Top 10 Mind Blowing 🤯 Money Stats [That Will Make You Rich!]

[Music] mind-blowing stats that will make you rich it's brian preston the money guy uh here's what i think is so awesome this one i'm so excited about this show every now and then there are little nuggets of information that we can like take and we can archive and kind of put in the back of our memory banks and when we find ourselves somewhere in a conversation talking with friends at a cocktail party whatever you come back up with that statistic and we were talking hey what are some of those things what are some of those little sound bite snippets that exist in the financial world that would just be fantastic for us to let our listeners know about yeah i want you to i want you to absorb what we're about to share with these 10 facts and figures memorize them because what they do is they support the fundamentals of that create wealth look guys i've shared with you we've done shows on the three primary components of wealth creation which is discipline that discipline leads to you know the margin of saving money which is number two and then of course giving it enough time for those assets to grow well then if you go even deeper into those three components we get into the concept of deferred gratification then you hear people all over twittersphere live on less than you make you see it modeled in books avoiding debt all of these things are interconnected with these understanding statistics that give this the depth the glue that holds this all together all right so without further ado let's jump in we're going to talk about 10 stats that we think from a financial standpoint are going to blow your mind the first one is going to blow your mind and it's going to do so i think in a negative way 60 of americans right now cannot come up with a thousand dollars for an emergency so the stat to remember here is the 60 because you can pretty much it's like you know the bus schedule when the trains come to town about six out of ten people are just going to struggle with the basics of evening even having a thousand dollars in their pocket yeah you know this number even in 2021 the most reason actually turned out to be 61 i think about how devastating that is because it's not hard to have a thousand dollar emergency it's not hard for something to happen with your car or to have a medical bill or to have something go wrong at your house and if you need to come up with that money and you do not have it there your only resource your only way to come up with that is to go borrow money it's to go ask someone to help or to run it up on a credit card that is not the place that you want to be if you want to be on sound financial footing look liquidity cash i know the whole saying we even did like there's a tick tock thing where it says cash is trash that is so easy to say but realize your cash and liquidity is the oxygen you breathe for your finances meaning that we all take it for granted until you're actually out of it and then you realize how powerful it is and what i don't like about when you don't have cash you make horrible desperate decisions when you get into these type of things small little things like your car not working anymore hot weed water heater going out those type of small little things can make you jump into horrible decisions like credit card debt or even going to a payday loan place don't get yourself in that situation so if you want the takeaway if you want to keep your life out of the ditch make sure that you have at least a thousand dollars make sure that you have an emergency fund emergency reserves in place and if you want to know a tool that can help you make sure you're staying out of the ditch go out to moneyguy.com resources and you can find the financial order of operations deliverable this is completely free we'll walk you through the nine tried and true steps of how to build wealth and number one in most circumstances will get you past this horrible statistic of 60 of americans not being able to come up with a thousand bucks and that leads to number two because if people can't come up with a thousand bucks they probably are going to fall prey to number two which is 47 of americans actually carry a credit card balance so if you're listening to this in the car or you're walking down the street you're not alone right now or maybe at the office and you're sitting next to someone you kind of look to the left and look to the right one of those two people is likely carrying a credit card balance if it's not you that's carrying a credit card balance and i find that just absolutely mind-blowing that's what i was about to say i think that's the third no there's two of you and one of you but it's your the point is is well made is that i am shocked this is not credit card usage because we have no problem with credit card usage but we're absolutely against credit card debt and i'm sad to know approximately half of americans are carrying a balance and even worse we found out that that average number is around fifty three hundred dollars that's not believe me this is not skewed by the people that are paying it off monthly and they're just big spenders this is actually what the balance is that people are carrying if you've listened to our show for any amount of time you know we talk about how powerful compound interest can be how it can be the wind in your sails carrying you towards wealth building well it can either be your most beloved ally or when it comes to credit card interest it can be your fiercest adversary because it can cut the other way it can actually work against you when it comes to wealth building so we think credit card debt is no go land it should be a four letter word it should be something you try to avoid and absolute all costs i mean big perspective here if you're we get excited about if you can make eight to eleven percent out of your investments average credit card debt is somewhere between 16 to 17 percent is the embedded interest rate guys that's not working for you so be careful number three this is a big one this is it's not the latte effect it's this effect it's number three is new cars lose half of their value in the first four years