How to Become a Millionaire By Age (2024 Edition)
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- čas přidán 21. 03. 2024
- How to Become a Millionaire By Age (2024 Edition)
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Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.
*I didn't become financially independent until I was in my late 40's, and I'm still in my 40's. In addition to having purchased my second home and earning money on a monthly basis through passive income, I've also achieved three out of five goals. I just hope this inspires someone to realize that it doesn't matter if you don't have any of these things yet, you can start today no matter your age. Change your future by investing! I made a rather big decision by investing in the financial market.*
Investing in many sources of income that are independent on government paychecks is the prudent thing that everyone should be thinking about right now, especially given the global economic crisis. Stocks, forex, and digital currencies are still good investments at this time.
Sure, investing is essential for maintaining your financial stability, but making any kind of legitimate investment without the correct advice of a professional can result in a significant loss as well.
The financial market could be very difficult and tricky..
I barely made any profit from it. I'm off the market please
You should seek for a professional assistance if you're new in the market
I’m about to turn 28 in a few months. I’m just now able to save these kinds of percentages because I had a lot of setbacks in life (abusive parents, on my own at 18, no college degree) but I’ve worked really hard and I’m so thankful to hear it’s not to late for me to have a big beautiful tomorrow!
28 is great. You're investing much earlier than most. My wife and I started at 27 and we should be able to retire somewhere between 55-60.
@@cody5596 that’s so nice to hear! Thanks for the encouragement, Happy Easter!
I had initially planned to retire at 62, work part-time, and save money, but the impact of high prices on various goods and services has significantly disrupted my retirement plan. I'm worried about whether those who experienced the 2008 financial crisis had it easier than I currently am. The volatility of the stock market is a concern as my income has decreased, and I fear that I won't be able to contribute as much as before, potentially jeopardizing my retirement savings.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
Mind if I ask you to recommend this particular coach to you using their service?
the stock market is at an all time high
Thank you for expanding my understanding of personal finance and investment. I recently subscribed to your channel. I'd like to express my appreciation to everyone working diligently to earn a living and accumulate wealth during this recession. My husband and I are both retired and debt-free, and we're being prudent and frugal with our finances. Despite the recession, we continue to generate passive income through our savings and investments in the financial market. This investment-focused lifestyle has allowed us to receive a consistent monthly income through passive means, for which we are truly grateful.
Congratulations on your early retirement! That's fascinating news. I'm currently in urgent need of investment advice or tips. Earlier this year, I hesitated and didn't take any action until now. However, I'm determined to try something new and am very open to various investment ideas.
Absolutely, making informed and thoughtful decisions when it comes to finances is crucial. Whether it's budgeting, investing, or managing debt, having a plan and taking the right steps can lead to financial security and success.
Absolutely! If you aim to achieve significant profits from your investments, I recommend defining your investment horizon and establishing a long-term plan.
@@AlexKowalski-mp3gu May I know the name of the financial advisor who has been helping you with your investments? If you're comfortable sharing.
The financial advisor I work with is *NICOLE ANASTASIA PLUMLEE
Bo 🤝 Being So Excited
My biggest lesson from this video is that I must be getting old because I didn’t know YOLO was out 😄.
I mean the song it originated from is from 2011 lol
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
Exactly ! That's my major concern and what lucrative investment can one venture into with the current rise in economic downturn
In fact, I had no prior experience or understanding when I began investing in 2018, but by the end of 2019, I had made a profit of almost $750k. All I had been doing was going by what my financial advisor had told me. This demonstrates that all you truly need is a professional to assist you; you don't even need to be a great investor or put in a lot of work.
*@lilyhershey1* That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
Gertrude Margaret Quinto is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I would love to hear more about the "stay wealthy" behaviors. It would be great content for those of us who are closer to retirement.
I found a guy on YT, James Conole, has awesome content for ppl close to or considering retirement. He will show full walkthroughs that he did with clients considering retirement. He is a cfp
I doubt they’ll ever do a deep dive on that since that’s the point they want to manage your money.
