How Does Your Net Worth Compare to Others Your Age? | Afford Anything Podcast (Audio-Only)

[@KelvinSoFitness]

Idk why this podcast isn’t bigger than it is, it’s amazing ... I just discovered it yesterday and I’m scared that I’m gonna run out of videos to listen to while at work

[@justingallo7448]

thanks for always posting these to youtube!

[@ckg145]

Paula and Joe are an awesome team. Keep it up.

[@HomesteadEngineering]

In 1994, I drove a car that I bought at a gov. surplus auction 5 years prior for $2,500. It had no AC (in Florida), no headliner. It would only run for 30 minutes due to an overheating issue. I had to put it in neutral to slow down off the interstate due to transmission issue. I would sometimes have to pull into a parking lot to avoid stopping at lights as it would stall and die. At the time, I had six figures in my checking account. That was 25 years ago, today I drive an 11 year old truck with 180k miles on it.

[@tammyhensley3575]

David Armstrong I think you should buy a decent car, lol.

[@6Metal6Preacher6]

Why 6 figures in a checking account?? Invest that shit!

[@HomesteadEngineering]

@GD At the time I was saving for a house. I paid for half the house up front and paid it off completely in five years.

[@slaltemus]

I fall into the thought that as you age you don’t need to go automatically go more into bonds as you near retirement. You don’t know how long they live if you get too conservative you might not make it to the age they might achieve. With SSA and rental and maybe pension you already have a steady base then bonds do not make sense if you have those other income streams. I agree with the second guy about stay strong in stocks if you have a solid base which they sound like they do. I agree we need more info on their income and see if they have any debts. You can also consider reverse mortgage if you do have a slump in the market to avoid taking it out when the market during a long bad bear market. Their is a place where reverse mortgage may be wise but it has to be well thought out when retired people hit a bad few bear years. I also agree you must not react in bad years you must have other income streams when markets go bad and you should have a bridge account to cover offsetting bad years.

[@Life-changing.facts.]

Another great podcast Paula.

[@thomasreedy4751]

You can either retire or you can't. A 50:50 portfolio will likely only let you retire for a short period of time. Unless you saved enough you don't need a return to survive.

[@Sylvan_dB]

The "Millionaire" formula is heavily biased to older workers. It seems like we could derive a similar formula that better utilizes age, perhaps with an exponential term... Or maybe just 3 different formula for different age groups.

[@nickilanin6954]

Loved this episode so much everything spoke to me! How can I listen to your actual podcast is it on Spotify?

[@duneme]

(Your Age x Your Salary)/10 A VERY simple way to look at things! Millionaires also want Legacy Wealth! They want their kids to do well too! Net Worth is a good measure but, so is Passive Income! Passive income takes place even when you’ve used all your Vacation Time and go on vacation!

[@duneme]

So, I bought some Rentals when the market was down (hence lower Depreciation!) Should I do a 1031 for a new Higher Priced house! My main purpose is to get more Depreciation! (Of course I don’t want the higherProperty Taxes!)

[@duneme]

Starting out at $60,000 salary ??? What’s the formula? X 25?

[@shanash1]

Salary x age / 10 (but not accurate if in your 20s or 30s)

[@albertclark6362]

Samantha should look into contributing the max to her employer 401(k) vs upping her W4 withholdings to avoid paying so much in taxes.

[@goodnfit1]

One of the easiest methods to become a millionaire is to dump a chunk of money in the S&P 500 index fund every month. It worked for me after 25 years and I started with just $50 a month on my $8K a year salary as a junior enlisted guy in the military.

[@ziggytrick]

De-risking a portfolio into bonds approaching retirement is usually a bad idea. Stay in equities and withdraw slowly for continual growth over a long retirement.

[@dextermorgan4172]

I'm 30 years old with a net worth of 200k.

[@welovelibraries4556]

Bad title - didn’t even listen given the title. Wrong thinking.

[@jacquibrzuchalski7341]

She actually talks about that in the podcast when she answers this listener question

[@grant5005]

"Essentially stop comparing yourself to other people and compare yourself to your own goals"

[@reformedchinesecommunist]

Lol but you commented?

[@al3xxx693r]

The podcast address that this is the wrong thinking, it is just a popular question they are addressing. If you listened you'd of noticed! :)