Here’s how much money you should aim to save at every age and exactly how you can get there – Enjoy! Add me on Instagram: GPStephan
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By 20 Year Olds:
First, go and get yourself a credit card.
Second, make sure you also open up a Roth IRA.
Third, I would aim to have 1-2 MONTHS of expenses saved up.
Fourth, get yourself invested in the markets in some way or another.
So, overall…by 20 years old, there aren’t really many NET WORTH or SAVINGS goals you should aim to hit…but, instead, it’s just about setting up a good foundation from which you can build from.
By 30 Years Olds:
First: You’ll want to have at LEAST a credit score of 750 or higher.
Second: I’d recommend you become COMPLETELY BAD-DEBT FREE by the time you’re 30.
Third, because everyone wants to know “HOW MUCH MONEY SHOULD I HAVE!!” – I kind of agree with the 1x your salary as a bit of a baseline to aim for.
And fourth – I think by 30, it’s reasonable to suggest that you aim to save at least 20% of your income every month.
By 40 Year Olds:
First, you should focus on MAXING OUT YOUR RETIREMENT ACCOUNTS EVERY YEAR.
Second, you should also look into potentially BUYING A HOUSE if this is something you’re interested in.
Third, by 40, you should know EXACTLY how much you spend every single month – and have AT LEAST 5-7X your annual spending invested.
By 50 Years Old:
First: I think having 5x your annual income saved up is a good goal – but, if you can get this closer to 7x or higher, I think that’ll put you in a much stronger position for retirement.
Second: Depending on your situation, you should be about halfway through paying off the mortgage on your primary residence.
Third: You should also have a VERY clear idea of how much you’ll need in retirement, and when you plan to retire – and that needs to be calculated, NOW.
By 60 Years Old:
First: You’ll want to aim for at least 10-12x your salary saved up.
Second, I think it’ll also be wise to have almost paid off your primary residence by now – so, if you haven’t already done this, you’re getting close.
Third: It’s usually said that this is where your earnings will have somewhat peaked – so, if you’re in the highest earning years of your life, now is the time to save as much as you possibly can with the income you have.
Fourth: If you want to, NOW is the time where you can begin withdrawing from your retirement accounts without any penalties.
And really, from there …the rest is up to you, and those are the goals that I think you should aim to hit in every decade. Obviously, this is only going to be a rough ballpark and some people may be way ahead of this or way behind this – but, that’s not important – it’s more important to realize that NOW is the best time to begin working towards these goals. It’s all about starting this as soon as you can, even if you’re behind, and then working within your means to understand what you need to do to reach your future goals.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
My parents are paying all my school fees
my best friend is 21 and has over $40,000 saved.. and that’s on being in the military and got married (but now divorced oof)
This guy is a complete moron. Credit card debt at 20 when your worth -$27000? What an idiot.
What is ROTH IRA equivalent in the Philippines? I’m confused.
College debt really holds you back financially
This guy so cheap he barely fed himself. I would rather be less rich than him and be bigger/healthier on all parts of my body as I am. I can’t live that small..
-27k at 20? Damn, i got net worth of 40k$ at 20
Yes I’m ahead 😂
3:43 lol
you could just use cash and get a house through underwriting…
I’m 18 with almost 50k… what should I do
im 38. i have 15$ in my savings just to keep it open… i may behind the curve.
What if…. I’m 26 and have -$300,000
I love your videos, but my favorite part is always when you’re asking for likes. 😂😂😂
BIden is going to big House not white house
At 20, I was at like -$50k lol and now I’m 22 and at -$45k haha baby steps
I owe money and I’m 34. LIving frugally. lol LAWLS> Struggling to buy food, buy medication, buy healthcare, find a decent job. I don’t believe any of these are realistic at all.
i was able to start up my business back, i was afraid that during this COVID-19 pandemic i would run at lost but trading forex with *@metro_lisa_trades* on lNsta as my mentor transformed my life as I’m earning $ 8000 trading forex weekly. All i can say is you’re God sent to my lifee
All the Chinese, Japanese and Korean kids with their New Year money: Nice. I’m rich.
When you say “have 20% of your income saved” do you actually mean in a savings account or money you have invested?
Its in your savings account.
So I’m 48. Do I figure my 401K at 70% since it hasn’t been taxed yet when I try to hit 7X annual salary.
WTF is a Roth ira?
This man is speaking in jibber jabber language
As a 16 year old I am glad that I am learning this stuff now
Now what happens if the market crashes and you have invested 1.5 million and counting on it to retire? I like this idea but saving all your money in investments scares me a bit
It’s true: in America practically ANYBODY can become a millionaire… at 65, at least.
