$6500 invested at 21 vs. $10,000 invested at 45! 🤨

[@mariadrukker2557]

The earlier you start, the more time your money has to grow. But it’s wild to think that a smaller amount invested early can beat a larger amount invested later.

[@V.stones]

I know, right? You’d think putting in more money later in life would help you catch up, but it’s tough. That lost time really adds up.

[@camela8445Mar]

That’s exactly what happened to me. I didn’t start investing seriously until I was in my 40s. I kept telling myself I'd catch up later, but now I see how much I’ve missed out on by not starting sooner

[@roseyfischer]

It’s true, but the important thing is you’re doing something now. I started later too, but I worked with an investment manager to make the most of what I had.

[@roseyfischer]

Joseph Nick Cahill, for example, really helped me adjust my strategy. He showed me how to maximize returns even if you’re starting a bit late

[@Colbe-lx7fb]

​@@roseyfischerI’ve heard of him. Isn’t he known for helping people who start investing later in life? Does he focus on specific types of investments

[@BrooklynAlien]

We definitely don't tell young people to invest in their retirement enough. The only drawback is how old we have to be to legally retire and start taking that 401k etc money out. If I realized that I would have invested some "retirement" money elsewhere in case I need it earlier.

[@nightmare4122]

For Roth IRA, we can withdraw after 5 years but we have to pay ordinary income tax on it which is good if you’re original ordinary income is $0, which means it’ll be tax free.

[@yippeeflowers]

nobody ever tells us how, either. investment, taxes, retirement related anything are never covered in school.

[@scapegoat5143]

​@@yippeeflowers,and that's how it is in every country. So yeah, we should study about financial side of life by ourselves

[@BrooklynAlien]

@@yippeeflowers Yes, just crazy! That should be part of basic living 101

[@BrooklynAlien]

@@scapegoat5143 But then most people just don't or figure it out when they're 40 or 50.

[@sirheisenberg4459]

Successful investing is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and just craving a little action. Investing is 5% intellect and 95% temperament.

[@belobelonce35]

We have learnt in investing journey that you can't control the market but you have the power to control your actions in the market

[@Tanner-c2m]

Government policy has thrown the future under the bus for decades. The day of judgment is near. I predict an 80% drop in the stock market. Investors will abandon stocks in favor of real estate. There will be no money in banks... You must devise a strategy for survival.

[@NorthCarolinaForward]

It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to over $750k.

[@PennyBernadette]

Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.

[@NorthCarolinaForward]

REBECCA NASSAR DUNNE is her name. She is regarded as a genius in her area and works for Equity Services inc. She’s quite known in her field, look-her up.

[@A_francis]

I’m pretty young and just started my portfolio with around $80K. Dividends drew me in right away! Slowly trying to create significant passive income and manage my Stock Portfolio. how do I invest to deal with markets ups & downs

[@BenTodd-fl8nv]

It's wise to seek expert assistance when beginning your financial portfolio. market is volatile, so professional guidance is so important..

[@RickWatson-xu6gw]

Having an investment advisor is the best approach to the stock market right now. I was going solo without much success until my wife introduced me to an advisor. I've achieved over 80% capital growth this year, excluding dividends.

[@Theresaa12]

I've recently sold some property and am interested in investing in stocks, I'm seeking guidance. could you refer me to your advisor

[@RickWatson-xu6gw]

Marissa Lynn Babula is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@RickWatson-xu6gw]

*Marissa Lynn Babula* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@JoshCynthia-um8ud]

I am so happy that i made a productive decision about my finances that changed my life forever. I am a single mother and i live in Florida, i bought a new Car in September and i hope to retire next year at 45 if all goes well. Thanks to Mrs Angie Chen Owens for helping me achieve this.

[@ObrienAllen]

I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is really wonderful, I'm in my fifth trade with her and it has been super...

[@MacdonaldObrien]

She is my family's Broker and also a personal Broker to many families out there, she is a licensed, and a FINRA AGENT in the United States.

[@JuelJuel-b9u]

You trade with Angie Owens too? Wow that woman has been a blessing to me and my family.

[@christianwalbank113]

I'm new at this, please how can I reach her?

[@VictorBen-g9b]

I was skeptical at first until I decided to try. It’s huge returns is awesome! I can’t say much.

[@Muller-o4d]

These are very valuable info for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the knowledge embedded in it. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I've got $200k set aside to put in the market.

[@Lisa-w4u]

The strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.

[@Mosley-vu7ff]

Yeah, brokerage AdvisoRs could make a lot of difference. Bloomberg and other finance media have been recording cases of investors raking in 6 to 7 digits in a space of months. So, I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2020, and the least I returned was $140k ROI, and this does not include capital gain.

[@Tetsu-p3g]

I really want to get in with a financial advisor this year, especially as all markets are hitting lows. I don't want to be too optimistic and end up losing everything.

[@Mosley-vu7ff]

I don't know if I am permitted to go into details here, but mine is Jenienne Miniter Fagan and you could also look her up though I'm not so sure she's taking on new people atm.

[@Evelina-v3u]

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.

[@Sal_needs_Salt]

What job are you working at 21 that’s giving you a gah damn 10k bonus. I’m happy working as an electrician at 21 rn, but gah damn.

[@nightmare4122]

SDE or sales in big tech, or high finance. Although to be fair they get much more than a 10k bonus. Although I guess even second year public accountants can get around 5-10k bonuses, so basically every white collar job.

[@turtle4llama]

That's the best part! It doesn't exist!

[@hassankhokhar204]

All nurses get 10k as a sign on bonus. Pretty standard

[@nightmare4122]

kzbin.infolW2_8Abkhvw?feature=share

[@VanessaLancaster-g3w]

Pretty much any healthcare position lol they’re desperate for people !

[@janetslater129]

The thing is that nowadays, a lot of us don't make enough to be able to save for retirement.

[@AdviceWithErin]

For some it’s definitely more challenging, but understanding investing is the first step. You can start with $1!

[@trekkie79startrek23]

I didn't make enough for a 401k and a roth Ira. But now I do and am going to hit it hard. Hopefully I can make up for it with being a 30 year old.

[@kaykoopmans5892]

I’m 18 and I invest 20 dollars a month. In my mind that’s like eating out twice. Like she said, investing just one dollar is good because that money is being invested to grow

[@cydnie8242]

Agreed. While I do make a little extra every month, it’s not a lot and I’m just better off putting it into a high yield savings account so I can take it out when any extra expense comes up

[@Copyrightbreaker22]

​@@AdviceWithEringirl stfu that is such a corporate answer.

[@MegatPage]

Interesting video I'm in my 50s and I'm more interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?

[@StacieBMui]

You're not doing anything wrong, you just don't have the required skillset to profit off a down market, folks that are making profit in this market are pros and experts with in-depth knowledge and skillset.

[@StocksWolf752]

A lot of folks downplay the role of advisors 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.

