Barbell Financial 💪🏻💰
@BarbellFi
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Financial Coach & Planner @ Barbell Financial | Negative net worth to millionaire by 31 | Former Stock Market Fraud Investigator | Get strong with money 💪🏼
Jersey Shore, NJ
Joined April 2022
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Last Seen Profiles
The cost to go to the movies now is DUMB
Saw Furiosa with my Dad, brother & friend
$142 total:
$82 for 4 tickets
$25 for 2 popcorns
$35 for 4 large sodas
The AMC theater was EMPTY on Friday night
I simply can’t justify doing it again
Is going to the movies still worth it? 🤔
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I bought my house for $293k in 2014 🏡
Today it’s worth right around $700k
That’s a 140% increase in less than 10 years
Did my house become MORE valuable?
Or did my dollars become LESS valuable? 🤔
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Spoke with a doctor about money
She’s 48 years old & burned out
Stressful work and long night hours
Has $4.7 million in investment accounts
$3.6 million home with a $1 million mortgage
She spends $300k annually
Two young kids (6 and 3 years old)
What would you tell her? 🤔
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@Investmentkage
In a vacuum this is true but it makes 2 big assumptions:
1) he paid cash for it in 1997
2) he could have lived in the S&P 500 for 30 years
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Here is the breakdown of the $60k budget my wife and I had last year
Our household income was $400k
We saved & invested the difference💰
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This tub of whey protein used to cost me $30 when I was in my early 20s
Now I’m in my early 30s and the same tub of protein costs $83
This is how to explain inflation to a gym bro
I will never financially recover from this
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My index funds will never call me at 2am about a roof leak.
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My credit score is almost perfect at 830
And yet I got denied for a new credit card the other day
The credit score system is DUMB 🤦🏻♂️
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@BudgetIQ
It’s much easier to inflate your lifestyle than it is to deflate your lifestyle once it’s been inflated
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My neighbor is an index fund investor
Had a portfolio with Vanguard for 9 years
Transferred his Roth IRA to Robinhood
And received the 3% match on transfers
Robinhood app asked if he wanted to try options
After two months of options trading
He lost half of his Roth IRA 😔
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We paid off our 2.6% mortgage 🤯
I’m 34 years old with a paid for $700k house
Never thought I’d be able to say that
Largest expense in our budget is gone
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I pay $8,400 annually in property taxes
The assessed value on record of my home is $355k
But the current value of my home is about $700k
Real estate value has exploded
My taxes will literally double if they reassess their values on record
Anyone else concerned about this? 😬
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Our neighbor spent 20 years working as a garbage man
He gets a full pension now from the city
Owns his house free & clear with zero mortgage
And completely retired in his 40s
The road to freedom comes in many shapes & sizes
Early retirement is for blue collar workers too 💪🏻
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My buddy just inherited $2 million 🤑
He now has $3 million liquid & $500k home equity
Their income is $360k & spend $12k/month
Which includes childcare & mortgage
They’re 38 with 4 year old twins & a new born
He now lost motivation to keep working
What would you do here?
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My buddy & his wife make $275k combined
Just bought a $1.2 million house with a pool on 1.5 acres
Property taxes are $20,000/year
They have 2 young kids
Did they buy too much house? 🤔
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My cousin just turned 33 years old
Fully retired with $1.8 million invested
Worked in tech at a Fortune 500 firm
Him & his wife are happy renters
Has no debt & kids college funded
He could’ve worked 5 more years
To reach $3 million invested
Would you have stuck it out? 🤔
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I have news for the FIRE crowd 🔥
Retiring early isn’t that great
I quit my job at 34 after reaching FI
I was “retired” for 4 months
But just accepted a BIG offer to go back into corp finance
I was bored & felt a lack of purpose
Retiring early won’t solve all your problems
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The 30 year treasury bond yield is now 4.7%
I could sell everything & get $80k/year
Passive income completely free of state tax
That’s enough to cover my expenses
Then after 30 years I’d get all my money back when the bond matures
Should I go all in on 30 year treasuries? 💰
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UPDATE:
Our family friend sold ALL his Nvidia stock
He fully paid off his mortgage balance with the money
His largest monthly expense has been eliminated in retirement
And now he’s designing a pool to be installed for him to enjoy 😎
What do you guys think about his choices?
Our family friend just retired in his 60s
He bought into Nvidia stock back in 2020
He hasn’t sold at all & is up 1,624%
He has a 3% mortgage and can pay it off if he sells all his shares
Do you take the gains and pay off the mortgage if you’re him?
