ianbuildswealth
@ianbuildswealth
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I help busy people get better with money | Featured in @businessinsider @moneyscoop | 160k on IG
Joined July 2021
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My kids are lucky. They have a:
Chauffeur ($35,000/yr)
Private chef ($20,000/yr)
Child care ($50,000/yr)
Housekeeper ($25,000/yr)
…and they call her mom.
Stay at home parents may not have money to show for their many jobs.
But the value is priceless.
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153
2K
Original student loan balance: $209,553.78
Amount Remaining: $9,321.19
I am 5 payments away from being 100% student debt free.
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15
1K
I have 4 student loan payments left.
$7,330 . . . that's it.
That’s $202,223 paid.
I’ll be 100% student loan debt free in April.
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940
Average salary by job:
Lawyer: $163,770
Registered Nurse: $89,010
Accountant: $86,740
Farmer: $83,790
Police Officer: $71,380
Electrician: $65,280
What surprises you here?
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$1,000,000 is NOT enough for retirement.
Agree or disagree?
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I am now $5,336.25 away from being student loan debt free.
3 payments left on a $210,000 journey.
Good things take time.
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60% of millennials making over $100k say they're living paycheck to paycheck.
So tell me:
Do you think we have a spending problem in this country?
Or is everything just way too expensive?
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This weekend I made a $2,015 student loan payment.
I have 3 payments left until my balance is $0.
I'll have paid a total of $209k over the past 12 years.
Can't wait to make that final payment.
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$200 dinner for me and my wife.
20% of the bill was alcohol (we had 2 drinks...total).
I love a drink at dinner.
But is it worth the cost?
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Half of US households can only afford a $400 car payment.
Average new car payment = $726
Is debt for a new car worth it?
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46% of Gen Z’ers say they need additional jobs just to make ends meet.
So tell me:
Do you think they’re spending too much?
Or just underpaid?
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$400 per paycheck in my 401k.
$500 per month into my Roth.
This is how I will retire as a multi-millionaire.
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Right now a new Toyota Highlander will cost me ~ $1000/month all in.
That’s $12k a year.
That’s a Roth contribution for me and my wife.
That’s almost $100k in lost growth by the time I’m 65.
All for a car that will be worth half within 2 years of buying it.
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Millennials are investors, carry the lowest avg credit card debt, are more philanthropic and love coffee and pets.
Yet 57% of us don’t have an emergency fund.
If you were born b/t 1981 to 1996 tell me: do you have emergency savings?
Tell me why 👇🏻
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Publicly flex a BMW.
You get praised.
Publicly flex $1000/mo into a 401k.
You get laughed at.
Most want flash when they should care about cash.
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Every week I spend $150 to get my house cleaned.
5 years of this will give me back 1,000+ hours in my life.
That's a huge ROI.
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Today is my birthday.
Today I make my last full student loan payment.
Today is a good day.
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If you’re making $50k a year, your take home pay per check is ~$1500.
Americans, on average, pay $1300 a year in credit card interest.
That means 2 work weeks every year belong to the credit card companies.
It’s time to rethink debt.
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Shoutout to all the parents out there waking up early
Working all day.
Making dinner, doing bedtime and getting 1 hour a night to relax and watch Netflix.
Don't let hustle culture tell you downtime is the enemy.
Part of being productive is recharging the batteries
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The goal isn’t to be a millionaire.
The goal is to build streams of income and cash flow so I own 100% of my time.
Where I get to do what I want, when I want.
Wealth isn’t a number. It’s a state of being.
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What if you can only invest $100 per month?
In 5 years = $7,041.14
In 10 years = $16,776.45
In 15 years = $30,430.73
In 20 years = $49,581.5
In 25 years = $76,441.59
In 30 years = $114,114.17
There is nothing wrong with starting small.
Small adds up.
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The average American saves only 5% of their income.
Is this enough?
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I’d rather be frustrated by restricting my spending than frustrated with debt.
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It’s 2029. You have:
💰$100k in a Roth
📈$50k in a brokerage
💸$200k in a 401k
You're debt free 🙅♂️
Paid off car 🚗
A rental property 🏡
You’re on track to retire by 65 with $3.5m.
Thats the power of planning ahead.
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What’s a normal amount of money to keep in your checking account?
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@thewealthdad
I’m with you on this. They both have a time and place. But for Disney, I’d do hotel on property.
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You are supposed to spend money, not just save it.
So tell me: what do you LOVE to spend your money on?
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🚨Important announcement🚨
IRS announced that in 2023, you will be able to invest more into retirement plans:
401k - $20,500 (2022) ➡️ $22,500 (2023)
IRA - $6,000 (2022) ➡️ $6,500 (2023)
Income limits also raised for those who want to contribute to a Roth.
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I’ll earn at least $5,000 in my high yield savings account this year.
