Straight to the point, nice

@flonought

3 ай бұрын

Much appreciated!

This is the best financial advice ! Cuz it’s real

@flonought

3 ай бұрын

Thank you! I’m glad you found it helpful. My goal for the channel is to keep it genuine.

Love the video! Another great book on money is The Millionaire Next Door. I recommend it to all my friends that are looking to gain knowledge on the topic.

@flonought

3 ай бұрын

Thank you! And thanks for sharing that book. It's been awhile since I've read that one but I know there were some great takeaways from it. Good recommendation.

Great info, thanks! My parents were the same with the credit card at young age and I established good credit early on and grew up paying it off in full. After losing my job due to covid, I decided to contribute a lot more to my emergency fund. I’m now at about 50% of income to investing and saving.

@flonought

3 ай бұрын

Thanks for sharing! That sucks that happened, but I’m glad it adjusted the way you save. Sometimes it takes something like that happening or some kind of different perspective for changes to be made. I know I was the same way after being somewhat House Poor, spending on dumb things like furniture I didn’t need, and other unnecessary spending. That experience - mixed with books and people’s perspectives that were better with their money - really changed my view of money and my saving/spending habits.

New sub here! Enjoy transparency.

@flonought

3 ай бұрын

Appreciate your support!

Great video 👍🏻

@flonought

3 ай бұрын

Glad you enjoyed it!

You're very lucky. My parents never discussed money and I've had money issues until the last 10 years.

@flonought

19 күн бұрын

I agree and am beyond thankful for how open they were/are with me. I’ve realized this more and more as I talk with others about money. But I’m glad to hear that you figured it out. Is there something you can think of that helped you most to get started in the right direction with money?

@jahanas22

19 күн бұрын

@@flonought It was basically hitting rock bottom. It required me to start over. I've also since got better jobs that have helped as well.

@flonought

19 күн бұрын

@@jahanas22 sometimes that’s what it takes, and those moments typically stick with you the most because you want to avoid feeling that way again. Don’t get me wrong, I’ve had my rock bottom moments and dumb money decisions along the way too but I know I was in a better position than most starting off. All you can do is learn from your mistakes, and find people smarter than you to teach you (online or in person). My parents, books, and KZread have played a vital role in what I’ve learned/continue to learn. I appreciate you sharing.

Love being open about the details, honestly would of saved my wife and I from making so many stupid mistakes when we were younger in our 20s if we had it broken down like this and understood the details. And honestly we still make a ton of silly mistakes Here’s our breakdown: I’m 34, my wife is 32. We make approximately 440k a year in total comp. The way we budget is: 15% high interest savings 8% bitcoin And the rest just goes towards living expenses + investments to make more cashflow (for example I have a side business and my wife is writing a book) We operate under the principle that investing in ourselves and focusing primarily on increasing income pays off in the end. We probably have gotten really lucky with this strategy though ( although we for sure put in the work over the years!)

@flonought

3 ай бұрын

I totally agree with that, I wish I had it broken down like this in my 20s too and/or took the time to research more. Thanks for the breakdown! That seems to be a very high combined income. I’m curious, with investing in your side business is that something you plan to turn into a full time thing? Or when you say “other investments” is that in any 401K/Roth IRA/Stocks (and if not, what’s the reason? Just curious) or is it all in the side business?

@dcp303

3 ай бұрын

@@flonought yea that’s the plan. Biz partner and I make similar comp. We could probably have raised money, but we are choosing to self fund to keep equity and most importantly control of our time. Yea we both contribute to our 401Ks but just to the match. We could choose to max it out which would make more sense tax-wise and long-term investment. However, we aren’t planning on banking retirement on our 401ks and would rather invest it in things that save us time or build opportunity. I have some individual stock holdings but it’s probably like 5%ish nothing crazy. I have friends who do the whole IRA conversion trick, but we don’t do that

It’s honestly crazy to see how similar we live. I’m 20 years old and work as a Fire Alarm Technician/ electrican making about 80k a year in Miami Fl. I never went to college and used my parent funded savings account to buy a house and move out of there’s in NY.

