Financial Lies That Are Going VIRAL (Money Guy vs. The Internet)
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- čas přidán 8. 09. 2024
- It’s Money Guy vs. the internet! We wanted to debunk the top 5 financial lies that we see over and over again in reels, in articles, and X feeds to help you understand what’s real, what’s fake, and how to do money better.
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The problem with 401K is that it is impossible to sell courses on investing in it.
😄😄😄
agreed and its fraud
Never money in selling commonsense
You can't sell a course on it, but there are plenty of books about investing in IRA's and 401k's, so believe it or not, people are making money off of selling common sense investment advice.
I went on a course that strongly emphasized the role of the 401(k) and 403(b) in the overall investing plan.
This is not an either/or situation.
The problem with a 401k is that I don’t think I could run that far.
😂😂😂
Um, sir, I think you are confused lol
You do have until retirement to do it tho 😂
Oh jeez, I better start training I guess 😅
@@realnpm😮😅
If the phrase "leveraged life insurance" doesn't make you cringe you're probably an insurance salesman.
Yea my life insurance is leveraged.
I'm leveraging the irrefutable fact that I'm gonna die to get some money for my family to pay for some bills and the funeral
Banks are levered with life insurance. Search BOLI: Bank owned life insurance
I am an insurance agent and that statement makes me cringe so hard. The scumbags in our industry drive me crazy.
Brian is my brother-from-another- mother because is you never owned an 80's Mazda 626 with the oscillating fan you've never lived the good life.
Since 1987 and passage of the Tamyra act, life insurance has been severely limited as a tax shelter.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
One lesson I've learnt from billionaires is to always put your money to work, and diversifying your investments. I'm planning to invest about $200k of my savings in stocks this year, and I hope I make profits..
I currently have $400K in equity in my home, and it's my primary asset. Is the suggestion here to sell now, cash out, and hold onto the funds until the housing market declines? What would be the best financial move in this situation? Any advice would be appreciated.
You are right. The best approach I feel is to diversify investments- by spreading investments across different asset classes like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.
I really want to get in with a financial advisor this year, especially as all markets are hitting highs. I don't want to be too optimistic and end up losing everything.
‘Lauren Marie Ehlers’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
Did you notice one of the guys saying 401K's are bad is Robert Kiyosaki, Mr. Rich Dad, Poor Dad. That guy is a sham. Makes all his money with his scam courses.
He's a bum
So investing in land is worse than 401k?
. Way worse...
It's a shame, I found his first two books to be really insightful back when they came out, but he has definitely devolved into just another success grifter.
Didn't Kiyosaki go bankrupt or something? I remember there being a massive financial fiasco regarding him.
Social media is going to ruin this generation. Buying any asset based on internet recommendation without seeking the opinion of a Financial advisor, is just dumb. I started investing on my own, but the market was tough. I hired a financial advisor, despite initial skepticism, and we've grown my portfolio to seven figures in five years.
People often underestimate financial advisors' importance. Over 50 years of data reveal that those who work with advisors typically earn more than those who go it alone. I've been fortunate to work with one for 13 years, resulting in a $1 million portfolio, largely from early investments in AI and other growth stocks.
Investing Is more than reading quarterly reports. Learnt this from reading Peter Lynch's book. I believe there are people who do this for a living, and I just delegate the task to these professionals. That's how I make money from the market too.
’ve been worried sick about the current state of my portfolio, who is your advisor?
"Kristin Amber Landis" is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks.
"If you're not rich yet, you're doing it wrong." The classic message of the fake guru who is out to push you to buy their useless, overpriced course by making you feel like a loser.
If I had a 20-something son who told the internet with his whole chest "$200k is chump change" I would assume I raised him wrong 😂
I'd start charging him market rate rent plus concierge services!
Peer pressure is worse then ever thru social media and can (temporarily) override parental values. My dad would’ve said something but also waited patiently for reality of life to sink in. It always does no matter who you are or how much money.