[@EleanorBaker474]

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.

[@StocksWolf752]

Sonya Lee Mitchell is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

[@crystalcassandra5597]

I searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you

[@camille_ann3]

Great video! What would be the best 5 etfs for a beginner with a lump sum ready to invest?

[@AaronTilt]

In no order: 1) VOO 2) QQQM 3) SCHG/VUG 4) VTI 5) SCHD/DGRO. Personally I put down $1.2m on few ETFs, still diversifying. it was this time last year I made my first break through with a liquid 370k. Handed it to a trader here in NY, I get weekly pay out which I put back on long term ETF's. Tesla will be a huge buy for me when the market bottoms.

[@williamJohnsonq8f]

Thank you Aaron, I already added VOO and QQQM, can you share this Pro with me.

[@AaronTilt]

The advisor am currently working with is Judith Lynn Staufer. I came across her in a Bloomberg interview for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look her up.

[@AaronTilt]

The advisor am currently working with is Judith Lynn Staufer. I came across her in a Bloomberg interview for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look her up.

[@AaronTilt]

Judith Lynn Staufer is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@hysteriasfire]

First off I'd love a $10,000 bonus, or even a $6500 bonus

[@xtina8455]

She just used that for simplicity sake. Typically people save the ~$542 / month to fund this account. Last year the limit was 6000 so it was a simple 250/paycheck or 500/mo for me to automatically contribute. Its a lot easier treating it as a bill.

[@NotRbot]

the investment in other things is the Georgia 🍑 approach

[@lilianapastrana611]

Or just a bonus

[@MrPaxio]

onlyfans bonus, duh

[@BrooklynAlien]

I'd love a $100 bonus. That's what I got the last time I got a Christmas bonus. And that was like 20 years ago. Even though I've worked at companies that rake in millions from each client. Only the top managers get bonuses, promotions and raises. The rest of us got 2 pay cuts (my last full time job) it was super fun when they gathered us together to announce the same 3 people that kept getting promoted. Or to give us a presentation about how great we did as a company last year. Assholes.

[@Midnight_Star1021]

21 with $10,000 to spare? What a pipe dream 😂 Edit: For all the people commenting variations of "it's not that hard" and "I had X-amount-of-dollars-over-10K at 21", I'm saying this mostly as a part of my personal experience and expectation. I plan on going straight into med school after graduating at 18, so I'll be in around ~$100,000 debt at 21. This'll be as a student with minimal ways of getting savings 👍. So, even if you had 10K in funds to spare when you were 21, to me (and presumatuvely MANY others in my generation and beyond) it would still be a pipe dream, regardless of your experiences! Thanks for coming to my TED talk.

[@glitchsteph]

at 18 i had 10,000 to spare...i thought that was pretty normal honestly.

[@sawyershin1434]

@@glitchstephstfu lmfao

[@xduwu4257]

Fr I'm still in school, around the same age, but that's what I have in my TFSA after years of saving 😭

[@Midnight_Star1021]

@@glitchsteph Which era were you in?

[@pumpkinwarrior7138]

@@glitchstephthat’s a crazy statement lmaoo

[@Frogbog11]

The only thing my 21 yr old self got at their job was a 20$ gift card for the store itself

[@drock213]

You didn't get paid?

[@asapGooby]

Poor guy, I’ll pray for you tonite 😊

[@babblesp1367]

I know. I just keep thinking about how I wish my first job gave me a $10,000 bonus, lol. I may have gotten a candy bar.

[@TheRealGOTdurrrred]

I remember my first job bonus was a $25 gift card to Starbucks. I got 2 coffees with it.

[@CynthiaByrd648]

Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. Compounding is the process of earning interest on your initial investment, as well as on the interest that investment earns. This means that over time, your investment can grow exponentially. So the earlier you start investing, the more time your investment has to grow through compounding.

[@greekbarrios]

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.

[@MIchaelGuzman737]

@@greekbarrios I completely agree; I am 60 years old, recently retired, and have approximately $1,250,000 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.

[@elizabethyork590]

This is exactly how i wish to get my finances coordinated ahead or retirement. Can I get access to your advisor?

[@MIchaelGuzman737]

Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "Jill Marie Carroll" is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.

[@elizabethyork590]

This is useful information; I copied her full name and pasted it into my browser; her website popped up immediately and her qualifications are excellent; thanks for sharing.

[@mikayladanielle]

I have not understood Roth IRA’s until today. I love how simply you explained it. Thank you🙏🏾

[@Thejazzerc]

10k bonus on your FIRST job. 😂😂😂😂

[@MrPaxio]

onlyfans bonus, duh

[@tesla82111]

I got that right out of college. Mechanical Engineering at a big tech company in Arizona.

[@ColonizerChan]

​@@tesla82111 As a chemical engineer, our market is already overcompetitive as it is. At least they aren't skimping on the ones to avoid the mess like in Bhopal or Love Canal.

[@joshuacox1559]

Shoot, if I’d have been smart at 21 I’d be rolling in money right now. 2 military deployments to Iraq and Afghanistan with nothing to buy and no bills for 12 months each. Too bad I was dumb as a rock.

[@MrPaxio]

@@joshuacox1559 youre looking at it the wrong way. because youre still working, and make it 24/7 work when ure deployed for a year. except youre getting paid very little for the hours you put in. and youre downgraded to the federal minimum wage. so being a cashier in your local city would pay you more, for alot less of fucking around. and you dont risk getting blown up. which would be the nicer option, coming back with debilitating injuries is the alternative

[@cdbf98]

I invested $2500 at 21 and now at 24 it’s at $6000, I really needed this reminder to put some more in there 😂

[@isamartoledo854]

How does it grow, I don’t quite understand rhat. Cuz mine is just sitting there and not accruing anything?

[@Catscratch241]

@@isamartoledo854you have to invest the money. Search online what you can invest in. So you can find what you are comfortable with. Good luck.

[@benricard1]

​@isamartoledo854 you need to make sure you're actually invested into something. Likely you are not actually invested into anything and just making ~0.1% from money market/cash sweep. There should be a box you can check or look for to change elections

[@Shawn-zt3gv]

​@isamartoledo854 the Roth is just a holder for your money. Inside the Roth you have to determine what stocks, ETAs or bonds to invest in. If you invest right you could make the returns she discusses in this video but it's not likely so don't feel too bad

[@unboxing4319]

Ohhh ha ha ha soooo funny ahhh hah ha ha

[@mindybolin7997]

Imagine just getting $10000.

[@lanthanumlanthanium6373]

Imagine not realizing that almost half of it is taxable before spending it all.

[@teraxe]

@@lanthanumlanthanium6373 pretty much like all income.

[@buffuniballer]

@@lanthanumlanthanium6373 The $6500 is easily the remainder after Federal and State income taxes as well as FICA taxes in most places.

