My Net Worth at 38 | How much I have saved, invested & total debt + How I plan to reach $1M soon!

I Hope you enjoyed watching my net worth at 38 (How much I have saved, invested & total debt) and how I plan to reach $1M soon! Don't forget to subscribe and thumbs up!
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Disclaimer: I am not a financial advisor and this is not financial advice. I am just sharing my own financial journey! This video is not sponsored. Some links may be affiliate links, which means I might earn a small commission if you purchase through the links. I appreciate your support!

[@investedwithwb7594]

Great video! I believe you can withdrawal contributions from Roth IRA at any point. Only gains are subject to 5 year rule

[@galbiller]

Yes, you’re right my bad!

[@SteakFromJakeFarm777]

contributions are subject to the 5 year rule. gains can only be withdrawn at age 59.5. if the gains are taken out early, there is a 10% penalty plus taxes. after the 5 year rule, contributions can be taken out at any point, but you have to file the proper paperwork with your brokerage and the IRS, or it will be reported as an early distribution.

[@potatoesandgravy7021]

Came here to say this too. Any contribution made to a roth IRA can be immediately withdrawn. Only gains that are withdrawn are subject to penalties under 59 1/2 😊

[@eclipsed4utoo]

@@SteakFromJakeFarm777 Contributions to Roth IRAs can be withdrawn at any time without any taxes or penalties. There is no waiting period for contributions.

[@PedroADSW]

@@SteakFromJakeFarm777no, no, and no. That’s the problem with some videos and comments. The fruit of the poison tree.

[@Mitchell.Holland]

Watching in my 40s... And only just starting I feel so behind!

[@larrydimon7811]

Gotta start somewhere

[@galbiller]

It’s never too late to start your financial journey, and many people begin in their 40s and even later! The important thing is that you are taking action now!

[@Mitchell.Holland]

Great advice here. Keep it simple, buy things you understand, take some risk but don't try to shoot the lights out. I’m invested in ETFs, equity index funds, and individual stocks and use a CFA. On average, she takes 10% of returns, but using *Lina Dineikiene's* system makes it fairly simple for me. I conservatively follow her recommendations and market entry and exit strategies, and tbh this saves me countless hours analysing companies... I am convinced it's not just hard work but smart work :-)

[@portagemiguy]

It took me 39 years to hit $1MM networth and only 3 more years to hit $2MM. $0 inheritence and no lottery...just spending like I make half of what we make (no lifestyle creep), stacking cash from my dayjob, and investing in stocks and real estate. Now at 44 and $2.3MM, I'm excited to see what the next 10 years look like.

[@galbiller]

Wow! That's incredible! Congrats on hitting $2M! That's a perfect example of how discipline, smart investing, and avoiding lifestyle creep really pay off. It’s inspiring to hear how quickly you went from $1M to $2M! Thanks for sharing, it's definitely motivating!

[@SirHargreeves]

You started age 5?

[@portagemiguy]

@SirHargreeves It took me from birth to age 39 to hit $1 million.... I was negative networth for many years of that as I took out student loans for college.

[@84zezar]

What percentage of you income do you save? Also are you a high income person? I am 40 with a family of 6 and a baby on the way in LA. I also just passed 1M Last year and was wondering how long it will take me to be at 2M.

[@yingtse315]

Did you put that in a traditional or Roth account? I want the money grow faster by leaving it in my traditional but worry about when I take it out when I am retire then I have to pay a hefty tax

[@austinbar]

Invest judiciously, keep a stop loss figure. Shuffle between debt and equity wherever the ratio goes too off your target. As for the target, I recommend a Ratio like this Debt % should be equal to your age in years. If you are 20, debt is 20%, reset in equity. If the market falls or rises drastically, your debt % will change, which you should rebalance to 20% and bring back equity to 80%. Thus you would have bought low or booked profit depending on if it was a crash or a bull run.

[@rogerwheelers4322]

Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.

[@joshbarney114]

I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.

[@FabioOdelega876]

This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?

[@joshbarney114]

Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky’’ for about three years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.

[@FabioOdelega876]

Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.

[@omni875]

You shouldn't include real estate in compound growth calculator, it doesn't grow like investments, doubling every 7-10 years depending on rate of return. It's unlikely you're housing will double in 8yrs so 1M net worth is very unlikely in 8yrs without further investments. By 40 you should have 3x your income, it's possible you're behind, you should start maxing the roth asap.

