How Much Money You Should Have Saved (in your 20s 30s 40s and 50s)

Описание: So there are a lot of videos on youtube about how much money you should have by a certain age. And I would be lying if I said I didn’t care about these number when I was 18-19. Don’t get me wrong having goals is great, but having goals of money, without thinking about the end goal is stupid.

For example, my entire goal for the longest time was to have 100k by 25, and a million by 30. Guess where who copied Warren Buffet of course. But in 2 years that 100k is gone and 20 years that 1M is gone.

So this video is less about a certain number by an age, and more about individuals goals, because if I’m being honest ( some of you are going to be able to retire 5-10 years and some of you are never going to be able to retire because you might have unrealistic goals )

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1. You never want to be average and you never want to do what's popular without understanding why

For example: Here are average and popular things you don’t want
70% of Americans live paycheck to paycheck
1 in 2 people that get married also get divorced
Average American debt is $52,940
The most popular restaurant In the world is McDonald's
Average person retires with 65k in retirement accounts, after nearly 40 years work ( how crazy is that )

My Point is to Say: what's popular and what's average is not what you want
And as human being we tend to follow the crowd
You parents copy their neighbors
Your friends and you make the same amount of money

But you have to break out of that pattern if you want to be successful:

2. How to Calculate it
Don’t make it up numbers you know you are not going to do
Don’t lie about your salary
Stop trying to empress people you don’t care about

3. How much Money you Should have by Age

This is basically multiplied by your annual income

30s: 1x

40s: 3x

50s: 6x

60s: 8x

67: 10x

4. What I do:

First Step: Debt Free using the avalanche method once you save a quick 1k for emergencies

Second Step: Save a full blown emergency account of 3-6 months

Third step: Start investing 10-20%, while you buy a house following the 33% rule and pay it off early by making paying of 15% extra

Forth Step: Keep investing and enjoy Life

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Disclosure & Educational Disclaimer:
Some links in this video may be affiliate links, and I may earn a commission. Content is educational and accurate as of posting; offers may change. I’m an accountant but not your accountant; always consult your own accountant/CPA or financial advisor. No income or results are guaranteed.