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it's brian preston the money guy so let's talk about 25 to 35 year olds this is my wife's i mean my wife would say probably yes too but my daughter for sure would say hamilton is her favorite musical and there's a song that don't throw away your shot i'm not going to throw away my shot and i want you guys i know i thought i was going to after i blew the little wayne there was no way i was going to go again because i didn't want to go back to the well when i'm just not feeling it today but it is there is something to be said about the opportunity of youth and that's what i want people to understand is that you have a tremendous opportunity if you're under 40 years of age to let the primary driver of your success financially to not be how smart you are with the decision making but the multiplier effect of your money just growing over time compounding growth can be tremendously valuable to you what i think is so amazing brian is we in our day jobs we get to help uh successful people continue with their financial success make good financial decisions and it's always so interesting we never have that person say to us you know what guys i wish i wouldn't have figured out sound finance financial management so really i you know i wish that i just wouldn't have been so good earl i wish i would have squandered my 20s and 30s a little bit more that's not what we're here the thing was here is man i wish i would have figured this out 10 years ago i wish i would have started at the beginning of my there's so many people that post in our comments you guys can probably quickly find it say man where were you guys when i was in my 20s where were you guys when i was in my 30s we're here for you right now this is where we're leveraging technology to create you and here's the next step a lot of you are probably like gosh if i just had an instruction manual what to do with my very next dollar because i just don't know what to do because it feels like everybody out there is pushing products they feel like they want to get in my wallet that's where the money guy show comes in is because we want you to come learn apply and grow we don't ask anything of you until you're so successful that you might need our professional services so that's why we did create the financial order of operations this is nine steps on what to do with every dollar and guess what this is completely free go to moneyguy.com resources you too can download this free deliverable on what the first non-steps of financial order of operations are and if you get yourself in a situation where you're starting to make money just seeing what the steps are isn't enough for you we have a step-by-step guide through a course that you can buy and it'll let you go we'll give you nudges we'll give you coaching we'll give you worksheets all of this will help you so that you don't feel like you are throwing away your shots you're not having to you know try out do trial and error and make mistakes and then screw something up just because you didn't know what to do with the very next hour that you earned when i was at the university of georgia brian i uh i worked at chili's right and you know i did pretty good i waited tables and it worked out really well but then i got my very first job yeah and i had a salary and i remember and i was like man i went from like making like a hundred dollars on a weekend night was just like life and i was like oh my goodness i have this salary now and i remember i got my first paycheck and i was just like i'm rich i mean i used to i could make 25 in athens last me for a whole month and now i have hundreds and thousands of dollars you had hundreds of thousands of dollars i had hundreds or thousands of dollars i wanted to make sure i clarified that i was like well i was your first job so i don't remember paying you that much uh oh yeah that's absolutely hilarious what i think is so great though is if you are that person and you're just starting out you're getting out of college or you know someone who's just starting out they just got their first job the financial order of operation it should be a gift that you give to them send them a link let them see it because rather than having them bumble their way through and make mistakes and have to figure oh where did i go sideways this is going to be the road map that lets them get it right from the very beginning let them learn from our and all of the other folks around us mistakes so that they don't have to make those same mistakes as they begin so let's jump into a few of those first steps i mean the first thing is like step one is deductibles covered i want you to have enough money to get through if something bad happened you know that's getting a few thousand dollars saved up before you do anything else just so you don't get derailed before you even get started the second thing is obviously take advantage of that free money from your employer take advantage of that employer match but then here's number three you've got to avoid that high interest debt we're talking about the credit cards we're talking about the store credit cards we're talking about going getting getting ahead of yourself on this student loan debt where you don't know whether you should be paying it down you should be investing we cover all that stuff so you have a healthy relationship with debt and let's not forget the car loans because here's the other part i think and we give you some guidance on this we have a whole rule about auto debt which is 23 8. we want you first of all you're not buying luxury brands that's the first thing i want you to know i'm looking for reliable transportation if it's used it's even better because we know cars sink like a rock and water on depreciation so you're gonna put 20 percent down you don't finance for more than three years and it's no more than eight percent of your gross income but also understand you need to ensure you're investing your army of dollar bills meaning you're putting more money a month into your investments than your car payment that is the only way you're going to have that healthy relationship with debt when it gets time to buy the first house you don't want your housing expenses so this could be your apartment too you don't