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

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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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

[Kulfuk]

I was really stressed with my future and all.
You actually gave me a lot of motivation and a basic start line. Thank you.

Thank you for sharing this valuable information, I really like the way you present the information. It is very clear and easy to understand. Keep inspiring us.

[sarajacob]

Thanks for the video I’m 30 and I’m new to all the fiance stuff was never taught it and I felt like I was behind because I’m just not getting back into school to get my degree but the way u break things down and explain stuff is simple to understand and do Keep Up The Good Work

[Kickitwithquan]

You forgot to add the link to the financial freedom vid, but great informative video and thank you for the tips. Subscribed!

[thesmothersotr]

Love the content bro! Keep hustling! 👍🏿

[deeflowerz]

Great breakdown of a good balance life

[EssaysCollege]

Mr. For Example putting out some good tips!

[emerysammonsjr]

You wanna know what's crazy, when you stated how old you were, all I could think about was, where were you when I was playing professional football at 24 making great, easy money, and could have been invested. Prolly still playing with GI Joes!..lol.. I appreciate your breakdown, it is food for thought, and I will download your link and put into play. I genuinely appreciate you young fella, keep doing your thing, I will continue to tune in. 💪🏾✊🏾

[serenagrubbs]

Aye there I’m 50 and I been watching ur YouTube I’m just now starting to sane I’m paying for the Self to get out of debt I don’t now about the stock

[BusinessTipsWithYulianna]

Nice! I just working on so similar video :) Nice to get more info and inspiration :)

[PhillyKdd]

Great content! What type of glasses are those? I’m looking for some non prescription ones like those.

[grandmasterchody]

You should make a video on renting compared to buying a house and how to make an ecel sheet for that

[richardottum]

How can I leverage cash app payment request to chime card assigned to dosh account utilizing the chime chime spot me ability and go pick up the cash back at an atm? Isn't that grand racketeering ?

[alejandrogallegos]

That's what we do In Primerica 💯💯💯

[KentPetersonmoney]

I think you exceed your goal of 1 million by 30.

[richardottum]

What's the best investment informant to best profit from acorns?

[Hi-jxoe]

What's a good life insurance company?

[veryrare]

I’m 19 and I’ve been stressed being under my goal. I’m at around 7k rn, am I okay?

[richardottum]

How does a person work enough hours to pay for the amount of hours they need to be in the class long enough to become a doctor?

[richardottum]

How can I invest in robinhood with a cash app?