What Your Net Worth SHOULD Be by Age 40
What should your net worth be by age 40? Is it too late to build wealth? In today’s video we’ll talk through calculating your net worth, how to know if it’s good, and what to do if you’re behind.
Links:
Make Your Brain Your Friend Today With BetterHelp: www.betterhelp.com/george
Ramsey Net Worth Calculator: www.ramseysolutions.com/retir...
EveryDollar Budget Deal: I love a good deal, when you sign up using this link, I’ll hook you up with a 14-day free trial and $15 off your first year of the premium version of EveryDollar. www.ramseysolutions.com/ramse...
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.
My wife and I are directors of our farm business and own property, plus small pensions. I am nearly 55, my wife is 52. We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $1M.
There’s much uncertainty now, my question is what stocks can be the next wave in terms of growth for the next decade?
I agree just reached my goal of $500k monthly trade earnings. Setting realistic goals is an essential part of trading
that's impressive!, I could really use the expertise of this advisors , my portfolio has been down bad....who’s the person guiding you.
Please can you leave the information of your investment advisor here? I'm in dire need of one.
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Jennifer Lea Jenson for the last five years or so, and her returns have been pretty much amazing.
I’m 43 and broke with a high salary. Quickly paying off debt and won’t be debt free for another year. Late start but at least I’m starting.
You can do this!!🙌🏿🙌🏿🙌🏿🙌🏿
It all starts with good mind set!
I’m 33 in the same position as you don’t worry
47 year old - same position - broke with higher salary… eating rice and beans for the next year or more.. Got myself on a 10 year plan to be debt free and then positioning myself in some proper investments - gonna make it a game and see what I can do in the next Decade!!
I was similar at 40 (I did have some assets but never took it that seriously) but then I made some big changes. I am 43 now and the differences are already showing and I’m on a good path to be FI by 50, that’s the goal anyway!
Creating wealth entails establishing positive routines, I had only $78k to my name at 42 when I first woke up to this reality. I chose the stock market as a medium of growth, got an excellent financial advisor,Financial management is a vital subject that many avoid, often leading to future regrets.
Indeed, currently I'm managing my finances wisely and being frugal. In the last 19 months, my investments grew by 43%, adding over $500K in profits. However, I've had losses in the past month, making me anxious. I'm unsure whether to sell everything or wait.
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
Monica Shawn Marti 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.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
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.
Net worth at 39, 400k. Net worth at 40, 150k. Relationships are expensive
Oof, I’m learning from previous generations and never getting married.
Marriages do better on avg xD
I crack up when at 50 I get told by MULTIPLE ADVISORS that I am investing WAY too aggressively. I just laugh and tell them I'm really risk tolerant. With potentially a 5 year window to retirement (if necessary), we're fine. I don't think I could retire with less than $3 million in income-producing investments. I have already achieved 60% of my goal.
Everyone needs to hear this, you need to create your own process, manage risk and stick to the plan, thick or thin, while continually learning from mistakes and improving.
i'm glad I came across this discussion. If you don't mind, could you tell me how I can contact the financïal advisor who helps you with your investments?
In 5 years we went from negative net worth to $2M. We are 35 & 37. We did the baby steps through step 3, lived on nothing, saved up 1yr of living expenses, and another $80k for a commercial build out, and opened a business. This year we paid ourselves $38k per month out of our business. I didn’t even know people made this much a few years ago. Now we have opened a more businesses and looking to buy a few more in the coming years. After meeting with our wealthability tax advisor we’ve realized retirement savings is not going to get us to our goals so we’re not even going that route. To reach our 16 year goal we need to make 30% on our money every year. Our businesses do that so let’s keep that train going.
We are 45 and 40. We jumped on the Dave Ramsey train early in our 20’s and are worth over $600K. We did this on one income less than $100K for 19 years. We’re have 5 kids ranging from 7 to 18. You can do it!
Man that’s awesome to hear!
Nice work.
Absolutely amazing 🤩
In between the B and C tier; not bad!
Wow that is amazing. Especially doing this with 5 kids - good for you and best wishes in the future.
