I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

@PhilomenaCopple

15 күн бұрын

Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!

@NoorFrohock

15 күн бұрын

That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!

@AsbellHeally

15 күн бұрын

Mind if I ask you to recommend this particular coach you using their service?

@NoorFrohock

15 күн бұрын

When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.

@AsbellHeally

15 күн бұрын

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

I started investing in a retirement fund with my taxable account. I used the buy and hold strategy in my Roth, adding some Berkshire B stock, SCHD, and an S&P 500 and total market exchange-traded fund.

@HildaBennet

Ай бұрын

Exactly, a good number of people discredit the effectiveness of financial advisor, but over the past 10years, I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $3million in gains… might not be a lot but i'm financially secure and that's fine by me.

@PennyBergeron-os4ch

Ай бұрын

Exactly, a good number of people discredit the effectiveness of financial advisor, but over the past 10years, I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $3million in gains… might not be a lot but i'm financially secure and that's fine by me.

@JosephineKenney

Ай бұрын

Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch if you don't mind

@PennyBergeron-os4ch

Ай бұрын

I have “Sharon Lee Peoples” as my investment manager. She has a solid reputation when it comes to diversifying portfolios and making. Them less vulnerable to market downturns. She may be a name you are already familiar with from Newsweek.

@JosephineKenney

Ай бұрын

I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.

Set the Speed X1.5. Save you the most important asset you have. (TIME)

@socialhostage8534

5 жыл бұрын

Great tip!! I was just noticing that he talked kind of slow. And scrolled to the comment section haha

@TheVonWeasel

5 жыл бұрын

Hah, I run every youtube video at 2x :)

@kyleslifestyle8541

5 жыл бұрын

Holy shit, I peed...

@MrOneeyedpete

5 жыл бұрын

I watch every non fiction video and listen to non fiction audiobook/ podcast at 1.5x minimum. It’s awesome and all that time saved adds up.

@ASMRBoosters

5 жыл бұрын

I took your advice before I started the video, I dont want to put it at normal speed now because 1.5 seems like an average speed lol

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

@David-n8o

6 күн бұрын

Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks

@Marten_t

6 күн бұрын

@@David-n8o However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments

@David-n8o

6 күн бұрын

@@Marten_t Oh please I’d love that. Thanks!

@Marten_t

6 күн бұрын

@@David-n8o Clementina Abate Russo is her name

@Marten_t

6 күн бұрын

Lookup with her name on the webpage.

I'm on the Dave Ramsey plan currently. So far payed off all 44K of credit card debt in 2 years. Level 8 is what I've been shooting for.

@NextLevelLife

5 жыл бұрын

That's awesome Brent! Must feel good to have that much debt paid off, keep it up 👍

@rkalla

5 жыл бұрын

Brent 44k in 2 years? Dude you are KILLING it. No joke this takes dedication and focus. Keep going!!

@jessmilliman3756

5 жыл бұрын

Sooner and using credit systems listed above can come at a higher risk. Ramsey plan outlines a method that minimize risk therefore takes longer but if you used as suggested can create wealth.

@cryptocoinkiwi8272

5 жыл бұрын

Right on!

@bartvanriel6767

5 жыл бұрын

I'm following that plan too but I call a mortgage debt too and I'm attacking it in baby step 2. Only 119k to go...

The 10 Levels of FI Level 0 - 2:25 Financial Dependency Level 1 - 2:57 Financial Solvency Level 2 - 3:06 Financial Stability Level 3 - 3:13 Debt Freedom Level 4 - 3:36 Coasting Financial Independence Level 5 - 5:05 Financial Security Level 6 - 6:02 Financial Flexibility Level 7 - 6:51 Financial Independence Level 8 - 7:31 Financial Freedom Level 9 - 7:58 Financial Abundance

@louisnguyen2865

4 жыл бұрын

BJL Tv perfect. Thank you!

@f.t.wibowo5260

4 жыл бұрын

thankss

@pollopollo3531

4 жыл бұрын

awesome thank you

@macadon041

3 жыл бұрын

Thank you

@PositiveEnergyPodcast

2 жыл бұрын

Thank you 🙏🏽

Well done! Thank you for acknowledging that simply saving a pile of money then "living comfortably" through 4% annual withdrawals isn't the ultimate retirement end game for some. There's so many levels beyond that.

