How Do I Start Saving For An Early Retirement?
Вставка
- Опубліковано 23 січ 2022
- How Do I Start Saving For An Early Retirement?
Nix the guesswork and scrolling. We’ll connect you with investment pros we trust: bit.ly/3kwqrhf
Listen to how ordinary people built extraordinary wealth-and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, George Kamel, Rachel Cruze, and John Delony.
Ramsey Network (Subscribe Now!)
• The Ramsey Show (Highlights):
ua-cam.com/users/TheRamseySh...
• The Ramsey Show (Full Episodes): ua-cam.com/users/TheRamseySh...
• The Dr. John Delony Show: ua-cam.com/users/JohnDelony?...
• The Rachel Cruze Show: ua-cam.com/users/RachelCr...
• The Ken Coleman Show: ua-cam.com/users/TheKenColem...
• EntreLeadership: ua-cam.com/users/entreleader...
Nix the guesswork and scrolling. We’ll connect you with investment pros we trust: bit.ly/3kwqrhf
I just turned 41 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I’m getting worried about retirement, my intention is to retire at 65 atleast, so how best do I maximize my savings of over $500k
It may be a good idea to speak with a financial advisor who can help you develop a portfolio based on your individual goals and risk tolerance.
Partnering with a financial advisor has transformed my approach to investing. Their expertise and personalized guidance have not only helped me navigate complex financial markets but also optimized my portfolio to achieve my long-term goals efficiently.
Your advisor seems competent. Could you share how I can reach out to them? I've recently sold some property and am interested in investing in stocks, and I'm seeking guidance.
Jennifer Leigh Hickman is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Wow, her track record looks really good from what I found online. I'll take a chance and see how it goes. Thanks for the info
I've kept much of my savings in cash for safety, but I'm unsure if it's right for retirement. Contemplating investing $400K in stocks, as I've heard investors can profit in tough times. Unsure about my next move.
it's wise to redistribute your capital to mitigate risks during market fluctuations. Consulting a financial advisor can help simplify this process.
Yeah, I’m also closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.
@benitabussell....... This caught my interest. I worry that I have a couple more months before retirement, and I want to switch to using a financial advisor, but I don’t really know how to find one.
*Sharon Lynne Hart* is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment
Thank you for sharing, I must say, Sharon appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled a call
Hey there! Just wanted to remind you that it's never too late to start taking your investment journey serious. I remember struggling for years before diving into crypto last year and let me tell you, it completely changed my life so don't lose hope, my friend.
I'm very much aware of the great benefits of working with a pro but I haven't found one for myself
Important of investing cannot be overemphasized, that's the only way to gain financial freedom
Crypto and real estate crowdfunding are awesome investment options, it's great you are growing with Bianca Harley Doran
These are very info for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the knowledge embedded in it.we may not want to admit, but as warren buffett once said, investing is like any other profession, it requires a certain level of expertise. Not surprise that some people are losing a lot of money I'm the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it . I've got $150k set aside to put in the market
Understanding personal finance and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend and invest their money. I know someone who made over $350k in this recession-nfluenced market,but to the best of my knowledge, it was through an F.A
As part of my retirement plans and also owing to the very shaky housing market now, I just sold a property in Philly and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains in months, I'm really just confused at this point.
Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge, And it also all depends on how long you're willing to hold for, stocks might likely tank further, but making serious gains in this downtrend wouldn't be a problem if you're a pro.
I wholeheartedly concur; I'm 60 years old, just retired, and have about $1,250,000 in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.
Impressive can you share more info?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Colleen Rose Mccaffery” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
My strategy has always been to invest 25% of my income in the stock market at the beginning of each month. The second part of my strategy is not to sell for at least 5 years, but recently my portfolio has suffered major decline about $150k in losses. What can I do please?
Look for stocks that have paid steady, increasing dividends for years (or decades), and have not cut their dividends even during recessions. which may reduce your dividend gains or income, speaking to a certified market strategist can help with pointers
Agreed. It's always wise to be proactive and consider diversifying our investments to manage risks in uncertain economic times. I delegate my day-to-day investing to an advisor ever since suffering a major steep-down late 2019, amid corona-outbreak, and as of today, I'm semi-retired with barely 25% short of my $1m retirement goal after subsequent investments
Hope you don't mind if I ask you to recommend this particular professional you use their service?