On my 40th birthday my net worth was 475k, and the most I could ever contribute in my 401k was 11%. Then I found Ramsey at 41, paused 401k for 2 yrs during baby step 2, now at 46, at 15% in the Kizzle and paying down the Mortgage, I’m at 975k. My goal is 1.2 mil and house paid off at 50. This stuff works. Just follow the plan. No excuses & your situation is not unique. You can do this. Btw.. love the KFSS!
We have the EXACT same net worth! Congrats man, way to turn it around 👏
Hell yeah brother! I have around 450k net worth at 30. Trying to have a mil at age 37. That’s my goal at least
It is funny how we act differently when it comes to money. Most of us know to get better at something it takes diligence and hard work. That is exactly what Dave's plan requires and you are doing a fantastic job. Curious when people say net worth they are talking about their 401k and maybe some side money and if the house is paid off you add that into the equation. (typically right)
Hahahahaha!!!! KIZZLE lol
Truly inspirational
I got a C. I turned 40 in August. Current networth is $135,678. Better than I was doing 3.5 years ago 👍🏻
Progress is everything! Well done! Keep running the race, brother.
@@paulwinters6024 you too man, thanks.
Keep going
Keep going. You got this!!!🙌🏿🙌🏿🙌🏿
Keep going bro. You are gonna be a millionaire in no time!
🎉🎉🎉 Thanks for this video, George! My net worth is A+ since our home which we bought in 2018 is totally paid off and is now worth $835K and my 401K is worth $1.2M. We have $50K in cash in our ER Fund and own all three cars out right - paid for them in cash. I’m 42, graduated college with no debt (thanks, Mom & Dad), got a $60K job out of college at age 22 and have never held any consumer debt. Married a wonderful woman at age 23 and have three sons. God has been good to us and we have followed wise financial advice from Ramsey Solutions our entire marriage.
60k over 20 years ago. Wow that is impressive. You are rich
God bless you and your family. You are killin' it (in a good way)
God bless you! Absolutely beautiful and inspiring! Enjoy your life 😊
Sometimes I feel like I was born at the wrong time… All of my cousins who are mid-40s are like you; married with kids, millionaires, and bought their first home in their mid-20s 😭
Congratulations. I’m really happy for you and not at all jealous 😭
I'm 33, with a D rating for my net worth currently, but this video gives me a good goal to strive for in the next seven years.
37 and just broke the million 🧐Most of it is tied up in retirement accounts and the home. Graduated college with no debt (scholarships) and started investing at 25. I do want to say, give yourself some grace in your 30's. Getting married, buying a home, having kids can mess things up a bit (especially the kids). There was a 3 year period where we could only afford to invest the 5% company match. But I invested plenty before the kids, and I'm investing 30% now to make up for it. So I would advise everyone to save more when you are able to, because there may be times where you have to scale it back.
So true! Same age as yourself. Got house at 26. Then roof started to leak at 30, then kids started arriving 30-34, then furnace broke 32. Lol. Now at 37, the kids are eyeing more nature and sport involvement.
Good advice👏👏👏
Wife and I are sitting @1.4m at 33 - not trying to gloat, just super grateful to come out of college with no debt and worked hard ever since to make sure that didnt go to waste. I know how tempting spending in your 20s can be once ypu start getting a "grown up" paycheck, stay strong people 🤙
That's very good! You are crushing it!
Nice. You are ahead of the game!
That's incredibly rare. Good for you guys though. Are you guys DINKS (Dual Income, No Kids)?
I didn't know anything about investing back then. If I did I would have invested and been in a much better place today. It sucks, but at least it's not too late to do something. So now we are doing the best we can.
Even still, props to you for recognizing that and continuing to grind 👏
Definitely an F. However am very motivated and am turning my life around. I've already made a lot of progress just this year and am learning and gaining more strategies and insights. I believe I am going to make it and be more than okay. I am not discouraged but determined and grateful for all the opportunity to change direction and am already seeing the differences. Thanks for more inspiration here with this video.
Well done. You can make up ground quick when highly motivated
I've come to realize that money is a tool. I’ve worked so hard over the years to realize that if you don’t make money work for you, you can’t experience true freedom. I’m glad I found that out although it was later in life, but that marked the turning point in my finances.
