How Much Money You Need To Save By EVERY AGE

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⌚️Timestamps:
00:00 Start here
00:12 How much money to save in your 20s
03:07 How much money to save in your 30s
07:16 How much money to save in your 40s
10:35 How much money to save in your 50s
11:47 How much money to save in your 60s
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All opinions expressed by Vincent Chan are solely Vincent Chan’s opinions. You should not treat any opinion expressed by Vincent Chan as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Vincent Chan’s opinions are based upon information he considers reliable, but does not warrant its completeness or accuracy, and it should not be relied upon as such. Vincent Chan is not under any obligation to update or correct any information provided. Vincent Chan’s statements and opinions are subject to change without notice.

Past performance is not indicative of future results. Vincent Chan does not guarantee any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment discussed. Strategies or investments discussed may fluctuate in price or value. Investors may get back less than invested. Investments or strategies mentioned may not be suitable for you. This material does not take into account your particular investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. You must make an independent decision regarding investments or strategies mentioned. Before acting on information, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

[sahilasheikh]

I'm 25 and had $200 in my savings account😢. Give a like to this comment so that I can update my net worth😅.

[jerrycampbell-utyf]

Newbies need to learn the ropes, know how much risk they can handle and diversify their portfolio. Some folks get help from money experts or do their homework before making investment moves. It's all about being smart with your funds.

[TheFirstRealChewy]

Don't be an authorized user on someone elses credit card and don't let other people be authorized users of your credit card. I don't care if they are family or Jesus himself.

If you are just starting out, get your own credit card and build your own credit.

You want start developing good money habits before you start borrowing money. Too many people out there focus on the monthly payment and not the debt, interest, etc. You know what's better than having a low payment on a loan? Not having a loan and payment.

[Courtney-Alice-Gargani]

Three months go fast on your money. My dad said have a year worth of reserves is a good safety net.

[EstherRoss-gmqv]

I don't think its necessary to have a specific amount saved up if someone has a steady and liquid flow of income, although saving is important.

[PelleBleu]

78k at 20 years old inflation as become ridiculous

[danielfarada]

> "Here's exactly how much money you need to save by every age"
> Shows average and median net worth.

Net worth is different than savings Mr.Vincent.

[bretfeeney]

I've been at my Job for 8 years and never jobbed hopped and my pay has gone up an additional $18.33 per hour. Job hopping is not always the best thing to do. I'm 35 and have a net worth of 475k.

[Xinerius]

First, learn how to calculate present and future value, basic finance 101. Second, know how much annually you would need to live off now and future. Third, prioritize saving over spending, and avoid debt. Fourth, don’t get screwed up by divorce, medical, or other “accidents.” plan ahead. Fifth, be consistent on your income. Sixth, develop your skills and experience to better your income potential… this comment is turning into a video script… 😂

[psxnitro]

Based on this video, I would never stop working...

[danriceman]

Where the FIRE number gets fuzzy in my opinion is considering the balance of your accounts in pre vs post taxable state like Roth vs 401k. BTW I think you should have mentioned HSA accounts. I've recently started dumping a lot into my HSA since I've found I've been maxing out my 401k and Roth for the last few years and dumping all extra income to a taxed brokerage account seems dumb due to the risk although I do invest some there still. I'd like to see your opinion on precious metal investments also. Good vid though.

[JustJYouKnow]

When you say in your 30's you should have x1 of your salary saved, does that mean in savings account or just in general? Such as x1 salary saved between savings accounts, retirement accts etc?

[GoblinsAreAGirlsBestFriend]

Job hopping is overrated. I went from entry level to six-figures corporate management by staying in a promising company from age 27 to 36 (and still going). I would absolutely not have progressed this way by hopping. It really depends on your job and sector. Now I'm a hiring manager and I strongly favour candidates who don't hop, when hiring for the job I started in. It's so much more nuanced and not all companies have the budget to quickly progress people and salaries - you have to be able to analyse your environment and figure out what you will or won't be sticking around for; and where you'll be if down the line you're 40 and have only hopped between 10 companies doing the same job.

[fhyhwdq]

Back In My Age Of 20s I've Messed Up Partying and Clubbing Chasing After Females Left and Right, Now That I'm In My Age Of 30s I've SaddleDown Relaxing My Mind Enjoying Life Hitting The Gym Thanks For Sharing Sir May God Bless You.

[GifHom-vl]

*Having multiple streams of income is a game-changer for stability. Relying solely on a job may not provide enough financial security due to high rates of tax, it is important to explore additional investment opportunities to surpass one"s expectation*

[rebeltheharem]

According to my calculations, my FIRE number is 5 million dollars to live the retirement life I want. According to my current salary and wage, at 7% historical average, it will take me 65 years to reach it.
Now, for a more realistic number, its around 800K. This will let me live an okay life in the city I live in.

[db]

Never add a person as an authorized user on your account. If they are not responsible, it could potentially qreck your credit as well!

[gamereditorner]

Cool! I can't wait to earn and save large amount of money after finding a entry-level job. Thank you!

Edit: I am also frugal when I was a kid. Wear the same clothes and save a lot. To this day, I still do and I started of long term investments.

[VinceWantsWealth]

Just turned 19 with 15k invested and 1k in hysa. I think i’m doing good (?)

[DanielDouglas]

These arbitrary metrics aren’t realistic, especially considering we’re seeing the worst inflation since the 70s.