Should I Pay Down My Mortgage Or Save For Retirement?
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- Опубліковано 27 вер 2024
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I'm so grateful to know as much as I do at 36. Debt free,maxing my retirement and my mortgage will be paid off in 4 years. I came from nothing and my parents are living off the government. Im changing my family tree.
SkinnyJenny_VSG similar story we have.
Same here.
So cool ! Please tell us your story x
YOU ARE A ROCKSTAR !!! KEEP THE HARD WORK 🤩
Weldone!! You go girl!!!
I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?
"Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task
Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.
this sounds considerable! think you know any advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
My CFA Sonya Lee Mitchell.
On her page, she appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
I literally have people call me to take money out of their homes to buy speculative investments. It’s the worst idea in the world and I always tell my clients that . Your house is not a piggy bank to invest with. It is the roof over your head
I just some random guy on the internet but the best way to financial security in retirement is to have a paid for home and zero payments. Then you can live on a low monthly income if required. There are very few guaranteed investments. Paying if your debt is 100% guaranteed to return your investment.
If I'm 59 and broke I'm scared sh*tless that I won't ever be able to retire, yet it sounds like he's not sure he wants to sacrifice. Life everything in life, pay now or pay later, but you always pay.
I've just accepted ill always be working.
Hello, hope you’re doing okay.
I enjoy watching daves videos but i would like to know what is the value he puts on life itself? I watched my parents scrimp and save so they could pay off all thier debts and thier mortgage early, retire and enjoy traveling the us, only to watch my mother die from cancer at the early age of 52yrs old. Insurance paid most of the cost but it still consumed a lot of thier savings. The facts are that many people will live like a pauper so they may enjoy retirement only to die early. Never having the opportunity to fully enjoy life. I believe you have to find a happy medium between savings, living debt free and also enjoying life. We are only here for a short while, enjoy life while you can.
I'm 55 single female. My stepfather just died at almost age 90. He knew how to live he was engaged with life he was up on cultural events and world events he put people before things. His deaf showed me that I may not have till I'm 90 my financial advisor projects me out to age 90 but I may not have that long life can go at any time I could die at any time I have a ton of money in a bank but I live below my means I have a house that's an absolute squalor. Every time I try to remodel I get nailed with some huge financial situation what I'm going through now is that I have to care for my mother I can't leave the house for less than 200 bucks A-day for her care. I make a decent income but I'm self employed and a ton of my money goes out the door for taxes health insurance and savings. My mortgage is small but I am bound and determined to be debt free and when that happens I'm quitting my job and I'm gonna do something fun and rewarding and I don't give a shed if I make money or not. We only have today right now all we have is now. Your points are very valid we should live and enjoy our life while we can and I think there is a balance between being smart and putting something away for to morrow and living and enjoying ourselves right now
fisher9915 well put
Sorry to hear about your mom. Imagine how much more difficult the following years would have been with increased financial difficulties.
I share the exact sentiment with you. It always boils down to balance in your life. Yes, have a budget and have a financial plan but don't stop living. Life is too short.
Another question to ask is what if she anticipated dying young and didn’t save anything? Also, what kind of legacy did she want to leave her family? I think it’s far better to plan for a long life and lasting wealth by saving as much as possible. I hate when people say “what if you die tomorrow? You can’t take it with you!” That is such an idiotic thing to say because what if I live to 110 and didn’t plan for it?...
I love how Dave never considers tax. I am a believer in his teachings. A guy making 140k will pay at least 45k with all the taxes. Income, property sales, etc
I was thinking the same thing watching this. I love Dave, but there was 0 consideration of taxes
He’s mad😂
Perhaps the caller already considered that.
Yeah it makes no sense lol
Live way below your means. Key.
Some people find it difficult to curb that spend spend habit.