You are absolutely right ,firstly I believe money in the bank is not money because it is bond to inflation and losses values overtime You have to be well disciplined to achieve success and save before you spend Lastly success does not happen overnight it takes time, dedication and self discipline
money is a liability, not an asset. You have to exchange it for assets that represent real VALUE. Real estate - properties for rent. Stocks (dividends). Bonds (interest), funds, REITs (interest), intellectual property, The aid of an institutional or basic financial advisor's cannot be over expressed, have been in touch with 'Martha Cornell Kerns, over the years before taking any financial decisions and it's been working perfect for me because i don't have to send her my money to manage but taking her advise
I only save money for emergencies, like having an emergency fund. I'm aware that it loses value over time and doesn't make me anything, but it's there as a financial insurance, to cover my ass if ever I get into some trouble from life.
@@Edgardo477 great info if i don't have to send her my money. I feel like this next bullrun will be the millennials last hope for financial freedom. because this next bullrun will literally determine if I work until I'm 70 or not. I hope I can build a big enough portfolio for it to matter.
@@AnielaGorska Her honest approach gives me complete ownership and control of my positions, and her rates are incredibly affordable given my ROI. You're right, the best time to buy in the market is when there's fear. A huge part of my growth has also come during this bear market. This year alone, I have scaled from 112k to over 354k speaking with her before picking my stocks.
Had this goal when I got married and told my wife we'll have $1m net worth by 40, stay focused with consistent investing and made it happen by 38. Projected to be a multi-millionaire by 42. No real secret but living within your means, put away 15-20% every paycheck, and stay out of debt. As someone that never came from money, anyone can do this with financial discipline
We are 41 and 39 and just had the annual meeting with our financial advisor. Everything George is saying are facts. No college debt, no new cars, investing 15% of our income for 15+ years and a house payment at 27% of our monthly income on a 15 year/2.6% rate. We have three kids, two are through and the third is still in daycare which is a massive cost. Damn straight I am proud of our hard work and focus. Proudly rocking that A+. Currently in steps 4-5-6.
Way to go!! So proud of you guys!
@@GeorgeKamelwe sure haven't been perfect over the past 15+ years. Having at the least a basic monthly budget and communicating with each other is most of the "battle." Respectful and honest communication with your spouse is so key and a must. The rest is execution and having just a bit of will power. And as our kids know, "No" is also a complete sentence. They will thank us later, I'm sure of it. A huge thank you to the Ramsey Solutions team for your teachings over the years.
C … wish I had kept investing years ago or it would have been way more
4/5/6 here. Good retirement savings but only just started with college funds. I reckon 4 more years of mortgage...can't wait, 50's approach...
Wife and I just hit 40 and we are at just over $100k. We have eliminated almost all of our debt (car loan and a 0% interest loan) and never want to be in debt like the F grade we were just five years ago ever again. Keep Going! Like most things in life, it takes active participation and not passive inaction!
I hit 400k at 31.
34 and wife is 33. We are A+. Just reached 1 million net worth. Zero debt including mortgage paid off. I've been on the Ramsey plan since I was 18.
I only heard of Ramsey last year.😅
We're 65 and 66, so not a true apples comparo, but I can say that even as average as we were "back in the day", only saving 10% when we were 40 (single income, 2 kids at the time), we still had a net worth of about $375k (in 1997 $$s), with an average engineer's income at the time, probably around $50-60k. Now we're worth around $2.2M, so for y'all that think it can't happen, IT CAN AND DOES!
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000
Mind if I ask you to recommend this particular coach you using their service?
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
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.
Fun to see how I compare at age 41. Thankfully I jumped on the Dave Ramsey plan in my mid 20's and at 41 I'm an A+ with a net worth of $1.8 million. And the first 8 years of my career was in the military, not exactly a "high paying" career field.
That’s awesome 👏🏻
So what’d you do after that? How come you left that important detail out of your story?
Same here! I'm 41 and my NW is at $1.2 M. Did 8 years in the Reserves as well! Hooah!
I think military is a great career option. I just retired after 20 years. 42 at $1.8M. My salary was probably lower than the peers I graduated with who went into the civilian sector, but I just always lived well below my means and regularly invested.