so i think that's an interesting thing i think if i would remember this statistic every time i go to buy a new car every time i go on a lot and i see that shiny new sports car that big fancy truck or whatever it is as i'm looking at that i should internalize immediately that whatever i'm going to pay for this thing today it's going to be worth about half as much four years from now 48 months from now and if i thought about it that way it would probably really inform the way i go about making my auto purchase decisions well that's not even the worst of it because this is i had to choose the stat we were going to use on this because i really want to talk about how bad vehicles are because it gets worse than the fact that 72 months is the average term people are doing on their car debt so not only is your car depreciating like a rock we have on the visual graph there because if you look first year it's down to you know what does that look like 81. 81 so you're losing 19 in the first year down to 69 then 58 by the end as you're getting close to year three that is a rapid decline all the way to year four it's at 49 guys if you extend that with debt that goes out 72 months or six years you're not making a it's already a dire situation that you're making even worse yeah what we decided that if you have uh if you are going to do a 72 month car loan and mathematically if you don't put at least 30 down on that car you're gonna be underwater on that car for roughly the first two years that you own it meaning if something were to happen you were to get an accident it were to be totaled there's a good chance that you will actually owe more on that car than the check you will get from the insurance company told that you just don't ever want to find yourself underwater so make sure when you approach car purchases you're doing it the right way so here's the key takeaway on that we have a system we have an understanding with vehicles they're necessary we have to get from point a to point b to usually work so or just to get the necessities so we recommend 23 8 meaning you're going to put down 20 on your vehicle at a minimum you're not gonna finance for anything longer than three years and you're gonna ensure that your car payments do not exceed eight percent of your gross income but here's what i'll also like guys don't use 23.8 and then distort it and think it's okay because i can afford to do this monthly because there's another caveat you have to make sure you're in monthly investments exceed what your monthly car payment i don't want to hear somebody who has a thousand dollar car payment only put 300 in their investments you're doing it all wrong you're not maximizing your army of dollars i'd rather you have a thousand going towards the investment and turn that upside down and have a 300 car payment because that's the money that's going to create financial independence now i know a lot of you are saying right now yeah but man that sports car oh it looks awesome or that fancy new truck is just going to be fantastic keep this in mind when you make consumption decision decisions especially when it comes to automobiles it is much better to actually be wealthy than to look wealthy and i feel like we live in a society where so much emphasis is placed on looking wealthy people are taking out 72 month car loans buying more automobile than they can afford and give themselves a horrible financial situation so we didn't have this and i'm mad that we didn't put it in the show notes now but it's um sir richard branson just did the first billionaire space flight and they posted a picture with him and elon on the same day of the launch and elon is barefooted disheveled just shoveled i mean i think he might have woken up from richard's whatever couch they had that he was sleeping on that night because but it it proves the point that being wealthy is better than just looking wealthy and so so make sure you get that priority right all right here is uh mind-blowing statistic number four the average savings rate in america is only and i use the word only eight and a half percent right now and by the way that's up you know that's because pandemic right now the mon it's actually increased because we've been locked down and so forth it's typically around seven percent so we are failing miserably at saving a portion of our income and that's not good and but look at our stat that we have here on personal savings rates you can see that the pandemic caused all kind of distortions but traditionally it's just right above six or seven percent there is a little distortion this is how nerdy we are when we see charts we go why in the world did it go up in 2013 tax rates were going to go up so there's a lot of income accelerated but overall it's easy to see the takeaway six to seven percent is the average or median savings rate and guys that's not good enough that's not the guidance we give if you're going to build financial independence but let them know what is the numbers of what we think is successful traditionally used to hear you know way back when they say hey if you can save 10 percent of your gross income you're probably going to be in a pretty good spot well when that 10 of gross income numbers thrown out pensions were still a thing there were still companies that would pay you a guaranteed sum of money for your entire return retirement and you were going to have social security that was for sure going to be there back then now the game has changed a little bit the onus for saving for retirement now rests on us the individual participants so saving 10 percent we don't think anymore will get the job done we think if you want to be saving what you're supposed to be saving building for true financial independence where you can do what you want when you want the way that you want your goal should be to be saving 20 to 25 percent of your gross monthly income so we actually did you know being numbers nerds once again we decided hey if you are saving 25 or by age what should you be saving we have some research that we've been able to compile so here's the case study we said we said okay if we just assume a six percent annual rate of return very very conservative