[@aarodful]

​@lanthanumlanthanium6373 I got a $10k bonus this year. $5600 was put in my account. 8% went to retirement, but 35% was just taxes.

[@lanthanumlanthanium6373]

@@aarodful That's still a lot of money taxed, also 8 percent is not enough for retirement, you need 15 percent at the current inflation rates to have enough by 65.

[@CrystalJoy-32]

For 30 years, I've managed my portfolio, holding 3 shares of Berkshire Hathaway Class A stock (BRK:A) purchased in the mid-90s around $17,000. Now, I'm selling some to add new Gen. Stocks. Considering market instability, should I reinvest in Gold instead of stocks?

[@AddilynTuffin]

Look for stocks that have paid steady, increasing dividends for years (or decades), and have not cut their dividends even during recessions. Alternatively speaking to a certified market strategist can help with strategies to hedge losses

[@carolynrose1816]

The market is not necessarily a rollercoaster if you know your way around the market, there are various opportunities in the present market to accrue good profit, If you are not too savvy with the market, just buy and hold on strong companies with good earnings, or consult with advisors on ETFs and actively managed funds.

[@sting_grayl]

Please can you leave the info of your lnvestment advsor here? I’m in dire need for one

[@carolynrose1816]

*Vivian Louise Dehoff* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@HawkeyeFortune]

The memories from that 6500$ vacation when you are 21......

[@TrueWealthFinancial]

Hmmm

[@saqlaq96]

There’s probably a middle ground. Go on a budget friendly vacation and invest most of what you can early on.

[@Camj27]

Exactly. Half of us will probably be dead by the time we can use that retirement money.

[@ljtalley7]

@@Camj27broke mentality

[@Camj27]

@@ljtalley7 why because I want my money while I’m still alive? Most young people are never going to be able to retire. We can’t even afford houses never mind retire.

[@jtixtlan]

Good demo on investing early. However, what 21 year old is getting a $10K bonus on their first job?

[@edrosales1520]

A very fortunate one

[@CedarAce1000]

Idk man I know college sophomores making $80k a summer - it's most certainly not impossible

[@SCL111]

Management consulting firms give $20k signing bonus

[@nightmare4122]

SDE and sales in big tech get 50k signing bonuses, non tech in big tech get 10-20k signing bonuses, high finance gets similar amount for signing bonus along with 50-100k performance bonus, big law does similar. Also assuming the 21 year old is finishing up their second year in Big 4 accounting, they may be able to get a 5-10k performance bonus. These bonuses are actually extremely common for 21 year olds in white collar entry level jobs, with 10k on the medium-low end.

[@jtixtlan]

@@nightmare4122 How is a 21 year old qualifying for a job that provides signing bonuses like this? This is really surprising to me. Wouldn’t it be extremely unusual for a 21 year old be finishing up their 2nd year in Big 4 accounting when most people that age would be entering their senior year if a BS program? They’d have to graduate with their BS at 19 and get scooped up by a Big 4 that wants to give that kind of responsibility to a very intelligent teenager. I’m especially interested in non-IT, non-sales in big tech.

[@rosebudb1295]

Just started a 401k this year! I'm 20 and it's never too early! I made my hr lady so happy when I asked her how to set one up with the company.

[@denisewilliams9304]

Time is your greatest asset. The years go by quickly. Save as much as you can but live your life and have fun, too.

[@teamkperez772]

That’s great , I have 5 children , my husband did open them Roth ira , my youngest was 6 years old that time and my oldest I believe was 12 that time. They’re ages 9-16 years old now. He started putting them $2k each and just add every year if he has extra money , hopefully this will help them when time comes.

[@nightmare4122]

Remember to contribute the max to your Traditional IRA (if you qualify) for the tax deductions (if you make over 50k since you're already contributing to a 401k which gives you tax benefits), or to the Roth if you don't make a lot but have enough to contribute.

[@tyanabarnes6060]

@@teamkperez772 I was looking into that, but doesn’t your child have to have earned income to contribute?

[@XFizzlepop-Berrytwist]

@@teamkperez772 As long as they dont touch it, and you as parents have taught them well about finances. When it comes to them to retire, they definitely will have 100k+ each. (Assuming invested wisely.)

[@kiernanoh]

I'm so glad I was born into the digital age where this info is readily available, I've been maxing out my roth ira since I was 19 (now 24) and already have almost 40k tax free, with 8.5k in returns.

[@angelacox8322]

Smart!! I started a cooperate job right out of HS -- every one else was older or nearing retirement so that is ALL they talked about (how much $ they saved) -- one day a coworker says to me, "if I would have started saving at YOUR age, I would be a millionaire a times over" -- I thought that was silly (and honestly didn't have much extra to save!!!), but I started anyways, only 2 or 3% -- I didn't even miss it after the 1st check. Today I am 41 and can honestly say starting, even if small, was the greatest thing I could have done for myself!! It's helped several times over the years, including when buying a home (just by being part of my asset /portfolio) -- above all, it gives me peace -- If I die before I use it, my son/family will still be entitled to it and that brings me comfort for them as well. I see many young people today saying not to save and even encouraging others that "it's all a scam"!!! Don't listen to the crazy talk, save often, start early -- esp if you have company match (that's "free" money!)!!

[@kiernanoh]

@BS-mo3sc there is a contribution limit that changes every year. This year (2024) it is $7000 a year. So if you wanted to do it monthly to max out it would be roughly 585 dollars a month.

[@noahmeucci7816]

Time in the market beats timing the market. That all I gotta say.

[@MrBrickLayer]

FACTS!

[@Oliverii]

no1 can time the market, not humans, not AI, no1.

[@sonofchewy5034]

I’m 17 rn and started my Roth IRA almost 2 years ago, I’ve put in a total of around 1.4K (all mine none of my parents money) and it’s now grown to $2,075.18. Now that I have a better job I plan on investing a lot more and more consistently!

[@CruiseSmith]

My dad would invest in his retirement but would always take the money out in order for us to eat, pay bills, go shopping.. He only lived to 54 years old. He would have never seen that money anyways. Live your life the way you can afford. Live life to the fullest before it's too late.

[@xtina8455]

You can live your life to the fullest while still investing. In a roth ira you can take your contributions out if needed, but any growth can stay growing. Of course it will stunt the growth when you take out money thay couldve been growing, but thats your decision. Nobody knows when theyll die, and if you die with investments, your beneficiaries will at least be able to use those funds.

[@faerlydisfunctional]

​@@xtina8455This assumes that saving isn't a privilege the impoverished do not have access to You can't save $10 a month if you need that $10 for food and bills and don't have a dollar left to spare

[@mathiasmies7341]

​@@xtina8455 what the fuck is wrong with you people in this comment section? Man's spitting bars and you just have an irresistible urge to go to bat for the Wallstreet bankers and all of the other crooks that profit off of your sacrifices while, especially in any year since 2008, continuously driving interests rates down so you get even less out of your savings than you used to. Like, I kinda get it, we've all been raised being told to be responsible with our money and shit... but like when does that narrative finally end and we get to discriminately evaluate how banks, politicians and billionaires are stealing the wealth? I mean ffs, something like 85% of Walmart's employees are on food stamps. Sounds a lot less like people are financially illiterate and it seems a lot more like mega-corporations just want a money funnel and they'll shamelessly lie to you about the secrets to success.