[@zackcinq-mars2129]

Came to say the same thing

[@eclipsed4utoo]

Contributions to a Roth IRA are always, 100% available to be withdrawn without penalty. You do not have to wait 5 years. The 5 year wait period is only for the earnings, and even with that, you must still be 59 1/2 or older. If you are 35, start contributing to a Roth IRA, and then want to take out the EARNINGS at 41, you will be charged a penalty because you are not over 59 1/2.

[@angelicabrewer3711]

Yeah, she massively missed out

[@galbiller]

Thank you for your clarification!

[@joshuavoss8090]

@eclipsed4utoo is correct. This Roth IRA section of the video is where I started questioning everything I was being told. Thanks for adding the correct information about this!

[@robertallison4214]

The five-year rule applies to the withdrawal of earnings (the interest, dividends, or gains from investments) in order for them to be withdrawn tax- and penalty-free. But for contributions, there’s no waiting period.

[@galbiller]

Thanks for clarifying, I must have misunderstood the rules

[@robertallison4214]

You’re welcome. We’re all on this financial journey of enlightenment together.

[@macmillerrr4742]

Contributions can be withdrawn anytime. No 5 year rule for that.

[@isiah675]

Always love this type of content! Young people do not neglect your retirement accounts in your teens, 20s and 30s.

[@galbiller]

Thanks for your support! Starting early is definitely important!

[@ventureswithvee]

happy friday!! i was honestly surprised to hear that you have $0 in retirement, but i loved hearing about your thought process behind that decision. at the end of the day, your portfolio is amazing in terms of diversity and liquidity :)

[@galbiller]

Thank you! Crazy I know! But it works for me at the moment, Happy Friday to you as well!

[@C6BlueDevil]

I'm 39 and net worth is currently just shy of $1.1 million. About half of that is in brokerage/retirement and the other half is in home equity. I also budget and track my net worth on a monthly basis which has been key for me being able to keep my money working for me.

[@galbiller]

That's awesome! Congrats on hitting that milestone! Tracking your net worth monthly is crucial! It helps keep everything in check!

[@justinancona5680]

Fyi- the 5 year holding period is for each and every contribution. So if you put $1000 in this year, you can take that $1000 out in 5 years, and so on.

[@Andarius]

You can withdraw contributions at any time. The 5 year rule is for withdrawing from the account at 59.5 tax and penalty free. It's based on the age of the account, not the contribution timing.

[@ehderguyyashootadeerorno2313]

Great story, you are on the right path. I'm 38 and have a net worth of $800k. $175k equity in my house, $68k equity in my 80 wooded acres, $400k in retirement (mainly Roth), $100k in brokerage/savings, $25k in vehicles (trade in value to dealer), and $25k in guns/ammo, plus some misc items. I did it with 2 kids, stay at home wife, dog, and two cats on a single income.

[@galbiller]

That's impressive! Congrats on your achievement! Thank you for sharing your story! It’s very inspiring 🤗

[@ehderguyyashootadeerorno2313]

@@galbiller Thanks. As you know it is not easy with the consumer lifestyle we all live. Things like keeping vehicles long term helps. Also a great thing to have is a spreadsheet that shows your income each year, how much you save, and what your net worth is. It's fun to look back sometimes, or if the stock market drops and you lose $100k or whatever not to sweat because you are still up $100k or whatever. Keep the videos coming, and hello from Wisconsin.

[@Prioridigitalstudio]

Love the transparency! I'm in my thirties too and trying to save as much as I can. My goal is to be financially free by 45. Thanks for sharing all this great advice! 😊

[@galbiller]

Thank you! Financial freedom by 45 is an awesome goal! Wish you the best of luck 🥰

[@renanuneza8932]

Wow finally someone I can resonate my personal financial situation with. I always felt like im not doing well just coz majority of my portfolio is in real estate. We are kinda on the same page, so im glad I found your page. My networth is close to 400k due to my investment properties and just turned 40 yrs old. My goal is to retire in 5 years.

[@galbiller]

It's great to hear similar stories! Me as well, I know that it's important to diversify your portfolio, but I just keep going back to real estate, I feel more of a sense of security (and I love the cashflow). Financial independance by age 45 is a great goal! Good luck!

[@ralphneptune9881]

The first 100k is so painful. Took me years 7 years since I went to school at the same time. Normally it should take 5 years approximately if you do it well. My second 100k was done in 2 years. My third would be 1 year and half. The first one is indeed the hardest. I think we are financial soulmate hahaha Rarely ever seen anyone thinking about money so close to the way I do it.

