I sent your link to my friends who are just over 30. They need to hear your serious well-thought-out message. It will help reinforce their newly realized maturity and give them the extra confidence to forge ahead with focus and purpose. Great Job Teach! Signed, The Old Guy in the Room.
@matthewwood2057Ай бұрын
Second that! 👍
@ErinTalksMoneyАй бұрын
Thank you!! 😊
@brucef1299Ай бұрын
Can confirm. People speak of the growth snowball, but after 33 years of investing it's more like an avalanche. Find ways to enjoy the grind and be handsomely rewarded in the end.
@ErinTalksMoneyАй бұрын
👏👏
@KelsiWalker1Ай бұрын
I’ve been making a lot of losses trying to make profit trading. I thought trading on a demo account is just like trading the real market. Can anyone help me out or at least advise me on what to do?
@MartensalbertoАй бұрын
I will advice you should stop trading on your own if you keep losing.
@MartensalbertoАй бұрын
If you can, then get a professional to trade for you I think that way your assets are more secure.
@MartensalbertoАй бұрын
I’d recommend Trisha Davis, her profit is great even when there’s a dip
@CherriDesporteАй бұрын
Hey i'm shocked you just mentioned and recommended trisha davis, i thought i was the only one trading with her
@MartensalbertoАй бұрын
you dont need to be shocked haha because i'm also a huge beneficiary of her
@RichardTouchfaithАй бұрын
When our money grew more than our earned income it was shocking. Now our money grows faster than we could truly joyfully spend it...crazy!
@JBoy340aАй бұрын
"Compound interest is the 8th wonder of the world" - Albert Einstein
@RichardTouchfaithАй бұрын
@@JBoy340a Though I will be honest it is sad when money and "stuff" no longer motivates or impresses you in life anymore JBoy. I think I realized this too early in age and wish it wasn't like this.
@JJasonHicksАй бұрын
I was startled when I learned about this milestone. Now I can see it on the horizon. I couldn't believe it. Now I do.
@traywaters1575Ай бұрын
What do you invest in?
@TravisSmashАй бұрын
I guess at what amount did you see the it role over and earn more then we’re currently making? Just thinking for the future on things
@rkw2917Ай бұрын
Yep, I had a net worth of zero at age 30 and 3 million at 60 Been through several downturns and another one is soon likely Be very careful if you are approaching retirement age
@TheFirstRealChewyАй бұрын
What was you net worth when you reached 40 and 50?
@rkw2917Ай бұрын
@TheFirstRealChewy At 40 about 250k At 50 about 1.4m Be aware that I was putting 5k per month into pension during this period and had very competent advisers
@user-iz5qg5so6lАй бұрын
Our school district in southeastern Virginia has required, for at least ten years now, all graduating students to take and pass a Personal Finance class.
@transitengineerАй бұрын
Hope they teach the difference between using a credit card for points and, the value of having a good credit score to get a credit card with a very low interest rate. Currently, I have a Master-Card with an APR of 8.9 percent. Of course as much as possible, I still try to pay-off my balance each month (smile...smile).
@g.t.richardson6311Ай бұрын
That is good
@dunemeАй бұрын
Can you please post the topics of this class?
@mikezerker6925Ай бұрын
It should be required to graduate high school!
@mrjuvy49Ай бұрын
This should be done after the jr to sr, year in HS. If not it should be taken in JUCO or the first year in college. We would all be better off. In My BA program in business, I only took two courses that pertained to me, Real Estate and Investments.That has make all the difference.
@andrewdiamond2697Ай бұрын
Well, I bought my first house in 1994 at age 29. At age 30, I had a negative net worth...I owed more in student loans and credit cards than I had equity in my house and savings in my 401k....so yeah, I made 100% of my Wealth After Age 30.
@trskinnАй бұрын
I just saw an article that said only 3.5% of Americans have 1 million +. But, then I see all these great videos of how easy it is to compound a million dollars. Any ideas why so few only have reached this milestone?
@gabygrandАй бұрын
Not everyone has a 401k and those that do have it don't always know how to use it
@tjt5055Ай бұрын
Most people spend everything they bring in, unless forced to save. From people making $50-70k/year who drive $50k trucks to people who insist on buying luxury items whose primary value is its price tag. There are lots of people who make $100k-$200k and somehow live paycheck to paycheck. Seriously dumb. It's why housing is a better tool of forced savings than it is an investment, most of the time. Some people are smart with their saving. Most need to be forced to save in order to put anything away.
