top 10 mind-blowing [Music] stats. Bren, I am so excited about this because every time we do this show, no surprise, my mind is blown, and we think that your mind will be blown right now. You know one other thing that can blow your mind? If you subscribe right now to our channel so you can stay up to date on all the information we're putting out every single week. Yeah, let's start with number one, and we talk about this every year. It's a sad tradition, but it's one that I wait for bank rate to publish what percentage of Americans can't come up with $1,000. And you can set your clock to it. It's somewhere around 60%. This year, in 2024, it is 56% of Americans can't come up with $1,000 in an emergency. And that's devastating because $1,000, there's a lot of things in our life that cost $1,000: medical bills, car repairs, car accidents, tickets. I mean, you fill in

all the different things. It is not hard to rack up a thousand expenses, and yet more than half of Americans can't come up with that. And it actually gets even a little bit worse. 27% of American adults surveyed by Bankrate have no emergency savings at all. They are literally living paycheck to paycheck. They are making the ends meet, and that is it. That's a terrifying place to be. Yeah, and I think the big takeaway is, as we wrote it, your emergency fund is the barrier between you and the unknowns of life. I'll go even further and say your emergency fund is your barrier between you and desperate decisions. Because if you don't have cash reserves, you really are setting yourself up to kind of lean into debt that has just astronomically high interest rates on it, or having to go and ask favors of people you just don't want to burn that favor with, or going to payday loans and all kinds of other desperate things. So just don't fall into that trap. Yeah, there are three

ingredients to wealth creation discipline, money, and time. And when it comes to emergency reserves, what that suggests to me is a lack of discipline because ultimately being able to build an emergency reserve is about having money come in and living on less than you make. So another big takeaway is make the temporary sacrifices. The beautiful thing about having an emergency fund in place is once you do it, once it's there, it's there for you, and then you can move on to other goals. But if you're not making that small short-term sacrifice to begin building it, you are likely not setting yourself up for success, and you are exposing yourself to way more risk than should be present in your financial lives. And that's why, guys, you got to go to money.com/resources. I want you to understand the financial order of operations is your friend. Cash is such an important thing to keep you away from those desperate decisions that it's not only step one, the highest deductible cover, that's what's going to keep you from those desperate decisions, but it's

also going to protect you. We have two CSTs with step four, which is emergency reserves. So, in case you lose your job or something else bad happens to you, you have it all covered so that you're not stuck making those desperate decisions and getting yourself in a pickle of a situation. And when it comes to your cash, we love high-yield savings accounts. Let that money sit there. Let it be parked. Right now, you can earn four to 5% interest on that cash sitting there. Make this part of your financial plan. Don't fall into that statistic of one in two Americans who could not come up with $1,000 from emergency. All right, Brian, that's mind-blowing stat number one. Mind-blowing stat number two is also mind-blowing, and I cannot relate to this at all. This makes no sense to me. Well, it's new on the scene too. This is one, and by the way, it's coming strong. I mean, if you think about this, HAV hasn't even been a distraction or a trap since

It only became available since 2018, and to see so many young adults fall right into it, it scares me a little bit. Listen to this: 53% again, one in two of young adults, and young adult is defined as anyone between ages 20 and 29. 53% of young adults bet on sports online. Online sports betting is basically gambling. One in two young adults are doing this. This was not something that was happening when I was a young adult. Yeah, this all came available if you think about the Supreme Court striking down the professional and amateur sports protection act in 2018, and that's what kind of led to this. And what I think about is how small this started. If you look at the revenue, meaning the amount of money, the bets that are the wagers minus out what is paid out, if you look at the actual revenue, the gross gaming revenue, this was less than half a billion in 2018. But where we are at the end of 2023 is $11 billion. That is

exponentially growing every year. I'm scared to see what 2024 and beyond is based upon these growth rates. This is huge business, and while most people will say something along the lines of, Oh, well, I don't do big bets. I'm just betting small sums. I'm just playing around with it, the average household that participates in sports betting gambles an average of $1,100 per year. Now, I want you to think about this stat again. 56% of Americans could not come up with $1,000 for an emergency, and yet 53% of young adults gamble or wager or sports bet $1,100 per year. There is a disconnect there in terms of priorities. Yeah, this is one I'd love if you listed in the comments. Let us know if how you're seeing this play out in your life with your peers, your friends, 'cause the big takeaway here is gambling is speculating. You know, I want you to be thinking long-term. This needs to be, as our friend Charles likes to say, this is

