both at times). With just 40 hours i bring home like 570 something but get a lot taken out bc of me doing the stock market an savings. So it drop my 570 an something to like 200 an something. Then i have to spend the 200 an something on paying off my loan. So i dont have nothing left. If i didnt have the stock markets. I would have like so much more saved but i dont. I want to get enough to retire in my 40s. So im abt to work a sec job an hopefully earn more money. Then im about to get back into writing an drawing so i can see i can create a book or something
!!!I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $2m+ before retirement
As a newbie investor, it’s essential for you to have a mentor to keep you accountable. Kristine Lynn Weber is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Kristine Lynn Weber, for her expertise and exposure to different areas of the market.
I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $200k passively by just investing through an advisor, and I don't have to do much work. Inflation or no inflation, my finances remain secure. So I really don't blame people who panic.
Without a doubt! Kristine Lynn Weber is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted on thorough research and years of practical experience.
how would you recommend i enter the crypto market? I am also looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally. What's your take on this approach? and How can i reach her, if you don't mind me asking??
Well, I'm on Disability. So the nation's "emergency savings" is my everyday income. I've been handed so much wealth for free in my life that I just don't feel like participating in Capitalism. Not to mention I'll have to get around this pesky $2,000 lifetime income cap.
With a 2K asset cap, you're surviving entirely on the back of the tax payer and not participating in capitalism. It's as if the policies are designed to keep people poor and dependent.
@@AndrewDangerously Well, I'd rather be able to write 37 books on subjects I care about and make my computer programs without having to think about what Americans are "more likely" to pay a black man to do...
@ its easy for us because we are completely debt free, including the mortgage. We live off my $38k income, and save 💯 of my wife $80k salary. We max out our Roth IRA and 401k yearly. Also able to stash away $20k of cash every year. Get rid of debt and free up ur income.
@@Hm32271 yes being debt free allow me to sleep well at night and free up our incomes. I’m just after a peaceful life. Just maxing out a 401k and Roth IRA should be enough to retirement on.
It’s kind of shocking when you think about it. They’re completely unprepared for emergencies like a medical bill or a job loss.
I think part of the issue is that a lot of people just don’t know where to start. Saving can feel overwhelming, especially if you don’t earn a lot or you’re dealing with debt
When you don’t have anything set aside, even something small, like a car repair, can throw off your whole financial situation. It’s crazy how many people are living paycheck to paycheck with no safety net
But not having any cushion at all makes life so much harder when things go wrong.
And once an emergency hits, people often have to rely on credit cards or high-interest loans to cover expenses, which just adds to their financial stress in the long run. If they’d had savings in place, even a small emergency fund, it could make a huge difference
It’s easier said than done though, right? I mean, some people barely make enough to cover their bills as it is, so saving can feel impossible. I think that’s part of why so many people don’t do it. They don’t see where they can squeeze anything extra out of their budget
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
People often overlook the value of financial advisors until they experience the downside of emotional decision-making. I recall a few summers ago, after a difficult divorce, when I needed help reviving my struggling business. I did some research and found a licensed advisor who worked diligently to grow my reserves, even amid inflation. As a result, my reserves grew from $285k to around $720k.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
I think saying American's aren't living paycheck to paycheck, is a privileged point of view. I might agree with you in the literal sense that maybe their entire money isn't gone once bills are paid. but what's left after the bills is barely enough to survive through the month. It will be difficult to convince the people who are experiencing this that it isn't happening to them.
Age, she and I, 60. I'm retiring next year, she does side gigs, real estate (more nuisance than its worth these days), online auctions, etc. SSI taking at 62: $4100/mo, credit debt: zero. Child: 22, homeowner, fully self-sufficient. Assets: $820k liquid, $500k real estate equity. Cars: all owned outright, I do all maintenance on them and the house. Medical: ACA until 65 plus HSA for out of pocket expenses. Traveling plans: (w/dog) he goes with us in an RV. We'll be ok.
I retired at 62 and went on Obamacare. No premium payments for 3 years by using the bronze plan and keeping income below the subsidy limit. Packed a HSA to cover the deductible. I got lucky and with the right investment planner, returns actually had more in my HSA after I reached medicare age compared to when I first retired.
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.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Becky Lou Gordon” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
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.
How can I reach this person?
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
I checked Aileen up out of curiosity and i must say i am impressed by her Credentials. i emailed her already, waiting on her response.