The hypothetical does not take into account federal and state income taxes. $83,200/12 = $6,933 of gross income. Monthly expenses of $4,000 ($48,000/12) leaves you with $2,933. Minus monthly debt of $1,272 leave you with the $1,661 per the example. However, if you grab that $6,933 and you reduce it by 7.65% and withholding of about 20%, you are looking at about a take home of $5,025. When you take into account the monthly expenses of $4,000 and the debt payments of $1,272, you can see the numbers don’t add up. Obviously, the monthly expenses can be tweaked but at the rate of housing, food and insurance costs these days, $83,200 household income in this example is not enough to eek out a financial plan.

@thomasreedy4751

28 күн бұрын

The first half of my career was on autopilot. I remember overhearing people talking clearly living comfortably on much less than me. I finally realized that I should actively put all of my extra money paying off debt. Before I knew it, that $1272 of monthly debt became monthly investment. I can’t speak for your personal situation but the key is being intentional. It’s possible to do it with 83k - maybe even less. If you don’t make that then focusing on salary increases may be needed. You can, of course complain and say it’s not possible. If so it probably will be because you are not willing to make the changes required to be successful at it.

Thank you! Your content has truly helped me, you have no idea ♥️

@NextLevelLife

5 жыл бұрын

You just made my day. I'm glad to hear it is helping 😁

Thanks for clarifying! It's great to see what those concepts actually mean and will surely help many on their financial journey! 🙌

@NextLevelLife

2 жыл бұрын

Glad it was helpful!

Thank you for the video :) I do use this kind of system myself.

Woooow I love this... I need to start planning my financial freedom this gives me a guide line !!

@NextLevelLife

5 жыл бұрын

Woohoo! Glad to hear it 😃

@BKNb77

4 жыл бұрын

It’s been a year. How are you doing?

This is my absolute favorite video so far!!! Keep it coming. I really enjoy and learn with your content.

@NextLevelLife

5 жыл бұрын

Thanks for the support Johanna! I'll do my best to keep them coming as regularly as I can. Hope you continue to enjoy and learn 😉

i came back to watch this one again, very informative!

@NextLevelLife

5 жыл бұрын

I'm glad to hear it was good the second time around 😉

Probably the most informative video I've ever seen

The only video anyone needs to see in their lifetime

Long but very useful, love it!

@NextLevelLife

5 жыл бұрын

Thanks!

Thanks for the video, im in the uk and on my Journey, i just find it hard to work out where i am but i just keep saving.

@NextLevelLife

5 жыл бұрын

No problem! I hope the video helps give you an idea of where you are (if not there are some links in the description to other peoples' stages that may give you some other ideas!), and congratulations on continuing to save consistently even though you were sure where you were. That's not always easy to do if you can't clearly see the end point in my experience 😉

Current at LVL 3. Most of the Markers for LVL 4 are in place, working on the investment side.

How the hell did they sell their cars and not pay off the full balance?? My banks don't release titles until they're paid off.

@teddypgray

4 жыл бұрын

Exactly!

@bubbablazer2

4 жыл бұрын

He skipped a lot of steps in how it could be possible, but you're correct that they would need to pay off the "car loan" to transfer title. Personal loans, refinancing mortgage, etc. All options, but not covered.

@kylewahlberg3917

4 жыл бұрын

New plan. Finance a Bugatti, sell it for cash, worry about the rest later.

@ethiird

4 жыл бұрын

You transfer the debt from a secured loan to an unsecured loan, usually in the form of a consolidation. Then sell the car and pay off a chuck of that debt. Very simply done through your bank or lender.

Level 5's represent! We climbing!

this is what should be taught in high school

@rec1962

4 жыл бұрын

Most of the teachers that taught at my school were too stupid to understand this

@jasonadkins1455

4 жыл бұрын

R E C Hahaha. True.

@Putseller100

4 жыл бұрын

Kind of defeats the purpose of schooling to teach this. The objective is dependency, being dependent upon a job or government. The last thing school wants is independent people who have freedom to make choices. Now of course there may be some rogue teachers out there that implement standard teachings with practical information, but don't count on it

@huehahihiya5091

4 жыл бұрын

but if every1 were told to do like above video and doing it.... I'm pretty sure the above video advise will be SHIT advise as the economy will be different... guess we will never know as it will never happen

@kennroja

4 жыл бұрын

They just want us to be employed so business builders has a supply of employees

Thank you so much for being on KZread. You have been a great help over the last few months since I found you.