Apparently this is pretty easy for people who accumulate wealth, given how retirees fail to spend their wealth before exiting life.
They do talk about this regularly. 3 buckets to limit tax liability. Glide path of more conservative portfolio as you get closer to retirement. Build larger cash reserves and/or bonds of 3-5 years expenses so you don’t have to sell in bad markets, etc. But you are right hasn’t been all in one episode or the focus of one single episode
And also for those of us who suffer from fear of poverty and are unable to relax. Having some math to it would help
Best thumbnail yet. Brian is the uncle I wish I had at 15 when I got my first job.
I was 15 when I got my first job and I wish I knew what a 401k was 😭 first American gen here.
Great episode guys. The wife and I are well ahead of schedule with around $650,000 as of Jan 1 at the age of 39, with a goal of 2 million in present day dollars. Your content is very motivating and reassuring that what we are doing is working. Keep up the amazing work. pS, can’t wait to get and read your book.
Guys we need to stop using 65 as the desired retirement age , no one wants to have to work that long let’s start a new movement of the new goal of age 60 regardless of Medicare age ,one can save enough to cover the bridge between 60-65 let’s get people in to retirement earlier so they can have some good healthy years to enjoy it , after all you are referencing financial mutants .
I think that's just the government's age to retire my dude, so that's what they go off
Average marketplace healthcare premium for a 60 year old is more than $1000. Not to mention that most people are better off delaying social security til at least 67. They focus on 65 because they are grounded in reality, and retiring responsibly and safely is significantly easier at 65 than it is at 60.
I'm with you there. Yes, 65 is safer. Yes 65 (changing to 67?) is full retirement age for social security. Maybe 65 was in reference to medicare? I don't that age. Regardless, I think there's value in trying to be ready sooner if one can invest adequately. Worst case scenario, we would have more money to retire at 65.
@aerated I have every intention of retiring in my 50s, so does my wife. May not happen, but we are more then on track… set the bar high.
Great vid guys. This is a perfect "cover it all in one" overview. You guys have become a huge part of my financial journey. Thank you!
Thank you for doing it for the plot Money Guys
I love these shows when they do "By age, By income, By ___." They're usually my favorite. It also happens to be their most viewed videos too! :)
I'm definitely house-poor, but I'm okay with it. I bought a house in 2020 at 2.75% interest, and the house value has doubled!
As long as you are contributing 25% to your retirement that sounds like a great situation!
@@daundredemars5028 I'm not, but I'm 26! I have enough to stop contributing and have 1.5 million dollars! I'm literally wearing a shirt that says "blessed," and I am!
Thank you for all the great information! Brilliant❤
I am so excited to watch this video! I'm 30 with my first child on the way and I am curious to see how/what my finances look like by the end of this year.
I started investing at 32 racked up a 140k portfolio, but have slowed down since medical unexpectations ha poped up
FOMO is a serious thing but I would rather spend my time saving and investing now and have fun later
I am 35 and my wife and I have just started to do yearly vacations last year. Our yearly vacation fund is less than 25% of our retirement contributions and it is built into our monthly budget and automatically put into a separate HYSA.
Same here - my husband and I bootstrapped it in our twenty and vacations were weekend trips to friends’ houses. Now we are in our thirties and started doing longer trips to exotic places. All with cash. Just glad to have found the Money Guys and Dave Ramsey in my late twenties
@@alexanderwalls4466 that is awesome, I got into financial CZcamsrs in Feb of last year and we have made awesome progress since then. Previously we would use a bonus or no interest financing on trips. This year we cash flowed a 3 week vacation to NZ. We were already on a good path, but have increased our investments by 10% and are currently on track to hit 25% in about a year since we will have all of my wife’s student loans paid off.
I found Dave first, but resonated more with MoneyGuy principles.
I hit 7 figures of invest able assets at 50. I am almost 51 now. I raised two kids with a stay at home wife and I only broke 100k a year a few times.
This is good. This let me know that I'm doing better than I thought. Thanks for the info.
Does the 8% for car payment include insurance payment as well? If not, what would be a reasonable percentage between the two?