Spending less than 30% of what you make every paycheck (save for living, rent or utility bill costs aside. Which is probably around 25% of working people's income and an unavoidable expense. Which means that 5-15% should be going for food and clothing needs, maybe medical if needed and a rare and occasional treat like eating out). If you make around 2k a month or even for someone who makes only 1.5k a month that means you should easily be able to put 500$ away every month, at least. Minus rent which should be around 500-700 and no more and if these people live in a place with high cost of living, MOVE. That simple.) That's a 6 grand surplus in finances for minimum wagers every year not counting what you may get back after tax filing and even the social security safety nets you can take advantage of (As much as I hate the idea of people abusing the system like that). If third worlders can come to these shores and do that for their entire family it's a shame that natural born citizens can't do that for just themselves. Even people with children can do this living on canned food, rice and juice. The problem is, most people are too proud or too foolish or both, to do it.
He didn't factor in income tax and other deductions. They're not taking home $145k.
That is exactly what I was wondering
Mark Johnson Dave NEVER factors in income taxes. It’s really perplexing ..🤔
Well he should tell his net.
I don't understand what point the "Dave doesn't factor in taxes waaaaa!" crowd is trying to make. The advice/philosophy doesn't really change. Dave isn't sitting down & making a detailed financial plan. He's hosting a radio show. They have to make these obvious tax adjustments themselves. PERSONAL finance.
@@donhill1825it matters because it’s being advertised that you can pay of / save x amount in x time. It’s misleading and disingenuous
Ramsey just outlined a new successful life plan for this guy, and the only thing he can focus on and is hung up on is " you really want me to cut up my credit card? Buts it's only 2%?!"
Dave is coming to my church in Texas!! So excited to hear him speak live, and partake in the FPU church small group!!
Amanda ,,,you are from Texas and attend church. That makes you twice as stupid.
@@deepdrop7970 I think that you are twice as pathetic and ignorant for coming into this thread just to talk trash.
@@deepdrop7970 Yeah, this is a pretty pathetic comment. Just go ahead and delete this one, sir.
Doctor: how do you feel after triple bypass surgery?
Dave: better than I deserve
😂
Random Person: good morning Dave.
Dave: what’s your household income?
Poopcano the Great random person: better than i deserve
Hey Dave, nice to meet you! I'm a huge fan!
How much debt do you have?
@@jacksonpuckett6115 Hey Dave, nice to meet you! I'm a huge fan! ------ "You need to get on beans and rice." replies Dave Ramsey.
He is focused on the rates and ignoring the risks of staying in debt. The risk factor is often ignored.
That's sales tactics #1: "never talk about the cost.... Only the payment".
Most of what you hear from the mouths of these callers reveals how they are victims of years of maketing tactics & conditioning to be a consumer.
@@rangerdoc1029 debt slavery is an odd thing. The first time I had everything paid off, it felt very weird.
You know, in his defense, there are some of us who didn't know the concept of paying more than the payment on things. So, he sees that he has to pay for the full 30 years. Once he starts seeing how it will shorten that mortgage, I think he will get more focused!
Dave: Pay mortgage and save for retirement
Next caller...
xxP1ST0LER0xx would be better advice to switch those around
Colton Stogner I basically said do both
Once you realize how much you Home is REALLY costing you with the interest you’re paying, you will want to pay it off ASAP. I’m tired of people saying, “but the interest rates are the lowest they’ve been in years...”. Check out a mortgage calculator ( like on bankrate.com) and look at the actual interest amount you’ll pay
Don't need a mortgage calculator -> Invest at 8% vs mortgage at 3%. Its a no-brainer.
Not true. Interest rate is more important than the interest amount. If your mortgage is say 3.5%, by paying down your mortgage, what you are actually doing is investing your money at the same 3.5%. So if the financial market can give you a better return than 3.5%, then you should borrow more money with your mortgage and invest it where it’ll give you a higher return. It’s called leveraging where you use the bank’s cheap money to work for you.
@@mrslcom yes exactly. So we are in agreement
Corpsecreate. Yes we agree. The other thing we need to consider is risk. Investments carry risks while paying down debt do not. Everyone’s situation is different in estimating acceptable level of risk.
Tanah Merah leveraging is risky and is how Dave got in trouble. Why not pay off and invest also. Lower debt and make long term investments
THE SOONER YOU PAY OFF YOUR MORTGAGE: THE BETTER.