That’s like 4 months of food for my family.
Don't let your money snooze.
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High income
+ low expenses
+ growing assets
x time
= financial freedom
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Have you ever splurged on something that turned out to be completely worth it?
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Still shocks me that I don’t have to pay $2,000 for student loans later this month.
Even if I invest half of that, that’s an extra $549,000 in 20 years.
What would you do with that extra cash?
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Are you willing to work and invest for 3 decades before you become a millionaire?
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If you can pay your bills, save some money, invest for your future and go out to eat a few times a month, you’re doing pretty damn well.
Do you agree?
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My focus is not to have millions.
It's income.
It's cash flow.
It's putting everything on autopilot so I can focus on what is most important to me.
Wealth is great.
But time freedom is better.
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@theficouple
I think home ownership is less affordable and forcing most to rent. And it's not just the cost of the home. Its the inability to most to save a down payment.
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@Budgetdog_
Anyone who is arguing against this is hustling backwards. Debt interest is CERTAIN. Investment gains are NOT.
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I took the golden handcuffs off in 2018.
Left a $300k/year job.
That job enabled me to achieve financial stability.
But I was unhappy every day.
Money isn't everything.
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You're 30 years old making $95k, stressed about money.
But then you run the numbers.
If you invest 10% of your paycheck, at 65 you'd have $1.3 million.
All it took was one simple move.
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@thewealthdad
And a husband who had nothing to do with planning that complains is asking for it. Just my personal experience 😂
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In 2024 I'll invest
$7,000 into a Roth IRA.
10% of every paycheck into a 401k.
This is the most simple and effective way to retire a millionaire.
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Line at the grocery store of people waiting to buy lotto tickets.
Another group of people lined up for cigarettes.
Couldn’t think of a bigger waste of time or money.
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@THEREALWARDINO
It's this among a whole lot more. Plus the time spent with kids and knowing exactly who is there with him.
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You don't have to run a marathon to get in shape.
10,000 steps a day is 3.65 million steps a year.
Thats the equivalent 69 marathons.
Hows that for an investment in your health?
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Median household income in the US is ~$70k per year.
Millennials say they need over $500k a year to be happy.
I'm all for wanting more money.
But is happiness really that far from the average?
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Average annual salary by state:
1. Massachusetts: $76,600
2. New York: $74,870
3. California: $73,220
4. Washington: $72,350
5. New Jersey: $70,890
Would you live in any of these states?
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People don’t buy bitcoin for its utility.
They buy it because of hype.
And because they see it as the next “once in a lifetime opportunity.”
I’m not against it.
But I’m not for it at those reasons.
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A friend had $40,000 of debt. Personal loans, credit cards averaging > 20% interest.
She asked me what she needed to do to start investing.
What would you tell her?
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What is more important:
Increasing your income or controlling your expenses?
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Time is just as much a form of currency as money.
As we get older, we realize we have less and it becomes more and more valuable.
So if you wouldn’t waste your money on frivolous crap, why would you waste your time on things that don’t matter?
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Gen Z says the 9 to 5 is "depressing."
How is that possible when you get:
✅ Predictable income
✅ Retirement planning
✅ Paid time off
✅ And money to fund your lifestyle.
Do you agree with Gen Z?
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Would you stay at a job you hated if it paid you $150,000 per year?
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6 money goals:
1. Build an Emergency Fund
2. Invest 10% of Income
3. Read 1 book about money
4. Monetize a skill/hobby
5. Create a budget
6. Pay off high interest debt
What would you add?
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@AlexHormozi
My dad always says: you never know someone until you've had a money dealing with them. Thats when the good or the bad come out.
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What I want for Christmas?
💸10 percent compounding returns
📈9 stocks a soaring
💯8 bonds accruing
🏠7 thriving rentals
💰6 dividend payments
🥇5 golden cooooooins (gold is like $2k/oz!)
🤑4 passive businesses
♻️3 pensions
📊2 Roth IRAs
And Financial securityyyyy
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Wealth is an iceberg.
People see the shine and beauty at the top….
But out of view?
Years of hard work
Struggle
Attempts to figure it out
Your story is starting beneath the surface right now. Keep going.
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How many people spent $2000 on a peloton?
And now it’s collecting dust.
If you used it 100 times, you spent $20/ride.
You got value.
Now get rid of it.
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There are 2 ways to accumulate more money:
1. Cut down expenses
2. Make more money
Yes there are some things I would clear from my expenses but I choose
#2
100% of the time.
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My parents want to buy my kids holiday gifts.
We have a ton of gifts in the closet.
So I told them don't buy gifts. Send the kids cash so I can invest it.
What would you have said back to me?
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Would you pay $2.5 million for a house that sold for $800K 24 years ago?
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In a
@CNBC
survey of 750 investors with at least $1 million in investible assets, 25% said inflation was the biggest risk over the next 12 months.
