I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.
Don't put all your eggs in one basket; instead, diversify into different asset classes to mitigate risk. If you lack extensive knowledge, consult a financial advisor.
Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.
My CFA ’ Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k. My mom retired with about 4.2 million, but my dad retired with roughly 1.8 million.
`This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $21k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
Since watching this video I have really put the pedal to the floor on retirement savings this past year......set my automatic withdrawals for 2023 to max my 401k and ROTH IRA accounts. I make under $150k a year.....paid off our vehicle and my wife is babysitting 1 child from church which has helped me pull the trigger to max everything out.
Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving.
The secret is to put money away every paycheck. He says 15% but I think you check out the budget for some extra. Put it into an SP index fund. Do not touch it. Just let it grow. If you are spending 10 hours a week worrying about it now,use that time for a hustle and tuck that away. Trying to work the market is a mugs game. It can be done by a few people but you don’t d sound like one. 10 years from now your index fund in your Roth IRA will be doing great. Or 401k.
@@Curbalnkif you stay out of debt, work & live below your means and diversify your investments--unless you catch some horrible disease/accident you'll be just fine. It's the people who never start that rarely ever finish. 😢
Great job! I paid off my house in three years. I working a full extra job and putting all of that on there. I'm 54 with no house payment and it's absolutely awesome. Every time I would go to buy some thing I just said do I want this more than my house paid off and usually the answer was no! Luckily, I work so hard at one of my jobs. I did get a huge payday after my house was paid off so I don't have to worry too much about retirement but the one thing I wish I could go back in time and do is start retirement earlier. So I think you're doing a wise decision!
I want to reallocate around $80K worth of stock in my portfolio, but I'm unsure of what the feds are doing with the interest rate and with Inflation roaring. what's the best strategy to do this and set up my financial future?
Don't put all your eggs in one basket rather diversify into different asset classes. Diversification into various asset classes will help mitigate risk.
Accurate asset allocation is crucial, I do use hedging strategies to allocate part of my portfolio to defensive assets for market downturns. Expert guidance is vital for achieving this. This approach has helped me stay financially secure for over five years, yielding nearly $1M in returns on investments.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Sophia Irene Powell” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.
I started a retirement trust fund when I was in middle school. I’m 24 now, and every decade it doubles the amount that is in there and by the time I’m 60, it will be a million dollars. Save now people.
Love the Ramsey show and agree with everything except for when you have a responsible person paying your card every month the points are so worth it for travelers. 99 dollar annual fee card that can get you a trip to Europe and back which would be about 700-1000 out of pocket. Completely agree not having cards for people in debt/irresponsible spenders
You think u are gonna beat a multibillionaire company at their game ? You think they give u those points Out of concern for u ? The caller asked about points Dave said “it’s not making u Rich ?”
@@philipkircher2848 you would have been to Europe 25 times if you didn’t use credit cards because you naturally spend less and would have more money for your trips…I understand you’ll never agree with that, because you will claim “I don’t spend anymore with a credit card, and just take advantage of the points”…yet all the research shows you do, I used to think the same thing, but when I stopped using credit cards and switched to cash i have a ton more money left over money each money, but hey multibillion dollar CC companies are out to help you right?!?!? Hahaha
@@Mistro07 This. We noticed a significant drop in our spending when we stopped using credit cards. It is a psychological game. Paying with physical cash will cause you to spend even less than with a debit card.
@@Mistro07agreed. The points cheats your mind to think your scoring by spending, but if you crunch the numbers, the points return something like 0.1% of money spent. It benefits more to spend less by avoiding the feelings if points. The house never loses.
65 years old, still working full time. Already on Medicare A,B and D. My only debt is about $2K on my vehicle, paying off in Nov. There's $20K in savings, $2,500 in cash. House is paid off. I am terrified that my $70K in the 401k and SS will not be enough to live off. When the vehicle is paid off, I will be throwing that $400 each month at the 401k, and work until I have a grandchild (grateful there are no plans for that now). Still terrified.
I know the terrified feeling. You should email what you wrote to Dave or call in and share your story. You are at least aware of your situation. Many are not so you are ahead of the curve right now. Good luck to you!
Have you met with an advisor from whatever brokerage manages your 401k? You might be in better shape than you think. Call in to the show. This is the kind of situation that we regular viewers like to hear about. I think a lot of people are in your position.
You are doing good progress so far, and also the good news is that your home is already paid off so no need to worry about monthly mortgage payments and you have a place to live . The next step is only building up the savings more and you're in the right path financially.
That fellow reminds me of me. I was just a few years younger than that when I got serious about saving. They'll do fine if they stick to the plan. We did. On track to retire any time I want, I just don't want to yet. I still enjoy what I do - but it's nice to have the freedom to walk away if the company and I stop seeing eye to eye.
I want to see a show on how many of the Ramsey Personalities are Debt Free and if they are Everyday Millionaires and how they got there--more Everyday Millionaire shows please🥳
My family members, co-workers,and friends all have one thing in common.. They all want to hold on to that one credit card...like what is that about?. The twenty one year old Co worker...this is his first job...he said now that he has a job he wants to "get a credit card to establish good credit to purchase a car/house. 😳
@Gina I agree with Dave on everything except for the credit card. Having a credit score is so important. Manual underwriting isnt near as easy as they make it out to be. Also don't preach penny pinching and then turn down a free 2%. That's why most people disagree with Dave on that.
In today's economy, assistance is critical if we are to survive. I was really hopeful about my investments this year but all my plans have been disoriented, I've been studying the stock market and I realized some investors made millions from the recent recession and I was wondering if such success rate could be achieved in this present market. Any recommendations?
Clearly the recommendation is switch all your savings to bitcoin. If you are stuck in a 401k or some regulated savings buy microstrategy, which is essentially a bitcoin purchase hidden as a stock.
I grew to a 7 figure well-diversified portfolio and still receiving about 30k in dividends. I only buy quality firms, anticipate to hold them regardless of what happens, pay up but not too much, keep track, sell only when necessary, and be ready to course correct. also ignore the forecasts and market views which are at best entertaining but completely useless. ever grateful to Trisha Jean Webb my F.A...
Nah. Buy and hold is eternal no matter what people claim is the "new" fad in speculation. But you're not a speculator, you're an _investor,_ and investors make money by buying productive assets (e.g. blue chip stocks, bonds, mutual funds, REITs) and ignoring the noise of the financial media. I'm 39 and made a cool million by investing in nothing sexier than index funds (401k/IRA) and blue chip stocks (IRA and taxable brokerage accounts) over the last 18 years.
if you use a debit card and there is theft, the money will disappear from your account. and they will take their sweet time returning it. if they do the same with a credit card, it doesn't matter that it takes them a month to straighten it out, because it's not cash they have wiped out.
