What Your Net Worth SHOULD Be by Age 50

About this episode:
Ever wonder where you stand financially for your age? In today's video, I'm digging into what your net worth should be by the time you reach the big 5-0 and sharing some tips for getting your finances back on the right track.

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[HectorWhitney]

At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.

[ChristopherAbelman]

Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does

[leondonald]

I am 53 and retired at 50. 1 thing I did do to retire early was to get out of the 401K and IRA programs. Bought rental real-estate and I am now a Limited Partner in about 1500+ units from collabrative efforts in the fund my estate planner has me invested in. I do not work.

[annaj.osorio]

It's a common misconception that when a stock you buy skyrockets, the smart thing to do is sell it (or at least sell some of it) to lock in your profits. But the context matters. If the stock has increased sharply because the business is performing exceptionally well, it could still be a bargain. I'm still looking for companies to make additions to my $350K portfolio, to boost performance. Here for ideas...

[austinbar]

It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

[alexsteven.m]

Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.

[Christine-wpbw]

Dave said “Don’t do a Roth if you’re over 55 because it doesn’t have time to grow”, But I have a cash savings of $600K which I need to invest for retirement, and I’m 57. What strategy should I use?

[cloudyblaze]

Should those of us with less than one million and above 50 be worried then? I have only 650k in my Roth and I don't know how to grow it and I'm worried I'm nearing retirement.

[SeanTalkoff]

Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.

[carloschipayala]

I'm 49 years old. I have been working almost consistently since I was 13. My networth is 79 dollars.

[jpollar]

Hitting 50 this year. Proud of my younger self. Scored an A++ and will be able to retire when I'm 54.

[andrewdiamond]

I'm pretty close to this picture. I'm 59, and we are still putting 20% towards retirement and children's college, 20% towards paying down the mortgage, (20% to taxes, and 40% to monthly expenses) and I have no plans to retire early....looking to be 67 with a paid-off house and $2.5 - $3.5 million in retirement. It's a good place to be.

[Joegolberg]

I'm in my 50s and I'm more interested in investments that could set me up for retirement, I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?

[Fact_Check]

I'm 44, net worth just over $1M of which 40% is my house, retirement is 30% and 30% made up of investments & assets. Had to start from scratch 9 years ago and have worked hard to catchup. My goal by age 50 (2030) is to have a net worth of $2M. Currently maxing out everything, 401K, backdoor RothIRA, HSA and ESPP.

[atldeadhead]

Age 53. Wife, two kids. We’ve got a Kamel A++. A few more years to get these kids a university degree and then the wife and I are calling it a day. God willing. Live like no one else so one day you can live like no one else

[VioletTorch]

I own a paid off home. It's not worth anywhere near $500k. It's $140k at best (low cost of living area and a small bungalow). That alone puts me at a 25% deficit according to this math. Yet, the smaller house has much lower property taxes and insurance, so my overall savings required for retirement is much lower. I'm just pointing this out because expenses are the other side of the coin to savings when it comes to retirement.

[jeromewilliams]

We just Crossed over 1Million in our 401k!! Just a nurse and a barber. We are both 54. Two paid off cars and 11 more years on our mortgage. Net worth $800, 000 . I was looking at the video because I thought WE were behind. I really wanted to know how much most people live on during retirement so that I could plan to have enough money (THE GOOSE) and live off the interest (The eggs) . I have heard $10k a month? With No debt .

[RobertBrown..]

These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $540k now to put in the market.

[RuthEvelyn-rcbg]

Then, should those of us over 50 with less than a million dollars worry? I worry that I'm rapidly approaching retirement with only $500k in my Roth and no idea how to grow it.

[chrisa]

I just passed $1m net worth 1 month after my 35th birthday. Original goal was by age 40. 🎊 🎉