There are many independent advisors to choose from. But I work with Monica Shawn Marti and we've been working together for almost four years and she's fantastic. You could pursue her if she meets your requirements. I agree with her.
I really appreciate your useful advice. I was able to set up a call with her and confirm her identity. She seems incredibly knowledgeable, and I appreciate your advice so much.
Well, I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises plummeting stocks that were once revered and I don't know where to go here out of devastation.
I think most ppl want to “retire early” meaning they want to financially free and work for fun
Work on our terms.
That's key
Retirement is wonderful if you have two essentials - much to live on and much to live for. Invest wisely and get good returns.
What's the best investment now ? I'm afraid to make wrong decisions.
Investment is the key to sustaining your financial longevity. And not just an investment but an investment with guaranteed returns.
@@shanoimelissa3425 I invest and trade financial market. It's been very lucrative. With the profit i made over a year, I was able to buy a restaurant. But trading is not what you do without proper guidance. I have a broker he handles all my trading activities and makes sure my portfolio is diversified into various sectors of the market.
@@evelync1504 sounds better, how can I start with your broker?
@@shanoimelissa3425 you can mail him directly via 👇
I'd love to invest in stocks for retirement after listening to a guy on a podcast talk about the importance of investing and how he made over $800k in few months of investing into stocks from $300k initial capital, somehow this video has helped shed light on some things but I'm confused about the current market volatility I'm new to this and I'm open to ideas.
That’s right, I started investing sometime in 2018 and by late 2019, I pulled a profit of over $750,000 with no prior investing knowledge or skill, I was basically just following the guidelines set by the financial advisor I use, so you don't necessarily need to be a perfect investor or do the hard works, just have a professional to guide you.
That's impressive, the thought of reaching out to a financial advisor has crossed my mind severally but the fear of loosing funds cripples me, please who is your financial advisor and how do I make contact with them?
Lisa Ann Moberly, a simple search with her name will suffice, she's all over the net.
Thanks for this amazing tips, I looked her up and booked a call session with her, she seems proficient
It's great to hear about your interest in stock market investing for retirement. While it can be a powerful wealth-building tool, market volatility can seem daunting, especially for newcomers. To navigate this, diversification and a long-term perspective are key. I'd be happy to discuss strategies, investment ideas, and share insights that can help you build a solid investment plan. What are your specific goals for your retirement portfolio, or do you have any questions you'd like to explore further?
Most Americans find it hard to retire comfortably amid economy crisis. Some have close to nothing going into retirement, my question is, do I pull cash from my 401k and buy a house, or spread my money in stocks for cashflow? I'd love to afford my lifestyle after retirement?
For many years, bonds or other fixed-income assets could produce the yield needed to provide solid income for retirement needs.The importance of having financial safety could be why boomers are turning towards advisors in retirement planning
A lot of folks downplay the role of advisors until being burnt by their own emotions. I needed a good strategy to plan for retirement, hence I engaged the services of a true market strategist to help rejuvenate my $700k portfolio and boost performance and returns by 90% in a little over four years.
There has been so much knowledge shared here, I'm at a crossroads with my portfolio and would like to see it grow in view of retirement. How can I reach this professional?
'Monica Selena Park' is the CFP that guides me, her reputation precedes the exemplary service she offers, and I'd gladly commend her on a public post, you can locate her if you are internet-savvy.
Excellent share, just inputted her full name on my computer and searched online, top-notch credentials. I've seen commentaries about advisers, but not one looks this phenomenal.
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
Since the outbreak of 2020, which had a significant impact on the market, I've been running all of my investment decisions through an investment coach because their entire philosophy is centered around using a high-profit oriented blueprint while simultaneously going long and short, as well as reducing risk exposure as a hedge against inevitable downtrends. Underperforming is almost impossible when combined with their access to strange data and analysis.
@@mariaguerrero08Mind if I ask you to recommend this particular coach you using their service?
Credits to "Gertrude Margaret Quinto", she maintains an online presence. Just make a simple search for her name online.
Insightful... I curiously looked up her name on the internet and I found her site and i must say she seems proficient, wrote her an email outlining my objectives. Thanks for sharing.
We planned for early retirement by living within our means during our earning years. We retired at age 57 and 58 with several million in assets for retirement. Takes discipline but can be done!