[@princessmolskiii]

@@faerlydisfunctional’the impoverished’ idk why but it sounds so rude

[@OSCARMlLDE]

​@@princessmolskiiiwhat term would you rather use???

[@bananaz572171]

If you haven't already, could you make a longer video explaining what a Roth IRA is and how it works? Especially how the there's no need for additional contributions according to this skit

[@nightmare4122]

there is a need for additional contributions, but it just said there weren't for simplicity. You add more money to drive compound growth. For Roth IRA - no or very little tax deduction when you put money in, earnings grow tax free, no tax when you take it out in the future. For Traditional IRA - Tax deductions when you put money in, earnings grow tax free, taxed at ordinary rates when you take it out in the future (still advantageous because when you take it out you are assumed to be retired and have little income)

[@kikikincaid]

You can contribute 6500$ to a ROTH ira every tax year. Don't forget to invest in stocks/bonds/mutual funds after contributing!

[@dovecat]

The numbers more or less work out for no additional contributions to the Ira. 44 yrs@8% (21y/o to 65y/o), s&p500 averages about that much, though a conservative number may be better for the example. You can test those numbers out yourself with the compound interest calculator on investor.gov. Of course, contributing even a little more every month or year will make that final number larger especially if done early.

[@yorgunsamuray]

Roth Irish Republican Army?

[@nightmare4122]

@@kikikincaid Just a reminder to other people - you can contribute up to $6500 (as of 2023) MAX between Traditional IRA and Roth IRA. I recommend contributing to traditional IRA for the tax deductions if you're near the top for your filing status and income range. Otherwise, Roth IRA is great for poor people (under 20k for single filers) and slightly richer people (but still under the income limit) who don't get a tax deduction if they contribute to an IRA

[@No-sv6mu]

In my early 20's I worked for a company that had 401k match to 6%. I had coworkers not taking advantage. When I asked why not, they said they would rather party. I said just do the 6% match as that is free money. When I left that job to stay home with my baby I had about $18,000 on the 401k. I converted it to a Roth. Stayed home for 7 years (ages 26-33) until both my kids were in full time school. Didn't contribute anything. The account had grown to $42,000. Now I'm 39 and have contributed minorly to the Roth here and there. But it is $58,000. Don't miss out on the time to contribute in your 20's and take advantage of decades of compounding interest and growth.

[@ChocoTeas]

When you moved it to Regular Roth, did you have a brokerage person to keep investing it for you?

[@No-sv6mu]

@@ChocoTeas I have it in Fidelity and manage it on my own

[@ChocoTeas]

i see what stocks or bond do you usually buy? @@No-sv6mu

[@devinloew7681]

I didn't even know you could touch your 401k. So it can be converted to Roth just like that and grow?

[@ChefJeff003]

​@@devinloew7681if you terminate employment with your company, you can Rollover your 401k into a traditional IRA, then convert the traditional IRA into a Roth. You will pay taxes on the balance in the year the conversion takes place.

[@lonlicmark]

I’m currently 16, turning 17 in a week. I invested $150 as my first “big step” just after my 16th birthday. I did some research on good long-term stocks to invest in. About a week ago I checked and saw that they were now $180 total, which is 20% up in just under a year. So as my second addition, I added $40 and it’s now $220. I’ve been applying to jobs for almost a year now and still am not hired, but when that eventually happens (preferably soon), I plan to add half of my take home income monthly for as long as I’m able to.

[@Ginosparty]

As an accountant for 10 years, you'll realize that both of them are right. The only rule is don't spend above your means.

[@MCChubbyUnicorn]

I've been maxing my Roth for the past 3 or so years. Definitely grateful to have enough money to be able to do that and not skip a meal.

[@ChristopherAbelman]

if the idea is to build an income stream to use as complement for retirement, or at any given point if needed, then building a dividend growth portfolio always buying adding to it could be a good and peaceful path. On the long run consistency and perseverance could guaranty the desired income stream goal with little worries

[@DaliaCohen2230]

the idea is to Look for stocks that have paid steady, increasing dividends for years (or decades), and have not cut their dividends even during recessions.

[@FinnBraylon]

I find myself lucky enough exposed to money management at an early age. Worked full time when I was 19, purchased first home at 28, fast forward time... I'm 50 now, got laid off March 2020 amidst lockdown, a blessing in disguise. At once, I consulted an advisor to stay afloat and with subsequent investments, I'm only 15% short of $1m as of today.

[@HildaBennet]

This is huge, I have seen a lot about FAs and actually want to consult some pro.

[@FinnBraylon]

Her name is DIANA CASTEEL LYNCH. I can't divulge much. Most likely, the internet should have her basic info, you can research if you like

[@HildaBennet]

Thanks for the share! copied and pasted full name on my browser, effortlessly found her site, very professional. I got some feedback hope to speak on the phone soon.

[@ClaytonBigsby89]

I didn't know what a Roth Ira was until I was 28. At that point I was in debt up to my eyeballs working as a pizza delivery guy..I'm 34, nearly debt free and finally about to open a Roth. I'll be sure to inform my children! (Maybe my parents did tell me but I wasn't listening and my default answer was "I know")

[@MrBrickLayer]

Even @ $54 per month for 10 years then stopping the contributions and allowing it to grow for 30 years would still yield some amazing returns 💰

[@damienwelter4543]

You're amazing! Haha. Love the way you put this together, very effective.

[@michaelrichards6339]

21. This year will be the first time I am able to max my Roth out. Very excited

[@heyitsritu]

Hey Erin your videos are helpful, please make a video about ROTH IRA equivalent in Canada 🙏 Thank you so much 💗

[@moreheart3252]

For Argentina too please

[@Erin-ho9hj]

I always advocate for high yield savings accounts, they should be available in every country (not sure, but definitely available in canada). You can withdraw anytime and can get up to 5% apy just for having money in there. Just check if theres fees/minimum balances

[@Sanity016]

@heyitsritu it sounds like a TFSA to me

[@druidit]

Roth IRA in USA = TFSA in Canada 401k in USA = RRSP in Canada

[@juanfranciscobrizuela]

In my case it's more like "wow, I'll be able to afford chairs this month"

[@natehill8069]

More than 1? Dreaming...

[@CosmoKramerGeorgeCostanza]

DUDE, I bought a used table months ago and just scored some free chairs just in time for the holidays

[@juanfranciscobrizuela]

@@CosmoKramerGeorgeCostanza Nice!