@NextLevelLife

5 жыл бұрын

No problem Will, I'm glad to hear I've been able to help 😁

The working overtime works well in youth (usually) because you have more energy, better health and fewer time constraints. Though this plan works when you are older, it works best at ages 18-24.

The recipe is relatively simple: be a conscious consumer, don't buy a gigantic expensive house, don't buy expensive cars. I might not get early retirement, but u also won't get cash strapped

I love this!!! Great breakdown

@NextLevelLife

5 жыл бұрын

Thanks, Sarita!

this example is similar to my wife and I... early 40's/late 30's... no kids... make a combined $85k a year... only debt is $25k on our house and $10k on the car... monthly cost of living expenses are $3k... take home pay is $5k... currently working on paying off debt and getting our emergency fund back up to $9k (we let it drop to $8k this past year)... hoping to get the car paid off this year (2 years early) then we can throw that money towards our house (originally set to be paid off in 2027)

@cjcj2940

5 жыл бұрын

Except the difference in 10-20years of compound interest in investments people in there 30's 40's lose for starting late is hard to overcome.

@ralphemerson497

3 жыл бұрын

Start funding your 401K and IRAs. This is the most important funding because it has time to grow (compounding) and to plan on retirement because it will sneak up on you before you know it.

@drunclecookie216

3 жыл бұрын

@@ralphemerson497 I've been working on my 401k since I started working in 2002. mine hasn't done great and I don't get a match, I've got slightly over $101k in it right now. My wife didn't have a job with a 401k until the past 5 years and she's just finally making past min. wage. At least her company provides a 50% match with a maximum match of 4% for 8% contribution. last year we made a combined $96k before taxes, but she got a raise this year plus bonus incentives. only owe $9800 on the house now, cars are paid off, but I did buy a boat that I owe $3400 on right now. I'm not too worried about retirement, as long as I have a boat on the lake and get to live where I do now I'm happy, I don't like to travel or move to other places.

@ralphemerson497

3 жыл бұрын

@@drunclecookie216 The best thing about America is anyone can do what they want. If a $3,400 balance on a new boat make you happy, God Bless You. Don’t worry that the $3,400 put into a ETF index fund will return roughly $20,000 in ten years. But if the boat makes you happy and there’s no concern for retirement savings, go get ‘em.

@drunclecookie216

3 жыл бұрын

@@ralphemerson497 the boat was actually $10k, I bought it last July on a 4 year loan. The $3400 is all I have left on it with the intent to pay it off this summer.

Thank you. I’m on Dave Ramsey. I’m at level 3 stage 2. I love how you laid it all out. I’m 67 years old. I will not regret the past nor wish to shut the door on it, however, I do wish I’d found Dave Ramsey & you about 15 years ago, better yet when Dave started teaching this stuff 30 years ago. Again, thank you Daniel.

@elizabethtimothy4776

4 жыл бұрын

Wow, I commend you for your positivity; looking forward is the way to go and keep learning. At your age, I hope people that are in their 30s, 40s, will be motivated. When there is life, health, believe with determination nothing is impossible. Keep winning sir.

Monday motivation!

What?! internet is not included in your list of survival expenses ?!!😮🤨

@JamesRhodes1941

3 жыл бұрын

Have you ever heard of Starbucks or the public library wifi lol.

I just watched this video for the second time😓😭 I have some planning to do!

Thanks for the advice.

So much info presented in the best manner. I really don’t leave comments but this is a really good video.

This video changed my life a year ago. It woke me up to everything!

@fsafh1331

3 жыл бұрын

you got woke

Thanks for the levelsssss yaaaay

Very awesome, I will use this guideline for myself. Very useful, thanks.

@NextLevelLife

3 жыл бұрын

You are welcome! Glad it was helpful :)

Im 32 and Im @ level 5.5 (able to afford plenty of digital entertainment) lol. Quit a job that I didn't enjoy, took a 5 month vacation and recently accepted a position @ 30% less than I was at but will be more fulfilling. This was made possible by keeping major expenses and debt as low as possible, saving AND investing at least 1/3 of income for over ten years. Being frugal is really a hip thing and is actually a marketable skill. KEEP SAVING PEOPLE!!