You either did a really good job or a really bad job depending on the tone 😂😂😂
Like $200,000 isn't a ton of money. Having it doesn't make you rich, and if that's all you have, you should still be frugal, but it's a lot to lose, and if you found a way to get it, tou should jump on it
Influencers love nothing more than to hate on 9-5s but usually end up doing substantially more work through the endless side hustles that are supposedly "passive" income. Almost nothing is truly passive income unless you are earning bank interest or have investment returns. And the side hustles they promote are usually scams.
Always cracks me up when people excessively hate on a 9 to 5. I get a consistent paycheck, I have consistent hours, healthcare, 401K, paid vacation…I can totally understand the people who want to be entrepreneurs but they act like clocking out at 5 is a fate worse than death lol
The professions have been the surest form of upwards mobility for centuries.
What do you mean? Most of these influencers don't work much at all just like they say. Of course, they don't actually make any money either and live off allowances from mommy and daddy.
The difference is they actually enjoy the work they do, they set their own hours, set their own pay (that they have to hunt and earn), more freedom (this one is key), etc. It’s a worlds difference than a 9-5 and way better life if done correctly.
@@erwina4738 You do realize there are people who enjoy their 9-5's right?
Do they actually enjoy the work they do? I would argue the average influencer makes significantly less than a 9-5er. They also have a ton of indirect work or things they may need to do that's not enjoyable.
I much rather work 9-5 my entire life than to be an influencer or wannabe entrepreneur who keeps losing money.
The funny part is that at 20 years old, you could start at $100 a month, increase 10% per year and have well over 2 million at retirement. You could still go on vacation, do the concerts, buy all the crazy stuff you want, and so long as you don't create some insanely massive debt hole you'll be fine in the end. lol
If you are 20 now and aiming for 2M in retirement, you may be aiming a bit too low.
But I would also bet that if you are starting at $100/mo and increasing 10%/yr then you will probably overshoot $2M by retirement.
@@CaedenV I definitely don't disagree with that, I just thinks its funny how many people in these clips think it's all or nothing, when you could do something relatively minimal and still do better than most.
@@ScizzyGibbler Yeah I had a friend of mine who was into the whole "401ks are usless/don't work" thing and has no retirement outside his home equity. I tried to explain to him how it would be nice just to have something there making some money instead of having nothing at all and to see some middle ground, but it's amazing how many people think it's all or nothing.
So so true
The last 10 years has you puttit somewhere between 2000-4000 a month though. Which isnt crazy considering youll be in your 50s already
Watching these guys as a 40 year old dad, thinking about how my dad used to sit around listening to Bob Brinkers money talk on road trips.
Slowly realizing i'm becoming my dad.
That said, my dad is retired and very comfortable now. WORSE WAYS TO BE OUT HERE.
Be like Dad. Haha
Now you’ve learned how amazing your dad is. Respect to your dad.
Bob Brinker rocks!
Pass the wisdom to your kids as early as they can understand it.
I'm already planning to cookup a custodial ROTH and work on matching contributions with em! That and just getting them to understand staying ina budget, being happy with out having to spend a bunch etc.@@pete5691
It's almost like none of these people work a typical 9-5 and don't have workplace sponsored 401K's with a match.......
Lucky them, sounds like they made right choices in life
@@erwina4738 a job is not a disease. We were made to do work. There's supposed to be balance with all the things in your life
@@erwina4738 Wait, is it luck or did they make the right choices?
@@bsktballman08 Made the right choices in life. But the point that I was making to Carolinas comment is that those people on Tik Tok have it made way better than anyone with a 9-5 and 401k
Just remember that the reason they use “working a 9 to 5” as their buzzword is because it’s associated with the reality and fear of growing up.
That’s why “do nothing, make money” sounds great because it lets these kids think it’s possible to avoid growing up. It’s a phase that every person goes through in their late-teens/early-20’s, so it needs to be approached with compassion.
Not really, it’s because most people in American history didn’t work a 9-5 job. Until the 20th century most Americans were entrepreneurs and owned small businesses. I think more people should work in the trades and find ways to have side hustles. It’s not called being lazy that I don’t like 9-5’s but that I want to actually achieve something useful with my time. Sitting behind a computer is something I will never do.