@The Money Guy Show: For the 2024 tax year (filed in 2025), I am now predicting that I have already overcontributed to my SEP IRA. Can I pull those funds now and put them into my Roth IRA instead? Penalties? I will eventually max out my Roth IRA no matter what (because FOO). Alternatively, can I just take a hit for exactly one year's filings and apply any excess which I contributed in 2024 toward 2025, thereby keeping the money in play but not incurring a repeating penalty nor an early withdrawal penalty? I am 31 years old.
Bumping the comment so more people can see it
You must correct deposits by year end. Not April 15. You can still invest up to April 15 for last year but cannot correct overfunding after Dec 31. And significant penalties.
@@WallaceDunn: Good to know. Thank you! But how does the correction work?
Excellent question. I'm trying to be careful not to do this in my 457b, and calling them they have no automatic or manual safeguards, it's all up to the saver 😮
Where can I leave my questions to get answered on your Q&A show?
Man I've done all the oops things in life. too much credit card debt. Car payment is too high. House payment is actually about half what the percentages say I can afford (we're at 13%). credit cards will finally be paid off this summer and then there's the student loans.
It's never too late. Step by step you can turn things around. You got this!!
Most people have done those things and now you're ahead of the curve taking action and making progress! Keep on the path !
Interested in that credit card section around 13:05 where Bo affirmed the average credit card debt figure only includes carried balances, how can someone interested in seeing statistics on cc debt uniquely as opposed to credit card usage find that information? I was under the impression most data on those figures only reported whatever balances were on a card during its respective closing date, that alone would tell you nothing about whether someone pays in full in carries in a given month.
8:28 I realized the investment chart utilizes a return of 10% and I was just curious what that investment was in? Most HYSAs I’ve been finding don’t go much over 5%, most hovering between 4-5%.
Important: Finance theory would posit that you SHOULD SPEND MORE THAN YOU MAKE when you are young. Especially if you expect your pay to rise significantly. So if you’re in grad school for example and you’ll be a doctor, you should borrow to finance your current elevated spending. It’s called consumption smoothing.
Im in my 30s and already hit the lump sum amount but im still investing almost double the monthly amount. Maybe i could take my foot off the gas a bit and enjoy life now more.
To be clear a million at 65 wont be enough to retire. Make sure you do the math for what you will actually need and make that your goal. Still very easy to hit but 1 million is just the start.
Yes, this.
I can't get the math to work out on their lump sum numbers, I think they are wrong.
@@bensproat1150, they might be assuming a 10% rate of return
They also don’t adjust for inflation. 1 million 30 years from now will probably net an inflation adjusted income of less than 20k per year. That plus social security is a very modest living.
Discipline, money and time? DMT?? Money Guy turning into Joe Rogan now
🤣🤣
Minus the weird conspiracy junk
I don't think Bo has EVER NOT been so excited about this...
Currently in my mid 30s and trying to get on top of my finances. I was just hoping for some advice, when they talk about saving 20-25% of your gross income, does that include pension contribution. And would that also include your employer match. (I.e) if I was contributing £100 and my employer £100 would I count either 0, £100 or £200 towards my savings of 20-25%?
Im in my 30's and forget "keeping up with the Jones'" i just want the life my parents had on my dads mechanic salary alone. 😢
The only issue I have with this video is that you’re already at retirement age when you hit $1m… but if you’re 25 right now and just starting… will $1m be enough to not rejoin the workforce like we see so many doing today? If you’re living on 4%, is $40k going to be enough after 40 years of inflation?
I save 82% of my paycheck every check at 36. Paid house off completely and debt free. Now I’d like to enjoy life
11:46 you misinterpreted the stat. The average American is not paying $700/mo on car payments or even the average for all car payments. It is the average for new car loans.
Would like to see this topic discussed: how long does it take for someone to go from $100000 in retirement balance to $150000 by average contributions & various contributions amounts. Took me almost 15 months to get to the next milestone I mentioned.
This is where you're better off just playing with an investment calculator using the numbers that are relevant for you.
Took right at 2 years for me. Hit 100k at end of July 2021. Hit 150k at end of July 2023.
