The EXACT Money Plan for Your 20s, 30s, 40s, and 50s (Step-by-Step Blueprint)

22:27Not the I'll fix this later type of mindset or I'll figure this out later on down the line and do not have the victim mentality. A lot of folks in their 20s, I understand it is really hard to live right now. It is really hard to get by. You're living paycheck to paycheck. Housing costs are elevated, and it is much more difficult to just make ends meet. But guess what? We need to still focus on the things that we can control, and we need to find a way to focus on those things that we can control so that we can get something going, getting something invested, getting some of that debt paid down, getting that emergency fund built up.

23:02it'll absolutely change your life if you buckle down get serious and really really dial in now it's going to change your life forever i promise you you will not regret it if you do this in your 20s and instead i am so happy i did this so in my 20s i was very frugal and i really reduced my spending and now i'm in my 30s and i've increased my spending i was able to do it in a healthy way and inflate my lifestyle in a healthy way that is something i'm still very happy that i went through that entire process. So my 20s, I was frugal. My 30s, I was able to increase my lifestyle because I started to make more money and I still continue to follow the 50-50 rule.

23:38So the outcome by the end of your 20s, here is your goal, and this is what I want you to think about, is one, you're investing automatically. You have automated your finances with investments, maybe even paying bills, making sure that you're investing or automatically contributing to your emergency fund. All of those are important. Two, is if you follow this, your emergency fund will be done in your 20s, where then you can focus on some of these other big areas. And that is completely finished because emergency funds take some time to build up. And so if you had that completely done or out of the way, then each time you needed to use it, you're protected.

24:09You can rebuild it back up, but you still have the majority of that job done. Three is you've developed a plan. You executed that plan. And so your money anxiety is going to go down dramatically from someone who has no plan or has not executed a plan before. And then four, you've got compound interest working in your favor. You're investing your money. Compound interest is growing your money over time. And so you've got that compounding clock working right in your favor, which is the ultimate goal. If you do those four things in your 20s, you're going to be way better off than 99 % of your friends and 99 % of your family ever was.

24:42And so really just focusing on those can be really, really powerful. Now let's jump to the 30s. So in your 30s, there's going to be a lot of different changes that happen. One of the big ones that most people experience is their career is going to accelerate. Career acceleration is a wonderful thing for wealth building because all of a sudden, guess what? You're making a little bit more money. And so when you start to earn more money, we want to make sure that we are wise with how we handle that money. We are prudent with where that money goes, and we understand where our next dollar needs to be in order for us to achieve our financial goals.

25:18And so because of this, we want to make sure that our financial education is dialed in and we know what our plan is. But two, your 30s are also a time where you have the least amount of time ever. Because your career is accelerating, a lot of times that's going to suck away a lot of your time. But a lot of other people are also getting married in their 30s or they're having kids in their 30s. And between those three things, you're going to have no time left over to kind of focus on some of this other stuff. And so this is why it's very, very important to do time efficient things when it comes to wealth building and make sure that we are focusing on the areas that truly matter, which is family, which is increasing our income, which is spending time in relationships.

25:56All those different things are really, really important. Plus, you have less time, and so everything becomes more complex. And so I want you to focus on some of the different things that we're going to talk about here. And I'm going to give you this step-by-step blueprint so that you can think about how we're going to handle this. Now, if you didn't do some of the stuff we talked about in the 20s, those need to happen first before you kind of think through some of these other areas. this episode is meant for you to build on each other within each decade, but that's okay. We just stick them in those decades so that you know where to start wherever you are.

26:27So if you're in your 30s, but you didn't build up an emergency fund or you didn't start investing yet, then that's the key. You want to make sure you're doing that first, then come back to this decade where we can start to really accelerate our path to wealth. All right. So step one for a lot of you out there is I want you to lock in that high savings rate. So in your 20s, maybe you're trying to increase your savings rate over time and you're slowly trying to turn up that dial to get to that 20 to 30%. But in your 30s, you need to be saving that 20 to 30 % of your income because it is very, very important for your future self.