@flonought

3 ай бұрын

About 80K/year at 20 years old, well done!! That is awesome to hear. So that was a savings account they set up for you early on to use for and/or instead of college? And you're able to save a good amount on that salary currently?

@BoatMan_

3 ай бұрын

@@flonought the savings account was set up specifically to be used for education so I had to pay a large percentage to withdraw it for non education. Only reason I was able to do this was because my high school offered a free trade school program. Right now I pay $900 in rent spiting a condo with my friend from home that goes to umiami. I can comfortably save around 2k a month but your perspective just stopped me from leasing a Mercedes so I thank you for that!

@flonought

3 ай бұрын

@@BoatMan_ Damn, that's pretty cheap rent too for your salary. Good for you! Well I can't tell you how happy that makes me that this stopped you from leasing the Mercedes. You're welcome! And props to you for following through and changing your perspective on that decision. Do you have any other debt? You are so far ahead right now with what you're making and saving. Be smart, especially for the rest of your 20s. All the work you do now will start compounding like crazy later on.

35k. 90k seems like alot :D

@flonought

3 ай бұрын

May I ask how old you are and/or what’s your biggest struggle with your current salary? Yes, it seems like a lot to me too but it’s also all relative to your spending habits; someone who makes $200K/year could still be living paycheck to check. It is the most I’ve made so far in my working career. But to give additional context, my starting salary at my first job out of college was $29K (this is now my 3rd job since graduating).

currently 20 years young. i have my only job and i bring in about 19k per year :(. So far my debt has been my car which is about to be paid off only owe about $3,000.00 on that and i’m debt free. i also am trying to build an e-fund but with such a low income it’s hard to balance that along with investing into my retirement fund. However besides that I hope i can get to where you are someday definitely inspiring! Take care man

@flonought

2 ай бұрын

I appreciate you taking the time to share! Well if you don’t mind, let’s talk through it. Looking for more context though, so is that about $1400/month? Do you live at home and/or have rent? What’s your car payment and what’s the interest on the loan (if there is one)? Until I hear back from you for the above questions, I’ll start by saying this: you’re only 20. The fact that you are even thinking about this stuff at that age means you’re already ahead. You have so much time! And you’re almost debt free so give yourself some credit.

@birdieboys2612

2 ай бұрын

@@flonought Yes! Apologies for the late response I wasn’t expecting an answer lol. But anyway here is more context I make about $1800 a month so the math for my yearly salary was off a good amount. Currently I have no rent :) i live on the military’s dime for housing wise and my only expenses really is my car bill, car insurance, and a wifi plan, the rest either goes to my investments, e-fund, and golf because that’s my escape from work. So far so good but I truly feel like I can save more but I know it’s rough with such a low income at the moment. I believe the interest on my loan is 6.74%. My main goal is to attack the loan and pay it off ASAP so I can really start building a solid foundation with my e-fund like yours which will take time with how much i make… From there I want to push and be somewhat aggressive with my retirement investments along with personal investments. Yeah man so far so good it just sucks because I am beginning to realize that in my early 20s the pay is very low and your bills take most of it away and I’m left with not that much. So at that point budgeting is crucial right now in my current state but I’m comfortable enough to where if a problem pops up I can still take care of it w/o stress thankfully. However, I do want to be debt free 👊. Also thanks man I am trying to stay on point! I cannot thank my parents enough though because without their advice on finances I would not be where I am. Same goes with content creators like yourself because it creates a whole new perspective on things. Anyway enough of my rambling that’s pretty much it. Thank you again!

