The Personal Finance Podcast - How Much Income Do You Need to Be Considered Rich? (By Age!)

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Starting point is 00:00:56 Find your advisor at IG Private Wealth.com. On this episode of the personal finance podcast, we're going to talk about how much income do you need to be rich by age. What's up, everybody, and welcome to the personal finance podcast. I'm your host, Andrew, founder of mastermoney.com. And today on the personal finance podcast, we're going to be talking about how much income do you need to be rich by age. If you guys have any questions, make sure you hit us up on Instagram or TikTok at Master. Money Co and follow us on Spotify, Apple Podcasts, or whatever podcast player you are listening to this podcast to on right now. And if you're getting value out of the show, make sure you leave a

Starting point is 00:01:56 five star rating and review on Apple Podcasts or Spotify. I can't thank you guys enough for leaving those ratings and reviews. I read every single one of them and they truly do help us out in growing this show so that we can teach as many people as possible how they too can build wealth. Now, also, we have a bunch of new videos coming out on YouTube on the Master Money YouTube channel. You can just put Master Money on YouTube on YouTube and you'll find us very quickly. Or if you want to watch this podcast as we're recording it, you can watch it on the Personal Finance podcast YouTube channel as well. We are working really hard to improve those YouTube videos. Really excited for you guys to check those out on the Master Money YouTube channel and have a bunch of them coming out every single week. So make sure you

Starting point is 00:02:36 you check those out. And also, index fund pro members. If you don't know what Index Fund Pro is, it is our course where we teach you how to invest in index funds and ETFs and walk you through it step by step from point A to point B, it's our investing for beginners course as well. We have an investing for a beginner section in there and a bunch of other stuff. We are adding index fund and ETF breakdowns into the course. So I'm going to go into each individual index fund for Vanguard funds, for Fidelity funds, and we're going to do some Schwab funds as well. In addition, we're going to do ETFs and do full on breakdown videos of each one,

Starting point is 00:03:07 why I like them, why I don't like them, all the details about each fund so that you can make the best selection for you. So if you're a member of Index Fund Pro, make sure you're looking at those because they are coming out every single week here as we start to add some of those in there. We're using a tool called Y charts to show you some of those things. So if you're interested in Y charts, we'll link it up down below. But Y charts is one of the best ways to kind of look at some of this data. But you can also do this with Morning Star. You can do with some other tools as well.

Starting point is 00:03:33 Now, today we're going to be talking about the top level income spy age. Now, why are we talking about this? Well, originally this was inspired by Nick Majuli, who has been on this podcast, one of my favorite writers over at Dollars in Data. he wrote an amazing post on what is considered rich. And you can go to dollars and data.com slash what is considered rich. And you'll be able to read that article. We'll link it up down below as well because it's a fantastic article. But all this data came from that specific blog post.

Starting point is 00:03:58 And he went through and said, what is considered rich and kind of went through all these progressions within that article? It's an absolutely fantastic read. And the reason why we want to talk about this as well is because I think this is a really, really important topic for a lot of people to understand. and not because you have to achieve this, because you do not have to achieve any of these levels to become financially independent.

Starting point is 00:04:16 That's what this podcast is here to show you is that we believe anybody in this world can build wealth, no matter what your income is, you just have to live on less than you make. And if you live on less than you make and you take some extra dollars and you put those dollars towards your financial future, you can build a massive amount of wealth,

Starting point is 00:04:32 especially if you have a long time frame. But if you want to get there faster, you can accelerate your income and potentially getting there 10, 15, 20 years, in advance is going to give you so much more freedom in your life where you can do whatever you want with your life. And there's a bunch of different ways that you can get to this point, but we're going to talk through some of these income levels by age. So first I'm going to give you the top 10% by age, then I'll give you the top 5% by age. Then we're going to go through the top 1%

Starting point is 00:04:58 by age as well. And these are very difficult to attain in some situation. So you're going to look through these and say, I'm never going to be able to get to that point. Well, that doesn't matter. What you want to do is say, hey, can I get to that top 10%? Well, if I can't get to the top 10% how can I get close enough so that I can retire earlier, have that freedom, have that financial independence that I so desperately love to have. Now, your income is the catapult to building wealth. It is the way to get yourself to the next level because as your income grows, you can take that extra income and add it as fuel to the fire. And once you add that income as fuel to the fire, all of a sudden your money starts to compound. The more dollars that you put into these investments,

