HOW Does Becoming Wealthy Work?
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- čas přidán 10. 04. 2024
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I don't understand. You said this person makes $60k in a year, but the first 3 years you have them saving more than that in 1 year. They don't even make $90k, $80k, $70k. So, they have to put in 100% of their salary + and extra $30k that comes from where?
So if the person makes 60k a year and he lived with his parents for let’s say 3 years like the example. This person spent 80k in those 3 years and saved 100k. Which means the person spend on average $26.6k on living costs because they lived with their parents and she’s assuming major expenses are not payed for him. Perfectly doable if you’re blessed enough to live with parents with no debt
She actually said they saved in a couple of years at the beginning. It’s just a simplified example so people can understand the concept. Try not to get mixed up in the weeds.
Wish i had started investing earlier, love Dave Ramsey and his method is how i got out of debt and stayed out. Love your videos
Saving 100,000 ..even 60,000 is not even a dream...for a lot of your listeners. I make around 30,000 each year. To save 60, 000 a year? You're just not talking to your average listener ... I'm afraid those that can save what you are talking about ...are not watching you.
I made about $12K from Social Security (had to take it at 62 yrs), then found a part time job of about 6K after a few years. I have my health, but all my gains have been made after 62 years old. "BETTER LATE THAN NEVER"!! & "SOMETHING IS BETTER THAN NOTHING!!"
Something is better than nothing. I make around the same but save 100 a week. When I finish paying off cc debt, I can do 200 per week. We buy used cars and our children are grown ( but still call us for money). We are starting late but making the most of what working years we have left. You're forgetting that compound interest will do a lot of the work. On 4.95% interest rate fidelity money market 2000 will give around 100 in a month. Now you have 2100 to start earning interest. Just put something even if it's 20. The beginning sucks but once it starts to work, you get excited to cut cost to save more. I agree with everything pp said about the stock market but since I only have 20 years left to save, I mostly go for the safety. The main point is don't get defeated, just start doing something. Just don't let it just sit in an everyday savings at your bank. Look for a higher rate investment vehicle.
The principles are the same. Her numbers are so high it is hard to imagine. If you are starting at over 50 years old, and have adult responsibilities, 100 a week is 5200 a year. 4 years and you have 20,000. The power of the compound interest will help you greatly, so it actually wont take the whole four years. We might not become millionaires but we are going need something to supplement our social security. At the rate housing cost are going up it might eat up my whole ss check by the time I get there. Please take advantage of the 401k.
She worked 2-3 jobs for 20 years!! Don’t make excuses. Get a second job, get education in a community college, get a better paying job, cut unnecessary expenses. Start as little or as much as you can to build a cushion when it’s time to retire.
Those puppies are so adorable ❤
I worked 13 years in a window factory and saved 115,000 dollars in my 401k.
Investing is like planting asparagus. “When is the best time to plant asparagus?” 10years ago😊
Use the natural way: eat sweet potatoes and dates for two days. It is guaranteed to work. No side effects.
Yep. Didn’t start utilizing my 401k and Roth til almost 40. Made good money too. Could’ve been a millionaire nurse by now. Stupid. Didn’t have any guidance nor did I educate myself. Now I’m scrambling and saving all I can.
Really the real secret is to ‘invest’ away all that money and simply make it unusable on a permanent basis. Just be rich on paper, for what? For nothing.
Invest and don't spend.
Finance should be required in schools starting in the second grade , like the ABCs
It will ruin the debt economy, they will not teach you how to go against the system, I’m afraid.
@fms12385 While agree the schools should bring back finance and home economics back. The schools can only do so much and at the end of the day it is the parent’s responsibility to teach children as they are the first teachers.
@@pooh19818119 totally agree 💯
Great advice. I have to say that every time I see your sweet puppies I can't help but baby talk to them...even though they can't hear it, it must be done. Lol! They are so stinking cute!
Amber, I wish you had been around when I was in my 20’s. I was always a very hard worker, working my way into management at nearly every job I ever had. But I was also a hard partier who was never good at math or numbers. The only reason I still have any money now is due to some wonderful parents (Mom and Stepdad) who blessed me before their passing. Sadly, I never got the education you just offered in this video.
Last month, I became debt free for the third time in my life. Some lessons just don’t stick the first couple of times. 🙄 Life has happened, and death has nearly happened. Thankfully, I am still here to enjoy what’s left.
I applaud your hard work and intelligence. You are an inspiration. 🙂
Hi do you have kids? I ask because i am wondering if your kids will benefit from your smart choices and if you will hand down your financial knowledge.
Become a long haul trucker and live in the truck. Invest what would have been your housing budget for ten years and you can buy a rural home with cash.
95 percent who try can't deal with OTR driving for more than a few months, but there are trucking millionaires. When I read their blogs I think the person could have been an engineer or a physician as they are smart and business savvy.
