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@KS-cl8br 15 күн бұрын
doesn't matter others expectations you don't have to retire anyone... your paycheck is yours, really odd statements you made
@aecet9652 Ай бұрын
Hope you are doing well you deserve it
@aecet9652 Ай бұрын
Hows it going
@inezneal6917 2 ай бұрын
opening a roth sounds good but which one .
@ernieellan5694 2 ай бұрын
Man, just a few questions as your assumtions seem to be very outlandish, not based on any kind of facts, and evidently just an opinion from a financially inept girl. So by chance: Are your parents married still? If divorced by chance do you know the terms involved(lkike did your mom get half his IRA/401K)? Obviously you know how much each has made every year for the past 40 years so their SS value is totally in your sphere of knowledge. It seems you have opinions with no actual facts to base things on. Have you ever asked your parents a question?
@FirstGenMoney 2 ай бұрын
I’m sorry are you saying my assumptions on my parents are not based on facts… but you somehow know more about them? And their situation?
@HeberTisdale 2 ай бұрын
Great content, as always! Could you help me with something unrelated: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How should I go about transferring them to Binance?
@kimmontenegro2258 3 ай бұрын
I thought you were Ecuadorian. Good video.
@FirstGenMoney 3 ай бұрын
Yup! My parents are both from Ecua :)
@melissarodriguez4531 3 ай бұрын
Great video ❤
@FirstGenMoney 3 ай бұрын
thank you for watching :)
@DavidKnicks 3 ай бұрын
This was a great video. Nice little new format. I think it came out really good!!
@FirstGenMoney 3 ай бұрын
thank youuuu :)
@2elgnismi 3 ай бұрын
I feel like in the next 5 or 10 years we may see 401k programs become mandatory for both employers and employees.
@KatieoftheHouse 3 ай бұрын
I love how much thought you are putting into this! It’s good to know what numbers you are ACTUALLY comfortable with spending on hosting versus what the bank TELLS YOU you can afford. You guys are being so smart!
@gurrrrlish 3 ай бұрын
not sure why this is labeled a "scarcity mindset" - - seems pretty abundant minded to me to carefully consider & weigh the realities of insolvency / bankruptcy/ illnesses / job losses /expenses of growing a family.... etc...
@FirstGenMoney 3 ай бұрын
the scarcity comes from not believing that I'll be able to own the home that I want. i've made progress in this for sure but I still struggle with believe that something I want can be mine -- hope that makes sense!
@gurrrrlish 3 ай бұрын
for Pete's sake - - - stay living in basement & hoard the cash.... buying a house without the 20% - - hits you with PMI - - - waste of your money...
@FirstGenMoney 3 ай бұрын
yup! it's really looking like renting until we have the cash to put 20 and we decide on where we actually want to put "roots"
@educatedwanderer9293 3 ай бұрын
I'm at $2.9M invested at age 55. MY FI goal number $2.5M. I plan to retire at age 60 or 63 as 60 or after is the age at which my employer will pay for health insurance until age 65. If I either stop contributing and keep investing my result will likely be $4 million at age 60, and about $5M at age 65.
@FirstGenMoney 3 ай бұрын
that's amazing!!!
@jennavanleeuwen 3 ай бұрын
I live in Jersey City! Happy to give you the scoop on the neighborhoods (and the schools) if you are interested.
@FirstGenMoney 3 ай бұрын
awww do you love it?! I feel like all my friends that live there do lol
@jennavanleeuwen 3 ай бұрын
@@FirstGenMoney We do!
@harryzhu 3 ай бұрын
i cant believe you're taking home 74% of your pay only.... the taxes in ny must be rough
@FirstGenMoney 3 ай бұрын
nj taxes are high but the formula for our calculator isn't the exact amount per se but more so we could always plug in as our salaries change
@harryzhu 3 ай бұрын
love see a healthy relationship that involves an nontraditional breadwinner in the household! <3
@FirstGenMoney 3 ай бұрын
appreciate this!!
