What Is the Definition of a 'Financial Mutant'?
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- čas přidán 9. 01. 2024
- What is the "definition" of a financial mutant? I hear the term, and I feel like I'm above average in my status but I don't think I hit the "mutant" level.
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I been bitten by the power of compound interest!
It is a mindset. There are many aspects but among mine was not buying a brand-new car until I was 45. I always bought older ones for cash. I set a goal to have about 500K at 40 and after that decided that I could ease off the throttle a little and buy a new car the next time I needed to replace a car. That was more than five years later at 45 but we did it. Nine years later we still have it, no car payments and the "seed" money from back then has grown into 2M. We still invest heavily as we have little debt (mortgage remains at 2.25%) but can afford to enjoy more of it as retiring at 55 is the goal. 13 months to go. The hard work was done early and now our money is working its tail off for us instead of our needing to hustle for it at almost 54 years old.
My take away was, it’s a philosophical mindset. Was hoping they’d also focus on some statistical data. Maybe expand on the 25% savings rate and other aspects.
Oh man, I only started following the money guy recently, but I relate HARD to just growing up being good with money (and a little cheap lol) i have been teaching my bf the money guy ways and i love it! Thanks guys!
OK, so the takeaway is I need a george castanza wallet
If you watched this video, then rolled your eyes and said “sure, but like, give me a number” then congratulations, you are a financial mutant.
For me, it was investing in rental real estate in my 20s, while my coworkers main focus in life, was the bar! They blew so much money on waste while I was volunteering for overtime on the weekends to be able to afford that next property.
Today, I'm buying VTI, Voo, and a Fidelity blue chip mutual fund while my coworker are leaving work early, buying weed, and buying video games.
Today, I'm buying VTI, Voo, and a Fidelity blue chip mutual fund AND I'm also leaving work early, buying weed, and buying video games.
@@blake469 That's great! Yesterday, I went to look at a house. It has just went under contract but it's not definite. If the contract falls through, I want it. I focus mainly on assets.
It's cold and wet, here in Georgia. I just had 19 days off work. I was shocked how many of my coworkers didn't show up to work, after that much time off. Monday was a holiday for me. I'll get 12 hours of holiday pay and then I'll work 36.75 hours in 3 days. That gives me almost 9 hours of overtime and a 3 day weekend coming up. Next week, I work Monday Tuesday and Wednesday. Then I'll have 4 days off. I'll have coworkers who can't handle that 3 day work week either. 😂
And when you are older, debt free, with a fully funded retirement your coworkers will say you were lucky. Just saying, but the more work boots I wore out, the luckier I got.
@@grega2362 Exactly! 💯 I've already had people tell me everything was handed to me. That's after working lots and lots of overtime. I remember working 20 days straight, taking one day off, then working another 20.
As a Financial mutant myself since a kid, there are a few mindsets that I really wish I could easily change/reprogram about myself. Our Net Worth is in the top 10% and in our 40s. I've been looking at getting a different vehicle and just can't bare spending more than $30,000 for a new and even used vehicle telling myself now is a bad time with inflated prices and our older cars work just fine. At the grocery store we still look for items with a year 2019 price point mindset. I tell myself not to buy something now because I forgot my coupon or gift card at home. Lowering the Heater temperature and putting on a light jacket at home. Raising the A/C temperature and turning on a free fan. Waiting in line at the cheapest gas station. Logging into my online cashback account for a 1% cashback on a $10 purchase. If I walked into a restaurant without listed prices, I would probably just order a few appetizers with water. I know I can't take it with me and I deserve things for my accomplishments, but it becomes a Needs vs Wants mental battle and its not like flipping a light switch to change things.
I'm just amazed that he had to ask who is on the penny.
Lol, you referenced the mutant magneto...lol...that's the bad guy 😅
The phrase is, "Squeeze a penny so hard a booger comes out of Lincoln's nose."
Still didn't really answer the question. "Someone who does better with money." Whatever that means...
Did he answer the question?
I don’t think he did and they went off on a tangent instead. 😅
Never does
5:40
@@remarkable275Good catch
: )
Being a financial mutant isn't about the money you have in your bank account or your portfolio performance.
It's about having your X-genes activated.
*Guitar riff intensifies 🎸
Is saving 50% of your gross mutant status?
To me a financial mutant has less to do with how much you save but how much you invest. You can be a miser and save 99% of your gross but if you don't invest successfully, you're not a financial mutant. You're just a miser.
@@maoisnlol
@@maoisnSavings 99% of your gross doesn't make you a mutant or a miser. It makes you in jail.
401k employer and employee limit is $69,000. If you add catch-up of $7500 and IRA of $8000 with catchup, that's $84,500. Then we can earn up to the standard deduction of $14,600. For a total of $99,100. There is nowhere in the US where you can live for one year for only $1001. If you earn more than that, you're paying taxes.
@@Mathignihilcehk I was being facetious. LOL And not paying taxes rarely gets people in jail.