@perryraymond3431Ай бұрын
Say they saved the million in 401k with taxes take out. And paying for a home probably go under a million
@fredswartley9778Ай бұрын
It's encouraging to know that wealth accumulation becomes a little easier when you get older. It can sometimes feel like you're not making any progress when you're in your twenties and even thirties.
@FaintAuraАй бұрын
*Looks at current NW at 31* Works for me...
@mikezerker6925Ай бұрын
I went from around a *negative* 400k net worth to plus 1.5 million in 8 years by following Dave Ramsey’s baby steps to get out of debt and following channels like Erin’s, Humphrey Yang’s, and Minority Mindset for advice on investing… I now regularly invest in S+P ETFs and mutual funds.
@JBoy340aАй бұрын
Great video! I hope a lot of people, especially those in home buying and child rearing age watch this. It is easy to say yes to too many things in those ages and let money just bleed off on things like a trip to Disney, new car, etc. The issue is this is while you are at the low/flat end of the compounding curve, and you are pushing out the time until you get to the steeper portions where interest is doing most the work.
@ErinTalksMoneyАй бұрын
Well said!
@ld5714Ай бұрын
Good morning Erin! Good discussion in this video. I loved the Campbell Soup story and the fact that you still have all the card you collected. Very cool. Have a great week. Larry,, Cerntral Valley, Ca.
@ErinTalksMoneyАй бұрын
Thanks Larry!! 😊
@Mar6579Ай бұрын
This gets me excited! I’m 26 with 40k in my 401k! Love this vid
@Mar6579Ай бұрын
I really started feeling it this past year growing way more quickly than before!
@ErinTalksMoneyАй бұрын
Congrats!!
@plantingseedstv5138Ай бұрын
I reached $1 million NW at the age of 32. Thanks Erin for the encouraging words. I’m excited and nervous to see how quickly I can reach $2 million
@ErinTalksMoneyАй бұрын
That’s incredible!! A huge congrats!! I’m sure you will be at $2M before you know it!
@FIRED13Ай бұрын
Thinking back, I lived thru years of low, stagnant market (~ 2000-2010), but the were the years I just accumulated a lot of shares, shares that now bloomed into bountiful fruit trees feeding us through our FIRE years! As I mentioned many times in the past, long timeframe is the magic pixie dust in your equity portfolio
@scottmetzger7621Ай бұрын
Erin, I don’t know about you but I get tired of all the people leaving comments about how they make a million a year on their “super investment strategy “. 😂😂😂😂
@well-blazeredman6187Ай бұрын
I think that they're either scammers or advertisers. Many of the replies to the posts mention a financial adviser. I report the posts as soon as I see them.
@bryanwhitton1784Ай бұрын
@@well-blazeredman6187 Same here. As they come up I report them and hopefully, some day YT will fix the problem.
@JBoy340aАй бұрын
If they are spam thread with lots of replies and mentioning some advisor, feel free to report them by hitting the 3 dots on the right side. They will immediately disappear from your feed.
@g.t.richardson6311Ай бұрын
@@JBoy340a Lol, Three dots is very appropriate because all the advisors always have three names. I worked in the finance industry, and I can tell you that I never heard of one person in the last 40 years who goes by three names
@ErinTalksMoneyАй бұрын
Oh, I’m so sick of it as well. I report them as much as I can but these days it feels like a full time job. 😑
@av8rgripАй бұрын
When I was 25, I sold my Sport bike and invested that money in an IRA. This started me down the investment path. I was military and made less than half what my peers made out of college. I still managed to save over the years. Dollar cost averaging and time is your friend.
@nicomythАй бұрын
Buffett made his money by buying and reselling actual businesses. He continued to grow the money he made by investing it in stocks/index funds. Now BH just runs like a hedge fund, investing in stocks. I don't think they purchase and flip actual businesses anymore. Warren put the lion's share of his effort into growing businesses in his early years, so that the money made could passively grow now. (He also lost out on some of his business deals in his younger years)
@donaldlyons17Ай бұрын
RIGHT AND AS KZbinRS THEY DON'T JUST FOCUS ON TELLING US THAT FIRST AND FOREMOST!!!!