[@galbiller]

It’s amazing how much easier it gets as you build momentum. I completely relate to that struggle with my first $100K! Congrats on your success and thanks for sharing your journey!

[@ralphneptune9881]

Thank you !!! i appreciate your channel. Keep on the good work !!!!

[@smooth2365]

Thank you for this timeline! It gives me hope and motivation as to how fast it can go

[@ravikumarmariserla4780]

Can you do a video on how to start on rental properties in detail?

[@galbiller]

Hey! I'm planning on posting a video about my experience in real estate by the end of the month!

[@mikejesse6461]

are the investment properties cash flowing i am from dallas to about to buy my 3rd ​@@galbiller

[@blackchickadee1]

Such a real video of how we should track our net worth! I will do that tonight ❤

[@galbiller]

Go for it! It's really motivating! 🥰

[@mudirmindset]

You look very young in your age it’s like you are in your 20s, thank you for sharing your story

[@galbiller]

Thank you!

[@stinkysocks8094]

​@galbiller what's your secret

[@bigegames2019]

Your comments on Roth are wrong, it is taxed prior to entry, and can be pulled out fine fee after 5 years, and any profits are tax free forever. You can only pay in 7k a year in 2024, and it is only available for middle to low income earners, to help them get a valid retirement asset.

[@chrisbalderas1252]

I wouldn’t say wrong she isn’t do a university class on Roth just giving a one sentence note as to what it is. Never say wrong, only incomplete

[@gavinlocke5980]

Good on you for encouraging people to get ahead. Very smart.

[@gavinlocke5980]

Imagine if more women were like this... very independent and wise. The importance of getting financially sorted... Freedom awaits

[@galbiller]

Thank you!

[@gavinlocke5980]

You're very welcome. Young beautiful and a leader your very special. I'm 48 set up and mortgage free. If only others could see it's possible instead of living an average life. ​@@galbiller

[@JoshuafromKerncounty]

I congratulate you. I just suscribed. Its important to be wealthy to give our kids a comfortable life. I hope you give your kids a good life. Life means nothing without kids.

[@galbiller]

I completely agree! Will do that when I have kids, thank you for your support! 🤗

[@sitterfo]

I am a brand new subscriber and I find your strategy very interesting. I love it actually. I am so curious how I can apply it in my life. I have so many questions… thank you for the awesome content!

[@galbiller]

Thank you so much! Glad to hear! Feel free to ask any questions 😍

[@galbiller]

Happy Friday everyone! 💕

[@kckuc310]

U should of done a separate Roth IRA , if you maxed out each year at your age it would be millions when you retire, you must start doing this

[@summitsusie]

Didn’t have KZbin as a kid, fortunate I had parents that did that. They taught me all the things. Pay yourself first, emergency fund, live below your means, if you cant pay cash for it, do not buy it…

[@galbiller]

That's great that you had such supportive parents that guided you!

[@korygrandy6133]

Great start to your investing. Make sure you have a good mix of investments. 1 million is a good goal, but you might want to think higher than that. 1 Million is not actually a lot of money if you have a family.

[@galbiller]

Thank you! I agree, I will move on to the next goal after I accomplish this one! I would actually get really bored if I stop there!

[@stephaniel6867]

Waiting 5 years to put money in a Roth IRA seems odd. You aren't able to get the other years you didn't contribute back. At 5 years, you could've invested at least $35k & received profit on this dollars.

[@galbiller]

I was hesitant to contribute money that I know i'll need in 2 years. I need to check this 5 year holding period, maybe I misunderstood.

[@stephaniel6867]

@galbiller key is contributions vs gains. You also have the option to contribute to a solo 401k if you were ever interested.

[@galbiller]

@@stephaniel6867 yes I got confused :) thank you

[@tcg21387]

If your income is above the allowable Roth IRA income limit then you need to do a backdoor Roth IRA and that forces you to keep even your contributions for 5 years in the Roth IRA. However, if you are under the income limit and can just directly contribute to a Roth IRA without the backdoor Roth IRA method then all contributions can be withdrawn at any time and only earnings need to stay in the account until 59.5

[@Financingmyfuture]

@galbillerThe 5 year rule is 5 year per contribution so if put 1 penny in in 5 years you can pull out 1 penny without​ penalty.

[@element720]

Appreciate the transparency. Well done so far - I’m right there with you!

[@galbiller]

Thank you! 😀

[@Mbapapi86]

Great work! Same age as you and have assets of over 1.05 million and net worth of 760k. Hope to have a million dollar net worth by 40.