9-5s suck lets be real here lol. Entrepreneurship is the way to go if you want a better life for yourself and for your family
"Get rich quick" and "Do nothing get rich" has been around since I was a kid in the 1970s, and probably forever. It's like the world's second oldest profession.
“Comparison is the thief of joy“
Yes sir!
100%
I have two pensions. I would much rather have had a Roth 401k throughout my working lifetime. $500/month invested from 25 - 65 at 9% is $2.3mil. I have $100k that i like to invest in a non-retirement account, Where would you invest this as of now?
I would avoid the index funds or specific stocks cos 5% fixed incomes are the safest bet for now. Save your cash for when the market actually shows signs of recovery or better still consult with a market expert for guidance.
I think you're better off with majority investment in S&P500 and uprising equities cos they always outperform. Also speaking with an advisor can help with pointers. I've been in contact with one I reached through commentaries here, she has been really helpful.
Hello, thanks for replying. I'm thinking of trying out an advisor, how can one reach a decent advisor like the one you use?
I work with the popular Melissa Elise Robinson. Who happens to be a is a hot topic among financial elitist in The US. Especially for her works during Covid. All the information you need to set up an appointment is on her web page.
I'm cautious about giving specific recommendations since this is an online forum and everyone situation is unique, but I've worked with "Melissa Elise Robinson" for years and highly recommend her. Look her up to see if she meets your criteria.
These real estate guys are all like "I won the lottery and got rich, why doesn't everyone play the lottery like me!" - so idiotic
Let’s not discount their cringey confidence in their whole get rich formula that includes the social media strategy. It also helps to be attractive and behave outrageously for the clicks.
Brian makes a good point about people braggng about their gross revenue versus actual profit, not to mention a very important metric I refer to as the grief-per-dollar ratio.
Great video. We retired at 54 after decades of maxing out 401k, trying to live below our means, making some lucky decisions, paying off our house, traveling cheaply but fairly well, and paying fully for two kids’ college with advanced degrees. It is possible. We are truly blessed.
And what’s sad is most Americans don’t believe it’s possible.
@@JoshEbersoleit depends on the income and cost of living to be honest.
If you are a low income, minimum wage worker, then investing in your 401k will not make you rich. You need to find ways to boost your income, which either means job hopping, taking a side gig, or starting a legitimate business.
How?? You can’t withdraw until 59 1/2.
Taxable brokerage account
Love that Bo called it out…. “Or they are lying”.
God Bless these 2 men. Their videos are a reality check for my niece!!
I’m 26 and I just paid off $70K worth of debt that I got myself into.
I feel like I cheated myself, because $70K in equity would have been so nice 😭😭😭
Now that all that debt is gone, I’m learning how to invest and grow my wealth
What I wouldn't give to be 26 again, debt free, with such mentors as these. You learned a tough lesson, but you have time on your side yet.
I had a good start to my 401k at 24 and sold it to invest in my uncle’s company because it would be a “better return”. Spent and lost most of it. Didn’t have any financial literacy or start investing again until 28. Now I’m Married at 31 with a Kid on the way and I’m already seeing such great momentum. 26 and no debt is a great place to be. You’ll be fine!
Keep it up. Save, invest, live frugal, no credit cards, no loans, buy a house. You will be a millionaire on your 50's.
The first time I calculated my net worth, at age 30, it was less than zero. I owed more on student loans than I had in assets. And that's where I began. Now it's nearly 30 years later and in a few years I'll retire with a net worth approaching $4 million. It's your time...use it wisely.
You are only 26. You will do fine, since you already paid off the biggest hurdle in your life. Just keep saving and investing and you'll be good financially.
I had a good laugh when I heard that 25% of people make over 500K!
I retired early like 40 years old
I get 30k a month
I just live off my interest.
Never had a 401
@@coziii.1829 Unfortunately the hobbies that make me happiest cost a lot more than out. Always good to hear that people are happy with what they have! Congrats!