26:55Otherwise, you're going to be working until your 60s. And I don't want that for you. I want you to have the opportunity to retire early if you want to. Now, if you're saying to yourself, there is no way I can do this on 20 to 30 % of my income, there's no way I can save 20 to 30 % of my income. I want you to focus your time. And I want you to focus your energy on thinking of ways to increase your income. Because the more you can increase your income. This is the catalyst. This is the fire to building wealth. It's going to help you dramatically. Also, during this, when we increase our income, I want you to use the 50-50 rule when it comes to raises.

27:26And if you want to use more than that to put it towards future you and investing those dollars, you absolutely can. In fact, that's what I did early on in my 30s is I would take a larger portion, 75 to 85 % of my raises and start to put them towards investments because this is really gonna add extra fuel to the fire. I want you to think about it this way, is that every single time you invest your dollars, you're taking a shovel full of cash and you're throwing it into a furnace. Now in that furnace is going to be a flame. And the larger that flame gets, once it gets to a certain size, all of a sudden you don't have to work anymore.

28:03And so while you're working, you're shoveling another pile of cash into that furnace. And if you accelerate the pace at which you are putting cash into that furnace, all of the sudden that fire grows way, way faster. And so this is what can happen in your 30s, especially when you are experiencing income increases. And so I wanna make sure that you are doing that. Also, you need to be careful about lifestyle inflation within this decade. A lot of us have lifestyle inflation that can get out of hand because you get married and because you have kids. Those are two of the areas that can really cause your lifestyle to inflate.

28:38Why? Because we get the bigger house, we get the bigger car, We get the brand new SUV so that we can tote around three kids instead of two. We make sure that we have enough bedrooms for each and every single child, but do not overextend yourself. We have episodes talking about how to buy a car or how to buy a house. We have people in Master Money Academy who have been following our rules and following our parameters surrounding buying a house and a car. They just feel so much better by doing that and making sure they are staying within their means. So that's the one, is just locking in that higher savings rate and watching out for some of that lifestyle inflation.

29:10Number two is I want you to maximize those tax advantage accounts. So because we're increasing our savings rate in our 30s, we want to make sure that we're maxing out our 401k and our Roth IRA and our HSA if you're eligible. And if not, getting more dollars into your taxable brokerage account. These are all the different buckets that we want to make sure that we are prioritizing so that A, we can reduce our taxable income. B, we can get some of that tax-free growth. And C, we get our dollars invested if we want to retire early so we have that additional flexibility. And so making sure you have that plan in place and automatically investing is super important.

29:43Number three is in your 30s, making sure you have everything systematized so nothing is relying on your willpower. Your willpower is feeble. It is not going to be something that you can rely on. So instead, we need to make sure that we automate our financial situation so we don't have to worry about that anymore. So have a weekly money check-in or have a monthly money check-in with your spouse and make sure you're having conversations surrounding money so that you can have an annual optimization review every single year, and you both are on the same page. We talked about this in the goals episode about making sure that you are having conversations surrounding money.

30:16And so you really need to have a healthy relationship about money and systematize all this stuff. So being on the same page is really, really important. Now, step four is making sure you're making smart decisions when it comes to the big stuff. So housing is the big one we just talked about, making sure you're spending 30 % or less on housing costs in total of your gross income. The same thing goes for buying a car. So when you buy a car, we want you to put 20 % down. We want you to have a loan for four years or less. We want you spending 7 % or less of your income on the car payment and 5 % or less of your income on the maintenance of that car.

30:51So if you have a luxury vehicle, that's going to throw that number way off, making sure you understand that. And then 10, which is driving that car for 10 years or longer. So we call this the 24-12-10 rule. And so we think about this in that way, because driving your car for longer just means you don't have car payments as much. And so you can have six years of zero car payments and either save up cash for the next car and or put those extra dollars towards investments. And so making sure you are prioritizing this rule is going to keep you within your means when it comes to car buying. Next is food.