@XFizzlepop-Berrytwist

4 жыл бұрын

Nice. Saving 1/3 of ones income is sadly a dream for most. I would advocate 1/5 today, but even that can be quite taxing, some may only be able to do 10%, or less even. Its like... 40% of Americans could not even afford a 400$ emergency on their own. Its just sad....

@cookiecakeeater6340

4 жыл бұрын

Kay that’s cause when they make more money they spend more, whereas they should spend as little as possible

😉thanks so much for tell us the real thrut and sadly more the 85% like me with 50 years old we are in the level 0 God bless

This was a great video. Great job!

@NextLevelLife

5 жыл бұрын

Thanks, Alex! I'm glad you enjoyed it 🙂

I haven't finished watching the video yet, but I have got to say that this channel is amazing, keep doing the amazing work.

@NextLevelLife

3 жыл бұрын

Wow, thanks! Glad you're enjoying the channel so far :)

Good to know where we're at and where we're going! Great video

That couple is living better than 99% of this audience. Myself included.

@WestlyLaFleur

4 жыл бұрын

Yeah, sometimes it's disheartening when the example assumes that your job earns double what minimum wage offers.

@mmcarts1876

3 жыл бұрын

Whatever you do, don't retire early until you've finalized your marriage and child-bearing plans. A single person can live a simple life on $1M x 4% - taxes = $30k/year. A family of 4 will be poor.

@SunshineJoleen

3 жыл бұрын

Thank you for this! I was wondering if I was the only one thinking this...

By turning my career into a business, using my own time and hiring off-coast labor force and selling to emerged markets, I am at saving rate 90-95% for past 2 years, need 4 years more for 1st million $ and 8 years to financial independence. I am 31. Hope that will encourage you to start a small business too. And off coarse I won't stop working, will just choose the most interesting higher paying projects.

I'm at level 2 but until end of the year i don't t have any suprized purchases or any debt. And I change my home with another lower rent place. So while when I'm cutting my purchases I add them to my savings and it will make me go to my goal much more easier for now (if you are putting your goals for now to 3.000€ in my account until end of te year obviously 🙂 ). But it's just a short time plan 🙃

I love the step-by-step example using realistic numbers because anyone watching this could, in theory, take these steps and make a plan using their own numbers. This goes beyond just covering the concepts and actually showing people how they can implement them. This is what makes this a great video!

It's painful to see how people are complaining instead of taking these awesome advices and running numbers based on their current and future numbers/situation.

@teddypgray

4 жыл бұрын

This shit isn't practical, that's why. How do you sale your car if you have payments on it still? Plus those numbers don't add up.

@Y_I_DIY

3 жыл бұрын

@@teddypgray Just like anything you do it takes effort n grit n the confidence it can b done. It's definitely possible.

I’m probably level 5 or 6, and perfectly happy there

Excellent Video! Thanks!

@NextLevelLife

5 жыл бұрын

No problem 👍

"Being intentional with their finances". That's probably the golden line in the video. Once you understand opportunity cost and the power of compounding, you'll think twice about going for that expensive (spontaneous) vacation. And I concur, the more I earn, the more frugal I get.

@Rhino11111111

2 жыл бұрын

An expensive holiday is the only thing I would over pay for. Life is about experiencing things with the people you love. Everything else is just a thing that you don’t need.

Financial independence step by step, working one step at a time until financial independence is achieved.

Thanks for this video. You gave me something to think about.

@NextLevelLife

5 жыл бұрын

Your welcome!

@RussellsParadox7

5 жыл бұрын

@@NextLevelLife "You're"

Amazing content!!! Keep it up😃

@NextLevelLife

5 жыл бұрын

Thanks, Michael!

Nice insightful video. I am at level 5-trying to get to level 9!

@NextLevelLife

Жыл бұрын

You can do it!

I strongly agree with this method. I'm at Level 3 myself and am working toward 4.

Thank you for sharing information like this.