The mindset behind this bad advice is the bigger problem. These knuckleheads promote showing off wealth. Warren Buffett lives in the same house he bought in the 1950s and drives used domestic sedans. I’m following Buffett’s example.
Buffet also made his wealth not doing a 9-5 job. You can’t imitate the wealthy and still work like a peasant.
30:55 “I don’t like any extremes”
Spoken like a true Jedi. Only Sith deal in absolutes
"Only sith deal in absolutes" is an absolute.
I will do what I must.
@@NaJoeLibre☠️🔦🗡️
401k is Not an investment, it’s an Internal Revenue Code. The holdings you choose are the investments. Great show!!!
I believe most people already know that. It's a tax sheltered retirement account offered by most employers that holds different investments.
I actually believe scarcity can help you enjoy things more! If you eat out less you will get more enjoyment out of the times you do. Vacations are so enjoyable because we don’t do them often, etc! I got this idea from the book happy money! Highly recommend!
Can say this is true from experience!
The real estate advice they gave is CRUCIAL! I’ve seen it happen to someone close to me losing $5k per month because of a squatter he couldn’t ethically or legally kick out for 9 months. It’s not passive like the stock market.
Real estate is a hedge at best, but it’s illiquid unless you’re investing in apartment complexes that have good management histories. Hard to find and really expensive. A better way is to invest in REIT type funds like “Fundrise”
"do it right, do it light. Do it wrong, do it long" new saying for the dad quotes toolbox
The way my dad explained it to me: the Market is like Las Vegas, if you are astute and lucky, you can make individual bets and win - and win big - from time to time. But the house always wins in the end. In the market, if you are astute and lucky, you can bet on individual companies and win from time to time. But the market always triumphs in the end. The genius of mutual funds is that they allow the average investor to bet on the House - in other words - participate in all the profits of all the bets.
I put this show on pause for 1.5 years, and coming back... WOW this show has improved greatly. It's an allegory to the incremental gains of a retirement account. They're simply invisible day-to-day. Yet, over the long term, such a huge difference.
Just two reasonable guys dropping some truth.
Bo is right! Real estate rental is not passive!!! Even with the most ideal tenants, it’s either low rent or small calls for various stuffs
Or squatters refusing to leave, and you have to go through the eviction process, which could take months or even years and end up costing you tens of thousands of dollars. Real estate is for the delusional.
I made six figures holding real estate from 2019 to 2023. It's a great investment if done right.
@@kratostomatoes8587you’re joking right? Like joking about being in the right place at the right time?
@@TylerRayHamblin It doesn't get any more passive than letting politicians bus in illegals to pump your property values.
@@TylerRayHamblin Aparantly my reply is hate speech lmao. Thanks YT
I really appreciate you guys going through these myths. I've definitely fallen for the trap of these "get rich quick" kind of schemes and then getting completely dejected and feeling like a failure when they inevitably don't work.
The average retiree, I believe should have been able to have enough to last the rest of his days. It just depends on choices during your working days, just as I came to realize later. I netted more $2m by retirement. And this is while living in New York!
New York is sure as hell an expensive place to live in. Were you affiliated to Wall Street? Because how could you net such a huge amount?
I don't think he was. I think he had good savings habit from early in life. Which is a habit i shared until a friend introduced me to the stock market, I was intrigued. This was just 15 years to retirement, and I had only $280k to my name and no idea on what equities to acquire until i got referred to a Smart- Advisor recommended Advisor who helped me allocate to the right positions and i'm just 15% short my $5m retirement goal
That's incredible. What did you invest in ? I'm really interested in this, because I'm in a similar position at the moment.
I work with Heather Ann Christensen as my licensed advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
Thanks for sharing. I curiously searched for Heather Ann Christensen and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.
Its crazy to think you only need to save $200 a month starting at 22 for retirement. I'm 21 with $27,500 in retirement. Its building slowly but it is 100% building and that's all that matters
The Money Guys never go viral because they tell us the truth
I wish I had known the importance of saving at a young age. I didnt. But Im 33 this year and determined to get myself on track as much as possible and push my income to try to save enough now to catch up.