To be honest just save as much as u can
I have been struggle all my life I have no hope I could remember it was I messaged them and since then my life has been massively g e o r g e e a s y l e a r n i n g m e t h o d .xyz
I have 40k in student loans from undergrad and I’m applying for grad school 😅😭 savings where?
I have never seen such a big numbers.
i’m about to turn 18
Im a dropshipper and hope to delve into real estate
I want a net worth of 1,000,000 at 20 not -27,000
to everyone younger than me, push yourself as hard as you can and set your goals sky high
Does 1x your salary saved at 30 include retirement account? Or is that in addition?
So… where do you look for 6-7% returns?? I need to ramp up quickly!!
credit score, student loans, roth ira… europeans like me are confused lmao.
I’ve never had a credit card. Do the same credit score benefits apply for europeans? Someone?
Like smashed!
Literally nothing in this video applies in The Netherlands…
Me watching this at 17: !remindme 1year
Yeah, it’s absolutely doable if you start at 18-24. If you’ve stumbled upon such information at that age range, you have no excuses. I personally started at 20, and already have 1 year of my salary saved up by 27. And that’s just me, I know people my age who have a lot more. Don’t be average, aim high!
most Americans cant even deal with a emergency and have less that $500 in bank. Nice guidance though. didn’t include expense for college debt etc.
Living in Montana here and still enjoys starbucks 😹
I just turned 24. I have 38K in 401(K) which I have contributed in 2018. Credit score of 750. Own a home… I still don’t know how to invest in a stock market but I do invest in etrades so I do little here and there trade from stocks to stocks. Is there any stocks I can invest in for long term investment? What are some high yields saving accounts?
Very Low standards
Come on Brother
This is really good content, but he’s forgetting something. Retirement spending should look very different from working life spending.
Right now, I spend a good portion of my income on a mortgage and on daycare and on a car payment. The daycare payment will go away relatively soon. Sure, I’ll have other big expenses for my kids, such as helping with college and wedding expenses. But those will be done before I hit 60. My mortgage be paid off before I hit 60. While my wife and I are working, we have to have two reliable cars, which generally means a payment on one car 80% of the time. Each car lasts us about 10 years (200,000 miles or so) and we stagger the purchases. After retirement, we won’t have the same transportation needs. We’ll have more time to cook our meals. And more time to travel means a travel trailer would be cheaper than hotel stays. We could get by with MUCH less money in retirement than we spend now.
I have 0 savings but lots of assets
I am 16 right now, i have £8000 invested in the stock market, i get about a %20 a year return. Remind me in one year I’ll update this.
*+ 1 4 6 9 4 0 9 6 4 8 0*
His availability is on Watsapp…
I like the idea of basing savings goals off of spending levels as opposed to salary multiples; not enough people point out this distinction.
Comment troll Graham always cracks me up!
In order to make huge profits in the stock market, one has to have a good strategy and proper guidance of how the holders manipulate the market.
Just index funds
Don’t sleep on it this is time to invest
You could try shorten your video, I’ve fallen asleep many times watching your videos no joke hahaha. Great content but really you could condense 5 sentences into 1 sentence.
If you’re working you should atleast contribute $1 or something to your Roth IRA to get the 5 year clock ticking.
I’m 30- I have $45,000 debt in student loans and have about $10,000 saved up (most of this savings I’ve achieved within the last year because before that I had maybe $500 at most) I just recently got a second job and have a plan to pay off my student loans within a few years. I hope I can do it and get back on track!
I had a $300 credit card from 16 years old to 23 years old and it helped me establish a really good score. Even super small credit limits can be really worthwhile. You don’t have to qualify for something huge to end up with a good score. 🙂
I’m 20 didn’t realize I was crushing it😂thx💁🏼♀️
Advice here; get a credit card, but stay out of debt 🤔🤔🤔
Living in Europe be like: Bachelors, Masters and PhD by less than 10k
I can easily avoid student loans thanks to COVID. If it were not for COVID id b in debt lmao well i am in debt, i got a car loan for buying a new car, got a new laptop that im financing (have the money aside to pay in full tho), and i think tahts about it. Plus all my bills and stuff. with everything, it comes to about $800 of spending per month while I only bring in about $1,000 a month from working part time. For spring semester ima get more financial aid and ima have about $4k left over and im bouta invest all of that into my investing acc where i already have $1000 invested, well first use some of that money to pay off some of my debt and with what is left, then invest it and forget about it.
im 18 btw if that helps get a clearer picture
im 16 with 5k is that good?
hmm im from europe my month paychake is 1000eur……. and it wont go much up so better that dont invest or what what .For me is dream to have 10k invested haha shoud i even start
Do a video on ways to get lower interest rates from banks.