vacation money. This is not eating money, and you need to be saving and investing for the future. That's really the money for the long term, or what we call eating money, is needs to be prioritized before you're doing all this speculative stuff like sports gambling that seems to be everywhere these days. Betting is a personal choice. If it's something you want to participate in, that's a choice that you need to make, but don't do it at the expense of your future because your money has a lot of potential. If you don't believe us, I would encourage you to go to moneyguy.com/resources and download our wealth multiplier. And if you were one of those young adults that is between the age of 20 and 29, I want you to go look at what your money can turn into. We have these little koozies that we like to show on the show that show this $1 beer cost me $88. Cuz we for a 21-year-old, that $1 can turn into $88 by the time that they get to age 66. If

You are betting $100 a year on sports betting. You are taking huge chunks out of your future financial security, so understand how powerful your dollars can be and really make the choice: is this something I should be putting my money towards, or might I ought to be deploying these dollars in a more efficient and more effective manner? We get to interview our wealthy clients, and even our wealthy clients when we do our annual wealth survey have the same regret: why didn't I just start sooner? So to know that this is impacting 20 to 29-year-olds, guys, you'll never get back that wealth multiplier and the power of multiple exponential growth that is going to come from all those years that you can invest in your 20s and 20 from 20 to 29. So don't waste that powerful moment, especially with something like gambling. All right, BR, let's look at mind-blowing stat number three. Did you know that Americans pay an average of $1,583 per month to service debt? Now I

can already hear people saying, Oh, okay, well, no, no, that's mortgages, and that's in there. And while that's true, we actually had the content team break down the different levels of debt. Look at this: for those who have mortgages, the average monthly payment for someone with a mortgage is $1,855. The average auto loan for someone who has an auto loan is $700. Personal loans over $500. Student loans $300. Credit cards $272 on average for those who carry credit card debt. And then other debts $275. We are a debt-laden society, and it's not a good thing. Now, I am fortunate to see that credit cards are only on the lower end of that with $272. But here's what I need people to understand: yes, it's a smaller number on there, but you're also paying likely 20% or beyond an interest rate that is punitive. You can't fall into that trap. And that's why we actually looked at the data and said, Okay, of

people who actually are making use of credit card debt, meaning they're not paying it off every month, they're actually carrying a balance. That credit, that debt actually is $6,329. That's not the payment, that's the actual debt that they're carrying. Guys, that is growing upon itself at 20% plus. You're not going to get ahead with that type of debt. That's why we like to say, you know, credit card use is okay, but credit card debt, no way. Well, what's even crazier is over the last year, 9% of credit card balances fell into delinquency. So people literally dug a hole and they could not keep their head above water. So one out of 10 folks who carry credit card balance went into delinquency. You cannot build towards financial independence if you keep digging a hole that goes deeper and deeper and deeper. So what's the big takeaway? Well, number one, compounding interest is the eighth wonder of the world. It can be your greatest ally when it

comes to wealth building. But if you allow it to work against you, it can be your fiercest adversary, and it will be a hole that the more you use it, the deeper it goes, and the harder it is to get out of. So, recognize how powerful, but also how dangerous it can be. Choose the friend side of it. Let it work harder than you can versus the foe side of it because it can hurt you. And go ahead and lean into discipline. Make those temporary sacrifices right now to figure out how you can avoid making those desperate decisions that require you to use credit card debt. And then remember, this is something that's so important. I think a lot of us have been sold a false set of things in the fact that we say, Hey, it's great if I can get a reward. I get 2% cash back. But is that great when you're paying 20% interest? You're never going to get ahead when you have that type of disparity between what you're getting versus what you're having.

to pay yeah uh we have a friend who says, you know, some people are credit card people and some people are not credit card people. If you're someone who's carrying that balance month over month and you're not paying it off and you're doing it because of the rewards, you might not be a credit card person. So, be true to yourself and understand the behaviors that will actually allow you to begin building wealth. You already said it once, I'll say it again, Brian, it's worth saying it again: credit card use, okay, credit card debt, no way. Love it. All right, Brown, let's look at our fourth money, a mind-blowing money stat, and this one, this one hurts a little bit. This one makes my stomach hurt. Would you believe it if we told you that 24%, so one in four, of trade-in for new vehicles have negative equity? BR, what's negative equity? That means that you are literally trading in the car and you owe more on the car than it's worth, and you're rolling that in and on