[@galbiller]

Thank you! That’s an amazing accomplishment! Congrats and thanks for sharing!

[@jonscrivner9087]

There was a thing in the old days, 20 years ago called, books. Books about saving and investing.

[@7SideWays]

I'm with you as far as banks- keep little as possibke earning nothing. Also keeps us bumble. Good video!

[@galbiller]

Thank you! I'm gald you enjoyed the video! I agree it keeps us humble!

[@harrisonmixer9583]

You can withdraw contributions from a Roth at any time.

[@alex5308]

You look really young/healthy for 38, literally 10 years younger

[@galbiller]

Thank you!

[@user-km1zw3ku4m]

It is such an informative video! Thank you for sharing

[@galbiller]

Thank you 😊

[@Spinach_D]

Consider covered calls or covered call ETFs when you have more in your checking/savings account

[@galbiller]

I'll need to research that!

[@FrancisMacomber1936]

At 14:20...what is this $456 for? You call it a payment. Is it monthly, or is that the balance of some other debt? At the end of the video you talk about essentially a HELOC on these investment properties to get cash for additional down payments on new properties. Never mention that you therefore take on more debt. How are you getting approved for a new mortgage with not having a steady job for the last 7 years? Do you manage the properties yourself?

[@galbiller]

Hi! The $456 is a one time payment (For a friend that paid for our hotel asked that I pay her next time I see her :) As for the investment properties, I would do a cash out refinance, not a HELOC (I would do a new mortgage). A cash out refinance is taking on more debt. But with the right interest rate I would keep the monthly payments the same (make it a 30 year fixed again, I wouldn't take out all the equity though) And yes, if my income as self employed wont qualify for the cash out refinances, I would need to get Non QM loans that have a higher interest rate. A property management company manages my properties

[@benr9914]

Great video! I know you are new to this, and I don't know how much people provide constructive criticism, but my minor gripe is the constant cuts become a bit jarring (not to listen to but to watch). Cuts at some interval is fine, but its a bit too constant. My suggestion is to practice the line so you can avoid having to cut as much to get the cadence you want. Otherwise it begins to feel like I'm watching a max headroom video (did I just date myself?)🙂

[@galbiller]

I’m definitely still learning and will work on improving. Apparantly I say a lot of "um" and "like" on camera so I feel I need to edit them out (along with pauses) Thanks for your feedback!

[@salembeeman370]

Gal, first video so I don't know your family situation. However, if you have a young family it is much harder to be aggressive. That being said I've had some really difficult life situations in the past 63 years. I've retired (kinda forced) early - my network is about $1M including real estate and retirement. However, my wife is still working and makes $100+/yr. We save aggressively in her retirement and HSA plans. Both are in great health with no medical problems on the horizon.

[@galbiller]

I am single with no kids, I'm sure it is a lot harder to save when having kids! It sounds like you’ve worked hard to build a financial foundation. Thank you for sharing your experience and insights!

[@salembeeman370]

@@galbiller well, you are beautiful and smart. We need people like you to have kids!

[@Emmere]

@@salembeeman370 what a strange comment.

[@robbiebentley5028]

Some of the info on Roth IRA was incorrect. Money isn’t taxed on withdrawal because the contributions were put in post-tax.

[@jac0m0b]

Saludos! It was a very good video! Congrats! I hope you get the 1 million soon!

[@galbiller]

Thank you!

[@finanzathlet100k]

very inspiring video!! hope you reach the 1M sooner than later :)

[@galbiller]

Thank you! I hope so too 😀

[@pnc1358]

Great video and i learn a lot from yours. Only one thing i wanna add is "Don't trust the number of inflation rate the authority gave"

[@galbiller]

Thank you!

[@DoctorQuinlan]

Could you comment on the real estate side of it? I am in a low cost of living area, renting an apartment but have been very confused on buying a house or not. I am a relatively high earner and could put a large amount down. Or I could keep renting and invest everything else. Would love to hear your thoughts or chat somehow!

