Net worth truly snowballs after $100k! Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE!
@LejlaGöransson4 ай бұрын
I think the next big thing will be A.I. For enduring growth akin to META, it's vital to avoid impulsive decisions driven by short-term fluctuations. Prioritize patience and a long-term perspective most importantly consider financial advisory for informed buying and selling decisions.
@annaj.osorio4 ай бұрын
A lot of folks downplay the role of advlsors 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.
@DanielOrstein4 ай бұрын
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
@annaj.osorio4 ай бұрын
Viviana Marisa Coelho is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets.
@2744ducksdman4 ай бұрын
@@ClaudiaSchreiber-b1p it’s never fast enough lol
@CliveBirse2 ай бұрын
If you wanna be successful, you most take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life.
@mariaguerrero082 ай бұрын
The first step to successful investing is figuring out your goals and risk tolerance either on your own or with the help of a financial professional but is very advisable you make use of a professional like I did. If you get the facts about saving and investing and follow through with an intelligent plan, you should be able to gain financial security over the years and enjoy the benefits of managing your money.
@ThomasChai052 ай бұрын
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
@mikegarvey172 ай бұрын
@@ThomasChai05Could you possibly recommend a CFA you've consulted with?
@Grace.milburn2 ай бұрын
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
@TTGTannerАй бұрын
Pointing fingers at others is definitively the opposite of being accountable.
@dustin77084 ай бұрын
In Oct 2016, I was at negative 130K (just graduated college with massive debt), just this Friday I finally surpassed a 300K net worth (excluding my home) at 33. I hope I can give my children the legacy I never had.
@Nate12-4 ай бұрын
Congrats man!
@Davidvictor64 ай бұрын
I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
@Cesarinaella4 ай бұрын
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
@Daneilchirs24 ай бұрын
Uncertainty... it took me 5 years to stop trying to predict what bout to happen in market based on charts studying, cause you never know. not having a mentor cost me 5 years of pain I learn to go we’re the market is wanting to go and keep it simple with discipline.
@Pamala-p1t4 ай бұрын
This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?
@Pamala-p1t4 ай бұрын
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.
@Chris-on5bt4 ай бұрын
7 years is was how long it took me for $100k in my retirement. 25% every paycheck. Just hit that this month, feels AWESOME.
@smilesnluvd65264 ай бұрын
Congrats🎉
@blackdynamite41744 ай бұрын
Strong Work!!
@snowjae93803 ай бұрын
They say this is the 1/3 mark to a million. Congrats!
@zenbrandon4 ай бұрын
I'm definitely still in the negative, but since I started watching you guys, that number has been getting closer and closer to $0!
@perfectiondreamusa4 ай бұрын
congrats!!!
@torch_k81104 ай бұрын
Keep it up!
@Joeschmofosho4 ай бұрын
Comparison is the thief of joy, we’re all on our own journey. Keep at it!
@BlakeC3414 ай бұрын
I started negative (about -$60k) not long ago too and since watching them for 2 years, I'm up to around $50k net worth now. You'll be positive very soon.
@mr.universe19074 ай бұрын
@zenbrandon I have so many family members I'd be so extremely proud of if they could get out of debt, good work, man.
@Nephilimator4 ай бұрын
It was nice to see you break it down by net worth vs age this time. Some financial mutants have the net worth of a 50-60+ year old, so this helps just reminding us what we should be focusing on in what net worth bracket.
@EdisonNorman-b8bАй бұрын
One lesson I've learnt from billionaires is to always put your money to work, and diversifying your investments. I'm planning to invest about $200k of my savings in stocks this year, and I know I’ll make profits.
@AlexNelson-z4pАй бұрын
You are right. The best approach I feel is to diversify investments by spreading investments across different asset classes like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.
@AllenJefferson-b1Ай бұрын
That makes sense. I’ve been using a financial market expert for two years now and I own a six-figure diversified portfolio from investing in stocks. I want to diversify more this year, though.
@AntonioLorussooАй бұрын
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.
@AllenJefferson-b1Ай бұрын
''Sharon Ann Meny '' she's well qualified and established. I'd suggest you research her further on the internet
@AntonioLorussooАй бұрын
@@AllenJefferson-b1 Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
@kyleevanston2 ай бұрын
I Hit 110k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject. thanks to Brooke Miller for helping me achieve this
@nickmcdonarld2 ай бұрын
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
@HighlightsSerieATIM2 ай бұрын
The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.