and we assume that your wages increase at about a percent and a half a year so roughly half of what a normal inflation rate is and we assume that you want to retire at age 65 replacing 80 of your pre-retirement income how much would you have to save and this is what we found for a 20 year old if you can start at 20 you only have to save about 12 of your gross income to replace 80 of your pre-retirement income now if you do what the money guy show says and you save 25 by the time you get to 65 you can actually get a pay raise in retirement you can live off of 167 of what your pre-retirement wages were or maybe you even get to retire a little sooner than 65. there's nothing wrong with getting a little ahead of the game but i think a lot of folks don't start at 20 bow they probably start after they graduate college around 25 what does that do to the numbers yeah at 25 if you want to have that same level of retirement instead of only having to save 12 percent now you got to save 15 of your gross income in order to replace 80 of your pre-retired income but again if you can figure out early on how to be a financial mutant that saves 25 when you get to retirement when you get to age 65 again you can have a pay raise you can actually replace a hundred and thirty one percent of your pre-retirement income or just like you said you could retire a little bit earlier so we've seen 20 year olds 12 25 15 where in the world's 25 coming to 20 to 25 we can see it has to do with 30 and 35 year olds yep absolutely so if you wait until 30 that's when 20 no longer becomes the goal i'd argue it pretty much becomes a necessity if you want to replace 80 80 of your pre-retirement income then you need to save 20 of your gross income starting at age 30. if you wait until 35 to start doing this then you have to be saving 26 only to replace 80 so the earlier you figure this out the earlier you can recognize you need to be a financial mutant the more comfortable for a retirement you're going to set yourself up for than the earlier you'll be able to achieve financial independence so i want to transition because to go ahead and pull 40 you see 34 savings 58. i want to move on and talk about another thing that i think is going on in america right now which is we have turned education potentially into a negative thing for the younger generation and a lot of that's through student loan debt and and we actually were in a meeting yesterday where we were talking about how much should you let your children participate in their education to feel like they have skin in the process yes to actually take ownership and responsibility and i was talking about how i think this epidemic of student loan debt is giving the younger generation a sense of hopelessness and i think there's a there's another element of this that we need to focus on and that's number five which is 27 of americans work in their field of study this is a problem so i want to say that again so roughly over one in four folks actually end up doing the thing that they want to go get an education in the thing they said i'm gonna go to college and i'm gonna go get a degree and i'm gonna go pursue this field of study only one in four folks actually end up doing something in that field that seems like a lot of inefficient use of time well that means because that's the glass half full that glass half empty perspective is 75 of people that are probably running up student loan debt are not even working in their field of study that is a big big problem so this is the here's what i want you to understand about this when we have done our own research on our clients that are millionaires and successful it's the exact opposite we have found that 73 of our clients actually work in their field of study so the point of this is not to make anybody uncomfortable or or second guess but it is if you have children in the house or if you're trying to figure out maybe you're a person watching this while you're in college measure twice cut once get the right major so you're not strapping yourself with debt that's not actually generating the dividends that you would expect because that's a big big problem you know i thought this was interesting brian in 2019 or the graduating class of 2019 69 of students so 7 out of 10 students ended up taking out student loans to get through college and they graduated with an average of 30 000 of student loan debt that means these folks that have freshly minted they have a degree they're coming out of the workforce and rather than starting at zero and being able to begin their wealth building journey they are starting at negative 30 000. they have to make up that much before they even get to zero to start building towards positive wealth accumulation and look student loan debt is not something brand new to this generation it's just that i think the size of it is what is brand new or modified it was not uncommon for friends and peers to come out of college with ten thousand dollars of student loan debt but now i think we're getting to the point where it might be at or larger than your first year salary that's when it's detrimental and that's why we do give the guidelines of if you are going to have student loan debt try to ensure that it's less than the projected income for that first year graduate in that field of profession now so if you are going to go to school to study something and perhaps you have a teenager who's thinking about going to pursue a college major going to pursue a specific vocation if we recognize that 27 percent of folks aren't actually or 75 percent of folks aren't actually using their major then maybe we should make some better decisions about the majors that we're choosing and so we ought to think about what major should we pursue and if we're going to go accumulate college debt what are some of the best majors that will allow us to pay that back and what are some of the worst majors that are going to make it difficult to pay back student loans i call this you know this is truth in education just like you have truth in lending where you have to sign all these loan documents before you you take down a loan they ought to do this with college majors i've heard other