@Ethan-bu2zyАй бұрын
This has been my experience as well. Patience is key. 😊
@rickdunn3883Ай бұрын
This is perhaps the most important advice for young persons. Investing early in your career has a maximum affect. Folks don't just go for the match, how beyond the match. It's critical to build wealth. Remember: "Money Doesn't Grow on Fees."
@donaldlyons17Ай бұрын
Well no money is there because they got paid... so those who can't get paid will never have money period!!! Second when people are young it is obvious that they need to focus on making money because saving pennies will still leave them totally broke... Hello!!!!
@ErinTalksMoneyАй бұрын
I like that quote!
@donaldlyons17Ай бұрын
@@ErinTalksMoney Now how is saving money going to save people who don't make money. I know you know better than that one when your focus is no making money not all that other stuff... Lady you know better if your making content and even sometimes comparing yourself to other creators. That is because making money is the most important part not what happens afterwards!!!!
@rickdunn3883Ай бұрын
@@ErinTalksMoney Thanks. Folks, I'm not a Financial Professional. Just studied this stuff for years. Fees are necessary but understand their impact and don't pay excessive fees. I started a self help group for high net worth people back in 2001. Financial Professionals (good ones) are well worth it and difficult to find. Be aware of this: 68% are average, 16% are above average and 16% are below average. But most people think their CFP is above average. This is not possible. Another quote of mine: "Money in Motion Costs Money".
@passdasaltАй бұрын
This is exactly me. Well, as a smoothed out average. I was 30 and had 30k equity in a house. Fast forward to 60 yo and the numbers are just like the chart. But the kicker, I did it on way less than 75K income. Like Erin says, stay the course.
@pc24681Ай бұрын
I am saving 45 percent of my salary to my 401k . Going to max out my 401k every year to become a Millionaire before 10 years 😊
@TheFirstRealChewyАй бұрын
You make about $51K?
@pc24681Ай бұрын
@@TheFirstRealChewy Nope 67,500 plus employer match 7 percent of my salary which is FREE money 😊
@ErinTalksMoneyАй бұрын
What a great savings rate!!!!
@dunemeАй бұрын
The Wife has Maxed out her 401K for years! (I don’t have one anymore but, did too when I had one!) But, Maxing out your 401K WORKS!
@stevenspencer306Ай бұрын
Careful with putting it all in your 401k. If your plan is to retire early, you can't (or at least shouldn't) touch that until 59.5. Given your median salary, you're probably not getting a huge tax break for putting it in there either. Having a Roth IRA could help you save on taxes in retirement. Having a non-tax-advantaged brokerage account could allow you to access the money earlier without penalties.
@mrjuvy49Ай бұрын
I was broke at 40 changing careers. She is right we started a net worth statement, bought a rental house, developed that for horses, and did long range planning. Today we can't even believe where we are financially. This stuff really works, stay the course.
@adamritter1396Ай бұрын
Great video. It is always encouraging to be reminded that success doesn't happen overnight and hanging in there while you are young is worth it.
@rabidfollowerАй бұрын
Great video as always. I just have an off-topic experience to share. I was just on reddit discussing how to max your chances to earn currencies and rewards in video games, and set off TONS of emotional reactions from people who (a) don't know how probability works, (b) don't care how it works, and/or (c) think along the lines of "we'll all lose anyway." That made me sad because if that happens in a video game, imagine what those people think about investing in the stock market, a field which requires great understanding of probability if there ever was one. The thinking of those people will prevent them from ever achieving financial freedom and retiring, and that makes me sad.
@SunRise-ul7koАй бұрын
I'm very proud of myself this week. I never completed high school, never owned a business, only ever worked very ordinary jobs & never had a wife. In Australia, I've reached the top 1% of net worth, purely from investing my meagre income, achieving this milestone 5 years ahead of retirement age. 25% of this net worth comes from the value of my house in Sydney & the other 75% is invested mainly in Australian & overseas equities. Add to this I'm completely dept free. I currently give myself AUD160,000 a year spending money to live on & enjoy.
@sprinkle61Ай бұрын
Not having a wife or family is THE cheat code of wealth accumulation. Of course if everyone does this, then there is no future, but the present will be pretty good !