Poor people can come up with a thousand excuses as to why they can't save. Rich people can come up with a thousand excuses as to why they limit spending. I started life poor and didn't like it, so I worked my way to wealth and early retirement without a financial care in the world.
And billionaires can come up with a billion reasons to why they can't pay their taxes in full or pay their employees a living wage. Poor people can come up with a thousand ways to make 2 lbs of rice and ramen feed a family for a month.
@@RooftopRose079 MOst of the laws favoring tax deductions for the rich were passed by Dems.Living wage is a fallacy:Wages are based on the value of the work. Just showing up and riding the clock has minimal value.
@@RooftopRose079 Those people shouldn’t be having families all while going through the rat race. People self inflict themselves then start blaming everyone else.
@@RooftopRose079 Sounds like class envy to me.
As hard as it may sound you can plan for the recession. If you are working, find extra work and get an Invest--advisor. Protect your deposits by having enough cash in short term fixed income. Then cut your expenses. Minimal insurance, cut utilities.
Your right 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.
Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.
@@Rachadrian Even if you have a humongous income you still need to draw up futuristic plans because anything can happen. One could lose one's job or whatever. Investment cannot be overemphasized. About your advisor, how does one reach pls
My CFA Annette Christine Conte, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?
‘’Marisa Michelle Litwinsky’’ 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.
If you are 45 - 60yo, you need an emergency fund to cover about 18 months of expenses, especially the closer you are to 60. I was laid off at 49 and it took 16 months to land a new job. Age discrimination is a real thing I discovered now that I'm that age.
People feel entitled to new phones, new cars, oversized homes, and excessive eating out, new clothes, etc. They have no discipline. When I was right out of college earning squat, I was still able to save because I made sound, adult choices. Fast forward and I never made more than $100,000 yet retired a multimillionaire at 55. Grow up people and make better decisions. No sympathy here.
Oh you mean you worked and invested through the 90's huh? The best economic times of any country the world has ever seen, but you're telling people to be responsible... smfh... typical ignorant boomer. Sound adult choices aren't enough for most earners nowadays. Get in touch with reality please, good God.
@@tim_salotto_ND Typical victim mentality. I see the poor decisions around me each and every day. Now everyone wants free money and debt forgiveness while living the life of the rich and famous. The market has never been higher and it is far easier to make money in today's market than it was in the 90s. You're drinking that liberal Kool-Aid
@@tim_salotto_ND that's called a red herring
Absolutely right! The squirrels in the woods have more sense than most people.
@@tim_salotto_ND well 2024 is one of the best wallstreat years so far
No wonder so many people feel stressed about finances. We need more videos like this teaching the basics of saving and planning!
You can't fix stupid. But if you are stupid, try discipline.
Death over medical debt. I got hit by a bus in my bicycle and told the ambulance "if I die I die". Uninsured american I don't go to the doctor for anything. Haven't even had a check up since 2003
Same I got hit by a car while riding my bike and someone called the ambulance and I was like I don't need them. I wasn't going to to have a medical bill I don't have insurance. I don't go to the hospital and won't. I'm like you and have told my parents the same thing. If "I die, I die."
Where do you work that doesn't furnish medical benefits?
@@daytonwintle3893 every job i've ever had lol i've never had one that has even offered it. Never had paid time off, vacation time, nada. my last two jobs were dunkin donuts where i made 9.25/hr where the only day they were closed was christmas; and if that was on a day you were scheduled to work, it was an unpaid day off, your next check was just less than your usual one. and my last job was politcal canvassing a 1099 not a w2; it's contract work you got nothing but your pay
I Hit 110k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject. thanks to Natalie Rose Strayer for helping me achieve this
I'm surprised that you just mentioned and recommended Natalie Strayer, I met her at a conference in 2018 and we have been working together ever since.
The very first time we tried, we invested $2000 and after a week, we received $9500. That really helped us a lot to pay up our bills.
You trade with Natalie Strayer too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much.
Me being out of a job for like two weeks a couple years ago put my girlfriend and I so far behind that we relied on credit cards. Cards that we are just about to pay off completely now. Of course we didn’t rack up all of our debt during that two week period but it was a major factor in us getting behind financially. We did NOT having any savings and that absolutely killed us. We are almost debt free and are going to work like crazy to build up that emergency fund so that we are never in a situation where we have to rely on credit cards ever again.