Good for you!! You're a great American success story. My wife and I are trying to do the same, actually.
It's highly advisable to seek counsel from an investment adviser, especially when approaching retirement amidst the complex financial market. Personally, I've diligently sought advice, and the results are astonishing-a humble $70k investment has blossomed into an astounding $950k, with figures still on the rise.
That's truly captivating! I'm utterly intrigued. How can I connect with your financial adviser?
Sharon Sue Parker, a distinguished financial consultant, has been an illuminating guide in my journey. You might recognize her name from a recent spotlight in Newsweek. She stands as a prominent figure in the financial market, an individual whose expertise is truly deserving of deeper exploration!
It seems she possesses an abundance of knowledge and has delved deep into extensive studies. After a quick search of her name, I stumbled upon her website. Grateful for your willingness to share this treasure trove of information.
Placing my investment portfolio under Sharon Sue Parker's adept guidance has transformed my financial journey entirely. Her skillful management has revolutionized the way I approach wealth generation, leaving an indelible mark on my investment landscape.
For retirees stepping into the world of investments, teaming up with an experienced financial consultant is paramount. This partnership plays a dual role: guiding as a mentor and protecting your wealth. It sharpens your trading strategies, boosts potential profits, and significantly lowers the risk of endangering your lifetime savings.
Retiring from public service made me realize that I had no means of passive income, and in 35 years, I had only moved round in circles financially. I needed to make investments immediately despite retirement and that led me to looking for ways out. I feel very accomplished every time I remember my journey and how I've been able to grow my portfolio to 7 figures, with the help of my broker Olivia Rene Reyes Mind-blowing experience really. Thanks for this video by the way, I think this year was a big win for us investors. Go stocks!!
Truly It’s all about accumulating wealth through compound interest investments.
I did read about Olivia Rene Reyes, quite an interesting lady to look up on the web.
Consistently investing in quality dividend paying companies over the long term is a relatively easy strategy to create generational wealth
Did a quick web search, she has a pretty decent bio, I wrote her and I'm waiting on her reply.
lucky for me i stumbled upon this and i must say i'm really looking forward to working with Olivia
I think John missed the mark on this guy's question. What's wrong with wanting financial freedom to the point if you want to retire early and do whatever you want to do? That's my take on it. I don't think people want to retire early per se, I think they want the freedom to do whatever they want to do. Most people continue to work after financial freedom to offset boredom and keep the social aspect, with the option of working because they want to not because they have to.
This is a accurate. Retirement doesn't have to mean you don't work. It means you have the option of working or not, and working where you want. You get to be picky with your time and lifestyle.
investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good??>>>>
I understand your concerns, my friend. I recommend exploring passive index fund investing and expanding your knowledge in this area. Personally, I experienced both successes and challenges when initially seeking a reliable passive income......,
how do I get in touch with this consultant that assist??>>>>
STEPHANIE KOPP MEEKS, that's whom i work with look her
Thanks for these recommendations.....,,,
I just don’t get why someone cannot want to retire and stop working! I love my job but I do not want to do this past 60. I want to retire and do hobbies, volunteer, travel. I have no desire to keep a career in retirement and this sentiment you just die if you stop working is ridiculous. People all define retirement differently and I wish they’d stop judging those who define it as leaving their career.
investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good??>>>>>>,.,.,.,.
I understand your concerns, my friend. I recommend exploring passive index fund investing and expanding your knowledge in this area. Personally, I experienced both successes and challenges when initially seeking a reliable passive income......,.,.,.,
how do I get in touch with this consultant that assist??>>>>
STEPHANIE KOPP MEEKS, that's whom i work with look her
Thanks for these recommendations.....,,,
Retirement for me would be keep doing what I’m doing but at 50% reduced hours. I would like to be able to take as many days off as I want (paid and/or unpaid) and only work 2-3 days week no more than 20 hours.
Dave’s advice is legitimate advice , all numbers , easily explained , disciplined based , u may get all these quick money plans but true and tested , Dave Ramsey surely proved it during covid , at least in my life , Thank God
Ramsey would you consider doing a video with ideas of financial options I can explore as the economy is heading towards severe recession.I'm retired and under pressure to grow my reserve of $250k.
