6 Things No One Tells You About Getting Rich

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This is the second episode of our special 6-part capsule series, The Grown Woman’s Guide To Life. Hosted by TFD founder Chelsea Fagan, this series is all about navigating your 30s with style and grace — financially and otherwise. In this episode, Chelsea breaks down the secrets of wealth building that change your financial life, no matter where you’re starting from.

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Joe Lilli
 

  • @carolynbest709 says:

    Always a joy to see you pop up on my feed!

  • @isiah675 says:

    There’s a decent amount of trust fund babies but if 80% of millionaires are first generation millionaires the math ain’t mathing on some of these 🧐

    • @ang5035 says:

      You can still inherit social network, stable household, etc. even if you don’t inherit money

    • @domenicaausdenweiden7726 says:

      The video talks says it’s 27% so I don’t know where you got your math from.

    • @isiah675 says:

      @@ang5035 I agree, having a leg up is a real thing we have generations that were denied home ownership and other assets simply for not being white. I agree with the overall premise. My only gripe is with the math trickery in the boa stat when we have historical first generation millionaires being made.

    • @isiah675 says:

      @@domenicaausdenweiden7726 the federal reserve

    • @thorin01 says:

      It’s an apples to oranges comparison. The 80% number is normally referring to people with a net worth over a $1 million dollars. The study here is about people with a investable resources of $3 million dollars.

      Those are two very different types of ‘wealth’.

  • @avgholson8143 says:

    Lifestyle creep is certainty a culprit.

  • @xm2895 says:

    Missed these classic TFD videos !!

  • @daborahgermanstavolkmunte says:

    !I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $2m+ before retirement

    • @FederickLeo says:

      I managed to grow a nest egg of around 120k to over a Million. I’m especially grateful to Adviser Ruth Ann Tsakonas, for her expertise and exposure to different areas of the market..

    • @BensonTati says:

      I don’t really blame people who panic. Lack of
      information can be a big hurdle. I’ve been
      making more than $100k passively by just
      investing through an advisor, and I don’t have
      to do much work. Inflation or no inflation, my
      finances remain secure. So I really don’t blame
      people who panic.

    • @FederickLeo says:

      Without a doubt! Ruth Ann Tsakonas is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted based on thorough research and years of practical experience..

    • @daborahgermanstavolkmunte says:

      nice!! once you hit a big milestone, the next comes easier. How can i reach her, if you don’t mind me asking?

    • @FederickLeo says:

      look up her name on the web for her website.

  • @sandstorm3363 says:

    As someone who just turned 30 and feels like everything im doing isn’t “enough” this video really helped. Been a fan for years, thank you so much for all your work on this channel, its changed my life ❤

  • @crybebebunny says:

    3:45 Are constant bill but they are changing the insurance has gone up a minimum of 20 % this year; both vehicles and homes.

  • @Charlesyo_ says:

    Really good video!

  • @me0101001000 says:

    Beware of lifestyle creep, and don’t major in the minors

    Having money makes it easier to make more money

    Increasing income is more important than cutting expenses

    Certain industries make money easier

    Be patient and emotionally detached

    Buying a home is not always a good decision

  • @nicholaswojtal1873 says:

    Good advice for those hitting a big milestone.

  • @personnesenki4521 says:

    Buying a home can be challenging even in the best of times, but when you rent… you become the main breadwinner for your landlord’s family. That’s just never going to sit well with me.

  • @kimjellen4508 says:

    The 3:13 stat about the average income rising between 2020 and 2024 — does that average include Bezos, Musk, and other 1%? If so, bad stat, the stat is junk for average 30 somethings. Talk to average people: wages are not rising.

  • @antillie7 says:

    I like how you talk about generational wealth. Most people seem to think the term means inheriting a house, a pile of money, or both. And for the super rich this is probably the case. Well that and trust funds.

    But for those of us in the top 10%, as opposed to the top 1%, its not passing down a house, or passing down anything. For us “normal millionaires” generational wealth is not inherited. Its having your parents pay for your college so you never take out student loans. Its having your Roth IRA fully funded each year for you once you start working. Its having a custodial account opened when you are 2 and then using that money to put 35% down on a house when you are 26. Its being taught from a young age what interest is and that outside of a mortgage, debt is to be avoided when possible. Its being given a bunch of EE bonds when you are a kid so that when it comes time to buy your first car you can buy a new one with cash that lasts long enough that the next one can be bought with cash too. Its being taught to only buy reliable cars (Honda/Toyota/etc…) and to always keep them for at least ten years. Its just as much about mindset and education as it is about actual money.

    Generational wealth at the everyday millionaire level happens long before the parents pass. If you want to make your kid rich you need to do things early in their life. 50k won’t make much difference when they are 55+, but at 18 it can be game changing. By the time someone who has benefited from “normal rich folk” generational wealth inherits their parent’s assets, they are already wealthy.

  • @sarahappy3204 says:

    I love the casual „saving for me nieces education“ we love the cool rich auntie vibe

  • @MBP1990-z8i says:

    I like how you spent time talking about the importance of moving to growth industries or ones that will help you meet financial goals faster. Many of us millennials grew up in the “dream job” era but it’s not practical. Find a 9-5 job that pays well that you’re good at so you can fund your passions 5-9. I switched industries, doubled my income, and made smart investments. If I stayed in my last industry I’d be plagued by more job uncertainty and mediocre compensation.

  • @patrickjohnson6569 says:

    I agree to a large degree about trying to earn more than cutting expenses. But the best thing isto cut expenses first. That just means removing anything not helping your goal. If you are out spending a couple hundred dollars a week at the bar, getting a second job is or otherwise attempting to make money is utter ridiculous. Why? Because the income you might make is going to be wasted on dealing with the extra costs to get to that second job, and wasted in the bar. Cut the extra expenses first then seek to better your fulltime job before attempting to get second jobs.

  • @atmamaonline says:

    I’m stealing ‘slaydies and gentlethems’ thanks chelsea

  • @Average--Joe says:

    Whoa. I thought you were joking when you said you were proud of a $2,300 mortage. But then you said this is an apartment? Who the heck pays a mortage on an apartment? I must be missing something here.

    • @thefinancialdiet says:

      A person who owns an apartment, lol.

    • @HunnyBee-w7r says:

      Maybe “apartment” as opposed to a detached single family dwelling. Many owners of condos and co-ops refer to their properties as “apartments” and that’s what they mean.
      Also, I think she lives in NYC. Many of not most homeowners in NYC own apartments, not single family detached homes. Lastly her mortgage is less than rent in most big cities. She still has to pay dues, but most condo or co op dues just go to taxes, maintenance, and other things directly to do with the business. You might me more familiar with Home Owners Associations in suburban subdivisions where the developer keeps a financial stake in the development, have a heavy presence on the board, and of those dues go towards their profits. Older inner city condo and co-ops buildings don’t usually work that way. Hope that helps.

    • @HunnyBee-w7r says:

      P.s. to be clear dues she pays go to pay for taxes, w/s/g, and maintenance type expenses she would have no matter what type of home she owned.

  • @whatchis1120 says:

    I love the generational wealth aspect from someone who comes from a low low middle class family and poor area. I’ll never inherit any money or land from my parents maybe something from my grandparents but not much I’m sure. I have been shoving as much as I can to my 401k and trying to start building up my emergency fund while also investing some into a Roth, since I wasn’t being smart with my money in my 20’s and covid decimated me that first year. I will be buying a home within the next 2 years since it’s finally leveling out here and the cost leans better to buy here. Just all about balance.

  • @mikek545 says:

    I start the video then BAM an ad in my face right away. Sucks

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