[@ericaspruill8461]

It's been 14 years since I put money in my ROTH IRA. I made $3.

[@jaredflurry937]

What funds do you hold in your IRA? That sounds scarily like the negligible interest from unassigned funds within a brokerage account.

[@nightmare4122]

Talk to a financial advisor soon about reallocating funds, or put them into SP500 or blue chip tech stocks like most younger people.

[@natehill8069]

You should have bought beer - you could get more money than that from the empty cans!

[@JasonGroom]

That money is just sitting there and not invested then. In the last 14 years, we have had more years above the 8% average than below.

[@tamikaesperson6295]

Working full time, Mom, getting a BA and definitely don’t have any money to spare y’all are what I hope I can do one day SOON!

[@gideonbrookins1117]

One VERY critical omission: depending on the Roth produce, it can b a two-step process. You fund the account with $6500, and then you also have to buy shares. Otherwise, your $6500 will sit in financial purgatory and you'll be met with an unwelcome surprise years later. It's important to check if that's required for your Roth.

[@HungryOrca]

To follow up, don’t open a Roth at a bank that is not also an investment company. Banks that advertise a specific rate of return on their IRAs are just sticking the money in a certificate of deposit inside the IRA. A CD is meant to maintain cash value, not to grow wealth, and they will never make as good a return as mutual and index funds will.

[@catgash]

where do i even start i feel this immense pressure to get started with this shit as a 23 year old. like i understand i have to play the money game cos that’s how america is but it’s daunting and i legitimately have no real idea what to do. i guess once i can get past the overwhelming research on google i can feel like i’ve done something right

[@nightmare4122]

For IRAs, search online to see if there are any bonus offers - Fidelity always offers a free $50-$200 if you open any retirement account with them.

[@Catscratch241]

Since you are already on KZbin, search it up here. There’s plenty of videos to help you understand how to invest and how to invest for retirement.

[@epalmerbright]

My mum has always pushed superannuation for my sister and I since she has almost none. I currently have about 6x the average for my age and 3x the recommended amount for comfortable retirement so feeling pretty good! Early contributions when I was a teenager were a massive help.

[@clairewinchestermurray]

I remember having a consultation with a financial analyst last August, and it was incredibly insightful. Can’t stress enough how helpful experts in this field are!

[@Lancastish]

Absolutely agree! A good financial analyst can make a world of difference. What specific insights did you gain?

[@clairewinchestermurray]

As long as you diversify your portfolio, any single stock or investment that you own shouldn’t have too much of an impact on your overall return. If it does, diversifying might be the right choice for you, as one can also try out other commodities. I now have a balanced portfolio that is yielding me profit thanks to guidance from Jonas W. Herman.

[@clairewinchestermurray]

Hermanw jonas (a Gma!L comm Is he taking commissions for his services? Yes, I’m I still making money in the process? Hell yes!

[@CherrytopShantel]

I started working with Jonas back in June, and my financial goals have never been clearer. It’s like having a strategic partner for my money with a solid track record.

[@Friedman323]

Thanks for the advice, both of you. It’s reassuring to hear positive experiences. I feel more confident about moving forward with Herman now. I just shot him a mail. Thanks for sharing your experiences!

[@RedWazzies]

Love this video! I started investing at 27… pretty early and I can see the benefit now and I am 38. I still wish I started at 18 though. My daughter is 6 and we have opened an investment account already and she has already started making passive income. It is one of the best ways to created wealth

[@ryant2568]

Here in Australia, we have a system called Superannuation which is basically a Roth IRA with one key difference, it is mandatory for your employer to contribute 10% of your pre-tax income into it every month.

[@kimbrolyy]

Please please please make sure you mention that investments can go up and down in value so you can get back less than what you put in. Investing should be a longterm (i.e. more than 5 years) to increase the likelihood of getting back more than what you started with

[@XFizzlepop-Berrytwist]

Also, typically it needs put into things like S&P 500. Spread into different stocks, so you dont have it all in just one thing. A person tries to do much else, you will basically be gambling, or get lower returns.

[@danunpronounceable8559]

It's extremely unlikely that after 40 years you would get less back than you put in. Perhaps in "real" terms but certainly not "nominal" terms

[@AntonioVivaldi1678]

21, first job, $10,000 bonus.

[@devinloew7681]

EZ

[@s0nnyburnett]

then she woke up

[@cyberchef8344]

@@s0nnyburnett Not sure why you think this is unreasonable. I went into tech and also got 10k+ bonuses every year starting. Obviously not every job/industry will give young employees this, but that doesn't mean it doesn't happen

[@AntonioVivaldi1678]

@@cyberchef8344 Not unreasonable to start a job with a 10,000 bonus, it’s just that since it’s her first job it’s a little shocking. Like damn I wish I got a $10,000 bonus at my first job.

[@MrBrickLayer]

Even @ $54 per month for 10 years then stopping the contributions and allowing it to grow for 30 years would still yield some amazing returns 💰

[@carlosanguita9778]

Ah, yes. The typical 6,5k bonus on your first job at 21.

[@Lifeisgood586]

I know right 😂😂😂 🤦🏼‍♂️

[@stephenvp]

Where did you invest it in though? A money market? Etf's?

[@richard1493]

The critical key thing to remember about IRAs is that you need to verify if yours is self managed or not. Many people invest into their IRAs without realizing that they need to manually go in there and buy stocks, so they have money sitting in a savings account for decades thinking that they’re doing the right thing but nothing is growing.

[@a.loismurphy9070]

Many people become suddenly rich in the world of cryptocurrencies while others become destitute. Securing your future is in your hands, so invest today and become a winner for life.

[@Clarinetboy82]

I really need to figure how how to save for retirement now. I'm 41 and 65/70 seems a lot closer than it once was.

[@JuneLemmon]

I'm French so I have no freaking idea what a Roth IRA is 😅

[@sonneyputh6503]

It’s an investment entity in America were once you invest in it that money wont be taxed no matter what you do with it.

[@gillianjones6629]

You use it to save for retirement, and you aren't taxed on the money you withdraw, but you can only put in $6500 per year.

[@unknownperson3691]

Yea you can just riot if the retirement age gets raised. Meanwhile in the US, you will be shot by a bunch of people hence there is not that luxury available here.

[@Upload098765432]

IRA is an acronym for Individual Retirement Account. In the USA, the retirement money you get from Social Security is not enough for most people. To fix this issue, the government lets you put after tax money into this investment account and any money you make from it in the stock or bond market is tax free so long as you follow its rules. The alternative is a 401k or 403b. There you get to deduct any money you put in there from your taxes now but you will pay taxes on it when you withdraw money from it in retirement

[@TophTheMelonLord]

It's an account where investment income is not taxed if you leave it in the account until you're 60 years old. To encourage people to save for retirement.