Same goes for your Student loans, car loans and any other loan.
Yes!
I calculated that if I pay off mine 20 years early, it is a guaranteed 64% ROI on my money.
@@rangerdoc1029 Bingo! Good on you!
Bigtruckseriesreview Motorsports for sure!
@J Wil Better off, maybe not if we factor in the market risks. The ROI on mortgage payment is meanwhile guarranteed
I pushed to pay off my mortgage 3 years ago, i am so thankful i did. I have one less thing to worry about now.
That’s wonderful.
What’s wrong with rice and beans…some fried sardines on the side and life is good…Love Dave’s no BS personality…
People making 225%+ what I make and having problems that friends of mine are managing in 4 years or less with even slightly less income than me...smh
It baffles me tbh
I think the hardest part is letting go of the money even though you have the money to pay off the 5k.... I used to think that I could pay half and have half to spend... Then... When I paid off that debt...I realized I'm in a much better place even tho I just paid a huge chunk of cash
Most people are terrible with their money. The more they make the more they spend. When I started making serious money I did not increase my spending, I saved and bought my car with cash. Stay away from credit cards and refinancing. My business partner is in debt and needs more money. New cars, bigger house, traveling to Jamaica, wife buys jewelry and shoes... yet we have the same salaries. It’s only math, not rocket science! But at the end of the day it’s up to you and your own ego and greed that’s your biggest enemy.
What strange talk if this... to "pay down my mortgage"? Having any kind of mortgage doesn't help retirement. Paying off your mortgage is saving for retirement.
Never let yourself be in this mess at this age.
Sadly, he still better than most people because of his income.
Some of us have unfortunate circumstances and haven't broken out of them yet, near retirement age. Euthanasia looks promising.
I was happy in a small house....4 kids later.....
I love Dave, have read his books, been through Financial Peace University, etc...but it's just super hard for me to get on-board with plowing money into paying off a low interest, tax-deductible mortgage EARLY. In 15 years? Absolutely. In this callers case?? I wouldn't. He's got 40k for retirement and he's already 59. As for the stock market..it's NOT "timing the market" that makes the difference...it's "time IN the market". 4 years of additional "time IN the market" could potentially be huge when that 4 year span is 15 years down the road. I'm 51 and have zero debt outside my mortgage (which is well within my means). I'm trying to get 20-30% of my household income into retirement. I could pay more towards the house but I feel like the return on that money has more upside in the market than it has by shortening my mortgage payback. If I were in my 20's or 30's, yeah....pay off the house and you still have a couple of decades to plow money into the market, but at 59?? Not sure I could do that. I've found a mortgage calculator that provides you the exact amount of additional principle payment necessary to pay off your mortgage in whatever future date you wish. So, I'm shooting for having my loan paid off at my age 60 (about 14 years early on a 30 yr) but I don't see as much value in paying it off in say....the next 5 years, if that comes as the expense of additional funds into the market.
I agree with you 100%.
Always pay off your debt! Dave Ramsey’s net worth is higher than yours I guarantee it!
Under current tax laws, mortgage interest deductions are practically nonexistent. So you’re getting no benefit there. Besides, it’s not Dave’s plan. His plan is get out of debt first. Of course, he says after non-mortgage debt is paid off, you should put 15% of your income into retirement investments. So it’s not like he tells you not to invest.
This caller has me confused, I hope he got the message. Whew!
I'm almost 56 on BS2. I won't be able to afford 15% investing AND payoff house as fast as I want to (by age 65). Yes, I made stupid financial decisions in my early years. 😣
Pay off debt, save for retirement, then have a bad heart attack like me just waiting to die and not be able to enjoy the money what about living for today and forget about retiring
@@DavidJohnson-is2lc I am so sorry David. I know too many people that died way too young or became disabled and never got to enjoy their retirement years. We are not guaranteed tomorrow. I agree with you 100%.
Don’t forget about income tax Davey...
They don’t take home $145k per year.
Well he should tell his net.