I'm 36 and scored a B. Also, the honey roasted BBQ is all you need, it's like a premium version of the Chic fila sauce. Congrats on the baby! Currently holding a 6 week old (our 3rd) and the newborn stage is rough, all ours were colicky 😢😢
I love all of the snippets you put in these videos.
32, 300k net worth. Feel behind, aiming 1 million at 36
39 this weekend and sitting at $765,000. Started to really buy into the Ramsey plan about 10 years ago. It works people. Improve your life!
We’ll done bro 🙌🏻
My husband and I are 38 and 39 years old and we got an A+! Goal is to pay off the house by age 40 and be net worth millionaires!
Your videos are hilarious and educational at the same time! Thanks for the entertainment and education!
Thanks George. I needed this. I’m always wondering and I try not to compare myself. I’m 44 and by your math I should take a reduction from these values for the extra 4 years. I’ve been a widower for 10 years raising 2 kids on my own and 10 years ago I was deep in debt. So I’m pretty pleased that I’m probably a solid B and I’m happy but not satisfied, stay focused!
I’m 35 and I’ve got a C. Thank you for all this helpful info! So excited to put it into action!
I will give myself an A. I’m 25 years old make $65k a year but I still live at home with my parents. I don’t have any debt and have about 90K saved. Goal is to reach 100k by June.
Love this! Show me where I am, where I should be and if not how to get there ❤❤❤
It’s so cool to see how amazing everyone is doing. We found Dave this April, but have been doing his principals for a while now without knowing. Husband and i bought our home 20 years at the age of 23 and 25. We have always had big Goals for ouesleves. At the age of 43 and 45 (A+ rating) Net worth 1.9 million. We have always lived below our means.
45, A+. I had 90k in student loans at one point. Bought my first home at 22. And, been lucky that my employer contributes 12% to my 401k - I’ve been with my company for 20 years
Nice 12% is outstanding. My company only matches 7%
Is that in lieu of retirement?
@@ryebread447 401k is retirement
holy canoli that is quite an employer match! I was told I had an amazing one at 7%!
Man, I LOVE your energy lol. And kudos to your editors for finding all those clips! Really enjoying your show!
Husband and I are 35 and 36. We’re about $715k net worth. $315 house equity, $360 investments, $20k savings and $20k cars.
George, you don't look a day over 45! At 52, I feel and look younger than I did at 40, and by following Dave Ramsay's plan, my wife and I have a net worth over $1M. And did I mention my wife does not work outside the home and has not since our Milennial kids were born? We are by no means wealthy, but are not afraid of retirement on our own terms because we made smart decisions along the way. Thanks for being a beacon to Milennials and Zoomners.
Recently turned 20 years old, sitting at a networth of 133k with no debt. My car is 4 years old and paid off. I am currently renting but planning on buying a house once rates drop low enough for me to afford something small. Enrolling in college soon and will be able to afford it without having to take out student loans. I am an avid credit card user which I know you frown upon but I have never once missed a payment as I treat it as if it were a debit card. Cashback wont make you rich but it sure is nice to get something in return instead of nothing.
Congrats!
I’m 5 and just became a billionaire.
@@DanielSaenz1987 thanks man!
@@15KHPCLUB😂
Love it. I wish my co worker would watch you. She just took out a loan on her 401k for bills, not good. Bless her heart it isn’t going to end well
C now but quickly climbing. Until two years ago my job paid 40k a year and I had to spent all that money. Then I got a job that pays 110k/year and I resisted lifestyle inflation. I suddenly achieved a 65% saving rate and my net worth starts to skyrocket.
Slight correction @ 7:51. Net worth in the scenario is not $852K; It would be the $852K in Assets less the $80K liability which gets you to $772k.
Good catch. My bad for not hitting the calculate button! Multitasking has its downsides 🤣
43 this week, A+, 1.15M. Doing very well, but I really wish I had more saved in retirement accounts at this point. We didn’t really start until a year or two ago and only invested 3-5% the past 20 years. We’re very real estate heavy. Got my 16-year old investing in her Roth already, she’ll be much better off in the future with a lot less effort.