@NextLevelLife

2 жыл бұрын

Sure thing! Glad you got something out of it :)

I’m 24 and currently at level 5.... only because I work in high income country and able to retire in my hometown in Bali...my goal is to work for a little bit longer so I don’t need to “retire” at a survival mode

Love the video!!! Thank you for all the knowledge you’ve made available to the community

@NextLevelLife

5 жыл бұрын

No problem, glad to hear that you enjoyed it!

Now that I know where I am on the spectrum, I know what the goal should be. Good video!

@NextLevelLife

5 жыл бұрын

Awesome!

Best chanel on this topic! Good work!

@NextLevelLife

2 жыл бұрын

Glad you think so!

I'm 30 years old starting a business part time, two kids, and a hubby at collage. We are at level 1. But with only $10 000 in debts I hope we working towaerds level 4 in just one year after my husband finish school. (We live in Sweden and only pay about 1% on student loans, so I consider us debt free even though we still have student loans.)

@XFizzlepop-Berrytwist

4 жыл бұрын

Thats amazing

Amazing. Love this channel. Am 21, just starting out. I have a feeling this video (and others from this channel) will be gold for me in my journey to be more financially educated. Cheers!

@NextLevelLife

5 жыл бұрын

Cheers! And it's awesome to see someone as young as you taking such an interest in your financial future. And welcome to the community 😉!

@Slenders88

2 жыл бұрын

I wish i knew this, and compounded investing when i was 21 😄

Very informitive and organized. Hope this will be translated to other languages and make mandetory to all fresh graduates

Amazing.

excellent tutorial the truth seemed great to me the explanation and everything

Amazing job Daniel - the best I've seen on this subject. Really like your style.

@NextLevelLife

5 жыл бұрын

Thanks! I'm glad to hear that you enjoyed it 😃

Thank you so much for this video. It is really helping me start my journey towards financial independence.

@NextLevelLife

3 жыл бұрын

Glad it was helpful!

Great video, thank you

1:05 in and Im getting the run the rat race in order to retire with money vibes. A couple of years ago I quit the rat race and started living while I'm still young enough to enjoy life a bit.

Question. So in step 5, I would max by Roth at 5.5k/ a year, and then max my 401k at 18k/year, correct?

@MollyAnnLuna

2 жыл бұрын

Dan, yes max out your Roth IRA first because you contribute after-tax dollars, your money grows tax-free, and you can generally make tax- and penalty-free withdrawals after age 59½

I’ll be 24 in December and i’m very close to level 5

lv.5 financial security now but i'm moving up the ladder

This is a great video, thank you!

@NextLevelLife

7 ай бұрын

You bet!

My husband and I are currently on level 5....but I'm torn between "coasting" for the rest of my life and working towards level 8 or even 9. We worked so hard for so long I'm not sure I have much left in me and I'm only 33....lol. Early retirement does come at great sacrifice,which why I'm coasting right now and need a break.

@ayhayuba3969

4 жыл бұрын

Heather Evans keep going! You’re still young and have the capability to work. Maybe find a hustle that doesn’t kill you like your current work?

@raznatovicanastasija

2 жыл бұрын

Maybe onlyfans with your hubby? Something like that…

@jackjackson7170

Жыл бұрын

Heather you're 36 now (presumably). You coasting or are you flying? Let me know!

7:30 When you can't afford the right number of sides on your STOP sign.

@chickletmonstah

3 жыл бұрын

🤣🤣🤣🤣🤣🤣

although the graphic illustration at the beginning of the video is vertical, I believe it would be best followed by a linear progression. As the time line of life, is not tiered, but horizontal.

Great video, I feel fully motivated! Do u have a coast calculator you recommend?

Whatever you do, don't retire early until you've finalized your marriage and child-bearing plans. A single person can live a simple life on $1M x 4% - taxes = $30k/year. A family of 4 will be poor.

@eriksantos3015

5 жыл бұрын

SevenRiderAirForce stay single forever

@ariefraiser140

4 жыл бұрын

4% of a million minus taxes is more like $34,400. You don't pay social security or medicare taxes from retirement accounts. Also if you're in a state with no state tax add another $1500-2000. So $36500-37,000. If your house is fully paid off and assuming average rent in your area is around $1,000 a month then your family's take home pay is equivalent to about $50,000 which is the take home pay of a family who is still paying a mortgage. Also there's no need for you to be putting money into a 401k anymore while the other family sets aside at least 10% of income each year for retirement.