Does everyone who calls in talk in take home numbers or does Dave just forget that income gets taxed?
I was just thinking that very thing. If you're smart, before you call, you'd better work out your take home pay and give Dave that.
Just trust that Dave knows what he’s talking about. I roll my eyes at people who think they know more than any one else.
Dave never takes in account income taxes. Guy makes $150k. Dave thinks if he pays $50k on the house he will have $100k left but that’s not true. At that income level income taxes are pretty high. Net is closer to $95k. After $50k paid on the house and $20k saved in retirement fund he’s got $25k for two people to live on.
$25k/year should be more than enough to live on when there's no debt payments coming out of it.
I’m 17. I make £4.35 an hour since April but £4.20 before that (not including about £90 commission a month) and I’m only guaranteed to work 5 hours a week. From my first job, that I’ve been currently working for just over a year, I’ve managed to save £2,600 whilst still enjoying my money and contributing to supporting myself. This has been from working loads of extra hours and getting myself some side hustles.
Put that money in an index fund when you turn 18, and continue to contribute to it. £250 a month, every month. You'll be able to retire comfortably when you're 40 > 45. I'm from the UK as well (19). By investing right now, we'll be living easy while our friends and colleagues get into credit card debt, and buy mortgages they can't afford. We'll be a minority of a generation where we'll have a lot of money saved young, without generousity from our parents.
William Hadley I was planning on saving to buy a property/ deposit on a property. What you proposed sounds good but there is no way I could actually do that right now as I’m on guaranteed £190 a month with my part time job. When it’s more it’s from extra hours and my cash in hand side job once or twice a week. Also the account I’m saving in right now has 5% interest so ill make £130 keeping it in there. I might follow your advice once I begin full time work, so thank you for your advice.
William Hadley ahhh sorry I missed where you said once I’m 18 😂
@@mollybrown8361 5% interest is really good. What Bank are you with?
William Hadley I’m with nationwide. I can’t remember which type of saving account it is but in the first year it’s 5% interest and then I think it decreases to 3% interest in the following years, but you have to be a pre exiting customer to set up one (I’ve had at least one account with them since I was born as my parents put a little bit on money away for my sister and I each month). I’m currently doing research into index funds as we speak. Seems really interesting, but are they guaranteed to make you money or are you better off just putting £250 into an account a month and letting it sit? What’s the risk potential?
How do 60 year old men not know this basic stuff?
Dave's generation (and gen X to an extent) was the generation of excess. Dave's mindset changed because of his bankruptcy. Most millennials are very averse to consumer debt(most are burdened with student loan debt). The theory is millenials have seen the negative impact debt has had on their parents. In fact there have been a lot of studies and articles detailing how "millennials" are hurting specific industries because of the low credit card utilization.
Sitting here feeling like I've missed out because I only found DR when I was 29. Then I seen this. Never too late to start, but that isn't an excuse to put it back either - once you know the baby steps, you are throwing away your growth potential = aka money if you ignore it.
Gary, I only took Dave seriously a year ago. I'm turning 57 on Nov 7th.
The caller’s thinking is confused.
Why is DR forgetting fed+state income taxes?
We're throwing 2k/mo at our 1300/mo mortgage. Hope to have it paid off when I'm 55.
@J Wil Thanks. It's hard to do when I golf so much. Hahaha
Are you applying the $700.00 directly to the principal?
Dave gives pretty good advice but I certainly don’t agree with everything he says. He forgot about taxes. That is a killer and what I tell my clients to get them to understand. I get people bragging that they have a million bucks in their 401k. So what the don’t get is it really isn’t a million and you get the leftovers. The investment firm is going to charge you at least 2-4% EVERY YEAR, then if the market crashes you lose a bunch of it, then there can up to 17 fees in a 401k and finally the part Dave forgets “TAXES.” Oh and if you get sick and have to pullout money before 59.5 you lose another 10% in fees to YOUR MONEY! So someone with a million dollars in their retirement on paper has more like around $500,000. At 65 if you stretched it you would have $25,000 a year to live on for 20 years and broke at age 85. Sure there is SS, but that is not guaranteed these days and that system is in the hole. Like Dave said pay down debt, live a little so you can enjoy some life and make memories to always be with you and get yourself into a tax free retirement.
