30-Year-Olds' Guide to Wealth: The 3-Bucket Strategy (2024 Edition)

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You might not have a lot of extra money or time in your 30s - but contributing to retirement accounts should be a priority. If you can stretch your dollars to work harder than your peers, you can build the foundation for a wonderful financial future.
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Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.

Пікірлер: 35

@CassaundraLeigh 11 ай бұрын

😑 Me in my 30s, not married, no house, no kids, and definitely not making over the Roth Ira limit. I don't think this applies to many young 30 adults. I'm not maxing out my investments, but I think realistically people in this age group can only contribute 20-30% to retirement.....

@hurrikanrob 11 ай бұрын

I think it depends on your industry. I became ineligible for Roth at 29, but hit a good promotion (finance). My friends in tech are in the same boat. I just bought a house but my messy middle doesn’t feel on the horizon 😅

@porsche9302 11 ай бұрын

I dont know many in their 30s making over the roth ira limit.

@classics-wz1bz 11 ай бұрын

this is where I disagree with TMG. Their message is that 'typical financial mutants have a higher income' and so they always talk to these 30/40 yr olds that make like 200-300k/year.. I disagree with this correlation as most millionaire studies showcase that this isn't true, its more about the behavior than the shovel. Most financial mutants are making average to slightly above average incomes and just have the behavior dialed in.

@porsche9302 11 ай бұрын

@classics-wz1bz yea. Financial mutants usually have good habits because they don't make much. People with large salaries don't need to be as disciplined in their savings do to their large shovel. I wish being good at saving meant you make a lot too.

@misssophiamae Ай бұрын

Same! Odds are decent I will never surpass the limit in my state and industry. Thankfully things are set up so we still have plenty for a good life! 😊

@kckuc310 11 ай бұрын

Best advise I have is don’t let life rob your future self, pay yourself first and don’t buy or lease new cars, money robbers. Your older self will love you.

@ChristianLemon 11 ай бұрын

Pay yourself first is one of the best habits you can form

@andrewpulsipher2062 10 ай бұрын

Buying a new car isn't the worst thing in the world if you have the cash, take care of it, and make it last 20 years or so. Upgrading to a new car every few years is the problem. You could buy used cars every several years instead but then you better hope you have mechanic skills and can pick good ones that have been maintained and will last.

@rayzerot 10 ай бұрын

@@andrewpulsipher2062If you are the type of person that can make a new car last 20 years then you are the type of person that can get (20 years- age of car) out of a used car if you buy a used car with documented maintenance. You're losing out big on opportunity cost and compounding when buying that new car. Tell yourself whatever justification you want to though

@andrewpulsipher2062 10 ай бұрын

@rayzerot I've tried used and I get duds. I've tried bringing a mechanic, they don't know the actual history so they can't diagnose future problems. Then I bought a new Toyota with cash and I haven't needed to worry if I can rely on my car for the last 15 years. Best purchase I ever made to keep up my financial goals. I was done with buying another used one every couple years and spending so much on repairs. I'm glad buying used has worked for you but buying new has worked for me, justification or not. I haven't spent a dime on her other than standard maintenance in 15 years, I've instead been able to focus on building wealth and had peace of mind that my car can get me wherever I need to go.

@MugenHeadNinja 10 ай бұрын

@@andrewpulsipher2062 To back you up, buying used vs. new for vehicles is never black and white, it depends upon the person, their circumstances and necessities and what they're able to reasonable handle.

@BiggMo 11 ай бұрын

(Brian’s Troll Here) please do a series for us older viewers in the last decade till retirement. Tax planning and portfolio structuring. Abound Wealth wants 1.5% of assets under management (to a million). That’s $15,000 a year out of my bucket - which is equal to $200,000 ($15k year compounded at 5% for 10 years). Is Abound Wealth worth $200,000 ???

@alienwalk 11 ай бұрын

I hope I can reach the bowling point soon.

@kortyEdna825 10 ай бұрын

Buying silver and gold is easy, but it is renowned for stability during economic hard times like this. The main problem is investing in stocks, dividends and even cryptocurrencies to grow your portfolio.... I’ve been trying to grow my portfolio of $190K for some time now, my major challenge is not knowing the best entry and exit strategies ... I would greatly appreciate any suggestions

@Pamela.jess.245 10 ай бұрын

Just try to diversify your portfolio to other market sectors, that way your portfolio is balanced and you don’t get to make so much losses. Also engage the services of a financial advisor to walk you through

@Mathieu_Matheow_Benoit 11 ай бұрын

"...you have the new house..." Hahhahahha no 😒

@Nahtanos 10 ай бұрын

the backdoor Roth seems like such a risky strategy, and by that i mean error prone. correct me if i'm wrong, but the process requires manual monthly intervention, and if you do it wrong, you can get slapped with a big tax bill. Way easier to just automate to an index fund...

@rangequeen 11 ай бұрын

Crap…I have a Simple IRA. Thanks, Boss 😭 Any chance of a video for people like me? Not sure what options or suggestions you might have for me.

@angelachapman4415 11 ай бұрын

That is basically equivalent to a 401k in terms of order of operations. Get your emolyer match in the simple IRA, then max out your annual roth contributions, then contribute more to the IRA. If you can max out IRA, then contribute to a taxable brokerage account.

@kingshomes8546 11 ай бұрын

60% of Americans don’t have $1000 to cover an emergency , this is scary

@BiggMo 11 ай бұрын

That’s scare tactic data. It includes the entire population, from the homeless, minimum wage workers, special needs individuals, and jailed population. A more responsible data point would be to narrow the data to median income earners and up.

@sticknotfire 11 ай бұрын

What data are your pulling? Who in there 30's is making near the IRA limit? Currently 32 making 70k. I work in education, but even my friends in private healthcare barely make 100k.

@leitm3912 11 ай бұрын

The ROTH ira limits are so high that I don't expect to EVER hit those numbers to not be able to put money into one. I'm 30 and only make around 70k/yr so less than half the limit. That being said, I still don't see the point in investing in the ROTH because I'm on track to be fully retired with no debt around age 34 but I may not actually retire till 40. I only contribute enough to get the employee match for traditional 401k as well because Id rather put my 60-70% I save every month into a taxable brokerage account where I'm not locked out from touching them until 59.5 or later.

@angelachapman4415 11 ай бұрын

If you put the same money you are putting in the taxable into the roth, there would be zero taxes on the growth after retirement age. I wouldn't neglect it entirely whatever your retire early plans are.

@kpschmidt12 11 ай бұрын

Is your 70k/year income pre or post tax? Regardless, it's wild that you can save that much.