Chad | Money Matters
@Chadmoneymatter
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I'm building a Million Dollar Net-Worth on a modest salary of $55k I share my strategies to help lower income families thrive!
Ohio, USA
Joined March 2021
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Pinned Tweet
Me at 30:
- Net Worth $0
- Pushing 300lbs
- I was a poor father
- And a worse husband
Me at 37:
- Net Worth over $115,000
- Lost more than 70lbs
- I am a strong Father
- A great Husband
In 7 years, I went from failing my family to leading it.
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Started using excel to track our budget.
Found out we spent alot of money on things we didn't need.
Immediately deleted Excel as we do not need that kind of negative energy in our lives.
#budgeting
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8K
Wife's credit card was stolen. 😫
I'm not going to take action yet
Currently he's staying within our budget better than she was
Going to let this play out. 😆
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My wife doesn't know this but I put 1$ in a envelope everytime we had sex to be used to buy her Xmas gift...
This year she's getting an envelope
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I make $50,000 per year
Let me be the one to tell you a rich life can be lived at any income level
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We should "cut the cord" to save money:
Netflix - $19.99
Peacock - $9.99
HBO Max - $14.99
Youtube TV - $72.99
Disney+Hulu - $19.99
Amazon Prime - $14.99
Welcome back to the cord!
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Car A: 🚗
$60,000 purchase price
Car B: 🚙
$15,000 purchase price
Both cars drive you to work
One keeps you stuck there
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Checking account: $219
Debt: $17,000
Door dash bill arriving in 30 min:
$51.75
The American way
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I did a pull up today.
1 pull up.
At the ripe age of 37.
That brings my total number of pull ups I've ever done in my entire life to ....
🥁...
1.
I'm actually super fucking pumped about that.
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The new restaurant tab:
•18% service charge
•3% credit card fee
•4% Employee healthcare fee
•5% Kitchen appreciation fee
•20% Tip
I think I'll stay home.
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I have 78k in a brokerage account and I'm terrified of a $400 car payment
No idea how debt is so comfortable to folks...
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Make Money ----> Action
Save Money ----> Behavior
Grow Money ----> Knowledge
Write that down.
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53% of Americans earned less than $50k
75% earned less that $65k
Only 12% earned over 100k
Except for here on Twitter where 100% of people commenting earn 150k+
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People complaining about Subways new $6 for 6" promotion
when it used to be $5 footlongs.
But they forget that minimum wage at that time was $7.25 and now its $7.25
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Wedding Rings from Amazon $6.99
Marriage License $65.00
Wife's Dress $40.00
My Outfit $30.00
Not having to live with $25k+ debt to pay for a bunch of people to party: priceless
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Cake - $25
Wedding cake - $350
Photographer - $100
Wedding photographer -$3,000
Caterer - $400
Wedding caterer - $5,000
Dress - $159
Wedding dress - $2,500
It's a fact, the most expensive word in the English language is "wedding"
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This was over $1000
It's so hard to eat healthy anymore.
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The government suggests retirement near age 67
I suggest you don't take money advice from someone who's $29 trillion in debt
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Today is the day!
We just started investing in 2020
My wife is a stay at home mom with our two kids
My salary is just under 60k
Even with starting late, having one income, raising two kids, and not being a higher earned...
We officially passed $100k invested!!!
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I earn 50k annually
Drive a paid off car
Live in a paid off mobile home
Our wedding was under $200
With a 115k net worth
There are lots of accounts that will teach you how to increase your income.
I'm here to teach you to build wealth at any income level
Follow along
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If Twitter dies, remember me for this:
Have an emergency fund
Save 15% of your income
Take your 401k match
Max your ROTH IRA
Marry the right one
Live a little
Financially, this is all that matters
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Rice + Beans + paid off car
Taste better than
Steak + Wine + $700 monthly payment
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As a parent you should be teaching your children these 9 Money Matters:
1. Tax
2. Debt
3. Cash
4. Credit
5. Saving
6. Investing
7. Spending
8. Diversification
9. Compound Interest
Did I miss any that are important to you?
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New car payment $500+
Student loan debt $60k+
Mortgage payment $1300+
Working a job you hate to try and pay it all off...
You're already dead, they just haven't buried you yet.
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AirBnB one night stay $250 plus cleaning fee
Hotel one night stay $99 plus free breakfast
AirBnB is the best thing to ever happen to Hotels
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$42,000 car loan
$38,000 student debt
$6,000 in credit card debt
$567.13 in the checking account
You don't need to be worried about the banking system failing
You need to be worried about your system failing.
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If your car loan is 72 months,
I'm sorry.
You needed someone in your life to teach you about finances
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I don't need to be a Multi-Millionaire
I just want:
A paid off car
A paid off mortgage
And the ability to spend the majority of my time with my family not my job.
That's my definition of financial freedom
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I'm 37 years old
I didn't start investing until 35
Believe me when I tell you ..
The single biggest lie they sell you when you're young is...