31:21So a lot of us, as we start to see our lifestyle change, maybe more people live under our roof. We have a lot of different scenarios changing. We need to make sure we control the cost of food. This goes for groceries. This goes for eating out. And all of this is something where a lot of folks can overspend if they are not careful. And so this is an area where I will have conversations with people and say, hey, how much do you spend on groceries? And they'll say something like, oh, I spend about$600 per month on groceries. Then we dive deeper and they're spending$1 ,300 a month on groceries. That's a$700 delta.

31:51It's a massive, massive difference. And so we want to make sure that we understand what is going on there. So just watching out for those big three decisions. And then the other one for folks in their 30s is daycare. Daycare is not something you can control. And in fact, I would try to find the safest environment for my child. It is not something you skip out on. It is not something that you try to reduce or get as low as you possibly can. Your children are the most important things in your life. But we've actually done an entire episode that we will link up down below talking about daycare costs and how to think about those, how to optimize those.

32:23And we'll talk about that here. But that for a lot of folks in their 30s, if you have kids and you have children in daycare, I know how expensive that can be. I understand how expensive that can be. And if you have multiple kids in daycare, oh my goodness, I've been there and I've done that. And I understand how that feels and how difficult it can be. So for those of you out there who are working through that, just know this is a season in your life. Once your kids get to elementary school, it is going to get a little easier. But at the same time, it is really, really tough right now. And so I get it.

32:52I understand it. And I think that's one of those areas that is, you can't skip out on it. You can't skip out on the proper care for your children because you're not there. And so you need to make sure that you can entrust the people who are taking care of your kids day in and day out. And so our outcome here by the end of our 30s is making sure that we understand, A, that we can have a strong net worth momentum. We're making huge swings in our net worth over the course of this decade where I want to see big movement. I want to see a big difference maker in your net worth in your 30s. That's where we're really going to get this momentum going.

33:24You're going to see huge swings. Two is our investments feel inevitable. They are automatic. They are part of our monthly routine. We are investing our dollars no matter what. We're not second guessing those investments. We're making sure we have that plan in place. Three, we have no paycheck to paycheck stress because we set up our finances in the right way from the beginning. And so that is the big key. And then number four is options start appearing. And this is the area where it's so incredibly valuable. Maybe you can take the lower paying job now, but you can work from home. There's this big debate going on right now.

33:55Would you take a$240 ,000 per year job or would you take a$120 ,000 per year job, but you get to work from home? And a lot of people are saying, I'd rather work from home, especially when I have kids or family members. So you may have the opportunity to weigh out those decisions and have more options, have more freedom, have more flexibility. That's what we're trying to build towards is to give you optionality in life. Money is not there to buy things. It is a tool to get you what you want out of life. So that's your 30s. Now let's jump into the 40s. I remember when I first started investing, I kept telling myself, I'll start when I have more money.

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39:04And there's a number of factors that you wanna consider in your 40s that we're gonna talk about here today. And a lot of people make the big mistake of getting to their 40s and not tightening up their systems and making sure this thing is running on autopilot. This thing is a surefire system that they are confident in. And instead, if you're just getting started in your 40s, that's okay, it is never too late. But you got to make sure you do the things in your 20s and 30s first before you hit your decade, which is the 40s, and start working towards some of these different items. And so when we're thinking about this, also, a lot of folks will ignore tax strategy.

39:36And I think that's a big mistake for folks, especially in your 30s, 40s, 50s. You got to make sure that you have tax strategy in place as you start to make more money. And a lot of folks in their 40s, they're getting some of those peak earning years in their 40s. And so we want to make sure we are optimizing our taxes so we can keep as much as possible in our pocket. So step one is I want you to optimize and not overcomplicate. So a lot of people, once they get to their 40s, maybe they've opened up a bunch of different investment accounts or a bunch of different brokerage accounts. You got your cryptos accounts.