[@galbiller]

Hi there! Thanks for your comment! There are so many factors here. First of all, there’s also the stability aspect of owning a home for the long term, where your mortgage is fixed so your principal and interest payments will remain the same for the next 30 years and you will have your house paid off in retirement…and a roof over your head But, historically, (over the long term) the stock market beat the housing market in terms of returns. I personally bought rental properties so I can live off the cashflow, but these days real estate is not really cash flowing… Then there is the leverage aspect, because I bought my properties about 8 years ago, and I was very leveraged and there was a boom in real estate in the last few years, my real estate beat the stock market returns (because of leverage) I actually have the same dilemma, I want to buy another rental property for the cashflow (I’ll need to buy in cash for it to cashflow at the moment, due to high property prices and high interest rates) and for the tax advantages, but in the long term the stock market will probably yield more (according to historical data). Every property is different so I can’t say what is the better option Therefore, its best to diversify

[@G7FX_REVIEWS]

Million dollars is not much these days. Its inspiring to see a young women like your self being independent and making money on your own unlike many other women expect their husbands to provide the wealth so they can then inherit it.

[@bigegames2019]

Strange, because my HYSA, only allows 3 withdrawals a month, and requires a 10k balance, or else it does not pay out high interest. It also only pays interest on the amount that stayed in for the previous full 30 days. Not just the balance.

[@galbiller]

Maybe you should move to a different bank like Capital one..

[@mwrightinsurance]

Would like to see a video on your brokerage accounts

[@galbiller]

I will make one in the future!

[@asnboy1084]

great job! I would max out your retirement account contributions now.

[@galbiller]

Thank you! I know, I need to start 🤦‍♀️

[@camela8445Mar]

Great video, It's been a wild ride these past few months, and I can't seem to get a handle on what's driving all the drama.

[@V.stones]

You're not alone,. The market's been all over the place, and it's hard to know what to expect next. Between inflation, interest rates, and political tensions, it feels like there's a new crisis every week.

[@Jonesmatsunaga]

I've been trying to follow the news, but it's overwhelming. One day, stocks are up; the next day, they're crashing. It's like there's no rhyme or reason to it anymore.

[@galbiller]

Thank you! It really has been a rollercoaster!

[@rajd624]

You have done a fantastic job! You are inspiring Gal

[@galbiller]

Thank you so much! I'm really glad that my journey can inspire others! 😍

[@benperez9156]

Great video my wife and I reached 1 million at age 35, adding stop losses to your portfolio will help keep you from loosing in the market especially if you are invested in volatile stocks.

[@galbiller]

Thank you! I will definitely research that!

[@111689josh]

How do you have three investment properties and rent but only $3270 in monthly expenses. Is that excluding the properties?

[@galbiller]

The rental properties is my business, the $3,270 is my personal expenses, doesn't include business expenses

[@IsuAsenjo]

@@galbiller How do you spend so much? Do you have a budgeting video?

[@halamadrid0709]

Impressive. Great job. Keep it up

[@galbiller]

Thanks, will do!

[@SaveThePenumbra]

I might have miss understood. Did you say you don’t Invest in a Roth IRA because you don’t want to pay the withdrawal fee? Because you can ALWAYS at ANYTIME withdrawal your contributions penalty free. This money has already been taxed. What you cannot do is withdrawal your earnings earlier than 59 1/2 years of age unless you pay the penalty on those earnings.

[@galbiller]

Yes, but I checked and apparently you can only withdrawal the contributions after 5 years of opening and funding the account. There's a 5 year holding period, after that I can withdrawal contributions penanlty free (before age 59 1/2)

[@dlk3r]

Loved the video. The 5 year rule applies to your earnings. You can withdraw your contributions without penalty any time. It's one of the reasons why I started contributing to my roth, because I knew I could just withdraw the contributions instead of taking out a 401k loan if I ever needed to.

[@galbiller]

@@dlk3r Thank you! I might have misunderstood! These things are so confusing!

[@galbiller]

I checked, the 5 years are for earnings only, thanks for pointing this out!

[@educatedwanderer9293]

Save and invest into index funds, 15% or more otherwise you will likely not have enough to retire until age 67 or older. If you make enough then invest 20 to 25% once you are out of debt. Real estate is a different path to take... best to learn as much as possible before investing in real estate.

[@galbiller]

I completely agree! Thanks for sharing!

[@azontoboynate]

It would have been cool if you showed your total net worth via a Pie chart and with the different fields. :) Good job though Gal!

[@galbiller]

Great idea!

[@rkw2917]

At 38 I was just starting to save/invest But even then I knew recently retired people who had sacrificed everything in their lives for retirement, only to fall gravely ill I'm 67 now, happily retired, and never had to forego a good vacation during my working life

[@galbiller]

I know, I had a recent conversation about that. People work and save for like 40 years for retirement and miss out on things in life and then when they reach retirement age they don’t get to enjoy the money they saved… I dont skip on vacations, I do however live below my means.. that’s wonderful that you are enjoying retirement 🤗

[@joeldchenoweth]

you're going to be just fine (especially if you're going to keep working)...