@jadewashington72 ай бұрын
I'm surprised that you just mentioned and recommended Brooke Miller, I met her at a conference in 2018 and we have been working together ever since.
@SaadmaanShohid2 ай бұрын
I'm new at this, please how can I reach her?
@mary_.1peterson2 ай бұрын
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
@LukeCunningham4 ай бұрын
My returns are matching half my contributions now, exciting times!
@rayzerot4 ай бұрын
I'm mid-divorce. My income is 3/5 after alimony and child support and my assets are below 1/2 after lawyer fees and being forced to pay to set-up my wife's new residence Divorce sucks. I didn't want this. She's regretting her decisions which is another kick to the teeth
@Jamaal67iАй бұрын
I got 60k now and I got no where to dump bro, everything is jacked up in the stock market.
@Peterl4290Ай бұрын
Don't put all your eggs in one basket; instead, diversify into different asset classes to mitigate risk. If you lack extensive knowledge, consult a financial advisor.
@larrypaul-cw9nkАй бұрын
Opting for an investment advisr is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 85% since 2023
@sabastinenoahАй бұрын
This is very insightful. Hope you don't mind me asking you to recommend your advisor?
@larrypaul-cw9nkАй бұрын
Her name is Annette Christine Conte can't divulge much. Most likely, the internet should have her basic info, you can research if you like
@sabastinenoahАй бұрын
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
@stevenewsome53064 ай бұрын
I had negative net worth in 2020. Now have a 275k net worth. Paid down on the mortgage, sold lots of collectibles and invested consistently in good stocks. 15% in index funds and over the next 25 years each year my index fund percentage will increase. It’s my plan and sticking to it.
@AlphaSporeGaming4 ай бұрын
You need to put time stamps in a 37 minute video
@MShack8124 ай бұрын
Or just have an attention span
@damnfez4 ай бұрын
@@MShack812no he’s right.
@AlphaSporeGaming4 ай бұрын
@@MShack812 it’s not about having a attention span. If I’m watching a educational video I want to know the different sections so I don’t rewatch something I already know a thousand times.
@douglassmith94454 ай бұрын
@@MShack812your comment = 👎
@panchovilla44734 ай бұрын
@@turbocfn39 Dude, this isn't team sports. Requesting a helpful feature from a channel isn't some slight against the creator.
@amlee72444 ай бұрын
Thanks!
@christinab91334 ай бұрын
Love this so much! More helpful than the by age since my 40s are my “messy middle” rather than my 30s. Thank you! ❤❤❤
@sledgeyyyyy2 ай бұрын
Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account. I'm now seeking best possible areas or strategy to keep my retirement contributions on track to my $5m goal.
@carolynrose18162 ай бұрын
Pre-tax contributions may help reduce income taxes in your pre-retirement years while after-tax contributions may help reduce your income tax burden during retirement.
@Dollrnri2 ай бұрын
Both have their perks but you can also save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner/advisor.
@AddilynTuffin2 ай бұрын
Great advice here. Keep it simple, buy things you understand, take some risk but don't try to shoot the lights out. I currently have 75% SCHD and 25% ROTH IRA. Brokerage account is 40% VOO, 35% SCHD, 25% XLK. Combine balance ~$3.3m Less than 3 years until retirement.... I have about 400k in cash. My portfolio has yielded far more than I expected for my retirement. Kudos to my advisor.
@AGNESCHANG-u9h2 ай бұрын
@@AddilynTuffin Well it seems like a lot of your interest is riding on your source, I could really get well accustomed to your viewpoint, get me involved.
@AddilynTuffin2 ай бұрын
I've stuck with ‘’Jennifer Leigh Hickman ” for more than 9 years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
@SF-fb6lv4 ай бұрын
Thanks for clarifying whether or not house equity is included in net worth. This is for most people a large part of their net worth, BUT it contributes NOTHING to free cash flow.
@JimShingler4 ай бұрын
If it doesn't make money it is a liability.
@imitationpitaya4 ай бұрын
The ultimate value of a home is the shelter it provides
@user-kpkxgtj4 ай бұрын
This is why I chose to go small with my house and focus on saving / investing instead. I realised I would be much happier with good (passive) cash flow than I would be with what others consider to be a respectable size of house.
