You Need $2.2 MILLION To Be Wealthy in 2023

[@WhiteBoardFinance]

To start comparing quotes and simplify insurance-buying, check out Policygenius: policygenius.com/whiteboardfinance. Thanks to Policygenius for sponsoring this video!

[@Jessicatorres_768]

Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.

[@SophiaBint-wj8wn]

Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.

[@philipcollen482]

This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?

[@Jessicatorres_768]

Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $483k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choices I have made recently.

[@ConnieGriffith-u4z]

Wow, that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio

[@alicebenard5713]

I’ve actually been looking into advisors lately, the news I’ve been seeing in the market hasn’t been so encouraging. who’s the person guiding you?

[@fnamelname7296]

50 years old semi retired close to $7M networth. Drive a 2006 civic and proud of it! Also spend $25k on a vacation in Maldives. It doesn’t have to be “in the middle”… Splurge on things you enjoy and be frugal on things you don’t care about!

[@WhiteBoardFinance]

Agreed but most ppl naturally tend to splurge on too many things and wonder why they’re broke!

[@Riokaii]

theres no shot any gen z has over 400k net worth lmao. I feel wealthy in a global sense, not in an american sense. 500k might be enough to feel wealthy in comparison to peers, but 2.2 mil is actaully a fairly accurate amount of net worth you'd need to retire and live somewhat comfortably. So it might be that just even though i'm above average amongst peers, we're ALL fucked long term because we can never retire, being able to retire comfortably is part of my definition of what "wealthy" is.

[@abelhernandez-estudillo8620]

Do you have a video about Term Insurance?? Also…’87 babies rule!!!

[@thesecureserver]

Yes, I knew someone in the 35W bridge collapse in Minneapolis. He got a big settlement for that. I then saw him and wife at a wedding the next year. They were driving a new GMC and new Camaro. She was walking around like she was better than everyone else. It was quite sad actually. I think it was 2 years later they had to sell the cars and were flat broke.

[@WhiteBoardFinance]

Money is simply a magnifying glass into who you really are!

[@thesecureserver]

@@WhiteBoardFinance It would sure appear to be!

[@PhilSommer2]

Having recently gained more knowledge about personal finance, I've subscribed to your channel. I want to commend everyone who's tirelessly working to earn a living while also building wealth during this recession. At 45, I'm retired, along with my 51-year-old wife, and we're debt-free. Our plan is to relocate to Thailand. Thanks to our frugal and financially savvy lifestyle, as well as our commitment to saving and investing in the financial market, we've been able to generate passive income even in this recessionary period, allowing us to sustain our desired lifestyle."

[@LeonWilk2]

Congratulations on your early retirement, Interesting indeed! Currently, I am in dire need of investment advice or tips. Last year, I hesitated and failed to take any action until the year concluded. However, this year, I am determined to try something new, as I am very receptive to various investment ideas. I want to be retired in my forties or fifties.

[@PhilSommer2]

No problem at all! If you're seeking to earn substantial profits from your investment, I would suggest determining your investment horizon and implementing a long-term plan. I worked with *'Jude Ryan McDonough,'* to create a long-term investment strategy, and he assisted us in managing our investments while we focused on my jobs without any concerns.

[@AlinaWinkler233]

Thank you for your advice. It's challenging to find a reliable investment advisor here, and I appreciate your input. Seeing the successes you've achieved through investing, I would love to have access to your investment advisor's information if you wouldn't mind sharing it.

[@LeonWilk2]

Ngl Personally, I feel fortunate to be one of the many people who have had the opportunity to work with *'Jude Ryan McDonough,'* Thanks to his advice and expertise, I have been able to provide for myself and lead a fulfilling life. Nolan is a highly competent and trustworthy advisor, and I am truly grateful to have him on my side. It is not easy to find someone who is not only knowledgeable but also has the necessary skills to manage investments effectively. I feel indebted to him and will continue to offer my support and prayers.

