7 Cashflow Milestones Worth Celebrating!

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The Money Guy Show

The Money Guy Show

Күн бұрын

7 Cashflow Milestones Worth Celebrating!
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Пікірлер: 227
@MrEscape314
@MrEscape314 5 ай бұрын
01:55 1 Saving $100/Month 08:40 2 Maxing Out Your Roth IRA 14:30 3 Saving $1,000/Month 18:42 4 Monthly Savings>Monthly Debt Repayment 22:02 5 Maxing Out Your 401(k) 26:30 6 Investing 25% Towards Retirement 31:40 7 Your Investments Exceed Your Spending
@rayzerot
@rayzerot 5 ай бұрын
Great! Thanks!
@vwilso3224
@vwilso3224 5 ай бұрын
Interesting that these are out of order for non higher income earners (maxing out your 401k is more than 25% for most people)
@MrEscape314
@MrEscape314 5 ай бұрын
@@vwilso3224 especially if you max out the IRS first.. now you're talking about investing $30k, which means you mist make over $120k to do this before 25%. It's even worse when you consider that the 25% includes the employer contribution. So if an employer is doing 10%, you get to 25% even sooner yet. Now to max out 401k and IRA before 25%, you have to make $30k/.15=$200k.
@xmochix604
@xmochix604 5 ай бұрын
Our hero! 🦸‍♂️
@thepreston1021
@thepreston1021 5 ай бұрын
Much Appreciated!
@jakethiringer1698
@jakethiringer1698 5 ай бұрын
This month is the first month I’m putting $583 a month into my ROTH IRA. At age 29 I’m excited to be on my path to financial independence. Thanks Money Guys!
@ryebread447
@ryebread447 4 ай бұрын
Had u done any prior? Even if not you will be set
@rogerpope
@rogerpope 2 ай бұрын
That’s awesome! I’m in a similar boat, I’m 28, only had my Roth IRA two years. Just this year I set up a $134 weekly transfer into my Roth IRA ($580 per month). Recently reached $10k in my Roth IRA. Cheers!
@overlay5625
@overlay5625 4 ай бұрын
23 year old here. Just here to brag because i don't in real life. I'm just out of university, 100% debt free, got out of university with a paid car and 10k in the bank. Currently saving 1500$/month. Really looking forward to start investing in real estate and have the financial security to start some kind of side gig
@james1000
@james1000 4 ай бұрын
Excellent starting position. Remember that if you can develop a lucrative career, you don’t need a side hustle. I used to mess with that. Then after graduate school I make 225k and my spouse makes 400k. No need to worry about side hustles. Just something to think about.
@overlay5625
@overlay5625 3 ай бұрын
@@james1000 not that I need a side hustle, but I like to stay busy and I would like to build something of my ownmy career is for security, but I only work 35 hours a week so I'll have time to do whatever kind of project seems fun
@jablanguado7738
@jablanguado7738 3 ай бұрын
@@overlay5625Don’t forget to live though too. I am a year older than you and I definitely have done too much work at times and became regretful when I realized how much other areas of my life I put off. I work a full time job and have multiple part time jobs / side hustles. I just quit a part time job, and I’m looking to get more time back than that, because I’m giving up a lot of time for money that I don’t need to.
@kylewynja3031
@kylewynja3031 2 ай бұрын
Good on you! What a great spot to be in. I’m a 53 year old dad of 4. Child 3 will graduate from college this year with zero debt and almost $50k saved. In one generation your families financial tree can turn around. My wife and I both come from middle income families. We both borrowed money for college. Started with nothing but debt and ambition. We have accumulated significant net worth in the last 30 years (over $15 million) and all our kids will have zero college debt and opportunities that I could only dream of. My point is, you are positioned to change your family tree! Now go start a business and go to work every day and pray the prayer of Jabez! Lastly, give generously as you go!!
@fredmeyer369
@fredmeyer369 24 күн бұрын
Making great decisions there, It took me about 5 years after college to get to stable with savings and emergency fund!
@AlexaVonSuess
@AlexaVonSuess 4 ай бұрын
I found this video to be super super helpful for those of us who aren't at the bottom drowning in debt but aren't quite financial mutants either. Having these quantitative tasks to check off made the path so much clearer. Thank you!