@ohlingerm252 ай бұрын
Houses should ultimately be included in net worth. They increase in value over time. But, in terms of retirement ability, the only way it helps is if you downsize but also, if it is paid off.
@knownothingnobody4 ай бұрын
BEST CHANNEL ON KZbin
@Tristan145784 ай бұрын
I can’t wait to hit 1million… it wont happen for like 2- 3decades but I’m still excited
@DavidHicks-m9y4 ай бұрын
Whoopy do. Who cares!!!
@tracywilliams7418Ай бұрын
Awesome. Stay the course. You can do it!
@BrandonBusby-u2b13 күн бұрын
@@DavidHicks-m9yI think it's nice. You're being a jerk.
@kalebesseskew55254 ай бұрын
Bo is literally "so excited about this" lmao every show
@vernongomes4 ай бұрын
When he stops being excited, the world will end.
@rayzerot4 ай бұрын
The prophecies speak of a time when Bo is not excited. Dark times indeed
@nielsvandenkieboom50344 ай бұрын
He truly is a human golden retriever.
@jay16034 ай бұрын
I love that the money guys are a really good balance between strictly informational and hopeful content
@guhreenskittles4 ай бұрын
I'm glad I followed the 20/3/8 rule. Definitely works
@zachrolf14544 ай бұрын
I am so excited guys for this one!
@dr.avinashksajnani7930Ай бұрын
Thanks for the incredibly helpful content ! This pretty much sums it all up
@roysherwin93484 ай бұрын
Lol I love the bowling point animation 😂 🎳
@navymathboy4 ай бұрын
It's good you teach and stress the power of utilizing compound interest: "$1 now is 88 dollars (starting at 20 and retire at 65 with a 10% annualized return rate). Looking at the opportunity cost of time, delaying 10 years to invest that $1 to get the same $88 would now require approximately $2.70.
@leftysidewinder4 ай бұрын
Not really... After accounting for inflation, taxes, permanent investment losses along the way, and loss of time to use the capital, the present value of the delusional $88 that has about $23 of taxes that must to be paid is about $1 in present value.
@aaronquadd30194 ай бұрын
Recently hit 100k in investments! 2 years at my company and 2 years out of college. I graduated a couple years late but feels good to finally be ahead off the curve
@dwight_s2 ай бұрын
10.5 years ago my mother died suddenly. My sister and I split her cremation costs on credit cards. I realized that if I passed suddenly my wife and son would be left with nothing. We had a negative 100+K net worth. I doubled down on paying off credit cards, personal loans, student loans and medical bills. We both doubled down on our career as we were mid 30's. Just hit 1 million net worth (including primary home / 750k without) last month. It is possible to move the needle and still go on vacations, and help others. We are now mid forties and in the sand which generation taking care of my son/granddaughter and mother-in-law in part financially.
@Duttonmuffins4 ай бұрын
I’ve been saving for a long time instead of investing, and right now I only have about $516k. I'm not sure how to make it grow, considering all the inflation, into something substantial that I might use for retirement. I’m just here for ideas.
Working with a financial advis0r has been a game-changer for me. They offered invaluable insights and customized strategies that matched my risk tolerance and financial goals. With their support, I’ve experienced substantial growth in my investments and gained confidence in my financial future.
@Madridstrat4 ай бұрын
The issue is most people have the “I want to do it myself mentality” but not equipped enough for a crash, so they get burnt, no offence intended. Generally speaking, investment advisrs are ideal reps for investing, and at first-hand encounter since the covid-19 outbreak, my portfoli0 has yielded over 300%, summing up nearly 7-figure as of today.
@ThomAlexanderGmaan4 ай бұрын
This actually isn't the first time i am getting this suggestions. Mind if I ask you to recommend this particular advisor you using their service?
@Madridstrat4 ай бұрын
Melissa Elise Robinson is the licensed advisor I use and im just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
@AlexHeineCSB4 ай бұрын
Ok, the “bowling point” graphic was hilarious
@superblump874 ай бұрын
Networth bage!!!
@nicholas53964 ай бұрын
😂
@Mist_Ninjutsu19 күн бұрын
Great video
@BenFranklin17764 ай бұрын
I really like this "livable" net worth. I would still live in my house, so it doesn't get included. Might go more conservative and predict any taxes that I'd need to pay too. Would still include the mortgage. That would be a really interesting number to get to zero.