[@techsir8866]

Recently had twins and one went back to the hospital a couple months ago. Money has been tight and bills keep coming, but with no car payments and some savings in the bank I can feel good about where I am. After all these bills are gone, a few more expensive coffees will make their way back into my life. This is one of the best finance channels as Marko says be smart with your money and gives ways to be smart. And he says not to be unhealthy about it, I will continue to watch every video that comes my way. Peace out and have an amazing day.

[@WhiteBoardFinance]

Thank you!

[@kanabalize]

“20 Years from Now, the Only People Who Will Remember That You Worked Late Are Your Kids.”

[@jl_andreu]

I am sorry Marko, but something feels wrong about this report. Those wealth $ average figures do not seem realistic for neither generation. Probably there was an issue with the sample selection.

[@WW-34]

I’m a Gen X mom and my kiddos are still young. Generation X still has babies lol. College age kiddos 😂 Child care costs are no joke and my kiddos don’t even notice when I work.

[@djkramit]

27:17 🤣🤣🤣🎬

[@stevennevins6643]

The Federal Reserve’s Survey of Consumer Finances tell a much different tale. For instance the average net worth of people 35-44 was $438,000 in 2019. The median net worth was about $91,000. The average net worth includes the Zuckerbergs of the country. The median simply means half the group had a net worth lower than $91,000, half the group higher. In the same study, the group of people younger than 35 had a median net worth of $14,000.

[@cliffordhobbs1399]

I'm so happy I made productive decisions about my finances that changed my life forever. I'm a single mother living in Canada, bought my second house in September and hoping to retire next year at 49 if things keep going smoothly for me

[@EG-hw8re]

This makes more sense. No qay young kids 21 to 25 have 400k, not most anyway. Stopped listening after that data was presented.

[@jimmylegs06]

Money only magnifies your habits. Most people's habits are garbage.

[@WhiteBoardFinance]

Money is a magnifying glass. Completely agree.

[@ThatsNoiceDude]

Great video boss, thank you.

[@WhiteBoardFinance]

Glad you enjoyed it

[@NetGhost420]

Thanks for the video dude.

[@DannyBrooks1]

I think 4-5 million is wealthy. You can do what ever you want if that amount is invested wisely.

[@rabihwaked]

Thank you for this amazing perspective about 'The Golden Middle'.

[@WhiteBoardFinance]

My pleasure!

[@RonnieY999]

Haha not really in Canada. I think you need at least 5 mil to be wealthy here, cause just a good house in GTA will cost you 2.2 mil.

[@GriffithCapitalGroup]

Always great videos marko,

[@WhiteBoardFinance]

Glad you like them!

[@venkateshselvaraj8222]

For some reason, i don't get notifications / recommendations for your videos. what's wrong with YT Algorithm?

[@WhiteBoardFinance]

No clue. Really frustrating to be honest.

[@Steven-zk5pt]

I'm 34 with a networth of 2.4M in low-cost living state but absolutely do not feel "wealthy." Maybe that will change when I no longer have to work.

[@MannyNCF]

02:35 I LOVE Marko's channel! Learned so much. But this statement right here is the HEIGHT of millennialism LMFAOOO "We've been through more crisis in my generation then any other generation"!! 🤣🤣🤣 It's like, WTF!?!?! As a Gen X, having lived through what a millennial's lived through, you completely missed the cold war and all that entailed, missed the recessions of the early 80's, the CRAZY gas crisis in the 70's, Carter's inflation, and I COULD GO ON AN ON. And I don't even put Gen X on top because My dad and HIS dad went through way more crazy crisis then me! 🤣 Marko likes to joke, so I would assume he's joking, but since I hire and work with and KNOW millennials, I'm pretty sure he's dead serious and would actually try and defend that statement! LOL Anyway, STILL LOVE this channel, sad he hasn't posted much lately and please, I post this in all good natured fun lol

[@liptongtr]

lol yea my friends I talked to loved maxing out their 401k and IRA and any time I bought something nice they would like to say with compound interest that $100 thing is going to be worth $10k in 30 years! I said yea whatever Im balancing my young self with my retirement self.

