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Ideal Order Of Investing For High-Income Earners
*Topic : Finance
*Length : 12m 17s
*View : 383K
💰 The employer match for 401k is essentially free money, instantly doubling your contribution without you having to do anything.
📈 Investing in your company's Employee Stock Purchase Plan (ESPP) can provide a 15% discount on company stock, making it a lucrative investment opportunity.
💸 Maxing out a 401k during peak earning years is the best tax deduction for high-income earners, with upfront tax deduction and tax-protected growth.
💰 Maxing out your HSA as a high-income earner can be a smart move, especially if you and your family are in good health.
💰 Take advantage of the backdoor Roth IRA to contribute to a Roth IRA even if your income level exceeds the allowable amount to qualify.
💡 The mega backdoor Roth IRA is a strategy high-income earners can use to invest their money effectively.
💼 Tax advantages like deductions allow more money to work for you sooner in the market, leading to greater growth in the long run.
💰 Investing in real estate can add stability to your financial plan by diversifying your income sources and assets.
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5 Things Keeping Millennials Broke
*Topic : Finance
*Length : 9m 44s
*View : 116K
I recently came across an article from the Wall Street Journal about how millennials in their 30s are struggling financially. But why millennials? I mean, I know our Beanie Baby investments didn’t turn out like we had hoped, but are we really worse off than other generations?💸 Inflation in the US was 8% higher in 2022, causing 80% of Americans to make sacrifices due to rising costs.
💳 Millennials are struggling more with paying off their high-interest credit card debt, with the average credit card balance for Millennial borrowers increasing by 26% in 3 years.
💰 American auto loan debt has now surpassed student loans, with 37% of households in the US having auto loans.
📚 College tuition and fees have skyrocketed by more than 1400% since 1977, far outpacing the rate of inflation.
🏡 You can avoid getting yourself in hot water by waiting until you're out of debt with an emergency fund and a solid down payment.
💰 "You can choose to opt out of the system designed to make credit card companies and student loan companies and Banks Filthy Rich."
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Costco DOESN’T Save You Money!
*Topic : Finance
*Length : 13m 52s
*View : 4.8M
Inflation is getting out of hand! With rising gas prices, egg shortages, and interest rates, most of us are looking to save a buck where we can. And a great way to do that is buy buying BULK! Or is it actually the way to go?
🛒 Costco has become known for its variety of products, with customers often leaving with more than just their intended purchases.
🧠 Costco's memberships not only extract upfront cash, but also manipulate consumers' minds, suggesting that there may be psychological tactics at play to encourage spending.
💡 Companies use memberships as a powerful tool to encourage customers to come back more often and see the membership fee as a sunk cost, leading them to spend more.
🛒 Costco strategically places everyday items like vitamins and toothpaste at the front door to encourage customers to stock up, while also showcasing aspirational purchases like TVs and electronics.
🧭 Costco's store layout is designed as a "treasure hunt" to lead customers through various products, increasing the chances of them discovering and purchasing items they didn't originally intend to buy.
🧠 "That is some serious marketing psychology, no matter how you slice it."
🤯 The perception of Costco as a discount store is actually a misconception, as it caters to affluent customers who have enough disposable income to buy in bulk.
💰 The $1.50 hotdog deal at Costco's food court has remained the same price for over 35 years, making it inflation-proof.
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