I didn’t really start til I was 30 and then went 100% S&P 500 for the next 34 years and my portfolio is at $3.3 million. My salary back then was about $30K. Just keep contributing/no timing the market and when you get a raise up the amount a percent or two until you are maxing out.
@@glasshalffull2930 Thanks for the comment! Thats a very helpful perspective.
@@dancingoctopus9888 You are welcome! I went and pulled my 401K statements and it was actually AFTER 1990 when I went 100% S&P500. (missing a few stmts) But, I was 100% in 1993 when I was 33 years old. At that time I had a total of $50K. Just keep contributing and don’t check your balance all the time. It will go up and it will come down. Just stay the course and know it will go up over the long run.
@@dancingoctopus9888 I pulled my old statements because my memory was a little foggy. Anyway, I wasn’t in the S&P when I was 30 and had $6559 in my portfolio. I’m missing my statements when I was 31 and 32, but I have 33 and when I was 33 I was 100% in S&P and my balance was $50K. I hope this helps with your concerns.
This episode should be required watching before anyone is allowed to access TikTok.
I love this kind of video. There are SO MANY so-called influencers out there who give misguided advice (I'm looking at you, Dave Ramsey) and it's great that you guys cut through the noise and give us the facts. Keep it coming!
Ramsey is good for crushing debt
Money guys are the only advisors I trust on the internet. They don't mislead their audience for the sake of ratings.
sorry Ramsey gives a great plan to get you out of debt
My rule is this: listen to Dave Ramsey for debt advice but not investment advice….
I’m just glad the sham wow guy got cleaned up and started this podcast
The best side hustle is OT.
I just took on 36 hours of OT every month. It's like my side hustle pays 1.5x my regular job. I take my breakfast and lunch to work and built my own coffee station in an unused room with a sink, fridge and microwave. (I'm a nurse and managed to pilfer odds and ends appliances to make my own break room. Lol)
From what I understand, the only criticism I have for the 401k is that it's generally replaced pensions. That doesn't even mean that the 401k is bad. It's just a downgrade from what older generations had
I think that some of the reasons that people think 1/5 make $1 millions because people will say that they are millionaires but not explain that it’s through assets and things like the 401k. They’re worth $1 million not making $1 million
It's not just the videos that are creating this idea that so many Americans are making $500k+, spending is contributing to that perception. People are buying $100k cars and season tickets to pro-sports that cost tens of thousands and boats and so on that make it LOOK like they have all kinds of money. I often find myself wondering how they're doing it and what their life is going to look like when they want to retire.
Relying on social insecurity, thats what their life will be in retirement.
I have a friend that only has about 12 years left of working. I doubt if she'll have good enough health after that time to keep working. She lost her job due to downsizing last July and didn't really ramp up her new job search until now in November/December. If I was in her shoes, I would have been heavily searching for work last summer. I don't think she has funded her 401K well over the years. She had a small inheritance I suggested she save and invest for her retirement, but all the money has been spent. It's gone. I've thrown up my hands in the air and I wish her well. You can take a horse to water, but you can't make it drink. I just bite my tongue now and I truly hope she can make it on social security, but it will be tight.
Glad you guys touched on the profit aspect. I'm also a CPA and have looked into almost all of the things suggested and the ROI on them isn't there. Laundromat, Car Wash, Vending Machine all really appealed to me, but the markets are so saturated (at least where I live) that, even if you bought an existing business, the margins weren't there to justify it.
Revenue vs profit is the easiest bit of data to mislead people to buy scam stuff and get into trouble. All they see in the big number but forget about everything else.
Watching with my 8 year old and when myth #2 came up he said, "I want to be rich". I asked him why he wants to be rich he told me that he wants to help me and others that need help, eg. someone that needs a wheelchair. Start them young with the right reasons.
