5 Numbers You Should Know That Most Americans Don’t

5 Numbers You Should Know That Most Americans Don’t

Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.

[pupslace]

0:00 Bo is so excited
0:54 1: Your savings rate
8:55 2: Your credit score
18:20 3: Your tax rates
23:10 4: Your net worth
28:18 5: Your number

[JoeM]

Nice haircut Bo! He thought we wouldn’t notice, but we did! 🤣

[roue]

Surprised one of them wasn’t your monthly expenses.

[IRdatank]

If Bo ain't excited, I ain't watching.

[transam]

What are we? Excited! Where is the team? Out in the wings! (Not this time)

[Rakupenda]

Your burn rate wasn't mentioned? Feel like that's a pretty big one to know.

[BostonCycling_]

Financial mutant strategy is request credit limit increases on all your cards as often as possible. Once you have limits >$100, 000 across your cards, your utilization will be effectively nothing with typical household spending, almost guaranteeing you a 800+ score.

It goes without saying this doesn't mean you spend any more. You just have a massive limit you don't touch.

[mike]

Do people include their investment income in calculating their savings rate? E.g., if you get $50K in dividends that you reinvest and $100K in salary and spend the net, if your savings rate 33% or 0%? Academic question for sure, but I was wondering.

[twocs]

Once you're past the messy middle, and own a home you're going to stay in for the foreseeable future, and are buying cars with cash...

How useful is your credit score?

I'm 45 and am meeting all of the above, I haven't thought about my credit score iN a WHILE. It just doesn't seem to be relevant to this part of the journey.

[robcraighead]

Question from “Out in the Wings” …

Im on the Brian Preston Plan… planning to retire at 50. Im a Government Employee with a Pension that will likely be 6 figures when I turn 50 in 14 years. My question is should I max out the Roth 457 or Traditional 457.

[josephjuno]

I like the "student credit card?" The bill goes to the parents? Vive kids some spending money for school, pizza ect? And parents SEE what their kids are spending money on? Beer, bars ect?

[MyWillbot]

We do not count our primary residence in our net worth.

[SuperCeltics]

Self-directed IRAs/401ks. I hear other YouTubers push this (specifically self direct Roth accounts) for investing in alt assets and rental real estate. Is self-directed a structure folks should have? Or, should we stick to index/target retirement funds and ABB?

[coastergirl]

I get my blood tested regularly to make sure that the spiro is nuking my t levels

[richardl]

I do my networth every month lol it's fun

[ChickenOfMajesty]

Summertime! You can see the tan/sunburn on both of them 😂

[abramtreadwell]

How do I figure out my marginal tax rate? I live in Maine.

[davidmurrell]

From a net worth perspective, the principal portion of your mortgage should be included in savings rate.

[mndkv]

Well, I just learnt about importance of saving and investing, and 10-20% percent was going to be good, and now you tell me that even 25% saving will not going to work? I believe life is scam :) Work to save, and then just survive on your savings...

[kylehackett]

Come on now there is nothing wrong with eating bread, unless perhaps you are diabetic.