@spdog3344
@spdog3344 5 ай бұрын
We are both 32, 2 kids. We’ve passed milestones 1,2,3,4, and 6. Step 5 and 7 would be a lot for us, but maybe some day! We both started investing early at 22, so it’s been awesome to see what has happened in 10 years 🎉
@RobertBeedle
@RobertBeedle 5 ай бұрын
Dont always have to hit them all to have a succesful life. Follow the Financial order of operations. These guys are amazing
@OwenFlex
@OwenFlex 5 ай бұрын
Achieving positive cash flow is definitely something worth celebrating.
@EstherRoss-gm8qv
@EstherRoss-gm8qv 5 ай бұрын
I recently hit a major cash flow milestone myself. It felt great to see all my efforts paying off.
@billze9927
@billze9927 5 ай бұрын
It can be a game-changer in your financial journey, providing more security and flexibility.
@RoseBalerus
@RoseBalerus 5 ай бұрын
What kind of milestones do you think are worth celebrating?
@Burning.Phoenix
@Burning.Phoenix 5 ай бұрын
I love the smirk Bo gets every time we hear about the bowling point. 18:02
@dancingoctopus9888
@dancingoctopus9888 4 ай бұрын
“Money is not a goal, its just a tool.” I love that!! What a great mindset!
@sirheisenberg4459
@sirheisenberg4459 2 ай бұрын
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.
@Tanner-c2m
@Tanner-c2m 2 ай бұрын
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.
@belobelonce35
@belobelonce35 2 ай бұрын
The issue is most people have the “I will do it myself mentality” but not skilled enough. Ideally, advisors are perfect reps for investing jobs and at first-hand experience, my portfolio has yielded over 350%, since covid-outbreak to date, summing up nearly $1m.
@jorgeHudson-h4h
@jorgeHudson-h4h 2 ай бұрын
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one.
@belobelonce35
@belobelonce35 2 ай бұрын
Rebecca Nassar Dunne is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
@SavannahMitchell-b3d
@SavannahMitchell-b3d 2 ай бұрын
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip.
@melodyn6419
@melodyn6419 5 ай бұрын
It is better to create chapters for long videos
@Glanzern
@Glanzern 5 ай бұрын
Somoene usually comments and does it for them
@JP-rj1cd
@JP-rj1cd 4 ай бұрын
Or just invest 34 minutes of your day and watch the video
@BanjoTartlets
@BanjoTartlets 5 ай бұрын
I feel pretty darn good after this one. I am 46, debt free and have milestones 1 - 4 knocked out. I also save 41% between my HSA, 401k and Roth IRA and 18% into cash reserves and short term savings so I am also knocking out 6 & 7. Maybe 18% is high for non invested savings but I am saving for an eventual car (current is 14 years old) but that savings rate may shift in a couple of years. The only milestone I am missing is maxing out my 401k. That is an income situation more than anything. I make 65k a year which is pretty good for a single income for my area. I am also a home body and most of my hobbies are things like drawing, reading, running D&D games, playing videogames, cooking, gardening, and playing guitar. So I don't spend on going out too often and I am not really into travel. I might splash out for a game or a vinyl album for my collection but not much spending. I keep my savings aggressive mostly to make up for my 20's. at 46 I have around 300k in retirement and about 15k in savings. I know I am behind so I am trying to load up as much as I can now so I have the most time to compound.
@JoeFromSomewhere2303
@JoeFromSomewhere2303 5 ай бұрын
You're doing great, keep it up!!!!
@Call_me_Mara
@Call_me_Mara 5 ай бұрын
Keep it up! You’re doing great
@thatsforrealmusic6884
@thatsforrealmusic6884 5 ай бұрын
This is a good post!
@lionessrising
@lionessrising 5 ай бұрын
You are crushing it 🎉
@mikehawk9992
@mikehawk9992 5 ай бұрын
Keep it up! Agree this was a good own I feel better 🎉
@christinab9133
@christinab9133 4 ай бұрын
Love the episodes and really appreciate everything you guys do. Please clarify that when you are talking about savings that you really mean investing. As a teacher myself, I know how important it is to be clear. Most people hear the word savings and immediate think of a savings account. Investing is different than savings and I really think it’s helpful to be as clear as possible and not assume others have the same frame of mind as we do. Loved Millionaire Mission! ❤❤❤
@thechunwu
@thechunwu 5 ай бұрын
Glad I found this channel, milestone #7 at the age of 35 (now 38), I feel like I life is on cruise control. Now my focus is downloading this knowledge to my kids to set them up for their journey. My hope is that this this knowledge and habits become generational.