average that amount is $625. $6,200 of negative equity that you were rolling into your new car purchases. You will never own anything behaving this way. So let's get to I always say well how did this happen. How did we get here. What's creating this. How often realize we live in a consumption Society. There are tons of people out there pushing you. They're even doing great content out there that even our content team sits in there and goes man that's steo guy trying to get rolling. He's getting them rolling but man is he rolling them into Devastation. And the fact is that if you're doing low down payments and then you're financing this stuff out over years. You never really own the asset. And the problem is this isn't even a good asset. This is an asset that's depreciating likely greater than 50% over the first 5 years of ownership. So it's hard to get ahead and it's hard to actually not dig yourself a financial hole if you're doing all these things.

wrong on debt. You're literally driving around in your wealth car. New cars lose about 9% of their value the moment you drive them off the lot. So, how can I do this better? How can I not be part of the statistic? Well, you need to recognize there's nothing wrong with a used reliable automobile. Depending on the stage and station of life you're in, you might not need the latest, greatest, shiniest, nicest, fastest, prettiest, highest-tech automobile. A good reliable used car might be the perfect solution for that thing that's going to get you to your ultimate wealth creator. What's that, Brian? Your J-J-O. That's it. That's the one. And the good news for you right now, if you are in the market for a car, is that the average used car price right now is actually down about 8% in the month of May. So, cars ran up, got super expensive. It looks like we're seeing a little bit of reprieve now. So, use that to your advantage, AG, rather than being one in four that's trading in a vehicle.

with negative ACC and don't don't sleep on the used car side of things. And the fact that I think it's interesting is that we've now seen car prices come down. We're also seeing that with interest rates going down. The new car advantage on even interest rates is going to start being minimized. This is a great time to think about, Hey, maybe I should look at the used car, versus just immediately assuming I can jump right into the new car and get myself into a lot of debt. And whether you're buying a used car or a new car, 238 can protect you from going underwater on your loan. I mean, the thing that we're trying to protect is being someone who's rolling over negative equity. And that's exactly why we have our rule, Brian. The 238 rule walks you through that. Yeah, if you put down 20%, that's going to go ahead and give you a great head start on not letting that depreciation outrun your actual ownership and having an asset. The fact that you're going to pay it off

within 3 years. This is counterintuitive to what the rest of the financial world is telling you to do with all this content, 'cause they're going 6 years, 7 years, and even 8 years on some of these loans. 3 years, that way you make sure you own it, and it also keeps you very honest on your wallet and what you can afford. And then payments should not exceed 8% of your annual income. And then Bo, we always put the two caveats, is that this is not for luxury cars, this is for reliable transportation. I'll say it, we're thinking Corolla, we're not thinking Land Cruiser. And then your car payments should never exceed what your monthly investment amount is. I love it. And when it comes to your automobile, while we talk about it being an asset that depreciates, it's naturally going to work against you. If you can be proactive and you can maintain your car, do regular service, make sure you're taking care of it, there's a really good chance you can get it to last five, seven

8-10 years, which pre will prevent you from allowing it to be something that's dwindling your future wealth. Because remember, at the end of the day, when it comes to Building Wealth, being rich is way better than looking Rich. So don't fall into the Trap of just trying to look like you have more going on than you actually have going on. Let's get to mindblowing stat number five. Can you believe though that the average savings rate in America is 2.9%? Nope, I can't. That's that. I just don't understand. And that's all money saved. That's not just for retirement. That's actually saving for cash emergency reserves. That's actually what you're keeping. That's living on less than you make. This is what draws me nuts about this number, Brian, is that we, let's say that we make 100% of our income because that's how much of our income we make. Well, then some of it goes to taxes. If we're only chiseling off 2.9% to go

toward savings to build for the future, and our goal one day is to be financially independent and have our money be able to sustain the lifestyle that we've grown accustomed to living. At a 2.9% savings rate, we are never ever ever going to get there. But Bri, this must just be a point in time. Surely, there must be something unique going on right now. High inflation. I bet the savings rate is abnormally low right now. Surely, Americans on normal times are much better savers than this, right? It's gotten worse. I mean, I think it's interesting. We actually charted this out for everybody. For those of you who are listening to the podcast and not seeing this on YouTube, it is interesting that pre-pandemic, that rate of savings was somewhere between 7-8%. That's still not great, 'cause we're recommending you be saving, investing 20-25%. And then it spiked. We went to all-time highs during