Yeah i could retire no issue at age 50 if i could get insurance for what i pay now at my job i pay 700$ a month for family insurance its about half that when my kids age out of the plan its like 1500$ a month for garbage insurance on the private market
People grappling with the difficulty of meeting essential expenses often encounter this situation due to inadequate savings during their working years. The decisions taken in readiness for retirement carry extensive consequences, as demonstrated within my own family dynamics. Differing investment approaches yielded disparate results. Guided by a financial advisor, I'm currently retired.
Indeed, that's accurate. I'm currently in my mid-50s. My wife and I were on a similar path until a couple of years ago when I decided to shift my investments to her wealth manager. While I haven't quite caught up to her accumulated profits over the years, I'm at least earning more now. I'm generating income even before retirement, and my retirement fund has experienced remarkable growth compared to what it would have with just the 401(k). It's quite amusing.
It's regrettable that many individuals lack access to such insights. I understand why people might become anxious. Insufficient information can indeed pose significant challenges. Personally, I've been able to generate over $25k passively simply by investing through an advisor, and the best part is, I don't need to exert much effort. Regardless of economic fluctuations, skilled wealth managers consistently deliver returns.
@@BiancaSherly-qt6sb Could you guide me on how to get in touch with your advisor? My funds are being eroded by inflation, and I'm seeking a more lucrative investment strategy to effectively utilize them.
Sure, the Financial advisor that guides me is *Mary Onita Wier* and she is renowned and has quite a following. So it shouldn't be a hassle finding her. Just look her up.
After conducting an online search of her name, her website quickly surfaced, piquing my curiosity. The initial impression is positive and I intend to arrange a call with her. I'll make sure to provide you with updates on how it goes. Thank you.
Being on the road to Free from Debt changes how you look at $$$$ ! What Dave said about making every dollar work for you - its Living Within your means.
6yrs ago me. 56. $11,000 cc debt. No savings $400 rent. $2300. Take home. Then I found Dave. Now. 62. $0 cc debt. $43k in savings $0 rent paid off home. $4100 income. Retired. Dave has helped me do a complete turnaround.
33 years old, never missed a cc payment and never paid a penny of internet on any of them. I get most people can’t behave this way, but I’m gonna keep taking from those cc companies.
Agree - there is a minority of people likely a small one who know how to use credit cards. I’ve been using credit cards for 40 years now and I haven’t paid a cent of interest in that time. I have 4 CC 3 are no fee cash back cards. Last one is a travel credit card best feature is no fees for foreign currency transactions. It has an annual fee but it has been waived permanently because of the emergency fund balance I keep. Best of both worlds.
Mmmmmm I disagree with cutting up your credit card IF you have self control. I earn about $1,000 a year from points for Christmas by charging everything BUT paying it off each WEEK.
If you have a 40k debt on your truck, then you do not have 110k in saving. You have 60k. People need to think net worth. So add up what you have and subtract what you owe - including your mortgage. Unfortunately, he has missed 20 years of compound interest.
I'm struggling in this market. Stocks that I have held for months and made profits from are not behaving the way I'm used to so I’m quite indecisive on how to tackle this market, any advice would be grateful.
@@MaryOlson7 The best thing that has happened in my life is working with BRIDGET MARY TUROW. I haven't just attained financial freedom, I have gained a lot of power in the knowledge I have acquired from her. Her trading strategies have been working for me for more than a year now and I’m making good profit from the stock market she's 100% honest, reputable, and trustworthy.
That “extra” $750/mo will get eaten alive with inflation, 2 kids, a non-working wife to support and misc. expenses called LIFE! The only problem I have with Dave’s radio math is that it requires perfection and no changes for 20 years. Being a paper millionaire at 66 is great so long as he still has $100K + coming in from a job or investments.
I’d rather be a millionaire at 66, then be broke at 66. So, Quit spouting bullshit. A million is still a substantial amount of money. Your brainwashed by idiots, who blow their money like assholes. A 5% withdrawal rate of $1,000,000 is $50,000 and that is a reasonable amount.
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.
I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.
@@mariaguerrero08Is there any chance you could recommend who you work with? I've wanted to make this switch for a very long time now, but I've been very hesitant about. I'll appreciate any recommendation.
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??>>>>>
Considering that I am only three years away from retirement, it becomes challenging for me to solely concentrate on the long-term perspective. Despite having invested in reputable companies and having a significant amount of funds allocated, my profits have been stagnant. This situation raises the question: Does the current recession and unstable market offer any calculated risk opportunities for generating profits?
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......,
Being a contractor (self-employed) @46 y.o. making $90K a year. A mortgage and a car loan is not that bad. Open a self-directed 401k with Vanguard or Fidelity. Put your part ($100k)of your $150k savings as a start to Vanguard ETFs (BNDX,BND,VTI,VXUS). Being self-employed you have to pay 12.4% to SS contribution to get SS pension at 66 (FRA). You will be a millionaire at retirement.
"I'm 46 with house, car, and CC debt." Dave: "So house and car is your only debt? How old are you?..." Dave needs to pay attention. This is a caller to HIS radio show, not a door to door salesman.
I have a great idea. Pay off the truck today....pay off the credit cards and stop using them. The wife starts earning $1200 a month max, just doing part-time easy work and use that $1200 as retirement. He can put money into it as well BUT she could be helping with retirement by earning just a little. They're doing great but he's alone.
The thing about credit cards is people assume they will never get fired. Because let's be honest most people don't have a 3-6 month emergency savings because if they did they wouldn't be in as much debt to begin with. Numbers 80% of Americans are in debt. 84% of Americans have a credit card. 35% carry a balance from month to month. 51% have less than 3 months savings. 23% have a 6-month savings. C'mon, people wake the heck up!
I'll never understand why people borrow money they already have. And if a slick dealer is offering you 2.9% or 1.9% or 0.0% APR congratulations you just signed a contract to pay most of your interest in advance by adding it to the principle.
They are so off-base when it comes to credit cards. It makes sense for most people, but for people who have any sort of self-control, credit cards are a tool. I don’t know how Dave sees real estate as a tool for wealth, but credit cards are not a tool for controlled spend.
I agree with you. Like many of my friends, I pay my credit-card balances off in full every month without fail. I haven't paid a penny in interest in decades. My most recent cash-back check was $4,700+, which I deposited in my bank account. According to Dave Ramsey, I should have flushed that $4,700+ down the toilet.
There is always some giant, stupid truck loan. “But I need it for work.” If you really needed it as a work tool, you could write it off. They wanted it so they bought it.