I agree Flynn, I started investing 2016 and that same year I pulled a profit of about[$600,000]profit with no prior investing experience, basically all I was doing was seeking guidance from a financial-advisor, so you don't necessarily need to be a perfect investor, just have a pro assist you
@Colt Rocky
The advisor I use is Diana Claire Lougen, she;s verifiable , so you could just search her.
This recommendation is coming at the right time because i am literally grasping for straws atm! I verified her online and scheduled a phone call with her.
[I curiously looked her-up and I can see she;s has worked with top notch companie;s like M&T--SECURITIE;S , I have an account with them. Serendipity!!!
The other great thing about retiring with index funds is your income is only what you pull out. So even if you make 300k on a 6 million nest egg, if you pull out 50k for property tax and living expenses, you're only taxed on 50k. I would only pull out as much as I need to keep up a 3 month emergency fund, and beyond that one time expenses.
To add to what was said, if you're an entrepreneur there's always a chance that you'll wake up tomorrow and your businesses won't bring in the wealth they originally did. If that's the case, being able to live off your investments is paramount, at least until the next business is off the ground. For instance, youtube is a great business nowadays but there's no guarantee it will remain profitable forever.
He should read the book, "Quit like a Millionare", she gives step by step on how to do this, and access your money before "normal" retirement, AND not be overly taxed. This book has the key.
@5:30 John, setting yourself up for an early retirement doesn't mean you don't like what you do. It just means you are planning so you can create options for yourself and not necessarily work if you don't want to or for some reason can't. Bridge Accounts are imperative in creating financial peace, I wish you guys would focus more on this part of the wealth-building journey.
I'm 36 now and want to save as much so that when I'm 55 if I want to retire at that time, I'll be in a position too. If I still love what I'm doing or found something else that I enjoy I'll just keep working. I like having options.
32 shooting for 50
Sounds like a plan!
nice, I think everyone should be able to retire at 50, still young enough to do everything you want. 65 is way too old in my opinion.
@@dfiniin6820 ideally if you have an enjoyable career that you can scale back and work 20 or 30 hours per week, that's even better
Hopefully when get to 65 we won't think 65 is too old. Gotta also take care of our health along the way :)
John, people with physically demanding jobs have a really good reason to think about this. Bridge accounts are wonderful for everyone, they give you options for work you want to do, or can do, which go along with an income decrease
I have a S&P 500 index fund on the side. I don’t buy single stocks. But you know the S&P will always win in the long haul. You just can’t look at it or you’ll be tempted to sell during bad times.
johns perspective of not understanding why people want to retire early is comical and lacks understanding of the bigger picture. the vast majority of people do not love their jobs john, and if they could retire at 40 and do hikes through Europe, chill on the beach all day, paint portraits all day, do charity work, or whatever job/hobby or fun thing people like to do, that is clearly more optimal than working a job you hate until age 70, ending up with 3m in investments then dying at age 72 from natural causes... dave and john are just simply wrong with their perspective of "just go get a job you love" which is something most people cant do. if you're making 100k a year and you have 4 kids to feed you cant go work at a zoo for 30k a year just because you'd like to work at a zoo and interact with cool animals.
some people love teaching, but its a terrible poverty wage paying job in some states, the list goes on.
Not saying your wrong, but I did feed 2 kids, payed for wife's college, our mortgage and bills on 30k working in restaurants. I hated it, but it was the path we chose. We are stronger now because of those times.
Yes. To answer the question at the 5:30 mark about why people in their 20s or 30s are so eager to retire or planning to do something else.....
Because MOST people can't or at least don't end up doing what they love or are passionate about. If that was the case, the world wouldn't function. Too many jobs are required that aren't necessarily desirable, but needed, to have a functioning society.
Often times yes, maybe you can find a way to make what you love to do have income, but maybe not enough to live the way you want. So the quicker you can build up to the point where you can start to do what you like, but not have to worry about not making enough money because you are way ahead, the better.
@@mattschmitt9924 Sure, it isn't impossible But there's a balance. I could quit my job now(I don't hate it, but I certainly don't like it. It's more of less boring and going to the same place every day isn't desirable for me regardless), go work elsewhere I might like more for half the pay and technically still pay all my bills. But ultimately, I'd never have or get to do half the things I want to do in life. (actually more by the time you invest wisely)
So again, finding that balance. Where you save save save, get that freedom, allows some to find their passion earlier rather than later. Finding it at 50-55, even if you sacrifice more at 30, is better than finding it at 70, or not at all. In an ideal world, I'd love to find that balance today, or 10 years ago. I'm 35. But again, it's about the balance to be able to do what I want now, to an extent, while also building to a better future even if I could find a better now. I mean, isn't that what Ramsey is all about anyways?