Or do you let it ride? 🤔
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My parents asked me about Bitcoin yesterday
Sounds like they have FOMO
They’re retired in their 60s and have $250k sitting in cash
Here’s what they are considering:
Put the $250k in a 10 year CD earning 4.5%
OR
Put the $250k into Bitcoin
What should I tell them to do? 🤔
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I saw a poll recently on which careers earn $500k/year before age 40
Here were the top replies:
Physician
Tech sales
Business owner
Software Engineer at FAANG
Partner at Big 4 Accounting firm
Investment Banking/Private Equity
Partner/Senior Associate in big law
Would you work
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We own our $700k house free and clear
A lot of folks love their mortgages
Because they have a low interest rate
But let’s see how much you love it when:
Recession hits
You lose your jobs
Portfolio is down 40%
And the mortgage is due
1 in every 54 houses foreclosed in 2008 🤕
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Question for the no credit card crowd:
My wife takes a Lyft to work every day for $1,500/month.
Her job reimburses her for this expense.
The Chase Freedom Unlimited credit card provides 5% back on Lyft.
That’s $75/month in FREE cash back.
Would you use a credit card here? 💳
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Our family friend just retired in his 60s
He bought into Nvidia stock back in 2020
He hasn’t sold at all & is up 1,624%
He has a 3% mortgage and can pay it off if he sells all his shares
Do you take the gains and pay off the mortgage if you’re him?
Or do you let it ride? 🤔
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@FilledWithMoney
What kind of bicycle is he talking about!?
You can’t find a decent car for less than $10,000
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My friend & his wife just had a baby 👶🏻
After returning from maternity leave his wife was fired from her job
He’s a business owner & relied on her job for insurance
Now they lost their health insurance and have no affordable way to get it
Healthcare in the U.S. in a nutshell
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Now that I’ve both had a mortgage
And paid off my mortgage by 34
I can tell you this:
I’m NEVER going back to having one
I don’t care how low interest rates are
Never is having mortgage payments
Better than not having mortgage payments
Peace is having no housing payment 😎
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My aunt was laid off from work last week
Her role was eliminated
Effective immediately without notice
With the firm 18 years & worked hard
Only given 2 weeks pay as severance
She updated her LinkedIn & resume
But feels mentally broken & unworthy
What would you tell her? 😔
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Here is our receipt from food shopping 🧾
We spend around $500 every month on groceries
99% of our meals are made at home
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I’ve always been Fidelity only
But Robinhood just became the GOAT 🐐
5% interest on cash
3% cash back credit card
3% match on IRA contribution
3% match on IRA/401k transfer
1% match on all deposits with no cap
This might just be my new shop
Anyone else switching to Robinhood?
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The average life expectancy of a man is 73
That means 36 is truly mid-life
Trading in the minivan for a Corvette in your 60’s isn’t a mid-life crisis
It’s an end of life crisis 😳
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A Texas woman hired a contractor for home repairs
She had to leave town for a few months for work
When she came home the worker was squatting in the house
And using it as a drug house with friends
The Dallas police protected the man due to squatter’s rights
In Texas you’re
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You just went through a nasty divorce
Your net worth got cut in half
Had to pay lawyers $10,000
Can’t afford the house on one income
Suffered a massive financial set back
Having trouble recovering emotionally
And need to start over at 40
Should you always have a prenup? 🤔
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My buddy has money saved for a down payment on his first house
But it is sitting in a checking account at Chase
He plans to buy within the next 12 months
Currently there’s $200k cash saved
I’m mad at him for keeping it in a checking account
Where should he park this cash? 🤔
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The average public school teacher salary in America is $58,000.
How are teachers with kids surviving today with inflation?
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My Health Savings Account (HSA) just hit $20k! 🤑
This is my smallest investment account but holds my most valuable dollars.
Anyone else investing in their HSA?
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The 3 year chart of my brokerage account is a beautiful sight 👀
Index funds and chill.
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Matthew McConaughey is worth $160 million
Yet he lived in this 78 sqft trailer for years
It’s a 2004 Airstream
He had a satellite dish for tv and internet
And a BBQ hooked up out in the back
He used it as both his home & office
What more do you need to live a happy life? 🤔
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We spend $500 on groceries per month
Cook most our meals at home
Don’t order drinks or appetizers when we go out
Drive a car with good gas mileage
Costs only $30 to fill the gas tank
And $80/month for insurance
Mow the lawn & shovel the snow myself
Inflation is personal 💸
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My mom has a pension from a corporate job she worked back in the 90’s
She did legal work for a large insurance company
She turns 65 in a couple years and these are her options:
$340/month for life
$60k one time lump sum
Which one should she take? 🤔
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I’m trying to send $15 of Bitcoin to another wallet.
The network fee is $33.
Is this the future of money?
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My wife and I both work a fully onsite job 5 days/week
It’s a 3 hour round trip commute to the office from our house
Our household income is $400k
We make sacrifices now so we won’t have to later
Are we crazy for having that long of a commute?
