How To Build Wealth With a Low Paying Job In Your 30s!

[@Chuck_N0rris]

I recently turned 30. My salary is pretty bad. I make about half of the US average but I also live in a pretty cheap apartment. I could probably save 500 dollars a month. I did start to invest seriously about 5 years ago so I have around 30K in savings which isnt too bad. I am studying for a bachelors. Looks like I will have a degree by 35 and start earning more than the average. Being rich by 65 isnt really something I am aiming for. I want financial freedom. Right now I am somewhat free. I live cheap, frugal. Almost no expenses. I am maybe the only debt free person I know. I plan on taking a loan soon and buy an apartment instead of renting. Just seem smarter. And I am probably renting out a room. I can then use that money to pay down the loan. Seems like a solid strategy.

[@JesseShepeardIV]

Thank you guys! Turning 31 in a couple weeks and I’m feeling empowered and motivated to make the proper adjustments to build wealth 💪🏾💪🏾💪🏾

[@rickeychavarria2771]

i turn 34 march 28th of this month.....i had a rough life but this year is where i make the changes ...right now i make about 60 grand a year but im suppose to be the supervisor within 3 monthes and i should make 75 k or 80 k atleast starting out....but thats my goal save some emergancy money and invest anything i can on creating more wealth.....doing anything i can to get atleast a million in the next 5 years ... pray for me on my journey im about to give it hell !!!!!

[@artait1]

You guys are awesome. Such valuable information. I've been binging your videos the last few days.

[@rawheadvfx609]

I'm in my 30s and I related to this conversation so damn much! Great talk!

[@sergio_tellez]

I'm 34 and... I haven't figure out anything, or at least that's what I feel. It has been rough not gonna lie. I'm investing agresively tough, about 70% of my monthly earnings. But that only sums 50 usd so, yes, not easy. Thanks for the cheers too.

[@christians131]

If people can just see the power of compounding interest, they’ll be far more motivated to start the journey

[@jajuanrussell5386]

It's not that people can not see the power of compound interest. It's actually that people would rather have that cash as liquid as possible. Amongst us less fortunate people, being able to pay to participate in some nonsense is flexing. Kind of like Elon paying his taxes just to get the irs of of his back. He's just flexing. He could have easily deferred his taxes for 5 or 6 more years.

[@TCTALKSTCFITNESS]

💯💯💯‼️‼️

[@chrisbaker7583]

$45,000 a year is the average salary for people in their 30s???? I am 33, I have been in the workforce since I was 15 years old, and I have yet to make over $30,000 a year. Right now I make around $25,000 a year and I have my first child on the way. Unfortunately, the only part of the video I can relate to at the moment is the "chaos" of being in your 30's. I wasted so much time partying, and working shitty dead end jobs (line cook), I am now without skill, money, or direction. Ive been watching videos like these, and reading books on financial literacy (rich dad poor dad, money: master the game, etc.), and although I do feel motivated by the education, I still feel like I have no direction when it comes to potential career paths. The only actual Job I know is being a line cook, which I dont even enjoy. Im so lost.

[@rnt45t1]

Now do this for 35 year old in 2023...

[@johndoodoohead9221]

The saving goal you are saying, 20 to 25%, does that discriminate between taxable and non-taxable accounts? As in can you add your roth (taxed) and 401k (taxed later) contriibutions to get your savings rate?? Or is there some adjustments?

[@SuperShizzle86]

Hey Money Guys- What all consists in a savings rate? Is it specifically Investing, Cash, Retirement or do you include mortgage in that as well as, along with non-credit card debt (i.e. Student loans)? Love the show!

[@jondoe5305]

I'm 24 I make 4k a month after taxes. My bills I keep at 1k a month so I easily save 2.5k a month and still have 500 for some fun. I just hope I can keep this up tell I turn 30.

[@nomafmaroga6827]

The 2.5k phone you save where do you save it?

[@tibs2059]

When talking about saving 20-25%, should I be doing that myself or do I count what my employer is putting in? If I can get that answer you guys would be helping me big. Thank you and keep up the great work you guys do for all of us.

[@ChrisMFlorida]

I would count what they add as a 'bonus' and shoot for saving 20% on your own.

[@lp8540]

I would shoot for 25+ percent all of your own money not including any matches. Once you do that and stick with it consistently, you’re doing well. Honestly, the people doing very well with this are in the 30-50% savings rate range.

[@JoshD77721]

I’m 34 and currently saving 33.2% of my net income which is 250 a week I’m hitting it pretty aggressively I just hope it’s enough I’m living on peanut butter sandwiches and soups

[@chanellynel]

I just turned 30 and I am happy to have come across your video. When you give numbers for what a 30 year old should be saving, what kind of account would you recommend that these savings go into to grow at the rate that you guys have predicted?

[@MoneyGuyShow]

Check out the free Financial Order of Operations (FOO) www.moneyguy.com/resources - this will give you a good head start on when and where to put each dollar 👍

[@anonymousok6158]

Hi chanelly.. If you start saving without spending for yourself....it is of no use

[@edmundpolicarpio]

Great video! I liked and subscribed! Is it really savings rate to reach a million, without having to invest it?

[@robertgregor3657]

What is your estimated Rate of Return on these estimated savings achievements

[@mfam2371]

The issue is who wants to start enjoying their life at 65! You can't even buy a family car that won't break down for 15k

[@alexsmith8956]

Quick question! I work in public accounting, and I have an online LLC on the side. Can I open an SEP IRA for my LLC and have a 401k through my employer?