@nathanfinster9803
@nathanfinster9803 5 ай бұрын
Made it through step 4, now working on how to balance additional long-term investments and liquid savings for 1-5 year goals. Want to make sure we aren't so focused on our 30+ year future that we don't enjoy the journey along the way and have cash on hand to avoid financing avoidable debt.
@MrEscape314
@MrEscape314 5 ай бұрын
I tried
@KhoaNguyen-qh4ks
@KhoaNguyen-qh4ks 5 ай бұрын
I love Bo's intro. In every video, Bo would say, "I am so excited about this." It would be really sad if I don't get to hear that.
@USCMM09
@USCMM09 5 ай бұрын
FYI I did the math and milestones 5 and 6 will be flipped for those who earn less than $136,600 in 2024 and follow the FOO. See below for my explanation of how I came up with that number. People who follow the FOO (i.e.maxing out HSA and Roth IRA prior to maxing out 401k) would have to invest $34,150 in 2024 to max out their HSA ($4150), Roth IRA ($7000), and 401k ($23000). Obviously there is some nuance because this calculation assumes you have an HSA, your employer does not contribute yo your HSA, and that you are under 50 (i.e., not eligible for catch-up contributions). For $34,150 to be a 25% contribution rate, you would have to earn $136,600 (i.e. 34150 * 4). Thus any earnings over $136,600 would max out all retirement account before hitting the 25% investment rate.
@FightingTexasAggie
@FightingTexasAggie 4 ай бұрын
Similarly steps 2 and 3 are flipped for any couples. 1000 per month or 12,000 per year doesn't max out two IRAs in 2024.
@kckuc310
@kckuc310 5 ай бұрын
I brought lunch to work for 40 years, it’s paid off!
@mrjuvy49
@mrjuvy49 5 ай бұрын
I brought coffee in a thermos for 20 years, Hello Jamaica!
@getinthespace7715
@getinthespace7715 5 ай бұрын
Yeah. I skipped breakfast and brought microwave noodles or left overs for 10 years. Before that I was wasting $15-20/day. $7k a year I was wasting.
@lukeremsberg5796
@lukeremsberg5796 5 ай бұрын
You’d think this wouldn’t be a radical idea. And yet it is and will help you save thousands per year
@coya8coy
@coya8coy 5 ай бұрын
One place I always save big, food. I have to make everything from scratch and can seldom eat out for health reasons. Even stopping processed snacks saved. Will hopefully be maxing out my Roth for the first time by December if everything goes well. I didn’t start taking things seriously until recently, but watching your videos keeps me motivated!
@carlgarrett5142
@carlgarrett5142 Ай бұрын
Good on you! I have to do the same thing and it is wild how the cost of food (and health care) goes down.
@davidx9417
@davidx9417 5 ай бұрын
This is a good list. I’m 49 and reconcile have reached step 7 when comparing investment vs my actual normal spending, but my “spending” in reality also includes setting aside money to help family as well as for travel. So when those are added in it comes out roughly equal or investing is slightly less than “spending” in that sense. But it’s still a good barometer to compare against. I find it helpful to benchmark against various frameworks including FOO, baby steps etc to see where I’m at in any given time.
@irish721i
@irish721i 5 ай бұрын
Hey, did Brian write a book? He doesn't mention it much 😉
@victorbaird8220
@victorbaird8220 5 ай бұрын
Millionaire Mission
@wpelfeta
@wpelfeta 5 ай бұрын
Milestone 8, you're generating passive cashflow from your book. :P
@Tinaluvsdc
@Tinaluvsdc 5 ай бұрын
Haha😂
@matt6316
@matt6316 5 ай бұрын
Yes he did (“Millionaire Mission”). I’ve read it. It’s really good. If you like the podcast, it’s worth reading.
