@joelmartinez2278 , I don't think she is the problem... I think he is. It sounds like he's probably been investing HARD their entire marriage but not respecting her desire to live a little. They pull in $10k a month in social security and pensions, and have close to 3.5 million between the 2 investment accounts. They shouldn't have any debt if he was doing it right. I have a feeling he is STILL trying to save money to invest. That $3.5 million should be making 150k minimum at less than 5% returns if it was in a ultra conservative treasury based security fund or as much as $600k+ if it was invested in good growth mutual funds. Heck, some made over 30% the last couple years in a row. Some average 18% over the last 15 years. He needs to loosen up. Pay off the debt over 2 or 3 years.
Hah! Once he said 3 mil I'm thinking uhhh, so pay the stuff off and let your investments keep growing. Some more frugality doesn't hurt but this doesn't seem very dire.
The problem is their spending is completely out of control (way more than their 9k income), and their debt number is growing way faster than their investment number. They added 230k to their mortgage because of excessive spending. They are also tricking themselves into thinking they have $3 million in investments. Those investments are now down to 2.6 million in a short period of time (because they are offset by debt). When you carry debt instead of paying cash, it gives you a false sense of where you are financially. If you pay cash, then you know exactly what you have left, and how fast you are spending. I agree they have the resources to set everything straight, and live a good life. But if they continue to blow through money and add to their mortgage or possibly credit card debt, they will blow through the 2.6 million way before the end of their lives. Just because you have a big income and investments doesn't mean you don't need to follow a budget.
They have to address the core issue though. Otherwise, they can pay off the current debts but be right back in the same situation, and with a smaller savings amount to tap into.
They have certainly figured out how to save. They have accumulated $3 million in retirement accounts over 37 years of marriage! So obviously they have been living within their means even with his wife’s extravagant spending,
@@JustinCase780 why what? They are not on the same page. They need to be to have a good marriage. Otherwise there will be tension, stress, anger, pouting etc. Not good
yeah. I don't get it either. they fed into his emotion and ignored the numbers he was giving them. The husband is the problem. I bet he was over saving during their entire marrage. now they got this enormous retirement because of it. that's great, but he still thinks they have to be careful. if that 3 million was invested in the safest possible investment based on the federal funds rate they would be making 150k a year on it. if it was invested in mutual fund... he probably made 600k this last year. Their budget talk should consist of.. "hey sweetheart. we have $20k to spend over the next 2 months.. you want to go to Tahiti? or Italy? or on a cruise or something? I know too many people who dropped dead 2-3 years after retiring, or lost their minds to Alzheimer's or Dementia. They need to be living.
@@cassnate6259 just goes to show money doesn’t solve problems for people. Doesn’t matter how much money you have, if you have no discipline, it won’t last long.
In upstate South Carolina, my wife and used to manage miserly on about $65k/year. We drove paid-off older vehicles, our 3-bed, 2-bath house cost $145k, we lived frugally and avoided major subscriptions. But thanks to Mary Callahan Erdoes, our financial advisor, the older we get the more money we seem to have, the more I appreciate the benefit of professional guidance. Strategies for handling retirement investment meltdowns are complex, and Mary has been crucial in helping us navigate them and increase our income.
I know this FA, Mary Callahan Erdoes Services but only by her reputation at JP Morgan; even though she's now involved in managing portfolios and providing investmnt guidance to clients. I have been trying to get in contact since I watched her interview on WSJ last month
@@KimJimCastroWell her name is 'MARY CALLAHAN ERDOES SERVICES'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Mary Callahan Erdoes. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, she was able to scale this quickly to $150,000.
Great share! Out of curiosity, I searched Mary Callahan Erdoes Services online, found her consulting page ranked at the top, and scheduled a call session. I've read many reviews about advisors, but none seem as impressive as hers.
@@danayarbrough1494most of them are broke and lie about what they have. They put on a front for everyone…. From my experience dealing with them anyways.
@db2631 , George and Ken COMPLETELY botched this one. These folks got between $270k and $600k in annual retirement income depending on how there over 3 million is invested. I think the husband is over saving. I bet he is still trying to save a portion of their pension money... They should just wipe out the debt and try to figure out how to spend 10k in pension money every month.
@@tracybrovan3997 there’s so many luxury cars everywhere now that there’s nothing even special about them anymore. Your standard Nissan or Honda has as many features as the luxury brands these days.
@@reese85it’s very true. Mostly all brands have features that would be consider luxury 10 years ago as standard. Like rear view cameras, active lane assist, HUD displays, navigation etc.
Thank god my wife has never been like this. I have to force the issue of her going and buying something for herself. Even when she earns or gets extra money , if she splurges it she alway does something for the family . We are always telling her , do something for yourself. But she says she gets more joy sharing with others . That is why me and my sons spoiler her as much as we can .. she is a treasure. 36 yrs coming up soon.
My parents are retired, they own their home free and clear. No bills too. My dad will be 80 in a couple of years and people we know at his age are struggling with debt, some raising their adult children and grandchildren. The kind of retirement my parents are living is what my siblings and I are striving for.
$5000 per month from a pension and both of them getting $2000+ each a month from SS? They make a six figure income without even tapping the retirement accounts. What's the issue here lol
I agree, they don't have a money problem. I did a $62K truck loan at 0% for 36 months and the monthly was $1,800ish, not a big deal as I was making lots of money. Perspective people. Funny, I traded that 2019 truck (paid off) this past year for a 2023 truck and got a $59K trade-in value. I was shocked I got that much. As a data point it was a 2019 Chevy High Country 3500HD D'Max with 14,000 miles.
My wife buys clothes at very low clearance prices, or at Goodwill. She hates spending money she doesn't need to spend. Her car is eight years old and she said it's perfectly fine for her.
That could be a good strategy for some people, but in reality most people our age are going to be working until they are 80. Just look at Hugh Jackman, he’s going to be playing Wolverine until he’s 90. If he can’t retire, what hope do we have?
*If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation*
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>3 million in retirement and receiving $11,000 a month. They are fine and can spend as they chose. It's just stupid to pay so much for a car per month but if she wants to, she can. She's pulling in $7000 a month still while in retirement. Let her live.
Plenty of people and celebrities have substantial income and wind up in bankruptcy. Borrowing money is the best way to destroy finances long term. It's foolish and immature as well.
If they pay off their debt they’re still worth $2.5 million with an $130K/yr income stream. They should be fine IF the wife is not further out of control. That’s a big if though, given how they’re tapping a HELOC.
@@djpuplex i mean it's justified. You can't not say anything or agree when your spouse makes a decsion then turn around after the fact like and blame the spouse for the decision. Have some back bone before hand explain your side then when things blow up you can be 100% not at fault of the spouse decides to do it anyways and it backfires.