@steveweiss8920Ай бұрын
For most focused investors, it does take approx. 20 years to accumulate your first million in net worth. The second will come in half that time, the third in half of that time etc. The biggest threat in derailing this pathway is life style creep.
@StormGod29Ай бұрын
The year our money made more money than I did was amazing. Soon it will make more than my wife does. That will be even more amazing.
@ErinTalksMoneyАй бұрын
Congrats!
@joe62845Ай бұрын
I can't wait till I can see my savings skyrocket. It's definitely growing faster than it did, but I still have a ways to go before I see it shoot off.
@transitengineerАй бұрын
When people do these projects they try but, do not spend as much time as, I wish they would saying most of your growth is in your final 5-year period. This is why, when you do robbery out of, your retirement accounts during your 20's and 30's of say $10,000, $20,000, or $30,000. It may costs you $100,000, 200,000, or $300,000 in your 60's and 70's (smile ...smile).
@chillndillАй бұрын
Thanks for keeping an educational environment!
@Fiscally_Responsible_DMH51Ай бұрын
True, at 51 years of age, I'm just trying to find places to stow my money away now. That's why I own my home, two rental properties, outright, and a pretty sizable 401k and brokerage account. Although, not all of my money was earned by me. I did inherit over $500k after my mother's passing in 2022.
@biblioholic7139Ай бұрын
Buy and hold strategy is good for long term use assets also. Buy quality once and get use out of it for decades. 20s are (hopefully) when you are going out on your own and have to acquire your own big ticket use assets that you will be using through your 30s and beyond 🤞
@transitengineerАй бұрын
Thank you, for sharing the need to be patient with your retirement investments because, time truly is your friend. About 10-years ago, I told my wife now that our home is fully paid-off ... guess what you now have a net worth of over $1,000,000 (with half in liquid assets and, half in the value of our home). Of course her reply was, this may be true but, why did this not happen until near the age of 60 (smile...smile).
@johnnypunishАй бұрын
Stay the course, my friend. You are absolutely on the right path. Signed, A Man Who Has Already Walked That Path and Found Shangri-La.
@EricMoore790Ай бұрын
Erin! If I make it to 50 I'll be making bank!
@dunemeАй бұрын
I think you need to make more than you spend too! Especially in Retirement when you hope you have enough assets to really grow your Net Worth!
@loracsaber768829 күн бұрын
Erin, I would love for you to do a video for single folks and saving money. Everywhere I look it’s all about multiple households. I am about to be 40 I am a household of one. I have worked my tail off having at least two full-time jobs at a time and have zero saved for it. with current inflation and still paying student loans I am almost back to having a second job again. I want to get my house paid off early and I want to have money saved, but how do you do it on an income when you’re almost living check to check?
@justinofboulderАй бұрын
Thank you for the video!
@ErinTalksMoneyАй бұрын
Thanks for watching!! 🙏
@darylhaack7752Ай бұрын
Thanks for posting. Cheers
@ErinTalksMoneyАй бұрын
Thanks for watching!
@alangrawien103Ай бұрын
Great video Erin!
@ErinTalksMoneyАй бұрын
Glad you liked it!!
@AlfredStephen12717 күн бұрын
I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks this year. Hope to make millions in 2024.
@plebinilАй бұрын
Time...
@blackgrandpa7652Ай бұрын
My employer match is 6% and I match it going on 34 years in a target date fund DCA 165 dollars weekly 🎉
@ErinTalksMoneyАй бұрын
That’s awesome 👏
@InvestWithSenseiАй бұрын
Great video.. Thanks!
@ErinTalksMoneyАй бұрын
Glad you liked it! 😁
@victorbaird8220Ай бұрын
Yes please 😊
@mikebridges20Ай бұрын
Erin, Geezer here! Just wanted to say that even middle of the road (didn't want to use the word mediocre) investing skills work over time: I'm proof of it! We've been investing since we could start, in 1981, investing only 2% of our income, and that into a fixed rate fund (sort of like a HYSA today). We got terrible investing advice then. Bumped up our investing as we could to 10%. Straightened out the fixed income about 8-10 years later, and got into indexed funds. Fast forward to now, and my growth is about 5-6 times what I was making as a teacher (which I've recently retired from, woo hoo!) THIS. STUFF. WORKS!
