Money with Katie’s Middle-Class Wealth Trap to Avoid

Рет қаралды 28,439

Күн бұрын

Katie Gatti Tassin from “Money with Katie” had her “financial awakening” earlier than most. She saw the middle-class wealth trap of working, spending, and repeating for what it really was. This cash-gobbling cycle is one that many Americans fall into, but once you see the light, it’s hard not to almost automatically do better. And that’s what Katie did, trading twenty-dollar daily lunches and “hot girl expenses” for more saving, investing, and skyrocketing net worth.
Through a few short years of self-education, Katie was able to more than double her income, build profitable side businesses, and have a master-like grip on her finances. She’s become an expert in retirement investing, passive income, and saving simply through reading blog posts, listening to podcasts, and starting something of her own. This, coming from someone who just a few years ago had less than $500 to their name.
Katie walks through what spurred her “financial awakening” and how sharing the same thought process could activate your own. She also touches on financial myths that the middle class commonly falls into, the great Roth vs. 401(k) debate, and why lifestyle creep isn’t such a bad thing. She’s proof that you can turn your entire financial situation around in only a few short years, and if she could do it, why can’t you?
Show Notes at:
www.biggerpockets.com/blog/mo...
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Top 5 Hacks To Maximize Retirement Savings:
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Traditional 401(k) vs. Roth IRA: Which One Wins?
www.biggerpockets.com/blog/40...
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The Shockingly Simple Math Behind Early Retirement:
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Connect with Katie:
Website: moneywithkatie.com/
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Twitter: @moneywithkatie or / moneywithkatie
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00:00 Intro
02:26 he Financial "Awakening"
09:45 Serious Savings and Skirting Money Traps
24:16 The Biggest Money Myth
31:55 The Roth vs. 401k Debate
52:54 The Bright Side of Lifestyle Creep
54:21 Connect with Katie!
55:35 Challenge "Traditional" Wisdom!

Пікірлер: 29

@LifeOfKells Жыл бұрын

I love how she calls her maintenance expenses “hot girl” expenses😂❤️

@joycewatt8289 Жыл бұрын

“Horrible job 😢with toxic people.” Makes work unbearable but that seems to have become the rule rather than the exception. So much negative behavior has become acceptable in far too many workplaces.

@carieyounginsurance Жыл бұрын

Leave it to a desk job to make you start going- hell no! I started my own business twice and then second one worked out and still doing after 10 years- love being my own employer and having a future plan for my money and finances

@Avacadofrommexicoyeah Жыл бұрын

What kind of biz? Many blessings!

@hope1922 Жыл бұрын

I love Money with Katie and Bigger Pockets! My two favorite podcasts come together, what a joy 😊

@hrhsophiathefirst4060 Жыл бұрын

Thanks for introducing me to Money with Katie, here bingeing her content!

@johnl9135 Жыл бұрын

I love to invest in ROTH IRA because I like there is no RMD and earned tax free. And because I don't make that much annually. My only regret is I wish I know this things when I was in my teenage years. Very late in the game. Trying to max out each year.

@Avacadofrommexicoyeah Жыл бұрын

Same

@BrianSchoedel Жыл бұрын

Really enjoyed seeing this episode. So good to see the agree & challenge scenarios. Pretty cool.

@TheFirstRealChewy 7 ай бұрын

There is a reason people say time is money.

@solagracia777 Жыл бұрын

Great video. I hope to learn more about self-directed IRAs. Are they worth it?

@TheFirstRealChewy 7 ай бұрын

13:36 Yeah, its simple when your decision is based on logic. Its not so simple when its based on emotion. My wife will break before I do, so our current spending is just above her breaking point, and I'm constantly working on increasing her pain threshold.😅

@TheImperfectReader Жыл бұрын

I'm making brown bagging it sexy again!

@jennesont4791 Жыл бұрын

Hot girl expenses! I love that!

@Ceddy_T Жыл бұрын

🎯

@holdencawffle626 Жыл бұрын

Autumn bicker?

@brucebanksshow Жыл бұрын

Her cut looks really good here. Just noticing randomly.

@MWCRUSADER0508 Жыл бұрын

How, did she save to $100K in 24 months making $60K a year? I’m not seeing the math real quick here

@Rosetteismyname Жыл бұрын

I saw this comment B4 watching the video. She said she also took on a side hustle. I think it was $15k at the beginning and Over the next 18 to 24 months 100k within investments

@MWCRUSADER0508 Жыл бұрын

@@Rosetteismyname So, somehow she: Made $60K annually in her job, got taxes taken out, paid for shelter costs, paid for food, paid for transportation, paid for all insurances needed as a young adult, and still saved $100K in 2 years with that income? Even if investing and a side hustle, that means she saved $50K a year...which is about 2/3 of that income she got, which makes no sense ... even if she was living at home

@gwene.9912 Жыл бұрын

@@MWCRUSADER0508 yes, something is missing.

@Rosetteismyname Жыл бұрын

@@MWCRUSADER0508 I thought she also said she had starting assets. I could be wrong but it wasn't 100k starting from 0

@shotartist Жыл бұрын

@@MWCRUSADER0508 yup, sounds like cap.

@youdqtube 10 ай бұрын

"Obviously this country has an issue with figuring out how to tax billionaires." Correct, we have an INCOME tax system, not a wealth tax. The term "billionaire" describes wealth, not income. Anyone with taxable income pays taxes on that income. Those with high income pay high taxes on that income. Seems VERY hypocritical to say something like this in the same episode where you discuss how you hope to have a multimillion dollar Trad 401(k) balance and wait until you can manipulate your income to be very low to pay zero taxes on capital gains and also do Roth conversions to pay less taxes. Do you really want a tax on billionaires? Slippery slope to a tax on millionaires.

@user-ku5vm5jb1h Ай бұрын

Another 30 year old whining about having to work a job. Omg. On top of that, she had no debt and a head start from her parents. When are you guys gonna do “real people” scenarios? Or I guess I’ll have to start my own channel so that real people who are struggling have something to relate to.