Here's EXACTLY how much you need saved by every age, the average incomes from your 20's, 30's, 40's, and 50's - and how you can retire with as little as $416 per month. Enjoy! Add me on Instagram: GPStephan | PROMOTIONAL OFFER: Get FREE Fractional Shares when you sign up and make a deposit using my paid affiliate link for WeBull: https://a.webull.com/i/GrahamStephan
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AGE 20: Average Net Worth: -$31,571
1. GET A CREDIT CARD
The point is to begin building up your credit score as soon as possible, since 50% of your score is made up from your on-time payment history and how LONG you’ve had credit for.
2. OPEN A ROTH IRA
This will allow you to invest $7000 per year and grow your money COMPLETELY TAX-FREE by the age of 59 - meaning, by the time you’re older, everything is pure profit.
3. SAVE 20% OF YOUR INCOME
4. INVEST IN THE MARKETS
AGE 30: Average Net Worth: $42,339
1. GET A CREDIT SCORE OF AT LEAST 750
2. BE BAD-DEBT FREE BY 30 YEARS OLD
This means you’ve paid off any loans or debt that’s above a 5%-6% interest rate, you don’t have any credit card debt or personal loans outstanding, and besides the possibility of a low-interest rate mortgage or student loan…you don’t have anything weighing you down.
3. HAVE A 3-6 MONTH SAFETY FUND
4. AIM FOR 1X YOUR SALARY SAVED
AGE 40: Median Net Worth: $90,000
Average Net Worth: $319,000
1. MAX OUT RETIREMENT ACCOUNTS ANNUALLY
2. MAXIMIZE YOUR EARNINGS
3. HAVE A BUDGET - NO MATTER WAHT
4. KNOW HOW MUCH YOU NEED TO RETIRE
The rule of thumb is that, for a 30-year retirement, you’ll need to have anywhere between 25 to 30x your annual spending invested in order for that money to last you without running out.
AGE 50: Median Net Worth: $290,000
Average Net Worth: $1,300,000
1. HAVE 7-8X YOUR SALARY SAVED, OR 10-12X YOUR EXPENSES
2. BE CLOSE TO PAYING OFF YOUR MORTGAGE
3. HAVE A CLEAR PLAN FOR RETIREMENT
AGE 60: Median Net Worth: $490,000
Average Net Worth: $1,600,000
Top 1% Net Worth: $14,338,000
1. AIM FOR 10-12X YOUR SALARY SAVED UP
2. PAY OFF YOUR PRIMARY RESIDENCE
4. BEGIN WITHDRAWING FROM RETIREMENT ACCOUNTS
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*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. This is not investment advice.
GET MY WEEKLY EMAIL MARKET RECAP NEWSLETTER: http://grahamstephan.com/newsletter
The YouTube Creator Academy:
Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://the-real-estate-agent-academy.teachable.com/p/the-youtube-creator-academy/?product_id=1010756&coupon_code=100OFF - $100 OFF WITH CODE 100OFF
AGE 20: Average Net Worth: -$31,571
1. GET A CREDIT CARD
The point is to begin building up your credit score as soon as possible, since 50% of your score is made up from your on-time payment history and how LONG you’ve had credit for.
2. OPEN A ROTH IRA
This will allow you to invest $7000 per year and grow your money COMPLETELY TAX-FREE by the age of 59 - meaning, by the time you’re older, everything is pure profit.
3. SAVE 20% OF YOUR INCOME
4. INVEST IN THE MARKETS
AGE 30: Average Net Worth: $42,339
1. GET A CREDIT SCORE OF AT LEAST 750
2. BE BAD-DEBT FREE BY 30 YEARS OLD
This means you’ve paid off any loans or debt that’s above a 5%-6% interest rate, you don’t have any credit card debt or personal loans outstanding, and besides the possibility of a low-interest rate mortgage or student loan…you don’t have anything weighing you down.
3. HAVE A 3-6 MONTH SAFETY FUND
4. AIM FOR 1X YOUR SALARY SAVED
AGE 40: Median Net Worth: $90,000
Average Net Worth: $319,000
1. MAX OUT RETIREMENT ACCOUNTS ANNUALLY
2. MAXIMIZE YOUR EARNINGS
3. HAVE A BUDGET - NO MATTER WAHT
4. KNOW HOW MUCH YOU NEED TO RETIRE
The rule of thumb is that, for a 30-year retirement, you’ll need to have anywhere between 25 to 30x your annual spending invested in order for that money to last you without running out.