[@WhiteBoardFinance]

The Golden Middle

[@Jasongy827]

I saved up a lot of money, I’ve been eating very cheaply but healthy, before pandemic I was a sous chef, that really helped me a lot, during the pandemic I paid all of my debt fix my credit still have money saved up, and still saving.

[@WhiteBoardFinance]

Nice!

[@Jasongy827]

@@WhiteBoardFinance bro, I love your channel, and you have educated on me for everything car loan and housing amazing content and good info

[@WhiteBoardFinance]

Thank you!! I appreciate that. If you want more exclusive access to me and our professors check out our community WBFU!

[@dzikus.minimus.maximus]

Fun fact, you can't speak on the ventilator. Other than that, we're of the same mindset on pretty much everything. Thanks for another great video!

[@WhiteBoardFinance]

Good to know! lol

[@adocuric9154]

2.2 millions. Can you make so much money with a average job anywhere?

[@DrRobertMPick]

Please ALWAYS listen to Marko peeps! He is always spot-on and I wish his channel existed when I was 20, 30, 40, 50, etc. SHIT! Did I just age myself Marko!

[@tetravx-553]

Hey got a quick question. It is possible to automatically invest into ETF's? Can something like VTI be automatically bought?

[@djkramit]

9:22 😎☎️

[@Eamo-21]

Great video Marko. Money is just a tool to buy wealth: wealth is what we want. Medicine, health, shelter, time,..

[@brotherroopteachesthebible5368]

Everyone in this country is wealthy.

[@etutorshop]

Its so annoying, could not follow what is ducking GenX, GenZ, Millennials and Boomer there is no chronological order, no matter how many times I google about it I forget this 😞.

[@patricktaylor4847]

I’m

[@venk777]

If you woke up today and millions did not..nothing else matters

[@DanyCesc83]

2 million by 21 is very reachable especially for the more talented individuals, if you can grind for 6 to 7 years straight, you’ll have a nice chunk of change plus any assets you’ve accrued, not to mention all the networking and access to investments you will have, you can retire by 35 and enjoy life doing everything you can imagine.

[@ekurisona663]

i always hear #whiteboyfinance :D

[@djkramit]

I think he said that one time. 😄

[@strides1000]

TikTok and social media got these 8-23 year old gen z kids dancing to the bank with $400,000 😂

[@arigutman]

Great video and content, Marko.. Would love to see if you would do an interview regarding your journey investing and in finance, thoughts?

[@NuttedInYoMom]

Marko, you should make a video explaining how health insurance works, and the costs associated with it. You still haven't made that video yet. Not exactly a Finance topic but it's Finance related considering you have to pay for it every single month. Great videos by the way, see ya ✌️

[@vectoraerialimaging774]

Of course the financial services firms get to decide what number makes you actually wealthy. It's like allowing diamond dealers to decide how many carats you need to buy your wife.

[@toddwerther188]

Earning almost 5% on savings... when's the "savers are winners again" video?

[@WhiteBoardFinance]

When inflation isn’t 20% for everyday items

[@toddwerther188]

@@WhiteBoardFinance Inflation is at 2.97%, granted it's 3. something for the year, but it's not 20% -you know this.

[@WhiteBoardFinance]

@@toddwerther188if you actually believe this then you haven’t left the house in 2 years

[@toddwerther188]

@@WhiteBoardFinance Inflation has been horrible, however unless we believe in conspiracies, it's going down and has done so every month for over a year. I've no reason to believe it's going back up. I'm not rehashing what inflation was, I'm speaking to what it is now and going forward. Then there's the interest rate hike coming (tomorrow?) which will only help savers. Please consider looking at what the actual numbers for inflation are now and projected going forward, and contrast them with (soon to be) 5% interest on some banks/credit union offerings. Thanks.

[@WhiteBoardFinance]

You haven't left the house in 2 years lol. Go to any restaurant and grocery store. Thanks.

[@Martin-yz4fp]

Nice click bait thumbnail. Another scared KZbinr.