A $110,000 just sitting there with a truck payment? Not even being invested? Jeez. I’d love to be able to become debt free, an emergency fund and retirement all sorted out in one call lol. Must be nice.
110K in cash saved, that's no chopped liver money. Issue I have is a truck you still 40K towards and a wife who isn't working. Unless they have a kid or two she could be working a job making a secondary income towards their mortgage. They're not in dire scenario unless he gets sick and or can't work, but the truck needs to be paid off or sold.
Can someone please explain (besides feeling they deserve it) why people finance a car, have kids and take out a mortgage when they have loans and no retirement savings? Especially over 40 it just seems like putting the cart before the horse. It isn't a Ramsey thing but more of a common sense thing.
People have to keep up with expectations mostly. I live in Tysons Corner Virginia and if you go to the mall here, almost every single car costs $40k+. Of course you’ll see the occasional beaters, but they’re rare. People do what’s socially acceptable. Being a partner at a firm for 15 years and driving a 2003 Honda will get you looked down upon in the corporate world, generally speaking. Same thing with if they rent a studio apartment and have been with the same company for 15+ years, people for SOME reason. Are so involved with how others spend their money, and as a result, most get into debt to keep up with appearances AND expectations. That’s why Dave always says “Live like no one else now, so that you can live like no one else later”
I think they behave this way because they have had no financial guidance other than what their family members or friends are doing. Those people also have had no financial guidance. Nobody told me when I was mid-30s that I should be watching where my money goes and saving for retirement.
Why not take out the mortgage? I hate paying rent and have nothing toward the principal. In my area, renting a house similar to mine, I would have to pay almost double. No thanks.
My coworker just turned 50 and has a net worth of negative $650,000. He keeps borrowing and spending well beyond his means. He has zero dollars in his 401 K and loves to take lavish vacations. His kids dropped out of college and he has multiple dependents. They all wear designer clothes, have the latest iPhones and drive new cars. They look like millionaires but are flirting with financial disaster. He thinks the government will support him when he retires. His kids do not want to work and are already having children of their own. Who will care for the parents and support them when they age? I am sure he will get bailed out by Uncle Sam.
@@jodylarson4697 not for millennials, go ask boomers they’ll tell you that there will be no retirement funds for the millennials/genZ generation that’s why it’s SO important to plan from a young age.
What gets me, as a single woman in my late fifties, who didn’t have any of this knowledge, before I started tuning in here. YT wasn’t always around and even my business owning parents were either too stupid or too narcissistically in it all for themselves, are some of the people I’m crossing paths with. None of us are financial gurus. But, what I’m seeing are people who are retiring early, going Whoopsies and their solution then? YOU. You, who knew you had better keep working, if you wanted healthcare, the ability to pay rent or mortgage and other living expenses, the ability to have any amount of permanent retirement. Some of these people retire early and actually may become “lucky” enough to become ill enough, where someone HAS to take their stupid a$$ in. And you know what? I’ve been predated by one of these types and I get blamed for not helping them. So, essentially, their stupid a$$ is supposed to remain coddled and comforted, by my working a$$ or I’m in the wrong. All of these people are sick, stupid and crazy. I’m glad this guy called in, to get some sense, while he can do something about it. Because give it 20 years and he’ll be in the same panic some of the people I’ve mentioned above are.
This couple is doing fine, but need some adjusting. Dave is right about taking that savings and paying off that vehicle completely and other credit cards. I don't agree with the savings setup he wants to institute. I would tackle the mortgage by getting a first position or second position HELOC. because that's going to save them a ton of interest versus paying the amortized mortgage loan. Then I would throw the rest of the savings on that mortgage or HELOC to cut out the additional interest. Because that HELOC is a revolving account meaning you can pay into it and borrow from it whenever you want, you do not need an additional savings account for emergencies. You can use it to fund other investments as well. You can take vacations when you want to. You don't have to live on beans and rice. You don't have to get a second or third job to make ends meet. You will be using the same money you are already making, but you are allocating it differently for your benefit and not the bank. I knocked out at least 6 loans and paid off a 323k house in 5 years saving over 150k in interest using lines of credit or OPM, other people's money. In other words, the bank's money and that savings account money you put in the bank. Dave's program does work, but you will have to be on a drastic strict diet of self denial of things you are use to doing, meaning you can forget about vacations, date night out, and other activities. You will be on probation and in pure monk mode. Doing it this other way does not mean you do not have to practice a degree of discipline. So I advise you to look into other solutions before you commit to Dave's baby steps. I'm not saying that his solution won't work, it's just the price that you have to pay. I learn from my grandmother a long time ago, there are more ways to kill a cat than to just hang it.
Investing $750/mo starting at age 46 until retirement will not make you a millionaire. That's just not going to happen. You need to start when you're young, or up your contributions. I'm thinking more like $2000/mo might, might get him there.
750/month invested at 10% is about 500k after 20 years, but he will likely be a millionaire because the steps over that time also tell him to pay off his house. And he should be able to increase what he puts in over time
These people that are so shocked @ their student loan debt amazes me. They didn't keep track of the borrowed number? Guess they figured old Joe would bail them out.
Online banks. American Express Savings, Discover Savings, and many others. Google "best high yield savings" and you'll find a list. They pay MUCH higher interest because they have no overhead. One of my accounts pays 4.5% and another pays 4.0%.
Tried that debit card system a few years ago. Perhaps I'm just disciplined, perhaps I like the 28 days float, perhaps I know it's just easier to reconcile daily expenses on one account vs. recurring monthly expenses upon another account. Perhaps I'm just a nerd. Somehow, I'm retired and have too much to leave to heirs and charity. Stop it with the credit card crap. All it takes is discipline.
I don’t get why they always say pay off ur car. If he pays 40k off and sells it in 3-4 years he’ll prolly only get back 20k or less. Versus paying the car payment
It’s going to be worth $20k in 4 years regardless. Instead of paying a car payment that has interest working against you…he can invest the $750 a month into the stock market and get interest for for him. -4% interest with the car loan or +8% in investments.
@Nicholas Lamantia what investment are you people talking about. Sp500 or what? The market is uncertain, and you can lose in short time too. What is the guarantee of 8%?
I’m sorry Dave I really don’t understand you saying if you invest 750 a month for 20 years will not get you to 1 million unless you are receiving a 15% return on your money which is unlikely considering the market usually only returns 11% on average.
“They’re not hooking you up with free money and flights every time you use their card.” Actually they are, dumb advice if you pay the card off every month.
Yes. My brother is a multimillionaire and he charges EVERYTHING in his business to his credit card and earns thousands of dollars a year in points but he pays it off before interest is charged. You just have to have incredible self-control.