40:04Maybe you got your real estate accounts. You got your REIT accounts. You got your Fundrise accounts. You got all these different accounts all over the place. And we want to, as much as possible, consolidate like-kind accounts. So if you are looking at something where you feel like your money is just in 20 different places, let's simplify. Let's make this easier so that we can breathe again and not have so many different accounts. Two, and on that same tone, let's make sure we have a clear asset allocation, meaning the mix of stocks and bonds that you have in place. I've noticed that a lot of people, once they get to their 40s, they've tried a little bit of everything.

40:39And so they have this asset allocation that's a little bit messy. Instead, you say to yourself, hey, maybe I want to have 70 % stocks. I want to have 20 % international stocks. And I want to have 10 % bonds. And by 70 % stocks, I mean US-based stocks. And so when you're thinking about this, well, now you have a 70-20-10 portfolio. And that is something that you can consider. Or maybe you know, hey, I just wanna be all in VTSAX and follow the simple path to wealth fund. That is something you can consider. Or maybe you're saying to yourself, man, I just wanna make sure that I am good to go. So I'm gonna follow the Warren Buffett portfolio.

41:13There's tons of different portfolios out there to look into, or maybe you wanna have, real estate is a big portion of your portfolio. or maybe you want to have 5 % in crypto or 5 % in gold. And so you're trying to think through exactly what you want to do. Let's make sure that we are clear on this asset allocation in our 40s because we are starting to approach retirement age and we want to make sure we have this nailed down. And then if you need to rebalance, if you're someone who rebalances, you can rebalance annually based on that asset allocation. But that is a whole different topic that we can talk about in another episode.

41:41Now, step two is your tax strategy. If you don't already have one in place, now it becomes critical. where every single year, you should be evaluating your Roth first traditional strategy. Meaning when you're looking at those two investments, you want to review this with your CPA. If you don't have one in place, then you need to get one and making sure you have conversations surrounding this. Also, you need to have awareness around capital gains. And if you have a lot of money in taxable brokerage accounts, you need to look at those taxable brokerage accounts and figure out where you are landing when it comes to capital gains.

42:10And then tax diversification. So the three tax brackets are pre-tax, post-tax, and also taxable. And so we want to look at that tax diversification when it comes to our investments. Now, step three is we want to lock in our lifestyle. We don't want to have these crazy, huge, lavish upgrades if we are really on the fine line of building wealth. If you're making a lot of money, sure, you can absolutely do that if you can afford it. But we don't want to have some crazy permanent upgrades that are going to derail our retirement. As we start to approach retirement age, we want to make sure we kind of stabilize some of our lifestyles, stabilize our expenses so that we can take those big extra chunks of cash if we are earning them and putting them towards investments.

42:47If you're not earning big extra chunks of cash yet, we also want to focus on our income and making sure we're growing that income so that we can take that extra money and put it towards wealth building activities. And then prioritizing flexibility over flash is a big thing that I want you to do. Flexibility is going to be so much more valuable to you over the course of the next decade than would be being flashy, having the Mercedes, having the brand new handbag, having the expensive clothes. Those are going to be fleeting things that you are chasing. But instead, if you pursue flexibility with your time so you can do what you want, when you want, with who you want, whenever you want, that, my friends, is the ultimate goal that most of us want to achieve.

43:26Now, four, if you don't know it already, make sure you understand what your financial independence number is. And so you should be tracking this every single year. And if you're younger and you're 20s or your 30s, then making sure you're tracking this early is very, very important. but I want you to figure out, okay, how much do I spend every single year right now? Multiply that number by 25. Once you have that amount invested in the market and you have it saved up and invested in your retirement accounts across all of those accounts, you are financially independent. So if you spend 80 grand per year, multiply that by 25, you're gonna have$2 million.