the pandemic and that we had multiple causes for that is that we were stuck in the house couldn't spend the money and then we also also had money coming in from the government that went into account so you saw savings rates actually go way high but then you would think when we came out of the pandemic I don't know I could count on some maybe some weird things to happen in the short term where if you were cooped up and you're like let's go spend because we want to you know enjoy because we've been locked up and all these other things but it's it's actually gotten worse in the fact that we have never gone back over 5% and now here we are at 2.9% since we had the pandemic and that scares me and I know inflation is part of that but part of this is definitely the discipline of deciding to live on less than you make and not just going all in on these consumption decisions and you just said it Brion our goal what

We want you to do is be saving 25% of your gross income for the future. Why do we say that? If you've not seen this, go to moneyguy.com/resources. You can download our deliverable. But if you are in your 20s or in your 30s or even in your 40s, and you can get your savings rate to 25%, then you're going to have a higher likelihood of being able to replace the standard of living that you're currently living at when you get to retirement. Or if you figure this out early enough, and you can save early enough, and have that 25% early enough, you might give yourself tons of flexibility and options later in life to where you might not have to work until age 65. You might be able to leave the workforce at age 60 or age 55. But you have to start now. You cannot delay. You cannot wait. Because the more time that passes, the harder it becomes to allow your money to work for you. So your goal should be 25%, and that will likely

set you up for a successful future. So, how do I get there? What are the tricks? Well, number one, start somewhere. You may not be able to start at 25% great. If you're at 2.9% right now, how can you get to 3.5% next year? Okay, and then how can you get to 5%, and then how do you get that 5% to 10%, and slowly and systematically get better through time. But you have to start somewhere. Yeah, you got to automate the process. I like the fact, and we've actually created a deliverable that shows you just a little. Remember, I always talk about making a small incremental decision today, a small decision that leads to your Great Big Beautiful tomorrow. We've actually created a great deliverable out there. If you'll just increase your savings, what can 1% more do for you guys? You can see it's once again for the young, especially. We're talking about huge impacts on your future retirement, and even for people in their 30s and 40s and

Beyond one percent, a small incremental decision can have huge amplification and ripple effects that your future self is going to get just cry super happy sloppy tears if you'll just make that sacrifice today. And you want to be those sloppy tears. Those are the good ones. Those are the happy tears. Those are the good ones. The other thing too is as you have life changes, as you have pay raises or job adjustments, it's okay. We want your standard of living to increase. We're not suggesting that everything has to go to savings and you have to live a miserly life now. But if you get a pay raise, why don't you figure out something where 60% can go towards investing and building for the future and building towards financial independence, and 40% can go towards lifestyle. If you can strike that balance, you will move from the two percent that you're at today, if you're the average American, to five, ten, fifteen, twenty, ultimately to twenty-five percent. And we promise you, your future self will thank you and cry.

those big sloppy tears. Let's talk about number six on these mind-blowing stats. You know, there seems to be more and more voices out there that are saying college is a ripoff, it's a scam, and I, if I can do anything in my power because I, which makes me sad because I've always said education is the way out. It was the way out for you, it was the way out for me. Somebody held the ladder where I learned and made a better version of myself through the skills and the knowledge that I was able to develop, um, high school and in college and beyond, and that's why. But it makes me so sad when I see this stat that 39% of undergraduate student loan borrowers don't complete their degree. Can you imagine? You go take on this debt, you're paying all this interest, you have these obligations that you can't get out from under, and then you have, you didn't get the degree. That just breaks my heart. Yeah, and this is the way that they

did this. They actually tracked a study of freshmen in the year 2012, and they followed up with them 5 years later in 2017 to see what happened. What they said is a lot of them delayed graduation or dropped out because of either financial reasons or lack of support. So, imagine borrowing all this money and racking up all this debt for a degree that you didn't even finish. But it actually even gets a little bit worse than that, or there's another side of this coin that's pretty bad too. You know, every year we do an annual wealth survey where we survey all of our millionaire money guy clients, and of those that went to college, we asked how many of you work in the field that you studied for. And 74% of our respondents said that, yeah, the degree I got is what I actually do for a living now. I picked a degree, and I went into that vocation. Well, when you compare that to the general public, would you believe that only 27% of Americans... This is as