@thepreston1021
@thepreston1021 5 ай бұрын
🤣😂
@concernedcitizen4579
@concernedcitizen4579 5 ай бұрын
Thanks money guys for reminding us we are CRUSHING it
@RobertBeedle
@RobertBeedle 5 ай бұрын
Keep on going strong 💪
@BillRouck
@BillRouck 4 ай бұрын
Great show!! I think an important one is missing (#8), and while aspirational is a major milestone, and that's when (whether you are working or not), you have enough cash coming in from unearned income that it meets or exceeds your spending needs. The point at which if you _wanted_ to stop or dial-down your earned income activities, based on your availability of cash from unearned income, you could. That's the financial independence point (as I would define it). #7 of saving more than you are spending is important and an admirable achievement, but a goal for the whole efforts of #1 - #7 is #8 (or another, achieving retirement based just on the level of assets you have), but #8 is living off (or the ability to live off) dividends while generally not needing to touch principal
@andrewsandstrom7694
@andrewsandstrom7694 5 ай бұрын
I’m on milestone #7 I’m a 29 year old construction worker and I came from no family money. It’s all about discipline and automating good habits.
@anonuser12345
@anonuser12345 5 ай бұрын
Having the little pop-ups that show the FOO is awesome. Great video quality. Thanks for making this!
@rodrigok1220
@rodrigok1220 5 ай бұрын
I’m missing #7… number 4 is questionable as well… I save more than my mortgage and car payments. I put my spending on CC, but always pay it off, never pay interest. For #7, think I’ll surpass that milestone when house is paid off and my last child is through college. Anticipate both will be done in 4 years.
@ohyeahbaud5453
@ohyeahbaud5453 4 ай бұрын
I'm 21 and saving about 70% of my income. I'm told it's too aggressive but I want to own a house and be secure in my 20s
@midtownguy76
@midtownguy76 2 ай бұрын
Love this! Thanks you for teaching me ❤
@jaclynbriggs9088
@jaclynbriggs9088 5 ай бұрын
I love your milestone videos. It helps me look forward to hitting those goals eventually and knowing what the next goal should be. Great work guys.
@stephencolor2010
@stephencolor2010 5 ай бұрын
20:48 when he said "go for a walk" my wife and I both started laughing because that's totally how we'd celebrate 🤣
@johnboughner4870
@johnboughner4870 5 ай бұрын
Beau’s smirk when he hears “bowling point” is a major podcast milestone you guys should get “excited about”.
@uzimakiuchiha
@uzimakiuchiha 5 ай бұрын
*Bo
@sacandinavidave7183
@sacandinavidave7183 5 ай бұрын
Best episode in a long time! Great job!
@VinceWantsWealth
@VinceWantsWealth 2 ай бұрын
I’m 19 years old. I currently have a portfolio worth $21k granted 1k was given to me by my parents last year on my 18th birthday, everything else besides that is all my own hard earned money. I have been consistently putting in $400 / week aside for my investments. 270 goes to my brokerage and 130 goes to roth ira. I still need to learn a lot of things on my journey and i would really appreciate it if there was more videos primarily targeting the younger audience. Like what you should do before 20 to be financially set or anything similar to that. So that younger generation like myself have more people to learn from because there are not that many youtube channels that primarily focuses on the youngsters. I really appreciate your guys work and dedication in educating people
@mcp866
@mcp866 Ай бұрын
Check out their "By Age" videos. I believe they have a "Net Worth By Age" video where they cover typical net worths for each age range and what those age ranges should do to set themselves up for success.
@calebmccalla9675
@calebmccalla9675 5 ай бұрын
Reached all these already 🎉. Unfortunately I started later than I should have so I missed out on a lot of compounding!
@freedomlife3623
@freedomlife3623 5 ай бұрын
same here, just imaging I started investing in index ETF when I was 20 something intead stocks.
@geldan
@geldan 5 ай бұрын
I hit them all including maxing out not just 401k but also mega backdoor, but i live my life in constant fear of losing my job
@Yugiboii
@Yugiboii 2 ай бұрын
Sheeeeeeesh lol great job! I’m about at 1/3 maxing out the mega Roth … hopefully to get there one day
@centerphil17
@centerphil17 5 ай бұрын
This was one of my favorite and most informative videos I’ve watched from you guys. Great work fellas👊🏾🙌🏾😎
@TemperrQuake
@TemperrQuake 5 ай бұрын
I am proud 27 and hit #1,#2#4,#6,#7 not there yet but we are trying!