people talk about this as well and that's why don't make us the bad person on this for sharing this but we did go pull the research not our research we went and found but there are sites that compile what are the majors that have the hardest time of paying back student loan debt and here it is on the screen and like i said this is not us editorializing we found a source for this but we have found that drama and theater to struggle health and physical education civilization ethnic studies composition speech fine arts nutrition and fitness i'm sorry bo but it is a harder thing to pay back your debts or to make good incomes with some of these majors now don't mishear us what we are not suggesting here is hey don't go pursue drama in theater don't go pursue civilization don't go pursue fine arts however if you are going to move into those vocations you may want to make a very serious decision into what type of school you're going to go to and how much student loan debt you will accumulate trying to achieve that degree if you can still go get that degree without racking up the debt well then it's easy to pay by the debt because you don't have any just know that if you're going to go into one of these vocations the amount of student loan debt you acquire may not justify the degree that you're going to achieve well i don't like to do anything where we just give the negative sure because that's very glass half empty let's give what are the best majors if you actually want to have great earning potential great career opportunity and there's not a lot of surprises on here look at this i mean this is i gotta practically hear willie nelson singing this in a country song but we got engineering nursing operations and logistics computer science finance wonderful world of finance economics construction services special needs education and accounting and actuarial science uh what part of willie nelson where'd the will of nelson come from he says mama don't let your babies go to be cowboys let them be doctors and lawyers okay i gotta go now reality is doctors and lawyers can make that but if i could rewrite if i could rewrite mama don't let your babies go out to be cowboys we would have put engineering economics in the wonderful world of finances so so this again this isn't what we're we're not saying this if you want to go be an engineer don't think the money guys just signed off and said hey go get as much student loan debt as you can possibly get to go get an engineering degree however if you are going to choose that vocation you have a higher propensity to pay off the student loan debt required to get that degree but there's nothing wrong we're still trying to keep that rained in remember our rule of thumb is whenever you go to get student loans you really don't want to graduate with more than you anticipate earning in your first year working so if you're going to come out of school making fifty to sixty thousand dollars a year you don't wanna have more than fifty to sixty thousand dollars of student loan debt that leads to number six it takes ten thousand hours to master a skill this one guys what i love about personal finance is that it rewards those that are patient diligent and willing to do the work that others aren't willing to do and that is the way life works too a lot of careers and other things it's easy when you look at somebody who's doing well and go man that looks awesome but what i think sometimes gets left out of that analysis when you're looking at somebody that's doing well is what did it take to get that and a lot of times it is an investment in building mastery of a skill yeah i think so often we get caught up in viewing the results that someone has we may see an influencer or a personality or a musician or an athlete and we see where they are now oh well you know so and so you know they went straight to the major leagues or straight to professional status right out of high school you know they did it at 22 years old or they did it at 18 why can't i do what you might not see is that they might have started doing whatever it was they were doing at four years old or they might have been doing it for a while don't just look at the results where someone is now without knowing their full story where they came from and i would imagine in most cases you're going to find folks who've had extreme success no matter if it's athletics or if it's hair dressing or if it's whatever the vocation to really become an expert in that i would imagine in most circumstances they've put the time in they've paid their dues and they've acquired that ten thousand dollars well i also think about the grind i mean i look back i came out of college making 28 000 a year as a staff accountant i had friends that didn't go to college at all that were in sales and other things smoking sure but and that's just the grind that it is when you come out in some of these professions now look accountants make more out of college but still in relationship of where they're potentially could make in the long term they're paying brand new college graduates a lot less than they will make in 10 years of being an expert it's because there's a grind of learning put getting your reps in getting your at bats to build mastery to build the knowledge and i tell you this here's why i think that the 10 000 hours is important to understand is that i don't want you to be in a profession that's somewhat of a grind and you're in year two three or four and you think about giving up after you've already put the time in you've laid the foundation you've gotten the education you've made it through all the different gatekeepers and obstacles that make this profession great in the long term stick with it or at least give it time to see if it gets better and that's why i put that in because i know in this instant gratification society we live in that might sound old man on the porch-ish but i can tell you coming from a profession that rewards skill knowledge and expertise of giving the time to develop it this does work out same thing works with doctors same thing works in a lot of fields i would say it even works in social media sure go listen to the first original money guy