6 Steps to Start Saving for Retirement
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- čas přidán 15. 06. 2024
- What are your biggest savings goals right now?
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#finance #retirement #money
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Thanks for watching! Who else ends up looking at $5M mansions every time they go on real estate sites? 🙋🏼♀️🤦🏼♀️
My husband and I do all the time. Lol. Doesn't hurt to dream right?
Where did you find the savings calculator on that website?
Literally right now, looking at like an unobtainable house lol saw this beautiful mountain estate 10 million like cooool lol
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
@AustinWalker67 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@AustinWalker67 The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
@AustinWalker67 I will give this a look, thanks a bunch for sharing.
@@Amelia-Elizabeth Bridget Mary Turow her trading strategies is working for me for more than a year now and I’m making good profit from the stock market and she's 100% honest, reputable and trustworthy
Big ups to everyone working effortlessly trying to earn a living while building wealth. I am 50 and my wife 44 we are both retired with the net worth of over $3million with no depts. Currently living smart and frugal with our money. Saving and investing lifestyle in the financial market made it possible for us this early even till now earn monthly through passive income.
Not quite long I started investing. I'm very curious and need help on how to enhance and increase my returns. Any good investment tips would be appreciated.
@@alyciagordon3447 Generally, investing requires higher knowledge. For this reason, It's important to have a solid support structure (financial consultant) to guide you through especially in asset picking. I operate with (Alexandra Diana Jose) a consultant who partners with a licensed wealth management firm. For the record, the experience has been the best for my finance. She made me financially stable investing through her help, now I earn on a monthly basis through her passive income strategy... So I'd advise you do get a good investment advisor for yourself.
@@davidreus9321 please how do i get in touch with her.
Impressive. Would you mind sharing some more details. I’d like to have a talk with her.
@@alyciagordon3447 She is easy to find , make a quick research of her on the internet with her name Alexandra Diana Jose . She works with anyone independent of their location.
Tnx for this info, I just looked up your investment professional and found her page. Her experience is pretty impressive. I wrote her and I'm waiting on her reply.
I remember watching you while you were still in college, talking about makeup and I feel like we’ve grown together! I love these finance videos!
Thanks for watching for so long!
Can you do a shorter term version of this like...how to save more money in 2021 with goal settings strategies? I need help! 😂
Yesss ! Me too
Who else is in the FIRE community? 🔥
Me!
Oh yeah!!!!
What will you do for health insurance? That becomes very important as you get older and when you have children.
@@deborahrosario4255 ACA if before 55. At 55 or after I would use employers health care.
Isn’t the fire movement about retiring early? So what employers insurance do you mean? ACA insurance is very expensive as you get older and will drain savings you have , especially if you need to have surgery or need to begin medicines for any chronic illnesses.
I'm 25 a about a year ago I seen one of your videos and it kinda gave me that push to open a Roth IRA and a 401K. I think I put 10 or 15% in the roth and 5% in my 401 from my income. I have also started investing my money in Tesla. Thank you for the push.
Hey Allison! I LOVE your videos and LOVE that you’re talking about personal finance! As an accountant (and somewhat of a personal finance nerd...) something I noticed in several of your videos is that you refer to ‘interest’ when you’re talking about investments and investment growth. I think an important distinction to make is that equity investments (stocks, etc) don’t earn interest, but rather gain value based on the company’s performance. However, your initial investment is at risk of loss. On the other hand, money in a savings account earning interest is not at risk of loss, but usually has a lower rate of return because of that. Both ways to grow your money, but different situations and risks involved!
Thanks so much for this comment!! You're absolutely right!
Hahahhaha i calculated when I'll become a millionaire on that first tech website y mentioned just now and it literally says " sorry, it appears that you will not become a millionaire in your lifetime" i guess i have to move to California and become a bum when I retire 🤣🤣🤣 but literally this made me super sad and scared for my future 🥺
I love you for this. Thank you!