Niche trucking pays very well. Get lucky and haul Taylor Swift's touring setup. Or haul military hardware. There are niche trucking jobs that will make you rich.
Hauling for Walmart pays $110,000 yr to as much as $170,000 and its one of the "easiest" trucking jobs because the WM private fleet is very well orchastrated - WM drivers don't waste their time waiting - and when there are unplanned delays, they get paid for every exception scenario.
There are other driving jobs that will make you a millionaire, but 80 percent kind of stinks.
You make it sound like those plum gigs are just there for the taking. It's like anything else. There are great assignments in every industry, but the average Joe gets average and the lucky few get the cream. Even in Hollywood, the average SAG actor makes peanuts while the franchise stars make millions or billions just for showing up.
Or you can buy land and home run your tail off 16 years where your out 90 days home 4 and put all your $ on home and bills can pay it off same time it’s what I did, took me 16 years because it was hard to break kid and grandkid off my purse strings lol 16 years still is better than 30
Awesome demonstration! I don't have $100,000, but i can still use the same principal with what I have. Very encouraging ❤
I have known from an early age that i would be wealthy. im just from a middle class family and worked a blue collar job. i have accomplished my goal.
It's never to late to save. I wish I would have started years ago. However life does happen. Being debt free is so wonderful.
My patents worked their whole lives 40 hours a week,then when they "retired" they took on a janitorial job at a local church. They had 2 paid off cars, A paid off house and zero debt when they died. They left over 100, 000 in their investments as well as all they owned to my sibs and me. My sibs always thought they thought too "small." In my opinion, I hit the parent lottery with them. Sibs don't talk to me much anymore I told I thought were stupid and entitled. What my parents gave us was an incredible working example of frugal living and what you can do if you want to. They never between them both working didn't even gross even $20,000 for a year.I am comfortable (one sib is rIch, others less so) but I am old, zero debt, have investments, and my kiddos all know what is important in life. Sibs all have fancy everything, and I wonder now and then how much they actually own.
What happens at the end years of your life the assisted living and nursing home will take it away till nothing is left.
Honestly just let me pass away at that point 😅
Don't forget exercise and a healthy diet because most old people I knew didn't take care of themselves and lost decades of their lives. There are even anti-cancer foods you can regularly eat. Of course, that day will come eventually, but put it off.
You have to give it away early. Like, five years early.
The invested nest egg can pay for home health care thus delaying or eliminating a nursing home stay.
Hey there and thanks for the info however, I do not think that those of us who listen to you even make 60,000 and we don't live with mom / dad. We have bills and simply are not at all able to save much at all. :( For most of us every single day is a struggle
PP it all makes sense and possible but who can save 100K? And the next year invest 90k. I think it can happen if a person has 4 jobs. What job will pay you 90k a year? This plan only works if you have 100K a year job. JC
She stated that the example is simple for illustration purposes.
PP, although it would take lots of work (and I'm too lazy to do it), many people really need to see a video of the compound interest of debt. I don't think people realize how $5,000 in credit card debt will cost them $100 the first month if the interest rate is 24%, if they do not pay the total amount. And if they are only paying the minimum, they are still paying for those jeans they bought 10 years ago.
Wow ! Talk about a "shock jock" or better still "shock and awe". That opening knocked me right off my STOOL. I did not expect that. But I get the reference. ( Money is 💩 )
400 MG tab of magnesium works.
This is what I use too!
If someone is saving 90,000 a year they need to be making atleast 150,000 before taxes...i can see the point you are trying to make but living off 20k a year is next to impossible especially with lots of children to feed.
Why did you decide to have so many children if you knew you couldn’t afford them? That’s how a lot of kids end up dysfunctional on the streets
@@eddiew2325 I didn't say I couldn't afford it. We have 6 kids and they are fed healthy food and live on 5 acres. They have piano lessons, clean clothes, vitamins etc. My point is that that is expensive. Saving the kind of money she mentions here is not reasonable with a large family. Dave Ramsey says to save 15%..That makes a lot more sense.
I still love seeing and listening to the P.P. she has come a long way love her spirit and her positive outlook on things with getting by on little...she rules in this respect.
Compound interest is the eighth wonder of the world.
18 yrs old and making 60 thousand a year? real examples please.
Automotive mechanic & detailing gets your 75K as a teen. Trades pay well.
@@am55673 being a certifed master tech for 34 years i never made that.
Thank you! This is how people need to have it explained. Just simple easy and basic.
I have been buying equities since 1990 and sell only enough stocks to keep me from pay any taxes, now I can live well without having to live frugal, yet it still do in many ways. Financial education is what saved me from being middle class. Best advice i got was to look at your investment as a digit and not monies.