@Unitedflyier
@Unitedflyier 4 ай бұрын
As an airline pilot I'm amazed that so many of my coworkers are retiring with less than $2m saved up. Even though they were fortunate never to be laid off. The company gives us 16% in our 401k when it hits the max it goes in to HSA accounts. I was furloughed many times and bankrupt after paying for my training. Things didn't pay off until 2016. I saved a lot of money every month and bought a modest home. I lived like I was still I employed. Now I see my fellow pilots loaded with debt. Big houses multiple cars and credit card debts. It's not how much you make it's how much you spend. I'm retiring early. They are looking for another job when they have to retire at 65.
@Jordan-k8s
@Jordan-k8s 4 ай бұрын
"a fondue place that's since burned down"... there's a story there and I think that we deserve to hear it.
@acray3175
@acray3175 4 ай бұрын
So! Story behind Dante's Down the Hatch: Awesome fondu place with pirate ships inside the building itself and gators in the water around the ships. My family would frequently go there decked out (pun intended) as pirates. My aunt and uncle, specifically, would go so frequently that they were refered to, by Dante himself, as "his pirates". Several years ago (I want to say back in 2013), Dante decided to retire because the city decided to jack up tax rates. The building was demolished and something like condos or an office building or something were built in its place. THAT is what burned down. Not the actual fondu place. There were rumors that there was going to be a second Dante's, but he unfortunately passed away a few years ago.
@hlhl2691
@hlhl2691 5 ай бұрын
Great video 🔥
@adamreese2826
@adamreese2826 4 ай бұрын
I celebrated every next higher denomination of money in dividends, still working my way up though 1 cent 5 cent 10 cent 25 cent dollar. Lots of work to go.
@douglassmith9445
@douglassmith9445 5 ай бұрын
My wife and I invest between 5-6k each month and on average, our net-worth has grown by around 100k each year. Currently sitting 270k at age 33 and have been chasing 300k before turning 34 but won’t get there in time. Definitely think 400k while I’m 34 will happen though! Trying hit a million by age 40.
@AustinMathias
@AustinMathias 4 ай бұрын
As usual, he is so excited
@bbkyjohnson
@bbkyjohnson 4 ай бұрын
This will be the fifth year of the last 6 that I’ve been able to max out my 401k. I haven’t honestly paid much attention to the other steps they are prioritizing. Maybe I’ll work on a few them starting next year??
@DylanTaylor182
@DylanTaylor182 5 ай бұрын
I like the Masters polo.
@JeffreyQProductions
@JeffreyQProductions 5 ай бұрын
I got all 7! Neat!
@VirginiaHapa
@VirginiaHapa 5 ай бұрын
I did that calculation with the Nvidia stock I sold 10 years ago 🤦🏻‍♂️ lol
@jakenbake_0.0
@jakenbake_0.0 5 ай бұрын
Good morning! Love you guys! Thanks for all the priceless knowledge you provide. Have a blessed day! 🎉❤
@adrianmacias1924
@adrianmacias1924 4 ай бұрын
Can 1 and 2 be combined? Should you be saving the $100 in something like a HYSA and then maxing out your Roth separately? OR could you save the $100 and contribute that towards your Roth?
@LowInformation
@LowInformation 4 ай бұрын
42, own my home, no debt, maxing my 401k $23k/yr. I live poor, I look poor. Life would be less stressful for me if my wife worked a job.
@MimiLegend
@MimiLegend 3 ай бұрын
Why doesn’t she? Is her being a stay at home wife (mom?) something you agreed upon? Best to have a conversation before resentment builds.
@Regal1999
@Regal1999 4 ай бұрын
I’m a bit confused , what do we prioritize first the employee 401k or the IRA ?
@Regal1999
@Regal1999 3 ай бұрын
Does the April 15th deadline apply to 401k contributions the same as they do for an IRA ?
@I.amhades
@I.amhades 5 ай бұрын
Shoutout to the production team. The graphics have gotten much better since I started watching about 2 years ago. Keep it up team!
@MatthewAidan4ns
@MatthewAidan4ns 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?
@DanielNoahD3w
@DanielNoahD3w 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?
@DanielNoahD3w
@DanielNoahD3w 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.
@jeremyb5619
@jeremyb5619 5 ай бұрын
27 years old and have 2 more to go! Think I need the income to increase to max the 401k, but I’m getting close
@danwalsh3163
@danwalsh3163 5 ай бұрын
What exactly does the monthly debt include? Just my main bills or going out to eat and such as well?
