The Personal Finance Podcast - What You Should Do With Your Money By Age (Accelerate Your Wealth!)

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Starting point is 00:01:24 What's up, everybody? Welcome to the podcast. I'm your host, Andrew, founder of Master Money. And today on the Personal Finance podcast, we're going to talk about the best ways to build wealth by age. If you have any questions about this episode, hit me up on Instagram at Master Money Code. That's Master Money CO. And follow us on Spotify, Apple Podcasts, or whatever podcast player you love listening to this podcast. If you want to help out the show, leave a five-star rating and review on Apple Podcasts.

Starting point is 00:01:59 And don't forget to check us out on YouTube as well. We're Master Money over on YouTube where we release a bunch of fresh content over on YouTube as well. So today, what I want to do is talk through some of the things that you should be doing to build generational wealth by age. Because what a lot of people do is they potentially can start focusing on the wrong things based on their age. So I want to give you a compilation of a few things that you can look into based on your age. And one of the biggest things that we're going to talk about here today is what you

Starting point is 00:02:34 should be doing based on your age. But this is not going to encompass everything that you should be doing based on age. Otherwise, we'd be here for hours and hours and hours. but I'm going to give you the big picture items that you guys should be focusing on, the things that you can look into more, and if you're not doing some of these things and you're in that age range,

Starting point is 00:02:52 then you're going to be able to take some of this information and go out and apply it. Because what's happening is once you get this information and you're not doing it and you don't go out and apply it, then you're never going to get ahead financially. Because you can listen to me all day long, but applying the information that you learn when you're listening to podcasts,

Starting point is 00:03:12 or you're reading books or whatever else it is is the biggest factor to determine how much wealth you can actually build. This is how you build tremendous wealth is taking action. So understanding that going in is going to be a huge benefit for you guys. Now, as we talk through these options,

Starting point is 00:03:29 if you're in this age range or you started late, maybe you started extremely late, I would check out the podcast episode where we talk about what to do if you started investing late because guess what? It's never over. and you can start at any age and build wealth at any age. Now, do you have to work a lot harder than someone who started building wealth at the age of 18 or 20?

Starting point is 00:03:51 If you're in your 40s? Absolutely you do. But you can still build tremendous wealth even if you started saving money, investing money, and catching on to building wealth late. See, the best time to start building wealth was obviously 10 years ago. But the second best time is now. In understanding that, taking advantage of the time that you have left, the amount of time that you have to implement some of these strategies is going to be a tremendous

Starting point is 00:04:15 benefit to you. And know this, the younger you start building wealth, the easier it's going to get. So starting as early as possible, and if you haven't started, then starting today is going to change your life forever. Because once you get these habits down, you put together a financial plan and you start implementing it and doing it every single day, you're going to be unstoppable, my friend, because this is why we do it. We want to build generational wealth for our families.

Starting point is 00:04:41 We want to build generational wealth for multiple generations to come. And so making sure we're doing the right things as the decades progress in our life is something that can really change your family's life. So without further ado, let's get into it. So the first one we're going to talk about is your 20s. And your 20s are one of the most important times for you to build generational wealth. Because if you start in your 20s, you're going to be setting yourself up for life. I don't care if you're 20, 21, 25, 27.

Starting point is 00:05:14 If you start in your 20s, you can set yourself up for life. And if you build the right habits and establish a solid foundation, a solid financial foundation, you're going to be rolling down the line. Because here's what you have to understand is time is on your side. And time is your most valuable asset. The longer the time horizon is that you have, the more you can allow compound interest to start working for you. And once compound interest is working for you, you're going to start building up this snowball.

