Money absolutely does buy happiness. That isn't to say you can't have money and be unhappy....but that is all up to your decisions. You have the money to buy happiness but have instead opted to spend it on something else.
About time Dave takes a call everyone can relate too, not people who make over $500k and talking about they are stress. Thank Dave: more calls like this please. Thanks
I've often thought when he says things like it's hard to live on 60k and put $500 a month away or sometimes a week,what!!! that would be a dream for a lot of people.
Never once have I seen Dave mention the root cause or explain the impact that the ever increasing inflation tax is having on each of us. Nor has he ever mentioned how much more money the average American would have in social security dividend payments if the government hadn't "borrowed" stolen over $2.7 trillion from our trust funds. It's all our fault and will be to the day we're all living in tents under a bridge.
@@adobedobedo409 you completely missed my point. I stated it was good to hear from someone who didn’t make $200,000 a year and was just an average person make an average pay. Maybe you’re one of those people making $200,000 a year.
Finally Dave took a call from someone worried about their retirement who didn't have a $95K pension, $750K in an IRA, $500K in savings and an spinster aunt who was about to will them 1.5 million and an estate. Made the old boy sit and think for a few. Welcome to the real world, Dave.
Well he helps people by teaching them how to use their resources. So for someone thats struggling financially and broke of course requires some thinking to be able to help them.
My company paid a consultant to provide retirement classes when I was 24 and just started saving for retirement. The class was called "The Kids Table" and basically their advice was go with a target retirement fund that aligned with your 65th birthday. That was 20 years ago. It is the only thing I've ever invested in. How else can I grow my finance?
target date funds made me a multimillionaire but i also watched them drop 40% in a very short time and take a long time to recover. my best suggestion is that you seek the guidance of a fiduciary to avoid mistakes
Agreed, when it comes to retirement planning, following the steps of a well experienced advisor did the trick for me in barely 5 years, turned my $500k capital to 5 figure monthly dividends. If you want to keep it very safe, then Vanguard TDF may be for you.
bravo! mind if I look up your advisor please? only invest in my 401k through my employer as of now, but enthused about investing for my eventual retirement
There are definitely a few professionals who really know what they're doing. I've tried several over the years, but for the past five years, I've been working with Lisa Grace Myer, and her results have been nothing short of amazing.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
@roadrunner9622 I am in a similar situation. She has enough to pay off the house. They should be able to live off their combined social security checks. Then, any part time job can go to savings.
HEY, watch that , I cleaned toilets and honestly got paid for it. 😂 NOW seriously the reality for many of us oldsters is that those who while young were able to by into the American dreams of owning a house, cars, a family, eating out, partying expensive clothing; forgot to set aside some cash reserves and additional retirement plans for those same reasons their in now. - during those early years when we had the youth and vitality we never seriously took into consideration aging much less illness or life diminishing injuries or mental discapacity. In this skit I do agree that some of the suggestions were acceptable, but at their ages and limited knowledge of the real estate market, one suggestion would be to review their living status better - and possibly rent the house and live in the ground floor apartment rent free - if that were possible.. Review whatever else you own that s not being used and find Buyers for them. Or rent out the house and rent a small apartment. Because with the newfound large savings from the sale of the house, the couple might possibly continue to live according to how "it was then," and soon would end up broke and lose the co-op which is much more difficult to get rid of than the house. Also this couple is eligible for government assistance in the form of groceries assistance, electric companies give credits and lowered power bills. The first thing I would recommend is to gather ALL of their important personal papers, house title, Insurance, heating bills, electric bills, medical bills, BC, marriage certificate, ALL records: PHOTOGRAPH them, then go bright and early down to the nearest social services administration and ask for help - these fine knowledgeable employees will do what they can BUT most importantly, they are like a human "encyclopedia" - they will make many suggestions worth exploring. The most important steps are to go in search of help QUICKLY - not wait until you're caught between a rock and a hard place. Just sayin.' Be Blessed y'all 🙏 🙏 🙏
@@LaughingblueSu They can live much, MUCH more comfortably on their social security in Mexico or Costa Rica, Peru or Argentina, Thailand or the Philippines.
One of the best calls ever on this show. It's a wake-up call for people who aren't paying attention to their retirement planning. I wonder how this couple is doing now, almost two years later.
@@jamescalifornia2964 But what exactly does that help? If they sell their home, in the current market, they'd be able to afford probably half the home they have now. Unless they want to go live in trailer, they have to keep that $200k asset.
My heart goes out to her and her husband. Nobody wants to be in this predicament. I just turned 25 and I’m paving the way for myself to be financially stable/responsible
Dude I work at a phone store for one of the most popular carriers. What convinced me that I needed to live a different way was seeing people in their 70s walk in to the store begging for an extension on paying their bill because they don't have it right now. My heart truly went out to them, it really did, but at that moment I realized that I want to make sure that I'm not having to do that same thing when I'M 70-something.