@@whothou He probably has very little say like most men. Modern women hold divorce or martial discontent over a husbands head of he just doesn't go ahead with what she wants. Its essentially financial and emotional abuse.
You’re right, the silence told the story. Sounds like she’s been the head bread winner in the house for years and still is. She doesn’t see him as a leader, thats the root issue.
100%, I am frugal and try to save and invest everything but if I am lucky enough to have $3 mil and all of that guaranteed income at 65 I am living it up.
they bring in $4500 in social security, another $5k in pension and have a $3M retirement nest egg on top of it. He has zero reason to be stressed about the range rover payments other than that he should just pay it off and be out of debt.
I'm 32 and my wife is 30, She drives a paid off modest 2016 toyota corolla, she earns 200k a year. And she always shows me her new bags, dressers, glasses and makes me guess how much they cost.. They always cost less then $15.. She doesn't spend money on anything, she is the best
Lucky you, thankfully my wife makes $175k but lets me make the big financial decisions and likes to buy frivolous crap still. Amazing she can make amazing money but then tells me the other day that taking out a $100k loan to remodel our house at 7% interest is cheap because it would only cost us $7,000 in interest.....
@@jimmymcgill6778 Eventually they won't have 3 million if she continues to spend like she does. 3 million nowadays is not a lot of money to piss away like it was in the old days when everything was much cheaper. You can live very comfortably during retirement with 3 mil if you are 100% debt free, but not lavishly. If they live old enough, they won't have a dime to their name if they keep spending like this.
@@jimmymcgill6778 They'll need every penny of it with their mortgage, car payments and lifestyle in retirement. He'll have to start working part time again.
Guys you've got to adopt Dave's approach of cutting through the noise and getting to the point. Don't let the caller wander through the forest. Don't let him tell you his life story. Ask pointed questions, get to the root of the problem, give decisive advice, mute button.
Bro, their income is 10k. They don’t have ti go work. They gotta just pay it all off. AND they have 3mil invested. They are ok, IF they stop getting into debt.
@@greggpurviance7252 $1300 payment is not going to kill these people with 3M invested. Cash out some money, pay off the damn house and car - enjoy and then live modestly. These people giving advice to go back to work is such a joke!
First of all. She should be responsible for her own car payment. You have no obligation to help. A spouse should never be spending the others money on anything. They should be working making their own money if they want to do that.
This scenario is similar to what I went through with a husband who spent money like water through his fingers. We were younger, not retired. We were military, I saved up when he deployed, he spent it when he got back. After he did this the first time, I told him to never do that again. The savings were not just his military pay. Putting my skills to work while still being at home without 4 children, I made custom wedding dresses, taught sewing classes in our home, taught one on one as well as groups in intricate needlework techniques. I put my income in our savings. The second time he came back from a 7-month deployment, decimated our savings. I waited until he deployed again. In a different bank, in an account in only my name, I started a savings account. When hubbs returned from deployment, he was shocked to find $20. in the savings which told me that he checked the savings acct as he was ready to go on another spending spree. He was LIVID with rage. Our savings account continued to grow. Lee in Houston, TX was such a fool. He allowed the problem to go on for far too long. He was absolutely complicit in the problem. The hubbs rage boiled over one night, he beat me just once, that was all it took for me to leave then divorce him. Since then, I have loved managing my own money. Investing, seeing it grow. Loving my freedom.
I know this arrogance well: “I worked, I earned it, I will spend it as I please.” Saw my mother do it for decades. She didn’t feel she needed to save because she gets a nice pension-but 30 years on, she’s feeling the pinch of inflation.
@@PInk77W1, they have 120k a year in pension/ SS income. AND over $3 million in retirement that should be making $150k-300k a year in returns. They could light a land rover on fire every year and it wouldn't matter. They would still be fine. The husband has a saving problem. I bet they were saving at least 50% of their income and he just can't let loose to start spending. They should have no debt. and wouldn't if he was actually managing the money reasonably. They should be trying to spend all of their pension money every month. taking trips, giving to charity, etc.
The issue here is they're spending more than they're making. The wife is slowly but gradually bleeding out their $3 million fund. They're both still in a great position to do something about it. For now.
you didn't listen bro she's stubborn and he just go along with it because he want to keep her and she doesnt care about solving the problem or going to therapy like a Gold digger
So if your wife comes to you one day and say "honey I been messing up with finances and I want us to start working together and join finances" and she has accumulated debt $3k, $5k, $8k, would you use your money/savings to pay it off for her? Dave constantly tells spouse to do this after they refused to combine and work with their partner on finances
Terrible analysis by them. They could take out 500k out of the 3 million retirement and pay everything off easily. Then you have 2.5 million on top of the $9500 a month from SS and the pension. 5% on the 2.5 million gives you another 10k a month and never touch the principal. If they cant live on 20k a month after that with no debt then what is there to even talk abiur
They are INCREDIBLY wealthy. The man just wants to control the women. But the women has her own 5k pension a month which is incredible and if she wants a nice car in her last 20-30 years on earth, she deserves it!
You’re good bro. Dave says you can take 12% of your net worth in distributions and never run out of money….Dave doesn’t believe in Sequence of Return Risk
Haha, the guaranteed income (pension/SS) is more than enough to last them until they are dead. And then backfill another $3 million?!? They need to get on some type of budget but they sure have alot of room to live the good life.
Why would you have payments on anything when you're taking in close to $10,000 a month and have $3,000,000.00 in retirement accounts? Pay off the consumer debts and then sell the house. After that, buy a smaller house with cash.
@@reese85"decent money" is completely subjective, as Dave says there are people earning 300k per year who are drowning and people who are earning 60k making a very good life for themselves
@elliotjessop4624 the money you make and being in debt are two completely different things but I do agree that “decent money”is subjective! Cuz a lot of you guys in these comments think 100k is a lot of money and to me, it’s just decent. But I was asking do they at least make 50k a yr cuz a $150 car payment shouldn’t be stressing anyone out
I have similar net worth (just above $3 m). I felt guilty buying a new Tesla for $44k but I paid cash so no payments or regrets. I love it and could afford it.
When you have $120k in pension income and over 3 million in retirement it doesn't matter. He should have handed her the cash to buy it. ;-) Based on the market and how much they have invested I bet they made over $500k in their investments this last year. if he had his money out of the market and in say a federal funds rate based fund he still would have made $150k. This is one of those situations where Dave tells people if you light the money on fire will it make a difference? Nope. they are still killing it.
George and Ken got it all wrong. If the wife wants to have a $1300/mo Range Rover SHE'S got to go out and get a job. It's not his car, he shouldn't have to pay for it.