Starting point is 00:05:44 And the snowball is going to grow over time until it is so big that it's going to spit off enough cash where you don't have to work anymore. So the sooner you start, the sooner you can get to your retirement age and hit your retirement goals so that you can either retire and chill out and live on a beach all day long if you want to

Starting point is 00:06:01 or pursue work that matters to you or go after your dreams. And the 20s is where you can really start to establish this. There's a lot of people out there, people like Mr. Money Mustache, and you can look at a bunch of other people just like that that started to save really early on in their early 20s, and they retired in their early 30s or at 30s. This is a phenomenal feat that the fire movement has brought to the forefront, and this is something that anybody can do. But establishing a financial baseline, even if you like your job or you don't want to retire early, is so incredibly important because you can have a multi-million dollar net worth by the time you retire if you start in your 20s. and you could do it on any age, but starting at your 20s is so much easier.

Starting point is 00:06:41 See, understanding why time is so important is one of the biggest impacts that you can understand because you're building the base to your financial house. And if you're in your early 20s, studies have shown that every single dollar invested is worth over $80 by the time you turn 65. So if you're in your early 20s, every dollar you pay is worth over $80 by the time you turn $60.

Starting point is 00:07:06 and that's if you get a 10% return. Well, the S&P 500 has returned 10% historically since 1929. So this is where those returns are coming from. So think about this for a second. Every single dollar, if you're in your early 20s, that you invest, is going to be worth over $80. So every $5 you spend is going to be worth over $400. So if you go out and you buy a $5 beer,

Starting point is 00:07:34 that's a $400 beer if you invest. of that money instead. This is what is truly mind blowing. And understanding this is something that you really got to think through. Now, this should not impact all of your financial decisions. We talk about this all the time.

Starting point is 00:07:48 The latte factor is not something that you should focus your time on. But understanding when you're young, your army of dollars, the dollars that you invest so that they can start working for you will absolutely change your life. Every single dollar you put into that

Starting point is 00:08:02 will absolutely change your life. Think about that for a second. $80 is $1,600 if you're in your 20s. So you can think of life and tradeoffs. Is this thing I'm buying worth 80 times whatever the price is? Is this thing I'm buying for $20 worth $1,600? Because this is a tremendous tradeoff for people. And that's what you have to understand early on.

Starting point is 00:08:25 Now, you need to start getting investing as early as possible. The way to do this is to set up automatic transfers where you're just automatically investing every single month. So pick a brokerage account. I don't care where you pick. you go to Vanguard, you can go to Fidelity, you can go to M1 finance, you can go to Schwab. It doesn't matter where you go, but pick a brokerage account and set up automatic transfers into your brokerage account.

Starting point is 00:08:46 Then once you transfer the money into your brokerage account, then you can invest it in low-cost, low-fee investments, things like index funds, things like ETFs, things like Target Date index funds. You could do all of these things. That is the way you set up your automatic investing. Number two, if you're in your 20s, you need to build up your financials, you need to build up your financial baseline. So you need to build up tremendous habits in terms of get your spending together because early on, I was extremely frugal early on. Now, I talk about spending money on things that bring you value over time, but early on I was extremely frugal. And that frugality tremendously helped me. Why?

Starting point is 00:09:22 Because I built up a large baseline in my investments where I had a large amount of investments built up over time that allowed me to take my foot off the gas a little bit. And it is a beautiful feeling to take your foot off the gas. Let me tell you guys, it is a wonderful place to be. And once you do that, all of a sudden it just seems like more opportunities come up and you have opportunities to increase your income and you're investing more than you ever had. So getting your spending in order, setting up something like the reverse budget where you take off the money off the top that you want to save and invest and then you spend what is left over or setting up a line item budget, whatever you want to do is the way to get your spending together.

Starting point is 00:09:58 Make sure you're building up your emergency fund as well. So you're protected against things that don't cut into your investment money, that don't cut into that fuel to the fire. Having three to six months emergency fund and then growing that over time is a tremendous benefit for you, especially in your 20s. And then setting up your retirement accounts, things like your Roth IRA, your 401k or your IRA, or if you're a federal employee, there's a bunch of options for that as well depending on what type of federal employee you are. But looking at those options, setting up those accounts and starting to contribute to those tax advantaged accounts is incredibly important in your 20s because you could build out a massive retirement account if you do