It makes you wonder how they got to this point. I'm sure it was a lot of bad decisions but they probably had some curve balls thrown at them too. That's life though.
@@jamlane I have heard older people at my job say that when they grew up, they didn't know much about 401Ks and Roth IRAs and all that stuff. They relied heavily on Social Security for retirement. That's why it is important to invest in all those options at a younger age, because Social Security is not a saving grace
DR should suggest older callers reach out to their local elder experts. Often called agency for older adults or similar. They are free gov. or nonprofit entities with lists of reources. This couple could check out senior rental communities, with income-based pricing. Some have dedicated shuttle buses & recreation like card groups, cornhole etc. The downside: some have long wait lists. No time like now to check these out.
@@rethinkcps2116 most that are income based will not consider you if you have ANY cash from the sale of a home or savings in general. I imagine you could put it all in CD's or something, I do not know if they consider that.
As someone that has parents in their 70’s and in the exact same situation minus the additional income, it takes a toll on your entire family. Do not let it get to this point! Sacrifice now while you can so you can relax when you’re older!!!
Same! Watching my parents, grandparents, and in laws be a prisoner to poor is an eye opener. Also watched my Uncle in law make good decisions and retire early and live a care free life. I choose to put 20% of my income into retirement.
The average social security check is $1827 a month. The worst part is 22% of Americans have less than $5k saved for retirement. Start investing now! Nobody is coming to save you
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
I'm in line with having an advisor oversee my day-to-day investing cos, my job doesn't permit me the time to analyze stocks myself. Thankfully, my portfolio has just 5X in barely 5 years, summing up nearly $1m after subsequent investments to date.
bravo! I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
@@remmymalone6700 agreed. I kinda wish she went into detail on how this happened. Everyone has a story. I have a friend that made a good living but because of a kid that was addicted to drugs, stole money borrowed money, was enabled and sent to numerous very expensive clinics the parents are in rough shape financially. Sad but sometimes time moves faster then we’d like.
big returns come from investing big. investing big comes from building conviction, conviction comes from understanding, understanding comes from doing your homework and research beyond surface level.
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 ’Lauren Camille Brown’ , 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.
I cannot talk about the emotional level, but my aunt and uncle were in a similar situation about 10 years ago. They sold their house and bought a 400 sqft condo in a 6 story block in the same town they already lived. They had to give up much, I know, but they are debt free now. And on top I think that they are happy.
I have a home and do all the chores to keep me happy. Diet plan took me from 5X to XL and walk everywhere. This week I'm renewing my cave climbing equipment. Done every 5 years to avoid accidents.
Sell the house and roadster, pay off the other car, buy a 100k condo, 10-15k to furnish condo, 10k in high yield savings for emergency, 25k in CD for property tax, and 100k in dividend growth ETF's. The 2k in social security will be more than enough to pay HOA, utilities, car insurance, home insurance, health insurance and living expenses. Don't incur new debt and pay cash for everything including eating out several times a month from the dividend income.
I got divorced after 50... The court decided I wasn't needing anything! I was divorced after 28+ years without even a bed or pot to cook in! No one wants to hire someone my age ! I wasn't even able to get a dishwasher's job (too weak according to the manager) I do odd jobs and babysit for people! Sometimes people screw you over and you are left without a pot to piss in as an older person .
@@BumSkidley Well you are wrong! HOA being $230.00 a month, insurance being (paid yearly) is $2,200 , medical is $556.00 a month and life insurance is $134.00. No car so no insurance on it and food has been proved out of a ability to afford more than 1 meal (crappy meal) a day . Don't lie to people! Stop that! Storage is $2,400 a year and even the cheapest cellphone bill is $25.00 a month. WE (as society) are paying out the azz to just exist.
This call broke my heart that lady seemed so sweet, it's easy to criticize other people when you don't know their life story, life is so chaotic that even after planning all out it all can fall apart due to an unexpected event, I pray that elderly couple finds some peace and rest in their sunset years.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@AlilatTiamiyu The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
But he found a way to get out of it. Multiple ways actually. Dave always knows how to get out of situations like this. It ain’t always pretty, but it works. Also they REALLY have a roadster in a situation like this? Why?
I'm not gonna go so far as to call you a narcissist. However, your money is due to your decisions. The money you have didnt fall from the sky, it was by you.
I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
That sounds like a good plan. In the past two years, working closely with a financial market specialist, I've built a six-figure diversified stock portfolio. Now, I aim to diversify even more this year.