I’m already at 185k now, but you have to keep in mind that such short term changes GREATLY depends on the market, which has been on fire since the initial crash from COVID. Took me 6 years to get to my first 100k invested, but i also saved up 80k for a down payment during that time…
Car is 6% but it’s a 5 year loan.
Mortgage is 17% with taxes and insurance.
Investing $1500/month at 28.
$6000 emergency fund.
Just hit the six figure mark invested!
Is 1 to 2 million dollars going to be enough in 2060?
Do us a favor: time stamps
why have an emergency fund instead of selling portion of portfolio during an emergency?
a million dollars isn't what it used to be. Getting increasingly worried that who knows how much I'll need with inflation.
I was thinking I can just calculate everything in todays dollars and hopefully that will be a good estimate? Costs go up but so will my real estate
Paid off 9k of debt thanks to the FOO 3k more and I’ll be debt free
Congratulations! Great work!
MMM.....Bo's new acronym:
Millionaire Mutant Mindset
Am I understanding this correctly? If I was 20 years old I can either with $0 in savings, save $95 a month until I retire and I should be a millionaire or put a one-time lump sum $11,318 and let it sit and contribute no more to it and it would still become a million dollars
Well if you put 11k that’s not enough because that’s only 2yrs if you put 12k so that would be only 6k for 2yrs
It’s $100-200/mo from 20-62
Well I'm the 50 yr old that tried to be a client of yours, but was turned down. I guess my plane was too small. Money Guy only wants huge airliners!!😂😂💰
Edelman financial doesn’t have a minimum…or not sure, check them out to verify.
❤❤❤
25 percent gross or net income?
Gross
Only applies on net if its a taxable account
😊
National surveys say 56% of people have less than 1k in the bank how do 48% have over 6 months. And 39% have 3 to 6 months. Some people are lying.
The stats they gave were from a survey of their clients (meaning they’ve at least reached that critical mass they talk about where it’s time to get a financial advisor, think 600k+ to multi millionaires). So out of their clients, that’s how much they have in their emergency fund.
You’re right that the average person falls into the other stat you mentioned.
@@kennycrump ty. I was confused
What if I put 50% down on a car for 72 months? The payment is not even close at all to 8% of the gross income.
Why string it out?
Because we used the other half of the money as part of our down payment on something else. We got a 2.49% interest rate. @@chemquests We can pay off the car in full but we want to use the money for other things.
The 3 in 20-3-8 is 3 years. So the payment should be less than 8% for a 3 year loan term length.
Well, we didn't do a 3 year loan, the payment is about 3% of our gross income (not including insurance) and we choose not to pay off the car right now. @@margaretbehre6461
@@chemquests We took the other 50% and invested it for a higher ROI. We can pay off the car today but investing it is better for us. At 2.49% loan it is practically free money. The interest payment is $44 a month. That is not a lot.
Elephant in room: In ones 20's or 30's (or even later) doesn't ones savings rate go to zero right after they put that down payment on a house? Then they show up at the MoneyGuys offices at age 39 with NO SAVINGS (but they have a big mortgage). How does this fit into the plan?
Soooo true. So many people say "I don't have any debt". But they also don't own a house. I have debt, but it's my mortgage...
I wish my vacations only cost $3500 we spend approximately $20,000 a year
My wife and I spend maybe 1-2k a year on vacations. What the heck are you spending 20k on?
We live in Florida and typically do three cruises a year each cruise is usually 6k plus we’ve done a two week vacation to Dubai and Maldives that cost approximately 16k by itself lol
@@jamesr5735 then quit complaining and make the change yourself. Don't say "I wish..." when the only thing in your way is yourself.
@@splunk17 whose complaining bedside sock spunk
"I wish my vacations only cost $3500" is complaining...@@jamesr5735
Save $38,250 by age 29 without contributing any more money to become a millionaire at age 65. 😊
I feel like when talking about these young ages we need to be talking about becoming a 3 millionaire or maybe 4 since that is what will mean the same thing as 1 millionaire by the time we retire.