Do you have a mortgage? A car loan?
@@IrisP989 nope
Excellent video 🔥🫡
Good Job George 👍
I'm 46 with net worth backup of 17million. New or existing lnvestors that wants to get so rich just need to learn how to diversify their investment portfolio. Like spread your investments across different asset classes to manage risk. Then with growth strategy, focus on capital appreciation through high-risk, high-reward assets. With Income-oriented strategies, target regular income from dividend stocks or bonds. Works like magic!
It's actually not as hard as a lot of people think. Without a doubt, it calls for a certain amount of research that regular investors lack, which is why a financiaI adviser is frequently quite helpful. People are able to generate such enormous riches in the market in this way.
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 half a million dollars.
@marvishaN That's impressive!, I could really use the expertise of this advisor, my portfolio has been down bad. Please who’s the person guiding you?
@tommyers The adviser that guides me is HEATHER LEE LARIONI. She works with Empower FinanciaI services. There are a lot of independent advisors you might look into. But for me, her strategy works hence my result. She provides entry and exit point for the securities I focus on
@marvishaN Thanks a lot for sharing, just looked her up and I'm super impressed with her credentials. I will be writing her shortly
41 & 45 with $950k net, including my home at purchase price. Seems like we’re doing OK, but I still feel so behind where we want to be for our early retirement goal in our 50s. It’s always a struggle trying to balance maxing all retirement vehicles to catch up while throwing extras at our mortgage.
Tripple thums up for the fleer 94 ultra X-Men reffernce. I had sfarted collecting this set but never finished it, but i did complete fleer 95. Man this takes me back.
Shared and liked! 🙌🏽
I’m 43 and husband is 41. We are CRNAs. My husband had 350K student loans I had 160K plus a 50K truck. I got obsessed with Dave Ramsey. We decided to become travel CRNAs and work a bunch of overtime. We now have net worth around a million. It’s so hard to build wealth when student loans slow you down but it’s worth it.
as a single income household and a student with a mortgage, I thought my net worth would be much lower, turns out I fall into your 'A' grade category. This helped boost my spirits as I push through some financial hurdles on a $20,000/yr income. Currently upskilling to get some additional income to boost my situation. Love the Ramsay group and all the tips and tools! I will definitely be sharing this video with some people!
George, for the baby rash, get an aloe vera plant. Cut a stem, take off the thorn/spikes, peel the green peel to leave just the clear stuff in the aloe vera. I find that leaving the clear stuff inside the diaper on top of the affected skin overnight will help it heal way better than any of the creams. During the day I use the diaper cream just because they are wetting the diaper frequently and the aloe vera would have to be replaced each time.
As a Jessica who is closer to 40 than 30, I'm feeling slightly attacked. 😂 Love your stuff George! ❤
I was at an F 14 years ago (well below zero net worth.) I finally got a good job, and got married to my wonderful wife a couple years later. Scrimping, saving, and adhering to our budget tightly, we finally got our (ok, my side really) financial house in order fully. Now, at nearly the upper end of the age bracket, and rocking an A, finally. Just need to get the house paid down now before retirement. We are a little light on the retirement assets in classic retirement accounts, but much heavier in brokerage and other investments. And my wife is now a stay at home mom.
41 and 35 and together we are in the A+ range but individually we would be a B. Teamwork makes the dream work! Looking to pay the house off next year and be debt free.
Love you George!!❤
I got an A+ , thanks George
Great video! I'm new to your channel but have been listening to you on Dave's show for years. I love the content and can't wait to see your channel's continued growth!
39, B. I wasted my 20’s and only barely started investing at the end of my 29th year. 10 years later, I’m a hair over $300K. I’m encouraged to know I’m not doing too bad, but discouraged because I could be doing g a lot better if I was smarter when I was younger. I’m maxing out my Roth 401K and Roth IRA, but it seems like too little too late. I know that’s not true intellectually, but emotionally, that’s how it feels.
Me too. Wasted my 20’s at school. With advanced degrees not even related to what I am doing now. I am maxing out 401k and HSA. Cannot do Roth IRA because of income.