@travispalaszewski97994 ай бұрын
I wish I could use chat when this is live but I’m a trucker I work 7 days a week 😢
@soothingrelaxationandmedit684 ай бұрын
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 skills and knowledge
@soothingrelaxationandmedit684 ай бұрын
I would avoid the index funds, mutual funds, or specific stocks for the time being. The 5% fixed incomes are the safest bet for now. Save your cash for when the market actually shows sign of recovery
@Deitricklaverne4 ай бұрын
Doesn't really matter your networth, diversification is key to building wealth
@Deitricklaverne4 ай бұрын
Financial planning and retirement strategies are crucial, especially in today's economic climate. With global economic fluctuations and uncertainties, it's essential to have a solid plan in place to protect your financial future.
@Churchillhump22684 ай бұрын
And let's not forget how the global economy plays into all of this. Economic instability, inflation, and market fluctuations can further complicate matters and add to people's financial worries.
@Deitricklaverne4 ай бұрын
Indeed, Most people miss it but the secret to living and retiring comfortably is finding a way to make returns while your money works for you. My Dad, as i remember started saving for retirement quite late but I know he was making more than 10k returns from his investments monthly and it was completely passive.
@LincolnFelix-s4z3 ай бұрын
I am at the beginning of my "investment journey", planning to put 85K into dividend stocks so that I will be making up to 30% per year in dividend returns. Any advice?
@LoganGabriel6m3 ай бұрын
The issue is people have the "I want to do it myself mentality" but not equipped enough for a crash, hence get burnt. Ideally, advisors are reps for investing jobs, and at first-hand encounter, my portfolio has yielded over 300% since 2020 just after the pandemic to date.
@AbigailOliviaq4l3 ай бұрын
Glad to have stumbled on this comment, Please who is the consultant that assist you and if you don't mind, how do I get in touch with them?
@LoganGabriel6m3 ай бұрын
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
@AbigailOliviaq4l3 ай бұрын
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. I just scheduled a caII.
@kckuc3103 ай бұрын
That’s not where u want to be, index funds you don’t care about dividends, you will be far behind
@MTXSHO9732vV8SHO2 ай бұрын
Just sold the 2000 Maxima I paid $1,500 for 7 years ago for $2,000. Magic of the manual transmission.💪😎💪
@tressalewis70044 ай бұрын
Thank you for helping us focus on the important stuff! Love the condo
@Patience-v2qАй бұрын
This is so inspiring
@AntonioLorussooАй бұрын
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
@thelozanos57574 ай бұрын
Loved the episode
@jazminlozano50984 ай бұрын
I just roughly calculated my net worth minus the equity in my house... I am just over 0 at $2kish! woo!
@chrismcc22924 ай бұрын
What Bo said was huge, just because you are "rich" no need to do anything else
@Jimmyjackfunk4334 ай бұрын
Finally at a stage where I’m making a yearly salary on some days. All of the sacrifices are finally paying off.
@corycowan10004 ай бұрын
This was so so so helpful.
@perennialpride74483 ай бұрын
Good fundamentals to basic wealth building and most can’t stay disciplined enough and take on too much risk. To build significant wealth does require different strategies and more asset and business ownership outside basic markets.
@bchan65393 ай бұрын
great show!
@2744ducksdman4 ай бұрын
Getting to 1 million, liquid, is wild especially if you are able to get to a million, you probably put a good chunk into a 401k/Roth already. Having money left over to put into another account early in life to build it to another million is very hard.
@vicioustide4 ай бұрын
50 percent savings rate should be a priority at any stage, to double the time it takes to get to the next stage. They also assume 8 percent exponential growth, not accounting for inflation, shrinkflation, and greedflation of fiat currency, when in reality eats away an average of 8 percent a year. Also to note, there are a lot of sales duo bots replying to every comment that drop a "name" to search for consulting.
@jymdaddy14652 ай бұрын
If you exclude home equity, then would you exclude the mortgage from liabilities?
@ohlingerm252 ай бұрын
That is my question as well.
@the1gofer4 ай бұрын
Chapters sure would have been nice...
@ohlingerm252 ай бұрын
If you are excluding the equity in the home, are you also excluding the mortgage and low interest home improvement loans (like solar)?
@camela8445Mar4 ай бұрын
it’s hard to figure out what actually works.