Love these types of videos! They are so informative. Thank you :)
I love these finance videos!
if anyone gets a financial advisor, make sure they are a fiduciary! This means they will recommend things in YOUR best interest. Otherwise, some advisors may tell you to invest in things that aren't good investments just because they'll make a commission off it (cough cough, Dave Ramsey)
Yes I love when you do finance videos. They feel realistic, attainable and easy to understand. xx
I love these videos about money - they're SO inspiring - thanky ou!
I guess the reason these videos are so popular is because you don't normally hear reg people on YT talking about saving. A lot of content is centered around consumption (the things people have bought or videos titled "the most expensive blah blah") etc - which can be entertaining but doesn't actually provide value for us in the long run. So thank you for putting this topic on the forefront and providing us with your experiences. Financial education is super important and I'm happy to be able to see the long-term vision as a 25 yr old :)
Thus is absolutely advice I needed!! ❤️
Great tips!
Thanks for the inspiration to bump up my contributions by a percent!
I can’t believe how much your channel has changed !!
You were doing sooo many beauty videos and haul videos and now you’re doing all that minimalist and financial videos !!
This is great and wish more CZcamsrs will do more of these videos instead !!
Fantastic video
Thank you so much for this
You should start a podcast! I would tune in every week
100%!!
Hello Alison , I love watching your channel !!💖you just have wonderful tips ,your amazing 👍😍🌟
I am confused. What does my income tax bracket have to do with my retirement fund? Wouldn't that be subject to, in what whatsover way, capital gains tax and not income tax? (Concerning the Roth IRA, European speaking)
Just here to comment that thumbnail is ingenious 👌
Nice to see a young lady other than my daughter that understands the simple rule of compounding interest and time.!
Allison I love these finance videos! (I've been watching The Financial Diet for years and have just generally found CZcams to be a great source to learn). I've noticed that these vids are very specific to just the United States which makes sense but it might be helpful to mention that! I was super confused when I started watching finance content and trying to implement changes in my life and realizing we don't have the same things here in Canada - and that every country is different :)
great tips! financial awareness is key for anyone to achieve financial freedom!
So do I open a savings account at the bank for retirement?
Target-date fund or index funds is ideal for the average investors saving for retirement.
Hey allie great video I have a Roth IRA! When you mentioned being self employed I was wondering if you could recommend a health insurance company. I’m an independent contractor so this is tricky to pick out if such a big pool
I'm glad you're similar, I want the helipad! Private pool and tennis court is eh but no helipad no deal
I am new to this channel and I have a daughter who is 18 and in the military. I have told her that I want her to be a millionaire, I forward this video to her because I believe that others like you can be encouraging rather than mom saying it all the time. Thank you for explaining the basics and keep on spreading your knowledge . 😀
Would that put pressure on your daughter though by saying that you want her to be a millionaire? If my mother said that to me I’d feel really pressured
Where do you recommend to start a SEP IRA?
Absolutely love these tips. The best time to start investing was yesterday!
The next best time is now! ☺️
@@gailaloo123 Absolutely :)
What are your thoughts on ETFs and Stocks with dividends?
I’m curious if superannuation is a thing in America? In Australia, it’s compulsory for a % of income to go into a super account that can only be accessed after retirement
Nope, America is one of the most poorly rated countries when it comes to retirement readiness. We don’t have any mandatory retirement programs for employers and our social security system is failing. It’s super important for people here to take personal control of their financial future unless they want to be stuck eating beans on toast for the rest of their lives.
I was about to ask the same thing. I’m really glad that we have superannuation in Australia
Hi, how are you?
- The temperature in Seoul this morning was -12'C. Winter and cold have begun in earnest.
I hope you will be healthier this week. ^O^
Thank you! Do you have any recommendations for a company to go to for a financial advisor?
Mrs Kathleen Anne Grace can help you out
have been working with Adrian Loyd and he is reliable.My investment in forex market has really resulted in many bases and I honestly don't regret investing
I have a question. If you have some credit card debt, wouldn't you need to pay that off entirely before starting to save for retirement, that has always been my excuse anyways lol. It seems like if you do the math, having credit card debt while saving for retirement kind of cancels each other out. Are these tips assuming 0 credit card debt?
i love these 'big-sister' finance videos. Can you do one on budgeting? i.e. show what budget format works for you and more importantly how you keep up with it... keep up the awesome content!