Starting point is 00:10:34 that. Things like the Roth IRA where your money's going to grow tax-free for a long period of time has a tremendous benefit for people who are investing for the long term. And then the third thing to do while you're in your 20s is focus on increasing your income. Now this is one of the most important things that you can do is focus on increasing your income. And with every step of the way, no matter what age you are, you should always be laser focused on increasing your income. Why? Because as your income goes up, that means you can invest more money over time. And once you can invest more money over time, all of a sudden, your snowball starts to grow. And as that snowball grows, as we talked about on the top of this show, it's going to

Starting point is 00:11:14 get large enough where you don't have to work anymore. If you hate the cubicle that you're in, if you hate the job that you're in, if you don't want to be working every single day of your life, then investing as much money as possible and increasing your income to fuel that fire? Oh man, that's going to change your life tremendously. Now, how can you do this? How can you increase your income. There's a few ways. The first way and the way I would look at first right away is learning how to negotiate your current salary or your current wage. If you don't know how to do that, we wrote a free e-book on how to do that. I'll link it up in the show notes. And we've had multiple episodes on it. Check out episode eight, check out episode nine, and check out the recent

Starting point is 00:11:54 episode we did of the Ten Commandments on Negotiating your salary. All of those are going to help you out in addition to the e-book so that you can go about learning how to negotiate your salary. These are tremendous benefits to you because a person who can negotiate their salary can make over a million dollars more over the course of their career than someone who never negotiates their salary. That's the tremendous benefit of learning that skill. Another way that you can increase your income in your 20s is building a side hustle. Now there is a ton of side hustles out there. You can see them all day long.

Starting point is 00:12:23 You can think of things like Uber where people drive for Uber or you can go to Uber eats and deliver people food. These are called active side hustles. What I want you to focus on is potentially income. growing passive side hustles. So an active side hustle that I actually really love is flipping items. This is one that you can really make thousands of dollars extra a month on the side is by flipping items.

Starting point is 00:12:44 For example, there's a guy named Ryan Panetta. If you never heard of him, I'll link up this video in the show notes as well. But Ryan Paneda had a $8,000 a month side hustle flipping couches on offer up marketplace in Craigslist. He would take used couches, clean them up, and resell them on Facebook. marketplace. Who would have ever thought that would be a side hustle, but that's something that you can do, but you can flip all sorts of items. You can go to Walmart's clearance aisle, look through the items, scan them for Amazon FBA, all these different types of things, or you can find

Starting point is 00:13:14 things on offer up, flip them on marketplace. There's all different things that you can do to flipping items. Now, in terms of passive side hustles, there's a bunch of them I love, anything from starting a blog, starting a niche website. There's a bunch of online businesses that you can start. And I would look into some of those options and we'll have more episodes targeting. each and every one of those. So make sure you're following this podcast so that you can see more of that content as well. And then you also want to just look at potentially building up assets like real estate because real estate is a side hustle. It takes work. It takes time. But the cash flow from real estate can tremendously help you over time building generational wealth. Because the

Starting point is 00:13:54 majority of people who have a net worth over a million dollars, the majority of them have done it, especially with the mega millionaires. The majority of them have done it with real estate. Now, a lot of people have worked hard and they've invested in their retirement accounts and then they go into real estate. They do all these different things, but a tremendous amount of people have made millions of dollars by investing in real estate. So I would look into that option as well if that suits you. If you don't want to worry about tenants or toilets or anything like that, we also have an episode

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Starting point is 00:17:37 The next one. What should you do in your 30s? Now, if you just listened to what we talked about in the 20s, if you didn't start any of those things, you always want to be starting the things that we've already talked about in this. But in addition, if you've already started to do some of those things, then here's some other things that you need to start to do in your 30s.

