There is a certain level of shear comedy in these videos. Doctors , lawyers , engineers , PhD 's , MBA 's etc. People that arrived in adulthood on 3rd base and then are told how smart they are for scoring a home run.

Better title: Rich person confused why they cant save money after spending too much.

@TheFirstRealChewy

6 ай бұрын

The title is fine. They are also already saving over $75K a year. They want to save more.

I just love these "middle class" videos of people who make $330,000/ year. Middle class is defined now as $47k - 140k/year FYI

@TheFirstRealChewy

6 ай бұрын

It's upper middle-class.

@kona6451

6 ай бұрын

@@TheFirstRealChewy Actually, 330,000/year is beyond everyone's matrix of even upper middle class.

@chumabanjwa4662

3 ай бұрын

I think Mindy and her friends are out of touch if they think $300k is middle-class 😢

@divertiti

3 ай бұрын

That's 330k between 2 people, she only makes 150k, that's very much middle class

@kona6451

3 ай бұрын

@@divertiti Not by definition boss.

Only in America where you earn 300k plus and have a million dollar net worth and feel you need a passive income. 🤣

@naumanzakir8005

3 ай бұрын

Well actually you do need regular income generation otherwise your million dollar might finish in a few years!

Tired of hearing all of these people coming to Indy buying our real estate and taking their money else where. We need to buy our land back and push out out sider investors

Middle Class. Damn, I was here thinking me making $125k per year I was doing pretty good.

@TheFirstRealChewy

6 ай бұрын

You are doing good. There are people making $60K a year who'd love to be making $125K. The most important thing you can do to be wealthy is make more but desire less. If you double your income, don't double your lifestyle. The reason is that the cost to pay for the higher lifestyle is exponential, not linear.

I kinda sorta understand her position. I'm about the same age, I'm single with no kids, but have a great income and a nice house with an ultra low interest rate. No other actual debt unless I make it (meaning unless I buy a car or something of that nature). Have a great pension that I'll take advantage of someday. Also, have a scarcity mindset...found my self standing at Best Buy about 4 years ago, agonizing over whether I should spend 10 dollars...agonized over that for 40 minutes...then figured out that it was costing me to not make that decision. Extended that thought process and came up with this: at some point you must give yourself permission to spend money. It's really hard to get to that point, because all you grew up with is "save money," "invest money," "plan for the future," "plan for a rainy day," and of course re-use boxes, tinfoil, re-use giftwrap, save that one screw or scrap piece of wood, you never know when you might need it. But, at some point, you have to wake yourself up and realize that "yeah, if I need to go to Lowe's and buy one of those, it's really not going to break my piggy bank." Once you have that a-ha moment, you can give yourself permission to relax and spend an extra dollar or two.

I liked your wrap up because I've done it the exact opposite of April. I went broke in 2008 and had to start over at 35 with zero. Over the past 10 years I've put every penny in to real estate. Now I net 6 figures from my real estate portfolio but I have no retirement savings. So the money we earn now is going into Vanguard accounts. I just think of the retirement accounts as extra buffer at this point as we could easily live off of $100K from the real estate. So far I've put $100K into my Vanguard account and I have $87K as a balance. Which is why the whole stock market is scary for real estate people.

@fannyramirez9380

2 жыл бұрын

What do you mean by living of 100k in RE, do you mean by rental income?

@TheRetirementality

2 жыл бұрын

@@fannyramirez9380 yes

@tonyl6385

Жыл бұрын

Great job!! God bless you.

Not correct on how 529s work. The growth doesn’t disappear if it’s not used for college. There is a penalty and income tax on the earnings.

@Husstler

2 жыл бұрын

It's also possible to change the beneficiary. So if an older child doesn't go to college but a younger child does you could use both accounts for them. Or you can change it to a grandchild or use it for yourself...

@chrisbeaulieu8994

2 жыл бұрын

yeah, they blew it completely on that advice for sure. I was like "whoa"...depending on the state, the beneficiary can be changed also so another person could end up with the money. it grows forever, so not very good advice there...

@jtowensbyiii6018

Жыл бұрын

@@chrisbeaulieu8994 its almost never a good plan, better to invest it so they can spend it on anything they want and not loose it due to state rules changing

@lexa3331

15 күн бұрын

@@chrisbeaulieu8994 still good advice to nix it, idk why ppl are so obsessed with the idea of funding kids college. They’re worried about their own cash position and financial freedom, so no point in worrying about their young children’s possible future college needs. They had student loans and are doing just fine. I had student loans and am doing fine. I also agree that kids “having skin in the game” makes them take college and scholarships more seriously.

This is not a middle class income family lol, good episode but not median income whatsoever

@divertiti

3 ай бұрын

Middle class does not mean median. Her base salary is only ~$150k, that's firmly middle class

Great listen , thanks for the discussion

Why is it so bad to have too much in retirement accounts? They’re so taxed advantaged and there’s ways to get into them early for sure. I’d keep dumping as much money into tax advantaged accounts and then any extra in a brokerage account and then do the Roth conversions. They could easily do it in ten years especially if they downsize once the kids are out of the house. Less of a headache than real estate. Plus, doing a rental out-of-state seems like a pain!

