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Aug 14 - Kevin O’Leary: This is the age when you should have at least $100,000 saved


 
 
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 1 week ago '17        #1
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kghah 1305 heat pts1305
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Aug 14 - Kevin O’Leary: This is the age when you should have at least $100,000 saved
 

 
Although “Shark Tank” star Kevin O’Leary says he doesn’t like to “peg a number” to certain financial milestones, he does believe there is a point in one’s life where they should have at least six figures saved.

“By the time you hit 33 years old, you should have $100,000 saved somewhere. Make that your goal. Thirty-three [and] $100,000,” O’Leary tells CNBC Make It.

Why 33? O’Leary says it’s the “tipping point” in a person’s life when they have to focus on saving money and if they don’t, they fall “behind the eight-ball.”

While he admits that amount may sound “impossible” to most Americans — research has shown that a majority (57% of Americans, according to 2018 gobankingrates.com data) don’t even have $1,000 saved — he says anyone can do it if you start saving early enough.

“I’ll tell you how: You save 20% of your paycheck and you let the market grow at 5% to 7% a year [and] you can get to a $100,000,” O’Leary says.

For example, if you’re 22 and making a median salary of $48,400 (for new graduates), and you start saving 20% per paycheck, that amounts to $9,680 a year. Even if you keep the same salary and a*sume no interest, saving that amount for 11 years gets you $106,480 by the age of 33. By investing the same money, and a*suming O’Leary’s 5% growth, that gives you $144,397 in the same amount of time. (The S&P 500 Index has averaged annual returns of approximately 10% since its inception in 1926.)

“You have to start in your 20s. You just have to, because you want to end up in your 60s with a boatload of cash sitting in investments, so you can kick back and relax a little bit,” O’Leary says.

However, while he does advocate for saving as much as you possibly can, he believes its more important to be debt-free by the age of 45 than anything else.

“If you want to find financial freedom, you need to retire all debt — and yes that includes your mortgage,” O’Leary told CNBC Make It last year.

“The reason I say 45 is the turning point, or in your 40s, is because, think about a career: Most careers start in early 20s and end in the mid-60s,” O’Leary said.

“So, when you’re 45 years old, the game is more than half over, and you better be out of debt, because you’re going to use the rest of the innings in that game to accrue capital.”

visit this link https://www.cnbc.com/2019 .. 000-saved.html
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 1 week ago '04        #2
diplomat 4 heat pts
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I got one year to save 99k
+464   

 1 week ago '17        #3
Timberwolves 113 heat pts113
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 diplomat said
I got one year to save 99k
you can do it I believe in you
+127   

 1 week ago '12        #4
FrescoB 84 heat pts84
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 diplomat said
I got one year to save 99k
sh*t I got negative 20 years
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 1 week ago '04        #5
SubConscious 52 heat pts52
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 1 week ago '19        #6
unit321 62 heat pts62
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 kghah said
...
“By the time you hit 33 years old, you should have $100,000 saved somewhere. Make that your goal. Thirty-three [and] $100,000,” O’Leary tells CNBC Make It.
...
This is the equivalent of Michael Jordan telling all kids they should be dunking the ball by the time they are 14 years old. Make that your goal. 14 and dunkin'.
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 1 week ago '15        #7
Hellmatic 3 heat pts
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They did some studies and it said most Americans don't have 2k saved.. this dude Talkin bout 100k lol. Another one claimed 63% of people supposedly don't have 500 bucks for an emergency.


Last edited by Hellmatic; 08-14-2019 at 02:52 PM..
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 1 week ago '16        #8
Replicate45 
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100k when more than half the U.S lives pay cheque to pay cheque is not realistic.
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 1 week ago '15        #9
kami 51 heat pts51
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its possible have a friend thats 26 with 70k saved. but how many in their 20's are really saving like that.
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 1 week ago '07        #10
TH35 112 heat pts112
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 FrescoB said
sh*t I got negative 20 years
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Top 10 most slapped recently  1 week ago '15        #11
Mystic 345 heat pts345
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easy when you know how to sell faith to God
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 1 week ago '07        #12
TH35 112 heat pts112
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I think it’s unrealistic unless you’re informed of this when you’re around 14 (when you can work).
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 1 week ago '11        #13
The Rhyming Ape 75 heat pts75
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His "advice" tells you everything you need to know about how disconnected he is from reality. You think somebody who makes less than 50k BEFORE taxes has money to live after taking a 5th of it out to save? Bro can you even afford rent without a roommate with that?

fu*k these rich a*s mfs and their advice bruh. n*ggas don't have money bc every job in the country is focused on their bottom line before paying people their actual worth
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 1 week ago '04        #14
Chokeabiish 1 heat pts
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its possible. i did it. The younger u start saving the more u understand how much your helping yourself as time goes on. The older u get the harder it becomes. time is unbias and waits for noone,no matter how how much of a bad hand it dealt u.
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 1 week ago '13        #15
rifair 9 heat pts
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fu*k that learn how to read a map learn how to hunt learn how to cook what you hunt learn to survive outside etc this sh*t is almost over with
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 1 week ago '17        #16
AllWins 16 heat pts16
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Amazingly out of touch thing to say.

Maybe that’s in the ideal situation to become wealthy like him.

But most of us? Nah


Last edited by AllWins; 08-14-2019 at 03:31 PM..
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 1 week ago '05        #17
old head 205 heat pts205
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+62   

 1 week ago '16        #18
NoLvstName 153 heat pts153
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I balance saving with having fun

Don't wanna be a miser and miss out on making memories

Saving is necessary but you can't take it with you when you gone and you don't know when you gonna die so
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 1 week ago '18        #19
jakerich 
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He forgot to say yo a*s bet not have kids,cuz if you do issa wrap
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 1 week ago '17        #20
lucifershammer 21 heat pts21
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 1 week ago '05        #21
Daddy Black 2 heat pts
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 jakerich said
He forgot to say yo a*s bet not have kids,cuz if you do issa wrap
^This. Kids with the current median American income equals sh*t life.
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Top 10 most slapped recently  1 week ago '15        #22
KING SOULJA 41 heat pts41
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I always keep five hundred slapped behind my toilet. Haven’t touched it in over a year.

dirty money
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 1 week ago '04        #23
Tastemaker331 87 heat pts87
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@

 1 week ago '08        #24
Kewop Decam 99 heat pts99
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hitting that at 30, while paying for school loans and ect is hard.

doing that and have no loans to pay is very doable.
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 1 week ago '18        #25
MayneThaTruth2 43 heat pts43
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 Hellmatic said
They did some studies and it said most Americans don't have 2k saved.. this dude Talkin bout 100k lol. Another one claimed 63% of people supposedly don't have 500 bucks for an emergency.
He right to a certain degree. All you do is save everything from the moment you get your first job, at around 16yrs old. But the school systems dont explain it. Its easy as hell to get rich in America.

I never wanted to be in the streets or be in college. I just wanted a job at Mickey D's, or Kroger somewhere. Been saving forever, multiple accounts for security reasons. I aint got 100k, but I got a hell of a bag!
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