I had roughly $15k saved by 20, and now in my 30’s own 4 units (1 is my primary residence) and have 2 units virtually paid off. never had school debt. and have no other debts of any kind other than the two remaining mortgage loans. and have double my annual income set aside. I got my first credit card at 17. $500 limit back then. I can attest that it was one of the best financial decisions I’ve ever made.
I’m dead 😂 every time he mocks the keyboard warriors and does that voice 😭😭😭😭
I recently came across Bitvest24. To keep it short, their investment plan is not “great”, it works. And that suits me (very little exp in bitcoin investment).
When we say savings amounts are we including retirement account savings in those target numbers?
I’m 24 years old and have 60k dollars saved up and have no debt. I still haven’t gotten my own place yet though and I will obviously be in debt when I buy a place. Am I behind or ahead?
My life has changed since I came across Mr Gregory through a friend, am really grateful for this, people don’t really know that he’s a genius in Bitcoin Investments.
God bless him💟💟
+ 1 4 0 2 2 6 2 4 9 1 7
Do well to tell him I referred you his strategies are top notch. His is the best broker I know..
Dumb question: Does this savings include what you have in your 401k savings?
This bitvest24 is first rate. Fast investment and always get what I projected to be my earning later at the end of each plan. I Just wish I had more money to invest . No worries , will stay with them because they are reliable.
I’m 22 and wanted to sign up for Webull but its only open to US citizens…:(
Going to be 21 soon, currently making 50k a year maybe a little more and saving comfortably about 2k a month. I have 8.5k in stocks, a paid off used Nissan, and about 2k in savings. Looks like I’m ahead of the game >:)
How do you max out 19,500 for 401k, Max out your Roth IRA of 6,000 and still put away 20% of your income? Is that calculation of the 20% the remainder left after you do that? (Mind you some companies dont match 401k)
Does savings include stocks and bonds? Or purely savings on its own?
im 21 and have more than 1 year of my wage saved as well as having only £500 in debt, does this mean I win?
Do you have any advice for young fellas like me who are around 20-26 years old and also live in a collapsing high inflation economy with high credit interests like living in Turkey?
By the way im a lawyer who just finished the internship and got the license 2 days ago with zero loan and zero income.
You talk to fast and squeaky man so annoying
At 40, I can have more than 5 times my income saved up if I quit my job.
This is funny. Only ment for the upper 20% of Americans
I developed those habits in my 20’s. All of this is doable. Thanks for sharing.
Wtf graham I’m not even 30 and I have over my income saved… And debt free… Teach me to make more
I didn’t understand a thing, but American saving system looks terribly messed up. Or maybe I’m wrong. Anyways good luck y’all.
Im 24 and have 25,000 saved but i have no clue how to invest
I am saving until I reach 20 years old that will be in 3 years and I’ll continue saving
18 year old engineering student with a full scholarship, nice 2016 bmw, 750 credit score and projected to have $20k in savings by the end of the year. Life is good.
To contrast this you might make a video about passive income. Some people might find it a lot easier than saving a million dollars.
Yeah 25k aud 18 years old and have an investment account. I was so excited to open an investment account up. I have been saving up to the age of 18 to start long term share trading.
Does this include mortgage?
His hate for starbucks continues 🤣
Started a retirement at 18 years old, I’m 25 now, and I have 84k. My job matches me 2 to 1 and I’ll retire at 48!
Said all that to say, start early!!
I see graham also views Wall Street bets!
I guessed -$50,000 , not too bad 😂
I never hit like buttons but I did today just because of the way you delivered the quest. I giggled out loud
Can a person based in UK use IRA?
Your numbers are wayyyyyyyy off graham! You’re acting as if ppl don’t have lives with breakups, divorces, kids, getting let go or fired from jobs, medical emergencies, fraud, Sick or older parents, massive student loans, underpaying jobs, Weddings, funerals, etc! most Americans live pay check to paycheck and can’t afford 1-2 times they’re income in savings. your numbers are unrealistic unless you had tremendous luck by living at home rent free, having had a college fund set up for u, educated with money management very early, and lucky with timing in purchasing a home.
Any words of advice to those of us starting out later in life
I am aiming to have 25x my annual income by 50 years old. Not sure if I will retire early but I know that I want that option.
Is stash a good app to open a ROTH IRA?
Majority of American adults couldnt cover a $500 emergency.
so “saved” means “invested”?
Wow unfortunately even though 28. I have done of the sorts. And I still live with my and dad. But however, I do invest in the stock market and buy a lot of cheap stocks as well. I know I’m not a very smart person and I have disability and I have autism. You people can go ahead and laugh at me and mock me.
I owed 32k at 22. I’m 42 now and worth over $1 million USD via my stock portfolio and job. I’m not frugal either, I spend like the average person.
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