@elizabethreads0312 3 ай бұрын
Can you live in the basement for one more year? It seems like it will give you the opportunity to save more money. I understand willing to pay more for a place you own rather than rent as when you own a place you have the ability to build equity and see some sort of return on your money where as renting is more short term satisfaction.
@FirstGenMoney 3 ай бұрын
yeah that's the big question right LOL right now I don't think we will be looking to stay in the basement because we don't want to put our life on "hold" without knowing for sure that it's buying a house that we want!
@KatieoftheHouse 3 ай бұрын
Congratulations! This should help you reach your goals so much more quickly! 🎉
@FirstGenMoney 3 ай бұрын
YESS! it really does help us!!
@7SideWays 3 ай бұрын
Pulling for you💪
@FirstGenMoney 3 ай бұрын
thank youuu :)
@Jan-xh5ee 3 ай бұрын
Congrats on your 5k 😊
@FirstGenMoney 3 ай бұрын
aww thank you! :)
@ReiShirouOfficial 3 ай бұрын
Good luck, Plan to buy something next year When I turn 22 Florida sucks tho so either its gonna be a single family we house hack or a duplex for experience then will buy outta state Fire is the goal, Could care less about "Living independly" cause living in a property is a waste of money So my aim is just accumulating rentals Hopefully market crashes soon, People are as broke as ever according to stats, and it seems things are cracking altho it sucks the fed/govt just keeps on propping the market
@FirstGenMoney 3 ай бұрын
that's awesome, love that you're planning so early!! hope you were safe from hurricane milton last week!
@ReiShirouOfficial 3 ай бұрын
@@FirstGenMoney yeah I don’t plan to do the Squidward “Work 40 years then we die” 💀 Plans just to document things on yt as I go step by step Right now it’s just looking at the market…
@loudresviennadeaires 3 ай бұрын
Thanks for sharing your thought process and the numbers! Before my husband and I bought we did something similar. I wanted to make sure we wouldn't be house poor and we could still save, invest and travel often. I'm glad we did that because shortly after buying our place our incomes increased. (Mine almost doubled) but we kept our costs low for the most part. Definitely helped us get closer to our FI number.
@FirstGenMoney 3 ай бұрын
ohhh so smart of you two! housing costs can be such a drain on the bank account -- gotta run the numbers!
@NoParking121 3 ай бұрын
When first buying a house the initial payment always 'hurts' a bit when coming from renting, but after a few years it lightens, until eventually 5+ years later you will have the naysayers mentioning how you were lucky to have bought when you did. Its just like stocks, housing always goes up over time, getting off the rent bandwagon was one of the best financial decision I've done. Even if its $300-500 more than similar rent, you need to consider the expected 2-3% growth in value per year of the asset. On a $500k house 2% growth per yr equates to 10k/yr, divide that into months...over $800 in equity growth per month going to your net worth balance sheet...Also consider tax benefits of owning, if you itemize you get a tax deduction on the interest...There's more to the story than an apples to apples top line number of rent vs buying.
@FirstGenMoney 3 ай бұрын
oh wow! giving me a lot to think about!!
@saskia.... 3 ай бұрын
Great video, Dannielle! I love that you go over everything in details and provide real numbers. I don't think I understand the part about being in a higher bracket in the future. I always thought I would be in lower since I'll be retired. When you are retired, would you be bringing in income to be at 35% as in working after retirement? Or would it be only be from investments? How does it work? I'm trying to understand it and compare it to myself. I just started a new career but I know for sure I won't be making $400k in 20 or 30 years (just because of the estimated range for my field). Am I missing something? Thanks in advance!
@FirstGenMoney 3 ай бұрын
ah thank you! it really depends on what your goals are for retirement -- in my version of FI/RE I don't plan on not working but instead on doing some version of the work that lights me up. that might be owning my own business or becoming a filmmaker LOL. but yes if you plan on not working and being in a lower tax bracket than you are today then your numbers would be different
@saskia.... 3 ай бұрын
@@FirstGenMoney thank you so much!