I put $2400 a month into my 401/roth split almost evenly. I started late though and wasted my 20's like many in my generation. Wish I had the knowledge, maturity, and direction sooner. I'd be way further ahead.
I feel the same. I started out putting just 6% in on a traditional 401k to get the match and left if there for years until I woke up realizing I wanted to retire one day and needed to get serious. I too put a similar amount per month now and am catching up, but I'm realizing where I'd be if I'd known this in my 20s or early 30s.
Money Guys,
I have a great video idea. Can you make a video about a cheap car versus a luxury car and do an analysis based on how much each day costs to drive? I want this to be compared a bus pass so people can see getting a normal bus pass is a good price but if there was a “luxury bus” no one in their right mind would pay 5-10x as much for the same bus ride. The same comparison could be made for 1st class flying. Its just a nicer chair!
Hopefully we can persuade people to buy a $5k car instead of a $100k car!
Love you guys and your content,
-Brian
They have talked about this previously
people can spend extravagantly on things they love as long as they cut money on things they dont. you never know if people get $100,000 cars because they only have $350,000 home instead of a $500,000 home. like ramit says, its all about how people want to live their individualized rich lifes. peoples money dials vary
Great idea for a show! Liking it
People spend money on luxury busses all the time. They're called taxis.
I think your stats about 45-49 for a person to reach a million dollar net worth (if I understood correctly) holds true anecdotally. I’m 52 (in Canada) and our family’s net worth did approach 1m right around 46. That’s with 33 years of working. I don’t have a formal education. So it can be done if one just saves a little each month over a long time.
So you worked and invested since you were 13? 46-33= 13
@@chriswood2698you need to re-read that comment. They said they're currently 52, not 46, which means they've been saving since age 19
Was that net worth of $1M without any debt?
I'm willing to bet that the "eat the rich", "the rich don't pay their fair share" and other similar slogans are much easier to believe if you're the kind of person that thinks 1/4 make 500k+ and 1/5 make 1M+.
“I’m so excited!” Is my new money affirmation
Has Bo ever not been “so excited” to talk about anything??
Yes. He but he realized that he had nothing exciting to discuss for the first time. , and so he got excited about the prospect of not being exciting.
Could you make a video about starting your retirement at 40. That way those of us who just found the path to retirement can actually retire. 😮
You need to start saving $1000 a month in a retirement account now to have $1,000,000 by 65.
I don't know why people want to come up with all these crazy side hustle ideas. Just be lazy and invest in index and keep upping your contributions as you earn more.
I have my doubts about those retirement account figures. I'm 40 and only have $20k in my 401k. But that's because I've worked at this job for right about a year, and the rest of my retirement money is in a rollover IRA. Something tells me those surveys aren't counting all retirement accounts together.
In other videos, I've heard them say that it's reported based on only accounts the company reporting can see, so yes, I'd agree, they aren't counting all. BUT, for your average person, your 401k will often be your biggest of those accounts, so it's still representative of an average/ median for people's majority.
I have two pensions. I would much rather have had a Roth 401k throughout my working lifetime. $500/month invested from 25 - 65 at 9% is $2.3mil. I hate my job but can't leave because of I won't get my state pension. I have eight years to go until I retire. woo hoo!
Thank you guys for doing this. You’re providing a great public service! Keep up the great work.
I wish you had a 40+ Playlist for people who are older and weren't lucky enough to get exposure to knowledge earlier, to just hear the advice without all the start in your 20s rants
*401K fees* - in our very typical Vanguard 401K plan, the index funds are the *Institutional* versions of the index funds, rather than the *Retail* investor versions. So the 401K fund fees are explicitly *lower* than the index funds available to us outside our 401K!
The 401K plan fixed administrative fees themselves are trivial, almost immeasurable relative to any decent sized 401K balance.
If everyone is an influencer, who is being influenced?