"You have time to catch up when you're older"
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Our annual household income is less than $55,000
Let me be the one to tell that has nothing to do with how rich you are:
Happy Mother's day ❤️
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If you bought $10,000 worth of Disney 5 years ago,
You'd have $9,995.
Stock picking is hard
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50k Student Loans...
"Congratulations on becoming an adult"
35k New Car...
"Congratulations on becoming an adult"
Credit Cards...
"Congratulations on becoming an adult"
Starts investing...
"Man that's risky! Be careful!"
😳
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Government suggest we retire near age 67.
My suggestion is not to take advice from anyone who is $31 trillion dollars in debt.
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@fuckyouiquit
Corporations take advantage of tax breaks and loopholes and they are genius businessmen
Single mom takes advantage of social programs to food on the table and she's a mooch.
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My mom pays $272 monthly for her cable bill (phone and Internet bundle)
Spectrum convinced an entire generation that was the only option.
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We save around $2400 every month
And I can't afford a car payment
Because then I wouldn't be saving $2400 per month...
And that's more important than a shiny new car
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🏠 $1900
🚗 $500
🛻 $700
💳 $6000
Congratulations.
You created your own prison.
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Everyone hurry to grab those "Prime Day Deals" 🙄🙄🙄
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Friend of mine making 90k just got laid off.
Wife makes 50k.
No saving
No emergency fund
Debt is weighing on them
I'll never understand not having an emergency fund
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The avg cost to eat out:$13
The avg cost to eat at home: $4
A 325% increase.
When's the last time you dined out and said to yourself that was 325% better than what I could have made at home...
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Median Household Income:
1970: $10,000
2022: $74,000
Median Home Sales Price:
1970: $17,000
2022: $423,000
🔥 🔥🔥🔥🔥
🔥🔥🔥This is Fine🔥🔥🔥
🔥🔥 Everything is Fine🔥🔥
🔥🔥🔥🔥🔥🔥
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You'll never financially recover from an 84 month car loan.
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Car A:
•Wheels
•Brakes
•Radio
$15,000
Car B:
•Lane assistance
•Heated Seats
•Apple Play
$55,000
Both cars are taking you to work,
One is forcing you to be there.
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Average people don't vacation 3x per year.
Average people don't get to donate 18k to charities
Average people don't have a 1.5m home
Average people don't have a 2k monthly food budget
Whats your take on this?
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Don't let inflation take away your hard earned money
Invest it in the stock market and lose it like a real man.
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Another "lost decade" in the stock market is a gift for everyone under the age of 45.
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Your emergency fund should be earning at least 3% interest currently
Here are some great places to put it:
Citi - 3.85%
Sofi - 3.75 %
Goldman Sachs - 3.75%
Citizens - 3.75 %
American Express - 3.5%
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60 minutes = 4% of your day
45 minutes = 3% of your day
30 minutes = 2% of your day
If you workout for one hour, walk for 45 minutes and read for 30 minutes, it's 9% of your day.
You do not have a lack of time,
You have a lack of priorities.
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I don't know who needs to hear this but...
I didn't start investing until I was 35.
Since then we managed to invest over 50k in 2 years on our 50k income.
On our way to 100k.
It doesn't matter how late to the game you are.
You still have to start. Today!
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Investing money as a 20 year old kind of sucks
So does working past 70
Choice is yours.
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Having a paid off car and no mortgage is the ultimate emergency fund
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$500 in my Roth per month
$750 in my brokerage per month
Thats all its going to take for me to reach my money goals in under 12 years.
Its less than you think it is
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"Cut the Cord"
The New Cord:
Netflix -$19.99
Disney+Hulu - $19.99
HBO Max - $14.99
Amazon Prime -$14.99
Peacock - $9.99
YouTube TV -$72.99
Congratulations!
You're paying for the cord again.
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Hard to swallow pill:
If your monthly car payment is more than your monthly investments
YOURE DOING IT WRONG
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I'll be a millionaire on the average wage in the US:
$50k
Here's what im doing and how you can do it too 👇
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February 2020 at age 35
I bought my first investment
$50 into my Roth IRA.
Since that day we've invested over $70k
That one small deposit built the foundation for my portfolio that will eventually make me a millionaire
All on a $50k salary
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We're saving over $2200 per month on a salary of $55,000
This is how we're doing it:
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After driving a paid off car nothing sounds worse than having a car payment again.
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5 Affirmations to start you day off:
1. I AM smart
2. I AM kind
3. I AM brave
4. I AM down 5% premarket
5. I AM beautiful.
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We took our grocery bill from
$600 to $400 for a family of 4 using these tips.
Let's save you some money at the grocery store:
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Maxed my Roth IRA today.
🥳 A victory worth celebrating! 🥳
Retweet if you've maxed your IRA this year!!!
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I haven't had a car payment in a decade
That's $500 per month put directly into my investments, my child's college, vacations.
Driving a paid off car remains undefeated.
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My wife and I's wedding rings cost 6.99 for a multi pack on Amazon
Our total wedding cost was $65.00
Find a spouse that shares the same vision financially.
