[Music] All right, we are going to go on to Danny's question next. Are you ready to dive back into some personal finance? Oh yeah, we're answering questions today. Got it. All right. Danny says, I'm 25 and I make $60,000 a year. I'm on step five of the financial order of operations, but I'm already hitting the 25% investing, which is awesome. Why? Where do I go next? Am I okay to stop here? Interesting question. Thoughts for Danny? Yes. So we have a lot of people that do this, right? They say, Hey, based on my income, I did the math and I did my, you know, 25% calculation. And by the time that I get my employer match, step two, and then I max out a Roth IRA, and maybe if I'm married, I max out a spouse Roth IRA, maybe I have access to an HSA. I do the HSA. I have exhausted all 25%. And you know what we say to that? That's awesome. Good, good, good, good, good, good. Now the

question is, does that change? Because when I hear Danny ask that question, 25 years old, that is so young, with so much time, with so much opportunity ahead. I think that that sounds great. Now, as Danny gets older, as he approaches 35, or 40, or 45, what are some things that he might need to be thinking that would potentially cause a shift in how he's doing that? Well, let me give the technical answer, but then I want to get to what I think you're hitting on. Is that Danny technically is part of the financial W of operations. If you were reading the instruction manual itself, Millionaire Mission, that comes out next Tuesday, I lay out that you can actually graduate past step six by reaching the 25%, which you're at now. What B is, so you can move on to step seven, even step eight with that 25% savings and investment rate. But what Bo is alluding to is you're at the early part of your journey where at age 25, if you

went to money.com resources and looked at your wealth multiplier. It's going to be huge. So I always say if that's the case, should you stop now? If you're living a miserly life, you're not actually enjoying life because every money, all your money, is going towards investing. Definitely come off of that accelerator gas pedal. But um, I would encourage you to go to learn.money.com. We actually have a Know Your Number course. And I just want to make sure, 'cause maybe if you're part of the FIRE, SL, fine movement and you think you're going to leave the workforce in your 50s, your goal is different than somebody who thinks are going to work until 65. So you have to begin with the end in mind. And that's why I love the Know Your Number course, because it's going to allow you to use the tool to, you know, put in when you want to retire, put in what your savings rate impacts, what is inflation impact, what is your rate of return impact, and pull all those.

levers. So you can find out if you're ahead of the curve, if you're behind the curve, or right where you need to be. And that's going to be really the determining factor is if you stay right in that sweet spot of 25%. Or if you need to kind of put a little more pressure on yourself because you're leaving the workforce early or you have some other personal goal that's going to put more of that obligation or more of that planning on you to save and invest even more. Man, 25 years old, saving 25%. That's awesome. That's so inspiring because as we even covered on setting up this show, just so little goes so far on just because the power of your wealth multiplies. And that's why anybody who's watching this, if you're young and you want to get motivated, go to money.com resources and play around with that wealth multiplier tool we have there because it will blow your mind on what your money can become.

I'm 25 Making $60,000/Year and Investing 25% (What's Next?)

Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.

Subscribe today to stay up to date with our latest episodes, livestreams, and highlight videos: https://www.youtube.com/c/MoneyGuyShow?sub_confirmation=1

Are you ready to go beyond common sense when it comes to your money? Check out all the free resources The Money Guy Show provides: https://moneyguy.com/resources/



I'm 25 Making $60,000/Year and Investing 25% (What's Next?)

I'm 25 Making $60,000/Year and Investing 25% (What's Next?)

Scripts