[@Moment2Forever]

Call me a poor but traveling seems pointless to me, I just have no desire to spend anything on travel, if it was free I still dont know that theres anywhere that sounds interesting unless it was like private first class and having servants waiting on me like bill gates

[@10304KH]

What’s your dream lifestyle?

[@Cynthiabarter6376]

I have been in the market since 2023, I have a total of 157 thousand USD, with my 12 thousand invested in Bitcoin ETFs and other dividend yields I am very grateful for all the knowledge and information that you have provided me.

[@Trendpatrube]

How did you do this please? I am new to investing in cryptocurrencies, can you please guide me on how to do this?

[@Harleyowen953]

​@@TrendpatrubeIt is advisable to seek professional guidance when creating a solid financial portfolio due to its complexity.

[@Harleyowen953]

Meredith sloane cambel is a very legitimate and competent woman, her method works like magic, I continue to win with her strategies

[@Lucianadiaja11]

I'm a little perplexed to see her mentioned here too, I didn't know she was also good with so many people, this is wonderful, I'm on my fifth negotiation with her and it's been great.

[@SophiaDanwin7539]

Her teachings are so financially educational that I learned a lot from her and I am grateful for her professional guidance.

[@jt11425]

"The only people that remember that you worked late at night are your kids." Oof, harsh but true line.

[@James_2213]

And the milk man😂

[@dbclower]

your wife's divorce attorney

[@tikilanichols8023]

I can hear, see, smell, touch, taste, and all body organs are working well. I have a roof over my head, a comfy bed and a wonderful wife. I'm really wealthy.

[@toddwerther188]

Only avg net worth BUT... all good as I will have 3 healthy long term streams of income (4 with SS) in retirement, which... barring anything drastic, will be when I'm 58.

[@markamark123]

thank you whiteboy finance

[@daveinthemedctr6640]

Congratulations! You’re wealthy!!!

[@jackyyung1242]

Hey Marko, when's this university coming out?

[@Jeffdachefz]

So i work as a manufacturing engineer and most boomers working the factory line there are living paycheck to paycheck(at 60 to 80k a year depending on overtime) with a lot of credit debt, collections and unpaid off houses and zero financial planning. You need to keep in mind that the majority of the population are not senior level execs. They are blue collar and low skilled workers and they do not know how to work the internet to learn finance like millennials to gen z era. Even my sister who is gen X had no idea how the stock market works and shes a high level DHS management.

[@honmingwong5759]

2.2. Million is definitely not rich in Los Angeles. Most houses are over one million

[@DaPoets]

Hey I hope you're doing well my friend!

[@WhiteBoardFinance]

You too!

[@AvalanchePerformance]

My guess is gen x probably got hit the hardest during 2008 and had the hardest time recovering.

[@papapickett7267]

Whats up with you and the Maldeevs Marko? I think you needs scratch that itch or something.

[@JasonKlineOfficial]

"You are the average of the 5 people you hang out with"......unless those 5 people are your multiple personalities. 😄

[@sivisvitamparamortem]

17 star hotel LOL

[@WhiteBoardFinance]

😂

[@sivisvitamparamortem]

@@WhiteBoardFinance you make a serious point tho. In our society too many people being flashy and being nothing more than status driven. Living only for their Instagram feed.

[@cyclops9125]

Time > money

[@James.......]

I've been making coffee at home, bruh

[@kdono1542]

Do you know of remote jobs (that may require a degree) that pay well? I'm looking to leave the bartending world for something that will gain me location freedom.

[@joshdoddadbod]

Let me know if you figure something out!

[@ryanraines1469]

Great video for perspective

[@WhiteBoardFinance]

Appreciate it!

[@afaqabas]

Great video and nice watch by the way.

[@WhiteBoardFinance]

Thanks!

[@JWH808]

I forgot which channel I heard this from, but someone said a good measure of wealth is dining out and not being concerned with the bill.

[@WhiteBoardFinance]

That’s my life philosophy lol

[@DJG2011]

Yo Mark Dawg is WBFU live? I went to the website and looks active but not sure

[@WhiteBoardFinance]

Not yet! August 1st most likely!