@ladypanther3
@ladypanther3 5 ай бұрын
Pretty sure, monthly debt (#4) are the monthly payments for mortgage, car debt, student debt, consumer/credit card debt, any private loans you have to pay back on a monthly basis. Main bills, going out to eat and whatever else you spend in a month = monthly spending (#7)
@danwalsh3163
@danwalsh3163 5 ай бұрын
@@ladypanther3thank you
@kieraburgess3431
@kieraburgess3431 4 ай бұрын
I'm 24 and already saving 23% of my gross income to retirement. My company has amazing match. First 4% is automatic. I put in 4% and they give me 13% in addition to my 4. Then I add additional 3% which they match exactly. So I put in 7% but I get my 7% plus their 13 and 3% match. That is 23% with only putting 7% in. And pension contributions is taken out before tax is taken in my country 😮
@jm9565
@jm9565 5 ай бұрын
15:03 So you're saying there was a Dante's inferno?
@knowen87
@knowen87 5 ай бұрын
Hahaha that's great. I thought it was great that he just casually mentioned that there were alligators in the lobby. I wonder what the rest of the "crazy stuff" was.
@donaldwedington4594
@donaldwedington4594 5 ай бұрын
Dante's! Man that place was wild!
@coreyfinch5718
@coreyfinch5718 5 ай бұрын
Can't wait for my army of dollar bills to reach their "bowling point"! Haha thanks B&B for your content!
@jasminebora3445
@jasminebora3445 5 ай бұрын
Should number 7 be last step? I did 1-6, 8,9, then currently at 7
@DaveM-FFB
@DaveM-FFB 5 ай бұрын
#7 Is true Financial Independence.
@BowlerActuary
@BowlerActuary 4 ай бұрын
Crazy to think I’ve hit that stage at age 26! My only concern is that I could get my income out of the Roth IRA income limits in the next 3-5 years or so and can’t do mega back door Roth IRAs. I guess brokerage will keep being pushed
@mattfisher1174
@mattfisher1174 5 ай бұрын
"Bryyyyyyan I am so excited bout this" lol
@guhreenskittles
@guhreenskittles 5 ай бұрын
I’m currently investment rich but don’t own a house. How can I work toward short-term goals like owning a house (in the HCOL area) meanwhile still investing 25% for my future?
@CharityKamau-y1z
@CharityKamau-y1z 5 ай бұрын
We need to meet Mr. Moro
@nicstevens6499
@nicstevens6499 5 ай бұрын
"Brian I am so excited..."
@GoodTimeCatchers
@GoodTimeCatchers 4 ай бұрын
So imagine spending 30k on a singular day that you get zero dollars from at the very start of your journey… wedddings!!! The single dumbest move people make financially in their lives. I spent 6k on mine 140 people fed. 6k in money gifts back after. So zero loss! Make the right choices everyone
@mrjuvy49
@mrjuvy49 5 ай бұрын
Even in the Army in 1968 I was saving$50, $ 250 would be the equivalent today.
@zizzy0093
@zizzy0093 5 ай бұрын
31 and working on #7!
@daedaluxe
@daedaluxe 5 ай бұрын
12 and working on step 8
@stocksxbondage
@stocksxbondage 5 ай бұрын
I’m 31 investing at least 25% as well. Doesn’t that mean we’d need a 51% or more savings rate to hit this milestone? Mortgage/rent, bills, kids, leisure, and taxes are all expenses
@4Tankmp
@4Tankmp 5 ай бұрын
Definitely not hitting them in order but checking a few of them off.
@berogie57
@berogie57 4 ай бұрын
Is that $1000 a month include employee retirement savings? Or in addition to?
@jakeeaves218
@jakeeaves218 3 ай бұрын
I'm 24, apparently I need to have 7 celebrations. My savings/investments is 67% of my income
@maxinoume
@maxinoume 5 ай бұрын
One big milestone is when your portfolio is big enough to grow to your target for retirement by itself without you needing to invest anymore. Everything you invest after that milestone is to have a more comfortable retirement or retire earlier.
@MrEscape314
@MrEscape314 5 ай бұрын
@@maxinoume that's more a networth milestone than a cash flow milestone. Basically it was covered in another video.