Starting point is 00:17:53 You still need to understand the power of the time that you have. So if you haven't started investing, you need to continue investing. But you need to also learn how to automate everything. If you haven't automated your bills or you haven't automated your investments, you need to make sure that you're doing that because you want to take as much of the friction off of your money as you possibly can. Remove friction from your money and everything becomes easier. Everything comes together and you can build tremendous wealth without even trying if you remove friction from your money. And usually in your 30s, your income is going to start rising. Especially if you're listening to my advice in your 20s and you're starting to make more money, then as your income grows, you want to start investing the difference. Now can your lifestyle creep up tremendous? because you're trying to keep up with the Joneses? Absolutely. So you want to combat against that and you can allow it to rise a little bit. Obviously it's going to if you're getting married or you have kids or things like that, but you need to allow yourself to increase the amount that you're investing every single year if you're getting raises. And if your income is increasing, make sure you're

Starting point is 00:18:48 investing at least 50% of that so that you can build a tremendous snowball over time. And what do I mean by your savings rate? Make sure you're at least saving at least 25% of your income at this point in time. There's no excuse for you to be saving and investing less than 25% of your income in your 30s. So if you're not doing that and you really can't do that, then you need to focus on growing your income. That is the biggest impact that you're going to have because once you grow that income, then you're going to have the extra capital to be able to invest more money. The second thing that you need to be doing in your 30s is not sweating the small stuff. In your 20s, it's fine to be extremely frugal and trying to figure out how to save as much money as possible,

Starting point is 00:19:26 especially if you have a low income. But sweating this small stuff for the long run, yeah, it can help a little bit, worrying about the latte factor or avocado toast or things like that. But in the long run, you want to focus on the things that truly matter, the big decisions. And that's the big three.

Starting point is 00:19:42 So the big three are your housing expense, your transportation expense, and your food costs. Those are the big three items that if you focus on those three items, then you can tremendously change the way that you're saving money and that extra money that you have

Starting point is 00:19:56 you can put towards your emergency fund or building up wealth in your retirement accounts or whatever else you're investing in. So you can focus on things like housing. Housing is the largest expense for the majority of people in this world. So if you can learn to control that expense and make sure that you're maintaining that cost to less than 30% of your income and realistically it needs to be below 25 or 20, then that is going to help you control that expense. In addition, making sure you're controlling your food costs and your transportation costs as well is going to make a much bigger impact than sweating the small stuff. The third one is to take care of your family and yourself.

Starting point is 00:20:32 So when you're in your 30s, you're probably getting married. You may be having kids. There's a lot of things that could be happening in your life. And if those things are happening, then you need to look at specific things like starting a will and making sure your will is in proper order so that you can make sure that your money goes where it needs to go if something were ever happened to you.

Starting point is 00:20:50 Also, you need to look into life insurance. If you have people who depend on you, if you have a spouse or you have kids who depend on your income, then you absolutely need to have life insurance. And just getting a term coverage policy is going to be extremely cheap and it's the best route to go because it's all you really need.

Starting point is 00:21:07 And then also at this time, you can focus on your health savings and in addition set up savings accounts for kids. College funds and like a 529 plan to make sure that you have everything in order for you and your family. This is the time to set it up if you haven't already done so in your 20s. If you had kids early, you got married early,

Starting point is 00:21:22 then you want to set this stuff up early. than in your 30s, but you want to make sure that you're doing it around this time, ensure that your assets are protected over the long run. Because if you're looking to build wealth and you're tremendously building wealth, then you want to protect those assets. You've worked your butt off to build this wealth. So you want to make sure that everything is protected and everything is in order. Now, what about your 40s?

Starting point is 00:21:44 Now, if you're looking into your 40s, then you're going to see a lot of things start to change in your life. Maybe you can't run as fast as you used to. You start to pull a hammy every time you're playing with their kids. And you're going to see a lot of other things change as well. Like your income could be increasing during this time. A lot of people make a lot of money in their 40s. And maybe you have a business that took off

Starting point is 00:22:01 or you had a business take off in your 30s or 20s. It doesn't really matter. But at this time, your income could be increasing. So in your 40s, you need to be looking at everything we just talked about in your 20s and your 30s. If you haven't already started any of those, then start in your 40s. It's never too late.