Starting point is 00:05:37 the faster your money can compound over time. And you'll see this money grow so. incredibly fast. So I absolutely love this for people learning how to invest their dollars. If you cannot cut back anymore, this is one thing I want you to understand is if you cannot cut back your expenses anymore, then what you want to do is increase your income. This is the way that you're going to get to that next level. So understanding this early, understanding that you need to find ways to increase your income is going to really change your outlook when it comes to wealth building. You want to increase your income for a number of reasons. And one of which is so that you can retire sooner. You can

Starting point is 00:06:11 take those extra dollars and you can buy your freedom, putting those dollars towards your freedom, which means investing them so that they can grow on their own. You can make money while you sleep. Then you can take those extra dollars and reinvest them and all of a sudden that snowball compounds. The second reason is because it reduces your stress and anxiety. As long as your lifestyle doesn't inflate with your income all the way up, as long as you are spending less than you make, your anxiety, your stress is going to be reduced around money. And that's what we want you to have here at the personal finance podcast and at master money is we want reduced stress, reduced anxiety with money because too many people in this world are stressed about money. So if you understand

Starting point is 00:06:49 how money works, you can increase your income, take that extra income and reduce that stress surrounding money because you can put it in places like your emergency fund where then the money is just there if something happens in life. You already have the money in place. You don't have to worry about it. You don't have to stress if your car breaks down. The money's just there. If your house has an issue, a leaky roof or your toilet explodes, the money is just there. You don't have to worry about it whatsoever. It reminds me of that song, I don't know when it was from, the 80s or the 90s, where it said, whoop, there it is.

Starting point is 00:07:22 Well, you could think of this as, oops, there it is. Oops, something happened in life. There's my money. It's right there for me sitting there waiting for me as well. In addition, the third reason is it helps you build generational wealth for your family. Now, what is generational wealth? generational wealth is that you can build up enough wealth that helps you and your family live on that wealth for a very long time frame. But in addition, you may want to give some of that wealth to your children or if you don't want to give it to your children, some people don't.

Starting point is 00:07:48 Then you can give it to the causes you believe in as well in building out this generational wealth over time. And that's what the fourth thing is. It helps you give back to causes you believe in. Imagine if every single person in this world focus on increasing their income or at least building wealth and they gave back to the causes you believe in. Because putting your dollars towards the things that you believe in is what's going to. going to actually help those causes move forward. Money makes the world go around, whether we like it or not. A lot of people don't like that. But money is something that really can help those causes you believe in. For example, there's a bunch of different causes that you can look at. Maybe you go to your local church, or maybe there's other causes that you believe in that you want to give to as well. Some causes

Starting point is 00:08:23 that I love are the Tim Tebow Foundation, which focuses on child trafficking or people that are being trafficked, human trafficking, and goes into some really dark areas and pulls people out of some terrible situations. That's one amazing foundation that I'm interested in. Another one is charity water, which provides clean drinking water to a lot of places that do not have clean drinking water. And there's so many different other causes out there that you can look into. So if there's some that you're interested in, putting your dollars towards those causes is going to make a major impact over time. And the last one is it creates opportunity and stability for your family. If your family has struggled for a long time, they have not been good with money throughout their

Starting point is 00:09:00 entire history. What if you are the very first person that's able to change that trajectory? You can do this by just having this small financial education and taking action. 90% of this is action. 10% of it is actually what you know. So once you know this stuff and you start to take action on your financial plan, who knows how high you can actually set and achieve some of these goals. I mean, you can achieve anything as long as you have a plan in place and step by step on how you're going to get there. That is what a lot of people need to look at as they get to this point is they can create stability for their family. If your family has struggled for so very long, you could break that chain. And that is one of the cool things about increasing your income as well. And one of the

Starting point is 00:09:39 major reasons why I love talking about this is because increasing your income can really change the way that generations operate. Because as long as you are teaching them the things that you know, in addition to taking action on some of this stuff, everything could change for you as well. Now, this is why we're talking about this stuff because it really does make lifelong lasting impacts on people's lives. So this is something where we're going to go through these by ages. People love to compare their incomes to the top level incomes and things like that. Do not let this get you down. Do not let this break you down. Instead, use this as motivation. Use this as an uplifting thing to kind of think through and say, hey, where am I? Can I get close to some of these levels or can I get close to maybe