[@natethetoe386]

Work Life Balance, is a term used by the middle and lower class that are happy with with staying there. It usually is used to justify not working overtime for 1 1/2x or 2x pay to justify going home to watch Netflix. Sorry I don't see the benefit in that. Just sounds like laziness. Why not work the overtime, and use the money to take your family on a vacation?

[@daveinthemedctr6640]

“Mo’ money, mo’ problems” ! 😂

[@dougz2855]

Thanks Marko for another great video☺

[@WhiteBoardFinance]

Glad you enjoyed it

[@lilytea3]

0:30: 📊 Charles Schwab's modern wealth survey provides insights into the thoughts and feelings of Americans regarding wealth, time, and quality of life. 4:34: 💰 Americans are shifting their definition of wealth from material items to well-being and necessities. 16:01: 📊 44% of respondents cited lack of money and perceived complication as barriers to financial planning, with 52% of boomers and 48% of Gen X respondents agreeing. 8:22: 💡 The most important assets in life are good health and time spent with family. 12:16: 💼 Life insurance can provide financial security for your loved ones in case of your untimely demise. 19:52: 📱 Many people, including boomers, compare their lifestyle to others on social media. 23:43: 📊 The video discusses the statistics of household income and employment among different generations. Recap by Tammy AI

[@justinc6158]

You mentioned in a past clip looking to learn piano. How’s that going for you?

[@WhiteBoardFinance]

I’m a jingle bells master 😅

[@justinc6158]

@@WhiteBoardFinance I recommend learning the McDs five note jingle. It's super catchy and only take 1 minute to learn. "C D E A G"

[@Rudraaa77]

I never knew!! I watch your content sometimes it is really good 👍

[@WhiteBoardFinance]

Thanks! 😁

[@keithschorzman2965]

I hope you realize how fortunate you to be able to that a vacation and work less than 6 days a week, and, how trying it is to is hear I SHOULD be better and I should have work life balance.

[@aldiminico6513]

I’m 72 and retired. Not wealthy, but comfortable and Happy! Live within your means😁

[@rlg222]

These number don't look accurate to me. It seems inverted..

[@boomsuga]

This is real talk from the real one. Marko knows what time it is. If you don’t know, don’t ask

[@rlg222]

This country is becoming the extreme nots and the extreme have nots..

[@JaimeLopez-bk9mb]

For some reason, I can't see my viewed videos from your channel, I's looking for a great video you made a while back explaining how the wealthy use leverage and loans to reduce taxable income and roll debt forward with percentage breakdowns. I CANT FIND IT! 😮‍💨 Love you work and the improvements to the channel! cheers.

[@jacquelinepeyton1766]

P r o m o s m ☝️

[@Lookout20]

Are you on Twitter?

[@WhiteBoardFinance]

whiteboardfin

[@RalphHenryxx]

Wait…who’s the guy that lost all his money buying Pepe coin? 😅

[@jmfu]

2.2M in CA is homeless

[@TylerRayHamblin]

LOL

[@laughoutmeow]

Once I inherit multiple millions from mommy and daddy I’m gonna be a complete degen a-hole not gonna lie

[@overcaffeinatedengineering]

Does anybody find it weird that Gen Z only gets 4 years, and everybody else has 15 years for their generation? Like, did we collectively forget that a full half of Gen Z is actually younger than 18

[@sidew8ys]

You must be 21 or older to qualify to participate in the study. Indicated in the methodology slide.

[@gtamantube]

We Millenials have went through nothing compared to someone born in 1910; spanish flu; world wars 1 and 2, depression... We haven't went through anything

[@WhiteBoardFinance]

Lol who do you know that’s alive that was born in 1910? I’m talking about the generations in this video.

[@bobbybeef69]

HE'S ALIVE!!!

[@MECook1239]

Totally agree with this. As someone born in 1980 and who has worked in the banking/credit union world, I see so many people work long hours for that 85K Electric BMW. Ironically, after this video and ad comes on with a man in a private jet telling you how to be wealthy. Got to love the KZbin algorithm.