They are still young, go back to work and pay everything off before retiring again. Make it painful so they never get in this situation again. Pain can be an amazing teacher.
why? they have 120k a year in pension and social security coming in and over 3 million in an IRA and another $350k in another account... The husband needs to snap out of it. I wish Dave was on this call. he would have told this guy to stop being a jerk. they could afford to light a new land rover on fire every year if they wanted to. the husband could wipe out all their debt in a week if he wanted to. their budget conversations should be, " hey sweetheart, We made 10k on our pension and 30k on our retirement investments this month... Lets spend $10k on a trip to Tahiti, or Italy, or go on a cruise or something.
George Kimmel and Ken What’s-His-Name after hearing this family has over $3 million in retirement, $4,500/month combined SSI, $5,000/month retirement, and a dude complaining about his wife driving a Range Rover…… “Have you done the math? We’re going to run out of money….” Clearly these idiots have no idea what they’re talking about.
Honestly! I was thinking the same thing! I feel like I was hearing a different call than the one they were responding to. Also if he lets that’s money grow over 20 years, they will have so much more millions! And Ken’s talking about him going back to work 🤪
At 62, if you want it and can get it, do it. What are you saving for? Home and retirement are set. Both of them have pensions, Ira, and 401k. When do you stop budgeting and live ?
Doubt it. Also less wear and tear for any type of car when retired. I retired at 49 in 2020 and one of the first things I noticed is annual mileage dropping over 90%,changing oil every three years, and filling my tank twice a year.
I'm in Michigan, and the housing market here over the past 7-8 years has been unprecedented. Houses that were purchased for $130K in 2015 are now going for $590K. These are tiny, poorly constructed 950-square-foot homes in quiet, mediocre neighborhoods. Meanwhile, nicer, average-sized homes in better neighborhoods that were over $300K a decade ago are now selling for $750K+. It's wild.
A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advice but get buying, cash isn’t king at all in this time!
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@@jimroscovius yes, but patterns develop & they are hard to break without help. & her monthly income is triple his which makes it more difficult when that person doesn't want to be a real partner
The husband is the problem.... They are brining in $120k a year in pension income based on what he laid out. AND they have over $3 million in an IRA. They need to START SPENDING before it's too late. I know too many people who dropped dead 2 years after retirement or got Alzheimer's or dementia and that was it. If they have their money invested in the safest, federal funds based investment they made probably 5.0%+ or 150k this last year. If they have it invested in mutual funds.. they probably made closer to $500k this last year. It seems like everyone fed into this mans emotions and worry without listening to the actual numbers... his budget should consist of them trying to spend every penny of their pension money every month. Hey honey. we got 20 k to spend over the next 2 months... what do you want to do? Trip to Tahiti? Italy? Norway? a Cruise? want to spoil the grandkids? oh, and I bought you a spa weekend for you and your best friends. I'm planning to go deep sea fishing with bob next weekend. I'm gonna get me a shark. lol
They dont have anything to fix except the husbands brain Idk why the f is he stressing for with 7500 monthly income + 3mil in retirement making 10% = 300k a year, w t f is he scared of, more like HE is the problem
They have 3 million plus $10,000 a month income (two ss checks and her pension). They are rich. Let her buy whatever car she wants, - just pay cash for it. They don't have a problem. Hubby doesn't have to go back to work, - bad suggestion
After paying off my car last year idk how anyone would willingly take on a car payment that's that crazy... you're 60, who are you trying to impress with a Landrover? Your grandkids? Buy a cheap KIA to drive to the grocery store twice a week and enjoy your retirement
They bring in 120k a year in SS and pension income and have over 3 million invested in their IRA. They could light a land rover on fire every year and it wouldn't matter. The husband has a budgeting problem. he still has that scarcity mindset and I bet he is still trying to save some of that pension money every month when their investments alone are bringing in 150k-300k+ a year depending on how they have them invested. (5-10%) heck. based on how the market is they may have made $600k this year. If you get to their level of wealth at retirement don't make the mistake of being too frugal. I know too many people who dropped dead 2-3 years after retirement or lost their minds to Alzheimer's or dementia. you gotta get out there and live. They gave this guy TERRIBLE advice. saying he might have to go back to work again. lol they fed into the emotion he was giving them and completely ignored the numbers he provide.
@@getinthespace7715 I'll be honest, I was listening to this at work and missed the amount he said they brought in every year, I only heard them reacting to the car payment amount and saying they were going to run out of money... if all that's true then you're right!
It used to be that Cadillac was considered the “standard of the world”. They were not only expensive…they were also somewhat exclusive. People would be impressed as it was a truly a status symbol. Once they were no longer exclusive, and the “luxury” began trickling down the chain, they lost that cache. Today…seeing a new Cadillac is all but meaningless, save for maybe an Escalade V. Seeing a Rolls or a Bentley in traffic is a lot more impressive to the majority than seeing yet another “luxury” SUV that can easily be bought by anyone who qualifies for the financing. Without the exclusivity….expensive vehicles simply don’t stand out to the masses. Ironically enough, a mint condition, base model K car would be far more impressive to the masses than a new Range Rover, due to their rarity these days.
@@DB-bw5fz I always talk about this, whenever I see an expensive car now, all I see is a payment because odds are that car is financed. Yes a lot of people have money and have them paid off but when you're at a red light and you're surrounded by brand new cars you know that something isn't right especially when I know what bills are like with a paid off vehicle and an above average income. I have more respect for someone that has a 20 year old truck than one that's brand new. Look at celebrities like Christian Bale, people always talks about how he still drives an old Tacoma and how impressive that is but no one cares what celebs are driving G-Wagons.
62... she isn't changing. Losing battle. It's not that she isn't aware, it sounds like she doesn't care. And if she doesn't care today, she won't care tomorrow. If her mindset was just half of what it was, how much better would they be today? It's sad. Here's the icing on the cake: It also sounds like she will NOT drop the car, and would rather divorce him than to 'suffer the humiliation of returning' the car.
based on the number they bring in about $120k a year in pension/SS income and have over $3 million invested. This guy has a mental hang-up with saving money. I bet he is STILL trying to save their pension money when they should be spending every penny of it. heck depending on their investments he's making $150k-$300k plus a year just with that. I know too many retirees who drop dead a few years after retiring or lose their minds to dementia or Alzheimer's. you gotta live. his "budgeting" conversations with his wife should be... "hey honey, how do we want to spend $10k this month? want to do a trip to Tahiti? Italy? a cruise?"
Pay off the house with part of the 3 million. Let her have her car......she's paying with her $5,000 pension. Do we really think they will live til 95? When are they going to enjoy the money they've worked so hard for? I mean, of course, some money needs to be guarded, but not all of it. Jeez!
thats why Dave always listens and writes down the numbers first. They have 9K income and 3 mils in investments. They can get money without penalty. They can afford 90K car.