Starting point is 00:10:16 I'm in the top 20 percent? So you can kind of think through this and say, where do I land? Now, some people are also going to argue about location dependence. We will talk about that as well later. Does your location matter? Or what actually truly matters on how you feel rich? Rich is on. only you making a lot of income. What we really want to be is wealthy. And wealthy as people who really don't have to work for an income instead, their money already is working for them. So understanding the difference, we have an episode talking deep diving into what the difference actually is. So if you haven't heard that episode, it's called Rich versus Wealthy. But at the same time, we want to get to the point where we earn enough income so that we can build that wealth. So if that's

Starting point is 00:10:52 something you're into, let's get into it. So first, we're going to dive into the top income levels in the United States first, then we're going to go through it by age. So let's look at some of the top income levels for the top 10%, then we're going to look at the top 5% and then the top 1%. So the top 10% income levels across the board in the United States is $191,406. Now, some people, this may sound like a ton of money way out of the range of where you are, and some people it may sound like it's kind of close to where you are. So if you're in the top 10%, that's where you would be.

Starting point is 00:11:26 The top 5% is much more difficult to attain. It's at $290,164. And then the top 1% is very difficult for a lot of people to attain because we're getting close to a million dollars a year here. It's $867,436. So when you get to some of these levels, maybe you get in the top 10% and that's your goal. A lot of people in a lot of specific areas can live very, very nice lives

Starting point is 00:11:53 within that top 10% range. And so it depends on really, where you want to be and what your financial goals are. Now, if you think through, well, why do I want this income? Why do I want to have this higher income? Well, maybe it's so you can have financial freedom and you know what your retirement number is. So if you take how much money you want to spend every single year in retirement and you multiply that by 25, that's how much money you have to have in order to be able to retire, invested. The key word there is investing. That's based on the 4% rule. So you can look at something like if you have $100,000 per year that you want to spend in

Starting point is 00:12:25 retirement and you're going to need $2.5 million invested in order for you to get to that point. So maybe your why on increasing your income is getting to the point where you can get to that $2.5 million so you don't have to work anymore. And so that is what we can do here as we set these goals. And so maybe increasing you're into them into that top 10% is going to allow you to get there so much faster. Or maybe you want to be in the top 5%. And you have a business and you want to to grow that business. Or you want to be the top 1% really accelerate your business and grow your business over time. Those are some of the things that you can really look at and really see. how can I accelerate my wealth?

Starting point is 00:12:57 So let's look at the 20s. What do people in their 20s? How much do they make in the top 10%? How much do they make in the top 5%? And how much did they make in the top 1%. Well, your 20s are a time where you want to be focusing on yourself and increasing your income. And the way that you do that is you want to spend your dollars truly on yourself because the best investment you can make in your 20s is on yourself.

Starting point is 00:13:20 What do I mean by that? Meaning investing your dollars into things like books is the cheap. way to do this where you can learn as much as you possibly can so that you can accelerate your path to getting to the next level courses or another fantastic way to do this where you can increase your earnability so that you can learn how to get to the next level maybe certifications within whatever you were working in say for example you're a nurse and you want to become a nurse practitioner where you can make more money well that would be a good investment into yourself to allow you to make more money and the return on investment is going to be very high or maybe you're someone like a video

Starting point is 00:13:50 editor and you want to start a video editing company but you really need to refine your skills Well, investing in some courses that are going to help you get to that next level so you can make the best videos in the world is going to be a very good investment for you because you can make so much more money by investing those dollars into yourself than you can by investing it into something like the market, for example. So in your 20s, you want to invest a portion of your dollars into yourself so that you can grow, so that your career can grow and so that you can build more wealth. In addition, you want to learn how to negotiate your salary. We have a free e-book that we offer to you. It's always in the show notes down below where you can learn how to negotiate your salary. where you have a step-by-step process on exactly how to do that. Side hustles are another great way.

Starting point is 00:14:26 That's what I utilize with side hustles so that I could get my income to that next level, especially when I was in my early 20s. These are all amazing ways that you can get to that next level, but you definitely want to focus on increasing your income in your 20s because this is the springboard to get you throughout the rest of your life as well. And then you want to use that extra income to buy assets. So when your income increases, you want to make sure you don't increase your lifestyle with it. Instead, you want to take that extra income, put it into,

