What Your Net Worth SHOULD Be By Age 30
What Your Net Worth SHOULD Be By Age 30
What should your net worth be by 30? Come along as we explore this question, learn about the important difference between income and net worth, and discover practical ways to increase your net worth.
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George Kamel is a personal finance expert and co-host of The Ramsey Show. Following Ramsey’s proven money plan, George went from negative net worth to a millionaire in under 10 years. His goal is to help people spend less, save more, and avoid money traps so they can live a life with more margin, options and freedom.
This channel will simplify complex money topics, bust money myths with actual facts, and debunk the stupid financial advice you're seeing in your social media feed. All with a healthy dose of pop culture, humor, and snark.
Hi George. I am 29 & in the UK and have been investing for years. I have reached a point where my £350k portfolio seems to have been stagnant despite the market gains. I could benefit from financial advice to improve my portfolio and maximize returns.
Everyone needs a Margin of Safety in their portfolios. While I can't offer personalized advice, consulting a fiduciary advisor is crucial for sound portfolio restructuring.
De-risk your portfolio, shore up your core holdings, and take some profits while balancing your portfolio allocations. I have been investing for 11 years, 5 with a financial advisor, I've achieved a 10x return compared to DIY efforts, totaling nearly $1m ROI. a significant milestone for me today.
Your advisor must be really good. How I can get in touch? I have to start investing as I feel inflation is eating into my nest egg.
"Kristin Amber Landis" is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
I looked up her full name online and found her page. I emailed and made an appointment to talk with her.
I had a negative networth at age 30, but got into the babysteps not long after, now I’m at 70K and just turned 35, the plan works 🎉
Good for you. Nice work!
Hell yeah. It seems really slow at first but once you get rolling it really just picks up.
Nice work - I hope you feel good about the accomplishment. Maintain that lifestyle and you’ll exceed even your own expectations in the long run.
Proud of you. And I needed this motivation I just recently turned 30 and currently walking the baby steps.
Great job, David! Share your wealth (knowledge) with your peers
The whole point of wealth for me is freedom. My magic number in my mind is 5 million needed at 65 to not worry about anything. Am i better off investing a good portion of my income into stocks or saving my earnings to achieve this goal?
Varied sources of income is wise and especially living within your means. My net worth is $2M and I can pay my bills with no stress, but I don't live like I have that. I have no complaints.
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
Being heavily liquid, I'd rather not reinvent the wheel. Since this strategy works for you, how can I contact your advisor?
She's known as 'Amber Dawn Brummit'. One of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.
Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.
I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
Glad to have stumbled on this conversation. Please can you leave the info of your investment advisor here? I’m in dire need for one.
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website… thank you for sharing.
George knows how to get people motivated. If I had him as a friend in my 30’s, I’d have a friend.
And you’d also be in your 30’s
😂😂😂
@@ItsMe-ko6sz 🤣
If I lived in America, I’d be a citizen of the United States of America!!!
@@relaxingnature6766Glad I am not the only one that caught that.
50 now, and everything is paid for. Fortunately, I had a college economics teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. My net worth is $6 million, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.
Right alongside you. No debt, early retirement. Children are well-cared for. On 11 acres overlooking the river valley, I'm constructing the house of my dreams. There are many methods to get rich right now, but only real-time professionals are capable of making such high-volume, near-perfect trades.
That's right, I began investing sometime in 2018 and by the end of 2021, I had earned a profit of over $750,000; This can only be carried out by seasoned institutional investors with ISDA agreement. With no prior investing experience or skill, Instead I merely followed the instructions provided by my investment advisor, proving that you don't have to be an expert investor or put in a lot of effort; all you need is a professional who can mentor and guide you for a fee.
I'm glad I came across this discussion. Please who is the expert to assist you with your investment and if you don't mind how can I get in touch?
@@IAMBETTERTHANYYOU Having an advisor is essential for portfolio growth and wealth creation through the stocks market. My advisor is "Theresa Dana Peek" who is easily searchable and has extensive knowledge of the financial markets.
Thanks for the tip, JILL seems pretty knowledgeable. After coming across her online site I took a good look at her CV and I have to say it was quite impressive. I reached out to her.
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
Absolutely not, as I've closely tracked my portfolio's performance, witnessing a staggering $482k growth in just the last two quarters. This experience has taught me the secrets behind experienced traders' substantial gains in what might appear as unpredictable markets. Undoubtedly, it's been a bold and rewarding choice I made fairly recently.
