We Are Liquid Millionaires (Can We Adjust Our Investment Percentages?)

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We Are Liquid Millionaires (Can We Adjust Our Investment Percentages?)

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When we hit the seven-figure level, we thought it was still prudent to continue to ensure that we surpass the goal and never worry about falling short. Although I continued to max out things like 401K's I do think that it may have been better to funnel that extra cash into a freedom fund or other brokerage assets. Luckily 55 is right around the corner and 401K access is possible next year when we do retire. Keep plugging away. -Just our 2 cents.

rayanderson
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Has anyone done the Know Your Number Course? Did you find it valuable?

nutria
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The only thing I contribute to my kids 529's are birthday and Christmas money they get from relatives. Comes out to be about $1000 per year.

boredoreos
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I don’t understand how giving away money to charity is a top priority over saving for one’s children.

pete
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I assume you guys are counting retirement in this liquid millionaire scenario? That would be extremely impressive if they're literally just talking cash / brokerage accounts.

BlakeBake
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So how 'liquid' are retirement accounts? I'd say portfolio millionaire. Liquid should mean no penalties, no restrictions.

SideWays
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How do you define liquid millionaire? Does your 401(k) count pre-59 1/2? I would argue no. At best your Roth basis should be counted since it's accessible.

sixstringsdaddy
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Way too many unknown variables here to answer this broad question. Where do they live? When do any pensions kick in? What do they owe on their house? etc.

torchy
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Whatbhe say isb"i dont want to see you have a false sense if comfort". What he means is "i dont wsnt to see my AUM increases to slow down" 😂

Im just messin. Money Guy(s) and Gals are awesome. But there is always a question of competeing priority with any advisor that gets paid by the amount in your account. 5% cagr willgive them around 3.7 million dollars.

nicholas
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If you make too much to contribute to Roth IRA, have a Rollover IRA and access to a Roth 401k that is not being maxed out is better to increase Roth 401k by what would go into Roth IRA, or transfer the rollover IRA to the 401k and then execute backdoor roth contributions?

Fatherbigguns
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When the 38 y.o. Millionaire turns 55, reaches maybe 3 to 5 million in their retirement account in 17 years, but still has zero in the 529 to support their kids to college, they would likely look back to their journey and wish they could have done something differently.

Timing is everything. Money spending on kids when they need it the most (for example, attending college which can be life-changing) beats leaving them a fat inheritance when they become middle-age and have a financially stable lives.

I am disappointed that the Financial Guys never considered the possibility that supporting or fully funding kids to college could be one of the questioner’s financial goals. If it is, how could they advised against funding a 529 when the retirement accounts seemingly is well funded?

MT-sqjo
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max out the Roth IRA for both parents and use that for a college fund if needed.

cutehumor
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Start using your liquidity to max out your roth IRA and also make your traditional IRA and ESA nice and fat

b.cdrisk