Talking about a financial market specialist, do you consider anyone worthy of recommendations? I have about 100k to test the waters now that large cap stocks are at a discount... Thanks
“NICOLE ANASTASIA PLUMLEE’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Not a bad thing to fear; Good health is our greatest asset; further greater than Money. Starting by leading a healthy lifestyle; watch everyday you eat; stay Away from too much processed Food; Sodas & all that junk that brings in excessive weight gain & cholesterol that leads to more cardiac distress especially as we get older; 40s, 50s, 60s & so on. Exercise is under-rated but it usually keeps our health in check!!! When you have got health ; then all You can focus on are your financial priorities; working/saving Up & investing. It’s not all easy said & done ✅ b’cause Life just comes @ us like an earthquake sometimes; but you can do it!!!
I’m 30 and this is everyone’s nightmare. It’s INCREDIBLE how little decisions in your youth become a big snow ball when you are old and at that point in your life. Life becomes so narrow that you have no other choice than to face all of your bad decisions. That is why discipline makes you make sacrifices in your life for the better of your future.
I started saving late in my mid 40's mainly just in case I got old. Well I got old. If I had it to do again I would waste less when I was younger and invest more early on to take advantage of compounding. I think I'm ok but I don't take it for granted I still live on a budget.
It's not all bad decisions that lead to these situations. I worked hard, had a six-figure job, savings, retirement/investment accounts, and equity in my house. That got wiped out in the 2008 recession when I was in my late 40s. No discipline in the world would have changed that.
I work at a phone store for one of the most popular carriers. What convinced me that I needed to live a different way was seeing people in their 70s walk in to the store begging for an extension on paying their bill because they don't have it right now. My heart truly went out to them, it really did, but at that moment I realized that I want to make sure that I'm not having to do that same thing when I'M 70-something.
I hate hearing elderly people talking about being on a "fixed income". In my mind you work all your life so you can do what you want and never have to worry about anything when you're old.
@@channell11 I always say "yeah...and your bills are fixed and hopefully you signed up for bills that amount to less than your income. So...what's your point?"
And not only HOA fees but assessments. My mom lives in a condo and the amount assessment fees she has paid over the yers she could have bought a house.
@@genacunningham1731 Not every condo has high fees and assessments. You have to do your research on the HOA and buy into a lower end development with minimal amenities (keeps maintenance costs lower) and well run management. You can look into the HOA budgets before committing to purchase. Lower cost of living areas are more likely to have affordable condos with low maintenance costs. That’s why he was recommending places like Oklahoma City.
At one point Dave looked concerned, sad and perplexed...that’s rare. Watching this just made me change my mind about a big purchase I was debating. That money will now be going into my investment account.
Glad you did yourself that favor. As you heard here, there will come a day, that we just can't work anymore. You want to be prepared with enough cash and to get you by and make due if that day should come.
Not sure why Dave cut her off at about the 7 minute mark when she started to ask about the Condo Association fees. That's a very real and legitimate concern.
I feel for this couple. Im 64 and retired at 62. I really dont have much saved at all and am a renter, but thankfully I have no other debts. Would I retire later? No. Not knowing what I know now. My ex passed away 6 months before I retired and my 29 year old son passed away 2 months ago. My mother died at 65 and my father died at 73. It is a myth that we have to save a billion dollars for "some day". Would I like to have more money? Yes, I DO worry a little bit about being able to keep up with rent especially when the high cost of Medicare premiums hit me next year. But being on the struggle bus the rest of my years will NEVER outway the wonderful times I was able to spend the last year with my son and grandkids. Life is so short. Too short for some of us. Dont spend it waiting for the elusive "pot of gold perfect time" to retire.
If you have more than you need a House you can sell it at a good Price sure it is sad to sell family things but it will keep the Family in Heaven if you belive in that happy that you have less worries. Then Get a Smaller Place or Car.
At least she had the courage to admit she was in a bad financial position. Sadly this situation is probably "normal" in America, but most who will be headed in that direction when they reach 70 don't want to seek help or do anything to fix it.
I'm trying to avoid it but everyone keeps bashing me for it and criticizing me for it they call me stingy and money-hungry in my church for want to do this. been in the church for 26 years now I'm 26 years old btw and have been the same thing since I was a kid.
@@breakingben9575 It is important to consider other people's perspectives as well and find out if maybe you are stingy or money-hungry. As long as your focus is on God and not on money or future security in money you are probably doing the proper thing. If you in debt you do need to be a bit stingy and change your habits of not going anymore into debt at all. If you have no debt, but not a lot of retirement you do need to relax a bit and not be so stingy. :) If you are doing all the right things financially but still not able to make ends meet, you need to either find a better paying job asap or take on a second job. Of course I am just generalizing here and do not know your situation. You may also be in an unhealthy church that is not focussed on what the Bible says, so you also want to check into that as well. And it might be useful to run a financial seminar there as well.