43:58And so$2 million invested means you could draw it on 4 % every single year. That's the safe withdrawal rate. If you haven't looked into the Trinity study ever yet, you can go read that study if you're interested to figure out why we're talking about 4%. But basically what it is, is you can withdraw 4 % every single year and preserve your portfolio or your portfolio will not run out of money historically. And so our goal by the end of our 40s is to make sure that work becomes optional or earlier than expected. That anxiety is gonna completely drop out and freedom feels real, not theoretical. Now, one thing I'll note before we wrap up the 40s is a lot of you may be dealing with a couple of different expenses that are pulling you in two directions.

44:36You may have kid stuff, like kids are entering into sports, or you have kids going to college, or a lot of different things are happening. But in addition, you also have aging parents. And so you're having to deal with both sides of the coin. That can get very expensive in your 40s. And so making sure that we are prioritizing our savings and having enough set aside for some of this stuff is really, really important as well. This is why we don't wanna see our expenses on the fixed things like houses, transportation, all that other stuff rise too rapidly. Because if it does, it could be a detriment to some of these other areas.

45:06And we want to make sure we never, ever go into debt in our 40s and deeper into debt. That is very, very important, especially high interest debt. You know, low interest debt is a different story. But high interest debt is something we want to make sure we're avoiding at all costs. Now, let's get into the 50s. So your 50s is going to be a really fun decade because we're building out our exit plan. Or some of you who may have prepared early on in life might already be financially independent or entering the decade where you're going to be financially independent maybe halfway through. And so this is a really fun decade for a lot of people to work on because we want to build our independence and we want to enter into our legacy phase as well.

45:45And so for a lot of people out there, I want you to think through a lot of different areas. Number one is I want you to first understand what most people fear. They fear running out of money. They fear market crashes. They fear things like messing all of this up, but never fear because we're going to talk through all of those different areas and how you can avoid those at all costs. So step one is I want you to transition from accumulation to use. So when it comes to thinking about our retirement plan and building up that retirement plan, there are two phases to investing. One is rapid accumulation, where in your 20s, your 30s, your 40s, and part of your 50s, you're thinking about accumulating your wealth and trying to grow your wealth as fast as you possibly can.

46:28Then once we get to the point in time where we are retired, then we switch our portfolio on to preservation mode because you're going to be living on that portfolio. And so you're trying to preserve that portfolio as much as you possibly can. So your working years, always accumulation, then your retirement years, that's the preservation portfolio. And so maybe as you start to think about your 50s, you start to take on less work and you're starting to reduce your hours if you are considering that. And if you start to do that, your income could drop. And so you just want to make sure that you have this flexibility built in that is going to allow you to do that.

47:01And so I highly encourage you, some people and a lot of people I know now work into their 60s, but that's A-OK. There's nothing wrong with that whatsoever. In fact, continually working throughout retirement is something I plan on doing. Why? I want to keep my mind sharp. I want to have something to do. I want to continue to do some specific things in life that really, really bring me value and they involve work. And so because of that, I plan on working for a very long period of time. But for some of you out there, if your income is going to drop or you are planning on working less, this is something you want to plan for.

47:31And again, if you're five years out from retirement, if you're in your 50s and listening to this episode right now, and you're five years out from retirement, we need to start nailing down our retirement plan and making sure we dial it in. If you're three years out, you really need to dial it in. If you're a couple years out, you need to know your numbers like the back of your hand. So that's really what we want to make sure we're doing as we start to think about our 50s. Now, step two is we want to start to reduce our risk in life intentionally. So that's going to mean a couple of different things.

47:57Don't be overly conservative because it's fear-driven. Fear is actually going to destroy a lot of people's retirement because they are so scared of what can happen in the market. But we want to make sure that we are conservative in some areas. One is we want to start to see our portfolio shift over the course of our 50s as we start to approach that retirement age. And so as we start to think about this, you can say, okay, well, now I'm getting closer to preservation mode. So I want to shift, maybe adding a little more bonds, slightly more if you want to, and or maybe just shifting your portfolio into that preservation mode, whatever you think is best for your risk tolerance.