[@kingster2069]

Interesting we’ve been on similar net worth path. In 2012 I had £50k, today I’m looking to hit £500k by the end of the year. I’m a few years to semi-retirement

[@galbiller]

That's amazing! Congratulations on your success and thanks for sharing! It's always inspiring to hear from others on a similar journey! 🤗

[@befree9579]

With £500k that could give you £1666 a month cash flow to retire tbh. It might mean living overseas.

[@Abraham.Lincoln22]

Thank you for the free financial advice. 👍🇺🇸

[@galbiller]

My pleasure :)

[@Lifeissorich.]

Do you have a property manager or do you manage the property yourself?

[@galbiller]

I have a property manager, the properties are 3.5 hours away from where I currently live

[@huy3967]

Thank you for sharing. Enjoy your early retirement!

[@galbiller]

Not yet :) But thanks!

[@PoppBirton]

What do you use to find out your real estate value?

[@galbiller]

I search nearby similar properties that sold recently on Zillow, Redfin and Realtor.com

[@jonb8633]

Thanks for the video and spread of knowledge. How taxable accounts are taxed?. If u keep the index funds reinvesting and growth via compound interest

[@galbiller]

Thanks for watching!

[@TartarianTopG]

You look incredible at 38!

[@galbiller]

Thank you ☺️

[@krisl9454]

She looks good but 38 isn’t exactly old lol

[@pchygrl17]

Yes!!! Love this transparency 🎉

[@galbiller]

So glad! Thank you!

[@jozefolach9592]

Why use a 10% rate of return when the majority of your net worth is in real estate? Aggregate real estate returns, adjusted for inflation are about 4% compounded yearly, while the SP500 is 8.5%, over a 30 year period.

[@galbiller]

1. I can convert real estate into cash and invest in the S&P 500 2. S&P 500 average last 10 years was 10% 3. I didn't mention that im adjusting to inflation, I only said reach $1M

[@mikeb-mp1qq]

@@galbiller While i like the general message you pass, you cant simply carpet 10% growth on your NW because you need to inflation adjust returns (7% likely more accurate RoR for an average) and also your properties (a large bulk of NW) isn't going to go up on the same line. At best its half that as mentioned above.

[@ikesk3718]

@@galbillergreat analysis however was unclear you mentioned about assets in real estate categories are those already paid off?

[@galbiller]

@@ikesk3718 Thank you! The mortgages on the rental properties are mentioned in the mortgage category (long term debt) and total $294,181. The mortgages on the rentals are taken into account in the net worth calculation

[@jhammons2310]

Under 2k in checking is wild. Are you able to pay your Credit Cards, housing expenses, and utilities from your HYSA? Cause my checking acct is AT LEAST 2x my monthly expenses. 1500 is an overdraft waiting to happen

[@jhammons2310]

Ok I watched further and see you do this. Most HYSA have transaction limits and penalties tho so as long as you’re aware of this.

[@galbiller]

Im in capital one, they don’t charge me any fees, I have minimal transactions.…

[@jhammons2310]

@@galbiller cool! Yeah maybe it might be worth looking into. I use AMEX HYSA and my AMEX cards are most of my spending. Maybe I can go ahead and just pay those bills from my HYSA direct 🤔

[@brilove7023]

Can you do a video showing what stocks you invest in?

[@galbiller]

I will add this to the list!

[@brandonpartee8277]

All of it is tied in real estate…you need more cash on-hand. May I ask, why you start so late. That would be a great story showing your hardships. I do not care what anyone says the 401(k), TSP (fed equivalent) is the powerful product if leveraged correctly. You just cannot beat that one for one match. I myself went from 0 at min 30s to 1.8 assets with 1.4 (NW) in my forties. Keep up the journey! ✊🏾✊🏾

[@galbiller]

That's amazing! I guess I didn't know the things I know now when I was younger :) My next video is about my real estate investing journey, where there were many obstacles! Thanks for sharing your journey! Congrats on your progress!

[@ervinsmoviecorner8748]

Happy weekend, Gal!❤

[@galbiller]

Happy Weekend to you as well! 🤗

[@ervinsmoviecorner8748]

You too as well!

[@RK831]

People say that the first $100,000 is the hardest. No way, that was easy. I started investing at age 27 and made my first million at age 51, and that took twenty-four years.