Not me lol
As always, an interesting show and I sent the link to my two sons who are in their 20's. A comment on average 401k balances: I am in the 55 to 64 age range and still working. I've taken advantage of 401ks since my mid 20s when they became available from my employers. I've had numerous jobs since then, always rolling over my 401k into a rollover IRA and never withdrawing or taking loans. Consequently, the balance in my current 401k is about $120K but that is only a small portion of the money I've stashed away in retirement accounts. Do your figures reflect the fact that many of us roll our money into another account when we change jobs?
very good point. im sure the answer is no. as a 25 year old with my first corporate job in I.T. I admire what you have done and i admire what you want to teach your sons. you are an inspiration sir.
Use the 4% rule as a baseline. Could you live off 4% across all your accounts? The source doesn’t matter, it’s about having enough funding.
Same here, rolled over to IRAs after every job change.
I would like to hear what y'all have to say about the whole life insurance 'becoming your own bank' scheme. What are those people talking about, what are the down sides, what is the trap, or is it a viable idea?
Haha, I’ve now seen two ad breaks on this episode - in both cases the breaks came when you were about to show a video you are about to disprove. In both cases, the ads were for financial products or making a claim about Roth conversations being abused by advisors! Guessing those advertisers would not be pleased to be perfectly wrong-timed.
My ads are for socks....
We migrated when I was 33 worked 9 yrs without putting to 401K because our healthcare facility don't match at 42 y/o transferred to VHA and they match 5+1 % so I put another 5% and at 45 y/o I started to learn to transfer from G fund to C fund the S &P 500 in fed government and at 50 y/o me and my wife who also work at the VHA are putting 20% of our salary. Getting ready to the FIRE movement. Now I am teaching our kids to put money as early now they started working so they can retire earlier than us. Thank you for this blog because we are learning a lot.
Congrats on 401k subscribers! 😀
Currently 18 right now, will continue building my wealth. Thank you guys for this content!
100% S&P500 and no timing the market.
Love the opening. Two guys who know something about investing. Never be out of the market. It paid off to be in the market.
LOVE they list prepaid future expenses on their list. By going Roth, you are basically prepaying the income tax on your retirement withdrawals by paying the tax on the contribution. When you are retired, any expense you don't have to have is HUGE. Plus, it then goes to your beneficiaries TAX FREE after your passing.
Delayed gratification - once we had ramped up to an automatic 15% retirement savings rate, we never missed it, it was like any other paycheck deduction. Our lifestyle matched our take home pay after retirement college, and emergency fund savings.
Love money guys show, the perfect pair, one is always excited and other is always matured with experience and growing up in scarcity
I love this video. I am 24 with 2 side hustles. I sell digital downloads and sell my handmade crochet items while also working a full-time job. I don't make much with my side hustles. The most I've made in a month is probably $300 but it's something!
Bo was just cracking up laughing at that intro 🙂
I am self employed, I have a Roth maxed, 3 different index funds, a sep IRA, and some stocks, I put away 20% of my salary each year into investments and about 20% into savings, aka emergency funds
I am in my early 30s and on track to have 10s of millions of retirement when I hit the 60s
It blows my mind that 1 in 10 households my age are making 230k a year
Holy Hannah, I didn’t realize how much I needed this video. After consuming so much social media, I needed this reality check to know I’m doing ok.
I hope you guys can create an episode for perpetually single people who dont have plans of getting married or being childless and still want to plan retirement/ passing on wealth to their nieces or nephews. I think this will be a trend for a lot of gen zs and older millenials or members of the lgbtqia+ community. we have pink money too.
I agree, it would be nice if they did this. Their "messy middle" is exclusively about getting married, having kids, buying a house. There are plenty of people now forgoing 1 or 2 and only doing 3 so that the household expenses soley fall on a single income. I wish they split their "messy middle" segments into "families" and "singles".
I would like this, too!
My employer offers 401k managed by Mass Mutual. Each fund has a fee of 1-3%, plus MM charges additional fee of 1-3%. They are robbing us. There should be options for very low fee index funds (0.25-0.75%) or for self directed with 0% fee.
Prudential has a low fee plan (I am blessed that my employer uses them). Maybe you can convince your employer to switch? Tony Robbins claims you can even take your employer to court over high fee plans because the law requires them to act in the employees' best interests when choosing the 410k provider.