@Will54rol4 ай бұрын
Same here. It can get overwhelming, especially when every article claims to have the “best” method. I’ve heard that what works can really depend on your net worth and financial goals.
@Robby7674 ай бұрын
Absolutely. I think that’s key-tailoring strategies to where you are financially. For example, when I was just starting out, focusing on paying off debt and saving aggressively made a huge difference. Now, I’m more focused on investing and tax-efficient strategies to grow what I’ve saved.
@mariadrukker25574 ай бұрын
That makes sense. My husband and I are in a similar boat. We’ve paid off our mortgage, so now we’re looking into more advanced strategies like real estate investments and maximizing retirement accounts. But we’re still figuring out the best way to go about it.
@Larry1-pl2wq4 ай бұрын
Real estate is a great option, Mia. We’ve done well by buying and holding properties, but it’s definitely not for everyone. It takes time, knowledge, and the right market conditions. I’ve also been diversifying more into index funds and ETFs lately to balance things out.
@Larry1-pl2wq4 ай бұрын
I’ve been focusing more on building passive income streams
@Y0urTiaRica4 ай бұрын
I liked the Beyond Basics article on paying off high interest debt and the types of debt that fall in that category. I was curious why 401k loans and HELOCs aren't discussed. Where do those debts fall in priority order of the FOO?
@torchy1874 ай бұрын
Saving 5% per month. YOLO!
@AnthonyJustice-i9x4 ай бұрын
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Brooke Miller.
@mirchimome4 ай бұрын
I'm surprised that you just mentioned and recommended Brooke Miller, I met her at a conference in 2018 and we have been working together ever since.
@anatolyivan4 ай бұрын
The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.
@mary_.1peterson4 ай бұрын
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
@ValentinAntonio-wo3vb4 ай бұрын
I'm new at this, please how can I reach her?
@sole27ore4 ай бұрын
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
@anthonypomerson4 ай бұрын
Happy to see the team took me up on my suggestion about the “boiling point” Wii bowling style graphic 🤣
@GoodTimeCatchers4 ай бұрын
I don’t about other “younger” people. But retiring at 65 seems really old to me. I look at 65 year old and I think to myself, wow.. awesome I get to stop working but I can’t move my body… that’s why it’s even more important to retire much earlier than that and not spend early. Like weddings!!! I spent 6k on our wedding (140) people. And got 6k in money as gifts. There are many other traps as well. New cars. Etc. there zero chance I’ll work for 65 years to enjoy 10.
@GoodTimeCatchers4 ай бұрын
@@Netizen_101 that’s not a bad way to go. Part time gig sounds like a good work life balance option. My wife is planning to head that direction as well. Cheers! Whatever you do just enjoy it!
@Yugiboii4 ай бұрын
If you can’t move your body at 65, you haven’t exercised enough
@GoodTimeCatchers4 ай бұрын
@@Yugiboii that’s not the point. I’m sure at 45 people more better than 65..
@kirankishore99344 ай бұрын
Please do a video from 1M to 1B.
@kristenrothermund85374 ай бұрын
What do you mean when you say don’t include the equity of your home? Do you put the purchase price of your home on the asset side and remaining mortgage on liabilities or put the remaining mortgage amount on both sides so it zeroes out? We have always used a conservative estimate for our home value but I’ve never thought to do net worth excluding our residence…
@arthrodea4 ай бұрын
They mean they are just talking about money in the stock market, bonds, money market etc for the purposes of this discussion. Normally, when you calculate your net worth, you do include the value of your house minus any mortgage still owed on the house.
@granbox15604 ай бұрын
What about those that want to work until 70 and delay SS until then? Great info!
@kurtstephenson15794 ай бұрын
Are these numbers referring to an individual? Or would it include mine and my wife's combined net worth?
@devincoyneАй бұрын
Is she your wife or roommate?
@cookinthekitchen4 ай бұрын
It is easy to say you have a lot of time when you have extra money, especially out of college
@WeBeatMedicare69694 ай бұрын
It’s better to have extra time with little money to save rather than little time and extra money…it’s called compound interest…trust me, that is the most important thing young people need to know…don’t squander your 20’s-40’s like I did
@bay2michael3 ай бұрын
Maybe it will come up, but is mortgage being considered debt here or not?
@PatrickNoonan4 ай бұрын
Are those % (e.g. 21% 500k+) per an individual or per household?