@janiecel

4 жыл бұрын

Thanks for calling this out. Recognize that life changes and goals will change a LOT over 20 years.

@OmarDelawar

4 жыл бұрын

I am not having kids so I should be all set.

@noireknight3013

4 жыл бұрын

Dammit I knew it . Getting into a relationship will make me stay poor.

I like this! My husband and i dream of early retirement (at 55). 4 years to go!! Thanks for the great video

@NextLevelLife

5 жыл бұрын

Awesome, Dana! Sounds like the two of you are nearing the finish line 👍. Do you guys have any plans for what you want to do when you retire?

@danawood8103

5 жыл бұрын

We want to travel and volunteer.

@NextLevelLife

5 жыл бұрын

That's an awesome plan!

@danawood8103

5 жыл бұрын

We also have investment properties to take care of 😜

@krishnaraoragavendran7592

3 жыл бұрын

55 is early? 😁😃 I'm 46 and already retired!

very good presentation - all the math and formulas are correct....

Thank you!

@NextLevelLife

11 ай бұрын

You're welcome!

ALWAYS take inflation into account

From having 0 savings and 0 debt just 3 years ago to LVL 5 at this moment... Big goal to be at lvl 7 by 40 and basically retire from 9 to 5 job...

@trance1986

4 жыл бұрын

Almost 2 years later and guess what I'm between 6 and 7.. Hard work and sacrifices pays off...

@fazalihtisham4421

3 жыл бұрын

@@trance1986 nice man.... That's inspiritational, how old are you and at what age did u start if u don't mind me asking, I just turned 23 and furiously researching into this but I seem to be seeing so much information that's contradictory.. Idk what to do lol

@trance1986

3 жыл бұрын

@@fazalihtisham4421 I'm 34. I started when I was 28.

@fazalihtisham4421

3 жыл бұрын

@@trance1986 what's your job if u don't mind me asking?

@trance1986

3 жыл бұрын

@@fazalihtisham4421 I work for the gov

The Danny devito quickbooks commercials are excellent

This is the best video I have ever seen 😍❤

You left out any consideration for paycheck withholding. Taking into account health insurance, federal and state tax, medicare, and social security, your hypothetical couple's monthly take home pay will be closer to $5,500. If you subtract their monthly expenses of $4,000 and their monthly debt service of $1,273 from their actual take home pay, the surplus is $227. They are still solvent but it will take much longer to build an emergency fund and snowball their debt than your scenario outlines.

@JohnDoe-fg9ng

5 жыл бұрын

This is what I was thinking while watching as well. Taxes is at least 30% depending on where you live, and health care would be an extra expense as well.

@pked5688

5 жыл бұрын

I also don't understand how they can sell their cars for 15k each, and not use that to pay off the loans they had on the car. Unless they got a new loan, there should be a lean on the cars so they couldn't sell the car until paid off, unless they were transferring the debt, in which case they wouldn't get the entire 15k.

@wynnlocher3602

5 жыл бұрын

@@pked5688 Exactly. A note on a car is considered a secured loan meaning that the car, as collateral, is securing the debt and ensuring you pay the note. Otherwise your car gets repossessed. If you sell the car privately, the bank will call the note and the entire principle will be due. You can't sell a car and then keep paying down the debt.

@ralphparker

5 жыл бұрын

@@JohnDoe-fg9ng Total taxes about 16500 in Alabama. About 25% (Marginal Rate) ( 7.2% SS and Medicare, 12% Fed, 5% State) in Aabama so they would only get to keep about 75%. My familys expenses run about 48K/year includes health insurance and everything.

@jy006m

5 жыл бұрын

Wynn Locher Yeah they never paid taxes. They either ended up in Federal Prison or are living paycheck to paycheck and never got to level 2. Dumb oversimplistic video. If everyone can save $3,000 a month after expenses, they are already on their way to financial freedom and don't need a dumb 22 min flawed video to explain to them how.