measured by the new New York Federal Reserve Bank. Only 27% of Americans work in a field related to their major. So, even for the folks who went and got a degree and they achieved that accomplishment, they don't even work in a job that the degree supports, which means they likely did not attack their education the most efficient means possible, especially if they racked up student loans to pay for it. Well, even in that research, it shows that 44% regret their field of study. So, why look? I still stand by the fact that I think education can be the ladder up. It can be the opportunity to better yourself, but you better take an active role in actually doing this right because if you're just going to college as the next step because you feel like, Hey, I don't know what I'm going to do right after high school, and you're not taking an active role in figuring out what does the market need more of, what am I actually good at, are there intersection points, because I don't want you to get

to the point to where you're paying $364 'cause that's the average what the borrower has to pay for student loan debt. I don't want you paying that without knowing your why or how you can navigate this well now listen don't don't mishar us and think that we're insens insensitive or tone de because we recognize student loan debt can be a great to I mean obviously if you can pay cash for college or if you have scholarships or grants that's wonderful if you have parents that can pay but a lot of people aren't that situation a lot of people have to take on student debt in order to achieve a degree that's going to allow them to pursue the the vocation they want to pursue that in and of itself is not necessarily a bad thing however if you're going to do that you want to make sure you understand how dangerous it can be because while it can be helpful it can also be incredibly dangerous and it can be literally a ball.

and chain that you drag through the remainder of your career. So, going in the decision, you want to make sure you measure two, three, four, five times, and you just default to, Okay, well, I took student loans, and I took as much as I could, and I went to whatever school and whatever, simply because I could. Well, that's why we've even given guidance that your student loan balance should not exceed your first-year anticipated income, right? And that's why you've got to be deliberate about both your choice where you go to college, also be very deliberate about what you're going to major in in college and what you get a degree in, and then even figure out, Do I need to go to college? Now, look, I'm all for college, and I think it's very valuable, but if you know that your skill set is going to be in a trade or something, there are some of our biggest clients who actually own businesses that are trade businesses. But you just begin with the end in mind, and I feel like that's the trap that a lot of

young people are falling into is that they are not beginning with where they want to end up. They're just going along because that's what everybody else is doing, and if you're not taking that active role and being very deliberate with your decision-making, you're just not going to be in control of what the results are. And maybe you're on the other side of this. Maybe you're someone who went to college, and you got the degree, and now you have the student loans. You're trying to figure out, Well, how do I pay them off? We actually have some student loan rules to help you because we think that every dollar that you accumulate is powerful and important. You want to figure out, How can I use that dollar best? Well, you may be able to use it paying off student loan debt, but it may have a better and higher purpose for building up wealth. So, we have some rules we've built. If you're in your 20s and your student loans are above 6%, you may want to prioritize paying off those

student loans. If you're in your 30s and your student loans are above 5%, you may want to prioritize those. And once you get into your 40s, if your student loans are above 4%, you may want to prioritize those. If your student loans are lower than those numbers at those age ranges, there's a really good chance that the dollars that you're accumulating might be better served going to build towards future financial independence. And we're basing that off the equity risk premium that exists for folks who are investing in a well-diversified portfolio. So, understand where you are in your financial journey so that you can make sure you are maximizing and optimizing every dollar that you have that you can put to work for you. Mindblowing stat number seven. This one I like to call a troll treat because you throw it on the edge of the bridge and then the trolls definitely come out for it every year when we post this, and that's

why I love what we've added to this one is 80% of millionaires are first generation. Yep. Um, what I think is interesting on this one is that we've actually, you know, we have, of course, Millionaire Next Door, which we're big fans of, but then Dr. Stanley's daughter Sarah wrote the next Millionaire Next Door, and she published. I loved it because the original 80% that you hear people talk about came from Millionaire Next Door. Well, I love that Sarah actually put, and she went and did some research, and you can see she posted data, and then we've got the Ramsay data, and then we even do our own annual survey of our clients to find out how many of them inherited money and so forth. And you can see this is not something that just one source came up with. This seems to be just kind of a statistical thing that is just occurring out there, and it's always right around 80% of millionaires are first generation. Now, there is another side that that's

