How to Become a Millionaire By Age (30-Year-Olds): 2024 Edition

[@halamadrid0709]

I bought a car for 16k cash about 10 years ago and have been investing the difference ever since. 34yo with a net worth of 600k. Compound interest is awesome!

[@cyano741]

I inherited a bit of money, and I slowly see it trickeling away, because I grew up poor and both my parents had zero financial literacy. I understand how to pay bills, but I can't understand complex financial dynamics. I wish I could invest it for my young children. I wish someone would have taught me how to hold on to money.

[@rossinverted]

@@cyano741 look up 529 account for your kids. Start a roth ira, add them as an authorized user on a credit card you're responsible with to boost their credit when they turn 18, teach them scarcity mindset like they're poor and budgeting so they understand priorities... You can be the pivot in the bloodline, brother/sister. I didn't start until my thirties for the same reason and I have 6 figure net worth and started accounts for 6 cousins that'll 5x before they're in college.

[@CKen1991]

Fantastic. Well done pal you are crushing it.

[@TheRestrictedgamer]

I'm glad to hear about the leeway one has in their 20s, because I definitely used it. I turn 30 next week, and while I was fortunate enough to avoid high-interest debt and invested a decent portion of my income in my 20s, I also threw plenty of money at other things that won't bring it back anytime soon. Some of those things were "investments in myself" that will hopefully put me on track for much larger income later, but some were not, and it definitely bites knowing how much I have in my 401k/IRA compared to how much I could have.

[@MeltingRubberZ28]

I'm 35 now bud and I have the same regrets. Can't look back and change the past, but you can get on track now to the right things in the future!

[@Shawn-oh5yq]

Spending $733 a month on a car payment is like shoveling money into an incinerator.

[@6SPEEDScratchin]

Mine is $380 a month. I bought it in 2020 I have $2800 left I'm paying it off this week

[@Moneymalzy]

Not if that's what like and you like that car. Then it's all about what you like.

[@whywouldigivemyrealname5162]

I have a tractor payment at 0% that’s up there. No regrets. Our income is higher than many, though.

[@RobDob1569]

@@6SPEEDScratchin I am virtually in the same spot. Bought the car in 2020 with a $370 payment. I’ll pay mine off in April. Plan to go for a few years without a payment. If it all works out I’ll never have a car payment again.

[@stocksxbondage]

@@MoneymalzyAgreed. As long as it doesn’t stop you from achieving your greater life goals, who cares? Days are limited, be responsible, but enjoy as much of your money as soon as possible! I want a used LC500 when I’m 40, a Porsche 911 at 50, and a DB Aston Martin at 60. It’s a part of my “why” along with buying our dream home and having a monthly travel budget. I want to have security, but I don’t want to wait until age 65-70 to finally enjoy my “why”.

[@mattmalinski345]

I turn 29 in a few weeks. I always treat myself as a if im 5 years older for all the deliverables thta the momey guys send me, i feel bad for doing this but I am paranoid that I have to do it to be successful. Love you guys.

[@Yoyo81828]

ABB crew checking in. Been buying since I was 23. I turned 30 this year and I've never had a car payment 😎

[@jarjartimothyhughes1]

I turn 30 in May. I just got a 3rd job making 20k more a year. All of it going to pay off high interest debt... Determined to save that 25% and be a mutant. Thank you guys!

[@xiaosha1558]

Bravo! Really inspired by people with this kind of drive.

[@J_pearce01]

I turn 30 in November. I plan on paying my student loan off this summer. Only have 29k in my 401k but I have only been working 18months. Started my career late. Trying to play catchup hard

[@garrettstoffel1100]

This was great content but you click baited me with Bo in a flannel. I had to check and make sure he was okay.

[@patrickmball]

I just came to check, yep, Bo’s excited.

[@danaconda12]

The housing rules are good rules to strive for but no where near realistic right now. Look and see what 25% of the average household income gets you for a house, especially when you put down less than 20%, which you say is ok. I wouldn't expect you to say, go ahead and spend 40% on housing, but 25% is not even possible in most of the country right now.

[@General8675]

Its because its not a good time to buy, so Don't! The rules don't change based on what is going on in the rest of the economy. The point is to be slow and steady.

[@peeonthe3rdrail414]

Math doesn't care, go somewhere else or don't buy it's that simple.

[@mathteacherplusmore4533]

No it’s not about the timing. When rates go down housing is going to sky rocket up because of the low inventory. Housing has become investment vehicles not necessities for families. Shame on the government for not incentivizing construction of new family homes. And they aren’t going to change because a lot of them are land lords and don’t want their investments to go down. I want a huge influx of homes in the market because then landlords will actually have to contribute to our economy instead of taking advantage of necessities.

[@Lattibo]

8% includes the insurance, rt?

[@cgbach]

Wow, I’m way below 25% on housing and I just bought my first condo a year ago😯

[@Casch44]

Curious to know about when the messy middle stops? I hit marriage, kids and grew my family at 25 and just turning 30 it’s at the point where I’d like this messy middle to stop now please 😂

[@General8675]

I think when you get the last kid out of the house. Its a long road!

[@aang6421]

​@General8675 so, depending on your beliefs, minimum 18 to 40

[@General8675]

@@aang6421 25-50 I think, but its hardest in the 30s I think.

[@AlecarMagna]

When your kids move out is the clearest cut case. In their teens your kids generally become more independent so your personal time isn't as consumed but paying for braces, glasses, cars, insurance, and college are all added strains later on compared to eating dirt in daycare when they are young.

[@aang6421]

@@General8675 I meant 18 to 40 years old is the age your kid would move out , lolol

[@sasukeran3300]

25% is that just on rent/mortgage is that 25% meant to cover utilities as well?