AGE 50: Median Net Worth: $290,000
Average Net Worth: $1,300,000
1. HAVE 7-8X YOUR SALARY SAVED, OR 10-12X YOUR EXPENSES
2. BE CLOSE TO PAYING OFF YOUR MORTGAGE
3. HAVE A CLEAR PLAN FOR RETIREMENT
AGE 60: Median Net Worth: $490,000
Average Net Worth: $1,600,000
Top 1% Net Worth: $14,338,000
1. AIM FOR 10-12X YOUR SALARY SAVED UP
2. PAY OFF YOUR PRIMARY RESIDENCE
4. BEGIN WITHDRAWING FROM RETIREMENT ACCOUNTS
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
For business inquiries, you can reach me at grahamstephanbusiness @gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice.
Thank you for teaching, really appreciate with best wishes.
26 yr engineer making 129K … goal is to be first millionaire in my family. I am also a first generation in the US from an immigrant family. I wasn’t taught financials growing up so I am very grateful for people like Graham who encourage and drop that knowledge
This is a joke right?
So, I seem to be a little above average.
27 Year old male, 26,000 emergency fund, 9.5k in Roth 401k, 22k in Roth IRA. No debt, no significant investments outside of the retirement funds. I make just under 50k a year.
I swear you already made this video
you move your hands too much
this guy sleeps on terran orbital stock ($LLAP) not a penny stock pump and dump.
they have billions of dollars in backlog
all analysts say that the stock is a buy.
company will show profitability in 2025, thats what the CEO says
completed a multi billion dollar deal with Rivada
Yeah its sad when people can work 2-3x harder then any youtuber has ever in their life on a daily basis and still make a tiny fraction of what youtubers do. This is not even a knock on youtubers its a knock on society for not paying the people that hold it together properly.
So out of touch…."Just save a measly 416 dollars a month and you're set" bro we out here working in hot, dirty factories 60 hours a week killing our minds and bodies just to barely pay the rent.
Time to stop sleeping on Bitcoin
I’m 23 and he was pretty close since I bought a car recently. With credit card debt I’m -14 haha. Not the worst thing ever.
I want to say thank you, Gram. I found your videos when I was about 15. Now I'm almost 20, and I have followed your advice. I stayed out of debt and learned some skills. Last year, I made about 88k, and I'm on track to make more than 100k this year. I am also saving for retirement. I got into some debt, but I have paid it all off.
Im 24 and im able to save 30% of my income due to having a partner to split our bills
How much you need to do for the Lord to gain rewards during the millennial reign of Christ? This life is temporary. Anything you make in it will just go to someone else or rot away or be stolen or burn in the fire.. Get ready people the time is at hand. Don't waste all your time with the cares of this world..
You make this information so digestible (especially for right-brained people like myself who shudder at numbers, lol). I feel so much better knowing I’m actually pretty well off compared to others in my age group! Started investing back in college and it was such a great decision 😊 keep up the great work!
When we're talking about 3x income saved, are we talking about savings, investments and Roth IRA combined or just a specific fund?
it’s good to see that my $-800 isn’t as bad as I thought it was – gives me a bit of motivation, thanks!
Can we please do a version where people didn’t go to college or don’t have crazy debt
Would you be interested in financial videos that go deep into the numbers via simulations, graphs and tables vs just going over concepts?
If not, why not? What would be better?
Love the content. I have reduced the number of bad decisions i make after starting to watch your videos. I am slowly getting there. Thank you
Where is my $31.571.. Where? 😶
Amazing video! Lots of great tips!
I just turned 24 and have a NetWorth of 30k. It feels like I am really not doing that well, it seems nearly impossible to be able to afford in this financial cycle a house start a family buy a car ect. This makes me feel better, but very worried for the future for many.
A lot of false information. Those compound interest models only assume a consistent growth but if you start adding in negative years or bear markets over 30 years it affects the growth. The average is 10% but for a compound interest models gets affected
Would you bother opening an Roth IRA if your work provides a Roth 401K?
How do you account for networth for married couples. Do you just divide by two?