How crazy are your spending habits that 2 weeks without pay put you back literal years?? That just doesn't make any sense
@@daytonwintle3893it’s called the rat race.
hes a moron
I'm glad you made this video it reminds me of my transformation from a nobody to good home, $34k monthly and a good daughter full of love..
My advice to everyone is that saving is great but investment is the key to be successful imagine investing $15,000 and received $472,700.
Making touch with financial advisors like Theresa Walton who can assist you restructure your portfolio, would be a very creative option. Personal financial management will be crucial to navigating the next difficult times.
Unfortunately, not all of us were financially literate early. I was 35 when I finally educated myself and started taking steps. I went from $176,000 in debt with zero savings or retirement to now, 2 years later, fully debt-free and over $1000,000 net worth. I know that doesn't SOUND like a lot, but I'm incredibly proud of it. Now I'm fast-tracking my wealth building (investing $400,000 annually) and don't owe a dime to anyone. It's a good feeling!
Lately i got interested in crypto but has no idea how to go about it. Can anyone Help with a reliable tra-der?
SHE'S MOSTLY ON TELEGRAMS APPS WITH THE BELOW NAME
As a person who grew up poor who's now on the wealthier side, i believe people are comfortable where they are. Many complain abou being poor but don't try to educate themselves financially, or work towards building multiple sources of income. I've offered advice to people who never took my advice and are still in the same situations. They blame their situation on external circumstances without choosing to take control of their own futures if it means sacrificing and taking risks.
Thanks for the comment! If you're curious about my work, I’ve shared some info in my bio
I’m trying to be more financially disciplined do you have tips for me I’m still in my 20s
@neptune4359 Great insights here! I’ve shared a bit about myself in my bio 'TG' for anyone interested in connecting
This situation is only a problem because Americans refuse to change their behavior - spend less, drive a used car, cook rather than eat out, exercise so medical issues don’t arise, etc
Most Americans don’t have an income problem, they have a spending problem
Plenty of Americans already do these things and there are still problems.
@@RooftopRose079the majority don't that was the point
I fear for those who live in la la land when it comes to money. I have a couple friends in that boat, they make low income but have no interest in finding better paying jobs. Both are in their late forties, both live with family to help lower the cost of bills but I just don’t see how their situations are sustainable. I don’t know how much they save for retirement but I’ve gotten feeling it is low and they give impression they just expect to work until they die…
I tried talking to one of them about cutting back his spending (he buys a lot of unnecessary entertainment stuff) and I got a really bad reaction that had me worried it could hurt our friendship if I kept pushing, so I’ve completely dropped the subject. But I also fear that since I’m seen as one of his more responsible friends he may turn to me for loans if it ever gets bad for him.
You are in a position most financially responsible people find themselves in when it comes to friends and family. You didn't ask for my opinion or advice. But I have been where you are. The day will come when this person asks for your help. If you do so, they will ask again eventually. At some point, you will have to tell him no. The friendship will be strained at the point. If you say no, the first time he asks, the friendship will be strained also. People who live the way your friend is living usually have someone to lean on when their finances fail. Maybe it isn't you yet. Maybe it will never be you. But those types of people treat the financially secure people in their lives as a fallback option. One day it will be your turn.
If I were you I would decide now what you are going to do when he tugs at your pockets. You could help once, but explain this is one time only. You can refuse and explain how disciplined you are and you don't think you should help those who don't practice discipline at all. I would keep trying to reach him. If he decides you are an irritant and pulls away, so be it. He was going to do the same thing if you don't finance his life when he eventually asks. Don't become the person he depends on because you will find yourself closer to his situation because you are making up for his short comings. People who don't help themselves are rarely put in a position where they have to because everyone bails them out. I wish you the best. Don't worry about when the day comes. Just know what you will do and you there will be no need to worry about it.
Nobody likes working at Dunkin. Late 30s. If I could get a better paying job I would. Don't live with family though I have no loved ones. I just have to budget to survive on 9.25/hr. I don't even have a phone bill I just use wifi calling with a Google voice number. No car, I ride a bicycle etc. And I basically live out of a storage unit lol
1:19
I had a friend that borrowed money and then paid me back and the next day borrowed the same amount again. I gave him the money and told him it was a gift and he didn’t have to pay me back but never to ask me to borrow money again. Borrowing money complicates relationships and I didn’t want him to feel bad for owing me and me upset for waiting on him to pay me back. So, I would not be giving any more money again.