show in 2006 very different fast forward now we're quickly we we just talked about we're going to celebrate our 10 000 hour or five year mark on youtube in the not too distant future all of that has to go with this concept you know and i think so often 10 000 hours gets focused on the beginning of a career or the beginning of a skill set i think it really happens oftentimes throughout big changes in life perhaps you're someone who's thinking about leaving the workforce entering into retirement just like it took you ten thousand hours to become an expert in your vocational field you may want to spend four to five years figuring out what it looks like to be retired figuring out how you transition that figure out how you can even master that life transition so anytime you're going to pursue something put the time in to make sure that you're an expert at doing that thing that you're going to do number seven is very popular i talk about this one all the time a lot of you out there in the money got family you've heard me say this before but i think it is so worth repeating because it is counter to what the the narrative we hear in so many places right now but number seven is 80 of millionaires are first generation now what i love about this statistic brian is it's sort of freeing right it was because i did not come from wealth i did not come uh i came from very humble beginnings i know you are the same and when i hear that 80 percent of millionaires are first generation i hear man this is attainable in the place in which we live anyone has the opportunity to work hard put the time in figure out the three components of wealth building and anyone can be a millionaire i think that's an incredibly encouraging thing well i like it because it is motivating you two can do this but i also a lot of people might be looking at this and go yeah but is that a stat that you pulled from the millionaire next door and that book was written in the mid-90s so maybe this is not timeless i'm telling you this is timeless because we've actually seen the research on this and think about this guys in the next millionaire next door which dr sarah you know who's thomas stanley's daughter continued his research on she published in 1892 they found in their research 84 percent of millionaires were first generation fast forward to 1996 i've already told you the millionaire next door came out with the 80 stat and then you've got ramsey solutions has come out in 2019 it was 79 and we even do our own wealth study of our own personal you know millionaire clients at abound welt and the stack came in at 77 that is too much to call it a coincidence that all these different sources say first generation people did not come from money they they kind of started building and saving and that's the other part that's not on this stat i know it from my own research the majority of these are not entrepreneurs the majority of these are not big tech executives the majority of these are not the virtuosos that are on the the basketball court or the football field or playing an instrument the majority of these people we're talking about are diligent savers just like you now what i think is so interesting is this statistic about 80 of millionaires or first generation was incredibly motivating to me early on and got me so excited about how level the playing field was and how we'd have the ability to end up getting there but now as i've had some success in life as we've had some success in business there is a dark side to that there is a negative to that and for the statistic to be true for hundreds of years here that 80 percent of millionaires are first generation that must mean that wealth disappears quickly and this is what we know uh that 70 percent of wealthy families lose their fortune by the second generation and then by the third generation ninety percent of wealth is wiped it's a natural cleansing process that's that happens and and this is why guys if you if you come from a family of wealthy parents please change this stat don't you know if you are if you are successful and you're raising children pay attention to these stats too because guys i i want us to change this because i think it's the saddest thing out there because what if instead of these people consuming the wealth that was created before them they used this to for the better good that they used it for generosity they used it to grow something they got bigger and better because success doesn't mean you took from someone else success means that you actually grew the guy bigger and that's the part that bothers me about this generation the whole generation loss of wealth between second and third is that man there's just the opportunity cost is bad so that's why here's the challenge for you ask yourself am i a wealth creator or a wealth consumer and i think if you'll look at it in that type of mindset it will help you with that decision making process especially you come from a family of means because if you find that you're consuming the wealth rethink that you should change the cycle all right so this next statistic brian i think this one um i think this one allows us to take some pressure off because again we live in this social media world where we see the fancy cars and the big houses and the young people with the fancy watches and the fancy clothes i thought that this was sobering but sobering in a comforting way that most people don't become millionaires until age 49. this is the stat that actually created this show because i i was driving home and i was just thinking i mean this is my brain works in weird ways but i was like man i just wish more people knew that the typical millionaire hit that at age 49 because and there's so much to unpack from that number of 49 is because when do people graduate college they graduate college around 22 that the difference between 22 and 49 is approximately 27 years of investing when i look at the power of compounding growth it's not the first five years of investing it's not the first 10 years it's the it's after that money has had the time of staying and percolating and growing it's after 20 25 years that you start seeing that compounding growth get it's like a magical