My dad is 67 he’s making it with just social security and 45gs in income funds and 24gs in high interest savings and paid off house. My mom still working she’ll have about 240gs in her 401k when she retires in 4 years. Retirement can be tricky but there’s always ways. I learned from my parents and I want to invest as much as possible though I don’t want to work til I’m 60. 50% of my paycheck goes straight to dividend funds
why would you invest in dividend funds during your earnings years? You are leaving big stock appreciation on the table. You will be worse off in 20 years by following that strategy
@@tartuffethespry I’m 31 I want to achieve fire before 40. I hav diff goals. I don’t want to work till I’m 65 for a dollar that is getting devalued every year. I rather enjoy life spend time with fam friends date and work on my health then be at a job making profit for someone else. Also my dividend funds are dividend growth stocks that also grow every year 7-8%
@@tugboat2030 oh so you start from owing 0 I think that’s key 🔑 and maybe needs to be explained ? Again not a expert .Before I found David Ramsey I filed a chapter 13. Which was ridiculous because I had to pay everything I owed every credit card every debt. I paid them off but still today I regret cuz I ruined my credit and still paid back every penny . So in summary research before or if u even think of bankruptcy. If u have good Income you have to pay every thing back . You won’t Quality for a chapter 7
I think this is the first time I've ever heard Dave mention HYSAs. Usually he gives the stock Boomer suggestion of CDs or brick-amd-mortar savings accounts, either locking your money up or paying you squat.
@amireallythatgrumpy6508 Well I've been listening to Dave since 2004 and I can assure you from my own experience HYSAs (we called them e-savings accounts back then) were paying 6% sometime around 2006-2008. I think Kamel and Jade finally got him to realize they are good.
15% of total salary/income every month. If you make $100k/year, then you invest $15k/year, so monthly you’d invest $1250. If get paid every 2 weeks and you want to contribute every payday, then it’s $577.
I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.
Don't put all your eggs in one basket; instead, diversify into different asset classes to mitigate risk. If you lack extensive knowledge, consult a financial advisor.
Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.
Pls how can I reach this expert, I need someone to help me manage my portfolio.
My CFA ’ Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thanks a lot for this recommendation. I just looked her up on google, and I have sent her an email. I hope she gets back to me soon.
They are in a better financial position than most Americans……
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k. My mom retired with about 4.2 million, but my dad retired with roughly 1.8 million.
`This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $21k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?
I can't say much but Sonya Lee Mitchell is the FA I work with you, you can do your due diligence as she's very much accessible to the public
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
Since watching this video I have really put the pedal to the floor on retirement savings this past year......set my automatic withdrawals for 2023 to max my 401k and ROTH IRA accounts. I make under $150k a year.....paid off our vehicle and my wife is babysitting 1 child from church which has helped me pull the trigger to max everything out.
Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving.
The secret is to put money away every paycheck. He says 15% but I think you check out the budget for some extra. Put it into an SP index fund. Do not touch it. Just let it grow. If you are spending 10 hours a week worrying about it now,use that time for a hustle and tuck that away. Trying to work the market is a mugs game. It can be done by a few people but you don’t d sound like one. 10 years from now your index fund in your Roth IRA will be doing great. Or 401k.
@@Curbalnkif you stay out of debt, work & live below your means and diversify your investments--unless you catch some horrible disease/accident you'll be just fine.
It's the people who never start that rarely ever finish. 😢
Great job! I paid off my house in three years. I working a full extra job and putting all of that on there. I'm 54 with no house payment and it's absolutely awesome. Every time I would go to buy some thing I just said do I want this more than my house paid off and usually the answer was no!
Luckily, I work so hard at one of my jobs. I did get a huge payday after my house was paid off so I don't have to worry too much about retirement but the one thing I wish I could go back in time and do is start retirement earlier. So I think you're doing a wise decision!
110k in savings making 90-100k a year Is very impressive imo
$110K in savings is losing $3-$5K of purchasing power per year, even with higher saving's rates.
@@mplslawnguy3389You can easily avoid that problem by putting your money in a HYSA.
I want to reallocate around $80K worth of stock in my portfolio, but I'm unsure of what the feds are doing with the interest rate and with Inflation roaring. what's the best strategy to do this and set up my financial future?
Don't put all your eggs in one basket rather diversify into different asset classes. Diversification into various asset classes will help mitigate risk.
Accurate asset allocation is crucial, I do use hedging strategies to allocate part of my portfolio to defensive assets for market downturns. Expert guidance is vital for achieving this. This approach has helped me stay financially secure for over five years, yielding nearly $1M in returns on investments.
How can I contact this expert for guidance?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Sophia Irene Powell” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.
I like this guy. He will do well. He just needs the education on what to do with a plan. 🎉🎉 Hes teachable
I started a retirement trust fund when I was in middle school. I’m 24 now, and every decade it doubles the amount that is in there and by the time I’m 60, it will be a million dollars. Save now people.
You're only 24, and (evidently) have no proper insight into how unforgivingly brutal life can be.
@@TW-ps2cr what are you implying
That’s awesome. Most of us have not done that.
Implying that you have No Clue what a life altering major Illness or bad Divorce or Accident can do to you and your Life...
@@patde1264 that’s what an emergency fund is for
Love the Ramsey show and agree with everything except for when you have a responsible person paying your card every month the points are so worth it for travelers. 99 dollar annual fee card that can get you a trip to Europe and back which would be about 700-1000 out of pocket. Completely agree not having cards for people in debt/irresponsible spenders
You think u are gonna beat a multibillionaire company at their game ?
You think they give u those points
Out of concern for u ?
The caller asked about points
Dave said “it’s not making u Rich ?”
I’ve been to Europe 18 times and have used credit card points to pay for every trip.
Use cards responsibly and they are fantastic.
@@philipkircher2848 you would have been to Europe 25 times if you didn’t use credit cards because you naturally spend less and would have more money for your trips…I understand you’ll never agree with that, because you will claim “I don’t spend anymore with a credit card, and just take advantage of the points”…yet all the research shows you do, I used to think the same thing, but when I stopped using credit cards and switched to cash i have a ton more money left over money each money, but hey multibillion dollar CC companies are out to help you right?!?!? Hahaha
@@Mistro07 This. We noticed a significant drop in our spending when we stopped using credit cards. It is a psychological game. Paying with physical cash will cause you to spend even less than with a debit card.
@@Mistro07agreed. The points cheats your mind to think your scoring by spending, but if you crunch the numbers, the points return something like 0.1% of money spent.
It benefits more to spend less by avoiding the feelings if points.
The house never loses.
65 years old, still working full time. Already on Medicare A,B and D. My only debt is about $2K on my vehicle, paying off in Nov. There's $20K in savings, $2,500 in cash. House is paid off. I am terrified that my $70K in the 401k and SS will not be enough to live off.