@anthonypomerson
@anthonypomerson 5 ай бұрын
I think the team needs to add a Nintendo Wii bowling graphic/sound every time Brian says “boiling” 🤣
@eem3iii
@eem3iii 5 ай бұрын
Putting pension and social security COLA increases into a brokerage account where it can pay you monthly and grows with the stock market.
@thomaschew2191
@thomaschew2191 5 ай бұрын
@5:25 60% of US households do not have $1,000 in reserve for an emergency. Hey...that was us 8 years ago. Today we have 10 months expenses in reserve, no debt, we are maxing out our 401Ks, putting $1,000 in a taxable brokerage account and still adding to our savings. Was it easy? No. It was very difficult and exhausting. Was it worth it, would we do it again, is our stress level lower, are we optimistic about our future? The answer to all that in a single word...yup!
@freedomlife3623
@freedomlife3623 5 ай бұрын
Congratulations, nothing worth having is easy. That’s an achievement worth celebrating.
@Nosolutionsonlytradeoff5
@Nosolutionsonlytradeoff5 5 ай бұрын
When they say you need to save x% at Y age to recover Z% of your income in retirement, I am presuming this is based on the idea that your expenses never change from the point you start saving that amount? I have been saving over the past 5 of so years but my income has more than doubled. My expenses haven't more than doubled but they have increased and in retirement I would like to have an expense limit of around the amount I am spending now, not 5 years ago when I started. Does anyone know more details on the maths here or are we just better off doing a cashflow model? thanks!
@Pihlalorjoone
@Pihlalorjoone 5 ай бұрын
What we did when we started earning more was to raise the amount of savings in a few steps to 30%. This was easy because of the raises in income. In effect we were saving 4 times the amount of money compared to when we started. I set up a spreadsheet which allowed for 'what-if' tests to check different scenarios. In the end we retired far earlier than we had planned, as our investments brought more money than we planned. What we learned is that active planning is the best way to go, at least for us.
@victorbaird8220
@victorbaird8220 5 ай бұрын
I wish the would talk about Roth Ralph 😂😊
@victorbaird8220
@victorbaird8220 5 ай бұрын
They*😊
@LuisVelazquezLV3
@LuisVelazquezLV3 5 ай бұрын
"BOWLING POINT!"
@anonymousf7byyj
@anonymousf7byyj 2 ай бұрын
20:46 go for a walk? 😂 no danger of getting carried away here.
@TR-lh9yz
@TR-lh9yz 4 ай бұрын
I paid $100k in federal income tax for the first time this year. I don't feel like celebrating that milestone....
@noahkyurem
@noahkyurem 4 ай бұрын
DAYUM
@aqwjawbreaker2380
@aqwjawbreaker2380 3 ай бұрын
instructions unclear, I save 1000 bucks a month but when I go out to celebrate my account is empty.
@anniealexander9616
@anniealexander9616 5 ай бұрын
I would like to add that milestones will be different for each person depending on what stage of life they are in. I save $100 out of my first paycheck at age 15 because I had 0 bills. My Mom took me to the bank to open a savings account. I was a homeowner at age 19 with mom's help. I didn't save anything at that point. Everything went to my home and family. New appliances, carpet, lawnmower, furniture, diapers, etc but I was creating a ton of wealth due to sweat equity and house hacking. I paid off the mortgage at age 24 and bought another property at age 26.
@topezrosser2759
@topezrosser2759 5 ай бұрын
Where am I putting the $100 a month to invest ? I have always put it in my emergency fund
@kuebby
@kuebby 5 ай бұрын
S&P 500 index fund is the popular, reasonably safe, long term answer.
@drevan1138
@drevan1138 5 ай бұрын
What about 5-digit/month savings? Some of us have a lot of catching up to do (with thankfully big shovels). I guess that is just the last milestone.
@JoseMunoz-cs8le
@JoseMunoz-cs8le 5 ай бұрын
Do the contributions to the 401k and roth ira counts toward the 1,000 /month goal? Or do the 1,000 need to be additional?
@MrEscape314
@MrEscape314 5 ай бұрын
@@JoseMunoz-cs8le they absolutely count. They even say that's the majority of most people's investments.
@Letitflow1-1-1-1
@Letitflow1-1-1-1 4 ай бұрын
Our mortgage (P&I) is 800/mo no other debt. House is almost paid off. We invest around 4850/mo which equates to 35% of our gross income. I guess I need to stop worrying so much about our finances
@ColbyBarradas
@ColbyBarradas 4 ай бұрын
You're doing a good job.