Thank you for making the Should be by Age 40 video. I saw the by 30 video and was hoping you will make one for by 40. Seems like I can get an A and shoot for an A+. Thanks George Kamel
Age 31 and household net worth of 305K. Had some help from my well off parents with college/wedding/home down payment, but my wife had 120K student loan debt so we are still working on paying it off.. 8 years in and down to 22K left on it.. sloww grind, but worth it
Currently a D student.. I’ll be 40 next month.. no one was teaching any of this stuff when I was growing up, so I have nothing in retirement yet. Plus side is I make decent money, and will likely have my house paid off in the next 2 years, so I’ll be doing some catching up.
I'm currently 34 (so not quite there) but man does 40 feel right around the corner. I'm currently rocking a B with a net worth of around $346k - $696k in assets, $350k in debts. Struggling to keep a balanced budget but I've got a bit of wiggle room. If I assume an average growth of 8% per year on my net worth, that should put me in A status with around $509k net worth at 40. The goal is to retire at 55 - wish me luck :)
You gotta kill that 350k. That'll be the quickest route to raising your net worth to A+
@alexpietsch7997 286k of that 350k is a 4.5% mortgage. Not touching that, as it makes no sense mathematically. The remaining 63k is floating around 8.5% and I'm killing it as fast as I reasonably can. Which isn't as fast as i would like, but it is what it is. I've looked into paying it off with a portion of the 696k with my CPA and the opportunity cost of killing it outright currently exceeds the finance charges, so it stays in the short term.
You got this. You got 6 years and it is amazing what you can do and how much your retirement can grow in 6 years if you keep on doing the right things! Trust me. I am basically your future self since I am 43.
I’m going to subscribe, like and share because you talked about X-Men!
Love your content. Thank you so much
A+. Reached 1.3 million at 37. Going to community college for the first 2 years was a huge money saver. I also switched jobs every 2-3 years for a 20+ percent salary bump
SDE? I also keep doing the every new job with 20+ salary bump thing. It’s just easier for engineers to do. I have tripled my salary in ten years. Probably not many careers can do it like that though.
Grade B - $251893 age 42😅. No house yet...
I’m 31 and am going to use this as my goals for the next decade of my life
Congratulations on your new baby
This is such a helpful video! I am 27 years old and single. I was blessed to have the opportunity to purchase my first home about 3 months ago for $400,000. My current net worth is right around $163,000. I am debt free with the exception of my mortgage and get so excited to make extra monthly payments. Haha! Lord willing, I hope to have it fully paid off in about 6.5 years. George, if you see this, I’d love to hear your take on how I’m doing in this phase of life. Thanks!
Watch my net worth by 30 video and grade yourself off that! I think you’ll be pleasantly surprised
Same here im 27. No debt. And im putting 12k a year in retirement and 5k in mutual funds a year. Still renting but im saving up to pay down half of a 100k home.
at 40 i would have been a B, but in the 15 years since i've worked to eliminate debt and focus on growth and now am sitting at roughly $6 million. Just an encouragement that George's halftime comment was right on target. Spacejam!
Wow, great. Please I'm curious though, do you mind sharing how you get to $6M net worth from 40 and how old are you now, this will help me please, can you share? Thanks.
@@blessingadelakun866 sure. i'm 58. so 18 years later. 1. my house value rose and I simulatenously scrimped to pay off my mortgage- first by switching to a 15 year mortgage then putting every single extra dollar i could towards the principle every month. 2. maxing out 401k each year 3. i took every opportuity to purchase company stock in my company and it ended up doing very well.
Awesome! I'm still pretty far from 40 but taking notes here.
Millennial Jessica here 🙋🏻♀️. 38 and a B-. Thanks for the check up George!!! Time to get after it!
36 and A+ because I saved like crazy in my 20s, when I was single. Currently in baby step 3 trying to figure out how to budget with 2 new kids when my wife and I have never had to budget. Getting on the same page is a struggle, but fortunately blessed to have worked hard in my 20s to have a safety net.
I did the same. Had to slow down my investing to just 5% when we had kids, and we were barely keeping the roof up. 3 years later and we were maxing out the 401ks. Just give yourself some grace during this period.