That's quite remarkable! I'm genuinely interested in benefiting from the guidance of such experienced advisors, especially considering the current state of my struggling portfolio. May I know the name of the advisor who has been assisting you in navigating these financial challenges?
"Stacie Lynn Winson" serves as my advisor, bringing extensive qualifications and experience in the financial market. Her deep understanding of portfolio diversity positions her as an industry expert. I suggest delving into her credentials for further insight. With her considerable experience, she offers valuable guidance to anyone seeking to navigate the complexities of the financial market
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
THANKS. Just what I needed to watch. My wife and I got a 400k HELOC from our 780k primary home which we are still paying a mortgage for. I want to only use 200k for this new duplex down payment. I realized that the secret to making millions is making better investments and staying out of debt. I'm grateful to GOD for the internet space, we were able to join the credit repair program, we payed up our debt and now we are back to being the administrators of our farming business and our own properties, as well as small pensions. I am almost 56, my wife is 52. We have started saving for retirement from the farm and maybe live off rental income, I would really appreciate it if you would do a video on how to earn using Airbnb and retire comfortably.
This is exactly how I wish to get my finances coordinated ahead of retirement.
You talked about a "credit repair program" how do I join? I took out a 200k heloc from my primary home 2 years ago which I'm still paying....I find it challenging to invest elsewhere because I'm still paying the mortgage and I got bills. to pay.
"Laura Gilbert CFA " is the licensed fiduciary 1 use. She lead me to join the program, Just research the name you'd find necessary details to work with a correspondence to set up an appointment.
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.
Why no one talked about this program when I was in debt
Creating wealth entails establishing positive routines, such as consistently setting aside funds at regular intervals for sound investments. Financial management is a vital subject that many avoid, often leading to future regrets.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
I agree with you. I started out with investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash. I invested the money using an analyst, and in seven months, I raked in almost $673,000
who is your advisor please, if you don't mind me asking?
'Melissa Rose Francks' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
I am 35 and my wife is 32. We started off with $25k in student loans, a leased car, and an apartment we couldn't afford. We have 5 kids that are 8 and under now, and we have never had a household income over $75k per year. 10 years later of following the Ramsey plan we now have no debt including a paid for $250k house and a net worth of about $400k. We appreciate you and the work your team does!
Well done!! 😁👍🏼
Awesome! I’m in a very similar boat, so I thought I’d share. My wife and I are both 34, single income, 5 kids that 10 and under, no debt besides our house (owe $184k and it’s worth $475k) and we have never had a credit card whatsoever. Well done, bro!
A+ and very Well Done! Your future is on track to financially success with the freedom to live your dreams. Great example for others who hopefully learn from your journey!
@@aronmiller1249 Thanks for sharing! I love hearing stories like yours. We try to share practical advice and encourage our friends that they can do it too even with one income and a lot of kids.
Outstanding!
Having recently sold a property in Portland, I'm contemplating investing the proceeds in stocks. While many claim it's an opportune moment, I'm uncertain: Is now truly a favorable time to enter the stock market? When can we expect a complete recovery? Moreover, I'm puzzled by how others in the same market are achieving gains exceeding $450k within months.
I feel your pain, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $130k in passive diversified safe-haven assets, Up 200k so far and pretty sure I'm ready for whatever comes.
I've been in the red for the past couple months, lost 12k last week alone, Indubitably I've got good companies but profit is still stalling, how did you go around finding an investment-advisor, I wouldn't mind looking yours up.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Do not invest in stocks at the moment stuffs stupid high
Portland OR? Look into middle housing development. I’m a developer in Eugene and we need more local developers to help balance the market away from hedge funds (they’re buying up absurd amounts of single family housing)
Just paid off my student loans last week to make me debt free at 24! So thankful to those who supported me along the way. That puts me at just over 100k in net worth. Praise be to GOD.
Way to go !!!!
Congratulations!!
God had nothing to do with it. You think god gave you all that money when kids all over the world are starving to death and dying of cancer?
Hallelujah! Congrats on paying off that loan burden. Enjoy the feeling of more freedom to control your income.
Congratulations! Keep the momentum you’ll be a millionaire in no time!
At age 25 I was at rock bottom, my net worth was somewhere around -30k and my income was 38k in a HCOL area. I knew I had to change and I started tracking my net worth and started budgeting At age 30 I bought a property and my net worth was at 45k. I was making progress but I knew there was still much more to gain if I kept at it. Now at age 35 my career exploded, I kept increasing my savings and retirement contributions and my net worth is around 450k. Never did I think I’d be where I’m at now 10 years ago. There is a thought that has always stuck with me. People greatly overestimate what they can do in a year, but they greatly underestimate what they can do in 10 years. It’s never too late!