@g.t.richardson6311Ай бұрын
I think I made 90% of mine after age 45
@pepchristian26 күн бұрын
why am I getting hundres of videos with the same thumbnail saying stuff like "after 100K it gets easy" "after 30 you will make wealth" etc please just stop
@randytaylor4766Ай бұрын
I'm thrice divorced and live in a van down by the river... second part is a lie. lol! I am 57 and I only have 450K in my 401k right now, but I'm maxing it out along with my Roth with the catch up which is 38,500 per year for both. My salary at work is 110K per year and I get a 6% company match. I am retired Air Force with 90 percent disability. Retirement and disability brings in 54K per year right now, so I'm in a good spot. Planning to fully retire in 5 years at age 62. Still though, I wish I would've started earlier.
@johnchenderlin4715Ай бұрын
Everything you said is ME I subscribed not sure i see your stuff all the time the only thing i would have added is the law of 8's 8 years and 8 months you will double in 8 years
@ErinTalksMoneyАй бұрын
welcome to the channel! :-)
@lispendensАй бұрын
3:58 I'd be careful to add words to God's words. Galatians 6:7-9 doesn't have that addition you stated. Revelations 22:18 "And I solemnly declare to everyone who hears the words of prophecy written in this book: If anyone adds anything to what is written here, God will add to that person the plagues described in this book." I mean this for your edification. Thx.
@stevenspencer306Ай бұрын
The funny thing about Warren Buffet is that he really fell off after making that billion, despite accumulating >99% of his wealth after hitting that milestone. From age 19-39, his net worth increased by an average of nearly 50% per year, a 2500x total return. From 39-59 it was closer to 30% per year totaling only 120x increase. And from 59-93 it was only a 40x increase or 11.5% annualized, basically tying the market. If he had kept up with the returns he made before 40, he'd be worth a staggering $37 Quadrillion!! About 400x global GDP.
@coltonthies4672Ай бұрын
Yes but what will the dollar be worth in 35 years? Half?
@drticktock4011Ай бұрын
A=A0 * e^(r*t) Notice time t in the exponent
@1175drhАй бұрын
I agree!! The misconception out there is rich people became rich overnight. Simply by investing 13-15% of our income since our mid 20's my wife and I have around 1.4 mil in our retirement accounts at age 47 & 48. We were stupid at times buying stuff we didn't need to impress people we don't like. about 5 yrs ago we had over 141k in consumer debt. We followed the Ramsey baby steps and now only have our mortgage left. We are proof that if you are intentional on investing into your retirement accounts first, that it will work out, even if you do stupid at times. If you can avoid stupid most of your time, you will be rich by your mid 50's or 60. To me, Rich is having enough to never have to worry about money and to just live in financial freedom!!
@donaldlyons17Ай бұрын
No your proof that have excess money is what makes all that possible to begin with!
@nearsiteАй бұрын
Honestly, I think 30s is a little bit aggressive. It's more like '40s if you start saving in your mid to late twenties
@JMM7171Ай бұрын
Warren would not have gotten where he is without baby steps. Building a basement before he built his skyscraper. I.e. his current financial situation. Delayed gratification.
@TheFirstRealChewyАй бұрын
99% of wealth after age 30, which is essentially your working years? Seems to make sense.
@christians131Ай бұрын
Im a theoretical millionaire but 99% of my wealth is tied up in Beanie Babies so I just have to wait for that market to pick up
@bobbybeef69Ай бұрын
So if I hit $1M in NW at 34, I'm on track to hit $100M when I'm old. See you at the bar at the assisted living facility Erin. First rounds on me 😂
@ErinTalksMoneyАй бұрын
Haha 🤣 I’ll take a margarita
@HOC242Ай бұрын
👍🏾
@charlesrivers2647Ай бұрын
❤❤
@cripz1436Ай бұрын
I got the 666th like on the video. I think I should be worried, but eh Ill be fine. I'm not him btw 😂
@ErinTalksMoneyАй бұрын
haha - I'd be the type to be worried too 😂 Thanks for watching (and liking)! Send you all the good vibes!!
@ChinaSaha-qu9mbАй бұрын
I have more than 10k usd diversified portfolio in crypto 😅