@thefrozengoat4 ай бұрын
i have the same question
@EmilyAllan4 ай бұрын
@18:00 net worth without housing discussion
@FIRE_DrNinjaTurtle4 ай бұрын
I am starting to spend a little but my savings rate is at 46%. I am going for a 69% savings rate by the end of the year. I want to increase my net worth in every year of my retirement.
@thedude50404 ай бұрын
I think you should experience a different kind of joy. Take a day off work, drive to a food bank and ask what they need, go buy everything they need by spending $500-$2000, then hand deliver everything back to the food bank.
@loborocket4 ай бұрын
Why???? In retirement you are de-accumulating $, ideally, IMHO, you should not be growing your net worth in retirement. You can't take it with you.
@TheFirstRealChewy4 ай бұрын
Why? Are you trying to leave money for your kids, etc? If we manage to reach FI before retirement age then we will either retire early or spend more. This way we enjoy life more and put the money back into the economy.
@FIRE_DrNinjaTurtle4 ай бұрын
@@TheFirstRealChewy my children are on Crystal Meth. I am not leaving them millions of dollars. There are many worthy charities that could use the money. I do plan to spend more every year. I can’t out spend the money coming in because I am frugal.
@loubacca25154 ай бұрын
I missed the “bowling point” graphic. 😢 Anyone know where it is?
@jaredhynes30064 ай бұрын
around the 11 minute mark
@TheGabriellessem4 ай бұрын
So if excluding your home, are you also excluding your mortgage?
@AngelaVlahos3 ай бұрын
you have to start a savings account.
@mikegranberryii3 ай бұрын
I just surpassed 1 zillion. I started investing in my past life.
@jasondpalsutube4 ай бұрын
"Strutting around like George Jefferson just because you happened to buy a house at the right time" - Are we sure Jefferson is the George we're shading here?
@alexbernstein14504 ай бұрын
So we don't count our house but do we count our mortgage? I always count my house at cost for na statement.
@TR-lh9yz4 ай бұрын
They aren't saying you should exclude equity in your house if you are just calculating your net worth. They are just marking having a significant amount saved/invested beyond home equity as a different category of wealth building.
@enigmathegrayman29534 ай бұрын
Nothing has helped me build wealth quicker than a paid off 2015 Chevy Sonic (old faithful)
@oxthemoron4 ай бұрын
The very best car is some high dollar performance luxury import. The second best car is paid off. That said, at some point it’s worth considering an upgrade in safety if you are there financially. The other drivers on the road introduce a lot of non-financial risk that could significantly impact your quality of life.
@Crijoe4 ай бұрын
I'm in the same boat. I have a paid off 2017 Kia Optima. No car payment is a tremendous help.
@enigmathegrayman29534 ай бұрын
@@Crijoe Yes sir! 💪🏾
@eats4cheaps3054 ай бұрын
35, just got to 0. But with our current income, future raises and using your investment and saving strategy, i think we'll be able to get to $500k in 8 years. That's both 401k and liquid. And by my calculations, with only 5% apy, we should at $3 million by 60 and $5 million by 65. That will allow us to live off of the interest alone, and living really well. Just wish i had paid attention when i was younger. I could have put $100 away each month but chose not to because i thought it wouldn't make a difference. We could have been able, with our current trajectory, be able to retire so much earlier.
@bravogoldeagle89074 ай бұрын
Bo, how would I connect to discuss how to get on your show to ask a net worth question?
@travispalaszewski97994 ай бұрын
Divide 72 by rate of return that’s how u figure out when it 2x
@thedude50404 ай бұрын
The rule of 72 was invented for a time with slide rulers and no hand-held super computers. Real financial mutants can do the real math, with logs and exponents
@DS_52984 ай бұрын
And this is how nerds flex 😊
@thedude50404 ай бұрын
@DS_5298 natural log of 2 with a base of (1+(fixed interest rate%/100)). Thus a 3.5% interest rate takes 20.14 years instead of the imprecise 20.57 years you get using the boomer equation. Edit if you want to know how long to grow to 3x, replace the 2 with a 3.
@maoisn4 ай бұрын
The fundamentals of getting to $100K is sound but those figures and timelines have got to change. $1mil in today's dollars is great but if it takes you 30+ years to get to $1mil, you are doing better than most but still won't be comfortable. Max out those investments when you are young.