As someone who has had problem with maintaining a steady income, retirement has come. So without the $950 month rent payment?
At least I have NO credit card debt. But I do have enough income to buy a car.
The present wife is still one of those if you gots money spend it before you die.
Why does Dave not take taxes into consideration? I live in NY I make 92k but I take home about $65k after taxes and deductions for health savings. Anybody else have this problem?
Dave was spot on for the advice (setting aside the taxes aspect) but you could tell dude on the phone was listening just to argue. Clearly they muted the guy.
The guy on the phone was arguing because his personality is controlling! Those kind of folks are "know it alls".
If you don’t have your house paid for retirement is going to be hard.
Or you could sell it and buy something cheaper for cash
Love when Dave goes tough love mode 😂
Sounded like a man to man talk to me.
"It's not tough love, it's just love." ❤️
Sounded like poor advice to me...
Dave always forgets about taxes when he blurts out his numbers....
Ted Krygoske I’ve said the same thing for years.
So true.
Kinda on the caller to give their take home pay figures
Dave thinks you take home what you make
Yeah of course you can pay off a house when taxes are not factored in
Let's see, liquidate my brokerage account and pay off my house now?
Or refinance the house to a 15 year 2 3/8% tax deductible fixed rate mortgage?
Dave would probably say pay off the house.
I'm getting the cheap money to work for me.
And quite frankly, no one cares what you would do. Why are you even here? Dave has his own method, and he forces no one to follow it. And I’ve never heard him say to liquidate your investment accounts to pay off your mortgage.
@@spankynater4242 oh look, the chat moderator is here. Get a real job, loser
You need to be on beans and rice right now😂😂
Its true but it made me laugh like crazy.
Why does everyone talk about the gross salary rather than the net? That cannot be overlooked. That's a major difference in the bottom line.
2k a month mortgage(assuming 10 years left on loan as worst case scenario)
Clears 2k a week paycheck.
Can clear credit card debt off table. Math is fairly easy on this one.
He doubles up on monthly payments or more. Debt paid off in 5 years.
The only problem I have is his investment assumptions. Very difficult to make those kind of returns.
I don’t understand how we’re doing math on how much money we make and can invest without factoring in taxes? You make $140k. Not true. They have to be paying at least 20% in taxes. Glad we glaze right over that though.
He doesn't glaze over anything
Ok, let's factor in taxes. Assume $50k comes out for taxes, then add the $50k Dave suggests putting towards the debt. That still leaves $40k/year, or over $3k/month. They can easily live off that even without a strict beans-and-rice lifestyle.
When you are older you have to consider that interest saved on the mortgage is an instant return and a sure thing. While the return if that was invested has both added risk and a much longer time horizon. But for under 50, the investment will have time to eclipse the mortgage interest savings and you are more likely to be able to take advantage of the tax deduction.
That’s not Dave’s plan. Besides, under current tax laws, the deduction from interest on your house is all but irrelevant.
@@spankynater4242 And interest rates could make this decision irrelevant very soon. So if you already paid off the mortgage early, you have a double win.
@@sapinva Most definitely
Wait, he makes a $140k a year and it takes him that long to paid off a $200k? The question is "what's he doing with his income?"
Yup. Some of these people have lived 'high off the hog' much of their lives and wouldn't know frugality if it crept up on them and handed them a can of beans.
A lot of people don’t think about this stuff early on and end up like this guy. I specifically speaking about the house. If you’re 45 plus, don’t get a 30 year mortgage, get a 15 year or you will be working until your 75/80.
I’m fixing to refi and do just that: get it paid off in 15.
NO ONE STATES INCOME AFTER TAXES. THIS IS NONSENSE.
I like Ramsey but that 145k is NOT 145k. Such nonsense. It’s like 60% of that. Shut up!!!!!!