[@jefferydoherty7368]

Alex Smith you can, but talk to a tax advisor or cpa that works more with such plans. Maybe some ground work on your part. You want to make sure the sep is setup and managed correctly. You could get into some troublesome tax liability. I am not a advisor or cpa of any sorts.

[@emillefloresrivera9636]

Silly question... Where do you save the money? A Regular savings account? 😬😳

[@xensan76]

Save your money in an index of the stock market. Roth or Traditional IRA, 401k if your job offers it, then a taxable account. Use a broker like Fidelity or Vanguard.

[@jefferydoherty7368]

Thanks for the overall content you put out. But couldn't this info be true for any age/income? I.e. Pay yourself first and live below your means. I did like the contribution analysis for the age! I'll watching for good information.

[@vivc6400]

I felt so behind that I just realized the importance of money saving - consciousness 😔😣

[@dimetriwatt7334]

The key is you have found the video. now, get to work and start small, you'll get there.

[@chayang5757]

Hey the money guys, I watched your videos so much that I noticed the numbers on the wall changes from video to video. What are those numbers?

[@MoneyGuyShow]

KZbin subscribers... don’t keep us a secret 👍

[@chayang5757]

The Money Guy Show I am so slow lol 😂 love this channel

[@bpenguin]

$134K salary for a 37K car? That sounds a little too frugal, no? Trust me, I am a financial mutant, but I thought as long as you're not getting a car that's more than 35% of our gross anunal income, then you're okay. With that example 134,000 x .35 = $46,900 Is my thinking wrong?

[@Ali-Muscle]

I’m trying to find one for 40’s.

[@alexfuen712]

A 30 year old Saves $270 a month with 9% interest until hes 65 doesn’t make you a million dollars . I think you got the math wrong 🤔

[@jacksonbilly9979]

Ummm no I think YOU did your math wrong. Maybe you need to re check your work if you even did the math before yoyr dumb *** commented

[@rickeyalyles7609]

33 make $ 2400 live off 400 a month here

[@briankelly1240]

pay for car in cash if at all possible.

[@thefishfin-atic7106]

I don't agree with the philosophy of "differed gratification", i.e. sacrifice now, so you can live it up in the future. I am in my 40's, and have seen countless friends and acquaintances die over the years. They scrounged by in their early 20's and 30's and died in car accidents, or of heart attacks with full bank accounts and investments. They left money behind for their relatives, yes, but no lasting memories of lives well-lived, and vacations in the sun, or cruising in that nice shiny car. Honestly, who cares if you have that nice shiny car and Winnebago in your 60's when your body won't allow you to enjoy a walk in the forest, and you can't throw the ball for your pure bred dog, which you differed buying when you were 30? Money in your old age won't buy you happiness, or fix your aging body. There are better ways to become wealthy, which don't necessitate sacrificing your youth, why don't you teach these methods?

[@MoneyGuyShow]

Odds are, you will live to a ripe-old age. Plan accordingly! As for teaching the other ways... do you mean get quick rich schemes - there are plenty of those already out there. We are dedicated to teaching the “real path” to wealth for the 20% that can go beyond common sense. Thank you for the watch and comment 👍

[@ericworthington7299]

I agree but, but live like today is your last day, but save for the future/or a rainy day...

[@FrugalTeacherFI]

I’m more scared of someone in their 40s using differ instead of defer. Yikes.

[@FrugalTeacherFI]

Also normal people don’t die of heart attacks in their 20s and 30s. Fish Fin-atic be spinning some fish tales to make excuses for his lack of diligence in saving.

[@donaldlyons17]

@@FrugalTeacherFI Well not everyone wants to be old and rich!!! Many are looking for a faster way to live ok asap. Their method is 20-30 years and for many that is almost an entire lifetime.

[@britneytezino3187]

I’m so glad I found this place! I’m 341/2 with 3 children and I have a BS degree and a Carnote... I’m renting a house for 1,800 a month and this is miserable 😩

[@bsm6776]

That rent is high.

[@christians131]

You can still get out of debt and build wealth! Check out Dave Ramsey too

[@aularje]

The reality, most of people won't retire ever

[@Hungry4mor3]

I always forget, do we need to save 30% after taxes or before taxes. Example : someone makes $100k a year, $70k after taxes. Do we save 30% of the 100k or 70k?

[@ChrisMFlorida]

You'd save the before tax amount, so if you save 30%, yes it would be 30k on a 100k salary.

[@thegarciab0y]

That 19% figure is scary

[@tibs2059]

Hey Will, I agree with you man. Scary for sure. I hope people really start looking into this for themselves sooner then later.

[@travis4308]

Why this comes up when I type in how should I be investigating my money in my 30s I have no idea. This is a terrible video for what I’m looking up. If I wanted to know what not to do I would watch this.

[@NoRegertsHere]

It’s been 7 months. How’d you go?

[@katherinebonkowski8925]

A kid straight out of college got Job? Where?

[@Bacciagalupe]

: )

[@StockSpotlightPodcast]

Funny how these guys just assume all men want marriage and kids

[@donaldlyons17]

They seem to think people are gainfully employed. Plenty make too little to buy everything and others buy more than they spend. But people can't do money wrong b/c not one owes anyone else access to money.