@norconster4 ай бұрын
Your net worth really snowballs after 100k. I just crossed $100k net worth in December 2023 after 4-5 years of investing and I’m almost at $130k 8 months later.
@snowjae93803 ай бұрын
Keep it up! I just joined the same boat
@atxvr44 ай бұрын
When you say, “Net Worth,” do you mean household net worth or individual net worth. When I’m watching this, I’m not sure if I should take into consideration the combined net worth with my wife, or just look at my own. What did you have in mind? It impacts the bucket we’re in. Also, does “Liquid Net Worth” include retirement accounts?
@diligentDawg994 ай бұрын
I'm a bit confused by how you talk about net worth outside of equity in home. Does that also not include the mortgage balance then? It seems like they are talking more about wealth invested vs. net worth. Also, since I've only been out of school for 2 years and have a high income, it's a bit weird to think my net worth is a 6 digit negative number, even though I'm more than half way to 100k in retirement accounts, due to student loans. Due to high income and a great match, I kind of feel like I'm out of order in the FOO because I'm investing so much while working through step 3 of the FOO (Some Student loans are as high as 9.2%APR). Also, knowing that it will take quite a while (~7-10 years) to get out of step 3, I've also put aside 3 months emergency fund (so skipped to step 4). What things might I want to think about in slightly breaking the FOO?
@Lucky008aau4 ай бұрын
Net Worth is all Assets (home, cars, expensive possessions, and investments) minus all Liabilities (current balances of home mortgage, car loan, credit card debts, student loans, etc). Throughout this video, they are saying to ignore the net value of your home (so pull out home value and amount of mortgage). Most cars lose value as you pay them off (and any equity in a car goes towards the next car) so they aren't considering that here either. What's left is invested assets and your debts besides your home mortgage. Rental properties and their debts would be included. Getting the employer match is step two. High interest debt is step 3. The only out of order part is the 3 months of expenses. Optimally you would put that toward your student loans, but if you need that cash to sleep at night, don't do it. It sounds like you're doing great, keep it up.
@sd07534 ай бұрын
This show is a simplified explanation. They took the house portion out because there are a lot of people that have maybe 200k in a retirement account but live in a house they bought in the 60s and 70s for cheap and now is worth $1mil. Their net worth is over a million but they can't access it since nearly all of it is tied up in the house.
@heidiortiz93524 ай бұрын
The key for a high income is don’t inflate your lifestyle, until you get the 9% student loans paid off. That interest rate is high enough that you need to get it paid off promptly
@diligentDawg994 ай бұрын
@@heidiortiz9352 Agree. Doing my best! A bit tough since I just got married and moved cities. But every raise and bonus since then has gone to debt.
@Chrislam9527 күн бұрын
Could be people tend to forget who they are and where they came from
@BenFranklin17764 ай бұрын
Can someone explain what is the parent match on a custodial Roth IRA? They have mentioned it on many episodes (albeit not today). Everything I read still says the contribution maximum is lesser of dollar limit ($7k this year) or the child's earned income. So how can I put matching dollars in?
@Kornheiser104 ай бұрын
It's not a formal match that is part of custodial Roth rules. What Brian does to inspire his kid to save, he (as I do) agree to match what the child puts in. It cannot exceed what the child makes, so if the child made $5,000 over the summer, the total cannot exceed $5k, so it could be $2,500 from kid and you match another $2,500. Also, you can't have kid put in $5k and you match $5k, as that exceeds the yearly Roth contribution amts.
@BenFranklin17764 ай бұрын
@@Kornheiser10 Thank you. Sort of the same idea as what he describes for a first car, making the child pay half. So this still lets the kid enjoy half of their earned money, while maximizing the custodial Roth.
@Kornheiser104 ай бұрын
@BenFranklin1776 yes, and gives them incentive. Just don't want to go over what they made, so the kid that made $2k can't put in 4k with parent's help.
@cherriledbetter11204 ай бұрын
How to find a high interest saving account?
@heidiortiz93524 ай бұрын
Just research online. Sofi is popular but I use Raisin
@spdog33444 ай бұрын
We are 32 and investments in retirement, brokerage, HSA are right about at 200K. Savings rate 25%. Our only non-mortgage debt is 18K federal student loan at 4.5%. At what age do they say that 4.5% is considered (high interest)?
@sd07534 ай бұрын
Congrats. You are way ahead of just about everyone at your age. At your age debt with 7% or more interest is high interest. You subtract 1% for each new decade, so that 7% becomes 6% in your 40s and 5% in your 50s.