I've always been an A student. It's refreshing to hear I've kept that going even out of school. Thanks Prof. Kamel!
damn that opening line terrified me. crazy to think that 42% of americans were born in 1994 or later.
Mr Kamel breaking away from the tired debt train wreck stories & doing something different. Excellent.
If I had George as a friend in my 30’s, I’d have had a true friend. He sure knows how to do this thing called MOTIVATION. Well i'm 42 now with $1.8m net, not there yet. My strategy has been to put half my income into the stock market at the start of every month under the careful supervision of my CFP, regardless of what is happening. The second part of my strategy is not to sell for at least 15-20 years. Time in the market beats timing the market.
You are spot on! This is really not as difficult as many people presume it to be. It requires a certain level of diligence, no doubt, which is something ordinary investors lack, and so a financial advisor often comes in very handy. That is how people are able to make such huge profits in the market.
@tommyers I completely agree, this is why I decided to give a coach control over my everyday investing decisions. Their proficiency in research, specific knowledge, and risk management makes it difficult for them to deliver below expectations. They emphasize minimizing drawbacks while maximizing risk's asymmetrical potential. I have more than two years of investing coach experience, and I have made more than a quarter of a million dollars.
My collection has been underperforming recently, and I'm considering a strategy change with the help of a coach. Is it possible to get in touch with your coach?
Last 15-20 years is vastly different from the coming 15-20 years. Global warming, aging population, increasing institutional swings in the market. People really think the average 7-8 percent annual growth is feasible? Look at how tiny the market was in 1950 😂😂😂
Thanks to the baby steps for a plan I went from an F to an A between 23 and 30 years old! Thanks to paying off lots of student loans!
I've watched a lot of your videos, as well as videos from other financial people, and have often felt that I'm not doing as well as I should. After this one I actually feel pretty good about my situation and it's coming across as motivation to do better. Thanks for boosting my spirits.
We just paid off our last debt this past weekend, we are now debt free aside from our mortgage thanks to the baby steps!!! 31 years old and planning to have the house paid by 37
Age 34 here with a net worth of 475k and growing! Almost half way to a million!
I've been following the Ramsey Baby Steps the last three months. Wanted to break the cycle so I started focusing on my debt. My grade is a "D," but I'm actually working the plan. My car will be paid off at the end of October and then it's onto the student loans. One step closer to being DEBT-FREE!
Have hope! I started out 340k in debt in student loans. A massive negative net worth. I now have zero debt, paid for my car and house in cash, and have a small retirement going. It felt pretty bleak at the start of everything but now looking back it actually went pretty fast and I am in such a better place today, and have so much more security. You can get there too!
I was a D at 30 years old. I'm now a B at 32. Keep it up and keep going!!! 💪
Shared it with a friend in her 20s so she doesn’t end up like me in my mid 30s. She’s an amazing coworker and friend and deserves an A!
Though I’m 27, debt free, and only have a small savings, this is still very motivating… haven’t lost hope! Thanks George!
right there with you. 27 no student loans but I do have a car payment I'm working on getting rid of. we still have time brother
Honestly we're so fortunate to be A+ and I've got to thank my wife! She's the one who came into the relationship with financial common sense. I owed $1000 on a debit card and lived in my camper van... Four years later we sold our bought and paid for home ($90k) during the real estate mania of the pandemic and sold for 4x that.. Again very fortunate and much of it thanks to timing and the lessons learned from the Ramsey team.
I’m 26 and I currently have a D but that’s contributing to being Dave-ish for the past couple years. Now to ramping up my side-hustles and saving to be a B student (like I’ve been for most of my life) by age 30😂😎
Theatre major here and puppeteer! I can admit I'm still paying off debt, but the future is bright.
Hit 1.3 at age 35 in high of 21’. Being not married no kids helped a ton, but I’d trade the NW for a loving family anyday
I had exactly $23k student at 30! Took me years to pay off, and with interest, it was $36K. All the while saving for my pension. Nevertheless, now at 59, no debt and a good chunk of change for retirement. Steady but slowly 🐌 watch the investments grow, and it will happen!
I'm 35 and at an A, that is refreshing but I still feel like I have a lot to catch up on since I got started late. Better later than never, though!