Absolutely agree
Couldn’t of said it better myself !
Okay, hang on just one minute here… did Dave just discover what an index fund is since the New Year?! Until this year, I have never heard him mention “S&P 500” without finishing the sentence by saying “my growth stock mutual funds have a track record of beating them.” 😂
I noticed that too. Frankly, I prefer the S&P because I never hear exactly what funds outperform it.
@Austin Duke As a fiduciary financial advisor myself, I suggest not even attempting to beat the market. I don't. Too much effort when even the "best and the brightest" on Wall Street consistently underperform. I personally think Dave has historically done his listeners a disservice by pushing actively managed mutual funds and claiming that finding ones that outperform the market "isn't that hard" to do. I think this has been his way of pushing listeners to his SmartVestor Pros who pay affiliation fees to be endorsed local providers. The easiest thing you can do is open an account with a company like Fidelity or Vanguard and invest in a Target Date Retirement Index Fund. Take your birthdate + 65 and that is the year of the fund you should pick. Ex.) Vanguard 2060 Target Date Retirement Fund.
@@tommymodec Just don't buy a target date fund in a taxable account. They're usually ok, but there was a bit of controversy last year when Vanguard changed minimums on the cheaper share classes and people got huge capital gains tax bill because the funds had massive outflows.
@@jdmulloy personally I picked the target that is a year or two before I can touch the money penalty free. So age+59, and round down to the nearest 5 since they don't do 2062 funds.
You're not being punished for being rich, you're contributing to the society that allowed you to be rich. Hope you pave your own roads literally, Dave
I want to retire early so I can work the job I am passionate about that doesn't pay well rather than work the job I don't have passion for that pays well.
You can produce a monthly income off of a 401K at age 55 or older if you retire or get fired after 55 and keep the money in the 401K until 59 1/2. Save 25% in your 401K before you retire.
Acquiring a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. Hence what are the best stocks to buy now or put on a watchlist? I’ve been trying to grow my portfolio of $160K for some time now, but my major challenge is not knowing the best entry and exit strategies. I would greatly appreciate any suggestions.
No penalty for taking money out of your 401k prior to 59 1/2 if you follow the RULE OF 55.
I am retired, not 59 1/2 and am doing this.
The info is on youtube and of course the irs website.
Most people who want to retire young see their passion as not lucrative or in very low demand, the option to pursue that is what the FIRE community is all about. No one actually thinks they're going to spend age 40-95 on the couch watching TV 24/7.
I know a guy who retired at 39 thru real estate and he’s playing video games all day mostly lol he’s living the life.
He spends only 2-3 hrs a week on his business and rest he’s free. He’s not married, no kids etc
@@edb484 would love to learn how to replicate that
It's simple if you start early. Just invest in index funds every month. Keep expenses low and invest as much as you can. 20 years of that and you'll be just about there. If you start at 20 you can retire by 40 if you're serious about it.
He could monetize playing video games.
As a hairstylist of 11 years. I plan on retiring early mainly and mostly because of the physical demand on the body. I love love love what I do but I understand the limits of a 20-30 year career before the body breaks down. I think may be that could be a reason!
Yes styling hair is a very physically demanding job. I am surprised anyone can do it for such a long time without their arms just becoming super jacked. I bet you can bench 400lb with a carrer like that
yea there a lot of physical jobs that you might not want to retire early but you might want to work less.
i mean hairsylist and carpter michance pluber and a million other jobs.
Dave is 61 and worth millions, yet still working, not because he needs money to pay bills but because he enjoys what he does. Dave is really horrible at seeing certain things. This guy is saying "How do I save / invest to be in a place at a younger age where I have enough money to do what I want to do" just like YOU Dave!
I want to "early retire", but that doesn't mean not work. It means I'm not forced to take some sucker job because I need cash. If another covid happens I won't worry about paying the bills
Exactly. A lot of people assume early retirement means lying on a beach or watching daytime tv all day every day 🙄
Perfect summation. Retirement for many doesn't mean don't work. It means the money is supplemental, not necessary. It means getting to take more risks to do what you like, rather than what you have to do. To work less, or set your own hours, etc. Basically, be in control of what you do, when you do it, and how you do it.