Or is the income worthwhile? 💰
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My wife and I have been thinking about hiring a cleaning lady
But decided not to because the whole game has changed
The one thing that’s been a total game changer?
Getting a robot vacuum
Especially when you have two dogs that shed like crazy
Have you ever tried one of these?
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I don’t know who needs to hear this
But I don’t regret paying off our 2.6% mortgage
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The next BIG recession will come
Recessions happen every 4 years on average
Here is what you can expect:
Foreclosures rise
Bitcoin will tank 70%
Stocks will be down 50%
Unemployment spikes over 10%
A paid for house keeps a roof over you
What’s the most valuable asset here? 🤔
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@darrelltalksfi
I hate playing this game with utility providers. Just provide a fair price up front and don’t raise the price randomly every few months
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I mentor a coworker on money
She’s 26 and is 4 years with the bank
Makes $250k depending on bonus amount
Already has around $450k total invested
No longer enjoys her stressful job & bored
Hates sitting at a desk all week
And working for a corporation
What should she do? 🤔
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My friend and his wife are 36 years old
They have a 2 year old daughter
And currently rent for $2,400/month
Their gross income is $170k
They want to buy a house for $600k
It’d be $4,000/month with 20% down
They have 130k invested plus $150k cash
Would you buy the house? 🤔
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I was sitting on the train in NYC
Next to a group of Gen Z kids
All headed to the NY Rangers game
EVERY single one had DraftKings up
And were placing bets on their phone
Gambling on sports isn’t cool
Investing to secure your future is
How do we stop kids from gambling? 😔
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The average salary in America is $59k
Here is the average salary for trade jobs:
Linemen earn $90k
Plumbers earn $60k
Electricians earn $73k
HVAC technicians earn $60k
The trades will be in high demand
You don’t need to drown in student debt
Would you work in a trade job? 👨🏻🔧
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My wife and I don’t drink or drug
We don’t go out for drinks 🥃
We don’t smoke cigarettes 🚬
We don’t smoke weed 🪴
People spend $1,000s each year here
And complain they can’t afford to invest
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All you need to retire is $300k
That’s enough to travel the world for life
A cruise ship is now offering this
All meals and activities are included
You visit 147 countries and all 7 continents
A hospital & pharmacy are on board the ship
Would you retire on a cruise ship? 🤔
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My buddy lives in NYC & works in private equity
32 years old & earns $730k in gross income
His apartment costs $7,200/month in rent
He wants to buy a new construction NYC condo:
$2 million
20% down
6.7% interest
30 year fixed rate
Here are his assets:
$50k HSA
$320k cash
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My Roth IRA just crossed $140k 📈
Index funds are boring 🥱
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A report just came out on the cost of living in America
Here are the 10 states with the lowest cost of living:
Ohio
Iowa
Kentucky
Louisiana
Arkansas
Oklahoma
Mississippi
West Virginia
North Dakota
South Dakota
Would you retire to any of these places? 🤔
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The Bitcoin crowd is full of insecurity 😕
I’ve never needed to defend index funds
I don’t insult or attack others who don’t agree with me
How I invest my money is my business
And if you’re so confident in Bitcoin,
Then why are you so angry and defensive?
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Buying a car is the WORST experience
But, we need a second car so here I am
These are the options:
Give Carvana a try
Buy new at the dealership
Buy used at the dealership
Buy private seller on Craigslist
Ask around with friends and family
What’s the best way to buy a car? 🤔
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My wife gets a pension at work 🤑
Every year she works her pension grows larger
Right now she’s vested in a $2,000/month benefit
This kicks in at age 65 and is good for life
If I outlive my wife I get a survivor benefit
I’ve never included this in our net worth
Should we?
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Question for the Bitcoin crowd:
My friend is a teacher and his wife stays home to care for 2 young kids
Their take home pay is $3,100/month
They struggle to make ends meet
There’s nothing left to save & invest after all their expenses get paid
How does Bitcoin fix this? 🤔
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@TheDrugMoney
I have little motivation to work for someone else without a windfall like that 😂
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I owe $40k on my 2.6% mortgage.
I have $70k cash earning 5%.
Mortgage will be paid off in 2.5 years if I just keep making the monthly payments.
Do I let it ride or just pay off the balance?
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Being frugal is a life hack to save money 💰
I just raised my thermostat a couple degrees so my A/C isn’t blasting all summer
Also packed lunch to work every day this week
What frugal thing do you do to save money?
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Which one best describes your job?
A) High income, low stress
B) High income, high stress
C) Low income, low stress
D) Low income, high stress
Mine is B with 12 hour long days.
I’d likely immediately quit D.