George, newly subscriber to your blog but been DR fan for 3 yrs now.. Congratulations to your new channel, thank you for all your blog this fit to younger generations like my kids on their 20’s I am forwarding your blog to them so they will learn money matters since this are not being taught in school. We need to have home economics in school especially in middle school or high school so they will learn better handling their finances.
I feel like this was a pretty fair video for “standards” 100k plus is definitely reasonable and a good starting out goal for most people. Great vid
Love this video. Please do one for every decade 20, 30, 40, 50….
I was a theater major, I quickly realized the communication skills I learned adapted well to sales and marketing. Since I have a passion for finance I was able to combine all of these skills to become a CFP. Now in the A+ category. Actors can change and don’t have to strike out 😉
Or actors could be paid properly for the work they already do.
Nooo that would be too logical
As a theatre major, you give me hope 😅
@@riku3716 not likely.
I’m a music major. I moved to Japan and within 3 weeks was scouted to become a pop singer. You don’t realize how saturated the US market is. I’m now making money and connections up the wazoo and am filthy rich for 21yo here because I converted all of my dollars to the yen at 150円/1$ each.
These type of videos are why I feel so anxious and depressed all the time now. I now have the tools and knowledge I need to become financially secure and I have solid goals for where I want to be. I’ll focus on doing that instead of being constantly told I’m not rich enough for my age. It’s exhausting.
Yeah it's tough. I'm 34 and I have a D. Trying to do things right, but besides living with my mom I can't for the life of me find a housing situation that fits the recommended budget. I think the Ramsay method is great, but it is really just ego-stroking for boomers who are out of touch with the economic realities of millennials.
I’m 29, in RN school, have 20k in school debt, and only 700$ in my bank account. Oh and I still live with my parents cuz housing is ridiculous right now.
My friend makes 20 k a month travel rn . Check it out .
I did the net worth calculator and was shocked I had a positive net worth lol I never thought of my retirement account. I’m sitting at a B! 🎉
I really enjoy your videos George, they make me think about a lot of things that I haven't considered yet. I almost fell into a point of no salvation in my mid 40’s but thankfully now I’m close to retiring in a satisfactory manner and have majority of my boxes ticked
My husband and I are in our mid-late 30s with net worth of $355k. Being debt free other than mortgage is truly a game changer 💪🏻
George really does get me motivated with his videos. Makes me want to rethink my lifestyle too. Thankful for the passion and knowledge that he shares with others! We need more people like him in this world
I love listening to his seminars too, there's a lot I need to learn, I need to start making the best decisions for my future. You say you where in a crisis in your mid 40's? whats your story and how did you navigate through it? I'm in a bit of a sh*thole myself haha
@@francescadelight well I went through a d i vorce at 46 and it basically wrecked my me, before that I never really looked at what my r e t i r e ment would be like but after the whole situation I just had to look at things differently because I knew needed to get my life together before 60 at least.
Luckily for me I was r e f erred to a p a r ticular f i r m in Colorado by an a d visor. Fast forward to today through the firm in a couple years I've been able to amass $580k for my r e t i r ement and still going.
I got my sister a Bob Ross Christmas ornament plus a bobble head of him with a tiny calendar that shows diff paintings he did 😜 we loved him. Other day actually clicked on tv and we don’t have cable and his rerun was on pbs or so and watched. Ahhh so peaceful. He had such a gift ❤️
I was an usher at my high school’s production of, you guessed it - Bye Bye Birdie. Still a fan! The cummerbund looked ridiculous though. Love you, George! Keep up the amazing content.
I turn 30 next month. I keep track of my Net Worth and next month I should be right at $400,00! I do have a good paying job (that I did not go to college for), but I also started with nothing. Everything I have I earned myself. I have no inheritance nor has anyone given me a large sum of money. I bought a house for $56k when I was 20 and put about $50k into it over the years. It's now worth $165k.. and it's paid off. I have no debt and I've been investing into my Roth 401k since I was 20. Every time I project I'll have X amount of dollars/net worth by a certain time, I out pace that. I was 25 when I heard of Dave Ramsey with a slightly negative net worth. I was in debt, but I became intentional with my money and turned things around quickly.