want your housing expenses really exceeding 25 of your gross income if you live in a coastal city either west coast east coast you're going to hear that number you're going to laugh whereas if you have to go up to 35 that's okay but you're going to have to make up the money somewhere else so once again you're ensuring that your army of dollar bills are being respected and you're investing a healthy amount each month now the benefit of this age range is that like in my example i was able to live really really cheap when i was just finishing up college well just because i had the salary now and i had more money didn't mean that i had to increase my lifestyle one of the things that you ought to focus on in this decade is figuring out yes after you work through the financial order of operations after you make sure you knock off steps one two three four then you start thinking okay i've got to start putting my dollars to work for me i've got to start working towards that goal of saving 20 to 25 and this is a mindset shift that i see a lot of people miss it's okay great i want to do it at the end of the month i'll just see what's left over and i'll invest that i'll save that well i know in my personal life when i used to wait till the end of the month that money would just find a way to disappear it would always be zero at the end of the month so one of the things that i learned is i had to pay myself first i had to make yourself a priority make myself a priority and i wanted my army of dollar bills to get the attention they needed so i set it up just like paying my rent or just like paying my utility bills i had savings happening on the front end that was how i was able to get addicted to saving early on and do that hard work in my 20s that was sort of new and foreign to me that i had not been doing in college and remember the goal is 20 to 25 of your gross income you can include your employer match if you're less than a hundred thousand as a single individual 200 000 as a as a married couple but the other part i just want people to understand is i know that's aspirational especially when you're in your 20s but really work hard to get to 20 to 25 your your older self will give you a big bear hug maybe even a sloppy kiss on the on the cheek because they'll be so excited from the tears uh because that are flowing down their face because it is such a just joyous moment if you can put the hard work in while you're young you get the dividends later and i i don't know how else to say the priority of pay yourself first is just paramount to your long-term financial success and those dividends are substantial again if we want to talk about how powerful your army of dollar bills can be for a 25 year old every dollar that they put to work can turn into 44 wow and even though at 35 the number drops even at 35 if maybe you're a little late maybe you made some of those mistakes in your 20s but you're just now getting after even at 35 every dollar that you invest can turn over 13 times by the time you get to retirement this is the part of your life where your money has the most juice so if you can make that hard decision to put a little bit away today just like you said is going to pay dividends and make for a huge exciting tomorrow the the thing i think um a lot of people are also at this stage because it's still i think we're going to have some people this is their first investment they're saying where do i put it i still like the the index target retirement funds because all you have to do is choose what you know how much you can save each month or per year and then when you need it and then they're going to do everything else for you because you go to choose the year that you need it like a 20 55 a 20 60 something like that and then it's going to get more and more conservative it's going to be very aggressive in the beginning more and more conservative as you get older and it just makes it easy where you can focus on the behavior of getting that army of dollar bills working for you versus hyper focusing on all the different investment choices if you want a tool that you can use to help you kind of navigate this well go out to our website moneyguy.com resources and you can see what the wealth multiplier is for every dollar from age 25 to age 35 maybe you're that 30 year old and say you know what i worked hard on my twitter i've got 10 000 saved up well what you do is you take that 10 000 multiply it times your wealth multiplier that's what you're on track to by the time you get to 65 without saving another dollar if you have that question your mind about okay well i want to be a millionaire what's required to do that starting at zero we show you on the deliverable exactly how much you have to save every month to be a millionaire or if you want to take it even a step further we show you how much you have to save to be a multi-millionaire by the time you get to retirement let's bring it all together though because we've kind of covered all the different age groups i want to talk about what does it look like if you let's actually see this on a slide the power of starting young yeah so what i think is really really incredible is if you look at again we're just talking about like monthly savings someone's starting out at zero if they want to be a millionaire by the time they get to 65 they got to save about 13 a month uh someone at 20 we've talked about this they got to save about 95 a month and then someone who waits until 35 has to save a little over 600 a month to get to a million dollars by the time they turn 65. this visual we didn't talk about it in the content meeting but now this makes me that meme that's out there with the dominoes it starts with a little tiny domino and you push that domino over and it keeps knocking bigger and bigger until you have this huge domino that this is exactly what the power of starting young is is that you can make a decision as small as 13 a month here's what i also think is interesting i pick on financial advice advice sites that talk about the latte effect or something because i say it's not the coffees that are that are making you not reach financial independence it's probably screwing up your housing it's screwing up your your cars and how much you're doing that but something like