Best Financial Strategies by Income: Do This Now! 💸
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- čas přidán 25. 06. 2024
- In this video, I share major tips on the best financial strategies tailored for three different income levels: $60,000, $90,000, and $120,000 a year. Having worked through all these income levels in the last ten years, I’ll share my experiences, mistakes, and the strategies I used to turn my financial situation around. Whether you’re earning $60K or $120K, these strategies will help you manage your money better and build wealth effectively.
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🌟 Key Insights:
🏦 $60K Income Level:
Pay yourself first, build an emergency fund, and focus on paying off high-interest debt like credit cards. Use high-yield savings accounts to protect your savings.
💰 $90K Income Level:
Take advantage of tax-advantaged investment accounts, like 401(k)s and Roth IRAs. Consider the $5 a day investment challenge to grow your wealth over time.
🚗 $120K Income Level:
Avoid lifestyle inflation and focus on what brings you joy. Invest the rest to build a secure financial future. Reducing unnecessary expenses can help you invest a significant portion of your income.
💡 Discussion Points:
🤔 How to adjust your financial strategy based on your income level.
📈 The importance of paying yourself first and building an emergency fund.
🧠 How to avoid lifestyle inflation as your income increases.
🌟 Join me as I delve into these tailored financial strategies and share actionable tips to help you achieve financial freedom no matter your income level.
📢 If you found this video helpful, share it with others, and don’t forget to subscribe for more insights on personal finance and wealth building. Ready to learn more about applying these strategies? Check out our next video for detailed advice and tips. See you there!
Chapters:
0:00 - Introduction: Best Financial Strategies by Income
0:07 - Overview: $60K, $90K, $120K Income Levels
1:40 - $60K Income Level: Pay Yourself First
4:09 - $90K Income Level: More Income, More Opportunities
6:22 - $120K Income Level: Avoid Lifestyle Inflation
Music Attributions:
Go Down Swinging - NEFFEX
Investigations by Kevin MacLeod is licensed under a Creative Commons Attribution 4.0 license. creativecommons.org/licenses/...
Patrick Patrikos - Good Times
Anno Domini Beats - Archetype
*Disclaimer: Bob is not a financial advisor. Please contact a professional financial advisor prior to making any decisions. Some of the links and other products that appear on this video are from companies in which Bob Sharpe earns an affiliate commission or referral bonus. Bob Sharpe is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
What are your top 3-5 things that bring you the most joy?
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Yo what Bob
Another interesting video
@@truckertra4489 thank you! Hope you’re doing great!!
@@BobSharpe I'm getting there
1. Weed
2. Health Food
3. Nice Hotels
4. First Class
Weed is number 1
I’m about 6 months away from paying off the mortgage, so my focus is on that and by listening to your videos and others on mortgage payoffs helps to keep me motivated.
You got this! How exciting to be on the brink of the freedom from the mortgage!!! Congratulations
1. Vacations with family
2. Date nights with husband
3. Helping others in need
Thanks for the great content Bob!
What a great list! Thanks for sharing
@melissabrady2746 very good. First stabilizing one's is key. We can't help others that are drowning until we learn to swim well, but also helps if we have our life-vest during the efforts to help a weak swimmer.....No judgment, just reality.
I'm also a proponent of living comfortably Not lavishly. One, because it is True financial freedom and two - you are more able to help others at a more efficient way for yourself and them.
Quality over quanity. Best to drive a decent dependable car and live in a humble decent comfortable home, the stressing how on how many more months it will be till the fancy car gets repo'd and the house gets foreclosed on.
Many individuals would be in amazement on how fast the "impressing others luster" fades. The feeling might be great in the short term, but eventually everyone realizes it does very little to none for their own lifes to be impressed by the expensive things others "own".
Work hard for your money, allocate/budget it appropriately and enjoy life with the spouse and kids on the weekends. Don't die broke/in Debt and especially don't die with millions in the bank that you never truely enjoyed because you want to be rich instead of wealthy in the things that truely matter.....Family being one. -God Bless.
I make about $70k/yr. I up my 401K contribution every year by 1% when I get a raise. My current contribution is 16%, employer is matching 3%. I am completely debt free, paid off house in April. Life is good.
Love it! Congrats on the full debt freedom!!!
That's great! Q: why wouldn't you only invest up to the max match rate from your employer, then dump the rest in say a Roth for better tax breaks for retirement?
Love your channel , Bob. I like your down to earth approach and use of real life as well as your personal examples. In 2017 I started digging myself out of a hole. Like you I was in the negative net worth category. With an income comparable to your mid level income in this video I've been able to invest, pay off all debt (except mort @ 3% int.) and I now have a half mil net worth and climbing. Kinda got a late start as I am in my early 50's. But healthy, employed, and not about to stop. I strive to invest 50% of my take home pay every month.
Thanks for the great videos!