[@crypticutopia7228]

This makes me realise how good we've got it here in Australia. Employers will automatically pay you an extra 12% on top of your wage to go into a retirement account called superannuation.

[@paulfox7741]

Moral of the story: Never underestimate the power of "Playing the Long Game"💯

[@jordanswann346]

Can you do a video explaining how to make a Roth IRA please? I’m in high school and I know they’re not going to teach me this

[@lucidragon5260]

It's hard to give specific instructions since every company is different. I know in my case, my company sent me to a website of a company that handles retirement savings. There, I had to select the percentage to contribute, and they let me set different percentages for Roth or normal. It was easy to set up and understand. I think there are two things you want to keep in mind. If you don't select anything yourself, the company might auto enroll you in contributions. This is most likely not Roth contributions, so try to figure out how to enroll yourself. Also, usually companies match contributions, but sometimes they won't match Roth contributions. Do a little digging or ask them what they match. ALWAYS get the match, and then you can invest extra in Roth.

[@Upload098765432]

Make an account with vanguard, blackrock, fidelity, or equivalent. Tin the account creation, they will ask a question for the portfolio type and you select Roth IRA. Warning for high school students: you are likely making less than $6500/year, you can't contribute more money to a Roth IRA than you say you earned on your tax filing. If you do then that is tax fraud.

[@TophTheMelonLord]

After you create the account, you also need to invest the money. It's not a savings account that pays interest, it's a container in which you can buy stocks, bonds, etc. As a beginner your best choice is a total market stock fund (invest a little in everything rather than try to predict winners).

[@lindsayrobie]

You can make one with certain banks. I would recommend taking Financial Peace University by Dave Ramsey

[@nicomyth]

If you have a W-2 job you can open a ROTH with Fidelity or Vanguard. Those are the big names, although your bank probably has options as well. However you need to invest your money in the account for it to grow. One of the simplest investments is an Index Fund... a fund that simply follows the stock market exchange (DOW, S&P 500, NASDAQ, Russell etc.) You also cannot contribute more than 7k a year into a ROTH, according to IRS rules. Those are the basics.

[@Hellcatalex]

We aren’t taught these things when we are young, I was working at a bar at 21 and I still don’t have a 401K and I have no idea how they work and I’m 28

[@jebandshiv7070]

You're not behind. These videos are for the PMC class not us plebs

[@oxnyxws]

Really? I feel like I have been drilled on since I got a paycheck at 16. Even a little bit consistently helos over the long run.

[@markwilson4078]

I didn’t get one until I was 31, but ever since I got it it’s been a real good addition to my Robinhood account. I don’t make enough income to be able to max out on any year, but the cool thing is you don’t need to as long as you contribute to it. In October I’ll be able to put in enough more to make my yearly contribution equal at least $1000.

[@sillylittlejenn]

imagine being in a position to get a10k bonus at all.

[@MrPaxio]

onlyfans bonus, duh

[@tesla82111]

I got that right out of college. Mechanical Engineering at a big tech company in Arizona.

[@MrPaxio]

@@tesla82111 bro, ppl got rich off tesla without sucking it up to your idol elon, u can do better

[@natehill8069]

One time I got a bonus ($500?) I took the wife out on the front porch and closed the door then showed her the check. She said "thats great but why did you take me out here to show me?" I said "I didnt want the appliances to know we had extra money!"

[@JasonGroom]

Ok, so go small, $75 a month is more than $300,000 at 7.5% average annual return, and cost you less than $50,000 over that 44 years, in the case of a 21 year old

[@robertt9342]

The power of compounding interest is amazing. If only people when they were young could afford to put the money aside. Whether it’s living costs or student loans, it just doesn’t work out for them.

[@bespinboi7523]

Wish we had a culture like this in England. You guys are so lucky it’s incredible.

[@Petroguest-i4g]

I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?

[@icewa-fg]

keep contributing! I'd suggest you consider financial advisory at this point in time, remember you are in for the long haul

[@wealthychronicle-i1u]

I'm in line with having an advisor oversee my day-to-day investing cos, my job doesn't permit me the time to analyze stocks myself. Thankfully, my portfolio has just 5X in barely 5 years, summing up nearly $1m after subsequent investments to date.

[@Countstep0099]

bravo! I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?

[@wealthychronicle-i1u]

’Nicole Desiree Simon’. is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@2024Red-j5t]

Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.

[@Susanhartman.]

I just turned 41 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I’m getting worried about retirement, my intention is to retire at 65 atleast, so how best do I maximize my savings of over $500k

[@Grace.milburn]

Many promising stocks across industries are worth tracking. While it's not necessary to act on every prediction, enlisting the guidance of a financial advisor is advisable. They can assist you in determining optimal entry and exit points for purchasing and selling shares or ETFs, ensuring well-timed decisions aligned with your investment goals.

[@mikegarvey17]

I fully agree and place great value on my advisor's role in guiding my daily investments. They excel in both long and short strategies, managing risk for potential gains and protection against market downturns. Their access to exclusive insights and in-depth analysis makes exceeding expectations a regular outcome. In the two-plus years I've worked with my advisor, I've gained over 1.2million dollars.

[@ThomasChai05]

@@mikegarvey17who is your advisor please, if you don't mind me asking?

[@ThomasChai05]

@@mikegarvey17who is your advisor please, if you don't mind me asking?

[@ThomasChai05]

@@mikegarvey17Mind if I ask you to point at how to reach this particular person assisting you? Seems you've figured it all out unlike the rest of us.

[@faerlydisfunctional]

Imagine having $6500 to put in savings at 21 I was already living paycheck to paycheck and going hungry

[@gabriellamanley9779]

Did you try increasing your income or minimizing your expenses?

[@faerlydisfunctional]

@@gabriellamanley9779 .......Nooooo that has neeeever occurred to me wow you just wrenched my third eye open thanks 😂😂

[@wealththruturnkeyrealestate]

This is fantastic advice! It's never too early to start!

[@Katsuya89]

Great short! Really shows The power of compounding interest.

[@UnholyWrath3277]

The joke is modern companies ever offering a 10000 bonus to a 21 year old

[@nightmare4122]

They offered me a $50k bonus as a 20 year old

[@UnholyWrath3277]

@@nightmare4122 yes im sure your dad was a fine boss

[@nightmare4122]

@@UnholyWrath3277 Nah, my parents are immigrants and their combined income is around 60k. My dad doesn't even have a job.

[@tesla82111]

I got that right out of college. Mechanical Engineering at a big tech company in Arizona.

[@tedferkin]

@@nightmare4122 there combined income is 60k.... my Dad doesn't have a job.... what are you on about, talk sense, because I think what you are saying is BS

[@GeorgeAusters]

When I was 21, they used to give you a chocolate bar as “a bonus”

[@Oliverii]

but you got house for 13$ anyway soo.... about that

[@GeorgeAusters]

@@Oliverii Lol what.. I'm 29 and my house was 185k

[@Oliverii]

@@GeorgeAusters dementia hit u hard grandpa

[@GeorgeAusters]

@@Oliverii What?