When the vehicle is paid off, I will be throwing that $400 each month at the 401k, and work until I have a grandchild (grateful there are no plans for that now).
Still terrified.
I know the terrified feeling. You should email what you wrote to Dave or call in and share your story. You are at least aware of your situation. Many are not so you are ahead of the curve right now. Good luck to you!
Have you met with an advisor from whatever brokerage manages your 401k? You might be in better shape than you think.
Call in to the show. This is the kind of situation that we regular viewers like to hear about. I think a lot of people are in your position.
You are doing good progress so far, and also the good news is that your home is already paid off so no need to worry about monthly mortgage payments and you have a place to live . The next step is only building up the savings more and you're in the right path financially.
Not financial advice, but some people with paid off houses will downsize and use some equity for retirement
@@SilentEire I can't get much smaller. LOL! Under 1,000 s.f.
That fellow reminds me of me. I was just a few years younger than that when I got serious about saving. They'll do fine if they stick to the plan. We did. On track to retire any time I want, I just don't want to yet. I still enjoy what I do - but it's nice to have the freedom to walk away if the company and I stop seeing eye to eye.
I’m 28, have been investing in my 401k since 23, you might as well get something out of your employer while working there. I don’t wanna retire broke.
Many miss that boat and end up broke.
I want to see a show on how many of the Ramsey Personalities are Debt Free and if they are Everyday Millionaires and how they got there--more Everyday Millionaire shows please🥳
Videos with their stories are available and they share their journey from debt to financial freedom.
Debt free and they make a ton of money because they sell books which Dave ramsey pushes.
My family members, co-workers,and friends all have one thing in common.. They all want to hold on to that one credit card...like what is that about?. The twenty one year old Co worker...this is his first job...he said now that he has a job he wants to "get a credit card to establish good credit to purchase a car/house. 😳
@Gina I agree with Dave on everything except for the credit card. Having a credit score is so important. Manual underwriting isnt near as easy as they make it out to be. Also don't preach penny pinching and then turn down a free 2%. That's why most people disagree with Dave on that.
I'm one. Seriously.
In today's economy, assistance is critical if we are to survive. I was really hopeful about my investments this year but all my plans have been disoriented, I've been studying the stock market and I realized some investors made millions from the recent recession and I was wondering if such success rate could be achieved in this present market. Any recommendations?
Clearly the recommendation is switch all your savings to bitcoin. If you are stuck in a 401k or some regulated savings buy microstrategy, which is essentially a bitcoin purchase hidden as a stock.
I grew to a 7 figure well-diversified portfolio and still receiving about 30k in dividends. I only buy quality firms, anticipate to hold them regardless of what happens, pay up but not too much, keep track, sell only when necessary, and be ready to course correct. also ignore the forecasts and market views which are at best entertaining but completely useless. ever grateful to Trisha Jean Webb my F.A...
@@RandyPelletier checked for your FA and found her web page. she is very impressive , left a mail after going through her resume.
"Build Residual Income!" Ask how?
Nah. Buy and hold is eternal no matter what people claim is the "new" fad in speculation. But you're not a speculator, you're an _investor,_ and investors make money by buying productive assets (e.g. blue chip stocks, bonds, mutual funds, REITs) and ignoring the noise of the financial media. I'm 39 and made a cool million by investing in nothing sexier than index funds (401k/IRA) and blue chip stocks (IRA and taxable brokerage accounts) over the last 18 years.
if you use a debit card and there is theft, the money will disappear from your account. and they will take their sweet time returning it. if they do the same with a credit card, it doesn't matter that it takes them a month to straighten it out, because it's not cash they have wiped out.
I just turned 50 and wish I could retire now. I am just working for the health insurance.
Isn't America wonderful
Just for yourself or family?
Yeah i could retire no issue at age 50 if i could get insurance for what i pay now at my job i pay 700$ a month for family insurance its about half that when my kids age out of the plan its like 1500$ a month for garbage insurance on the private market
@@lionheart93 Myself and teenage daughter
20 years of service for the City
Free lifetime family healthcare
Caller: "we have debt. Whats the best plan forward?"
Dave: "Have you read ANY of my books???"
That’s how he became a millionaire lol
Sell your expensive car and invest the $750 a month.
Click.
People grappling with the difficulty of meeting essential expenses often encounter this situation due to inadequate savings during their working years. The decisions taken in readiness for retirement carry extensive consequences, as demonstrated within my own family dynamics. Differing investment approaches yielded disparate results. Guided by a financial advisor, I'm currently retired.
Indeed, that's accurate. I'm currently in my mid-50s. My wife and I were on a similar path until a couple of years ago when I decided to shift my investments to her wealth manager. While I haven't quite caught up to her accumulated profits over the years, I'm at least earning more now. I'm generating income even before retirement, and my retirement fund has experienced remarkable growth compared to what it would have with just the 401(k). It's quite amusing.
It's regrettable that many individuals lack access to such insights. I understand why people might become anxious. Insufficient information can indeed pose significant challenges. Personally, I've been able to generate over $25k passively simply by investing through an advisor, and the best part is, I don't need to exert much effort. Regardless of economic fluctuations, skilled wealth managers consistently deliver returns.
@@BiancaSherly-qt6sb Could you guide me on how to get in touch with your advisor? My funds are being eroded by inflation, and I'm seeking a more lucrative investment strategy to effectively utilize them.
Sure, the Financial advisor that guides me is *Mary Onita Wier* and she is renowned and has quite a following. So it shouldn't be a hassle finding her. Just look her up.
After conducting an online search of her name, her website quickly surfaced, piquing my curiosity. The initial impression is positive and I intend to arrange a call with her. I'll make sure to provide you with updates on how it goes. Thank you.
This show always gives hope. That's why I keep listening. ♥♥♥
Except when George offers advice to an 86 year old woman...
Being on the road to Free from Debt changes how you look at $$$$ ! What Dave said about making every dollar work for you - its Living Within your means.
This one was Ramsey Gold. Really good stuff. Thank you. I need this coaching in my life.
6yrs ago me.
56. $11,000 cc debt. No savings
$400 rent. $2300. Take home.
Then I found Dave.
Now. 62. $0 cc debt. $43k in savings
$0 rent paid off home. $4100 income.
Retired. Dave has helped me do a complete turnaround.
“Act Your Wage! “ works for me. 🥰
At least he called and realized there's got to be a way out. Keep your faith.
33 years old, never missed a cc payment and never paid a penny of internet on any of them. I get most people can’t behave this way, but I’m gonna keep taking from those cc companies.