[@mickeypigknuckles]

What would you rather it be and why?

[@seantaylor6691]

General rule of thumb that they're using: 25% of your gross should cover your mortgage, property taxes, and home insurance.

[@sasukeran3300]

@mickeypigknuckles I'd rather it just be for Rent/mortgage. As im currently spending 28% of my gross on my total housing cost living with friends. So it was more to see if A) im within the scope currently B) looking to buy a house in the next couple years its not a necessity its more of a want. just looking to see if i could afford it. or if it would be more prudent to hold off.

[@mickeypigknuckles]

@@sasukeran3300 You’d rather spend a larger percentage of your income on housing?

[@Moneymalzy]

Do a mide 40s and early 50s edition that would be challenging. 30s i still have a lot of time for compound interest. And include some of the help, luck, dating choices you have to make.

[@General8675]

Its in their longer video.

[@jhughes7165]

Making 100k, 25% of gross pay is $2100 for a mortgage.

[@General8675]

Yup, Don't buy a house right now.

[@87vortex87]

Gross? I thought it was 25% max of take home pay?

[@General8675]

@@87vortex87 The Money Guys always talk in Gross.

[@87vortex87]

@@rossinverted it's not mathing. It's times 12 months in a year 😉

[@rossinverted]

@@87vortex87think I had a seizure when I was calculating 20/3/8 and monthly retirement deposits during that comment. It is indeed

[@jirehguy]

The average American isn’t paying $733 a mont on car payments. That’s is the average for people with NEW vehicle loans only. Doesn’t account for those with used car payments, paid of cars, lease, or those who have no cars. Statistical illiteracy in America is a problem

[@peeonthe3rdrail414]

They usually split it up, last year the average car payment on a used car was somewhere around $400-500 a month.

[@jirehguy]

@@peeonthe3rdrail414 Brian and Bo didn’t make that distinction

[@peeonthe3rdrail414]

@@jirehguy They have made that distinction in the past.

[@MeltingRubberZ28]

​@@jirehguyhaving a paid off car would exclude you from the average car payment, wouldn't it?

[@jirehguy]

@@MeltingRubberZ28 it depends on how you word it. Answer would be yes if you said, “the average car payment is x” but not if you said “the average American is paying x on car notes”.

[@zachary-creates]

Is the 20/3/8 rule a maximum of 20% or is it okay to put down more than 20% in order to afford a car?

[@mickeypigknuckles]

No you’re never allowed to pay more cash for something even if you can afford it. It is so much better to finance that purchase as much as possible (80%). You are better off keeping your cash and not paying off your debt.

[@MeltingRubberZ28]

Depends on the interest rate. I've never had a car payment (pay cash for the vehicle) and if I can help it...never will.

[@mickeypigknuckles]

@@MeltingRubberZ28 But that would take putting more than 20% down.

[@MeltingRubberZ28]

@@mickeypigknuckles yup!

[@mickeypigknuckles]

@@MeltingRubberZ28 Which is illegal.

[@caseysmith9149]

Ohh yeah it’s messy in the middle.

[@turboZ3]

I thought video had more to do with how to be a millionaire right MEOW - nonetheless an important message gotta be financial set for retirement to be comfortable and not have to work or be a burden to others!!

[@ToniSkit]

🐈 🐱 💰 💴 💵 the cats are revolting

[@turboZ3]

@@ToniSkit what do u have against cats?

[@yeahdude1986]

What about leasing cars?

[@General8675]

Don't.

[@HowDo-YouDo]

It's like financing a car, except you don't get to keep it.

[@mickeypigknuckles]

Don’t be an idiot.

[@seantaylor6691]

Worst of all worlds. Leasing cars is for people who have money to burn and a questionable desire to change cars every 2 years.

[@Godofsmiles1]

For the car purchasing rule, based on median household income, that means with a 5% Interest rate loan, Americans are essentially limited to a $15,000 car. The average used car price in 2020 was $22k and in 2022, $30.74k. New cars are even more expensive. How are "normal" Americans supposed to follow this?

[@foodmens]

Umm Don't be normal?😂

[@rossinverted]

So, buy a 6 year old car instead of the 3-year average you're using. Bought a top trim Honda Accord for $7,000. Still have it 6 years later, no maintenance other than tires/liquids/filters. "Normal" Americans don't make good decisions.

[@AlecarMagna]

​@@rossinverted2015 top trim Honda Accords within 300 miles of me are around $17k. It's 2024.

[@rossinverted]

@@AlecarMagna jesus dude it’s an example to adjust searches to your means. I’m in a high spend area and just searching used cars there’s plenty. We adapt or make excuses.

[@allen-lifts]

Only 25% of gross income on housing? Ok ill live in a shoe box.

[@scarpint3]

It’s hard but doable. I’m about to buy my first house in Orlando while staying close to that threshold.

[@rushilshah8930]

Or you can find a way to increase your income

[@perthboyxD]

Rent out rooms

[@TheChaseFiore]

@@scarpint3 I live in Orlando and unless I want to live with nightly shootings, home buying just isn't an option for anyone making less than 200k.

[@General8675]

If you want to do something that is affordable, yeah, a lot of times you have to.

[@IrisP989]

A millionaire as in assets minus liabilities or just $1M plus in the bank?

[@Abraham.Lincoln22]

Only a fool would keep $1M in a bank account.

[@IrisP989]

I am asking what they are referring to when they say the word millionaire. I don't care if anyone keeps $1M in their bank account or not. That's none of my business. @@Abraham.Lincoln22

[@abhis9353]

assets - liabilities

[@IrisP989]

Thank you@@abhis9353