I think investing is the best way to retire and Investing today is priceless because tomorrow isn’t promised invest globally in Bitcoin,gold,silver,forex market,commodities.
I don't know who needs to hear this but stop saving all your money. Venture into Investing some, if you really want financial freedom,just don’t be left out and save yourself.
Beautifully said,I tell this to my folks everyday.its good to save money but most people don't understand how the market moves and tend to mislead in facts like this and always depend on money in the bank.
@@austindouglas6345
I understand that tomorrow isn’t promised to anyone but investing today is a hard thing to do because I have no idea of how and where to invest in these?
@@sahilbhadviya8678 Hey this is a computer age, peeps who aren't even trader's make money from the crypto and forex markets, how many millionaires do you know who have become wealthy by Investing in savings accounts?
@@austindouglas6345 Very helpful, I needed to hear this today.
For me having an automatic deduction from my paycheck has helped save for retirement. It keeps me from feeling tempted to spend the money instead.
That thumbnail is worth 1m! 👌
How do you find a good financial advisor?
The CZcams channel Our Rich Journey provides easy to understand information on how to invest. The information they give is priceless.
With a Roth you don’t just automatically get the money all tax free. You need to have had the account open for 5 years and have a qualifying reason, most commonly the age of 59 1/2. So, if you are retiring really early, it may not be tax free for you. However they are pretty cool and flexible in that you can access your basis (contributions) tax and penalty free at any time. Also... if you are above the income limits you can just get yourself a back door Roth by doing a conversion. ☺️
This is super helpful! I’d love more videos on finances 🙃
have been working with Adrian Loyd and he is reliable.My investment in forex market has really resulted in many bases and I honestly don't regret investing
this is so weird and interesting to me, living in France retirement is soo different!
Interesting.. how so?
Rosie in France when you are employee, you automatically contribute to your retirement. Actually when you are currently working the money goes to people who are currently retired and so on. A portion of the salary paid by your employer goes directly to organisms who manage retirement pensions. This is pretty seamless on day to day basis since the salary you negociate in your work contract doesn’t include it. Sorry this is kind of hard to explain in english ahah, for example if you get paid 1500 euros per month, your employer actually pays around 2300 euros with various charges. This is interesting because from what Allison said, in the US there is no system quite like it ? So you have to save on your own for retirement?
@@wendycosmetics Ah gotcha that makes sense. Here in the US, the government has a fund that workers contribute to that any person that is retired can tap into. But with the cost of living, it's not enough and it's actually projected to dry up in 2030ish so any millennial or younger gen isn't guaranteed that social security. Also, employers here don't contribute to pensions. They used to back in the 1950s and so but capitalism got to the best of us. Now retirement savings is dependent on each person to open their own accounts. Employers may sometimes contribute a small percentage to your fund (something called a 401k) but not always. Regardless each person is actually the one that has to take control of their money. Additionally they don't teach many Americans in school how to care for their money so you have to really educate yourself on this topic. I wish the US was better at taking care of their people in many ways, not just retirement 🙁
@@sxerosie just came here to say how very well said all that was. It truly is a shame how we get done with simple things such as those here in the U.S.
@@SnozBerryQueen thank you, hoping everyone in the US realizes these things need to be better and actually put action behind it 🙏
i used to be good with saving money because i got a good intrest rate, but in the past 5 years, the intrest rate on my savings went from 5% to 0.01%, so basically i dont "earn" any money from my savings anymore.:(
Look into a high yield savings account
there's just something sketch about money management and roth IRAs
The first thing the calculator tells me, without me even putting anything in, is "Sorry, you will not become a millionaire in your lifetime." Ummmm...you don't even know me! 😆
Anyone can become a millionaire, it only depends how you play your cards
The CZcams channel Our Rich Journey is a gold mind for making money, saving money and INVESTING. The channel is about a married couple who became millionaires at the age of 40. They will inspire you.