Agree - there is a minority of people likely a small one who know how to use credit cards. I’ve been using credit cards for 40 years now and I haven’t paid a cent of interest in that time. I have 4 CC 3 are no fee cash back cards. Last one is a travel credit card best feature is no fees for foreign currency transactions. It has an annual fee but it has been waived permanently because of the emergency fund balance I keep. Best of both worlds.
Mmmmmm I disagree with cutting up your credit card IF you have self control. I earn about $1,000 a year from points for Christmas by charging everything BUT paying it off each WEEK.
Self control is something no American has.
If you have a 40k debt on your truck, then you do not have 110k in saving. You have 60k. People need to think net worth. So add up what you have and subtract what you owe - including your mortgage. Unfortunately, he has missed 20 years of compound interest.
Yup.
Also debt free means without a mortgage too.
Nah he has 110k in saving . He can always sell the truck anytime
Your math is off. It would be 70k saved.
@@kevinkidneyy Yup he can sell his depreciating asset anytime and minus the 40k from the sale. your point?
Math is hard…
Always find it funny how people find their way to call into the show before learning or reading about the Ramsey methods.
It's ALWAYS the truck!!
This guy is in good shape with a good income and a large cash account.
I love how Dave uses that button to hang up on the caller, yet continues to talk to them like they’re still there. 😂
That's because they still are. They hear him, they just can't talk to him.
Big stfu button
It's a mute button not a hang up button.
That’s a mute button you doof
Radio
I'm struggling in this market. Stocks that I have held for months and made profits from are not behaving the way I'm used to so I’m quite indecisive on how to tackle this market, any advice would be grateful.
@MariaA.Holmes That sounds great and what signal do you invest with?
@MariaA.Holmes That's awesome and please how do I connect with this broker lady?
@MariaA.Holmes I'm currently on her webpage now, her reviews are very impressive and I left a message for her. thanks, a lot.
@@MaryOlson7 The best thing that has happened in my life is working with BRIDGET MARY TUROW. I haven't just attained financial freedom, I have gained a lot of power in the knowledge I have acquired from her. Her trading strategies have been working for me for more than a year now and I’m making good profit from the stock market she's 100% honest, reputable, and trustworthy.
That “extra” $750/mo will get eaten alive with inflation, 2 kids, a non-working wife to support and misc. expenses called LIFE! The only problem I have with Dave’s radio math is that it requires perfection and no changes for 20 years. Being a paper millionaire at 66 is great so long as he still has $100K + coming in from a job or investments.
I’d rather be a millionaire at 66, then be broke at 66. So, Quit spouting bullshit. A million is still a substantial amount of money. Your brainwashed by idiots, who blow their money like assholes. A 5% withdrawal rate of $1,000,000 is $50,000 and that is a reasonable amount.
The compound interest helps with future inflation. The return it’s usually about 10%
That is why we have to seek passive income to supplement our active income. I do not hear people calling in making $25k and on Food Stamps.
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.
I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.
@@mariaguerrero08Is there any chance you could recommend who you work with? I've wanted to make this switch for a very long time now, but I've been very hesitant about. I'll appreciate any recommendation.
'Izella Annette Anderson' maintains an online presence. Just make a simple search for her name online.
Thanks, I just googled Izella and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
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??>>>>>
Considering that I am only three years away from retirement, it becomes challenging for me to solely concentrate on the long-term perspective. Despite having invested in reputable companies and having a significant amount of funds allocated, my profits have been stagnant. This situation raises the question: Does the current recession and unstable market offer any calculated risk opportunities for generating profits?
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.....,,,
If you pay your credit cards off by the end of the month, I don't see the problem.
Just a sloshing hillbilly hog! 😂😂😂😂 I'M DYING! 😂😂
Jake Legion 😂
Being a contractor (self-employed) @46 y.o. making $90K a year. A mortgage and a car loan is not that bad. Open a self-directed 401k with Vanguard or Fidelity. Put your part ($100k)of your $150k savings as a start to Vanguard ETFs (BNDX,BND,VTI,VXUS). Being self-employed you have to pay 12.4% to SS contribution to get SS pension at 66 (FRA). You will be a millionaire at retirement.
LOL: A sloshing hillbilly hog! Great analogy- I'm cracking up. Awesome! 😂
Dam 110k in savings that's good.
This is one of the more promising calls. They are not in terrible shape. He just needs knowledge.
"I'm 46 with house, car, and CC debt." Dave: "So house and car is your only debt? How old are you?..." Dave needs to pay attention. This is a caller to HIS radio show, not a door to door salesman.
Yeah it’s actually shameful. He needs a note book if he can’t pay any attention.
He’s pretty successful for 35yrs.
Sadly he does this all the time. Either a hearing problem or just plain bored with broke callers.
@@matthewgardner2144 He's got early onset Joe Biden disease.
Actually no. I've watched some videos in which the caller doesn't mention other credit card debts and etc, unless dave ask about them.
Hopefully the caller has his own LLC and can invest in a SEP retirement account. The limits for that are much greater than a standard Roth IRA.
You don't need an LLC to invest in a SEP, you just need to be self employed.
This guy will be an everyday millionaire..he just needed some guidance.
Good that he is seeking guidance now before he is ready to retire.
@@carlaritchie331 Or cannot retire!
I have a great idea. Pay off the truck today....pay off the credit cards and stop using them. The wife starts earning $1200 a month max, just doing part-time easy work and use that $1200 as retirement. He can put money into it as well BUT she could be helping with retirement by earning just a little. They're doing great but he's alone.
The thing about credit cards is people assume they will never get fired. Because let's be honest most people don't have a 3-6 month emergency savings because if they did they wouldn't be in as much debt to begin with.
Numbers
80% of Americans are in debt.
84% of Americans have a credit card. 35% carry a balance from month to month. 51% have less than 3 months savings. 23% have a 6-month savings. C'mon, people wake the heck up!
They can't. They're too busy trying to impress their friends and neighbors
I'll never understand why people borrow money they already have.
And if a slick dealer is offering you 2.9% or 1.9% or 0.0% APR congratulations you just signed a contract to pay most of your interest in advance by adding it to the principle.
They are so off-base when it comes to credit cards. It makes sense for most people, but for people who have any sort of self-control, credit cards are a tool. I don’t know how Dave sees real estate as a tool for wealth, but credit cards are not a tool for controlled spend.
I agree with you. Like many of my friends, I pay my credit-card balances off in full every month without fail. I haven't paid a penny in interest in decades. My most recent cash-back check was $4,700+, which I deposited in my bank account. According to Dave Ramsey, I should have flushed that $4,700+ down the toilet.