encouraging. I mean, 100% of guys that are hosts on the Money Guy Show are first-generation, right? Like, it's an incredibly wonderful and encouraging thing. However, there is another side of that coin that's a little bit less advantageous, right? 70% of wealth tends to be lost by the second generation, and then 90% by the third. So, it's awesome that you can build wealth as generation one, but there's also a responsibility with building that to make sure that it can last. So, a few things to think about. Number one, if you don't come from money, that's okay. Yeah, get motivated, get excited. We live in a world, and we live in a society, where you can change your outcome, and that's all right. It doesn't require being born into wealth to end up with wealth. That's takeaway number one. Takeaway number two is if you do have money, maybe you are that first generation, maybe you are someone who's been able to build wealth, don't screw up your kids. Don't fall into

that statistic where 70% is burnt through by the second generation and 90% is burnt through by the third generation. Make sure you teach your kids about money and you teach them how to spend it well and how to make wise financial decisions. Teach them the things that you used to get to be a first-generation millionaire. Oh, what I love about our content, B with money, guys, we get to see who our audience is. And fortunately, there's a lot of young people who do watch our content. And if you come from a household where maybe, you know, your parents had some success, look at this stat, and I want to kind of let it soak in and then realize, hey, you have an opportunity here. Um, don't squander it. You know, actually try to see if you can build off of what your parents have learned, what you're learning from the Money Guy Show and beyond. And let's see if we can break that 70% by the second generation, 90% by the third generation. 'Cause yes, I know this is kind of a

a part that seems like this stat just stands where it is. It has very little variation. At least be part of that 20% that does it different. Let's see if we can change the world. All right, BR, let's talk about mind-blowing money stat number eight. And this one, I don't want to say sad's the wrong word, but it's a reality, and I think it's a less than ideal reality. 40% of older Americans right now rely solely on social security for their retirement. To give you some context, the average Social Security payment in February of this year was $1,862 per month, or about $22,000 a year. So, 40% of older Americans rely solely on an average of about $22,000 a year for their retirement coming from Social Security. That is not fantastic because the unfortunate truth, Brian, is retirement can be expensive. Yeah, there's... I mean, think about the medical expenses. Um, it's estimated that the typical American in retirement is going to spend around $162,000 for medical expenses. And what

makes me sad, Bo, is that this means that people aren't getting to do almost half of Americans aren't doing things on their terms. That's right. They're having to wait for that check to come in from the government, and that's what's paying the bills. And that's great that we have this social safety net, but it's bad from the point of what decisions were made in the 20s, 30s, 40s, and 50s that could have altered this reality so you can do life a little differently. So, if you are a young person, if you are a worker, you're not yet in retirement yet, what are some things you can do? Well, the first is figure out how to own your financial future. Retirement is likely going to be expensive, and the costs of things are likely going to increase, and our life expectancy is also increasing. So, the burden of responsibility for saving for your future is falling more on you now than it ever has. There are no more pensions the way that they once were.

Social security is not going to replace income the way that it once did, so the burden falls on you. So, make sure that you own your financial future, or you're going to be one of these people whose financial future owns you. And I want you to really master deferred gratification. Another way of saying this is really lean into the discipline of the opportunity you have. If you're in your 20s and 30s, you might be looking ahead of you and going, Man, I wish I had the money that my boss, who's in their 40s or 50s, has. But what you don't recognize that you have that's so powerful is your time. You are so wealthy with your time; just don't squander that. Lean into the discipline of living on less than you make and actually letting your money work for you. Let it actually turn into wealth. If you just go through life without taking an active role, a disciplined role in your life, you're going to wake up in your 60s or 70s just

like a lot of Americans, where you're counting on Social Security, and then you fall prey to the politicians and all the other things out there instead of taking an active role in living life on your terms. I love it. You just said, Start now. So, okay, great. I love it. I want to start. What do I do? We actually have a system built that can help you figure that out. It's called the financial order of operations. If you want your free copy, you can go to moneyguide. It is a step-by-step tried-and-true process of what to do with your next dollar if you want to build towards financial independence. If you want your money to work just as hard as you do, we've given you nine steps you can walk through to make sure that you are taking the steps right now to own your financial future. And then I want you to automate the process. Make this thing inevitable. I mean, if you just can set up that, Hey, I'm going to have a few hundred a month go into this investment or this