[@galbiller]

It's interesting how everyone's journey is different. Thanks for sharing your experience :)

[@spikeellis8511]

You don’t have to wait 5 years to pull your contributions out of a Roth IRA. The money you put in is already post tax. You have to have the Roth IRA established for 5 years AND be over 59.5 years of age to pull out your Earnings tax and penalty free. By putting a penny in and waiting you are missing out on 5 years of contributions that you can’t make up and all of the potential compound interest.

[@francissaliba5108]

Forget the Financial advice, drop the skincare routine. Lol You look great for your age!

[@galbiller]

Thank you! Maybe I should start a skincare series next lol thanks for the compliment!

[@xXGETR0CKEDxX]

If you are constantly withdrawing money from your HYSA, becuase you are using it as a checking account. How much intrest are you actually gaining ?

[@galbiller]

About $10-$15, I'm actually planning on moving to a different bank (which doesn't allow this) for a sign up bonus, so I probably won't be doing this for long... I'll be using a checking account....worth it for the bonus...

[@shaunm89]

@@galbiller Could you just budget weekly how much you will need for the week then send the rest to HYSA?

[@galbiller]

@@shaunm89 My income is inconsistent, budgeting weekly for me would be a headache always checking to see if I have enough funds in my account for my automatic payments. I’d probably accidentally forget to check …

[@luis47760]

You're doing great financially 🤝

[@galbiller]

Thank you! It's been a journey!

[@veri745]

Hey, enjoyed the video content. It might be a bit easier to follow if you limited jump cuts to once per sentence or more, having multiple within a sentence is a bit distracting.

[@galbiller]

Thank you, I cut out the umms and likes, which also is distracting, I don’t know what’s better, I’ll try thank you!

[@maxm2656]

A cool video but you should have more complete information. 401k’s and IRAs can be traditional (tax deferred where taxes are paid when you withdraw the money) and ROTH (tax free where you do not pay taxes when you withdraw the money because you have already paid them prior to putting them into the account). The rule for young people/non high earners is to always go ROTH. Also at 14:00, a mortgage is 100% consumer debt. There’s other errors but please please please even if you have the disclaimer, you talking about a topic means you’re an expert and there were a lot of gaps here.

[@galbiller]

Regarding the mortgage for rental properties if I’m not mistaken it’s business debt, not consumer debt. Thanks for clarifying the other information I will be more careful next time

[@MalluStyleMultiMedia]

Cool 👍👍 Congrats! Great video Are you also a 1986 Fire Tiger? I’m at about $350k. Took a 3 year sabbatical a few years ago.

[@galbiller]

Thanks so much! Close I'm 1985! Congrats on your achievement! Taking a sabbatical can be such a game changer! 🤗

[@MalluStyleMultiMedia]

@@galbiller ok, cool 👍 you’re the 1985 Ox. Hardworking people.

[@MargaretGSmith-c1q]

In Chinese astrology, Gal, you are the Ox. Ox care about money and know how to make it work for them. 👍

[@bingli4927]

When people say "I made my first $100k," do they mean they have 100k spread across cash, investment/retirement accounts, or is it literally 100k in cash?

[@galbiller]

Hi there, when I said saved my first $100k I meant spread between cash and investment accounts. I didn’t have retirement accounts at the time…

[@bingli4927]

​@@galbiller Thanks for the clarification! Calculating like that, I'm definitely hitting the $100k mark between my IRAs and 401k.

[@galbiller]

@@bingli4927 congrats 🎉

[@rtectravel]

Sure the S&P might compound around 10% a year but real estate definitely won’t increase 10% a year for 8 years in a row.

[@galbiller]

You can sell the property and invest in the stock market. My portfolio grew an average of 10% per year in the past 8 years and my only investments were in real estate (up until last year) due to leverage and loan payoff, this is not including the cashflow from the past 8 years. But nothing is guaranteed. Thank you for your imput

[@trillrantzo]

Do you have a video breakdown on how you did that 401K, for investment went?

[@galbiller]

I don't have a 401K, I used to have something similar with my previous employer (with an employer match) I took the money out about 8 years ago to help fund my real estate purchase, I don't remember the exact amount, it's was in a different currency

[@AT-hs9nf]

Make sure you date or be with the correct partner bec that is when I have seen plenty of my friends and their net worth vanish 😂. You are on good track. Stay focused. Not much to go off at 38 considering you have considerable debt and few issues with ur rentals will give you a reality check. So hope things keep going well. Good luck in your journey 😎.