@@breakingben9575 So you need to figure out what has been putting you in debt and change that immediately. If you do not make much money you need to start looking for a much higher paying job today.
I thank God I had a mother who drummed into me and my brothers heads when we were teenagers to save for retirement. And the importance of NEVER touching that money until you do retire. Thanks Mom. Now that I have been enjoying retirement for many years I appreciate her wisdom.
It’s compulsory in Australia for employers to pay into our retirement funds now. That only came in during my parents’ working lives, so lots of older people don’t have much saved. Our generation will reap the benefits of being able to live off our own savings because the government makes us. We also get rewarded with tax incentives for paying extra into our own retirement funds, which is what my family and I are doing. The real society-wide benefit will come when we can dramatically reduce the amount the government has to spend on pensions when we’re older. The only problem is that there are a few things that people are allowed to access their funds for early: I weep when I hear of people in their 20s or 30s taking out $10k and thinking about just how much money that will cost them when they’re 70.
Another big part is to find a wife who thinks the same way...from experience, it’s very hard to save when your wife thinks you can save without spending less.
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I’m 52 and investing for the first time in my life. I have started contributing to my 401K and opened a Roth IRA with automatic contributions, but my question is, does asset allocation really matter at first, or perhaps I am just overthinking as a beginner?
I'm in line with having an advisor oversee my day-to-day investing cos, my job doesn't permit the time to analyze stocks myself. I got fully invested since the covid-outbreak, and thankfully, my 6 figure portfolio has 5X in barely 5 years, amassing nearly $1m as of today.
good gains! who is the professional guiding you please? enthused about investing for my eventual retirement but dont know how to go about it, for now I only invest in my 401k through my employer and gains are quite slow
Rebecca Lynne Buie has always been my top recommendation. Renowned for her expertise in financial markets and backed by an impressive track record, she comes highly recommended.
excellent share, curiously inputted Rebecca Lynne Buie on the internet, spotted her consulting page ranked top and was able to schedule a call session. Ive seen commentaries about advisors but not one looks this phenomenal
Dave forgot to ask her how much the monthly payment is on their home. For 70-year-olds, if they've had the home a while, it may be LESS than what the HOA fees are for a $100K condo. She tried to tell him that, but he cut her off. Also, with a condo, the HOA fees will keep going up, while fixed mortgage payments don't (though taxes do). Not to mention that condos can suddenly increase assessment fees (separate from HOA fees) for things like a new roof, which could really bust these folks' budget. At 70, she's better off staying in her home. The rest of his advice was solid.
I live in a condo and I haven't experienced that. My condo dues have gone up once in the seven or so years I've lived her (it increased about $15-20/mo) and we've never had a special assessment. The benefit you're overlooking is not having to worry about things like lawn care, trash pickup, snow removal, putting on a new roof, etc. That's a tremendous benefit, especially for someone their age and in their predicament.
@@1981lashlarue My condo fees went from 198.00 a month in 2012 to 380.00 a month starting 2024. We've had a 5,000 emergency special assessment once in that time (for sewer work). You're lucky yours hasn't gone up (mine is a little condo built in 1975). I'm on the Board, so I know nothing in the fees are being wasted.
@@WoodlandDance That is a hefty increase. I moved in in 2015 and they were $180. They just went up for I think the second time or so and are now $240. We haven't had a special assessment since I've been here. Why did yours go up so much at once?
Exactly my mortgage pmts are $700 month plus utilities no way could i afford apts or homes for rent in my area!!! I took on a tenant in my house to help me after job loss covid & 2 breast cancer surgeries! I have a dog a yard a house i hate apt living and condo 😢😮 so i do the best i can with a bad situation. Why do they need to go into a condo? He did NOT ask what mortgage pmts are conpared to condo pmts
I'm 70 and my wife is 66, I started saving for retirement when I was 30. Always worried would I have enough. Every time I got a bonus most in the company would spend it on frivolous things or toys, new truck, zero turn, refrigerator, etc. I would put mine in retirement. When retirement came we found out we had our home and 2 new cars paid off and more money than when we were working. It starts early. I stress it to my children in their 30's.
@@The1707regina It sneaks up on you fast. If you're diligent you'll be fine. The stock market will drop but it always comes back. Many times people would pull their money out and I'd let mine ride and it would come back stronger than before. When I was in my 50's my friend would always tell me how great retirement was. Well now I understand. Good luck.
I really like the advice they gave this lady. It's solid, in my opinion. I would like to point out, however, that there is nothing wrong with being a maid. He said it in kind of a negative way, I feel. It's honest work. I respect a lady who does honest work.