I still love seeing and listening to the P.P. she has come a long way love her spirit and her positive outlook on things with getting by on little...she rules in this respect....I wish just wish she smiled more things are not that bad...bad tenants can prob bring you down thou being a Landlady is a lot of work.
Take magnesium every night and you’ll be regular
Thankyou for the colon cleanse recommendation
Oh dear 😳 is pp telling us we are full of …poo??????
It's healthy for those suffering👍🙊
My wife and I make a little over $200k a year as regular folks. Our Net Worth could easily go up (as well as down) $500k-$800k a calendar year from our recent observation.
Compound interest is pretty amazing and rather hard to understand for an average person because we don't really deal with exponential growth on a daily basis for it to make sense easily.
THIS IS SO HELPFUL PREPPER PRINCESS THANK YOU !!! ❤🙏🙂
I just got a bonus. This video reminded me to put into a self re-investing guaranteed fund. Thanks for all your videos PP.
Thanks again for your knowledge and you are a great help to all. Please keep giving. You have a gift❤️
People can also play around with Nerd wallet’s compound interest calculator
Thank you for all the great videos😊
from the lyrics of "pauper in paradise" "I have a wealth of another kind, opulence state of mind". "I'm a poor man, with the fortune of a king."
Pay yourself before you pay anything else.
Nice explanation and if you actually put in the same or more each year because you’ve been getting a pay raise it can grow insanely
Love your stuff PP!
My daughter got her bio fathers social security disability since she was 5, and now she is 14. I have so much regret I didn't put it in a CD account.
She’s so young..start now with anything you can for her 🙏
@@ragdollpreppers2648 True,she will stop getting the money at 18. At least she has 4 years left
A nice presentation. Thank you so much.
Ty for all the great videos!!
I haven't bought a Starbucks coffee in 3 years and I'm still not a millionaire.
The only way I ever made money was with real estate. Buying, building, fixing, etc.
Thanks for the interesting way of looking at compound interest.
Great advice and straight to the point as always 👍
I am grateful for these informative videos on finance. Your way of educating is so much more entertaining. I wish I learned more about this a long time ago and started investing a lot earlier. 😊
This is a great video!! Thanks PP!!
You have a gift of explaining complex subject matter in layman terms! Take Care
Wait...if the kids makes 60 a year and takes a couple years to save up 100...that is amazing ans unlikley, but then the next year how is the guy saving 90 as he makes 60?
Hi Prepper Princess yes I definitely will find a trustworthy financial planner and invest for my future retirement. I made too many mistakes 👍🙏
I find that a half gallon of Blue Bell Homemade Vanilla is very effective and tasty. Not quite as effective as it was before they shut down production to get rid of bacteria in the plants but it still works.
Alternative to the pills at the beginning is the Walmart brand tea named cleanse which tastes great.
Prepper Princess, I really love your videos.
But I wanted to give some extra ❤ on this one: we're not two minutes in and you're making me laugh flashing up an unsponsored clean out product.
I'm sorry but THAT is funny!
Since 1972 when the US went off the gold standard, the government has been pumping money into the economy creating the 10% returns. We are headed into a totally different atmosphere of high inflation and stagnant growth. You cannot base future expectations on present and past performance. Also with all this money printing, there's going to be a fiat currency collapse which they will try to remedy with a digital currency.
If I can't base future expectations on present and past performance, how can YOU tell the future? And just FYI, it was 1971.
@@PrepperPrincess😂
Seriously, who got 10% return in 2008, 2020, 2021? Finance people always assume really high returns that normal people just don't get on average in their 401k. I think a more realistic average is 4-6%
For example anything invested in S&P500 in 2019 through today 2024 would DOUBLE in value. Hard to believe but do the research and math and what I just stated is true!
check out the annual returns for EFT funds VOO, VTI, and VUG. Most people get that average. You have to know where to invest....that's the key
Does your book explain how you got out of debt AND how you became a millionaire?
You mentioned a 401k but did you also begin investing in other areas? I'm still a rookie with all of this 🙃
I really appreciate your videos and how explain everything in a simple and personable manner!
Buy her book 😊
@@kccathyng Will do 👍
Uh Prepper you lost me after the poop😂
This is a really good video.❤
Asset appreciation is the best chance to build wealth. Our 401k is around $250k after years and years of building. Our house has added about $500k in equity over the past 8 years.
Smooth Move, herbal tea, works well, too!
FLASH FLASH FLASH
Don't bring water to a boil when making herbal tea. Boiling water will reduce the amount of antioxidants in the tea 😢.
Thank you❤
I watch about a dozen different frugal and investing sites, P.P. is my favorite. She is down to earth and very honest about how money works.
Could you recommend some stocks to invest in?
@naturenerd1000 I thought Roths and 401k dont make any money unless you invest that money in the market? Do they have compound interest? Please explain if you can..