Unless I’m missing something, they draw $5k/month in SS and she has $5k/month pension and they are not drawing anything from their $3MM in investments. Even a 4% withdrawal would be $10k/month. I think they are fine even with the $1300/month payment for her Rover.
There are some politicians who want to make social security need based. So one or both of them may not qualify, since she is drawing on a pension. Isn’t it a little silly that Bill Gates is probably drawing social security?
If I’m paying for social security all my life and then not getting that? I would be absolutely pissed!! While just because YOU chose to live a little bit poorer and chose a lower paying job, you get to have all the benefits?? That’s bs
From social security and pension, they get $120k a year. 4% of that $3M is another $120k a year. So they have $240k a year coming in. A Range Rover isn't all that bad considering they have $240k coming in. Well, except for the fact that they break down every week.
If she's 63, she's not changing her ways, it's already a routine and natural.
💯
Yup
Just live life at this point
@joelmartinez2278 , I don't think she is the problem... I think he is.
It sounds like he's probably been investing HARD their entire marriage but not respecting her desire to live a little. They pull in $10k a month in social security and pensions, and have close to 3.5 million between the 2 investment accounts.
They shouldn't have any debt if he was doing it right. I have a feeling he is STILL trying to save money to invest.
That $3.5 million should be making 150k minimum at less than 5% returns if it was in a ultra conservative treasury based security fund or as much as $600k+ if it was invested in good growth mutual funds. Heck, some made over 30% the last couple years in a row. Some average 18% over the last 15 years.
He needs to loosen up.
Pay off the debt over 2 or 3 years.
She did what she did & he didn't take action. It would be fine if he were a door mat. Not much difference.
She can still change, dad started working out in his 50s
Thank goodness my wife is only addicted to spending at thrift shops
John Delaney would say is she safe and you need to do a better job and take care of your wife
That would be me LOL!!
my MIL does this BUT she goes every week, multiple days, estate sales, thrift stores, consignment shops. She spends Aaallllllll their money.
Thank goodness I don’t even have a wife!
Dave says addiction kills people 100% of the time. So Dave is saying your wife is going to die because of her addiction
400k in debt with 3 million in retirement funds? 10,000 month in retirement income. Where is the problem?
I know. It's like they were not listening.
Hah! Once he said 3 mil I'm thinking uhhh, so pay the stuff off and let your investments keep growing. Some more frugality doesn't hurt but this doesn't seem very dire.
Seriously. There is no money issue, here. Next call.
The problem is their spending is completely out of control (way more than their 9k income), and their debt number is growing way faster than their investment number. They added 230k to their mortgage because of excessive spending. They are also tricking themselves into thinking they have $3 million in investments. Those investments are now down to 2.6 million in a short period of time (because they are offset by debt). When you carry debt instead of paying cash, it gives you a false sense of where you are financially. If you pay cash, then you know exactly what you have left, and how fast you are spending.
I agree they have the resources to set everything straight, and live a good life. But if they continue to blow through money and add to their mortgage or possibly credit card debt, they will blow through the 2.6 million way before the end of their lives. Just because you have a big income and investments doesn't mean you don't need to follow a budget.
It’s not a money issue, it’s a marriage issue. Arguably worse to have a wife that says “i don’t care what stresses you out, deal with me”
“Living la vida broko” man that one got me good George.
That would make an awesome t-shirt!
😂😂😂
I came here to say that! LOL
S h u t u p
There's a great song with that title... can't remember who it's s by. I'll be back.
They have 3 million. Why did she even bother financing that? Pay the house off and get it out the way.
Exactly. Just pay the car off in full. And the mortgage. That have 3mil
They have to address the core issue though. Otherwise, they can pay off the current debts but be right back in the same situation, and with a smaller savings amount to tap into.
@readthegospel He said that they moved. Sounds like 70k was on an older house, and not their current one.
They not gonna make it to 95 spend that money
I think he needs to run 😢
Married 37 years and still haven’t figured it out? Talk about denial or lack of transparency.
He’s just whipped is all 😂
My bro and his wife celebrated their 25th anniversary this year and they still fight and bicker every day!
The #1 cause of divorce in America is money problems. So this is normal.
They have certainly figured out how to save. They have accumulated $3 million in retirement accounts over 37 years of marriage! So obviously they have been living within their means even with his wife’s extravagant spending,
They have the money. Pay stuff off & live on SS & pension. Don't have to go back to work. 9 grand a month & 3 million. Really. Do need counseling
Exactly …it’s no need to go back to work .. pay the house call it a day
Why? Buying cool cars, shopping, professional ball games, dining out and vacations are fantastic! 😅
@@JustinCase780 why what? They are not on the same page. They need to be to have a good marriage. Otherwise there will be tension, stress, anger, pouting etc. Not good
yeah. I don't get it either. they fed into his emotion and ignored the numbers he was giving them.
The husband is the problem. I bet he was over saving during their entire marrage. now they got this enormous retirement because of it. that's great, but he still thinks they have to be careful. if that 3 million was invested in the safest possible investment based on the federal funds rate they would be making 150k a year on it. if it was invested in mutual fund... he probably made 600k this last year.
Their budget talk should consist of.. "hey sweetheart. we have $20k to spend over the next 2 months.. you want to go to Tahiti? or Italy? or on a cruise or something?
I know too many people who dropped dead 2-3 years after retiring, or lost their minds to Alzheimer's or Dementia.
They need to be living.
@@greggpurviance7252the man is the problem, they have money and he doesnt want her to enjoy life
They have 10k coming in per month and 3 million in retirement. 1300 car payment is bad but they have plenty of money. Just need to tighten up a bit.
That’s the problem. She won’t tighten up and they will be right back in more debt, and they will exhaust all their money.
@@LoadedClips Sheesh, if they can be thrifty enough with that kind of $ in the bank, they really do need some serious counseling
@@cassnate6259 just goes to show money doesn’t solve problems for people. Doesn’t matter how much money you have, if you have no discipline, it won’t last long.
@@LoadedClipswell they lasted for 37 years so i think it works
@@johndone8045 clearly it hasn’t because their relationship is suffering and they’ve mortgaged their house several times.
In upstate South Carolina, my wife and used to manage miserly on about $65k/year. We drove paid-off older vehicles, our 3-bed, 2-bath house cost $145k, we lived frugally and avoided major subscriptions. But thanks to Mary Callahan Erdoes, our financial advisor, the older we get the more money we seem to have, the more I appreciate the benefit of professional guidance. Strategies for handling retirement investment meltdowns are complex, and Mary has been crucial in helping us navigate them and increase our income.
