How to Win Financially Making $50,000 a Year!

If you make $50,000 per year, you might be just starting out in your career. Paying the bills might not be an issue (especially with roommates or a working spouse) but saving a good amount for retirement could be a challenge. It is easy to not focus on the future when you are decades away from retirement.

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.

[Edvaril]

1:45 Point of clarification, the median *household* income is $74, 580. Early career earners are only pulling in about $38, 324. Per U.S Census Bureau and U.S. Bureau of Labor Statistics.

This in no way is a knock on the great advice given, just want to make sure everyone watching understands where they actually stand.

[domlloyd]

Where’s the balance between enjoying your life now, and having the money when you retire? One of life’s greatest questions

[Phonexwing]

Not a fan of how they assume that 50k is just a starting salary and that we all want to buy expensive cars. It's sounding
out of touch.

[shawnm]

This is more like 10 years into your career. Transportation, construction, etc. housing should be 20% but realistically is around 50% for many. basic level homes

[Yeahnawsike]

Dawg, half the country makes less than $40k

[IamAlan]

Family of 5 living on 65k per year in Michigan with a salary+commission sales job. Have been able to purchase 5 rental properties, 4 of them without debt. The key is to know where your money is going and have a plan for it.

[SLB_]

I would like to see an episode for those of us 40+ who have nothing or very little saved offering a strategy to build our investments after all debt is clear and the emergency fund is saved. What would you guys recommend older folks invest in to build our portfolio as quickly and safely as we can?

[PeanutButter]

So if I’m saving 23% of my income into my company 401k I should be on track to replacing 80%?

[KevinRadzak]

Buy less, save more, get a side
hustle

[Wydsbdjwu]

I disagree with only financing for 3 years on a car, I was able to get 0% finance on my car if I signed for 5 years. My car actually went up in value and I’ve gotten multiple offers.

[jeffdoute]

Notice how they stop the percent needed to save for retirement at age 30.... Guessing it gets scary after that 😢

[jjay]

$50k isnt a starting salary - it's around the median salary in the US

[dangerzzzone]

I make 115k as a 28 year old woman, started at 75k. Bought my own house at 24 currentlywirth 450k. I currently have 101k in retirement savings. Trying to rebuild my emergency savings to 30k. But my credit score is 590 but i have adhd and forget to pay my credit cards, help :(

[enigmathegrayman]

50k income is pretty good income in the 1990s today you need close to 120k for just a single earner and double if your married.