Starting point is 00:14:52 assets like index funds and ETFs like real estate you can buy small businesses there's a bunch of fantastic options out there but this is why you want to take those extra dollars and put it into the right places now the top 10% if you're in the age range of 20 to 24 if you want to make in the top 10% range it is 71,268 dollars from the age of 20 to the age of 24 now if you want to be the top 5% it's 86,540 and if you want to be in the top 1% you want to be in the top 1% it's $149,663. Now, if you're between the ages of 20 and 24 and you do not make that much money, guess how much I made during those ages. I was making $30,000 a year at my first job. So if you are stressed or worried because you're not close to $71,268 to be in the top 10%. Guess what? Most people your age are not getting that point. That's why it's the top 10% and it's not the top 50, 60, 70%. So do not worry if you are not close to that level. Now, from age of age, 25,000, to 29, the top 10% is $105,884. So between 25 and 29 to being the top 10%, you already got to be making six figures during those age ranges. Top 5% is $134,392. And the top 1% is $205,660.

Starting point is 00:16:14 These are incredible numbers for a lot of people within that age range. And maybe, you know, if you're 25 to 29, you're getting to the point where maybe you're an attorney and you're accelerating your path. Maybe you finish residency and you started residency early within your career path. If you want to be a physician or something along those lines or you have a business that does really well or you make a lot of money in sales. There's a bunch of different options on how you can get to that point. But at the same time, just understanding that as you grow your income, if you want to be the top 1% within that age range, it's $205,660. Now let me tell you, most people between the ages of 25 and 29 are not making that. That's why it's the top 1% that

Starting point is 00:16:51 that are making that income. Now, let's jump in to the 30s and see how much folks in the 30s are making. So lately, I've been noticing how fast things are changing at home. The kids are growing like crazy, clothes don't fit anymore, and routines are changing. And it just hits you. Life is expanding. And when your life grows, your responsibility grows with it. That's something I've been thinking about more this spring, making sure the safety net we have in place actually matches the life that we're building. And that's where PolicyGenius comes in. PolicyGenius is an insurance company. They're an online marketplace that helps you compare life insurance quotes from some of the top insurers in America, all in one place for free. And their licensed team works for you, not the insurance companies.

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Starting point is 00:19:11 are getting married to your partner. Maybe you are having kids in your 30s. You could be having kids in your 20s too, obviously, but maybe you're having kids in your 30s. A lot of people start to have kids nowadays within their 30s where expenses are going to rise. Maybe you're buying your forever home in your 30s or you're buying your first house in your 30s. And so your expenses may rise when you buy that house. A lot of things are changing. But what you have to focus on in your 30s is that lifestyle inflation number. Because as your income rises, it is very tempting to make your expenses rises all the way up with your income. But it's very normal to have lifestyle inflation. But at the same time, you want to make sure that you are saving a larger portion every single time you get a raise.

Starting point is 00:19:49 Because your 30s, your income is going to accelerate. It is going to increase in your 30s, especially if you are doing some of the stuff we're talking about in your 20s, then your career is going to advance and you are going to have more income in your 30. So you want to take that income, put it towards those assets, put it towards retirement, put it towards your future, put it towards cash flow so that you can cash flow your lifestyle and get more money coming. to your life. This is exactly how you can really accelerate your path, but lifestyle inflation can truly get in the way, especially when life changes. When you get used to the life changes, you spend more money. And that is what you really, really got to watch out for and really,

Starting point is 00:20:25 really monitor as you get into your 30. So if you're between ages 30 to 34, which is the age that I'm in, I'm between ages 30 to 34, this is where you are going to see the top 10%. We're going to go through the top 5% and the top 1%. So the top 10% from age range 30 to 34 is $146,609. If you're in the top 5%, it's $17,1. And if you're in the top 1%, it's $254,529. So the jump between 30 to 34 to 34 to be in the top 1% is about $50,000. So it's something where you can look at these numbers and see, okay, so every couple of a year, I need to be increasing my income, $10,000 to get to that next point as we start to progress here. But then it really jumps between 35 and 39, as you're going to see. So the top 10 percent between ages 35 to 39 is $185,297. The top 5 percent is $247,403. And the top 1% is

Starting point is 00:21:30 $4,664. And this is a point where I think between 35 and 39, a lot of careers really start to accelerate. People have the hang of what their jobs are or what the career path is and they know how to play the corporate game. You know, if you're in a different type of job, you're advancing deformant or something like that. So you can really start to see your income increase between those ages. And that is the point in time where businesses may start to accelerate. You can see a lot of people who have large businesses. That's probably around the age range they are into their early 40s. And so this is where incomes really start to accelerate. So let's look at the 40s and see what's happening in the 40s. Now your 40s, you really need to be.