And wonder how many out there have A.
That seems to be a unicorn 🦄
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Question for the Bitcoin crowd:
I became a millionaire by 31 without crypto.
I’m financially free & quit my job at 34.
I have an amazing life & travel the world.
I fund my lifestyle with fiat.
Less than 1% of my net worth is in Bitcoin.
Why do I need more Bitcoin? 🤔
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New achievement unlocked:
$150k in the Roth IRA 🤑
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I was on the bus commuting to work this morning
A middle aged woman sat in front of me
She opened the Starbucks app on her phone
And ordered an $8 coffee for pick up
I assume she does this every morning
Literally trading 40 years of working
For the daily mocha frappucino ☕️
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I have a family member with a VERY successful business
He’s a multi-millionaire with a mansion & Lamborghini
Almost 70 and works harder than ever
But says how much the stress is getting to him
And how he needs to keep working to afford it all
This is NOT financial freedom 😔
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The U.S. dollar devaluing by 2% from inflation each year is a feature of fiat & not a bug
It encourages spending, economic expansion, and investing
Inflation isn’t the reason you’re in debt
Bitcoin doesn’t fix THAT
Stop pointing the finger & look in the mirror for once🪞
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Spoke with a NYC resident yesterday
He is 57 and his wife is 65 years old
They have a $900k mortgage
But it has an adjustable rate
2.8% original rate and went to 5% last year
Next month it jumps up to 7%
They have $3.75 million invested
Should they pay off the mortgage? 🤔
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Bitcoin isn’t needed to preserve the purchasing power of your dollars 💵
Inflation is currently 3.1%
Cash is yielding 5% RISK FREE
Or you can take some risk and get 10% in the S&P 500 in the long run
You can own some Bitcoin too
Bitcoin doesn’t have to be all or nothing
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I experienced a strange phenomenon over the last few years
Where the wealthier I became the more anxious I became
You’d think the exact opposite would be true
Has anyone else experienced this? 🤔
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I’ve paid $12 for Robinhood Gold so far
And Robinhood has given me $5,000
That’s a 41,567% return on my money
Fidelity will always be the one I come home to
But Robinhood is now my side piece 🤑
Can I trust Robinhood?
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Robinhood just gave me $4,500 FREE 💰
Just to transfer my Roth IRA from Fidelity
And now that I’m here I think I’ll stay
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Someone I know is getting divorced after 20 years
He is 61 years old & she is 51 years old
The husband offered the wife his 401k with $275k
In return he would keep their $250k house
The house is paid off in full with no mortgage
Is this a fair trade to settle the divorce? 🤔
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The Bitcoin crowd is largely an echo chamber of robots 🤖
“Bitcoin fixes this”
“Have fun staying poor”
“Fiat’s a melting ice cube”
“Stay humble stack sats”
I’m not anti-Bitcoin
I like BTC & own some
I’m pro critical thought & rationality
Why do y’all repeat the same line?
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The real March Madness:
Stock market hitting all time highs
Bitcoin hitting all time highs
Unemployment is low
GDP growth is strong
BUT
Household debt is hitting all time high
Interest rates are highest in 40 years
Inflation above the 2% target
How does this all end? 🤔
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Question for the Bitcoin crowd:
Our household income is $400k/year
We save 75% of our income and mostly invest in index funds
My friend’s household income is $75k/year
They save 10% of their income and mostly invest in Bitcoin
Who is more financially free in 30 years? 🤔
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When will I be able to use my Bitcoin to:
Pay rent
Buy property
Pay my taxes
Pay medical bills
Put gas in my car
Pay my utility bills
Book a flight & hotel
Buy groceries for the week
Pay my insurance premiums
I am currently 34 years old
Will this ever happen in my lifetime? 🤔
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Saving 10-15% of your income is bad advice
If you’re lucky you’ll stay continuously employed for 40 years
And even then your lifestyle in retirement will suck
Do you actually want to enjoy retirement?
And enjoy it younger than 65?
Your savings rate needs to be MUCH higher 😳
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Just bought $20k more I-bonds 💰
Toal I-bonds owned is now $87k
The current interest paid is 5.27%
You can only buy $10k/year/person
Why I-bonds?
Never lose value
Tax-deferred growth
Protection from inflation
Pay zero state taxes on interest
Completely tax free for education
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Money market funds just reached an all time high:
$6.1 TRILLION
These are cash and cash equivalents
$6.1 trillion is sitting on the sidelines
Enjoying the high interest rates while they last
But where do you think all that money goes once the Fed starts cutting rates? 🙄
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The highest paid WNBA player made $252k
The minimum salary in the NBA is $1.1 million
Should WNBA players be paid more?
Or should NBA players be paid less? 🤔
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