[@galbiller]

Oh gosh! And Yes I have a lot of risk, I keep cash reserves in case of unexpected expenses, i don’t want to be forced to sell them or even worse, get foreclosed… hopefully it will go smoothly 😀 thanks

[@melodyn6419]

What's your rental income?

[@galbiller]

$1,300, I made a video about how much I make in a month- kzbin.info/www/bejne/qHKpd6qvd9GkmcU

[@rubencasado3379]

Great video. Congrats

[@galbiller]

Thank you!

[@Prankstvv782]

Can you give us that net worths sharing is caring

[@donndonnn]

Good video. Would have been much much better with visuals. Even if it your screen on your pc

[@galbiller]

I’ll try that next time, I’m learning :)

[@SteelySinner]

Do you own your investment properties full out? Otherwise I think only the true equity of what you've paid in, not the total value of the house should be considered part of your net worth. If it's mostly mortgage, that's debt aka liability. If you sell the place you still need to pay the bank back less the total sale. Otherwise amazing job saving and thank you for sharing your net worth journey!

[@galbiller]

Thank you! Yes it's important to count them in net worth. My properties are worth $660k and the mortgages are a bout $300k (Equity=$360k), I took the mortgages into consideration in my calculation of net worth at the end of the video :)

[@edwardleecaliforniausa]

Hi Gal how are you happy Friday afternoon to you and happy Weekend and this was amazing video I enjoy your channel and you are amazing supporter

[@galbiller]

Happy Friday and happy weekend to you as well, thank you for your kind words and support

[@edwardleecaliforniausa]

@@galbiller likewise sending you a love ❤️

[@yuvalginzburg6452]

You look 28! ♥

[@galbiller]

Thank you, I feel 28 but with the wisdom of a 38 year old :)

[@joantan9411]

I'm in my mid-thirties and have millions under my name, but can only see it grow, and I don't benefit from it. It's ironic. We treat money like a hobby, what can we do so we gain more and don't lose. As for my living expenses and lifestyle, my job is enough to sustain me, and we receive family benefits. Also, I'm not fond of designer things because it's a dupe industry, I know the real value of those items. Doesn't mean we don't buy luxury sometimes.

[@galbiller]

Thanks for sharing your perspective!

[@ritardstrength5169]

Reminder: we all die someday

[@Spinach_D]

Thanks for sharing.

[@galbiller]

Thanks for watching!

[@RyanVoelkel]

Study bitcoin! Nothing beats or outperforms the alpha asset

[@jamescares9003]

I used to think there was good debt. There is no good debt in my opinion

[@LordXerxes]

Hi, what country did you move to America from?

[@galbiller]

Israel, but grew up in the US

[@LordXerxes]

@@galbiller oh nice! Please do a story time someday. And lastly, are your real estate investments all in the US? Maybe even in Texas as you’re in Dallas so you closely manage them or do you have a management company taking care of it for you

[@galbiller]

Hi there! All my properties are in the US (Oklahoma), I have a management company. I made a video about my experience purchasing rental property (How to purchase rental property)- kzbin.info/www/bejne/rHiqk4R_Zq-Vl8k

[@MargaretGSmith-c1q]

My partner doesn’t believe in keeping much money in a checking/savings account. It’s best to invest money where there is growth....according to him. Good video.

[@galbiller]

Thank you! I try to do this as well! Thanks for sharing!

[@TH-qr9vp]

You either mis-spoke or don't understand how IRA's work. A roth IRA is not taxable ever, unless you withdraw from it early. You pay into it with after tax dollars. As long as you don't withdraw any money until you are age 59 and 1/2 none of it will be taxed when you take it out. Not the interest, not and of the growth. You get all the money tax free. that is why the are caps on how much you can contribute. A traditional IRA or a 401 K you contribute to with before tax dollars. Any traditional IRA contributions made in the current year are tax deductible. Any 401K contributions are made through your employer before taxes are assessed and paid on the income.

[@galbiller]

Thank you for pointing that out! I appreciate your detailed explanation!

[@thelatenightattempts]

Investing is pretty simple. There seems to be a lot of really confusing advice here. I’d advise you revaluate some of these decisions.

[@zikamikakokoku]

I don't get how you could save so much with only around $4000 monthly income

[@galbiller]

I currently don’t save that much, all my savings were from when I lived at home or with room mates

[@danwickramasinghe4744]

Solid!

[@galbiller]

😊