I know this FA, Mary Callahan Erdoes Services but only by her reputation at JP Morgan; even though she's now involved in managing portfolios and providing investmnt guidance to clients. I have been trying to get in contact since I watched her interview on WSJ last month
@@KimJimCastroWell her name is 'MARY CALLAHAN ERDOES SERVICES'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Mary Callahan Erdoes. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, she was able to scale this quickly to $150,000.
I hope she gets more of the recognition she deserves.
Great share! Out of curiosity, I searched Mary Callahan Erdoes Services online, found her consulting page ranked at the top, and scheduled a call session. I've read many reviews about advisors, but none seem as impressive as hers.
They are better off than I thought they were going to be at the beginning of the call.
Same thing I was thinking
And Ken saying they need to go back to work?
That’s because they assumed without asking questions
@@danayarbrough1494most of them are broke and lie about what they have. They put on a front for everyone…. From my experience dealing with them anyways.
@db2631 , George and Ken COMPLETELY botched this one.
These folks got between $270k and $600k in annual retirement income depending on how there over 3 million is invested.
I think the husband is over saving.
I bet he is still trying to save a portion of their pension money...
They should just wipe out the debt and try to figure out how to spend 10k in pension money every month.
"$1300 car payment to impress strangers at a red light" something Dave would say....
@@tracybrovan3997 there’s so many luxury cars everywhere now that there’s nothing even special about them anymore. Your standard Nissan or Honda has as many features as the luxury brands these days.
@@daveblackman816 agreed!
either that OR/AND to impress yourself (a virtual self-esteem coming from a material possession - the worst combo there could be).
@daveblackmsn816 ummm that’s actually not true at all
@@reese85it’s very true. Mostly all brands have features that would be consider luxury 10 years ago as standard. Like rear view cameras, active lane assist, HUD displays, navigation etc.
Thank god my wife has never been like this. I have to force the issue of her going and buying something for herself. Even when she earns or gets extra money , if she splurges it she alway does something for the family . We are always telling her , do something for yourself. But she says she gets more joy sharing with others .
That is why me and my sons spoiler her as much as we can .. she is a treasure. 36 yrs coming up soon.
My parents are retired, they own their home free and clear. No bills too. My dad will be 80 in a couple of years and people we know at his age are struggling with debt, some raising their adult children and grandchildren. The kind of retirement my parents are living is what my siblings and I are striving for.
$5000 per month from a pension and both of them getting $2000+ each a month from SS? They make a six figure income without even tapping the retirement accounts. What's the issue here lol
I'm trying to find the issue too.
Cos the dave cult is brain damaged
Some people can’t handle the stress of knowing they’re in debt.. sounds like he’s one of them
@@taylor15589 I agree. He just doesn't want the car note
That’s what I’m thinking too
$3 Million is a lot of money! The wife can easily afford her new Range Rover with a $9,500 monthly income. This video is a joke.
I agree. Unless the wife just switches to another luxury car every few years, then who cares.
@@Capris9x They can even afford to do that. There making 300K a year on just their investments. 10% of 3 million.
Problem is they aren't together on their finances...no teamwork.
I agree, they don't have a money problem. I did a $62K truck loan at 0% for 36 months and the monthly was $1,800ish, not a big deal as I was making lots of money. Perspective people.
Funny, I traded that 2019 truck (paid off) this past year for a 2023 truck and got a $59K trade-in value. I was shocked I got that much. As a data point it was a 2019 Chevy High Country 3500HD D'Max with 14,000 miles.
My wife buys clothes at very low clearance prices, or at Goodwill. She hates spending money she doesn't need to spend. Her car is eight years old and she said it's perfectly fine for her.
Nice
What about your daughter?
She's keeper!
Very rare kind of woman that. Don't woman own 80% of the personal dept
Mine is the same. I've definitely got a keeper.
He's calling from The Daily Grill bar while she's shopping at Saks, etc. at The Galleria Mall.
In their defense that is an iconic mall. One of the best in the South.
I sold my wife on picturing yourself working at 70, while everyone else is long retired.
That could be a good strategy for some people, but in reality most people our age are going to be working until they are 80. Just look at Hugh Jackman, he’s going to be playing Wolverine until he’s 90. If he can’t retire, what hope do we have?
*If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation*
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Brian Humphery Services was my hope during the 'bear summer' last year. I made so many mistakes but also learned so much from it, and of course from Brian.
He is really a good investment advisor. Was privileged to attend some of his seminars.that's how I started my own crypto investment
>3 million in retirement and receiving $11,000 a month. They are fine and can spend as they chose. It's just stupid to pay so much for a car per month but if she wants to, she can. She's pulling in $7000 a month still while in retirement. Let her live.
@@Observer100-cn7gv Some observers just think they know it all.
Plenty of people and celebrities have substantial income and wind up in bankruptcy. Borrowing money is the best way to destroy finances long term. It's foolish and immature as well.
If they pay off their debt they’re still worth $2.5 million with an $130K/yr income stream. They should be fine IF the wife is not further out of control. That’s a big if though, given how they’re tapping a HELOC.
His silence to the question of what he told her when she said she wanted to buy the car, was telling.
Gotta blame him for something right.
@@djpuplex i mean it's justified. You can't not say anything or agree when your spouse makes a decsion then turn around after the fact like and blame the spouse for the decision. Have some back bone before hand explain your side then when things blow up you can be 100% not at fault of the spouse decides to do it anyways and it backfires.
@@whothou He probably has very little say like most men. Modern women hold divorce or martial discontent over a husbands head of he just doesn't go ahead with what she wants. Its essentially financial and emotional abuse.
You’re right, the silence told the story. Sounds like she’s been the head bread winner in the house for years and still is. She doesn’t see him as a leader, thats the root issue.
Her husband is a weenie. It’s too late for them to change.
3 million + in retirement accounts, 10k in social security and pension, think they’re doing just FINE
Exactly
100%, I am frugal and try to save and invest everything but if I am lucky enough to have $3 mil and all of that guaranteed income at 65 I am living it up.
Me 63. Retired. No car. No car payments. Life is so good
Wonderful. Make this video about you. Terrific.
@@Massivemonster1234 just showing others it can be done. Super awesome
@@Massivemonster1234its an inspiration
I'd rather have 3 million and 130k passive income.
Me at 41 with no debt (car and house paid for) life is awesome. If I continue on the debt free lifestyle, I will be good in retirement
they bring in $4500 in social security, another $5k in pension and have a $3M retirement nest egg on top of it. He has zero reason to be stressed about the range rover payments other than that he should just pay it off and be out of debt.
I'm 32 and my wife is 30,
She drives a paid off modest 2016 toyota corolla, she earns 200k a year. And she always shows me her new bags, dressers, glasses and makes me guess how much they cost..
They always cost less then $15..