[@mingchi1855]

It takes huge effort to not get impacted by these advertising, peer comparison and stay within our means. People used to get jealous when comparing to some outlier in their neighborhood, but now with social media people get easily triggered to buy more fancy but useless stuff. I never understand why it's important to impress some other people. When you get into financial trouble do they give you free money? If not why follow their path...

[@donmynack]

I had to skip some vacation experiences to work when my kids were little. One of my biggest regrets. Will never get that time back.

[@WhiteBoardFinance]

Thanks for sharing. I hear you!

[@willc7672]

4:22 - this is only of the people in that age group who feel wealthy, not all people in that age group. It’s basically saying 46% of the top 1% of gen z.

[@Yolomamba24]

I think it's funny that comparison is the thief of joy but the entire purpose of this survey is a benchmark for everyone to compare haha. This is good tho. I'm personally in the comparison is good for motivation camp, but remind myself of all the good things I have so I don't lose sight of the joy part

[@EsGeeFromAZ]

People tend to lose the sight of true happiness and time being spent with family in the midst of achieving FIRE. There needs to be a great balance for everything you do like Marko mentioned in the video. You don’t need to go all YOLO but also do not need to restrict yourself from treating you and your family/friends with a good time. Get that car, plan a vacation, pick up a reasonable hobby. But also sit down and do math about your finances and see what you can realistically afford vs. what you think you can afford. Talk about your money with your spouse and your kid once they have an understanding of it. Hate to see people believing this as a taboo even in this world. Also STOP COMPARING YOURSELF WITH EVERY TOM DICK AND HARRY YOU SEE/MEET. Thanks for the video Marko. Great insight.

[@TheRandalHandle]

I don't feel wealthy, even though I might be by some standards. I'm just going to keep working and investing towards retirement. Hopefully the timing works out and I don't try to retire in the middle of a recession.

[@NWcpl]

A little off subject Marko. Hope you can help. For those of us that are literally 100% debt free. How can I change my mindset that it makes me feel uncomfortable being comfortable. I question and obsess on all my purchases now. Even though i can afford it easily and pay cash for it? In my adult life i always had to give something up to get something. That isn't the case for the past year. From working hard to get debt free has now carried over to my debt free life. How can I change my mind set about this?

[@The_Flamekeepers]

as a financial advisor, psychological finance (talking you off the ledge when you want to sell everything) is a big part of my business practice.

[@Adam_Bileckyj]

What data were you looking at when you basically stated "More hours only is noticed by your children?" Everything I have seen says those who work more are disproportionally rewarded financially, in excess of just the # of hours worked.

[@WhiteBoardFinance]

Common sense and life experience. I worked in investment banking. Those people barely knew their kids. Made a lot of money though :)

[@surprisek3918]

Always enjoy your videos Marko! Zdrav bio 💪

[@WhiteBoardFinance]

Glad you like them!

[@deanmaxbrooks]

To go along with Mako's geo arbitage point, so many people needlessly move the goal posts on financial security for themselves by constantly buying material junk. Overpriced cars. Expensive degrees. Or living in HCOL for the "experience." Whereas if they instead just sacrificed and saved/invested for a few good years, they could be set much sooner, and be able to move elsewhere for a fraction the cost of life here in the USA or other places in Western Europe. Even if I suddenly came into an enormous amount of money, I don't think I'd retire in the West anyway. But to the point of what defines wealth, I'd say it's basically a top 1% net worth, about $11 mil+. That's enough to buy a median priced house and a luxury car in cash and still pay for taxes on what you'd expect to earn in one year from an 8% return in a diversified index fund portfolio. It's enough to ensure you can own and live comfortably anywhere in the U.S., even Manhattan and Beverly Hills. It's also enough to ensure reaching orbit above the ravages of true inflation (~7%). As Michael Saylor says, investing in the S&P long term is basically treading water. Anything less than top 1%+ is lessening degrees of financial security. A cold truth.