Never once have I seen Dave mention the root cause or explain the impact that the ever increasing inflation tax is having on each of us. Nor has he ever mentioned how much more money the average American would have in social security dividend payments if the government hadn't "borrowed" stolen over $2.7 trillion from our trust funds. It's all our fault and will be to the day we're all living in tents under a bridge.
I’m 48, have been saving for retirement nearly my whole working life, and *I* am nervous about what my retirement scenario will look like. I own a home that is nowhere near paid off (other than that and a simple car, I have no other debt). As a single guy, I love eating out, going on cruises, and getting on an airplane and flying wherever. His advice is good, even for me. I need to quit living like the money fountain’s never going to stop, and start living like I’m bankrupt so I can get that car and house paid off.
This is a painful and sad call to listen to. Hopefully everybody listening takes this seriously and realizes how important it is to get their finances in order early on in life. You don't want to be the person at 71 forced to clean houses to make ends meet, when you easily could have gotten serious 20 years ago and been retired nicely
For the ones that have parents that are heading into this situation please share this clip with them. My mom was with the thought before that she wanted to leave us cash or give us (the kids) money now. After learning about Ramsey I had an honest talk with her and my dad and told them I don’t care about inherence. All I want is their debt paid so they can have money for retirement and even more important to have money in case one of them ever needed a nurse or some sort of medical help. After seeing how things went down with my grandma when she got demencia it is not a pretty spot to be in without a safety net. Too much pressure on family and it’s just devastating emotionally.
@@340rps even though that seems self-less, it’s really the opposite. By making sure you can be cared for when elderly, you are taking a huge burden off of your children.
Problem is,a LOT of people hear Ramsey's advice,but as soon as they hear"No more restaurants,sell the Roadster"...Dave's voice quickly FADES into oblivion!!MOST of the time,there are VERY GOOD reasons people end up in financial straits,ie;supporting their grown kid/s.
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.
Indeed, It has always been tougher to understand how to build your money after retirement and even more so right now with the inflation. You can experience a completely varietied market passively by employing a successful portfolio-advisor.
Even if you're not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April last year due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I've made over $250k since then
It's recommended to save at least 20% of your income in a 401k. Sonya Lee Mitchell taught me to estimate how much you should save based on your age and income. I've been with her for years now and her decades of experience in the markets translate to chunks of value in so may ways! She has upscaled my portffolio and even got me reading self help books haha
This gentleman is among the sharper tools in the toolset. I have NEVER seen him stumped before. But on top of that, he is truthful and extremely compassionate in his responses and delivery. Hats off!
I like Dave and agree he's great at giving advice, but his suggesting they buy a condo for $100k was simply not realistic. You can't buy anything worth living in for that price that is not going to be needing money to fix it up and keep it livable.
Well said! I am also here to learn how to invest after listening to a lady on tv talk about the importance of investing and how she made 7 figures in 3 months, somehow the video taught me nothing and left me even more confused, I'm a newbie and I'm open to ideas on how to invest for retirement
@@DavidAntony-gq7id lookup KRISTIN GAIL CUNNINGHAM , this is her name online, she's the real investment prodigy since the crash and has helped me recover my loses
@@DavidAntony-gq7id Investment now will be wise but the truth is investing on your own will be high risk. I think it will be best to get a professional👌
they are still buying fancy cars (11k in debt), have some fancy thing at home worth 10k (i don't even know what that thing is) and they do eat out! Maybe they are enjoying the stress!
Retirement is no guarantee some ppl just build different streams of income instead. However if you feel you can live long enough for retirement go for it.
I just turned 50, and I'm honestly feeling overwhelmed about retirement. I have a little over £300k saved, but with inflation and the rising cost of living, I’m starting to wonder what kind of retirement I can actually afford. I don’t want to end up outliving my savings.
That’s a valid concern. Retirement planning has become tougher than it used to be. Many people underestimate how much they’ll need or overestimate what their current savings will cover. You have to think about unexpected medical costs, market downturns, and even how long you might live!
After covid, I vowed to never again put all my eggs in one basket. I've since diversified my investments and hired a financial advisor to manage my excess funds. Now, as a semi-retired sailor, I spend only 9 hours a week maintaining my yacht, and I'm thrilled to be just 5% shy of my $3.4 million retirement goal, thanks to savvy investments made since rebuilding my finances
Thanks for sharing your experience! I've been managing my portfolio myself, but it's not working out. Do you have any recommendations for a good investment advisor? I could really use some help
My CFA, Joseph Nick Cahill, is a renowned figure in his field. I recommend researching his name online; you'll find all his credentials and everything you need to work with a reliable professional. With many years of experience, he is a valuable resource for anyone looking to navigate the financial market.