She doesn't spend money on anything, she is the best
Lucky you, thankfully my wife makes $175k but lets me make the big financial decisions and likes to buy frivolous crap still. Amazing she can make amazing money but then tells me the other day that taking out a $100k loan to remodel our house at 7% interest is cheap because it would only cost us $7,000 in interest.....
Intentionally going out and getting 1300 dollar a month car payment after retirement is some nasty work ...
She's still a child at 62 with her finances.
They have 3 million.
@@jimmymcgill6778 Eventually they won't have 3 million if she continues to spend like she does. 3 million nowadays is not a lot of money to piss away like it was in the old days when everything was much cheaper. You can live very comfortably during retirement with 3 mil if you are 100% debt free, but not lavishly. If they live old enough, they won't have a dime to their name if they keep spending like this.
@jimmymcgill6778 that doesn't mean she's making good decisions
@@jimmymcgill6778 They'll need every penny of it with their mortgage, car payments and lifestyle in retirement. He'll have to start working part time again.
@@Chet_24 ahh yes hoard money, like you're gonna take it to the hole
This call is ridiculous. He doesn't need to go back to work.
I seriously thought this was my dad calling in about my mom! WOW!!!
Guys you've got to adopt Dave's approach of cutting through the noise and getting to the point. Don't let the caller wander through the forest. Don't let him tell you his life story. Ask pointed questions, get to the root of the problem, give decisive advice, mute button.
If Dave trusts their style, why can’t you?
Agree
Absolutely. You know so much that you should start your own show!🤣🤣🤣
I agree, but it's their show.
@@mikeb8342 Any intelligent business is going to listen to their customers. My original comment has likes, I'm apparently not alone.
Bro, their income is 10k. They don’t have ti go work. They gotta just pay it all off.
AND they have 3mil invested. They are ok, IF they stop getting into debt.
@@Abelram1153 don't need to go in debt. They can afford the pathetic SUV. They can't afford not to get themselves counseling
@@greggpurviance7252 $1300 payment is not going to kill these people with 3M invested. Cash out some money, pay off the damn house and car - enjoy and then live modestly. These people giving advice to go back to work is such a joke!
It's going to be in the shop most of the time
Thats so true for a rover trash😂
Yes once the warranty expires
@@webfreakz even while it is under warranty
Wow the monthly car payment ($1300) is almost equal to the monthly mortgage ($1450).
Wait until the Range Rover needs major maintenance work, which is inevitable 🤣
They have $3M buddy.
She will just buy a new Range Rover when hers is out of warranty.
Right
I was going to say $3 million in retirement and 10,000 per month in income, they should be fine. But money can run out quick if you not careful
My pension is FULLY survivorable, Till the end of Time.
How does it "run out?"
@@aolvaar8792 the 3 million can disappear, then the poor dears will have to live on 120,000 a year
😂. Sounds like you’re jealous.
First of all. She should be responsible for her own car payment. You have no obligation to help. A spouse should never be spending the others money on anything. They should be working making their own money if they want to do that.
"I don't want to budget."
"Okay, so what high paying job are you unretiring to?"
Maybe people die young in her family so she’s not too worried about it life at 90. YOLO 😂😂
Nah they aren't broke. It's time to enjoy the rest of your life at that age. I thought they were in bad financial shape.
They have $3m on hand. What is the issue here? They will never have to work again.
This scenario is similar to what I went through with a husband who spent money like water through his fingers. We were younger, not retired. We were military, I saved up when he deployed, he spent it when he got back. After he did this the first time, I told him to never do that again.
The savings were not just his military pay.
Putting my skills to work while still being at home without 4 children, I made custom wedding dresses, taught sewing classes in our home, taught one on one as well as groups in intricate needlework techniques. I put my income in our savings. The second time he came back from a 7-month deployment, decimated our savings. I waited until he deployed again. In a different bank, in an account in only my name, I started a savings account.
When hubbs returned from deployment, he was shocked to find $20. in the savings which told me that he checked the savings acct as he was ready to go on another spending spree. He was LIVID with rage. Our savings account continued to grow.
Lee in Houston, TX was such a fool. He allowed the problem to go on for far too long. He was absolutely complicit in the problem.
The hubbs rage boiled over one night, he beat me just once, that was all it took for me to leave then divorce him. Since then, I have loved managing my own money. Investing, seeing it grow. Loving my freedom.
I know this arrogance well: “I worked, I earned it, I will spend it as I please.” Saw my mother do it for decades. She didn’t feel she needed to save because she gets a nice pension-but 30 years on, she’s feeling the pinch of inflation.
Why would you “retire” and then finance a car? Yet alone 1300??
Because they got $3M in retirement accounts. But I wouldn’t do it
They have 3 million, who care's.
@@jimmymcgill6778*cares
@@thebeegood1731 u mite be right
But better to have $3M saved and then spend
$90k than not
@@PInk77W1, they have 120k a year in pension/ SS income. AND over $3 million in retirement that should be making $150k-300k a year in returns. They could light a land rover on fire every year and it wouldn't matter. They would still be fine.
The husband has a saving problem. I bet they were saving at least 50% of their income and he just can't let loose to start spending. They should have no debt. and wouldn't if he was actually managing the money reasonably.
They should be trying to spend all of their pension money every month. taking trips, giving to charity, etc.
"You allowed her to do that."
Uh, what? She might spend, but what the hell?
They are not going to run out of money. 3mil + pensions and SS? Cry me a river.
Exactly. It’s not like they are ever going to stop receiving that money. 😂
The issue here is they're spending more than they're making. The wife is slowly but gradually bleeding out their $3 million fund.
They're both still in a great position to do something about it. For now.
If someone does not want to Budget, the person knows that they are overspending but does not want to Stop....
She would divorce him before getting rid of that Range Rover.
HE bought the Ranger Rover on payments and then blames her for "not wanting to budget" /
you didn't listen bro
she's stubborn and he just go along with it because he want to keep her and she doesnt care about solving the problem or going to therapy
like a Gold digger
@@jaesall3519How is she the gold digger when she brings in more money monthly than he does? 😂
It sounds like this woman has always been the breadwinner. She's pretty much in charge here.
My wife's spending used to stress me out too. Now I have my own checking account and my stress levels have gone down immensely.
So if your wife comes to you one day and say "honey I been messing up with finances and I want us to start working together and join finances" and she has accumulated debt $3k, $5k, $8k, would you use your money/savings to pay it off for her?
Dave constantly tells spouse to do this after they refused to combine and work with their partner on finances
This poor dude. She sounds like a ball buster. He’s clearly afraid of her.