We're both 35 and an A. We have accomplished this by intense frugal living because of our circumstances (I became physically disabled at 28 and my Husband works a part-time, minimum wage job so he can be nearby and care for me). You can ABSOLUTELY do this! Thank you LORD for Your Kindness and Goodness to us and for sound, Biblical financial education xx
Awesome!! Love this video. I am 37 and my husband 39 and we got an A. And we are two more checks to sign in our mortgage. We are not bad at all compared to others. 😅
I legit just used this calculator and it’s wild that he just posted this 😮
At age 30, I had $65K in student loan debt, was still in grad school, was in need of significant dental work and had major mechanical repairs needed on my car which I needed to drive myself to school. On top of full time grad school, I worked 40+ hours/week at my parents' business for free because the business never made any money. The anxiety I had back then probably would have set me back another $100K in medical care which I never sought because I was so broke. I get anxiety just thinking about those days.
I'm there at 40. Lol. We've had some trials over the years. Wish I would have gotten on the Ramsey plan earlier. Our income is doubling through and we'll be debt free by December. We'll be able to invest $140k a year moving forward. $60k annually in retirement accounts and 80k in outside investments. Buying property and building our first house with cash over the next year.
I'm at a A at 36 because of these principals - thanks for the wisdom!
Amazing content. I started a bit late (graduated from my doctorate program at age 30 in 2016 with 170k in school loan debt). Managed to pay off my debt by 2019 and currently have a house and 250k total in investments (combo of profit share, 401k and a brokerage account). I'm not very knowledgeable in investing, so I just have my investing currently in index funds thanks to my FA Emily Lois Parker (mainly voo, but have been putting a lot into schd the past few months). I dunno if that's the optimal strategy, but psychologically it is very set it and forget it, and prevents me from obsessing over individual stock performance like you mention in one of your old videos
I and my wife diversified my $400K portfolio across various market with the aid of an investment advisor, I have been able to generate over $920k in net profit across high dividend yield stocks, mutual funds and alternative investments
@@tylerforeman667 Sounds great. I could really use the expertise of an advisor. Just can't find while I'm away for work in New Zealand for another year. Who is this person guiding you?
@donaldlocher2537 Her name is Olivia Rene Reyes, she’s actually the only person I know that’s richer than me haha
I'm thinking of doing same, not sure if I should use different brokerage accounts. Just curious.
@@tylerforeman667 Thanks for sharing this. Verified her on the SEC site and she is solid, wrote her and scheduled a meeting.
Just turned 30 and in my last year of psychiatry residency. I’m the cheapest doctor I know (no undergrad loans but med school ain’t cheap so took out loans for that, old paid-off-car, clothes from goodwill, making coffee at home) and I still got an “F”… excited to turn that around over the next few years! 11 months until graduation!
Yeah it's easy to feel behind. My wife just started residency at 29. It really is a long term investment, but it will pay really big dividends and you will catch up in no time. You are definitely on the right track without having undergrad loans. Sooo many docs have their medschool debt AND those loans. Yikes!
A at 31 but still use a credit card and pay it off every month
I drink soda past 9:30pm
Nooooo, cut them up
I'm 28 with a net worth of about 250k and 0 debt. Guess I'm more ahead than I feel lol. I got an A from Goerge 😂😎 Thanks for the great videos Goerge!
This really encourages me. Only 2:43 in but the figure of $8,000 by age 30 is scary, yet easily achieved. I’m already above that several times over yet I felt like a barely successful young married man. Debt free, good job, loving wife, I’m so happy. About to go on a cash-paid road trip to oregon(fly there) and buy some old classic to drive 2400 miles home. I feel guilty for spending money, but I’m going to profit off of the rust free car back home. So a “free” trip if all goes average, profitable if it goes well, and an acceptable cost of $2000 if I don’t make money.
Turning 30 this year and my husband and I have a net worth of $192k. However, a good 90-100k of that is because the house we bought 2 years ago we up in value so much.
Wife and I are 32/31 and we'd get an A, but I contribute that first to God's grace and second to Dave's teaching.
Hallelujah! X
Yes grace and as a Christian probably you know that life it’s not about what you have and you will find many godly and content people who have much less or even nothing
@pamelalima5401 You're right. Money isn't everything, nor have we turned it into our God. Also, blessings you receive are meant to bless those around you and that is what we do through our church, charities and just being generous out on the streets.
George with you in my life, my net worth is infinite.
Seriously I LOVE your videos, they are so entertaining ( like laugh out loud funny) and informative! keep it up , loveeee watching them
I would love to see you do this for 40. I'm 38 and making an A by these standards. I feel I'm behind for my age all the time though.
Same situation
Or 50 lol Asking for a friend
Behind? What’s your net worth?