Thanks for sharing this timely information 😂🎉😂
Love your jacket ❤
That’s IF the market gives you that return right? I’m confused still
I started investing in my 401K 27 years ago. I started at 7% which my company matched. Every year we got a 3% pay increase so I upped my 401K contribution 1% every year. When I retired I was putting in 34% of my paycheck...... Retirement is so sweet!!!!!
Excellent explanation!!
Looking good Prep.
Best explanation ever,!!
Thank you!
Thanks for the pooper advise, I'll be giving it a try. I'm full of $%$t so it may help.
Hi, what were the tablets ?
Thanks
Thank you for video
Princess, I LOVE your scarf
How would I save $90,000 in one year if I don’t even make that much I know this has been in this chat multiple times would this be for selling things or getting money here and there that we just set aside other than our paycheck?
She just used those figures for simplicity sake to show you how it works.
Just fyi- instead of colon cleanse, eat a "yellow" dragon fruit-- takes about 3 hours
This is a good video, good job.😀
Come on can we get married? You’re a blessing! Love you streams hahaha
Cool how high interest savings accounts are 5% interest right now. Imagine building up that over a couple decades to generate a jobs worth of income every year. Probably the interest rates will go back down again like normal though. I know the 401k or Roth gives a lot higher of a return but still this is pretty cool.
I could have sworn you had torn out your ceiling lol
Thank you for the vid
Hi Prepper Princess, I wish I did your way of investing in the stock market but I followed Dave Ramsey's way of paying cash for everything. I paid cash for 2 rentals. They are doing fine and I see them as my retirement. I think I would have been ahead of the game doing your stock market way. But I'm on my way too!
An awful lot of people have given up on acquiring that so-called "American Dream". They say, we don't give a. . . Crap? 💩
This math makes perfect sense, however, not many people are able to start by saving $100,000. I can start with $1000…unless I’m already a millionaire, I’m not, but I will.
Remember she said "live with parents" and save everything you can... This is why some people live with families (parents or siblings). They can become millionaires...and then move out. :)
@@Kenya1984that’s AWESOME 🎉🎉🎉🎉🎉
I do think saving $90,000 the 2nd year and then $80,000 the 3rd year and so on is highly unrealistic. Living at home or not, you'd have to have a huge income to be able to do this. I am 53 and debt free and could never even come close to saving these amounts after taxes, etc.
@@SLLoo-lg7ot True, but she is just showing how compounding works. Young people are usually poorer than dirt.
@@ligbzd837 Not all of us had parents who were so generous. I grew up poor and if I got a job, my parents got my paycheck. My husband's parents were the same way. When we got married, our parents were constantly asking us if they could "borrow" a few dollars which were never paid back. Turns out that the value of NO was worth more than the value of a dollar. Still, if there are parents out there who will help their kids, the kids would be much better off when they did leave home.
Hi Princess!! You are proof that it pays to be very self-disciplined with investing money over the long-term.
I think too many young people today just live for today.
Love your doggies!!! ❤❤❤❤❤
Compound interest worked better when your passbook savings account made 10%. I’ve kept waiting for it to go back there, but I guess it isn’t going to happen.
yes, i remember 12% going into our accts. its hard to believe we have went backwards like this.
How tf did you know about the Roth IRA at 18! Wow no one had ever even mentioned it to me until… ever. I stumbled across a CZcams video about it when I was 27, 4 years ago. I can only imagine if I had known about it since age 18 or even 20. The 20’s are really the difference between a decent retirement and an amazing retirement.
Very interesting thank you
The most valuable part of your wealth accumulation strategy is learning to live below your means. The best investment of excess money is sharing it with others along with the strategy you use.
You will be disappointed frequently because some people just don’t understand how to be free. Along the way you’ll probably find some real friends who have their shoes on and answer the phone when you need help.
CZcams back to not giving me notifications on your video
Such great advice they I tell my kids weekly. They all have high yield savings account and will open Roth IRAs when they are 18 with the money they have saved up.
Buy a safe then buy uncut diamonds and gold because the stock market is going collapse. WAR
If the stock market collapses, so does the dollar. Gold and diamonds are just like dollars. They only have value based on the perception of the person buying it. I can't do anything with gold or a diamond, so you can keep it. At least I can burn dollars in a fire to keep warm.
If you've ever sold a diamond ring, they hold no value. With gold, 1)Can you prove to me it's real in a crisis situation, 2) If I need a $75 payment, how will you know how much gold to scrap off? Each coin will hold a different value.
Diamond are worthless, gold only preserves value.
Water,food,vices and other things will be more important if your wet dream becomes true
lol if you need your colon cleaned out all you have to do is have a talk with the people of south carolina lol
Best video evet. Write a book on all of this.
How to save 90000 ? To start
Start now. You don’t need 90K to start. That was used as a simplified example of how compound interest works! 😊