The couple starts making $20 a hour at 23? I was a certified senior pharmacy tech at Walgreens at that age and I was making $13.75

@LyraTyrell

4 жыл бұрын

He mentions that they picked majors with good job prospects. Any engineer, scientist, etc. should have no problem clearing 40k per year ($20/hr) and will typically earn close to double that within a couple of years (80k/year or $40/hr). This makes a degree in these fields a solid investment. If you go to college for anything other than that you are wasting your money unfortunately, the current system is a scam and cost of a college degree is NOT correlating to ROI for most majors. There are of course some higher paying jobs in non STEM fields but they are far from abundant :(.

@connorkelly690

4 жыл бұрын

I’m 19 and make $25 an hour. It’s not unrealistic or impossible

@b4rs629

3 жыл бұрын

@@LyraTyrell that's how I honestly feel. Every time I read about someone online who retired early. They're usually an engineer or whatever. I'm currently 26 averaging 40k-50k a year without college, but I wanna make more without having to grind overtime at a dead end job that I'm sure will replace be when robots take over. I'm in sort of a dilemma of what to back to school for at 70k+ a year that would be easy to achieve within 1-2 years of schooling and minimal debt while balancing full time work. I don't feel like I'm smart enough or capable of doing so by barely graduating high school may have to take some high school refresher courses which would delay my desired time. I'm kind of getting anxiety & depressed, because it's like "this is it" and I feel like such a failure in my eyes.

@BrianBloop

3 жыл бұрын

@@connorkelly690 what do u do?🧐

@connorkelly690

3 жыл бұрын

@@BrianBloop I run a land development business. I manage jobsites, and run heavy equipment

I am a new KZreadr and this video helped out a lot!

Loved your channel...

Your mileage may vary, but I think setting out timetables for these stages based on 10% compound growth is somewhere between ambitious and deceitful. Most prudent plans set out 6-8% growth. If you achieve faster growth - fantastic, but build a realistic plan first.

@MRkriegs

2 жыл бұрын

I agree with you on that

I am between level 5 and 6. Estimating another 5 years or so to reach full FI.

@JamesHollowayYT

4 жыл бұрын

Same! In 5 years, I'll be retired! Only 25 right now! I talk about how I'm doing it on my KZread channel!

Overtime, 5 hrs/week x2 *52/12* $20.00/hr * 1.5 * .75 = $962/mth . 0 .75 is the net pay after marginal tax rate is applied (Fed, 12%, State 5% ( alabama), 7.2% SS and Medicare). BasePay Alabama, $83480 - $6000 for SS/Medicare - $6757 for Fed tax and $3674 for Al state Tax leaves $67049 or $5587/mth minus $4000/mth living expenses or about $1600/month.

@ralphparker

5 жыл бұрын

With 5 hrs overtime will leave about 2500/mth to work on bills and investments.

Please can you explain slowly? I'm sorry because im not professional in english🙏 i feel that your videos are great and valuable. Thank you

I wish this was taught in high school and they gave us an option to take this class instead of home economics class.

@razwanahmed89

3 жыл бұрын

Most likely kids would find this boring.

@MollyAnnLuna

2 жыл бұрын

I totally agree. Embarrassingly I was a certified financial advisor for a short season and this concept was not even taught to me then. I stumbled across it much later, but now I'm on a mission to share the message (and strategies) with others as well. Wishing you all the best on your wealth-building journey.

@MollyAnnLuna

2 жыл бұрын

@@razwanahmed89 I agree, but let's be honest which topic don't kids find boring. :)

What you are saying about decreasing of spending and being towards a minimalism as the time goes by is so true - speaking from my own experience.

Well done!

@NextLevelLife

5 жыл бұрын

Thanks, Devin!

The great taking

I've been financially independent since 45 and got so bored with having nothing to do so I started another business. now at 60 I think I'm about ready to do anything but work. I've been working since the age of 14. I think it's enough work for one life. the one thing about this video that really stuck with me is how my desire for material things declined. just don't see the value in those anymore. also the biggest key which this video points out is keeping your expenses to a minimum. it's almost exponential how your money will grow.

Level 7, 4 years until level 9!, FREEDOM!!!!

It’s all perception how much do you really need ? as a small tiny creature in this huge immense universe

17 yrs since I started working and I am still on Level 3 🥵 Hustling to reach that Level 4. Can anyone clarify the 110K figure for the sample couple to reach Level 4? TIA!