[@Oliverii]

@@GeorgeAusters you are 92... not 29 anymore

[@SophiaChristian-so2of]

Great video. We are all seeking for financial independence and a better way of life. This is not difficult to achieve with savvy investing, a frugal lifestyle, and cautious budgeting. I'm glad I learned early on to work hard for financial independence. As Warren Buffet said, he has seen this happen many times in his life. Not an investor, My husband and i never earned more than a middle class salary. We plan to get retired at 58 with a stock portfolio worth $4M. We have never sold so much as one share of stock.

[@AntonioBianh]

Most people do not understand the power of compound interest or are just impatient. However, for the average Joe, I think it's better to invest in the S&P 500 and wait, which is reliable, albeit extremely long: many years, or just use an investment advisor and speed up your wealth creation. Most people underestimate the power of the latter.

[@MarkFreeman-xi3rk]

I agree with you. I started investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash. I invested the money with an investment advisor and in seven months raised almost $873,000.

[@cythiahan8455]

@@MarkFreeman-xi3rk Any chance you can recommend who you work with for those of us who want to make the right plays now and be better positioned for a healthy retirement?

[@MarkFreeman-xi3rk]

Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. “Margaret Johnson Arndt” is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.

[@JenniferDrawbridge]

Thanks, I just googled her and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.

[@achillesheel1231]

Yeah that sounds good in nominal terms. Factor in inflation, which is effectively the growth rate, and you have about the same buying power in the future as you did when you invested. It would be helpful to your audience to show the PV and FV calculations.

[@moneyinyour30s]

Compound interest is amazing!

[@alyssa2796]

My dad died at 65. With $1 million still in the bank he didn’t get to spend on his retirement in Costa Rica. I’m spending my damn money now.

[@nightmare4122]

I thought the same way when I was 15, because why contribute to retirement when you don’t know you’re going to live that long anyway? But I do it for the tax deductions (otherwise all the money you earned is going to the government and not contributing to your net worth…at least retirement accounts are YOURS which makes the money yours even if you may not end up using all of it).

[@albinosaschoopasquatch4455]

Hopefully you dont live past 65!

[@druidit]

@@albinosaschoopasquatch4455 Even if she does and doesn't have any money at 65, at least she'll have had fun with her money for decades up until that point. FAR more fun than she would trying to do things with money as a 65-year-old. That being said, the smart thing to do would be to invest a couple thousand in the Roth IRA and forgetting about it. And then have fun with the rest while you're young.

[@mariaguild2024]

Im sure he is still grateful that he left something to his family instead of nothing

[@brookekathryn1980]

I retired at 34 by heavily investing. Now all I do is spend money. Screw yourself now or later. Your choice.

[@ThreeENot]

good idea yes, always thought about investments too

[@lauralong8093]

What if I'm turning 60 this year? Suspect I'll be working until I drop.

[@reyd286]

Nah just put every penny away 😂

[@Pizzathyme117]

Everytime I see my older coworkers I thank them for pushing me to start investing in my 20's. My one trainer always told me "give til it hurts." Got at least 20 years to go before I retire, and I'll be fine thanks to them.

[@iMissOpenThrees]

Free game for younger folks currently 18 W-2 employee atm , within certain incomes you can get tax credits for your contributions, so if you’re 17-18 reading this and have a fund you contribute to, please take advantage of this of course if you’re within the income maximum of I believe like 21.7k , very useful if invested maximum credit is 1k but still a free 1k invested now is worth way more down the line. Never will I go this in-depth for a KZbin comment ever but you’re welcome if you learned something :)

[@Jess-em4ri]

I've just accepted that I'll never be able to retire 🙃

[@gabriellamanley9779]

Why

[@UgandanAirForce]

@@gabriellamanley9779 probably because more than half of americans live paycheck to paycheck

[@its_me_luv6941]

With an excuse like that ya you’ll be working until u drop

[@bedazzledmisery6969]

Paycheck to paycheck makes investing pretty hard.

[@customsolutions7167]

You can still do it .. get a Robinhood account. You can. Buy fractional shares .. that means you can put in as little as one dollar at a time. I have all my money in robinhood in Tesla ... By the time I retire I'll never have to worry about money like my parents do. 😊

[@nic12344]

​@@customsolutions7167 That's a very bad advice! Don't put all your eggs in the same basket, especially not in something like Tesla! And stay away from stocks if you don't know what you are doing (you clearly don't). Instead you should invest 80% in a few low fee index ETFs of different compositions (both domestic and international) and 20% in bonds. As you age, slowly inverse these percentages to get less risk (you'll also get less return, but you'll have all the money you need already and you just want to keep it safe). Now you can truly go hands off and get better returns at the same time! Why should you take advice from a random guy like me on KZbin? Well you shouldn't, but it's not my advice, it's what Warren Buffet and John Bogle recommend!

[@its_me_luv6941]

But still doable

[@mm-b8012]

Who makes that much money in a job at 21?? 😂 If you’re talking higher paying white collar jobs, those usually require a college degree. Most people don’t graduate college until 22 and unless it’s your daddy’s company I doubt your first job out of school would give you a 10k bonus within the first year 😂

[@nightmare4122]

Most people graduate college at 20 or 21, unless their birthday is super early in the year. It’s very common to graduate in 3 years now. Also big tech gives 50k signing bonuses to SDE and tech sales, 10-30k signing bonuses to non tech in big tech, similar signing bonuses to high finance with 50-100k performance bonuses, and even the normal white collar job like public accountants get 5-10k performance bonuses by their second year, who are usually around 21.

[@KatieBellino]

21 or 22, not 20 unless it's an associate's degree. That being said, if you are 21 at graduation, you are likely turning 22 within 2-3 months as you're very young for your grade level. Most people turn 21 during their junior year of college.@@nightmare4122

[@johnnyg3606]

Dunno why the Gov doesn't just put 1000 in investments for every newborn that they can't touch till retirement. Surely would save a load in state pension

[@warlordop713]

I’m 21 and just put $15,000 into the s&p 500 and I’m buying a Rolex

[@applesarefum]

My parents have always stressed that investing in retirement should be right up there with rent and food on my budget. Always contribute at least the percentage of your salary that your employer will match.

[@FinchPG]

Def don’t get the full 10k after taxes

[@nightmare4122]

Just know how to minimize taxes. You can get almost the full amount if you do your tax planning right.

[@emilyb5557]

Wow!!! This is such good content to help with generational wealth. Would love to see a redo with a smaller bonus like 3-5K that might feel more plausible for many of us. Maybe I'm just in the wrong job 😂

[@Zack_Wester]

I sugest doing a abolut lowest amount. like 1 usd every thierd month kind of level. then work it up to 1 usd every month. a uneven insert. like 1 usd one month 5 the next and back to 1 again and so on. because a lot of them are like put 100 usd a month every month. 1200 usd a year. like that is an impossible sum for me for the last 5 years. because if I had 1200 usd to spend I would have put it on a new computer as my rig is about 5 years overdu by now.