48:29Secondarily, though, we want to think about our cash positions. And we want to think about how much cash we want to have on hand. Is it one year? Is it two years? Is it five years? The more cash you have on hand, the more you can weather storms of downturns or any shifts over time. Now, I'm not saying keep it in cash sitting under your mattress. You can put it into bonds or T-bills or all these other things that could be of interest to you. You can also layer it where a couple of years are maybe in bonds and then a couple of years go into a brokerage account. You can do a couple of different things like that that allows you to just make sure that you can weather any storm.

49:02And then making sure your portfolio actually matches your real spending needs is also the big thing. And so thinking about your portfolio is what I want you to do a lot over the course of this decade to make sure you dial it into exactly where you want it to be. And step three is I want you to lock in protection. Okay. What do I mean by locking in protection? One, we need to have our estate plan done. And so if you do not have a will, making sure you have a will is so important. It's going to create way more headaches than you want to happen if you don't have a will. Two is if you have a high net worth in your 50s and you have over a million bucks or you own a business or there's a bunch of other things happening, I highly encourage you to look at estate planning and think through a trust.

49:40A trust is a great option if you want to customize where your money's going or what you're going to be doing. And then three, making sure you have your beneficiaries assigned on all your investment accounts. Now, if you want your trust to own a lot of your investment accounts, you can absolutely do that. If you want to put other things that you own, other assets you own in that trust, you can do that as well. But making sure you lock in that protection is going to be important. You don't want money going to probate. You don't want your assets going to probate. It is a headache for everybody involved.

50:07And those assets could go to someone that you did not want them to originally go to. So making sure you do this is very important in your 50s. Mine is done in my 30s. And so this is something where the earlier you do it, the better off you can be. My wife and I tweak our trust every couple of years and we make shifts. We have a very customized trust now that is something that I really, really enjoy. For folks in MasterMoney Academy, we're going to talk more about that and kind of go through my exact trust and talk through why I did what I did. So if you want to join MasterMoney Academy, we go behind the scenes on stuff like this, and we'll be talking through that going forward.

50:42Step four is I want you to think about your purpose. I want you to redefine your purpose because what I don't want you to do is get to retirement and have zero purpose whatsoever. So what does enough actually look like to you? Maybe you're already past that enough number and you're just continuing to work to have something to do. Or maybe you're the type of person who can't get the goalposts to stop moving, and so you continue to keep working. I know a lot of people like this, where they're in their early 60s, they have more than enough cash on hand, but they still won't retire because they feel like they don't have enough, but they really do have enough to be able to cover their expenses.

51:14And so I want you to find what enough is if you're in your 50s, because way too many people either work too long or they don't work long enough. And so those are very important. And so by the end of your 50s, the outcome I want you to have is a financial independence. I want you to not have to work anymore. If you're in your 50s to confidence with spending money, you are confident. You don't have this fear. You're not worried about everything. Instead, you have confidence with your money. And then three, your wealth supports your life and is not stressful. It is not a stressful thing that you have to deal with day in and day out, but it is actually supporting your lifestyle.

51:47That is the third thing I wanna see. So these are the exact money plan for your 20s, your 30s, your 40s, your 50s. Again, if you're in your 50s and you haven't gotten started yet, start in the 20s and work your way up all the way up into the 50s. This is something that's gonna build on each and every single one of these areas. Now, if you wanna get additional help from me, I highly encourage you to join Master Money Academy. Just check out the link down below. That is where we help hundreds of people every single week master their money and focus on their finances. We have small groups of people meeting every single week.

52:19We keep you accountable and we give you the exact roadmap step-by-step through all the stages that we talked about today and the exact order that you need to follow. It is a joy to meet every single member in Master Money Academy. So if you're looking to invest in your finances this year, you actually want to improve your money, join Master Money Academy today. The link will be down below in the show notes. Listen, thank you guys again so much for being here. I truly appreciate each and every single one of you, and we will see you on the next episode.