Accumulating wealth requires the cultivation of strong habits, such as consistently setting aside funds at regular intervals for sound investments. Financial management is a vital but often overlooked subject, which can come back to haunt those who neglect it. Earning money is only one part of the equation; preserving and growing it is equally essential. The lack of formal education on investments in schools is a glaring omission. The instances you mentioned are illustrative, with the market crisis leading to my initial substantial gains. While many shy away from challenging times, I've learned to embrace them, or at least my advisor does, with a touch of humor.
No doubt, closely monitoring my portfolio's performance has been an eye-opener, with remarkable gains of $473,000 in just the last two quarters. It's given me insights into why seasoned traders can achieve substantial returns even in less-publicized market conditions. I must admit, this recent experience has been one of the most daring decisions I've made.
I'm currently consulting with an advisor named Camille Alicia Garcia. You can consider someone else, but her strategy has proven effective for me, which is reflected in my results. She offers valuable insights on entry and exit points for the securities I concentrate on.
Great video! I paused the video early on and did the calculations. I’m mid-40s so I probably rate myself a B / B+with a Net worth of $460K+. I just did a very large home reno project that I cash advanced, otherwise I would have pushed just over $500K.
Hi! this is measured on an individual basis right? not household. Great videos! thanks 👏🏻
Sweet, I'm 37 and I'm already an A. Great info. Stay out of debt, you will only make so much in your lifetime, do not give it all away to interest. Fastest way to eat up a paycheck is by monthly payments. Start young, and never take it out.
Correction: Your net worth is not your asset balance...forgot to subtract the liabilities. (7:48)
B- but focused and heading in the right direction 😊
A+ This is awesome! My husband and I are 24 & 25 and at $200k 👏🏻
The Jake Triplett cameo! 😂😂
I am 37 and I am a C in this rating scale. I have had a number of messy middle bumps in my financial plan though that put me back quite a bit as well as having only recently hitting the benchmark payscale that this video lists as the starting pay. I do think that this video is sort of a green grass situation where nothing bad ever happens to you.
You still have time! This is a benchmark. You've got this!
C is average so you are still doing better than a lot of people. I get it, life happens for good or bad. I'm 37 and at an A but who knows a major medical problem, or long term loss of a job and I could fall as well, so I count my blessings, and save as much as i can. I did get laid off at 32 while supporting my family, and my income was the only income, it was tough for 3.5 months. You still have 3 years to get your numbers up, so hopefully you can become a B. Keep grinding. One thing that has helped my family is we only finance one car at a time. We finance it for 72 months but pay it off in 3 to 4 years then buy the next one. This way we always have a newer vehicle and we don't bury ourselves in debt. I see too many people with high car payments (times two for a family) and are broke as a joke.
@@ehderguyyashootadeerorno2313why finance a car at all? I’ve had vehicles I’ve paid $1000 for that last me up to five years.
@@theinevitableend9412 I drive long distances for work so it is not uncommon for me to be 500 miles from home. I need something reliable. I hang onto my vehicles for about 10 years on average. I buy them new and run them into the ground.
Yeah ive had a lot of stuff happen in the last 3 years. I'd have a lot more cash right now if none of those things had happened.
Hey man, we’ve Twist N Shouted our way to a A score 😂. We’ve learned to be store brand kinda people
I’m not 40 I’m only 19 and videos like this inspire me to do better and to try to get an A+ my current net worth is around 70k
I turned 39 in a week I have zero debt and about 20K in the bank, I ride a bike for a living I have a driver's license but I ride a bike to not fall into that car trap wealth robber, doing better than all my friends and family that have cars and lots that due to their Financial illiteracy
Yeah. Cars are expensive. If you can live without them it may save money depending on your situation. Sometimes it doesn't. For me, we needed a vehicle because we visit family out of state frequently. It also allows us to live outside of town. We saved huge on our home on land outside of town vs a cookie cutter house in town. We also go to the store and out to eat less frequently living out of town. We are also exposed to less crime... basically ZERO. We need cars to get us to town. The cost per mile on my 10 year old Subaru including financing, fuel, maintenance, insurance and depreciation is $0.3195/mile. Assuming $3.5/gal average. We drive 20k miles a year. Our car has costs us $6390/year. $532.5 a month. We easily save more than that just on our mortgage by living outside of town. Once our car was paid off I kept throwing the $510/month car payment in a money market savings. 5 years later we have over 30k saved. We can avoid financing costs on our next vehicle. Though I intend to drive our current vehicle until the wheels fall off. So much cheaper to make repairs than get hit by depreciation.