@flonought

2 ай бұрын

​@@birdieboys2612 Haha no worries, I try to be as active as I can in the comments. Also me messing that up is not surprising; math has never been my strong suit (I failed multiple times in college 🤷‍♂). But I appreciate the additional context. Let me put things in perspective for you, I looked at my previous statements and in 2017 I was 26 years old and only bringing in $1,959/month; at that point in my life I also bought a condo that was costing me about $1,200/month; it was risky as hell at the time (and honestly pretty fucking dumb). Had I stayed in my apartment, which was only about $800/month, I would have still been able to save quite a good of money on that income. So the fact that you have no rent right now is HUGE. Personally if I was in your position, again not financial advice just my two cents, I would not be investing anything until that car is paid off. I would aggressively put as much as I could towards the car to pay it off as quickly as possible. If I did anything at the same time I would be putting money towards the emergency fund, but I would hold off on investing until the car debt was completely gone. Investing right now with car debt is slowing you down, especially since you only have $3,000 left on it. True, your pay might be low right now, but again you are only 20. The fact that you are already thinking this ahead financially is huge because most people don’t start thinking about this until their 30s, 40s, and on. And you saying that you can take care of a problem if it pops up is HUGE. Most people are not able to cover a $500 to $1,000 issue, should one come up, so you’re already ahead. I’m glad to hear your parents are open with you about finances, that’s awesome and makes a big difference. And thank you, I appreciate you saying that. Keep it up man, you’re way ahead of where I was at your age! You’ll be surprised how fast it starts building up.

@birdieboys2612

2 ай бұрын

@@flonought Thank you again for the reply! Had to say this again I mistakenly wrote in a smart ass way which was not at all my intention lol apologize on my end. Thanks again man for your kind inspiring words that I am not taking for granted. Thank you again take care!

@flonought

2 ай бұрын

@@birdieboys2612 You’re welcome! I appreciate you sharing with me. And no apology needed, it didn’t come off that way when I read it. You take care too!

Married here in a medium cost of living area (ages 29 and 31). Gross income is ~$180k after health premiums. Net (after taxes) is ~$143k. From that net, we are currently at: 7.0% charitable donations 33.3% needs 50.7% savings/debt 9.0% wants We're aiming to retire early or at least have that option. Our net worth is right around $517k currently (~45% of that being inheritance from my dad passing away in 2021). We have 3 cars, 2 are 2013 models, and the fun car is a 1999 turboed Miata (all paid off). We live in a 70s rambler with a low 2.125% 15-year mortgage. It's not the best, but it helps with our financial goals and let's us travel across the pond once a year.

@shadowrealm6013

3 ай бұрын

Very nice, there is some degree of luck when it comes to it.

@flonought

3 ай бұрын

Your comment is exactly why I made this video. I really appreciate you sharing! If you don’t mind sharing additional context, may I ask what your goals are for retiring early? And by that I mean your desired retirement age, estimated $ amount needed, and main reason for the goal of wanting to retire early (how will you spend your time).

@zachhecksel2920

3 ай бұрын

@flonought for sure! I'm anticipating around age 55 with a total balance of ~$4.8 million in investments/retirement accounts. Assumptions are 3.09% inflation going forward, needing 70% of our current income at a 4% withdrawal rate with 78% from our investments, and 22% from social security (I dont have everything completely broken out). These numbers are bound to change as is a long way out yet, and we could probably survive on less. The biggest concern is health premiums if we do fully retire. Our main goal would be to travel around the US in a motorhome or something and possibly travel more outside of the US, too. Also, just not being tied down to a 9 to 5 job is really the goal, so if we find something we both like that earns some income, we may change plans. My wife would love to start a gardening business. We're both in finance currently. I like my job, but again, would love reduced hours for more free time to do whatever. Possibly photography for fun on my end.

@flonought

3 ай бұрын

I appreciate the thoughtful responses/context. That sounds like fantastic goals to set for yourselves, and seems like you're well on your way to achieve it! And I agree with you on not being tied to a 9 to 5. That's why I asked about the retirement piece because sometimes people say that without having a true vision of what they actually want that to look like; it's a lesson that I learned and love from Ramit Sethi to truly picture what that "rich life" looks like down to the little details. I wish you both the best in your journey to achieve them! Also, I saw on your channel you had your Miata 0-60 video; the turbo noises sound good! I'm sure that thing is a blast to drive. I've only driven one Miata (late 90s), it was non-turbo but still super fun to drive with the top down.

@zachhecksel2920

3 ай бұрын

@flonought Thank you! I hope you reach all of your financial goals! It's a blast! I've had one faster car, but it was nowhere near as fun to drive. The Miata is just so easy to throw around and makes all the right noises! 😁👍