This is how much money you should have at your age and how much money you should save
► My Stock Portfolio:
► Get 2 Free Stocks on WeBull when you deposit $100 (Valued up to $1000):
► Try Audible and Get Two Free Audiobooks:
► M1 Finance Roth IRA:
► Stocking Stuffers for the Holidays:
► ROBINHOOD Invite Code (grab your other free stock):
► How I Make My Videos:
► Music In My Videos:
►Instagram:
►
Ever wonder how to save money fast, and how much you should have at your age? In this video, I explain some basics on investing for beginners, how much money I have, how to properly pay off debt, and how much to have in savings by retirement age. Financial independence doesn’t happen on it’s own, it takes decades of saving and investing.
For me, I need $500,000 saved and invested (in something like dividend paying stocks) at 4% to generate roughly $20,000 in passive income per year to be considered financially independent or retired. These are some money saving tips to stick to moving in to 2020. Pay off your debts, and let’s start saving money!
*Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future….(read more)
LEARN MORE ABOUT: IRA Accounts
INVESTING IN A GOLD IRA: Gold IRA Account
INVESTING IN A SILVER IRA: Silver IRA Account
REVEALED: Best Gold Backed IRA
Saving money is an important part of financial planning, but knowing how much to save can be a daunting task. Many people wonder what is the right amount to save at different stages of their lives. While there is no one-size-fits-all answer, there are some general guidelines that can help individuals plan for their financial future.
In your 20s: It is recommended to save at least 10-15% of your income in your 20s. This is the time when you are likely to have the lowest expenses, so it’s a good opportunity to start building your savings.
In your 30s: By the time you reach your 30s, it’s ideal to have saved the equivalent of your annual salary. If this isn’t feasible, aim to save at least 15-25% of your income.
In your 40s: By your 40s, it’s important to have accumulated at least three times your annual salary in your savings. At this stage, you may have more financial responsibilities, such as a mortgage, children, and ageing parents, so saving between 20-30% of your income is advisable.
In your 50s: By the time you reach your 50s, aim to have five times your annual salary saved. With retirement on the horizon, it’s crucial to ramp up your savings and aim to save between 25-35% of your income.
In your 60s: As you approach retirement, it’s essential to have at least eight times your annual salary saved. Saving 30-40% of your income is recommended to ensure a comfortable retirement.
It’s important to remember that these are just general guidelines and everyone’s financial situation is different. Factors such as income, expenses, debt, and long-term financial goals should all be considered when determining how much to save.
In addition to saving for retirement, it’s also important to have an emergency fund equivalent to 3-6 months’ worth of living expenses. This fund can provide a financial cushion in case of unexpected expenses or job loss.
Ultimately, the key to saving is to develop good financial habits early on and to consistently save a portion of your income throughout your working years. By following these guidelines and seeking the advice of a financial advisor if needed, individuals can work towards building a strong financial foundation for the future.
Who’s brave enough to tell me their age and NET WORF?
i like your jacket
Кто вас всех учит этой ебнутой мимике одинаковой у всех как под копирку?
I’m 19 next year I’ll be 20 just graduated and I have around $4k invested atm basically all my money any advice from anyone who has experience in making money or wished they would’ve done at my age ?
I’m 15 with 5k I’m tryna have 10 by the end of the year
just turned 18, have a little over 20.5 grand in net worth, mostly in liquid assets.
I’m a 12 year old here with £151 savings.
Mean means Average, not Median… please correct your 30s, content… you say Mean twice, which contradicts everything you said before
Just a quick question im 11 yr old should i invest money into my savings account for interest
I’m 19 and I have £24.5k saved up not including assets
I have 500dollars as a ten year old
Self test: if you need to pay 6000$ right now, will you suffer?
25 – 200k
I am 26 . I managed to save about £53,500 which is a bit over 65,000$. Was a long journey for me. But I thank the Lord Jesus Christ who listens, helps and is faithful.
lol I have most of my money in vti etf
You work for 40yrs to have $1M in your
retirement, meanwhile some people are putting just $10K in a meme coin from just few months ago and now they are multimillionaires……
me at 17 worrying about not having at least 5k in the bank
I will spent it all on booze and women!!!
I'm 30 and just started finally saving this year and taking my money situation more seriously. I was able to save up 20k this summer and I feel so good about it, can't wait until I'm into the six figures!
18 – $25k
I am 20 I have about 12000 I’m stock red market and about 5000 in savings and casualing adding to it and about 200 in various crypto and car paid off
I’m 20 years old and I’ve got 5500 in savings plus I work 40+ hours a week is this a decent start?
I read a book called the millionaire next door. Part of that book was based on the concept of how much you should have by what age but what they said was your age x your yearly income divide by 10 and that’s what you should have.
Example.
35 x £35,000 = £1,050,000
—————————————— = 105k
10
this is great advice
Am a stay at home parent xD
14 in September , have no job and have 4000 in the bank
Where that kind of job at?
Oh shut up
Do you think the reason most people are struggling in this economy is because they have only between 30-50 million dollars in savings?
I have zero money only my house I’m 53?
Would a Roth IRA be the same as an IRA ?
What is a brokerage account?
Where can I invest I am 21 I want the best advice please help ? PLEASE HELP
I make some mistakes, and now at 47, I have 85k in savings.
18 and 0k
25
Working Full-time as a Security Officer and have a total of $10K in savings. Invested at least $1K in crypto and so far I am doing fine as long as I don't spend much on stupid stuff like junk food as I'm trying to lose weight and pay off my $1.5K student loan.
have me 600$
Would a Roth IRA be the same as an IRA