22, almost paid off debt. Didn’t have much to start. Own a house. On step 2, work as a deputy. Step 3 will be saved about 5 months later. Then I’m gonna focus all my extra money on the house along with retirement. I have a lot of time to become a millionaire early
Excellent! Well done!
You can hear the defeatist tone in his voice talking about 82 years old. Dave went Tony Robbins on him radically interrupting his frame of thought.
Taxes are about 20% of a budget (FICA, Sales Tax, Property Tax, Federal Income Tax, State Tax, Poop Tax).
Dave is a Boss.
No it doesn’t work like that Dave! He’s at $145 pre tax, he’s got property tax, home insurance, HOA, utilities, car payment and insurance, and credit card for food and groceries, and don’t forget his wife’s car payment and insurance, maybe his got kids expenses too. IT ALL ADDS UP AMIGO! Now to save 20k to 30k / year everyone has to be on the same page with pork and beans, and it still may not work due to medical expenses since he’s at 59 years old. So let’s factor in everything including UNCLE SAM. But I still love you man.
I only use credit cards for travel and online purchases, and pay it off straight away. If it’s stolen or details stolen and someone spends with it, I can lock the card and get the money back. The same can’t be said for debit cards unfortunately.
Just pay off your credit card balance in full every month.
Always pay the mortgage off 1st before investing. Imagine how much you can invest after paying it off the mortgage. Do what has been proven to work. Dave has seen it all and he knows what works for most people.
What about taxes on $145K take home pay? That makes it considerable less money that he has to work with.
Life is just a game. Some people are better at it than others
This guy doesn’t have a clue. I’m glad he called Dave.
Probably does have a clue. It sounds like he was looking for approval to what he wants to do. He doesn't have 100% conviction in the baby steps so wants to make his own version.
1982
Most people have no clue. I always thought: ATTACK the highest interest debt first. Makes sense, right? Well, as human beings, we fail most of the time when we do that, just due to human nature. I learned that this year, from Dave Ramsey, after being debt enslaved my entire 57 yrs. (parents freaked out about debt around us kids and I became enslaved by that at an early age)
pay off mortgage or save for retirement? Let's do both! *smacks the computer monitor with a bud light bottle"
15% to retirement and the rest to mortgage to pay it off quicker. Win/win.
Both can be done. Starting is the hardest part.
$140k plus a year, the net take-home amount is about $7k plus a month.
This guy just pointed out that he paid off the credit card debt $42k in the past 2 and a half year
Pay off that balance of $5k right away is for sure
I think it is hard to pay off $200k mortgage in 4-5 years
I like Dave- I agree with him. But often he forgets about taxes. 140k for a couple is more like 90-100k post tax
Depends on age. 59 pay mortgage and also save, I did both at the same time. Dave also deals with gross income not take home.
So because no contribution to 401k to pay student loan, now my tax bill is $6000!!! What is the solution for that ?
Anyone know if Dave ever goes off track and advises some tweaked version of the baby steps? It's the same advice all the time but people who call up want to change it lol
It will always remain the same, because it works when followed to the letter. It isn't based upon ANY assumptions or artistic interpretation. The Baby Steps plan is based solely on what has been historically know to work and to not work. The data is absolute. The data works. Humans are not machines, or we'd always do the obvious. (pay highest interest debt off first.) . . .which doesn't work for humans, statistically speaking. Paying off the smallest debt first is proven to work for humans.
for example..if you owe $5k at 3% I would prefer to hold on to my $5k cash than pay down the 5k
How about taxs
2.9%... this guy thinks he is getting a deal.. debt is never a deal..
ron whiteleo it can be
@@coltonstogner4363 you must be new to dave's channel.... i been on the plan for 10 years now,, trust me debt is not a good deal..
@@ronwhiteleo3352 Been on Dave's plan for 10 years? Shouldn't you be debt free in 2-3 years on Dave's plan?
Yeah the finance and banking industrial complex has taken up parking space in our heads to believe they are the deal makers. Ask anyone about credit score and all will say I’m working to improve mine🤣🤣🤣
@@l.ls.8890 Yep. When you have smashed the chains of debt slavery, the credit score is meaningless and holds no sway.