I was planning on having an A+ net worth but then these things happened once I graduated: - I Graduated when Covid hit. It canceled my internship and delayed me finding a job for 1 year. - While I was looking for a job after my degree, townhomes went from $250,000 to $410,000 requiring a $80,000 down payment. - Interest rates went from 2.8% to over 7% now. - Food and Utilites and other essential costs have gone up 30-50% Despite Covid completely screwing up my 20s to build a good financial foundation, I've managed to have a net worth of $40,000 at age 27. Hoping to at least get an "A" when I'm 30 and have $100,000 saved up for a house. I've recently gotten approved to work overtime so I'm working 60-hour weeks now to try and compensate all the money I missed out on because of Covid. I think everyone has had unfortunate circumstances that have brought them down, but it is fighting and continuing to get back up that builds wealth.
$80k down payment? You only need 3.5%.
This is great. You should do this for 40’s, 50’s, 60’s, etc
I just turned 30 this year and my Net worth is $500,000. I should hit the Millionaire benchmark by age 35. I wonder if I'll finally be good enough by then..
Currently a B at 26 but was at D beginning of this year. I still have student loans but have been investing heavily in retirement since finishing grad school 1.5 years ago and went from -36k net worth to +34k net worth since finishing grad school! I plan to have an A by 30 if not sooner!
You’re buying the dip in your 20s too. You’ll certainly be an “A” if you keep it consistent
I only got an A because of the town home I bought in 2020 for cheap and the value sky rocketed 😂. But yay me I guess. Still have consumer debt but I guess I’m doing better than I thought
I’m 30 and my wife is 29. We have been really fortunate and have worked really hard over the last 10 years. We are currently worth $2.4M and counting. I will say that consumer debt is a thief. But real estate debt if used properly (not 90 day notes like Dave used) is extremely powerful.
What financial advice would you give to someone in their 20's?
@@prevaloir5362 It’s a little difficult without knowing peoples current situation. But I would suggest that someone in their 20s find something they can do to make as much money as possible. My wife and I work in sales and the opportunity it limitless. If you work a w2 job you will have to just work a long time and be very disciplined. If you work in sales, or start a practical business, you can achieve more faster. But if you don’t find success in sales, it is a really difficult career path. Find something that you like (don’t have to love it) and find a way to make as much money as possible. Live on 20% or less of your income and invest the rest. Not sure if that helps but that’s what I personally do 😀
@@prevaloir5362 I should also share that I am not qualified to give financial advice. Just trying to help 😀
Impressive! my wife (25) and I (28) are around 450k right now. 95% of that is from "my" networth since she has only been working a couple of years and I've been saving for around 10 years now.
@dylanbarrett599 Can you elaborate on what you mean by being in sales? Do you own a company, or are you salaried salesmen employees? What industry are you selling in?
24 and I got an A. Thanks for putting some pep in my step !
My wife and I are in our mid-late 20s with net worth of $325k. Being debt free other than mortgage is truly a game changer 💪🏻
What are your careers?
@@musicman1eanda Im an hvac tech and she’s a receptionist
I made a lot of financial mistakes years ago....Im 42 and still owe around $100k to a lot of people including the attorney general IRS and other places...... recently I've took on a better paying job and wife works 2 jobs.... luckily we are right at $100k a year in income...we have a few older vehicles but all are paid off and don't intend on getting any thing else for a while....we are working on paying everything off on the next 18-24 months......it's not gonna be easy....but if we stick to it we can get things accomplished.....
This made me feel good. That's rare for this type of video.
Great video!!! Everything you said is correct!!! Thnx for sharing!! 👍🏼
I'm 38 and the calculator says I have 753k. I've only gotten serious aftery wife pass away 5 years ago (I inherited debt). I got debt free before the pandemic and hoard cash like mad during the pandemic because there's no place to spend them, dump it all in my mortgage and that's probably the best thing I did.
I am proud to say that my report card is an A 10 years in advance. I turn 20 years old next month and i've never been to college. My current networth is 111k with a credit score of 752 and I've never been in debt. I started working for a local company at $12/hr when I was 16 and have worked my way up in the company now to being a manager making $26/hr. I am completely self taught on financial literacy through youtube academy lol. My parents did let me stay with them until i found a place at 19 which helped but besides that I have paid for everything else myself since I started working at 16. Bills, food, clothing, entertainment, cars etc.
Could you explain a little more how you have a 111k net worth? Like how is it broken down? Because with the best numbers of 26hr x 40 hours a week is about 1000 per week x 52 per year is about 50k a year. For 4 years that is about 200k not including paying any taxes. And at 16 I would've assumed you'd be in school. So when and where were you working and what kind of stuff did you do?