[@Zack_Wester]

update I looked by rig is 9 years old in Nov 2023. Bought nov 2014. whit the only updates been a new graphic card in fall 2016. and a new cheap but okey hard drives over the last 3ish years.

[@leswhynin913]

This is generally correct, but the compounding calculations usely forget to consider "down years" in the market, which reduce some of the compounding power.

[@antlerthyme]

I started my 401K when I was 18. I've lowered my contributions since then because I'm broke, but it's so important to start ASAP

[@RusuSilva]

Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.

[@legacymedia8468]

The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.

[@RichardMoore-jg5tl]

You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst.

[@FusunTumsavas-cq7tp]

in times like these, it's crucial to be cautious and not rush into the market , Who is this your FA , my portfolio needs urgent attention , been a lot of loss.

[@RichardMoore-jg5tl]

Christine Ann Podgorny is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.

[@FusunTumsavas-cq7tp]

I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.

[@charleneb5361]

What the heck. I did this. But it’s not on track to grow that much! 😢

[@AdviceWithErin]

What are you invested in!?

[@charleneb5361]

@@AdviceWithErin It’s through Charles Schwab auto-portfolio. I’m going to do some research and review the account with them to make sure I’m on track here. Jeesh, thanks for the reminder/info on this!

[@AdviceWithErin]

@@charleneb5361 oh definitelyyyyy come to my webinar. We will walk you through options that may be better!

[@nightmare4122]

@@charleneb5361 Try Sp500, VTI shit, or put it in blue chip stocks.

[@MargaritaOnTheRox]

​@@charleneb5361 Yeah. Not very passive of you have to be actively involved. 🤷🏽‍♀️

[@MM4TuT]

at 21 I made 700 a month...

[@nic12344]

Yeah you mean like in 1990 ?

[@its_me_luv6941]

Bullshit. Ur either not working full time or ur lying. What kind of job r u working where u get paid so little? I’m working minimum and I get 900-1000 a week.

[@Vitone22]

Things like these should be taught in schools! Very important.

[@Netm8kr]

Smart Life Lessons aren’t encouraged enough. Being at my job for 30+ years now, I can relate to this video. Take some of those “frivolous” funds and put it towards your future while you’re young. Take control of your later years. ✊🏾✌🏾

[@jeanetteinthisorn4955]

When financial advisers fail to calculate or explain inflation.

[@exactly9099]

Average market is 10%-11% growth. Average inflation is just over 4%. So your money will have 6%-7% growth factoring in inflation. If you base on 7% growth, it should have roughly the same buying power as today.

[@ddeine_]

You cant stop inflation. If you dont invest your money than it hits you even harder.

[@michaelsterling2276]

​@@ddeine_this 👆

[@ph1lthyvision]

Also doesnt have a clue about what retirement is. These funds are setup so you live off interest and keep that lump. Save 10k in 20yrs and live for like 2 months on retirement??

[@KatieBellino]

Which is why you want a Roth in addition to your social security and/or pension. This fights the fixed income poverty that many seniors face.

[@ziviarich220]

Consider this: the world is absolutely going to end before someone 21 today hits 60

[@justinbuska3499]

And then when it doesn’t end and you haven’t saved anything for retirement when your 60, you’ll wish the world would have ended

[@Jalopygofar]

Unpopular opinion: retirement money is basically money to pay for you to die comfortably.

[@oxnyxws]

To decay comfortably..the die part is harder. 😅

[@DrBrangar]

I mean, yeah? Do you want to be working when you are 80? And if so, think about why, because not having to work is rightfully what most people dream of.

[@WoodyJ98]

People stress themselves out for 45 years just to enjoy 10 years when they can barely walk.

[@WoodyJ98]

@@DrBrangarI’d rather do that then overwork myself for 40 years. Its amazing how people stress themselves out, then don’t live much longer after retirement. And the funniest thing is, a lot of people choose to work in their 70’s and 80’s, to stay mentally sharp. My grandpa is 78, has well more than enough to retire, yet he still works. I’d rather just have work-life balance for 70 years, than bust ass for 50 and do nothing for 20. Not to say you shouldn’t save or invest, but given a choice between two extremes, going extreme for retirement seems dumb

[@DrBrangar]

@@WoodyJ98 Retired people don't "do nothing", they just don't have a job they are forced to be at or face poverty. They do things they want to do, hobbies or travel or whatever else. Additionally, saving for retirement doesnt have to mean busting your ass for 40 years. You can have work-life balance for that time too, it isn't either/or.

[@OctagonalSquare]

Compound interest is a hell of a thing

[@gavienperez9329]

im 20 and ive saved up about $14k. I just dropped $11k of that into my first business lets see how this goes! Id rather us the money and put in hard work and have that $10k turn into possibly millions in a couple of years with some hard work and determination.

[@mariaguild2024]

I opened a ROTH IRA for my son when he was 18. I only put 1000 dollars in it, I told him to find some way to add 40 dollars per month. He will be a millionaire when he retires and all he has to do is be able to put 40 dollars a month in his account. I will do this for all my kids when they turn 18 (you can do it for them younger, but is is a different type of account you have to open)

[@munchablemoth]

These types of videos only make me more anxious bc i feel like im losing time at 22 to save yet i dont have the ability to have a roth

[@Shawn-zt3gv]

Don't feel bad they don't really pay this kind of returns

[@adrianpena1234]

Why can’t you open a Roth!?

[@nihilst]

Yeah, 178k isn’t even close to what 6500 would do. It’s more like 91,000 so a little over half of that. The market isn’t always growing, there’s going to be down years too. You’re still better off investing any little you can.

[@loufaolla]

Partially correct 😂 $10k bonus, after taxes depending on state of residence and other withholdings =$6k - $7k. Still nothing to sneeze at.

[@MikeTheVanFX]

I am from one of the wealthier countries in Europe. We do have something similar. But I do not believe in ever seeing the money that goes towards my pension. Our government will either seize it or delay the age people will get acces to their retirement. I believe in taking matters into my own hands and create extra income sources. The money I earn out of my chosen. Profession is partially used to learn a high income skill that is scaleable. Also the money I earn out of both will be invested into income generating assets. I am far from my ideal situation. But in the past 6 months I acquired the knowledge and experience to practice the high income skill independently. Now I just need to save up and build some capital. The return on this skill is way higher than a roth IRA. Easily providing an extra income when executed correctly. And it is accessible immediately.Take matters in your own hands people.

[@markwilson4078]

If only I had that money at 21 😂 But I do at least do a little of it now and increase my contributions every year. I’m on my second full year of this and so far it’s looking like a really good decision.