Starting point is 00:22:08 investing your dollars. If you haven't started investing yet, you need to at least invest 25% of your income in your 40s, if not more. But you want to be raising that number as you progress over time. Now, if you want to be financially independent in, say, less than 20 years, and you haven't started investing yet, you need to save 50% of your income to get to that point. And we've had episodes on that as well if you want to check that out. But if you only save 10% of your income, for example, you're going to have to work for 50 years. So you've got to make sure that you are increasing that amount that you are investing over time so that you can get to financial independence that much earlier. Also, in your 40s, you want to make sure that you have your estate planning

Starting point is 00:22:42 getting put into place. You have everything that's protecting your finances in place because you don't want to have a financial mishap in your 40s. So you want to protect your finances and have your financial protection plan in place as you do this so that you can protect this income that you're working so hard to grow and you can put those extra dollars into those investments. So we have an entire episode talking about how to put together your bulletproof financial plan. So we'll link that up down below as well in the show notes so that you can check that out. It is one of my favorite episodes because it helps you protect your money when life happens because oops, there it is. You're already going to have the money there when you have that financial protection plan

Starting point is 00:23:17 available and you're not going to have any mishaps that are going to slow you down. Now, from age 40 to 44 is $238,000 if you want to be in the top 10%. If you want to be in the top 5%, it's $326,816. And if you want to be in the top 1%, this is a whopping $767,661. As you can see, as you progress through these ages, it's much harder to get to that top 1% level because it really starts to accelerate when your income gets to that point. Now, most people are not even close to these levels in their 40s or the 30s or their 50s or the 20s.

Starting point is 00:23:55 I do not want you to get discouraged because you're not at these levels. What I want you to look at here is how can I get closer to these levels? levels, how can I increase my income, maybe model after some of the folks that actually got to this level so that I can see what did they do? What is the framework to get to this point? Because the closer you get to this point, the faster you can retire. The next one, age 45 to 49 is $275,503 for the top 10%, 383,830 for the top 5%, and 1.211 million for the top 1%. And that's from 40 to 49. Now, let's jump into the 50s and see what you have to do in the 50s. Now, the 50s, you need to be investing your money.

Starting point is 00:24:37 If you haven't started investing yet, you really need to get on it. You need to really increase the amount that you're investing. You have to have that estate playing in place. You have to have the financial protection plan in place. And make sure you're also taking advantage of catch-up contributions to things like the IRA, the Roth IRA, your 401k. You can contribute to those. So those are all things that you want to be looking at in your 50s as you want to grow your income. From age 50 to age 54, the top 1% is.

Starting point is 00:25:00 $240,276. If you want to be in the top 5%, it's $430,664. And if you want to be in the top 1%, it's $1.425 million. Now, let's look from 55 to 59. If you want to be in the top 1% from age 55 to 59, it's $271,837, which is actually down from 45 to 49. If you want to go from the top 5%, it's $458,153, which is actually up from 45 to 49. So it's interesting. As you get closer to the higher income levels, it went up on the top 5%. Then when you go back to the top 1%, it actually goes down a little bit from $1.201 million dollars if we're going to the top 1% from age 55 to 59. And then we can look at the 60s just for fun as well. A lot of people are looking to retire by their late 50s, early 60s, but we can go through these numbers to see what the highest income earned.

Starting point is 00:25:58 are a lot of folks who are working in their 60s with these high income levels probably own a business or they have a bunch of investments that are producing some of this income for them as well. And so that is where a lot of this probably is coming from. From age 60 to 64, it's $219,913 to be in the top 10%. If we're being in the top 5%, it's $399,102. And the top 1% is $1.15 million. And from 65 to 69, it's 196,490. $7, top 5% is $259,620, and top 1% is $1.09 million, basically $1.1 million is rounded up.

Starting point is 00:26:39 So these are the top 10%, 5% and 1% income levels depending on your age. Now, with all of these ages, like we talked about earlier, you have to live on less than you make, you have to invest the difference. And during that time frame, you just want to grow that gap so that you can retire so much faster. If you're in your early 20s listening to this and you want to retire at age 40, it is easily attainable if you can increase your income. Take that income and put it towards your wealth building abilities. If you're in the 30s, you want to retire in your 40s, you can definitely do that. You increase your income, take the extra income, put it towards investments.