formula like when you're making a cake when you put the eggs you put the butter you put the flour you know it smells good and you put the sugar don't forget the sugar you know it tastes good but something about when you put it in the oven and then watch it rise and there's something from a chemical standpoint that is going on the same thing happens with money if you can get those components of if you think about discipline money and time altogether it makes that big beautiful financial you know cake that you can smell permeates your entire life and you just makes you happier more fulfilled too one uh you just made me incredibly hungry and two i agree but don't just take our word for don't just take our word you know that uh 49 is the average look at the actual numbers we had fted pulled this together for us i'm going to show you the power of time what happens if i invest 500 a month over different lengths of time and why don't we pick 500 a month that's just max not a roth ira right now six thousand dollars a year and that's what we thought was so interesting if you do that for five years at the end of that five year period about 18 of your ending value would be growth it doesn't visually we have a chart up right now for all of our podcast lists you don't even see the growth because it's just not as big enough portion of it if you were to do this for 10 years at the end of the 10 year period about 34 of your ending portfolio value is growth i'm starting my eyes you remember i'm getting those eyes of a 50 year old that are starting to go away so it's um i can barely see the sliver of growth but that's not even telling the full story if you do this for 20 years there it is 59 of your total portfolio is for growth 59 of the value of your army of dollar bills is not from soldiers that you put in the army it's from recruits that those soldiers went out and grabbed it's from your army of dollar bills growing so here's what i think is so interesting because it's easy after you especially somebody who's in their 20s who starts doing this after you're look back in five years and go is this worth it you know i feel like i'm sacrificing a portion of today am i am i really getting something out of this and then you fast forward five years and now you're 10 years of being a saver and investing you're like okay i see a little bit but i just don't know this doesn't feel like it's overwhelming i feel like i'm putting more in i'm getting maybe i should be living more for the day and this believe me there's enough voices out there in the marketplace that are telling you that but if you can just keep putting it in keep letting it do its magical thing at year 20 you can see 59 of the account value more than you put in is actually from the growth not from you saving and investing and then it gets even bigger because look at that 30 years in now of your total account value 76 is growth you're only putting in 25 percent or 24 of the total account value and then what happens at 40 both at 40 over and let's assume this is an entire working career 40 years you've been in the workforce if all you did was just do the 500 a month for that 40 years at the end of that 40-year period 86 of the account value would be growth 86 percent would be money that was created while you were sleeping while your army of dollar bills was working for you it's unbelievable if you can just give it time to do what compounding interest does so somebody who is living their best life ever in retirement there's a potential that the only part they had to do was put that 14 percent early enough and get the habit of saving and that's the part that makes it so sad is that people don't give it the time they don't let it happen and that leads to number nine which is the sad stat for me which is retiring americans have only saved a hundred and seventy two thousand dollars now i i recognize that you know perhaps you worked for your whole career maybe you made thirty thousand forty thousand fifty thousand dollars a year so 172 000 is a lot of money when you think about it sort of in absolute terms that's not a small sum of money however when you think about a retirement portfolio and you think about the level of income that that might be able to generate for you for the next 20 25 30 35 years you may be surprised to find out 172 thousand dollars does not go quite that far well i have a theory i think a lot of when people get to retirement that 172 000 i bet a large portion of that is employer contributions to your retirement plan i think there's a lot of individuals out there that are not taking an active role in creating financial independence but they have an employer who set up a matching account in their 401k and then you fast forward and it's 172 000 because maybe when they were in their 20s the employer contributions plus what the three percent they were required to put in plus the employer equals that 172 000 that's what happens but guys that's not good enough and that's you have to make a proactive and a lot i can already hear the naysayers are like yeah but you you're discounting the fact that people just don't make a lot of money remember what led me to this path of doing this for a living was an economics teacher in high school sharing a hundred dollars a month would make me a millionaire and he was wrong because it was like 75 to 80 bucks a month when i was in high school it's like it's a hundred dollars for a 22 or 23 year old so guys don't let don't blow this opportunity you just have to get the discipline to start saving and early as often as possible so that your wealth can actually grow and be created the most valuable money you will ever save the most valuable money you will ever invest in your entire life is going to be the earliest money you invest the first dollars that you put to work for you so the sooner you can figure this out the sooner you can start on your wealth building journey the sooner you're going to set yourself up for long-term success people ask us all the time hey when should i start investing we always have the exact same answer the absolute best time to start investing was yesterday which means that today by default would be the second