Turo has one of the worst insurance policies ever. A renter can crash your car and its more likely than not.
Totally agree about value of 401k. If your deferred tax plans (401ks, IRAs) get large you may be forced to high brackets when do RMDs in 70s, consider start Roth conversions before.
That's why I unsubscribed to all the other "money guys" and I ONLY trust the Real "Money Guys!" Thanks guys for not being misleading or using clickbait lies. There's a lot of people out here that need some honest advice.
This is the video CZcams finance needed!!
CZcams has a sense of humor. Commercials during this video were get rich quick or Insurance or gold etc. Except for the one from Kroger. I did see a sale on a couple items that I'll take advantage of.
Thanks Money Guy !
I knew a wealthy nan who owned a bunch of businesses in town and he always said sonething i never forgot " If you run out of things to do - then your'e going out of business."
80% pf millionaires started with employer sponsored retirement system by atleast the past 15 yrs.
I am very happy with my 401k , recently they cut the fees in half and offered better options. Great show as always .
Here is the crux: these influencers make money with their BS. The more fantastical the more clicks the more $. So FIRE but post to CZcams and make lots of money is a lie.
I would love to rock some Money Guy merch after I get my finances in a stable place. ❤🎉
As with all things, there is nuance. Your rate of returns may well be ~10% p.a in the S&P500, but here in the UK, the FTSE100 & FTSE250 have shown zero growth over the past 5 years. Only reasons to put money into Indexed Pension funds here are (1) tax reasons, (2) employer contributions, and (3) if you are thinking of 20-30yr timescales (All of which are great things, btw)
LAMBO guy should sit down and figure out why he misspells every other word. 😂
Could you do an ACL specific video? On rehab, and prevention?
Thank you! Having something to say on You Tube is where it ought to be. You have to KNOW something!
"Shame... shame....shame". Didn't peg them to be Game of Thrones fans. Just like Cersei you gotta let them know..shame 😂
My problem currently, and I’m hoping someone can help me with this is, I only have 2 full time employees, it’s a very small business, I’m trying to find a 401k for them as I understand it’s better than not having. My issue is that the fees are really high because I only have 2 employees. I’m finding that I’d need 30+ employees to make it a good deal but I don’t plan on expanding anytime soon, anyone know what I can do?
I would say to make sure they are educated about Roth IRAs. I'm 60 so my first job had a profit sharing program. I got a 5 k payout in 1997ish and rolled it to a traditional IRA and never added another dime to that account. It's now worth 59 k.
To the first point, 401k that offer and SDBA option that you can then invest directly into an ETF or high quality blue chip dividend stock, you can lower fees even more or totally eliminate them.
The return on all my 401k and Roth 401k balance as of today is 23%.
Mine's is 27%, even helping a couple of my coworkers.. all in 20% and above so great job this year!
Same! Rocking at 30% for mine
And we didn’t have to lift a finger just sitting on the lazy couch.
Dollar cost average baby!
Yep!
There's a few issues with 401ks but it's not the product itself... It's company match vesting periods and enrollment timelines.
Many won't vest the match right away so it's really not free money until your 2nd to 4th years.
Also, some won't let you enroll until youve been with the company six monts and then they won't have the enrollment period be constantly open, just starting at the beginning of each quarter. Then you're left starting at around 9 months in.
Given job hopping needing to be done to get a decent raise it's makes 401k investing difficult for many to buy into.
My 401k from 2015 charged 350 a quarter for administrative fees and is loosing value every quarter and I can't get it out!!! Voya
This channel is so precious, thanks guys ❤
The key to success is to find something you’re good at and like. If you suck at your passion or don’t like things you’re good at that’s a tough place to be.
I know someone who loves writing poetry and is really good at it. (Wins contests and has her work published). She still has a 9-5 job as an administrator and several side gigs to make ends meet and basically has no retirement plan and she’s in her 50s. Key to success is finding a job that pays well and you like.
These guys would sell a ton of Sham-Wows.