Another great episode thx!

What… does the title of this video have to do with anything discussed here… If 330k a year is middle class than I should be on section 8 and food stamps

@TheFirstRealChewy

6 ай бұрын

Middle class is lower, middle, and upper. The issue a lot of high income earners make is inflating their lifestyle before they can afford it. A lot of people see that income and think they make so much money so they should be able to afford anything, and that mindset is exactly the trap you want to avoid. If they stop working tomorrow all of that income goes away in a flash. When their lifestyle depends on that high income they are stuck. Now they need to keep making that high income. The expenses are high. The taxes on that income is high. The saving rate also has to be high. The expectation of others is high. People roll their eyes when you say that cost too much, or you can't afford it, because in their mind you make so much money. No one will have money to help you out of you run into financial trouble. What you want to do is use that money to buy assets and let the return on your assets determine the lifestyle you can afford.

LMAO 😂 is The Rainforest Cafe still around Mindy??? They closed the one in my area in SoCal many years ago. I loved that place as a kid! That was too funny lol and great, informative episode.

@valeriehancotte-galan4790

Жыл бұрын

One here at Opry Mills Mall in Nashville

This lady is nuts. How can she not figure out her finances with their high salary?

Interesting episode. But yeah agreed way too much in primary home equity. Also not sure why ppl wants to dig into real estate investing. Just staying in the market. We are same age as her, only make 280k, not counting husbands’ RSU. And we live in Seattle, higher cost of living I believe, we have way more in retirement, over 1mill and kids 529 we started as soon as getting their social security card. 😅 our house is only 400k in equity, don’t need a huge house for 4 of us. Still have 150k to pay, which I hate lol. Paid off cars. They make more, feel like would be way easier for them to achieve their financial goal

@TheFirstRealChewy

6 ай бұрын

They can make it. They weren't always making this much.

I am currently renting and looking to buy instead of renting. Have 100k in saving, my monthly gross income is 9400. The house I like cost 620k. How much of house can I afford? Everything is so expensive but need it for kids to attend great school. Or keep renting? 3bd+2br apt cost 3300.

@TheFirstRealChewy

6 ай бұрын

I found the issue, it's "The house I like...". You don't need to like the house, but you need to be able to afford it. Right now you don't own the place you are renting. Pay the least that you can for a house. When you build your wealth you can go back and buy the house you like. Being able to comfortably afford your expenses will give you more sense of security and freedom than a nice but expensive house that increases your income floor. Just remind yourself that it's only temporary. Plus you might be able to turn the purchase into a rental later on. Watchout for HOA fees.😅

As soon as she said I make 200k a year I closed the video. Her husband and her together make over 300k. All of these videos are click bait.

Sorry but I don't know in which world a $300k is middle-class! Maybe in America but here in the UK, that's FAR from a middle-class income.

+330k income and tithing $500 month? That seems like a very low giving percentage.

@kevarop7626

2 жыл бұрын

@@tupa24 I was responding to numbers not the quality of the person. Would have been interesting to know how the tithing amount was determined given all the other factors.

@jtowensbyiii6018

Жыл бұрын

@@kevarop7626 wtf? 500 is more than most give in a year, you mock God

@cpp6232

Жыл бұрын

Most people dont make thst much. Tiithing is 10%. Thats not 10%.

@TheFirstRealChewy

6 ай бұрын

Well, they are giving something.

$500/month charity of $330000/year = 1.8% = SCROOGE

This seems like a good problem to have😊 I must admit the title is horribly misleading. No need for the click baiting.

She could take those RSUs and put that into opportunity zones and not pay taxes on that money.

Hello davd Ramsey does have z pie chart in his 2nd book I follow the percentages. Its how he helps the billionaires (not me...yet)

Pay off car and own one bitcoin.

I tend to zone out every time Mindy talks. zzzzzzzzzzzzzzz

If your earning over $300K why on earth would you waste your time and $ on buying investment real estate ?!?!

@TheFirstRealChewy

6 ай бұрын

That's because real estate can be a lucrative investment. Surely you aren't asking why they are investing at all, because that also has an easy answer. They currently work for money.

This is absolutely disgusting, oh boohoo. We have in trouble, what should we do? We only make $330000 a year. Give me a break. How about helping out the single mother? Who has to work? 2 jobs just to take care of our kids.

@TheFirstRealChewy

6 ай бұрын

How much do you make and how much are you giving away? They are already saving. They want to save more and still increase their standard of living.

Typical boomer talking. Which is why when crypto really go mainstream you’ll all be the laughingstock lol.

@michael49022

Жыл бұрын

Hows that Crypto doing?

@TheFirstRealChewy

6 ай бұрын

Someone will be right and someone will be wrong. We won't know until the time comes, but when it does the one who wins will say "I told you so".