Thank you so much, and what a great comment!! Congratulations on that net worth and the growth - you're still young and it's only onward and upward from here!!
I’m investing 15% plus company match. The rest goes to our mortgage. 100% Debt free is the freedom we want for our family.
Love this!!!
1. Travel. 2. Videogames. 3. Biking. Everything else doesn’t matter much. I’m actually “scheduled” to pay my 30y mortgage in under 10y by March 2026, and trying to add even more to the extra principal I already pay so I can potentially pay the whole thing off by next summer! Then, financial independence begins.
This is so great to hear - congrats on being on the homestretch of the mortgage!!! Let me know once that date rolls around - a big congratulations will be in order!!
I'm 34 single, no kids never married no debt (minus small mortgage) making 130k and 45k of that goes towards my investments. Will pass millionaire status around 38/39 just crossed half a million in net worth.
I make 86k plus overtime. My employer check is for bills and investing. 25%
I have a side hustle mowing lawns that generate 10k-13k/yr. That money is used for camping, vacations, and helping my kids buy their first car.
That's awesome - and really great to hear your side hustle pulling in that great money. Congrats and tahnsk for commenting!
1. Vacations with the wife
2. Vacations with our siblings and their families
3. Saving to become financial independent
This is a great list! Thanks for sharing
Top 3
1- Playing golf with my Son and watching how well he plays and continues to grow.
2-Travel with family during the summer.
3- Being financially secure and knowing I can focus on helping my Son learn to save for his future.
I started poor and will never consider myself "Rich". Only that I can do what I want when I want and will always get the best deals I can and save as much as possible so that I can enjoy doing what our family wants to do.
Everyone can achieve their goals. Use a spreadsheet and don't give up if you have a slip. Just get back on track and do your best. But always remember to save, but to also enjoy life and THAT is when you will realize you have achieved financial freedom!!!
Excellent and inspiring!! Thank you for commenting
Thanks for the great content.
Glad you enjoy it! Thanks for commenting!
Thanks Big Bob
You’re most welcome
I'm not even making 40k. I really need to find a career/job to increase my income so I can invest more and live more affordably
I'm 59 and have 401k, trad IRA and individual stocks. Should I open a ROTH too? My HYSA is at Citi at 4.4% My children are grown. No grandchildren. I enjoy working I guess. Lol (I really do enjoy nursing. They will probably have to force me into retirement in my mid 70s to early 80s. Health is wealth kids!)
Thanks for commenting! The Roth is your call completely. Typically if you think you may benefit from avoiding higher tax rates in the future during retirement, then that is where it can be helpful
@@BobSharpe Thanks Bob! I'm debt free so trying to allocate wisely.
I would like to see a video with european salary. I live in Romania where the salary is 900$ per month. How much you think i save per month to have an 90.000$ account!
I don’t like that 3-6 months during Bidenomics! If a furnace goes, your car goes, roof leaks, and other emergencies you’ll be SOL and have zero left. Just my thoughts. Don’t even feel comfortable having $20k or less nowadays
Although I don't agree with you fully, I feel your frustration/possible anger with the economy the past few years. The pay at most average jobs is not keeping up with inflation and such. Damn government is just letting the rich become richer than before. I work hard, but get crums as a salary raise. Yet the CEO gets a raise and bonus that equals the Total Sum of the salary of 100 employees......
Capitalism unchecked. He could retire today and live another 30 years very comfortably and still have a few million left over on the day of his funeral. This is just going off 1-year of his earnings.....multiply it by a few decades of earning ridiculous amounts of money and it is beyond un-ethical.
😂 and Trumpy poo poo pants did better- you’re a joke
Amex is HYSA 4.25% I’m guilty of lifestyle creep…. Oooof 😮
I just started getting into investing early this year. I came across your channel looking for advice and joined in on the $5/day challenge. I did that for about a month into VOO and then added $5/day into QQQM. Looking forward to more videos in the future!
Credit Karma has a savings yield of 5.10%. BOOM!!!
Do you have the link for that?
Whoa! I'll check that out! thanks for sharing
The median US income is 40k not 60k. A lot of times I watch your videos im like where the F is this guy getting his numbers from 😂
Ah but I have receipts on where the F I get my numbers 😂. You have to look at the latest data given by the Bureau of Labor Statistics (government). In Q1 2024 the avg is $60,000. Link: www.bls.gov/news.release/pdf/wkyeng.pdf
Take your weekly earnings reported, averaged by gender, multiplied by 52 weeks - you’ll see where I get my numbers.
I try to provide latest documented data - not old data.
Cool video-Moved to Thailand-$400 monthly brand new condo walk to 🏖️-gym/sauna/jacuzzi/steam-cheap and healthy food-online investing daily (wake up early)-buy t bills-local charities-easy to transfer $ via wise-pretty younger gf
Oh that is great!!!