best time to start investing so get it figured out start now start building towards that beautiful future and that leads to the closing point number ten one dollar and look there's a reason it's on a koozie there's a reason it's in company names of structure because i am just fascinated with this concept that it permeates a lot of my life is one dollar can grow to 88 if you just start investing early enough remember this concept 88 times over comes from that a 20 year old every dollar that a 20 year old has has the potential to become 88 at retirement if they just let that money go to work and started investing it and then you compare that to somebody like myself i'm 47 years of age right now i'm not on that chart but i know it off my off heart and our deliverable is worth about three dollars meaning that one dollar has the potential to turn into three dollars by the time i retire at 65 that is completely different than the 20 year old that can turn it into 88 and this is why i always tell young people who don't come from resources when you look at somebody older than you and you say man i wish i had what they had you can you can actually have more likely because if you look at somebody look at somebody like a 20 year old looking at my life they could say man i want what brian has but then you think about the fact that my money can only triple from the time that i have it right now to when i retire a 20 year old can turn it 88 times over believable you can do a lot with a little so that's why you don't have to have a huge income you don't have to to make you know the elon musk or bill gates money you just have to have the discipline put something to work put fifty dollars a month put something to work and i think you'll be shocked at what that will turn into if you wanna know how powerful your dollars are specifically we have a deliverable out on our website you go to moneyguy.com resources and we actually show you two things we show you how powerful your dollar is at every age so you mentioned brian for a 20 year old one dollar can turn into 88 for a 40 year old one dollar can turn into seven dollars but we also wanted to show you if you're starting at zero how much do you have to save on a monthly basis to hit millionaire status by 65 so take this deliverable go to moneyguide.com resources download this deliverable use this let this be motivation so you can start building your army of dollar bills as soon as possible so i hope all these stats because we try to give you headline stats to get your brain because that's what i want you to kind of waken something up inside your head that says oh wow it is amazing how all this is interconnected i just need to keep motivated and keep focused use these statistics use this data as the grounding point to stay out of debt to kind of give my money time to work stay on you know no matter what's going on through volatile periods meaning if the economy goes bad in the next two to three years don't lose focus actually get excited about that that volatility the downturns that's going to be great for you you will be rewarded if you're consistent create a good behavior and understand the power of your army of dollar bills always respect discipline the ability to build money and then give it time to nurture and grow into that great big beautiful tomorrow you will be rewarded for all of that and that's why we love creating content is two guys that don't come from resources we both come from some i'm you i'm from lower middle class i know you come from really poverty and you can do this don't let somebody tell you it's not possible i'm telling you we live in a period of time where technology's made it where access to investments is easier than ever so easy that we've actually totally blown it up and screwed it up with all the reddit boards and everything else but it doesn't but it is from the abundance of saving and building there is not a better time and then guys get excited about how innovation is accelerating we have we're in a period of accelerating innovation returns and other things you can capitalize on that and get really opportunistic to make sure that you build that wealth that you so much deserve and you can create the best version of yourself if you just put your mind to it and start doing the activities and behaviors that create wealth and if you need a team to help you on that way we want you to remember we're the guys that planted the scene as your army of dollar bills grow as it gets bigger and bigger and bigger and maybe you don't have the time to navigate yourself or maybe the size of the decisions is uncomfortable maybe you just don't know what you don't know we want you to remember the abundance cycle we want you to learn uh grow and apply so that then you can come back learn apply grow you reach a level of success keep going learn apply and grow until you reach the level of success you say i don't want to go this alone i want some co-pots to come alongside we hope you'll remember the monday guy team we hope you remember the team at abound wealth and we'd love to be a part of your financial journey guys thanks so much for for hanging out with us make sure you subscribe and go check out we have a brand new tick tock channel we keep meaning to say that at the front we wait and reward those at the end of the shows but we'll figure it out at some point you know it's not like we just started this whole social media thing yesterday but but here it is go check us out on youtube podcasting tick tock wherever you get your social media we are likely their instagram yeah i'm sure there's more i'm forgetting but you can always go to homebase which is moneyguy.com but we're going to keep creating content we just are so thankful that you give us this opportunity i'm your host brian preston mr bo hansen money got team out

Channel: The Money Guy Show

Views: 134,737

Keywords: money guy show, debt, budget, cash, real estate, insurance, how to make money, save, credit card, compound interest, buying house, buy stock, success, personal finance, Top 10 Mind Blowing 🤯 Money Stats [That Will Make You Rich!]

Id: qfMu8h_kz6g

Length: 42min 26sec (2546 seconds)

Published: Fri Jul 23 2021