Starting point is 00:27:11 It's a very simple thing to say. It is much harder to put into practice because growing your income is sometimes difficult. If you're not good at growing your income and it is a skill, by the way, this is a skill that you can develop and learn over time. Reading helps, courses help, all these different things will help you grow your income over time, but you have to understand how to do this and build up this skill, build up this muscle because it is a skill that you can really, truly develop. Now, one interesting data point that was in the article that Nick pointed out here was that he looked at age and education levels as well.

Starting point is 00:27:43 And when you look at age and education level, it actually did not matter, but it's interesting because you can look at how incomes rise based on how old you are and really the vast majority of the rise is only with folks who have college educations, which is very interesting. So what you look at is if you want to see a massive discrepancy in how much more income you can make as you age and as your age progresses, the vast majority were college educated folks who had the big jumps in income as they progressed over time. Now, one thing we want to note here, though, is that you have to do what's best for you when it comes to those education levels.

Starting point is 00:28:21 And we've had a couple of episodes where we've kind of talked through some of this stuff. But at the same time, you can grow a business. If you don't have an education, there's other things that you can do. You can start side hustles and really grow your income that way. There are ways that you can do this.

Starting point is 00:28:32 But the highest discrepancy on average was folks who had that college degree, they had the highest income rises, especially between their 40s and their 50s, which is very interesting as well. And you can see Nick has some great graphs on that inside of that article. Now, here's the key thing I want you to know

Starting point is 00:28:47 before we wrap up this episode. is that being rich is not a number. Being rich is not something that you really need to get after and attain. Being rich is having enough. Enough is the number where you're going to feel rich because once you have enough money and once you hit your enough number and know what enough is and you're content and with what you're doing, you're richer than the multimillionaire who's trying to become a billionaire and is never going to achieve it.

Starting point is 00:29:12 They're going to be miserable for the rest of their life because all they're doing is working and they're doing everything they can to try to get to that point and they're not getting to that point. being rich is finding enough. And if you can find enough, you are going to be much more wealthy than the next person who may have more money than you,

Starting point is 00:29:27 but they don't have as much fulfillment as you. So looking at this, this is really a way for you to say, hey, do I want to get to some of those income levels? Or am I happy with having the income level I'm at now, at the job I'm at now, I'm enjoying my job, I enjoy where I am, then maybe I don't need to get to those income levels.

Starting point is 00:29:44 I can continue this job and enjoy my life. Enjoy spending time with my family. enjoy taking long walks on the weekends and spending time doing what I love. What is your interests? How much is enough for you? This is the key here. You want to figure out what those numbers are because those numbers, once you know them, are completely life-changing.

Starting point is 00:30:03 And sure, your plan may adjust over time. My plan has definitely adjusted over time. Once I had kids, my entire financial independence plan was turned around on its head because there's a bunch of different things that my eyes opened up to that I wanted to change and accelerate over time. But your plan may change. But figuring out what enough is is one of the most freeing things that you can have. And that's why I encourage every single person here to do is to figure out what is your enough number.

Starting point is 00:30:28 Now, we showed you how to do the math earlier on the 4% rule where you can figure out what your enough number is. If you know how much money you want to spend in retirement, figuring out what that enough number is. And then increasing your income to the level you think that is fast enough where you can get there is exactly what you want to do. And that's why we want to go through this exercises. so you can figure out how much do I need. How can I get to that point so that I can really accelerate that path to get to that point?

Starting point is 00:30:52 Listen, if you guys have any questions, make sure you hit us up on Instagram or TikTok at Master Money Co. And don't forget to follow us on Spotify, Apple Podcasts, or whatever podcast player you're listening on right now. And if you have any questions, and if you're getting value out of these episodes, please share it with a friend,

Starting point is 00:31:06 leave that five-star rating and review on Spotify or Apple Podcast. I cannot thank you guys enough for leaving those ratings and reviews as well. And if you're interested in learning how to invest, we have Index Fund Pro for you. It is available for you. So we will link that up down below as well. That is our step-by-step guide on learning how to invest. So incredibly excited for you guys to build wealth this year.

Starting point is 00:31:28 We are all going to get to the next level in our wealth building. And I'm really, really excited to share that with you. We have so much plan for you this year. And I can't thank you guys enough. I appreciate each and every one of you. I hope you guys enjoyed this episode. And we will see you on the next episode. Rose-in lasagna, medium power, 15 minutes.

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The Personal Finance Podcast - How Much Income Do You Need to Be Considered Rich? (By Age!)

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