@johannsigursson53194 ай бұрын
When we say 25% of gross to retirement, do we include employer match in that math or do we ignore that? If we already have real estate, we are ignoring home equity in net worth right, not counting the mortgage as a debt and ignoring the home value?
@circrna2 ай бұрын
You should count your debt. It is debt. Subtract it from your net worth. My opinion. I am not expert.
@johannsigursson53192 ай бұрын
@@circrna if I recall correctly, the video was saying to ignore your real estate when determining net worth but talked about mortgage when listing debts. So if you have 50k equity on a house but 200k mortgage left, no other assets except 10k cash, is your net worth 10k, 60k, - 140k or - 190k?
@patienceisalpha4 ай бұрын
We need 1M+ liquid what to do.
@HiggsywiggsyАй бұрын
Question, for people. My wife and I have 44k in my 401k 31k in my Roth 11k in her Roth 32k in her pension plan 17k in emergency fund No debts. Does this count as a 100k net worth or does it have to be in one account?
@TheFirstRealChewy4 ай бұрын
My car is almost 16 years old.
@stevenporter8634 ай бұрын
Was 23 when it died.
@cherriledbetter11204 ай бұрын
How do you make 8 percent?
@jonasking36703 ай бұрын
What do you mean? The S&P 500 has averaged 11% over the last 20 years. So if you take inflation into account you get around 8%.
@mann2342 ай бұрын
@Executor0094 ай бұрын
1M at 7% is 70k per year and by that time you should have you house paid.
@MablePauls2 ай бұрын
The whole point of wealth for me is freedom. My magic number in my mind is 5 million needed at 65 to not worry about anything. Am i better off investing a good portion of my income into stocks or saving my earnings to achieve this goal??
@MrJacobrieАй бұрын
I sorta hate you guys bc Bo has a cyber truck model there. What’s that about?
@BiggMo4 ай бұрын
Bo and Brian, please respond to the Rob Berger video “How a 1% fee can cost you 1.7 million in retirement”. It’s focused on the cost of an advisor - And Brian/Bo company charges 1.25%. (Brian’s Troll here)
@mike-yo8qj4 ай бұрын
Bo and Brian seem like nice guys and they honestly don't push their brokerage firm. So, this is a topic I would avoid with them on YT and in-person conversations (even though I'll likely never meet them).
@greenlantern19864 ай бұрын
I have to imagine they would argue that they provide more than that in value. Whether or not that is true, who knows.
@travispalaszewski97994 ай бұрын
They have explained before that rate goes down as ur AUM hit break points
@thedude50404 ай бұрын
The $1.7MM is when you use an advisor your entire life. The money guys actually recommend you not needing an advisor, if you are competent, until you are older with more money than you can manage. This means you will be older, with less time, meaning you will not be spending anywhere near $1.7MM
@BenjaminTVogt4 ай бұрын
They also did a recent video on this, something along the lines of “do you need an advisor.” They outline their services and their rates.
@KeithBurns-v5h26 күн бұрын
Im in a lot of credit debt. I wasn't till my job demoted me unexpectedly. But my new job doesn't pay enough to pay it off. I don't have a mortgage but I have an rv payment. I full time live in it. And my vehicle is a 2008 tundra. It works and it let's me travel. I remote work. I sold my house and started traveling. But I think its time to start getting Uber duber frugal.
@andrewpizzala15074 ай бұрын
My wife and I file married but separate because of my wife’s student loans. This makes us ineligible to contribute to a Roth IRA. Additionally, I have a Roth TSP working for the federal government. Can I still double dip and contribute to an another retirement savings vehicle like a traditional IRA? Thanks for considering my question
@Abraham.Lincoln224 ай бұрын
No
@YitzchakHorowitz4 ай бұрын
Still waiting for the episode where Bo isn't so excited about this one.
@mile72764 ай бұрын
Does sweat equity count? I feel like that's different than just property appreciation.
@stevenporter8634 ай бұрын
No. A house (equity) is not liquid.
@J.FamGuy.M4 ай бұрын
Love it. I hope it counts bc I sweat gallons at work. 😂 More production, more profit, more pay.
@heidiortiz93524 ай бұрын
It’s only money if you sell, and assuming you need somewhere to live, it should be excluded from liquid assets