@@VincentVanHalen55 I’ve been working full time since 16. 48k in cash (saving for home down payment), 29k in 401k + Roth IRA. 3k in crypto. 31k in both of my paid off vehicles. I started working as a CSR and now i’m a product manager within the same company.
I love the content and advice. How many people watching this are only 22? i read that the average Ramsey show listener is 31. Another demographic website said 47!
I think one of the greatest financial resources for individuals in their 30's is KZhead and the Internet, as long as you can weed through to reputable sources. The Internet and KZhead weren't available yet when I was in my thirties and if they were, I'm sure I'd be in a better financial position today. Not that I'm in a bad place, I'm a "A" student of finance today, but was more like a "B" back in my 30's. Because schools don't teach proper finance, so many of us both yesterday and today graduate school without a real knowledge or understanding of how to manage money and we make so many mistakes that are harmful to our futures. I am so glad to see Ramsey Solutions, George Kamel, and others trying to right the ship for folks of all ages.
Im 29 and have a negative net worth, still rent, my knees are shot, my financial aid fell through afger 1 semester of college, ive had 4 cars completely break down on me. Sucks. Oh, and just finally started making over 15 an hour recently. Should be positive next year though. I really wish housing and food wasnt so expensive.
I’m 30 exactly and pretty sure my net worth is right at 235k! Most of it is in work 401k. But pretty cool how close this resembled my journey. Thanks for the video! Nice to know I’m not screwing up too bad. Still feel behind most of the time!
You feel behind because the system of wealth building as an employee will inevitably get you to the 2-5 million range when done correctly. To bust into the level of wealth building above that, the only way is to build and manage a successful business that has employees working for you.
Happy belated birthday!
Thank God I read the baby steps at the age of 17.
29 and 23 we're at an A for our 30s. Ramsey gave us the tools.
I would love to see this for each decade. 😅
Back when I was 30 in 2009 i was lucky to have networth over 50k...that seems low to me but was pretty good for a single guy making maybe 45k a year. Fast forward to age 40 and was around 800-900k....So anyone discouraged dont be. Just keep plugging away.
Thanks for this segment and Net Worth Calculator. It is never to late to change habits, see financial mistakes as life lessons, and build up the net worth. Often us Millennials have been trained through social and commercial culture to be consumers, rather than carry good saving/financial growth habits. It is possible to make these changes.
I'm 36 and sitting at either an A or a C depending on if my student loans are included. I'm on the PSLF plan and only have another 3 years to go before those are wiped out. Only downside is I'm still saving up for a house so once I get that my net worth will definitely take a hit when the mortgage is factored in. Either way, at least I'm sitting in positive territory. I'm still working on getting my income up so I know even with the mortgage, the overall net worth will just continue to climb!
Your new house should be worth more than your mortgage so your net worth shouldn’t take a hit.
How dare you call my 29.5 year old self out for being terrible with money my whole life. Baby step 3 technically, but not even $8000. 😭😭😭😭😭 I needed this kick in the pants.
Let that sink in at 2:59 ...was hoping for a cut to Elon bringing in that sink 😂 ...come on Ramsey video editors you missed a good opportunity there!
My net worth is terrible. I am in my 50s, so I recommend don’t make the same mistakes I made in my 20s to 50s. I may never reach being debt free but going to give up
This is good to know. I’m only 25, so this gives me time to get that A+. My net worth is currently only $80k, but it increased by $50k last year, so as long as I keep this trajectory, I’ll be gold star worthy 🌟
George, you will single handedly save the Ramsey network. Your humor, your delivery, your content is all great. Keep it up.
I'm 33 but falling into that C/D category...but thanks to all your videos ima start really tackling my debt! Sadly I have a Japan trip coming up that is gonna increase my debt...but when I come back ima tackle those credit cards hard!
Cancel the Japan trip.
😂
@@peeonthe3rdrail414 nah fam, I can afford it. I'll just never vacation again until I cash out my millions on my 401k
@victorblas3483 if you're going into debt for it, then you can't afford it lol. Affording something means you can pay for it without going into debt.
@@TNJVidz Don't laugh at him. Everyone can learn financial literacy but it's NEVER okay to laugh at another person's financial situation.
30 year old theatre major who scored an A over here! 🙋🏼♀️
I’m a D student, but I’m 24, with $3500 left to pay on a truck, and I’ll be nice n cozy at C by the end of this year 😎.