That’s why you need bitcoin. 100% YOY on average. Deflationary asset, great long term hold. It’s very volatile so not for short term saving.
@@darthstrukt I doubt we will see eye to eye on this. Bitcoin just doesn't have the track record to back these claims. Good luck holding onto your bitcoin, I genuinely wish you the best. I will stay out of that game though.
Or I could give all my money to Gerry Selbee of Evart MI who will guarantee 50% ROI?
I think mean not median is a better marker….
Disagree. A minor number of billionaire and multi-millionaire investors can skew up the average/mean from a whole lot of people with savings below maybe $100K. Using the middle/median number shows you equal number of investors above and below that median value.
Just to keep you guys honest - the average car payment, according to nerd wallet, is $726 for NEW cars. It's $533 for USED cars. And that is a 60 - 40 split USED to NEW. I just looked this stat up earlier today, how odd.
It’s crazy how inept the majority of people are at interpretation statistics
Is it bad that im 25 with $35k saved and it still doesn't feel like enough?
You are only just getting started. 25 is a great age to be. Also it's important to define what's "enough" otherwise we will be continuously chasing a moving goal post.
Are they factoring inflation to their million dollar calc? Assuming 2.4% inflation, your million dollars today will only get you as far as 500k will in 30 years.
🤙🏽
I am a 42 guy with 450k net worth. Mortgage paid in full. Cars paid off, too. Bringing home 7k monthly net. Soon to be 9k net with an upcoming promotion. I spend a maximum of 2.5k to accommodate my lifestyle. I am debating if I should invest the difference in etf stocks or buy real-estate for cash flow. I am not currently married, nor do I have children or dependants.
Honestly, do whichever brings yoy joy
Bitcoin
Nice photoshop glasses 😂
Rule Number 1 to be a millionaire: convert $3k USD into Zimbabwean Dollars and BOOM instant millionaire…jk dont do that.
If I had 70k at 28. How much would it be at retirement?
With a conservative 8% rate of return over the next 40 years, that 70k will turn into $1.7 million
Money guy always teaches us about compounding. but not when it comes to their fees. Sad!
I need to understand this: Why do so many financial gurus keep treating house like a consumption item? A house is a long term investment that generally appreciates in value, that also has the utility of usage. You want to have a big house, it's a biggest chunk of investment you'll own for most people. If you are a stock guru, then think of it as a diversification item. Still, in my mind, don't leverage too much, but yes do get as big of a house as you can.
A home is a lifestyle investment and net returns after all the mintainance costs, loan interest, insurance, and property taxes are accounted for are negligible in most cases. If you have a majority of your networth tied up in your personal residence, you aren't wealthy. So let's do what you say and see it as an investment and diversification..... a personal residence is a highly illiquid and undiversified asset.... if someone came to you and said, " I want to put 70-90% of my networth into an illiquid and undiversified investment." Without you knowing it was a personal residence, I bet you would be screaming "no! That's so risky!"
But they say don't worry, there isn't much risk because it's a bond paying 3%!.... your answer would still be a hard no...
I'll keep home equity to sub 10-15% of my networth because I want the vast majority of my networth to be investments that return 4-6% above inflation on average instead of right around inflation like most personal residences.
But how do I become a billionaire by age?
Nobody knows that one because the few people who do it got really lucky and did something unique.
Becoming a millionaire is trivial and easy to do, but it doesn't scale up to ti billionaire status for people with a human-life time horizon.
Marry someone with 2 billion dollars.
Create
Two keys to getting wealthy. First is to realize you get paid what your worth and to add value to yourself over time. The second is to live below your means and invest the difference.
My wife and i have our roth IRAs nearly fully funded. Do to alot of sidework we may go over the income threshold. Should we work less to avoid going over or do something else
Any funds in stocks with monthly dividends. That can help grow the amounts over time with reinvesting the dividends for more shares and dividends.
If you're in that high of a tax rate now, you should be more heavily in tax-deferred plans anyway. For you, the Roth is only beneficial if you will be in a higher tax bracket in retirement than you are now.