Thank you so much for the suggestion! I really needed it. I looked him up on Google and explored his website; he has an impressive background in investments. I've sent him an email, and I hope to hear back from him soon
@@Columbus1152 Exactly. Some advance planning early in life means you're stacking money and living large in retirement. If you've done things like pay off all your debts (including mortgage) when young, you can live very well.
Exactly and Dave would give different advice to a 31 one year old. Truth is she can not work 40-60 hours a week. And at her age the odds of her becoming very wealthy are very very slim. So the advice he’d giving her is help the rest of her days out with as little stress as possible
you didn't hear her they made some real bad investments I expect that's why they never use retirement or withdrew their money from retirement to invest it like most people and give them enough income after retirement because they are changing the retirement systems for the worse.
Hearing stories like this make me want to stick to teaching at times. I just entered my 6th year and recently learned that I have 15k in a retirement account that I never even knew existed until recently in addition to my personal savings. We have absolutely no say-so in regards to that money coming out and I just realized how blessed I am to have just a bit more than I thought I did.
There you go! At 28 years into my own teaching career which has become tough to stick with, for various reasons, that nice $6-8k monthly is going to make all the struggle and grinding worth it.
People who are able to retire early are lucky . I have 15 months till 65 and need to look at calling it quits, my only fear is running out of funds much later, thus keen on investing. What could be the safest possible ways to invest for cashflow, in order to afford lifestyle after retirement?
Not offering any particular advice, but I can assure you that most stocks still have growth potential. Re-distributing is not as hard as many people think it is. Ordinary investors lack the requisite level of diligence, so having a financial advisor on board is usually highly beneficial. In the market, this is how people generate enormous profits.
True. My portfolio was diversified across several markets with the help of a financial planner, and were able to achieve over a million in net profit among high dividend yield equities, ETFs, and bonds. It is vital that you have a variety of exposure, including in firms that are currently generating cash flows.
Amy Desiree Irish is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Amy Desiree Irish’” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
I get the feeling the kindly elderly person was not saying how they overspent way beyond their means for decades. They are facing a painful financial pinch, which is not the same as financial devastation.
Nobody knows which way the wind will blow. A few of my former co-workers had impressive 401k balances but some passed away before 65 years old and never got to enjoy everything they worked hard for. Do the best you can with the time God has given you. 🙏
Yea that's the thing you grind hard for many years in hopes for that good retirement. However theres no guarantee if you will make it and some ppl won't take that chance.
most will make it, AND need it... there is no choice, you have to save for retirement. if fate has it something happens to me than the money will be there for my wife and more importantly for my kids. someone will benefit that I love.
Precisely why I started collecting at age 62. It got me out of debt, and got me some breathing room. I too have unfortunately seen many of my coworkers pass away in their 50's. In addition to collecting SS, I picked up a part time job. ✌
This is the reality for the majority of American seniors. I appreciate your hopeful advise. Giving "real people" hope in their adversity is a must. I thank you for giving her hope.❤🎉
Good advice. We are in our early 50's and have no retirement, either. But, our home IS paid in full; that is the only great thing we have going right now, besides the most important thing- our family.
Please excuse my ignorance, I'm just trying to know if theusa works like my country. Here in France, the moment you work, you will haveyoure retirement at 63 , you must work for 40 years to get full retirement but say in case an housewife that has never work because she takes care of her children, she will only gets like 400 per month.
@@tweetyslife253 nah here in the STATES we have a supplement that's similar to yours it's called social security, but it's not near enough for most to retire with
I thought she had nothing . $25,000 cash , $250k home ( -$27,000 ) , $2,000 a month SS , $2,000 a month job ( in the short term ) ., $10,000 Roadster . I don't know why their SS is so low . They're in OK City with a big University - can they rent a room out ? If they're willing to move out like Dave said Sell the house .
I currently have a good amount in savings and checking accounts. I have zero debt. I have a 401K at work, but there's not much in it yet. I opened a Roth IRA last year, I have no idea what I'm doing and need help on what to do and how I can invest some of my savings or checking. Should I hire a financial advisor? I really lack basic education on how to invest and what in. I feel I need a lot of guidance. I have no idea what's good or bad advice.
I did for the majority of my portfolio. Aside from the fact that I don’t have the time or energy to actively manage my money, they also provide me with extras like creating a will, creating different types of accounts, handling my taxes, insurance advice and procurement, etc. For me it was worth it.
Yea I have some fun money in RH but the big majority is managed by Nancy Magaret Delony. I have scaled to 1.7 in investments and find that she is indeed worth the cost to have in my corner. I think in a bear market she is good at beating the market; in a bull market she lags a bit. But that's the point, I think.