When the repairs start kicking in😂😂
The repairs have kicked in 37yrs ago when he said I do!! 🤣
This is the first call I seen that I'm sure nothing is going to change
Terrible analysis by them. They could take out 500k out of the 3 million retirement and pay everything off easily. Then you have 2.5 million on top of the $9500 a month from SS and the pension. 5% on the 2.5 million gives you another 10k a month and never touch the principal. If they cant live on 20k a month after that with no debt then what is there to even talk abiur
I agree, they didn't see this. ??
@@dazzaoutandabout4870treasury bonds are 4% right now. They literally have nothing to worry about
They are INCREDIBLY wealthy. The man just wants to control the women. But the women has her own 5k pension a month which is incredible and if she wants a nice car in her last 20-30 years on earth, she deserves it!
PrinciPAL
@@JessicaTheEngineer Is he Mormon? It's one womAn
The hardest thing about being an adult is that you have to parent yourself
You’re good bro. Dave says you can take 12% of your net worth in distributions and never run out of money….Dave doesn’t believe in Sequence of Return Risk
"I don't like to budget" is like walking off a cliff and saying you dont like gravity. It's not going to end well no matter how much money you have.
Counselling can't help a woman who doesn't like budgeting and want to keep up with the Jones
I'm not dealing with a woman like that.
They don’t have money problems. The have marriage problems
Best comment. 👍🏻
Haha, the guaranteed income (pension/SS) is more than enough to last them until they are dead. And then backfill another $3 million?!? They need to get on some type of budget but they sure have alot of room to live the good life.
Men have a lot to learn about the wicked 💃
unfortunately our schools are matriarchal and gynocentric.
Why would you have payments on anything when you're taking in close to $10,000 a month and have $3,000,000.00 in retirement accounts? Pay off the consumer debts and then sell the house. After that, buy a smaller house with cash.
37 years of living like a simp 😂
I was just thinking this!
She has a pension $5K/month plus her social security.
sign me up, if it’s goin to put me in that position at 62
In a situation like this you don't ask, you tell and tell if you keep it up you are going to be divorced.
And im stressing on a $150 car payment.
Why is that, do you not make decent money?
@@reese85"decent money" is completely subjective, as Dave says there are people earning 300k per year who are drowning and people who are earning 60k making a very good life for themselves
I have a 150 car payment and it will be paid off in October
I pay that much for a monthly bus pass. If you are stressing about that you have other problems
@elliotjessop4624 the money you make and being in debt are two completely different things but I do agree that “decent money”is subjective! Cuz a lot of you guys in these comments think 100k is a lot of money and to me, it’s just decent. But I was asking do they at least make 50k a yr cuz a $150 car payment shouldn’t be stressing anyone out
When they both responded the same to "Range Rover" 🤣🤣🤣
$1300 car payment? Sheesh!!
I don't understand how anyone could think that $1,300 is normal for a car.
I have similar net worth (just above $3 m). I felt guilty buying a new Tesla for $44k but I paid cash so no payments or regrets. I love it and could afford it.
Don’t be jealous of her sweet ride
@@shameekasimon But... but... I want it... I want... I deserve it...I worked all my life so I'm gonna get it. : )
When you have $120k in pension income and over 3 million in retirement it doesn't matter.
He should have handed her the cash to buy it. ;-)
Based on the market and how much they have invested I bet they made over $500k in their investments this last year. if he had his money out of the market and in say a federal funds rate based fund he still would have made $150k.
This is one of those situations where Dave tells people if you light the money on fire will it make a difference? Nope. they are still killing it.
George and Ken got it all wrong. If the wife wants to have a $1300/mo Range Rover SHE'S got to go out and get a job. It's not his car, he shouldn't have to pay for it.
"la vida broka" hahaha
Yea, at $3M. These two are idiots.
They have 3 million and 10k a month passive income
I am okay with the car and its cost at $1300 per month. She worked and deserves it. Let her be happy and enjoy the Land Rover.
Time to divorce her spilt the debt and let her suffer he gonna be working at 80 years old if he doesn't
Tbh. At 62 I'd buy my dream car too. Long life isn't guaranteed and money doesn't go to the grave with you
They are still young, go back to work and pay everything off before retiring again. Make it painful so they never get in this situation again. Pain can be an amazing teacher.
Sorry, your opinion is stupid
why? they have 120k a year in pension and social security coming in and over 3 million in an IRA and another $350k in another account...
The husband needs to snap out of it.
I wish Dave was on this call. he would have told this guy to stop being a jerk.
they could afford to light a new land rover on fire every year if they wanted to.
the husband could wipe out all their debt in a week if he wanted to.
their budget conversations should be, " hey sweetheart, We made 10k on our pension and 30k on our retirement investments this month... Lets spend $10k on a trip to Tahiti, or Italy, or go on a cruise or something.
Divorce. Run Dude Run
This man isn’t safe and can’t breathe
LOL! Is that you, John?
I’m not safe; knowing he’s not safe
Just love George with the quick shots.
Welcome to marriage. 🙄
George Kimmel and Ken What’s-His-Name after hearing this family has over $3 million in retirement, $4,500/month combined SSI, $5,000/month retirement, and a dude complaining about his wife driving a Range Rover…… “Have you done the math? We’re going to run out of money….” Clearly these idiots have no idea what they’re talking about.
Honestly! I was thinking the same thing! I feel like I was hearing a different call than the one they were responding to. Also if he lets that’s money grow over 20 years, they will have so much more millions! And Ken’s talking about him going back to work 🤪
Looking forward to hearing how the feminists and simps in the comments blame the husband
Well she got 5k pension. If it was his pension I would say the same . I wish my wife would tell me what imma buy.
At 62, if you want it and can get it, do it. What are you saving for? Home and retirement are set. Both of them have pensions, Ira, and 401k. When do you stop budgeting and live ?
Range Rover? Add another $500 a month for repairs
Doubt it. Also less wear and tear for any type of car when retired.
I retired at 49 in 2020 and one of the first things I noticed is annual mileage dropping over 90%,changing oil every three years, and filling my tank twice a year.
I'm in Michigan, and the housing market here over the past 7-8 years has been unprecedented. Houses that were purchased for $130K in 2015 are now going for $590K. These are tiny, poorly constructed 950-square-foot homes in quiet, mediocre neighborhoods. Meanwhile, nicer, average-sized homes in better neighborhoods that were over $300K a decade ago are now selling for $750K+. It's wild.
A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advice but get buying, cash isn’t king at all in this time!
@@Jamesrobert627 I've been in touch with a financial advisor ever since I started my business. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders.
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She has her own pension. End of conversation.
A $1300 a month car payment is completely fine, if you are living out of your car.
At 3:20 the caller said they have 3 million dollars. The wife can afford the 1300 dollar car payment 😂😂😂😂😂😂😂😂
But that $3M is being spent everyday
Going down. I don’t have no $3M so they are out of my league
And 99% of these commenters, and Ken and George, just seemed to mot hear that part.