I am 32 and I feel so behind. I have 30k in retirement and no savings. 1k in checking account. I wanna cry
You are doing fine. Keep investing. Every comment section is like “I have 2 million as a fetus”
At age 33, my wife and i have ~200k in student loans. Im having a difficult time deciding to pay it off (partial/full) or put down for a house. I think the house option would make each dollar worth more...
scrolled through the comments for 5 minutes before I found someone else who doesn't have an A or a B! I think making good budgeting practices is important, but I really think that our generation is gonna have to invest HEAVILY in the PITCHFORK market (if you catch my drift) at some point if millennials are to not be homeless in our old age.
As a 26 year old self employed musician. I’m pretty happy with how my 20s have gone so far. I got a masters degree, have no debt, and a net worth of about 25k. I’m hoping to make more, but the fact I got here only doing music and no other jobs makes me feel blessed
George always makes me laugh! Love you brotha ❤
The millionaire next door has a formula for this purpose. Take your age divided by 10, times your pre-tax income to get your threshold, then divide your net worth by the threshold amount. If this number is between 0.5 and 2, then you are an average accumulator of wealth (AAW). If you are below 0.5, then you are an under-accumulator of wealth (UAW), and if it is greater than 2 then you are a prodigious accumulator of wealth (PAW). If your income varied over your career (as it does for most), average your income starting at age 20. So for example, someone age 30 who earned an average income of $65k would be a UAW if they have a net worth below $97.5k, and they would be a PAW if they have a net worth above $390k.
That seems a bit silly with income varying over time. I went part time recently and my income halved, so my assets are 17x my income instead of 8.5x now.
@@ordinaryhuman5645 It's just a rule of thumb. There are many situations where it breaks down, and it's been criticized for being too high for people under 30 and too low for people over 50
😂😂😂😂 Omg my net worth is double double that. Thank god!!! No exact figure George is being nice. If you in the negatives in your 30’s and 10 years can’t see yourself passing 30K+ net worth start panicking.
I'm an A, and I don't even make that much money (not in US). I simply live on less than I make and I budget for everything so that I know where my money goes. Debt free from the start I never paid anything in interest (not even once in my life).
Dude.. your content is on point. I’m not sure why so little “likes”.
Wow just realized I'm an F because of my mortgage lol
Yeah, that’s what throws me off about this whole net worth thing. If 2 people are making the same amount of money and are debt-free, the person renting has a higher net worth than the person with a mortgage, even though they’re throwing their money away renting, while the other person is putting money towards an investment.
Ugh. I have a really solid plan now (thanks George and Dave). I'm finishing my PhD in the next 10 months but have an F net worth at the age of 36 (-110k I think) and an income of just over 70k. Once I have free time that isn't all going to dissertation writing I'm planning to pick up every side hustle I can (mostly adjunct teaching at local universities and leading Holy Land Tours; I'm a Religion PhD candidate specializing in the religions of the ancient Middle East; that's when I go full rice and beans beans and rice too). I wish I figured this all out before I was like, 32 though.
Keep it up! The first step is awareness. Money isn’t everything and making consistent wise decisions over years adds up!
What an interesting degree. What is your long term career plan with that degree?
@@arthrodea the plan was always to be a college professor, but academia is pretty broken and I'm not a very fast writer in a publish or perish world. I'm more of a teacher and co-author. And my current job as a teacher at a Prep school has similar career prospects in terms of salary. A little more teaching and a little less time for research, but plenty of time for me to pick up college classes on the side if they are available. The Holy Land Tour planning and leading business is what I'm really looking to be a particularly productive side hustle eventually. I wouldn't ever give up on teaching for it though. Also, hopefully Bibi or a successor didn't turn Israel into a dictatorship by then, cuz that certainly puts a damper on the prospect of traveling around that area.
@@His.Lordship Yeah, I'm in an academic place and hate the publish or perish mentality - it leads to people publishing rubbish just to plump up their resume. I realy love the Holy Land tour idea - mainly because I would love to go on a tour like that and have someone with a deep understanding of the history of the region explain it to me along the way. I also love the entrepreneurial aspect of that idea. Don't let your "F" grade on student loans get you down - I graduated with well over 6 figures of student loans but did follow Dave's program and went super intense on living cheaply and dumping money into the loans, and was able to pay them off. I'm sure you can do the same!
Some days I don’t leave house because I know it’s going to cost me money. That hit home, literally 1:05
At a B+ at age 23. Planning on A by end of year (thanks parents for no student loans. Huge head-start)