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Money Guy Show

How to Be Wealthy By Age! (2024 Edition)

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Investing, Education, Business

4.73.1K Ratings

🗓️ 24 November 2023

⏱️ 48 minutes

🧾️ Download transcript

Summary

How much does it take for you to meet your retirement goals by age, and what are some common traps your peers fall into? Learn more about how to be wealthy, mistakes to avoid, and exactly what a little extra saving can do for your retirement income. Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content 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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Today, learn how to be wealthy by aid.

0:03.0

I am so excited about this episode because I think this is something that everyone wants

0:14.8

to know.

0:15.8

Okay, based on where I am in life, maybe I've made good decisions, maybe I've made bad decisions,

0:19.6

maybe I'm right at the beginning of my journey.

0:21.0

But I want to know how do I become wealthy?

0:24.7

I don't know that I'm there yet, but I know where I want to go, walk me through.

0:29.3

What are the things I ought to know at each age and stage to make sure I'm doing what I'm

0:32.3

supposed to be doing?

0:33.0

And people are always trying to figure out, am I behind, am I head, am I right where I'm supposed to be?

0:38.3

But I felt like today a little perspective could be helpful.

0:41.3

Oh, for sure.

0:42.3

I mean, if you think about it in terms of the world stage, worldwide, the median wealth for adults is around $8,200.

0:52.3

So that's across the entire world, total net worth, total wealth, $8,200.

0:56.9

Here in the United States, it's right around $93,000.

1:00.1

So once again, being an American actually is we have things a lot better than we probably

1:06.1

realize.

1:06.7

So that gives you some context, some grounding on, you know, we're already getting somewhat of a head start just for living here in the United States.

1:15.0

And then even if we take a step back from the median wealth, think about this.

1:19.2

If you have over $10,000 in total wealth, you're in the top 47% of the global population.

1:26.6

If you have over $100,000 in total wealth, you're in the top 13%

1:30.5

of the population. And if you have become a millionaire, if you have cracked through millionaire

...

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