Only 9% said they’re reducing their positions in the market.
Millionaires are concerned, but not shying away from investing.
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Home ownership is becoming less and less attainable.
It's not just the cost of the home.
It's the inability for most to save a down payment.
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You have a $500k mortgage @ 7% interest
A $3,327 monthly payment.
Pay $100 more per month.
That shaves off 32 months and saves you $75,068 in interest.
This isn’t a hack. This is math.
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I am 3 payments away from being 100% student debt free.
Here are 4 lessons I learned from paying off $210,000 of debt:
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One person spends $5000 on a big vacation.
Another invests $5000 on their business.
The first person gets praised.
The second is told it's too risky.
Where are our priorities?
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Jess has $35k in student loans.
Jess realized she was spending $150/mo on Sephora and Starbucks.
Jess redirected that money to her debt.
It saved her $3,400 and she paid off her debt 3 years faster.
Jess didn’t deprive herself of fun. She enabled a free future.
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Yes, I save for retirement.
But I still took 3 vacations this year.
Yes, I save for retirement.
But I still bought a treadmill desk.
Yes, I save for retirement.
But that doesn't mean I can't enjoy today.
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Paying your debt is a power move.
Because personal finance is not just about maximizing your dollars.
If you feel burdened, anxious or just want more control, it is okay to prioritize debt over investing.
Your money. Your life. Your decisions.
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Be frugal with money.
Be conservative with your time.
Give attention to what matters.
Spend energy on your passions.
Be selfish when it's important.
Everything else is nonsense.
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Math can solve your debt problem.
Ex: a $20k student loan @ 7% interest & a 10 year term
Extra $100/mo saves 45 months
Extra $200/mo saves 65 months
Extra $300/mo saves 77 months
Extra $400/mo saves 84 months
Min payment is fine.
But this is how you get debt free faster.
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If a couple takes home $130k/yr, lives on 80% & "only" invests 20% into index funds?
After 25 years they could have ~ $2.1 million & $84,000+ a year in 100% passive income.
And they lived a damn good lifestyle along the way.
That's having the best of both worlds 👌
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The simple way to become a millionaire:
1. Pay off all consumer debt
2. Budget and track expenses
3. Start a side hustle
4. Invest $735/month
Rinse and repeat for 30 years.
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If you want maintain $100k/year of income in retirement, you'd need about $2.5 million invested.
Here's how much you'd need to invest monthly to hit $2.5m by 65:
Start at 25: $805
Start at 35: $1,840
Start at 45: $4,506
The early bird clearly gets the worm.
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Warren Buffett is 91 years old.
If you could trade places with him right now, would you?
What more proof do you need that time is the ultimate currency?
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No one is born knowing how to manage money.
It's taught.
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I just booked a round trip flight from South Florida to San Francisco for a family of 4 for $40.
Don't tell me credit cards can't be an asset.
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Why do a Thanksgiving 5k when I can do a 401k from my couch?
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@theSprocket_Alt
Maybe. But I didn’t. And I did the hard work to pay it off. I don’t regret it. And I know what I’d do differently if I had to do it again. Appreciate your blunt perspective.
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It's not just the $7 coffee you buy every day.
It's that plus the $15 for lunch.
Then $50 at happy hour.
Then the $20 cab ride.
Twice a week and this is a $10,000/yr decision.
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Read a bunch of finance books and you'll see a lot of overlap:
- Earn more
- Spend less
- Invest often in low cost index funds
- Get rid of high interest debt
- Save for a rainy day
It's time to put down the books and start executing.
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You will never regret investing in:
1. Yourself
2. Your partner
3. Your kids
4. Your family
5. Your body
6. Your mind
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Invest in the stock market
Invest in real estate
Invest in legit businesses
Invest in education
Invest in your family
Invest in relationships
Invest in yourself
Everything else is BS
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Before you start investing, pay off the high interest debt.
Trying to compete with a 17% credit card is going to cause you to hustle backwards.
Focusing on your debt IS investing for your future.
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My wife and I didn't buy each other presents this year.
Instead, in 2023, we took several luxury trips, bought a new car and renovated one of the rooms in our house.
We don't look for a single day to buy stuff.
We spend with intention throughout the year.
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I graduated law school with $190k in debt.
I pushed it off so long it grew to $210k.
Sometimes you need a swift kick in the you-know-what to realize you screwed up.
And the only thing that matters after that is what you do next.
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The fix for overspending = use cash
The fix for not investing = start small
The fix for high-interest loans = refinance
The fix for poor credit score = pay on time
The fix for ignoring retirement = start now
The fix for credit card debt = scissors
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I used to want:
⁃Sneakers
⁃Watches
⁃Clothes
Now I want:
⁃Stocks
⁃Passive income
⁃Investment properties
Material items fill your closet.
Income fills your future.
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