@Elishadreams
@Elishadreams 4 ай бұрын
So saving $100 translates into investing $100. Right?
@ColbyBarradas
@ColbyBarradas 4 ай бұрын
No. Saving is holding onto your money in the bank. Investing is putting your money into an asset so that the asset can make you extra money.
@Elishadreams
@Elishadreams 4 ай бұрын
@@ColbyBarradas got ya. Thanks for clarifying for me.
@chollettgarrett
@chollettgarrett 5 ай бұрын
For the love of god, use chapters feature thats built into KZbin. The comment with time stamps is one of your subscribers doing your work for you and he should send you a bill for that
@chubbyhubby551
@chubbyhubby551 4 ай бұрын
Roth IRA's are NOT tax free. You are taxed as throughout its lifetime on what you put in and it makes in dividends. It's pretty much the same as a normal Brokerage account, but it gets capped.
@AlyssaWolverton
@AlyssaWolverton 5 ай бұрын
I invest 25 percent of my income but my TSP isn't maxed out because I don't make enough money 😂
@loborocket
@loborocket 5 ай бұрын
I have the first 6 covered, sometimes #7 but other times not, depends on the month you look at me. But close each month.
@freemarketspeople3514
@freemarketspeople3514 5 ай бұрын
Fondue spot that burned down? Don’t gloss over that.
@kendarcie6613
@kendarcie6613 5 ай бұрын
The BEST financial milestone to reach is when you are educated enough to manage your own finances without paying a CFP an absurd yearly 1% to 2% of your assets!
@rayzerot
@rayzerot 5 ай бұрын
Ehhhh. I'd posit that the milestone of having the financial literacy and discipline to even consider a CFP is a bigger milestone You've basically already won the game if you're knowledgeable and skilled enough to generate the investments and resources that a big CFP would consider taking you as a client
@kendarcie6613
@kendarcie6613 5 ай бұрын
@@rayzerot Most people are just trying to make the million mark, and that is greatly helped by being financially educated so that you don't waste 10%, 20%, 30% of your hard earned assets paying an AUM over years to a blood sucking CFP.
@tylersevo
@tylersevo 5 ай бұрын
​@kendarcie6613 which is why they always say take the free content while you're in the wealth building phase, then take the relationship to the next level when complexity warrants.
@aadityagupta250
@aadityagupta250 5 ай бұрын
Don't know how it works in other countries, but here in India, we have many fixed fee certified financial planners as well. They'll charge you anywhere between 500-2000 usd a year and help you manage your whole portfolio. Much better than a percentage based fee.
@brett8079
@brett8079 5 ай бұрын
Rock on troll! Complain about AUM.. but listen to a channel with an AUM model🎉
@bobbert1945
@bobbert1945 5 ай бұрын
~25 years ago, my first milestone was saving 3K so I could open an IRA at Vanguard. It took me over 2 years.
@Davefitz04
@Davefitz04 5 ай бұрын
Is Beau excited?
@BardWannabe
@BardWannabe 5 ай бұрын
Bo, How many people are still working on advanced degrees in their 20s so that early 30s actually is the logical time to start saving?
@lisasmith9757
@lisasmith9757 5 ай бұрын
If someone withdraws some of their basis from their Roth IRA, can you later put that amount back into it that doesn’t go against your yearly contribution limit?
@theswag5997
@theswag5997 5 ай бұрын
Nope. It's not the same as a 401k loan. All the more reason to cherish those Roth IRA contributions each and every year.
@hunterfitch5951
@hunterfitch5951 5 ай бұрын
I don’t understand number four because why are you putting money into savings if you have debt payments? That doesn’t make any sense to me.
@MrEscape314
@MrEscape314 5 ай бұрын
@@hunterfitch5951 high interest investments come before low interest debt on this channel. Like investing in the S&P in your 20s instead of paying down a 3% student loan.
@dhill74lax
@dhill74lax 4 ай бұрын
Why would you save 25% for retirement? If you start early 15% is probably too much as well. Why would you not save the gap in a taxable brokerage. Retirement accounts are great but they reduce flexibility. 1 million dollars in your 30s in your retirement accounts that's inaccessible seems pretty pointless, unless your goal is coast fi.
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