@@papasquat355 I believe we entered the 24% tax bracket. We are also maxing out 401k and HSA
@@papasquat355The OP could be in his 20s or 30s - maybe even very likely if both he and his wife do a lot of extra work. There are a lot of good reasons to choose Roth, even with higher income. Perhaps you don’t want required distributions, or just like that you can put more in than with traditional
For the future, you are able to contribute to an IRA for a previous year until April 15th. ie contribute to 2023 IRA until April 15 2024. You may want to wait until Jan 2025 to contribute to a 2024 IRA to make sure you are not above the income threshold before you fund the IRA.
Also if you have contributed to a traditional 401k these dollars are subtracted from your MAGI (modified adjusted gross income). So if you haven't maxed that out yet, then you can add more money to trad 401k to lower your income. (I know I have heard Bo say not to take less income in some video at some point).
I'm so excited 🤩
I would be to if I was charging people 1-2% of their net worth every year for simple asset allocation.
How to become a billionaire?
: )
They only refer to $1M in accounts when it comes to a millionaire. Do net worth millionaires (assets minus liabilities) not count as real millionaires?
You can’t spend your house or car so I wouldn’t count it but you can is you want.
Our primary residence has equity so we count it. The car has value so we count it too. @@christinewallace9251 There is a certain definition for net worth. Otherwise, can I decide to exclude my mortgage in the calculation since I don't want to count it?....
Technically, yes.
Realistically, no.
Why not?
It counts for your networth, but you don't use your networth to determine if you can afford to retire or not.
12:23 how did everyone on the team misread this stat? It is clear the $700/mo number is only for new vehicle loans. Some people have no cars. Many people have paid off cars or used car loans which this figure does not take into account. The median American doesn’t have a new vehicle loan…
In today’s inflation market we need a show about 10 million! I’m not joking. It sounds ridiculous but it really isn’t for someone in 20 or even 30/40 to aim.
In your example 3400$ a month will get to 10 million.
Tbh it'd just be a lot simpler if they calculated everything using a real rate of return rather than a nominal rate of return. Then "$1mm" would be equivalent to "$1mm with todays purchasing power".
But the average person today barely has $100k, so $1M is a huge improvement!
@@CageMatchRunnerUptbh I don’t know the difference between the two.
@@chemquestssure I agree. But if someone is already on the program and is a mutant (or a scenario of someone following them starting at different ages) then they should make a video about such people and what can happen to them.
The term is “lost the plot”
Try living in Commiefornia during your prime earning years, and living through the Great Recession, losing your home and taking on debt just to survive through it - that's when all financial planning and good financial behavior flew out the window for many.
Probably not very helpful to talk about the 20s. As a matter of fact, I doubt any 20s would watch this video if at all.
hello, 20's here
No one in they're 20s are listening to you guys! Talk to us 40 and ups!!😂
False
I’m sure there are plenty of 20 something’s listening, myself included! For 5 more months at least, then I’ll be 30 haha
Hey I am 30 and present bro🤣
A million will mean nothing if we do not get the democrats out of office.
I'm favoured financially, Thank you Jesus $32,000 weekly profit regardless of how bad it gets on the economy..
Same here, with my current portfolio made from my investments with my personal financial advisor I totally agree with you
Wow! Kind of in shock you mentioned expert,elizabeth ann graney. What a coincidence!!
Elizabeth Ann has really set the standard for others to follow, we love her here in the UK as she has been really helpful and changed lots of life's
Life is easier when the cash keeps popping
in, thanks to Elizabeth Ann graney services. Glad she's getting the recognition she deserves
I use to work 3 jobs, full time at Walmart, a server at night and Lyft on the weekend, untill Elizabeth Ann graney change my story.
What a surprise, Bo is “so excited”.
Cheapest house on best street is about where and what to buy, not how much to spend! The idea is that this costs the same as the most expensive house on the worst street. The reason for this choice is to give up some luxuries today (cheapest house) for higher resale tomorrow (best street). This is fully aligned with thinking about your future self. I do agree there can be a pitfall if the best street environment is going to cause lifestyle creep in other areas.