Why Are We Barely Breaking Even as Mid-30s Millionaires?

  Рет қаралды 20,245

BiggerPockets Money

BiggerPockets Money

Күн бұрын

Пікірлер: 52
@HappyPenguin75034
@HappyPenguin75034 2 жыл бұрын
They will never retire. 700 misc. 943 don’t ask. 100k salary is good. Not for fam of 5 in high cost of living as far as retiring early I mean. Not sure where that is. Overall all is well for them of course but not anywhere near retirement. A family of 5!
@holdencawffle626
@holdencawffle626 9 ай бұрын
Yeah they're not close to FIRE. She needs to get back to work
@reachtylerthomas
@reachtylerthomas 9 ай бұрын
She seems to be considering her 401k match and principal pay down as income (its not income but net worth growth). I think this is skewing her budget numbers and she doesn’t realize it.
@TheFirstRealChewy
@TheFirstRealChewy 2 жыл бұрын
Depending on your setup, $1 million can be enough or almost nothing.
@arfo8353
@arfo8353 Жыл бұрын
1 mil is not enough for "retirement" at 35 with kids, especially when part of the million is house equity. And she needs to work at least part time from home if she wants to spend more.
@dstevens518
@dstevens518 7 ай бұрын
I'm watching this a year after it first posted, and inflation's slowed, but not nearly enough still for rates to start coming down. Three kids, mid 30's, 100k salary and mortgage still? Pfft, you're just treading water, near $1M net worth means squat. If you're 65 and own your own home, live somewhere cheap, then $1M might look like enough...but even then, it's not exactly rolling in dough...
@imlion3611
@imlion3611 2 жыл бұрын
So good, it shows that asset allocation is so important. If you silo all of your cash into retirement accounts and into your primary home, it's very illiquid.
@vic7175
@vic7175 Жыл бұрын
Thats why i only place the match into my retirmement acc and the rest on brk acc and high saving yield. Gotta have liquid for surprises and able to afford changes before 59.
@chuqing99
@chuqing99 Жыл бұрын
1. Always get the 401k match; 2. It's probably not a good time to start investing in real estate now to get a positive cash flow; 3. With the inflation, $900 a month grocery bill is reasonable. Sometimes people push too hard on themselves.
@ParkDari
@ParkDari 10 ай бұрын
Even $1,000,000 at safe 5% earnings is only 50K. That can be rapidly eaten up by mortgage and poor budgeting.
@divertiti
@divertiti 9 ай бұрын
5% is not even safe for 35, more like 3%
@dstevens518
@dstevens518 7 ай бұрын
@@divertiti We are mid 50's and think 2.5% is more likely. What kills me is the mantra that past returns are not an indicator of future returns, but the study saying 4% is a safe withdrawal rate is based on past returns. Well, past returns happened cause the boomer generation grew up and consumed, plus there was global growth. Uhm, the next 50 years promises boomers will age and consume less, while global growth slows ... Therefore 2.5%, maybe 2.25%
@dstevens518
@dstevens518 7 ай бұрын
Move to the state where you can get the most help with childcare from family. Family of five means wife can't go back to work and help with much needed income increase. Growing family of five also means keeping costs low gets harder as they get older and consume more in food, clothing, recreational activities, education, etc... There's no getting around the need for an income increase, and that means she has to go back to work.
@jjharrison4099
@jjharrison4099 2 жыл бұрын
They are doing great overall but are now sloppy with their budget and overspending and she needs to be real with herself and get back on track.
@holdencawffle626
@holdencawffle626 9 ай бұрын
More like get back to work
@dstevens518
@dstevens518 7 ай бұрын
@@holdencawffle626 Yup, too eager to live the millionaire lifestyle, doesn't grasp most with twice or even three times her net worth are BOTH still going to work and keeping expenses low... Millionaire Next Door. Just working folks who know how to save more, spend less for DECADES
@JessicaT10118
@JessicaT10118 5 күн бұрын
They should move. Expenses are too high on 8k a month. TN has relatively low property tax. They could both make 6 figures here easily in a metro area.
@dstevens518
@dstevens518 7 ай бұрын
Welcome to 2024, where $1M net worth means you're a quarter of the way there. Seriously. Suze Orman says you need $5M to retire, I think you could get by with $3M, split the difference for $4M... Cash flow of $100k won't cut it for a family of five, especially with it still paying the mortgage and building the retirement funds. Try doubling that income if you want to have some fun.