As a retired advisor I’d say this, if you have the knowledge, the time, the risk tolerance and the ability to do good DD (due diligence) than heck no, you don't, but if even 1 of those needs is an issue for you, get an advisor, any cost associated with an advisor is far less than 1-2 bad decisions if you’re wrong on a stock or fund
Sell the veh, pay off mortgage and car...now debt free. 2k a month SS depending on taxes and where you live...tightening the belt...at 70, you could make it okay without selling your home and without needing to work so hard. What a nice sounding lady. And i hope all the best for her and her hub.
I have friends pushing 60 who have little/no retirement savings. They make good money, too! They spend it all on boats, cars, trips, eating out. When asked what they are going to do in retirement, they say they aren't going to stop working. Well...your body will have other plans, possibly. To each their own but I'm living frugally to take care of a future old person I love who will need my younger self's help - ME. I wish I had started earlier but better late than never! And, kudos to the younger people who are saving. We didn't have internet/social media, which I think helps teach and show people why they need to save. Lots of good things about social media, too! 🙂
My parents too! I always say I will do exactly opposite of what my parents have done! Sad, but mine made horrible financial decisions with great jobs 25 plus years ago! I can barely handle being around them, that’s all they talk about but won’t do a thing to fix it! 😒
Yeah me too. My parents never made a lot of money. My dad was a pastor making very little plus no 401k or any benefit. They are 60s now and doing more physical job. I feel bad for them since they spend the small money they have to support me and my sister. Now we give them 1000 each every month. I guess they are lucky to have us as their kids. I’m sure not a lot of kids would support their parents like us. But yeah it always hurts to see them working 70 hrs a week. They are hoping to get their social soon. 😿
Lucky that they still have their social security to rely on, for a lot of people that's all they got and it's just simply not enough to live off and never will be. It's so crucial that people set themselves up a retirement portfolio and contribute as soon as they can. I work with a lot of young adults and I ALWAYS push and push and push them to setup their 401k's or setup a Roth IRA and get started while they are young because it compounds so fast.
I remember one year when I was getting my taxes done at H&R Block and a 30 year old woman was sent up to the front desk after her taxes were prepared and she was supposed to write out a $2000 check to the IRS. She was screaming at the receptionist that she doesn't have the money to pay the IRS. The receptionist was cowering in the counter and didn't know what to do. Very tramatic in that business.
@@MyLifeThai371 File an extension. It has to be paid or the IRS will start to garnish your wages. NEVER EFF WITH THE IRS. You could go to jail for tax evasion.
This is a great example of why people need to start retirement planning, saving and investing as soon as they can. This, unfortunately, is a very common situation.
The problem we have is because Most people always taught that " you only need a good job to become rich " . These billionaires are operating on a whole other playbook that many don't even know exists.
It is remarkable how much long term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.
The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on government paycheck, especially with the current economic crisis around the world.
Even with the right technique and assets some investors would still make more than others. As an investor, you should've known that by now that nothing beats experience and that's final. Personally I had to reach out to a stock expert for guidance which is how I was able to grow my account close to $35k, withdraw my profit right before the correction and now I'm buying again.
I'd love to hire an elderly woman like this to watch my kids. I bet it would be easier than cleaning and they could learn so much from each other. I bet many other moms would like the idea...
No kidding. All this talk about stocks and bonds and 401K etc, meanwhile Joe Average is juggling utilities and grocery bills. Just where is this magic money going to come from for the luxury of investments?
As a recently semi retired RN...the average person even those who seem to put down others who don't have much saved can be one or two illnesses away from being just like this lady, and maybe even younger. Unless you are uber rich a chronic illness or a major accident can reduce you to little even with health insurance. I have seen this many times over during 32 years in nursing. Went through cost of chronic illness with both of my dearest late parents. Thank goodness they had good health insurance and with my knowledge as a nurse we managed. Life has many twist and turns. I know many times people say sell your house and get a condo. Be careful those condos and HOA fees (which can get uncontrollably high and out of your hands with a condo board) Maybe find a cheaper smaller house with small HOA fee and avoid a property with a Condo fee. Been there with those condo fees and all I can say is OUCH!
An increasing number of people may struggle during retirement. Low wages, rising inflation, and high rents make saving difficult. Even middle-class Americans now face challenges in homeownership, leaving many without a stable place to retire.
wow. this lady's story is the reality most of us fear, and know at least one friend or family member that is trapped in this type of situation. bless this lady for having the courage to come forward.
Interesting I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.
I would pay off the house first. It would be gut wrenching to pay off the other debt and then end up losing the house but if the house is paid off then it’s not that much of a big deal losing the other things. A house is a huge asset which they already have about 90% equity in. Just pay the small amount left and deal with the other debt after.
Agreed. Sell the roadster. Pay off the house. Use the monthly mortgage money to start paying off the car. If you lose the car it’s not that big of a deal.