@DavidKnicks 3 ай бұрын
Another great video. Tough decision
@FirstGenMoney 3 ай бұрын
thank you!
@saskia.... 3 ай бұрын
Does anyone know how it works with paying taxes if someone lives in a state with income tax but will move to a state without it for retirement? Or will completely leave the country? How do taxes on 401k work then? It's hard to find this info online.
@FirstGenMoney 3 ай бұрын
I would check out @OurRichJourney, they've lived abroad and reached FI/RE!
@mangojuice08 3 ай бұрын
When buying a home, ALWAYS consider phantom costs just as others have shared. A house always needs maintenance and repairs. It’s not just the monthly mortgage payment.
@FirstGenMoney 3 ай бұрын
100%! I hear these add up reallllll fast!
@amycolucci6769 3 ай бұрын
I live by jersey city :) cant wait to leave nj though lol
@FirstGenMoney 3 ай бұрын
LOL yet so many things keep us here right!? trust -- I know there are prettier states
@mer369 3 ай бұрын
I appreciate that you show your real numbers. I’m looking forward to seeing what you decide. I think whatever you decide you’ll be fine. You both already weathered unemployment at the same time. There doesn’t seem to be a rush so you have time to think it through and in the meantime you’re saving each month.
@FirstGenMoney 3 ай бұрын
of course! these decisions are constantly changing and don't happen overnight at least not for planners like us LOL
@just_be_123 3 ай бұрын
Buying a house brought in so many unexpected expenses. First while it seemed like every second week was a $800 purchase needed. That has thankfully now stabilized but there is so much maintenance stuff I don't see people talking about / budgeting ex. furnace / water filters, paint to touch up scuffs, things to unclog the drain, plants / soil to make things look pretty, replace things that breakdown/ wear out. Budgeting with a rental is much easier. Remember, you can do anything but can't do everything. Owning a house may mean fewer vacations or pushing the FIRE date.
@FirstGenMoney 3 ай бұрын
Omg that’s wild!! I’ve been hearing that a lot with people saying that all of a sudden they’re spending more than they planned whether it’s in furnishing the place or like it was with your case - unexpected issues!
@Natalia-wo3gi 3 ай бұрын
I currently doing half Roth and half traditional but is definitely a stressful thing to think about having to make a decision about what is the best strategy to maximize your returns for future you.
@FirstGenMoney 3 ай бұрын
hearing that a lot of people think some roth some traditional might be the move! didn't even think of that lol
@kattttt9585 3 ай бұрын
Just a reminder, Trump’s tax cuts end in 2026. So contributing to a Roth 401k in the next year is even BETTER because the tax rates are going up soon. It’s basically immediate return on investment to pay the taxes in 2025 rather than after trump’s tax cuts sunset.
@nazeercurry5248 3 ай бұрын
Always do Roth.
@Yugiboii 3 ай бұрын
Roth over traditional.. why would you want to go into retirement with the mindset “I have to spend less money now so I can win the tax game” you’re putting on mental handcuffs during your golden years. Can’t take the family on an oversee trip because you’re worried about the taxes, can’t throw a party for your grandson because you’re concern with paying taxes.. that’s just me lol
@JustSomeRandomGuyYo 3 ай бұрын
That's not how it works. We have a progressive tax system. I avoid 24% today and fill up from the bottom in retirement. Basically I plan to have enough traditional to fill up the standard deduction, 10% and 12% brackets and then withdraw the rest from Roth. If I was to go 100% Roth, I would net less.
@Yugiboii 3 ай бұрын
@@JustSomeRandomGuyYo I know it’s a progressive system, my employer match and social security will cover that those lower brackets
@JustSomeRandomGuyYo 3 ай бұрын
@@Yugiboii You must have an insane match or you are using some wildly optimistic numbers for rate of return.