@JBoy340a
@JBoy340a 8 ай бұрын
Had a full ride scholarship and quit school. then went back. That is so sad. Also, the whole saying your have a $1M net worth only works if you are willing to sell the house when expenses need to be paid.
@ronlabe5487
@ronlabe5487 2 жыл бұрын
What about keeping the house as a rental?
@HappyPenguin75034
@HappyPenguin75034 2 жыл бұрын
Be near family for the kids and grandparents. Family. TN better weather.
@rizavalmadrid9131
@rizavalmadrid9131 4 ай бұрын
more videos☺️
@HappyPenguin75034
@HappyPenguin75034 2 жыл бұрын
$935k is not millionaire. :)
@beatricerights
@beatricerights Жыл бұрын
close enough. It's pretty good for a 35 year old . They only make 100k to save that much is impressive.
@DerekSpeedExposure
@DerekSpeedExposure 9 ай бұрын
I'm so far behind if that's where I need to be 😅 ​@@beatricerights
@ParkDari
@ParkDari 8 ай бұрын
I think she is buying way too much of a variety of foods and over preparing so there is a lot of food being thrown away. Try not to buy such a variety and prepare smaller meals for a few months. In our home we have a low tolerance for food being thrown away. We make smaller purchases and prepare smaller meals with fewer leftovers so the food is fresher.
@tigreytigrey8537
@tigreytigrey8537 2 жыл бұрын
Lol holy fuck I thought she was SERIOUS about being 35!!! I was like FUCKKKKK NOOOO she's not lol
@heatherm2428
@heatherm2428 11 ай бұрын
Yikes, this lady rambles. This was painful listing to this lady think out loud about her finances. A CPA? Weird.
@BluegrassFoodie1
@BluegrassFoodie1 2 жыл бұрын
Mindy is 35?
@holdencawffle626
@holdencawffle626 Жыл бұрын
No shes 48
@pb25193
@pb25193 7 ай бұрын
I thought 60
@dstevens518
@dstevens518 7 ай бұрын
@@pb25193 LOL 😂. I doubt 60, but don't believe 35 either. Somewhere in between. Your age is your age, better to worry about what you're doing with your time than how much has elapsed already...
@halamadrid0709
@halamadrid0709 9 ай бұрын
Of course they have to keep working. They have 3 kids lol. Just maintaining 3 kids is 250k each.
@nathanhaltman7235
@nathanhaltman7235 Жыл бұрын
Spend less than you make please. Problem solved.
@pb25193
@pb25193 7 ай бұрын
Mindy is 35? I thought 60...
@mjf5049
@mjf5049 2 жыл бұрын
$16k in crypto as a millionaire makes Mindy cringe? 🥴 They could burn $16k and it wouldn’t change their lives. So silly to impart this strong opinion on everyone as a whole
@arfo8353
@arfo8353 Жыл бұрын
It's cringey when compared to their cash flows
@BusterDarcy
@BusterDarcy 10 ай бұрын
No real millionaire would ever be comfortable burning $16k. That’s what separates the long term millionaires from the ones who lose it all.
@SkyOceanBleu
@SkyOceanBleu 9 ай бұрын
Every dollar invested needs to be assessed on its own merit. I guess Mindy simply questions the merit of investing in crypto. A lot of people like crypto. A lot of people don’t.
@caleberwin65
@caleberwin65 2 жыл бұрын
Yeah, they’re fine.
@betterhomesnc2437
@betterhomesnc2437 2 жыл бұрын
Nope.
@Happy433
@Happy433 2 жыл бұрын
Why is Mindy so scared of crypto??? If you invest in everything else and ignore crypto you are truly missing out 😂
@lifewithmargot
@lifewithmargot 2 жыл бұрын
If you’ve hit your retirement numbers then why is your husband still working? Something must not have been done right 🥲
@DUES_EX
@DUES_EX 2 жыл бұрын
some people still wanna work even if they have a set amount of money. think of it as a safety net
@lifewithmargot
@lifewithmargot 2 жыл бұрын
@@DUES_EX ah good point!
@beatricerights
@beatricerights 2 жыл бұрын
@@DUES_EX One million is not enough to retire on at 35. I'm 50 have close to 3x (half of which is home equity). I'm still working a job I don't love because I get a pension at 55.
@DUES_EX
@DUES_EX 2 жыл бұрын
@@beatricerights I agree, but I’m poor. Only $3000 bank. I live so frugal I could retire. You may have higher material needs or a family , which is why you need more. I’m 27 single.
@gorshenbag
@gorshenbag 2 жыл бұрын
They’re including their house in the $1M, which isn’t paid off. They currently have no assets that cash flow except for $200k in mutual funds, which isn’t much. They need at least $1M in stocks to live off $40k per year, which again isn’t much for 2 adults and 3 children. They still have a long way to go before they’re fully retired. If they stop spending 10k/year on weed they’ll get there faster lol.
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