OMG "La Vida Broka??" I'm SO stealing that one!
This can't be fixed unless they STOP SPENDING!! Basically, this guy's a wimp.
@@jimroscovius yes, but patterns develop & they are hard to break without help. & her monthly income is triple his which makes it more difficult when that person doesn't want to be a real partner
The husband is the problem....
They are brining in $120k a year in pension income based on what he laid out.
AND they have over $3 million in an IRA.
They need to START SPENDING before it's too late.
I know too many people who dropped dead 2 years after retirement or got Alzheimer's or dementia and that was it.
If they have their money invested in the safest, federal funds based investment they made probably 5.0%+ or 150k this last year.
If they have it invested in mutual funds.. they probably made closer to $500k this last year.
It seems like everyone fed into this mans emotions and worry without listening to the actual numbers...
his budget should consist of them trying to spend every penny of their pension money every month.
Hey honey. we got 20 k to spend over the next 2 months... what do you want to do?
Trip to Tahiti? Italy? Norway? a Cruise? want to spoil the grandkids?
oh, and I bought you a spa weekend for you and your best friends. I'm planning to go deep sea fishing with bob next weekend.
I'm gonna get me a shark. lol
They dont have anything to fix except the husbands brain
Idk why the f is he stressing for with 7500 monthly income + 3mil in retirement making 10% = 300k a year, w t f is he scared of, more like HE is the problem
@@getinthespace7715exactly, dave cult cant think clearly
They have 3 million plus $10,000 a month income (two ss checks and her pension). They are rich. Let her buy whatever car she wants, - just pay cash for it. They don't have a problem. Hubby doesn't have to go back to work, - bad suggestion
After paying off my car last year idk how anyone would willingly take on a car payment that's that crazy... you're 60, who are you trying to impress with a Landrover? Your grandkids? Buy a cheap KIA to drive to the grocery store twice a week and enjoy your retirement
They bring in 120k a year in SS and pension income and have over 3 million invested in their IRA.
They could light a land rover on fire every year and it wouldn't matter.
The husband has a budgeting problem. he still has that scarcity mindset and I bet he is still trying to save some of that pension money every month when their investments alone are bringing in 150k-300k+ a year depending on how they have them invested. (5-10%) heck. based on how the market is they may have made $600k this year.
If you get to their level of wealth at retirement don't make the mistake of being too frugal. I know too many people who dropped dead 2-3 years after retirement or lost their minds to Alzheimer's or dementia. you gotta get out there and live.
They gave this guy TERRIBLE advice. saying he might have to go back to work again. lol they fed into the emotion he was giving them and completely ignored the numbers he provide.
@@getinthespace7715 I'll be honest, I was listening to this at work and missed the amount he said they brought in every year, I only heard them reacting to the car payment amount and saying they were going to run out of money... if all that's true then you're right!
It used to be that Cadillac was considered the “standard of the world”. They were not only expensive…they were also somewhat exclusive. People would be impressed as it was a truly a status symbol. Once they were no longer exclusive, and the “luxury” began trickling down the chain, they lost that cache. Today…seeing a new Cadillac is all but meaningless, save for maybe an Escalade V. Seeing a Rolls or a Bentley in traffic is a lot more impressive to the majority than seeing yet another “luxury” SUV that can easily be bought by anyone who qualifies for the financing. Without the exclusivity….expensive vehicles simply don’t stand out to the masses.
Ironically enough, a mint condition, base model K car would be far more impressive to the masses than a new Range Rover, due to their rarity these days.
@@DB-bw5fz I always talk about this, whenever I see an expensive car now, all I see is a payment because odds are that car is financed. Yes a lot of people have money and have them paid off but when you're at a red light and you're surrounded by brand new cars you know that something isn't right especially when I know what bills are like with a paid off vehicle and an above average income. I have more respect for someone that has a 20 year old truck than one that's brand new. Look at celebrities like Christian Bale, people always talks about how he still drives an old Tacoma and how impressive that is but no one cares what celebs are driving G-Wagons.
The key question I would ask is: what are the interest rates on those loans and are they higher than the returns on your retirement accounts?
Im almost out of debt
George was on fire in this clip!!
Should have divorced this woman a long time ago.
From the sound of it, she made all the money. So he'd be poor.
62... she isn't changing. Losing battle. It's not that she isn't aware, it sounds like she doesn't care. And if she doesn't care today, she won't care tomorrow. If her mindset was just half of what it was, how much better would they be today? It's sad. Here's the icing on the cake: It also sounds like she will NOT drop the car, and would rather divorce him than to 'suffer the humiliation of returning' the car.
Simping ain’t easy 😂
😂😂😂
37 years of marriage is not simping. They have just been together too long. Reminds me of my parents 😂
2:13 You guys, I love this. Questioning and challenging assumptions live. I was getting the sense you all just agree to agree. I like this 👍
No wife, happy life
based on the number they bring in about $120k a year in pension/SS income and have over $3 million invested.
This guy has a mental hang-up with saving money.
I bet he is STILL trying to save their pension money when they should be spending every penny of it.
heck depending on their investments he's making $150k-$300k plus a year just with that.
I know too many retirees who drop dead a few years after retiring or lose their minds to dementia or Alzheimer's. you gotta live.
his "budgeting" conversations with his wife should be... "hey honey, how do we want to spend $10k this month?
want to do a trip to Tahiti? Italy? a cruise?"
Pay off the house with part of the 3 million. Let her have her car......she's paying with her $5,000 pension. Do we really think they will live til 95? When are they going to enjoy the money they've worked so hard for? I mean, of course, some money needs to be guarded, but not all of it. Jeez!
thats why Dave always listens and writes down the numbers first. They have 9K income and 3 mils in investments. They can get money without penalty. They can afford 90K car.
Unless I’m missing something, they draw $5k/month in SS and she has $5k/month pension and they are not drawing anything from their $3MM in investments. Even a 4% withdrawal would be $10k/month. I think they are fine even with the $1300/month payment for her Rover.
Just imagine the next generation won’t have social security and pension. That is ridiculous that our taxes go to this. Almost $10,000 a month…
There are some politicians who want to make social security need based. So one or both of them may not qualify, since she is drawing on a pension. Isn’t it a little silly that Bill Gates is probably drawing social security?
@@BreeSchmit 5000. Pension is 5000, didn't hear it was a public pension
If I’m paying for social security all my life and then not getting that? I would be absolutely pissed!! While just because YOU chose to live a little bit poorer and chose a lower paying job, you get to have all the benefits?? That’s bs
From social security and pension, they get $120k a year. 4% of that $3M is another $120k a year. So they have $240k a year coming in. A Range Rover isn't all that bad considering they have $240k coming in. Well, except for the fact that they break down every week.