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@unusual_whales
I don't think republicans are thinking this one through...
You really want it on record that you want all those young voters to know it was your fault they aren't getting that money?
Bold strategy....
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My car is worth about $1500
My daughters 529 has more than triple that value
Our money goes to building our childrens future
Not pretending we're wealthy
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Panera new Buffalo Chicken baguette: $13.59
Texas Roadhouse 8oz sirloin with two sides: $16.99
Someone explain to me how Panera is still in business?
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Twitter is the only place that will try to shit on $100,000 net worth
A reminder:
Anything above $0 deserves to be celebrated
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Florida is requiring students complete a Financial Course before graduating.
What one thing do you think students have to know about finances before graduation?
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Nearly every 21 yr old I know drives a new or newer car.
I can't imagine a bigger financial mistake at that age.
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The sheer number of people completely fine with paying for a $700 car payment because "life is short" is stunning
I simply can't wrap my mind around it.
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Car payment- $650
2nd Car payment- $500
Gas x2 - $400
Insurance x2 $250
$1800 per month for two people to drive a car
That's why you can't get ahead.
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$100k is a lot of money.
100k cash
100k 401k
100k Roth IRA
100k Net worth
100k Home equity
No matter how you slice it, it's alot of money.
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Summary of no spend January:
$1800 expenses
$4900 income
$3100 saved
63% savings rate
Even with some unexpected expenses we were able to save over 60% of income.
Pretty pumped about that
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$100k isn't "F-you" money.
But it is "you can't tell me what the F-to-do" money.
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I've officially made my first ever contribution to a 401k.
I'm 39 years old and ever had a job with that option until now.
Just a reminder it's never too late to start!
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Went to the bank to open a CD
Lady was out.
Tried to make an appointment.
She's the only one who can't make appointments.
Went home and bought $SWVXX with one click.
Banks deserve all the hate they're receiving.
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$1250 per month
That's my freedom number
If I can invest this much every month I will become my families 1st millionaire
Your number probably isn't as large as you think.
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Turning 37 today. 🎂
Working 12 hour shift. 🍕
Investing $1,000 at market open.📈
I have to do it today, but I won't have to do it forever.
💰 + ⏰ = 🆓
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$20 for a burger & fries?
We're living in the worst timeline.
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After 5 years of intense focus,
We went from $0 to $115k Net-worth on a single $50k salary.
Here's the 5 most impactful things we did:
(With some bonus tips for you)
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Only 8% of Americans will ever be Millionaires
That means you have to do stuff the other 92% aren't willing to do
For us that means:
•Living in a mobile home
•Driving a paid off car
•Saving 50% of our income
Many wouldnt do it.
92% as a matter of fact.
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Congratulations on paying your car off!
*Credit score drops 40 points*
Perfect system we base all our financial decisions on...🙄
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I have no debt
40k in a brokerage
Save 45% of our income
And I'm absolutely terrified of a $400 car payment
No idea how folks get so comfortable with debt
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This is exactly how I would dance if I owned that much Microsoft stock in 1995
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Me: "Cool I finally hit 100k invested"
The market:
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The S&P 500 is on the cusp of a Bear Market
The Nasdaq and Russell 2000 are already there.
Here's everything you need to know about Bear Markets:
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Investment Advice for Beginners:
Buy $VTI and $QQQ regularly.
Investment Advice for Experienced Investors:
Buy $VTI and $QQQ regularly.
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Buddy of mine couldn't go to lunch because he was "out of money"
We work at the same place
Were hired the same day
We have identical pay checks
I just put $400 in savings and he's broke.
Its the spending not the salary.
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Budgets are overrated:
Pay your bills
Send 25% to savings/investments
Spend the rest living your life.
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If you have an emergency fund you're doing better than the 16th largest bank in America
😆
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Real estate is great...
But $VTI has never once called me at 2am because their AC went out 🤣
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Taco Bell:
3 Chicken Taco Supreme $10.18
Walmart:
5 lbs of chicken breast $9.98
Cooking at home is by far the best way to save money on your grocery budget
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How could you not start a 529 plan with this face 🥰
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Net Worth Breakdown:
2010: -$45,000 (🚗/🏠 debt)
2015: -$12,000
2017: -$0 (Debt Free) 💪
2018: $12,000
2019: $26,000
2020: $50,000 (Started Investing)
2021: $110,000 📈
Two factors changed my finances:
1. Becoming Debt Free
2. Investing
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Just paid off an interest free loan 6 months early.
Debt free feels better, I don't care what the math says.
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Median mortgage by state:
Washington. $2,110
New York $2,199
Massachusetts $2,323
New Jersey $2,458
California $2,523
Hawaii $2,584
Ohio $1,293
Ohio is the new "retire and move to Mexico"🤣
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I told my mom I run a personal finance Twitter page.
She laughed.
We live a modest life and even my own mom thinks we don't have much money.
That's the exact reason we do.
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