@@Bfolks84smart way of handling it 👍
Insane how many Americans have literally no savings at all!
Spend your money wisely-invest in quality where it counts, for it often outlasts the cost of cheapness. Yet, remember that sometimes the simplest, least expensive option is the real gem in disguise.
Great advice and I live by it as well. I have wasted too much money and time on cheap garbage
I hope we all know that it doesn't matter who is in the 'top job' because this is a systemic problem -- greed. We have allowed many of our economic sectors, to take advantage of the American people. It's disgusting and frightening for the future of our country. My wife and I will be retiring in the next two years in another country.
We are absolutely worried that SSI will no longer be funded. we'll have to rely on pension, a 403 (b) and a very prolific Investment account with my Glen Howard Chester my FA. Our national debt is bloating and expanding every month. Our government needs to get spending under control and cut the federal budget.
@@johnketh-n9v What country you moving too?!'m headed to Thailand or the Philippines in 4 years.
@johnketh I would really love to know how much work you did to put in to get this stage
@richolman Steady progress! A solid strategy is crucial for growth and minimizing taxes. After six months of getting affiliated with Glen Howard Chester , l'm averaging 35k a week . It's not huge, but it eases financial stress. Best of luck on your journey!
In the US the average household spent 58% of their food budget eating out during 2023. Growing up my family ate out 2 to 3 times a year and prepared the rest of the food at home. Little surprise people are saving less money these days.
Hallelujah! God is still performing wonders. I'm positioning myself for such miracles. This is the best thing I've seen today on UA-cam-thank you so much!.540k earned so far.
Venturing into crypto as a newbie was very difficult due to lack of experience which resulted in loosing funds... But miss noah rachel, restored hope shes a good woman
So nice to see noah rachel talked about here,her good works are speaking already, and like wide fire she's spreading.
I've heard she's great What's her view on the current market situation?
SHE'S MOSTLY ON TELEGRAMS, USING THE USERNAME .
Noahtrade1
Please tell her that I reffed you 👍
I had a pretty decent savings cushion, but one leaky roof later and 💨 but I guess it did its job. Time to start again
Thank you.
I've never had that much financial sense, so I only ever saved into schemes that would ensure they took my money on payday and kept it safe, I spent 30 year pumping 20% a month into pensions as I simply couldn't trust myself with anything where the money would be easily accessed. It was COVID that finally brought home what would happen if I lost my job, I'd be so screwed as I had no emergency fund and no liquid cash. So my wife and I sold loads of old stuff on eBay and it became a game to see how much crap we could sell and see how much we could put into savings, after 18 months we had £14k in cash just from selling old junk and saving cash every month, we cleared the spare room of old crap as a bonus!
Good
Great insights here! I’ve shared a bit about myself in my bio 'TG' for anyone interested in connecting
You get pensions...lucky. The majority of people in the US don't even have the option.
Wear second hand 🖐 clothes.
Keep vehicles longer.
Go fishing for protein
Rise chickens and hogs for meat 🥩
Landlords don't allow chickens and hogs. Try again.
You can't prepare for an unexpected cost without a buffer. If you're preparing for 3 months, by definition of "unexpected" is what you can't plan for, so you probably need 6 months. If you're preparing for 6, get 9 or 12 and so on.
I have 2 snickers saved, just in case.
A shit, I ate one..
@@BorderlineBored How about some Kit Kats
The system is broken, indentured servants we are. We are only given an opportunity to work for our freedom.
Thanks for the comment! If you're curious about my work, I’ve shared some info in my bio
I have savings... of $23
As a 22 year old glad I beat the average of these statistics
Just reached $100k networth
Even documented it on my channel 😊
Tuff road
And tougher road ahead
what is on your portfolio?
I have no sympathy for people without savings and order door dash 2 or more times a month and/or have the majority of their food eating out. Those are a luxury but most people treat them as necessity. When you're spending money so wastefully I'm not surprised there's nothing left over to save.
what is on your portfolio?
Savings! Most live on credit. They are negative and with hyper inflation they are now trapped.
Hey bro is your channel monetized ?
Money is a common denominator we all make believe is worth something. It could be sea shells or marbles. It's what you can do that makes you rich in life, so learn it all. Life is only what you make it. Every minute of everyday
True, what's on your portfolio.