Starting point is 00:22:15 So if you're starting in your 40s, it's never too late. You just need to start now. You need to start today. And look at the things we just talked about in the 20s and 30s, start all those things. and then work towards building up towards your 40s here. Because what you want to do with your 40s is start to reflect and see where you are. Have you built a nice base?

Starting point is 00:22:33 Then you can even look at options like barista fire or coastfire. And we have episodes on both of those that you'll check out in the show notes. And you need to look at where your investments are. How risky are your investments? Does that make you nervous? Do you want to tailor those back if you're looking to get closer to retirement in your 40s? A lot of people listening want to retire in their early 40s or at 40. Well, then you need to look at your investments.

Starting point is 00:22:53 make sure you're investing in the right things and there's not too much volatility or anything like that to ensure that you're in the right place. Assess your risk and make sure that you're comfortable with your risk. You can go all in your 20s when you're investing because you have a long time horizon. But once you start to get older, making sure that you're protecting yourself

Starting point is 00:23:10 in a well-diversified portfolio is going to be extremely important. You can look at things like low-cost index funds, maybe add in a couple of bonds in there if you feel more comfortable with less volatility. But having things like crazy stocks that go all over the place wild, is not something that you want in the majority of your portfolio at this time. And then making sure you're continuing to increase your income, if you're still working and you want to work into your 50s,

Starting point is 00:23:31 continue to increase your income so you can fuel that fire. And you can tremendously take that money and start to build even more wealth. Maybe you want to keep ramping up your investing power, investing more and more every single month. Look at doing that. Maybe you can get 1 to 2% better every single year throughout your 40s. Well, that's going to tremendously change your wealth trajectory over time if you go out and do that.

Starting point is 00:23:53 And then make sure you're prepared because statistically, if you're getting into your late 40s, statistically, most people, their income, their direct income, not their passive income or anything like that, but their direct income starts to decline within their 50s. So make sure you're prepared for that as well if you need to focus on that. Number two, if you're in your 40s, make sure you're focused on your health. Now you're saying, what does this have to do with my money? What does this have to do with my finance? Well, you want to enjoy your wealth that you just built out, don't you?

Starting point is 00:24:19 Well, focusing on your health, and you should be doing this in your 30s and 20s as well, is something that you really need to prioritize once you hit your 40s. Because what you're most likely going to realize is everything doesn't work as well as it used to. So if you're focusing on fitness, then you can actually maintain that, maintain your brain power,

Starting point is 00:24:36 maintain your productivity so that your income can still go up and you're still laser focused and maintaining your energy and longevity during retirement. And then the third thing to do in your 40s is to ignore your peers' successes. So you may see a lot of people start to make multi-million dollars by selling businesses or their business is taking off,

Starting point is 00:24:54 and you're going to see people taking off left and right or buying fancy cars or buying fancy clothes. And this can happen at any age as well. But don't give into something like a midlife crisis. Because that is a wealth killer. And if you do something like that, make sure that you have the amount of extra capital that it takes to go in and do that.

Starting point is 00:25:11 Because a lot of people's lifestyles will creep up and a lot of expenses come in when you're in your 40s. Maybe your kids are getting older. They're playing travel sports. Or they're about to go to college. You have a lot of college expenses. There's all these different things that can be happening at once. So make sure you don't allow lifestyle creep to take over your life without you knowing

Starting point is 00:25:27 and make sure you're controlling your expenses still, especially if you want to retire as early as possible. And then the last one, what do you do if you're in your 50s? So your 50s, you're most likely going to see your income level drop. If you're a power player, you're in a profession like a doctor or a lawyer, that's less likely. But if you're just working a corporate job and you're trying to wind down and you're looking to retire, then that's something that's probably going to happen for you is you're going to see your income wind down as you take less hours or you go into retirement or looking towards retirement. So in your 50s, you definitely want to be focusing on your risk level when it comes to investments. Look at your investments. Make sure you're comfortable