There is always some giant, stupid truck loan. “But I need it for work.” If you really needed it as a work tool, you could write it off. They wanted it so they bought it.
he was actually pertty nice to him lol
A $110,000 just sitting there with a truck payment? Not even being invested? Jeez. I’d love to be able to become debt free, an emergency fund and retirement all sorted out in one call lol. Must be nice.
He can do it!!!!!
Deliver pizzas at night and make $1500 a month
I did that in college!! And I made a lot doing it during Covid
Minus gasoline, car usage, risk increase on insurance eyes so higher premium.
Just to keep the number as real as possible…
@@elingedgar Shhhh, don't spoil their dream with hard numbers. The real return is 7.50 per hour....
100k saved is decent but yes he could if had over a million dollars by now if he invested into stocks like 20 years ago
110K in cash saved, that's no chopped liver money. Issue I have is a truck you still 40K towards and a wife who isn't working. Unless they have a kid or two she could be working a job making a secondary income towards their mortgage. They're not in dire scenario unless he gets sick and or can't work, but the truck needs to be paid off or sold.
John, I think George Kamel recently coined what should be the name of your next band... Dorsal Coin Hole! 😂
Can someone please explain (besides feeling they deserve it) why people finance a car, have kids and take out a mortgage when they have loans and no retirement savings? Especially over 40 it just seems like putting the cart before the horse. It isn't a Ramsey thing but more of a common sense thing.
People have to keep up with expectations mostly. I live in Tysons Corner Virginia and if you go to the mall here, almost every single car costs $40k+. Of course you’ll see the occasional beaters, but they’re rare. People do what’s socially acceptable. Being a partner at a firm for 15 years and driving a 2003 Honda will get you looked down upon in the corporate world, generally speaking. Same thing with if they rent a studio apartment and have been with the same company for 15+ years, people for SOME reason. Are so involved with how others spend their money, and as a result, most get into debt to keep up with appearances AND expectations. That’s why Dave always says “Live like no one else now, so that you can live like no one else later”
@@MiahV007 Like I thought, feeling they deserve it even though they are not there.
I think they behave this way because they have had no financial guidance other than what their family members or friends are doing. Those people also have had no financial guidance. Nobody told me when I was mid-30s that I should be watching where my money goes and saving for retirement.
Why not take out the mortgage? I hate paying rent and have nothing toward the principal. In my area, renting a house similar to mine, I would have to pay almost double. No thanks.
@@stevenporter863 Wealth is quiet--Rich is loud--Poor is flashy.
The best plan is to jump down Dave's baby step staircase head first
I thought I heard The Sloshing Hillbilly Hogs open for Cheap Trick at the Forum back in 1979.
Mellow Guy 👍🤣
Caller says they have no savings for retirement than a minute later says they have $110,000 in savings???
He meant he had nothing in his 401k
Deloney loves his poncho shirts man
2:26 Why is John sitting so much higher than Dave? 😂
I notice when I go to lunch or dinner with friends I am the only one who pays using cash. It seems almost abnormal that I dont use a CC
Maybe some are using debit cards. You wouldnt know unless you asked them. Basically, most people pay using plastic at restaurants.
Why he has to cut the CC if the balance was paid off every month? I don’t get it.
Cause of the Vegas odds the CC company is counting on.
Credit cards are fine if you can control and pay off every month . I got so many extras with the points.. and NEVER had a balance !
.38 special, Molly Hatchet, Allman Brothers, Marshall Tucker…all take a back seat to the Sloshing Hillbilly Hogs. I love the southern rock genre.
👍😁
Great advice!
My coworker just turned 50 and has a net worth of negative $650,000. He keeps borrowing and spending well beyond his means. He has zero dollars in his 401 K and loves to take lavish vacations. His kids dropped out of college and he has multiple dependents. They all wear designer clothes, have the latest iPhones and drive new cars. They look like millionaires but are flirting with financial disaster. He thinks the government will support him when he retires. His kids do not want to work and are already having children of their own. Who will care for the parents and support them when they age? I am sure he will get bailed out by Uncle Sam.
Wow This sounds like a disaster I feel sorry for them.
Uncle Sam will provide rice and beans.
@@jodylarson4697 not for millennials, go ask boomers they’ll tell you that there will be no retirement funds for the millennials/genZ generation that’s why it’s SO important to plan from a young age.
What gets me, as a single woman in my late fifties, who didn’t have any of this knowledge, before I started tuning in here. YT wasn’t always around and even my business owning parents were either too stupid or too narcissistically in it all for themselves, are some of the people I’m crossing paths with.
None of us are financial gurus. But, what I’m seeing are people who are retiring early, going Whoopsies and their solution then? YOU. You, who knew you had better keep working, if you wanted healthcare, the ability to pay rent or mortgage and other living expenses, the ability to have any amount of permanent retirement. Some of these people retire early and actually may become “lucky” enough to become ill enough, where someone HAS to take their stupid a$$ in.
And you know what? I’ve been predated by one of these types and I get blamed for not helping them. So, essentially, their stupid a$$ is supposed to remain coddled and comforted, by my working a$$ or I’m in the wrong.
All of these people are sick, stupid and crazy.
I’m glad this guy called in, to get some sense, while he can do something about it. Because give it 20 years and he’ll be in the same panic some of the people I’ve mentioned above are.
Nothing in your post many any sense.
@@matthewgardner2144 it takes time for some to figure it out.
This couple is doing fine, but need some adjusting. Dave is right about taking that savings and paying off that vehicle completely and other credit cards. I don't agree with the savings setup he wants to institute. I would tackle the mortgage by getting a first position or second position HELOC. because that's going to save them a ton of interest versus paying the amortized mortgage loan. Then I would throw the rest of the savings on that mortgage or HELOC to cut out the additional interest. Because that HELOC is a revolving account meaning you can pay into it and borrow from it whenever you want, you do not need an additional savings account for emergencies. You can use it to fund other investments as well. You can take vacations when you want to. You don't have to live on beans and rice. You don't have to get a second or third job to make ends meet. You will be using the same money you are already making, but you are allocating it differently for your benefit and not the bank. I knocked out at least 6 loans and paid off a 323k house in 5 years saving over 150k in interest using lines of credit or OPM, other people's money. In other words, the bank's money and that savings account money you put in the bank. Dave's program does work, but you will have to be on a drastic strict diet of self denial of things you are use to doing, meaning you can forget about vacations, date night out, and other activities. You will be on probation and in pure monk mode. Doing it this other way does not mean you do not have to practice a degree of discipline. So I advise you to look into other solutions before you commit to Dave's baby steps. I'm not saying that his solution won't work, it's just the price that you have to pay. I learn from my grandmother a long time ago, there are more ways to kill a cat than to just hang it.