F.I.R.E is a ability to be financially independent first … if I like what I am doing at 55-65 awesome if I don’t anymore I am not stuck … I will always have the possibility of retirement if no one wants to hire a old man as you know age discrimination is the worse test form of discrimination but not talked as much as others …. To me thinking about retire early is essentially insurance
It's insurance, it's security, and it's basically the ability to choose exactly what you do, regardless of income. For example, I have a couple of jobs in mind for retirement, but I wouldn't be able to make the money off of them to do the things I want to do in life. There's just no way. Now, in retirement? I wouldn't care if I was working those jobs for minimum wage
You are a spot on! I was so happy to finally become financially independent and know that if I got laid off tomorrow because I was too old it wouldn't hurt me and I would have the option to find another job or not.
If you get paid an inheritance in money and collect it all at once, do you have to pay taxes on it? If so, do you get back any of it like a tax return?
You don't have to hate your job to want to retire early. For a lot of people regardless of how much they enjoy what they do, they don't want to spend years of their later life working when they could be spent actually living, which is what life is about. When you spend the vast majority of your adult life working and the small minority of it actually living, all you are doing is putting even more money in the government's pockets and giving your time to anything but your loved ones. Where as if you retire early you access your freedom of time. And regardless of what many may think, Time is the most valuable asset, once it's gone it can never be gained or recovered. So remember to work to live, not live to work.
I'm 38 just got debt free and just signed up for 401k benefits at my job 5% match. I want to buy a home. What should be my next step?
Here’s what I did. Used FHA loan and only put 3% down on my house. After a couple years the house worth increased so I had 20% equity in the house and I refinanced to get rid of PMI.
So I’d pick a price range of a house. Make sure the mortgage, insurance and taxes aren’t more than 25% of your monthly income. Save your 3% down payment and then buy you a house. Also recommend a 30 year mortgage. A 30 year mortgage can be paid off in 15 but a 15 year mortgage can’t be paid off in 30. All about giving yourself flexibility.
I want to quickly get to FI. I'm not rushing to retire early.
I'm on track to be retired by age 35. For me, that means that I can have $1,000 per month for my regular expenses, and I can focus on my life goals.
You will be working again by 40 if you do that unless you are already a multimillionaire like 10-15 million
So what about the rule of 55? I retired from my mgmt job & took a different job. Working on becoming a financial coach.
How can you be "debt free house-wise" in the US? Can someone explain to me?
I like Dave says "you can't access it before 59 1/2"
You absolutely can and there are numerous ways:
1. Just eat the 10% penalty (worst case)
2. 72(t)
3. Roth Conversion Ladder
4. 457 account
5. Work somewhere you haven't worked before around 55, roll money from old retirement jobs into current (55 year old) job then quit or get fired. You can withdraw the money penalty free at 55 instead of 59 1/2.
6. Retire to a country where the 10% penalty tax is offset by your foreign taxes anyway. IOW you'd save no money regardless of whether you'd have to pay the 10% penalty or not.
@what'sapp👉±❶❽❶❽❾❹❷❼❷❾❷ GREEN EGGS AND SPAM.
I've got a 457. That's a sweet deal.
Yeah I’m in the 457 scenario.
Don't forget taxable accounts
@@Rosetteismyname Dave includes taxable accounts. I brought up ways to get money out of your tax advantaged (roth and/or traditional) accounts. Dave treats those accounts as if you can't touch them until you're 59 1/2.
I can't identify with retirement before 50, but let me tell you, when your relatives and peers start dropping dead you'll have a different perspective on what's important in life and that your death date is not too far away... It's time to go have some fun while you still can.
Absolutely
😂 I’m also the spreadsheet guy
As a millennial I know I will have to pay more taxes than the retirees today, I’ll go through more frequent recessions and higher inflation Millennials have to save and invest more aggressively to be prepared to the future
Live at home until 30. Save 90%. Buy house in cash. Invest in growth mutual funds. Easy work.
Stick with index funds people! Stress free investing with history on your side! Individual stocks can go up but also can definitely go way down. Invest in solid index funds/ ETFs with low fees and you will build MASSIVE wealth long term without stress or hours of research 💰
What index funds do you invest in Professor Nolan Gouveia?