this if you're young enough it is the latte effect because if you can see if you're saving if you've got a you know a brand new child or you've got a five-year-old so this is for parents who are thinking about saving or grandparents who are thinking about saving for the kiddos this is powerful i mean i can tell you with both of my daughters i thought about weddings i thought about this was not for education this was you know just thinking about the demands that were going to be put on me as the father i started doing started off as 50 a month and turned into 100 a month and now it's up to 200 a month i just want to do a little bit to just start building the assets and i got to tell you now that my daughter's 17 it's amazing what that money becomes i mean it is legitimate money that i know if i'd have gotten this when i turned you know 22 25 whatever age it actually we decide we'll go you know release us it will be life-changing absolutely off of 50 a time is where it all started so so get excited about that what i think is so uh wild and incredible is uh you guys are financial mutants and you're like hey guys i hear it i love it uh 13 a month for my brand new grandbaby sounds amazing but you know it'd be interesting i hear you guys talk about the longer that money's invested the better off it'll be what if i just wanted to put one lump sum in what if on the day that my child was born what if on the day that my grandchild was born i just wanted to write a check and say here's your million dollars you just can't cash it in until you turn 65 what would that look like well of course in true money guy fashion in true full-time equivalent daniel fashion we put together an illustration to show you what that is so if you have a newborn and you want them to have a million dollars by the time they get to 65 you should consider opening an account and dropping in 1 544 wow that's that's incredible because that seems that seems digestible that seems like a reasonable especially if you're a grandparent or a parent i could do that you know it's kind of like the same feeling i had when i was in high school and i heard hey if you could save a hundred dollars a month you'll be a millionaire i'm like i could do that and i get but there's gonna be a lot of parents and grandparents say i could make that commitment no i don't have this fully hashed in my head brian but i was saying this you know what this made me think about um remember back when your friends started like having babies and all this stuff and they'd be like oh we're gonna have a baby shower which really means oh we want you to help us buy the things i thought about like man how could it be if there was like on the registry it was like hey you know my kids future millionaire bucket you know what i mean like like i just think i don't know if that's we might have to write dear abby to see if that's good etiquette but i love it from a financial mutant perspective it's beautiful i don't need like the elephant blanket that's gonna get like spit up on i got 10 of those already you know what my kid needs this they need the very first few soldiers in their army of dollar bills and i think that's so exciting even if you have that 15 year old and you want to get them excited you say hey you know what it's only going to take if you wanted to have a million dollars by the time you turn 65 let's do some roth contributions for you two years in a row yeah you know what it's it's 6 800 so why don't you know one year uh you put in 3 000 the next year you put in 3 000 i'll make up the difference or you can do your dollar for dollar match it gets really really exciting that it doesn't take a lot to get that ball rolling and get that momentum going to really be absolutely life-changing well i think it's exciting i mean think about this from a spot check perspective because there's going to be 20 25 30 35 year olds watching this too my my 17 year old daughter has a about half of what that 20 year old that 11 318 in her custodial roth um that's really powerful because it was built off of twenty dollars here forty dollars fifty dollars a lot of you 20 year olds you're probably thinking gosh if i could just maybe that's my goal if i could get this thing to eleven thousand it doesn't even have to be at eleven thousand because you could take maybe you only have five thousand saved up but you start stacking in that behavior of a hundred dollars a month it's going to compound on top of it but my 30 year olds you're looking at this you're like yeah i could come up i might be able to have thirty thousand dollars and you know in the 35 year old i could come up with 50 000 or i could save that use this as a spot check there is multiple uses for the power of starting young we think that this is the stage and age where your dollars can just be so so powerful and we want to help be that team that's going to help you make those dollars be as powerful as they can be if you want to go to the website go to moneyguy.com backslash resources we actually have this deliverable hanging out there for you we have our normal how powerful your dollars that shows age 20 all the way out till age 65 but now we even have this young money deliverable we're showing you what's it like if you start at zero all the way till out to age 35 if you have someone in your life who's never had their uh who what what was your gym teacher it was mr morrow right who's never had tomorrow moment never had their morrow moment you want them to have their money guy moment think about printing this out giving it to them and blowing their mind to get them excited about their financial journey and then you too could be a young money millionaire now so see that was better guys money guy team i want to tell you go subscribe go to youtube give us a subscribe also realize we're giving this away go to moneyguy.com resources this is the abundance cycle i come give you tons of free advice you learn apply grow you're going to reach a level of success that you need a co-pilot that you need somebody to continue on after you're no longer here for your loved ones we are that resource and you will hope you'll consider a bound wealth through the abundance cycle go check it out moneyguy.com resources i'm brian preston mr bo hansen money guy team out