Starting point is 00:26:02 with these investments as you approach retirement so that you can have these for the long run. And if you're not comfortable with them, then look through your exposure and say, hey, do I need to add more bonds here? Or am I okay with all stocks here? And look through it and make sure you're comfortable with your risk level. The second thing you want to do is this is a psychological thing at most is think about the changes that are about to happen in retirement because a lot of times studies have shown people who retire half of them can deal with it and the other half actually have a hard time dealing with it if you like getting up every day and going to work this may be a difficult thing for you to do to go into retirement later on down and have to sit around all day

Starting point is 00:26:39 and do nothing so set up projects or set up businesses that you're interested in that actually bring you value bring you joy so that you have something to do in retirement and think through what that's going to feel like because you're going to move from a saver to a consumer because your entire life you've been saving you've been building wealth you've been investing money but once you hit retirement you don't actually have to do that now you can you can continue to build wealth and build an income maybe on a side business or something like that but you don't have to do that and if you're not planning on doing that going from a saver to a consumer is something that you really got to think through well how is this going to feel what is this going to look like this is going to be a different world for me because i've spent my

Starting point is 00:27:19 entire life working my butt off and now I have to transition into this new life. So make sure you're mentally and financially prepared for retirement as you go through this process. So you have a smooth transition. And the last thing is if you're in your 50s, you want to simplify your finances. When you're in your 20s and your 30s, you're thinking about all these different things that you can do, how cool it would be to own 2,000 properties or how cool it would be to have these crazy businesses or build all these empires. But as you approach your 50s, you want to simplify your life. You don't want to be getting phone calls all the time in retirement and worrying about all those different things, you want to make sure you simplify your finances. And one of the best ways to do this is as you

Starting point is 00:27:57 approach retirement, I think you should actually look at getting rid of all your debt because it just reduces that stressor and removes that stress from your life. Now, you don't have to do this, but it's something that I would look into doing so that you don't have that on your back and worrying about it all the time. So getting rid of your debt is going to simplify your financial life. Debt has a place in life. It has a place for building wealth. It has a place for buying properties and things like that or buying your house. But I just prefer to have no debt for retirees. And then remove any complicated investments that stress you out.

Starting point is 00:28:28 If there's something that's extremely volatile that's really stressing you out, then remove that as well. And just trim the fat. Trim the fat, remove the excess that you don't need anymore. If you have multiple houses or something and you really don't ever use them, then look at trimming the extra fat, having that extra cushion, and maybe building up your emergency fund even more with an extra cash buffer, just so you feel secure in retirement.

Starting point is 00:28:50 Now, these are the things that I would do by age. These are the things that I would focus on by age. Now, if you're in your 50s and you're just starting and you're hearing the 20s and you haven't done that yet, then start there and do the stuff in your 20s. It's never too late to build this up. But look through each age category, figure out where you are,

Starting point is 00:29:06 and look to improve your finances one person every single day. If you improve your finances 1% every day, it's absolutely going to change for you. 1% every month is going to change for you over time. So you can see tremendous results by doing. this. And if you have any questions about this episode, hit me up on Instagram at Master Money Code. That's Master Money CO. And follow us on Spotify, Apple Podcasts, or whatever podcast player you love listening to this podcast to. And if you want to help out the show, leave a five-star

Starting point is 00:29:34 rating and review on Apple Podcasts. And don't forget to check out the YouTube channel as well. Head on over there. Leave some comments, subscribe, like the videos, all that good stuff as well. And then we're Master Money over on YouTube. so much for listening to this episode. I truly appreciate each and every one of you, and we'll see you on the next episode. Rosen lasagna, medium power, 15 minutes. Sounds like Ojo time. Let's play. Feel the fun with Play-O-Jo, the online casino with all the latest slot and live casino games. What you win is yours to keep with no wagering requirements, instant payouts, and no minimum withdraws. Hey, I just won. Woo-hoo. Feel the fun. Play-O-Joe. Honey, forget about the lasagna.

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The Personal Finance Podcast - What You Should Do With Your Money By Age (Accelerate Your Wealth!)

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