@@coltonparsons4852 and with whom does he invest with? Vanguard? Fidelity?
I think the caller just wants to be financially free at an early age (50-58) so as not to have to work until mid 60's. I'll be retired fully next year at age 56 so I totally get his question.
Wait a minute did Dave just say S&P-500 index fund. Wow.
There might be an economical turmoil but there is no doubt that this is still the best time to invest.
Best time to invest? thats funny though because in the last four months I have lost more than $47,900 in stock market which is the biggest I have loss since I ventured into stock investment.
you could be right or wrong depends on your expertise, I once made such loss when i invested thinking i have gathered enough trading skills from youtube videos
now its a different ball game for me because I was lucky to have met TERESA JENSEN WHITE, a financial manager and stock expert, I have made more than $165,000 in 6 weeks under her supervisions.
Really? people are cashing in from the stock market and frankly speaking its comforting seeing someone admit to the fact that they actually seek help from professionals. please how can i reach TERESA ?
search her name on the internet to reach her
dividend growth investing is a better approach, never sell, live off dividends
There is the term, if Either (years or amount saved) is low (near 1 or 0!) you won’t have a large Sum (=)!
Im 2 months away from being completly debt free house and everything im 40 years old.
To John's point, my career is nothing more than a job to me, a well-paying job, but a job, nonetheless. If I were to follow "follow my dreams" or "do something I love" I'd be broke.
Some of us hate all jobs of all descriptions. I am saying this after 35 years of successfully working, and a 25 years in a meaningful profession. I found zero meaning in any of it. I only worked to afford to not work.
No one gonna mention that Social Security will almost assuredly not be around when this young man is retirement age?
Dave is certainly not the guy to ask for retiring early..
He never answers the freakin question
@Austin Duke Austin Dave didn't really seem to pay attention to this guys question about retiring early. Instead. Dave and company always finds something wrong with it and are like 'why do you want to retire early's except I think he beat them to the punch this time. They are so childish when it comes to F.I.R.E. Literally someone could have all their ducks in a row straightened like the military and they'd call it crooked
At 6:26, what's the story behind Dave's one painted nail?
Here's where I object to the conversation: If retirement is a financial goal and is an age, when you hit the financial retirement goal, you also are not "doing nothing". You're doing what you want to do. Once you are in your 50s and have been working continuously since age 16/17, it's normal to not want to work ten more years, and if you can swing that financial bat, go live your life as you see fit each day, not as your boss sees fit.
It's worth pointing out that Dave's wife hasn't had an income in decades. They always act like it would be strange to want to not have an active income but gloss over that.
Yep. Dave’s an hypocrite in more ways than one.
6:00- people want to be wealthy John!
Open a webull or something like that and buy stocks or ETFs , yes you pay taxes on dividends but really you would need 1million to just make 35 thousand in dividends so you would not owe much. If they are qualified dividend payments it's only 15 percent.
As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?
Wait did we actually just refer to Chris?
dave sure likes his Home depot stock
Assets that produce income buddy
Dave has gotten much better at answering the FIRE question. He used to give a pretty aggressive response.
But if you want to FIRE there’s actual content out there for you. Start with Our Rich Journey
Passive aggressive was the correct response.
@@jrwntctv8091 Why?
Good resource!
“Our Rich Journey” are great. Love them
In another recent video you said “wealth isn’t a number, it’s a mindset”
@Prey R not in my opinion….when talking about wealth…it would be a mindset…but when talking about mindset…it doesn’t necessarily mean wealth….if that makes sense
Does Dave know there is life outside of work? 😂
Time is the main ingredient when it comes to wealth building. A famous parable emphasizes the importance of investing early.
The story is about two friends, Ben and Arthur, who are both 19 years old. At age 19, Ben decides to start investing $2,000 per year for the next eight years - from age 19 to 26. At age 26 Ben stops investing but never touches the investment and allows it to grow. Ben invests a total of $16,000.
When Arthur turns 26, he decides to start investing $2,000 per year for the next 39 years until he reaches age 65, for a total of $78,000 invested.
When they turn 65 years old, Ben - who only invested $16,000 - has an investment balance of $2,288,996. Arthur invested $78,000 and has a balance of $1,532,166. As you can see, Ben saved $62,000 less than Arthur but still came out $700,000 ahead of his friend.”.