@Yugiboii 3 ай бұрын
@@JustSomeRandomGuyYo I didn’t start Roth til few years ago so I have a sizable amount in traditional already that will compound … you don’t want to get hit so hard with RMD that it’ll bring your taxable income way up
@JustSomeRandomGuyYo 3 ай бұрын
@@Yugiboii Sure, but that is easily avoidable by not OVER contributing to traditional. If you went back in time and every penny you put in was Roth instead of traditional, would your employer match be enough to fill up the std ded and lower brackets? I am not saying do 100% traditional but I am saying that 100% Roth is leaving valuable tax arbitrage on the table. There is a sweet spot that for most people is right around Trad 401k + Match + Roth IRA. Also keep in mind that if you are a high contributor, you are probably going to retire before you take SS so you can draw down from pre-tax before you reach an age where you take SS and hopefully plan it out where SS + the RMD fills up those lower brackets and the rest comes from Roth.
@Justchilling8261 3 ай бұрын
Why not add the remaining 500 from the traditional 401K so that you're contributing a total of 2500? Compound interest will then do it's magic and you'll end up with more
@FirstGenMoney 3 ай бұрын
it really all depends on what the max contribution limit is in 2025. This year it was 23,000 so you can’t contribute past that!
@Justchilling8261 3 ай бұрын
@@FirstGenMoney thanks for clarification. Maybe do a bit of both as suggested by others in this comment section
@just_be_123 3 ай бұрын
Can you only do one or the other? In Canada it is up to the individual (not employer) to invest the money and you can do a bit of both (we call them TFSA and RRSP)
@FirstGenMoney 3 ай бұрын
you can do both Roth and Traditional but you can't contribute more than the max that year!
@michaelterrazas8497 3 ай бұрын
Do both 401k and roth. If you ever leave your job for a better one, you can always roll it over to your roth and not have to worry about the taxes. In my opinion i would contribute as much you can since, you have no kids or other financial expenses. Take advantage that you are still young.
@JustSomeRandomGuyYo 3 ай бұрын
There is no such thing as a "Roth". There is a Roth IRA and a Roth 401k, there is also both a Traditional IRA and Traditional 401k. If you roll a traditional 401k into a Roth IRA, you will owe taxes on that full amount, you would be converting it. You can roll over from Roth 401k to Roth IRA or Traditional 401k to Traditional IRA and not have to worry about triggering a taxable event like you would if you converted. It may not be a good idea to roll a traditional 401k to traditional IRA because you will face issues if you ever need to do the backdoor Roth IRA.
@elizabethreads0312 3 ай бұрын
You missed a big detail. Going of 2023 numbers the ma you can contribute to a Roth 401k is 7000 a year. The total in any form of a 401 K is 23000. So if you max out a roth at 7000 you can contribute the remaining to 16000 to a standard 401k. That would really lower the difference in take home pay that you calculated. And you could always say contribute to the roth in less expensive months that way you on say months you have big trips you could take home a bit more pay. If you google gusto Salary Paycheck and Payroll Calculator and use that calculator I find that its accurate within about 15 dollars.
@ericcarson342 3 ай бұрын
Do both. Roth is not talked about enough. Get a Roth outside your employer and learn to invest individual stocks. I don't think employers/administrators allow you to invest individual stocks outside of company stock. But equally important if not more important, have an emergency fund 12 months or more. The old 3 months is not enough.
@FirstGenMoney 3 ай бұрын
Exactly! That’s the first step. Getting the ER fund set!
@ericcarson342 3 ай бұрын
@@FirstGenMoney That flexibility to do what you want in case of 'what if' is invaluable. The emergency fund buys time to think clearly and non-emotionally. If I were in my 20s I would have strived for that ER fund first before I had invested in retirement, especially with a new economy and employers can let you go at any time, and an ER gives the employee back the power to not depend on next week's paycheck.
