How I Earned My First $100k (in Investments) | Summary and Q&A

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September 13, 2023
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Debt Free Millennials
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How I Earned My First $100k (in Investments)

TL;DR

Learn how the host went from $35,000 in debt to $100,000 net worth through strategic investing.

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Key Insights

  • πŸ›οΈ Paying off debt is a crucial first step before focusing on investments to build net worth.
  • πŸ₯Ί Lack of knowledge and professional advice can lead to suboptimal investment decisions.
  • πŸ‰ Opening and maximizing retirement accounts like Roth IRA and SEP IRA provide tax advantages and long-term growth potential.
  • πŸ€” Consistency, long-term thinking, and diversification contribute to investment success.
  • 😘 Low expense fees and understanding fund performance are essential factors in selecting investment platforms and funds.
  • 🀩 Market volatility should not discourage investors, and staying committed to a long-term strategy is key.
  • ❓ Managing investments individually is possible with knowledge and dedication, although seeking professional advice may also be beneficial.

Transcript

if you're interested in making your first 100 000 in your investment stick around I'm going to be sharing exactly how I did that in the steps that I took hey guys it's Justine your host of the debt free Millennials Channel where we help Millennials Crush debt Achieve Financial confidence that leads to more fun and fewer payments if that's you go ah... Read More

Questions & Answers

Q: How did the host initially start investing while paying off her debt?

The host started with a 401k contribution of 2% but had limited investment knowledge. She realized the importance of learning about investing and making informed decisions.

Q: What retirement accounts did the host open and maximize after becoming debt-free?

The host opened a Roth IRA, a rollover IRA, and a SEP IRA. She prioritized maximizing contributions to these accounts for greater tax advantages and future growth.

Q: How did the host choose her investment platform and funds?

The host chose Vanguard as her investment platform due to its low expense fees. She invested in funds such as the Vanguard Target Retirement 2055 Fund, Vanguard Total Stock Market Index Fund, and Vanguard 500 Index Fund.

Q: How did the host manage her investments during market volatility, such as the pandemic?

The host stayed consistent with her contributions and did not try to time the market. She weathered market fluctuations and saw her investments bounce back and reach the $100,000 milestone in 2020.

Summary & Key Takeaways

  • The host paid off $35,000 in student loan debt in 2.5 years before starting her investment journey.

  • She initially contributed only 2% to her 401k, lacking knowledge about investing.

  • After becoming debt-free, she focused on opening and maximizing different retirement accounts like Roth IRA and SEP IRA.

  • By consistently investing and managing her funds, she reached a net worth of $100,000 in four years.

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