Short answer: brokerage account
1:00 Dave wants us to work the baby steps before saving for retirement. No. Not for me. You can always get more money. You can never get time back.
It’s Simple math, if you put away $10,000 a year for 1 year, you get the $10,000 + interest/returns!
If you put $10,000 a year away EACH Year for 30-years you’ll get the $300,000 you put in + all the Interest/returns that has generated for the Last 30-years!
Back to my Simple Math: If both numbers are large you stand a high chance of having a larger answer! If they are small, better chance you will have a small answer!
Start saving today, how about that.
So Dave has more than 500,000 in capital gains each year and is thus taxed at 20% rather than 15%. That's not punishment, that's a massive tax break rather than a slightly more massive one.
Buy rental properties
If you retire early you can without penalty withdrawal from your 401K
Did we just witness Dave say that he uses an S&P500 index fund? 3:00
Yea. He’s been saying that for years
He is fine with S&P 500, he just prefers the (good) mutual funds more when it is available.
42 hoping to retire at 55. Pension, social security and 401k will suffice to have a stress free retirement..
If you have a residual income like me that I created . You dont need any money in investments . Live off residuals and buy real estate.
There’s no job that I love tho I just don’t want to work rather spend time with family
Rule of 55.
Amen! This seems to be a secret, my wife and I are retired and pulling 401k funds this way.
No one wants to work until they're 60 or 70. We want to retire at 50 and enjoy our lives before we can't. Everyone I know that retires at 60ish spends most of their time at the doctor.
Skip babystep 6 and invest as much as possible. That's how you plan for early retirement.
I understand very clearly the capital gains tax when selling single stocks or mutual funds. But what about all those “Home Depots” in those mutual funds that pay dividends? Don’t those get similar or identical tax rates if they are cash dividends?
How could you not find information on early retirement but you found Dave Ramsey?
Talk about it....His strategy versus F.i.r.e strategy. They could help him a lot bettet
@@rosettejones5050 I think Dave Ramsey is great for people who have no idea how to manage money and want to get out of debt. But if you’re looking at Dave Ramsey for investing advice then you’re not looking in the right place. He makes absurd statements like the market average is 12% a year so that means you can withdraw 8% a year in retirement. That’s absolutely ridiculous. You would be much better in the long-term talking to a fee only fiduciary financial planner, or finding the right resources on UA-cam and books
Dave is probably not the best source for info on FIRE.
Sorry Rachel he invented beans and rice. Dave knows more than 99% of the YT clowns.
He knows that FI is admirable but RE is stupid.
Agreed. He is great to help you get debt free but FIRE expert he is not
As someone who had a net worth of negative $118k 8 years ago, who currently has a net worth of $380k, and never had a household income over $85k -- I'm going to keep doing everything Dave Ramsey says and let the haters hate.
@@PartScavenger no hate here. Just saying he isn’t an expert in FI
How I get a chance to ask questions
Call in
Call in and hope the call screener doesn’t think your topic is stupid.
Most people enter the workforce and are stuck in endless stupid jobs so yeah they want to stop being beholden to some lame boss asap
3:41 "im rich and i must be punished"
sure looks like dave is starving and has no desire to work, according to his views.
3:00 Dave admits owning a ‘considerable’ S&P 500 index fund, something he usually discourages in lieu of managed funds
I’m 29 and retired early. It’s not as hard as you think. My dad gave me 2 million dollars and I quit my job. If I can do it anyone can.
Sure, of course everyone has a dad that can give 2million dollars.
Seriously. People need to take the initiative. :-)
Very funny
Retiring before you're 40 is just stupid.
@@jrwntctv8091 you have a funny mindset.
Dave’s long term capital gains isn’t way more then 15%, it’s 20%
I know he is just greedy and cheap
@@KS-cl8br it’s not greedy to want to keep more of your own money.
Well 15% to 20% is a 33% increase in the taxes due. I think 33% would count as "way more," if I got a job that paid 33% more than my current job I'd say that my new job pays "way more" than my old job.
@@bill3143 15% to 20% is a 25% increase not 33%
@@Yurguen1205 It's not though. Fifteen percent of 100 is 15 and 20% of 100 is 20. To go from 15 to 20 is a 33% increase of 15.