@gurrrrlish 3 ай бұрын
roth - - it will grow tax free - - - then once you are 55 or 59 - - you get it TAX FREE...and let me tell you at that stage the taxes get bad.... retired people pay a ton n taxes... t me it is not even a decision to make....
@JustSomeRandomGuyYo 3 ай бұрын
In what world do retired people pay a ton in taxes? They either pay the same or less. GA gives a 65k deduction at age 65. Traditional withdrawals don't pay FICA taxes so you made 80k when working vs being retired and withdrawing 80k from traditional, you will net more from the traditional withdrawal.
@gurrrrlish 3 ай бұрын
@@JustSomeRandomGuyYo you are considering low amount withdrawals.. consider - it makes your SS taxable - then IRMA makes your medicare very expensive close to $1K/ month for high earners ... then RMDs come along once you are in the 70s and the pretax bal. is mow Millions - TAX TAX TAX & TAX.. proceed with caution..
@JustSomeRandomGuyYo 3 ай бұрын
@@gurrrrlish You can make a billion dollars, you are still paying 0% on 14,600, 10% 11,600, 12% on 35,550 etc. It does make your SS taxable and medicare premiums higher, but not by enough to overcome the 24% savings on that first 14,600 or the 14% savings on that 11,600 or 12% savings on 35,550. RMD's aren't a problem if you plan your trad contributions to fill up those brackets, the RMD will be an amount you planned on taking out anyway...
@gurrrrlish 3 ай бұрын
@@JustSomeRandomGuyYoagain - if someone has high Social security amount & possibly some pension income - - traditional brokerage . CD incomes - - and a very high dollar amount in pretax (1 millions - grown to many millions over time) - - - - your plan outlined above fails very badly..... high income & high net worth individuals - lose on all sorts of taxes with your plan - - - but you of course can execute any plan you choose .....based on your level of nest egg/ SS / Pensions brokerages./ CDs etc.... enjoy !!!
@DavidKnicks 3 ай бұрын
This was really helpful. Thanks! Made me realize I should probably just stick with traditional but I will still do 1 percent into Roth
@FirstGenMoney 3 ай бұрын
truly is a personal decision!! glad I gave you something to think about!!
@QuitThatDayJob 4 ай бұрын
This was SUCH a good video! Thanks for your transparency 😊. I hope the money comes running in like a rain storm soon!
@FirstGenMoney 4 ай бұрын
awww thank you so much!! i truly appreciate that :)
@YazWhyNY 4 ай бұрын
That wellness decrease!!! 🥹😍
@FirstGenMoney 4 ай бұрын
It makes me so happy!!
@ventureswithvee 4 ай бұрын
love your g-cap set up for your bills/large expenses! i gotta using your format too
@FirstGenMoney 4 ай бұрын
G-cal is huge in our home! If it’s not on the calendar it’s not happening lol
@amycolucci6769 4 ай бұрын
Yay for dinks
@FirstGenMoney 4 ай бұрын
yasssss!!
@THL1996x 4 ай бұрын
An amazing September!! Congrats on the DINK status! 😍😍😍
@FirstGenMoney 4 ай бұрын
ahhh thank you!!
@daisyM734 4 ай бұрын
My husband and I live in SoCal fairly expensive city. We budget 600 a month on groceries 250 a month eating out and 70 a month on meal prep
@FirstGenMoney 4 ай бұрын
Ohhh! Ok so hovering around ~1k but under! Love this.
@daisyM734 4 ай бұрын
@@FirstGenMoney yes and sometimes we go over 😭
@araucariapasquale1 4 ай бұрын
can you stop with the hand gestures, so distracting
@FirstGenMoney 4 ай бұрын
LOL
@AverysMoneyMoves 4 ай бұрын
I also studied poli sci and gender studies 😂 good to know maybe I can make more money in the future lol
@FirstGenMoney 4 ай бұрын
lolol yes!! Didn’t think I’d be in tech but making myself feel better by working at “value-driven” / “mission-driven” startups lol