@@getinthespace7715 I respect that and wish you guys the best, I have lived desolate out in the desert myself before and a vehicle is necessary in those situations I understand and the Solitude and privacy is nice. I currently live in a small town in Illinois 2.7 square miles big and work and everything I need is here in town, I ride a 250cc Scooter and only spend $7 a week in fuel. 30 a month in insurance. The cold season I invite the adversity and take it as a challenge on my mountain bike and can rent a car anytime I need one
Assume you own your home? 20k, if thats all you have in the bank/investments isnt much tbh
@@dirtdevil70 definitely have Investments, I know 20 isn't nothing these days, it was A build-up start after a very costly relationship, and hoping to learn build and grow from here
You got the wrong cars. I had a 2002 Porsche 911 GT2 I got for $89k 4 years ago. Sold it for $190k and bought a 2011 GT2 RS for $177k. I can get almost $300k for just that 1 vehicle but I’ve sent it to Gemballa for body work and tuning, so probably at least $500k now.
I'm still paying on a mortgage, so factoring that in puts me at a B (~360K). I like your videos, but the feedback that I'd give on this one is that it isn't all that useful to grade against people who basically started out ahead at 22, somehow manage to make to it to 40 without life hitting them like it does for most, and live someplace where they can somehow make a 56K salary work while saving at a 15% rate + a 15-year mortgage. Not saying that person doesn't exist, but that is not the typical experience for most 40-year-olds.
right there with you - $376,500. 1 divorce will set you back quite a bit, especially when you factor in over $25K in lawyer fees for the custody battle. Worth every penny as I have Full custody of our daughter but the net worth took a serious hit.
Me and the mrs are 33, scored an A on this 40 scale. Been doing the ramsey way before i even knew ramsey. Thanks mom and dad for teaching me. They are immigrants from mexico with middle school education. Making them proud.
So good to see everyone is doing well. Wish i had a partner that would get into this with me. Well guess i am on my on for now.
762,000 41 in a week 🙈
That elder Millennial joke hit a little too hard...
A+ at 35! Been following Dave Ramsey and The Money Guy Show for a LONG time. Following the baby steps is very simple even for a tradesman like me lol
39 years old with a $365k net worth. As far as I am concerned, I am on the right track and doing well.
Im Jessica and its my 34 birthday today 😂
HBD JESSIE
@klopad57 thank you so much! 😊
😂 Happy birthday!!! 🎉
Happy 🎉Birthday, Jessica!!
Thank you so much! ❤ 😊
I have a C rating, with a net worth just under $200k I have no degree but started a business after high school and work 12 hour days to make it happen. I’m 23 right now so I’ll definitely be an A+ by 40!
My wife and I became millionaires at 26. Currently 30 and at $2.6M. It’s possible. But a lot of hard work
Im DCAing in ZRT55H as well. ETH heavier DCA and ALGO. Im taking your advice and starting Google tomorrow with a 50 dollar purchase and continuing Microsoft and Apple. VTI and VOO on another app and longterm portfolio. Here we go family!
Thanks for this video. I’m 34. It was so helpful to know where we’re at financially. I was feeling like a failure lately. We could have done so much better with our money. But actually we have over a 500k net worth.
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
Exactly, a good number of people discredit the effectiveness of financial advisor, but over the past 7years, I’ve had a financial advisor consistently restructure and diversify my portfolio and I’ve made over $3 million in gains… might not be a lot but i'm financially secure and that's fine by me.
that’s grand! I believe the high-value gains are backed by years of study/experience in knowing what makes what tick. the portfolio-advisor that guides you is who though.
Nicole Desiree Simon is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.
Part of a very important coin been talked about in the BCL
Thankful to say I’m A+. I’m on baby step 7 at age 37 with a net worth of US$1.73m.