Always live below your means
i wonder if i should really pay down my 0.92% interest mortgage over investing
$140K MINUS income tax???????
3:42 TODAY... haha this callers funny 6k in the bank, 5k credit card, "but its ONLY 2.99"
Hello, Taxes!!...You can’t contribute all that per yr, unless the guy was referring to after tax take-home. This is WAY over simplified.
jsmed07 You are correct. You have to sit down w a calculator and figure it for yourself.
How many of you knew the answer before you watched the video? Show of hands.
Luminous not me lol
👋👋👋👋👋
Only no car to sell. xD
If only he had good advice.
Not everyone's situation is the same. In our particular case paying off the mortgage doesn't work.
jdonalds2001 absolutely
Listening to your podcast 2weeks now. For myself, I had to picture in my mind what you was saying about the snowball attack on debt, with in 2 weeks I've paid off one card and now working on the 2nd card. Too bad I didn't find you sooner. Thanks
"that has not worked for anyone"
Meet Kevin left the chat
5:19 I wanna know what Dave's investing in to get a steady 15+% for 10 years in a row!
Sounds like real estate. Buy low, fix and sell high.
jake32401 Yeah, 2019 so far has been THAT GOOD, but 10 years in a row? Not a chance.
I want to know what he does to never have to mention, or worry about, taxes.
Sector rotation makes on avg 15 percent a year. Sound mind investing sells there information for 140 a year or I have the same formula and sell it much cheaper.
That caller was so frustrating.
Got rid of debt by sticking to the plan. Got my own plan free. Pay yourself first
hes not gonna pay off the credit card
🤣😋🤣
But but but it's only 2.9%
Unfortunately, while it's better to pay a mortgage off, or down, earlier, it's also better to start saving for retirement earlier. The returns aren't usually as fixed as mortgage payments are. But that's all the more reason to start investing sooner rather than later.
I get not all people are money savy.
However!!
It bothers me when I see people make so much money and dont have anything to show for it.
I'm so good with money, I just dont make as much.. hahaha
Exactly. It just seems like common sense to me to live below your means, especially if you can afford the cost of living in your area. For people that don’t make as much that can be hard, but I have no sympathy for people with big incomes.
Unfortunately for most people the more you make the more you spend.
It's not how much you MAKE, it's how much you SAVE. Dave is trying to get this guy debt free by age 70. Crazy.
How much you make kinda influences how much you CAN save.
ShareWorthy yeah I’m 19 just out of high school but unlike most I’m not going to college even tho I had the choice and i have 31k saved and I’m looking to invest it soon
THEN IN 5 YRS THE IRS TAKES EVERYTHING BC HE NEVER INCLUDES TAXES.
I'm a single 37 year old with no kids. I earn USD 200K per year (net) and have a 30 year mortgage UK at 1.59%. Is it really worth aggressively paying off the mortgage given how low my interest rate is? I feel as though I would do better investing 6000-8000K a month in retirement vs throwing that at the mortgage.
He makes 145 but that’s before taxes now what’s that?
I am currently 28 and will be debt free except the house in a year. Trying to figure out how aggressive to get with paying the house down.
I’m surprised his business didn’t work out.
If you ever had the guts to start your own business, you would quickly find out how hard it is.
I want to buy a tesla, have no debt except a mortgage but know i shouldnt finance it. Dave is killing me but i know he is right.
You can do it - just save man.
Why does Dave not factor in taxes 😂😂😂
I hate when Dave talks about income without taking into account taxes. In Canada I would pay almost 35% income tax on that income !
but "free healthcare bro!" lol
Do both.
I hate how people tell Dave how much they make and he calculates based solely on that number. Dude! Once federal, state, and local governments take a third of their income it screws up everything you are saying.
... both.
Dave Ramsey forgets people have to pay Federal, state and Social security and Medicare taxes
I'd flip that live on 45k and put 90k every year on the debt, saving rainy day fund and then house and invest then invest like crazy. I'd start having alittle a year after house is paid that'll pad the investments a added 90k then adjust to a better living life.