I dont be having enough at all tbh. An i still live with my mother. Im about to try to get a second job. Make 17 an hour an cant get overtime sadly other than working on the weekends (sadly not both at times). With just 40 hours i bring home like 570 something but get a lot taken out bc of me doing the stock market an savings. So it drop my 570 an something to like 200 an something. Then i have to spend the 200 an something on paying off my loan. So i dont have nothing left. If i didnt have the stock markets. I would have like so much more saved but i dont. I want to get enough to retire in my 40s. So im abt to work a sec job an hopefully earn more money. Then im about to get back into writing an drawing so i can see i can create a book or something
what is on your portfolio?
Plant 🌿 gardens buy manual tools 😊😊😊
Walk to.town stay put to save energy
HOA says no gardens permitted. Town is a 6 hour walk in one direction. Not helpful advice.
@RooftopRose079 thanks for your help and letting me know.
They will have to stay home 🏡 😮😮😮
Buy by the bulk.
Ate beans and corn 🌽 tortillas 😮😮😮
I need 200 years saved to feel safe.. ok I did the math.. I would still be poor
I have not had a payrise in over 20 year,s same job same place
It is on you to better your situation. Find a different job. Talk to your employer.
Even if this were true, which it isn’t, why would you stay that long at the same place lol
I have 100 credit card with 5k limit for my emergency fund. 500k baby😊
good
Cool
Great insights here! I’ve shared a bit about myself in my bio 'TG' for anyone interested in connecting
Thanks for the comment! If you're curious about my work, I’ve shared some info in my bio
Like
Thanks for the comment! If there's curiosity about the work, details are shared in the description
Thanks for the comment! Curious about the work? There's more info in the bio
Well, let's see....
1. A debt based economic system
+
2. Exponential inflation
=
3. People going into debt for basic essentials
🤓
!!!I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $2m+ before retirement
As a newbie investor, it’s essential for you to have a mentor to keep you accountable.
Kristine Lynn Weber is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Kristine Lynn Weber, for her expertise and exposure to different areas of the market.
I don't really blame people who panic. Lack of
information can be a big hurdle. I've been
making more than $200k passively by just
investing through an advisor, and I don't have
to do much work. Inflation or no inflation, my
finances remain secure. So I really don't blame
people who panic.
Without a doubt! Kristine Lynn Weber is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted on thorough research and years of practical experience.
how would you recommend i enter the crypto market? I am also looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally. What's your take on this approach? and How can i reach her, if you don't mind me asking??
I think us Americans have a hard time living within our means…. That’s part of it… delayed gratification is a beautiful thing.
this is donald trumps fault and boomers and republicans fault! definitely not my own fault....
You will never be successful when you lack any accountability. Stop blaming others for your own failures.
It's not Donald's fault but he will eat the blame when the stock market crashes in 25.
@@6foot4meme24he’s being sarcastic
@@glizzard7723 you would be surprised
@@6foot4meme24 so true take accountability
Well, I'm on Disability. So the nation's "emergency savings" is my everyday income. I've been handed so much wealth for free in my life that I just don't feel like participating in Capitalism. Not to mention I'll have to get around this pesky $2,000 lifetime income cap.
What?
@@chiefeng4451 What what? What are you whatting about?
With a 2K asset cap, you're surviving entirely on the back of the tax payer and not participating in capitalism. It's as if the policies are designed to keep people poor and dependent.
@@AndrewDangerously Well, I'd rather be able to write 37 books on subjects I care about and make my computer programs without having to think about what Americans are "more likely" to pay a black man to do...
@@Battleganz “What” a great country our entitled citizenry lives in.
My emergency funds naturally growing from $30k to $122k after 5 yrs 😅
Amazing, well done.
Can you dispense with any wisdom as to how to get there?
@ its easy for us because we are completely debt free, including the mortgage. We live off my $38k income, and save 💯 of my wife $80k salary. We max out our Roth IRA and 401k yearly. Also able to stash away $20k of cash every year. Get rid of debt and free up ur income.
@@minimumwagemoney3258 thanks for the reply, much appreciated.
So getting debt free is the key?
@@Hm32271 yes being debt free allow me to sleep well at night and free up our incomes. I’m just after a peaceful life. Just maxing out a 401k and Roth IRA should be enough to retirement on.
Gotta get debt free !!
Wear second hand 🖐 clothes.
Keep vehicles longer.
Go fishing for protein
Rise chickens and hogs for meat 🥩