Roth IRA every month, guys. It takes away a lot of the emotional traps and everything else. Make it automatic for the people and make your wealth-building journey inevitable. I love you. Speaking of an inevitable wealth-building journey, let's speak about a reality for those who have built wealth. This is my mind-blowing money stat number nine: most people don't become millionaires until age 49. And you can't see it written on the screen, but it says, Despite what Instagram and TikTok and Facebook and all the social medias would tell you, most folks don't get there until they get to age 49, which means it took some time, and it took some effort, and it had to be a deliberate process. It was not something that happened overnight. Yeah, and it's typically the journey of 28 years. I mean, I've got um, we, I did a quick highlight that's going out soon where I show that yes, somebody who's trying to get to their first $100,000, depending upon what rate of return you use, it's going to take

between 7 to 9 years likely when you're starting a journey. But if you can do this and understand the power of compounding growth and the wealth multiplier effect, know that that growth from 500 to a million is in a shorter period of time than it took to get to the first 100,000. But don't let somebody out there on social media distract you to where those dollars to get the journey started get trapped into online sports gambling or trapped into going to the latest greatest trend that somebody's selling you into. Realize that you can make this an inevitable wealth-building process if you just make it automatic. Don't get distracted. I love that you said that. And in addition to not getting distracted, give yourself, give your portfolio time to grow. If you don't start saving, if you don't start putting it to work, you're not starting the clock for the dollars beginning to build. The very best time to start saving for your future was yesterday. That means that the second-best time to start saving is today. So give it time to grow. Let your

money do what it does, and I assure you in the future, look back, your mind will be blown at what you were able to accomplish, which is the perfect segue into mind-blowing money stat number 10. This is number 10 to close it out. This is, I'll call it a love letter or a chef's kiss to, you know, just the power of compounding growth. By the time you retire, there's a good chance 92% of your portfolio is likely from growth. It's unbelievable. I mean, we have a slide to kind of show you how this works. I think a lot of people, you see the goal of, Hey, I want to have a million. I want to have 2 million, 3 million, whatever your goal is. You're like, How in the world? If you just divided that by the number of years to work, you're like, How am I ever going to get there? Here's the good news. If 90% of it is coming from the growth, it just means you just have to get that Pebble that

little Pebble rolling down the hill and let it grow upon itself because Bo welcome through how this kind of builds upon itself. It's not linear like we all think as humans; it's exponential. Let's assume when you invest, you can earn 10% on average, and let's assume that you're gonna save the same exact dollar amount every month. In the illustration, it's $500, but you can pick any dollar amount every month. I'm going to save the exact same amount of money. Well, after five years of consistently saving month after month of your total portfolio, about 23% would be growth. Okay, that's exciting, that's cool, that's awesome, but you've done a lot of the hard work. Yeah, 80% is you, 80% is you. By the time you get to years, though, 40% of the portfolio grows. So, okay, you've still done, you've worked harder than your money. You did 60%, the portfolio did 40%. You get to 20 years now, 68% of the portfolio's growth by the

time you get to 30 years, 84% of the portfolio is grown. By the time you get to a 40-year full working career, even though you only save the same exact dollar amount every single month consistently, because you gave it time and because you let your money work for you, 92.2% of the account value is representative of money that grew on top of itself. Growth in the portfolio only 8% is the money that you had to save. If you can give it enough time, your money can work way harder than you can, but you got to start somewhere, you got to start soon, and you got to give it time to do it. Yeah, I think when we show this stat to people, like wow, that's pretty amazing. It's almost like a magic trick to watch that, and a lot immediately you're like, well, what's my number? You know, if because you showed this for these different, so even if you go to money.com resources, we of course have the wealth multiplier. It shows it in

five-year increments, but do better than that. We actually, you can go to money.com/resources, not only download that resource, but we actually have a tool that lets you right there in the hub where you can play around and type in on the calculator what your age is when you think, and it lets you see how that money can grow. Don't sleep on this. This is one of those fundamental things. Once you understand what money can become and the power of those small incremental decisions, you're changed forever. I mean, that is how my journey started, that's how your journey started, and I want to just invite you also on this journey to walk the path of letting your money work harder than you can with your back, your brain, and even your hands. That's why we're going to keep loading you up. Go to money.com/resources to get our free stuff, and if you got to the point where you're just complications are just knocking on the door, you're like, I thought this. I used to think my financial life was so simple, but now it

seems like it's so complex. Take the relationship to the next level. That's why the abundance cycle works. We love on you, give you tons of free information, tons of free tools, but once you reach a level of success, we're going to be there waiting for you. We're going to leave the porch light on so you can come become a client, and we'll help you continue to maximize it. I'm your host, Brian Preston, Bo Hansen, Money Got Team out.

Top 10 Mind-Blowing Money Stats (2024 Edition)

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