Investing $750/mo starting at age 46 until retirement will not make you a millionaire. That's just not going to happen. You need to start when you're young, or up your contributions. I'm thinking more like $2000/mo might, might get him there.
How is Dave calculating saving 750 bucks a month for 20 years and him being a millionaire? !
I think they must have high interest in some acoounts
110k already saved plus $750/month @ 9% interest for 20 years is over a million.
750/month invested at 10% is about 500k after 20 years, but he will likely be a millionaire because the steps over that time also tell him to pay off his house. And he should be able to increase what he puts in over time
Compounding interest!
@@norse3026 please tell that Mutual fund to invest,,, I invested in tomorrow
Living on the West Coast is equivalent to purchasing a Tesla brand new in cash
If you cannot do that then you can live on the west coast
Awesome content as always!!
These people that are so shocked @ their student loan debt amazes me. They didn't keep track of the borrowed number? Guess they figured old Joe would bail them out.
Yup!!
They still young and have plenty of time to star savings..!
😮 not hasn’t caused us to be rich! Wow. Makes a lot of sense.
This is the whole nation
Idk about liquid dating that 100k in this uncertain economy….
Just pay the car off over time. With 90k a year it should be paid off in to time.
Support the FAIR TAX and DEPT Can be payed off
What department can be paid off? Are you a politician or a lobbyist?
When something says Fair Tax or anything related to that, it not the complete opposite of fair.
@@MikeNapoli1989 like when a politician says is "common sense" laws.
Which Department do you want paid off? Learn how to spell "paid" my trans fluid friend.
No... People will just increase their spending.
Where do I get this high yield savings account Dave mentioned. My savings accounts pay less than 1%.
Online banks. American Express Savings, Discover Savings, and many others. Google "best high yield savings" and you'll find a list. They pay MUCH higher interest because they have no overhead. One of my accounts pays 4.5% and another pays 4.0%.
This guys gonna make it. No prob.
Tried that debit card system a few years ago. Perhaps I'm just disciplined, perhaps I like the 28 days float, perhaps I know it's just easier to reconcile daily expenses on one account vs. recurring monthly expenses upon another account. Perhaps I'm just a nerd. Somehow, I'm retired and have too much to leave to heirs and charity. Stop it with the credit card crap. All it takes is discipline.
All it takes is something no American has.
There are cash back debit cards.
Yes there are!
What are some good investments to put into in a roth ira?
Where do you invest at $750 per month?
I don’t get why they always say pay off ur car. If he pays 40k off and sells it in 3-4 years he’ll prolly only get back 20k or less. Versus paying the car payment
It’s going to be worth $20k in 4 years regardless. Instead of paying a car payment that has interest working against you…he can invest the $750 a month into the stock market and get interest for for him. -4% interest with the car loan or +8% in investments.
@Nicholas Lamantia what investment are you people talking about. Sp500 or what? The market is uncertain, and you can lose in short time too. What is the guarantee of 8%?
@@LoveLife-oo9cz MorningStar subscription
Completely disagree with the credit card perspective here
No trucks!!!!!
I’m sorry Dave I really don’t understand you saying if you invest 750 a month for 20 years will not get you to 1 million unless you are receiving a 15% return on your money which is unlikely considering the market usually only returns 11% on average.
It is 23 years @12%
My Wife Stays home
its
mind boggling that people work their life and do t have a dime saved
“They’re not hooking you up with free money and flights every time you use their card.” Actually they are, dumb advice if you pay the card off every month.
When you study millionaires...do they have credit cards?
Yes. My brother is a multimillionaire and he charges EVERYTHING in his business to his credit card and earns thousands of dollars a year in points but he pays it off before interest is charged. You just have to have incredible self-control.
According to the Ramsey calculator he will not be a millionaire by retirement, he'd have 560k.
Self employed people need to wise up and invest .... there is a common theme here with those who are self employed. They forget about retiring.
I agree with you. A lot of self-employed people don't invest in their retirement to the degree that they should.
My dad is 67 he’s making it with just social security and 45gs in income funds and 24gs in high interest savings and paid off house. My mom still working she’ll have about 240gs in her 401k when she retires in 4 years. Retirement can be tricky but there’s always ways. I learned from my parents and I want to invest as much as possible though I don’t want to work til I’m 60. 50% of my paycheck goes straight to dividend funds
High interest savings? Please share more on where that is available.
@@carlaritchie331 all the online savings accohnt are offering like 4-5% interest rightnow
why would you invest in dividend funds during your earnings years? You are leaving big stock appreciation on the table. You will be worse off in 20 years by following that strategy
@@tartuffethespry I’m 31 I want to achieve fire before 40. I hav diff goals. I don’t want to work till I’m 65 for a dollar that is getting devalued every year. I rather enjoy life spend time with fam friends date and work on my health then be at a job making profit for someone else. Also my dividend funds are dividend growth stocks that also grow every year 7-8%
@SavageInvestor
That's less than inflation.
I was wondering when David Ramsey 35 years ago did bankruptcy did he do a chapter 7 or chapter 11?
I think Chapter 7 because he was a sole proprietor back then.
@@tugboat2030 oh so you start from owing 0 I think that’s key 🔑 and maybe needs to be explained ? Again not a expert .Before I found David Ramsey I filed a chapter 13.
Which was ridiculous because I had to pay everything I owed every credit card every debt. I paid them off but still today I regret cuz I ruined my credit and still paid back every penny . So in summary research before or if u even think of bankruptcy. If u have good
Income you have to pay every thing back . You won’t
Quality for a chapter 7
Moral of the story: don't file bankruptcy.
@@superblump87 Seemed to work for Dave Ramsey though
@@superblump87 💯 correct
Was this callers house paid for??
I think this is the first time I've ever heard Dave mention HYSAs. Usually he gives the stock Boomer suggestion of CDs or brick-amd-mortar savings accounts, either locking your money up or paying you squat.
Not much point mentioning them a few years ago when you were lucky to get 1%.
@amireallythatgrumpy6508 Well I've been listening to Dave since 2004 and I can assure you from my own experience HYSAs (we called them e-savings accounts back then) were paying 6% sometime around 2006-2008. I think Kamel and Jade finally got him to realize they are good.
40 and 46 😢
I contribute 4 percent of my check every week to my 401k. When he says 15%, he means for the month, right?
No, he means 15% of each pay check.
That would still be 4% regardless of whether you're talking about per week or per month.
15% of total salary/income every month. If you make $100k/year, then you invest $15k/year, so monthly you’d invest $1250. If get paid every 2 weeks and you want to contribute every payday, then it’s $577.
@@nodsib thank you!
@@jocelynwithsprinkles Always get the MAXIMUM match! First!!!