Don't the cars have higher interest on them? Anyway, I would pay off the one with the higher rate and pay of the rest slowly. They were also stupid buying a car with $11k loan.
I would sell the vehicles they owe money on, stop eating out, take that car payment...put 1/2 in the savings and pay the other 1/2 towards the house payment...
I’m in a similar situation. Had to move far outside the county line. Found a nice trailer in a fairly nice park. Since I’ve moved here, around two years ago, prices and rent have nearly doubled.
The problem we have is because Most people always taught that " you only need a good job to become rich. These billionaires are operating on a whole other playbook that many don't even know exists.
It is remarkable how much long term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.
The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on government paycheck, especially with the current economic crisis around the world. This is still a time to invest in Stocks, Forex and Digital currencies.
Many individuals report success in investing in stocks, forex, and cryptocurrency (Bitcoin), yet I continue to struggle. Can somebody help me out or advise me on what to do?
Even with the appropriate method and assets, some investors will still outperform others. As an investor, you should already know that nothing surpasses experience, and that is final. Personally, I had to seek advice from a stock specialist, which allowed me to build my account by over $35k, extract my profit just before the correction, and now I'm purchasing again.
It helps to hear it spelled out. I am taking a class right now in quality engineering. It is all mostly common sense however I will be a better engineer because of having these concepts spelled out.
Say goodbye to debt forever. Start Ramsey+ for free: bit.ly/3g11A2V
Is the whole plan available in Spanish? I thinking on a gift.
Thanks
It’s great advice.
Why is this a big deal?? She needs to chill!
@@gabriela4229 Dude. Go get a vocabulary book
Nothing is EVER Free In This Bab.. System Dave... You A Religious Man You Know This...😆
Money doesn’t buy happiness, but being broke sure causes stress.
Money buys me peace of mind as a newly retired couple starting to finally break into a large nest egg of decades of savings and investments.
It may not buy happiness, but I’m sure it takes the sting out of being miserable.
Some people are used to it.
Money can buy freedom I think...
Money absolutely does buy happiness. That isn't to say you can't have money and be unhappy....but that is all up to your decisions. You have the money to buy happiness but have instead opted to spend it on something else.
I admire the caller. It took courage for her to call, and I think she's going to get through this.
Yes, I pray she does. Bless her heart, still working hard at 70, when she should be enjoying her days and being with grand children.
Admire someone that 70 years old and no savings ??? Birds of a feather flock together ! Id a disgrace !
@@JimHerman-o3q
May God give you peace and a heart of understanding hardship.
😅you people are insane ; life expectancy in the USA is now 76🙈🙉🙊🤣take a break good serfs😀
@@JimHerman-o3q There's a lot more people like her than you can imagine.
The "cleaning homes" at age 71 was heart breaking for me.
She/ they chose to be in that position. No need to feel sorry for them !
@@jerrylansbury9558 stop.
@@nicholegallo1090 Its true......if a person chooses not to put away money...... " save " its their own fault !
@@jerrylansbury9558 sometimes people have different circumstances than others
@@ImJidionDaddy Exactly.....thats why you plan for the future.......save money !
About time Dave takes a call everyone can relate too, not people who make over $500k and talking about they are stress. Thank Dave: more calls like this please. Thanks
True
Sorry, but not a ..."a call everyone can relate too".
He's an idiot. A reverse mortgage fixes everything. Period
I've often thought when he says things like it's hard to live on 60k and put $500 a month away or sometimes a week,what!!! that would be a dream for a lot of people.
Never once have I seen Dave mention the root cause or explain the impact that the ever increasing inflation tax is having on each of us. Nor has he ever mentioned how much more money the average American would have in social security dividend payments if the government hadn't "borrowed" stolen over $2.7 trillion from our trust funds. It's all our fault and will be to the day we're all living in tents under a bridge.
It’s great to hear from a person that’s like us and not someone who clears 200k. Blessings to this caller
lmao, like us are you making 2k a month and 71 years old. So you're claiming to be irresponsible?
@@adobedobedo409 you completely missed my point. I stated it was good to hear from someone who didn’t make $200,000 a year and was just an average person make an average pay. Maybe you’re one of those people making $200,000 a year.
She's not like me, I'm doing OK with my retirement accounts.
@@spankynater4242would you like a participation award?
@@kbanghart You're not qualified to give out participation awards. I would ask you to send me cash, but we all know you're poor.
Finally Dave took a call from someone worried about their retirement who didn't have a $95K pension, $750K in an IRA, $500K in savings and an spinster aunt who was about to will them 1.5 million and an estate. Made the old boy sit and think for a few. Welcome to the real world, Dave.
🤣
Well he helps people by teaching them how to use their resources. So for someone thats struggling financially and broke of course requires some thinking to be able to help them.
This show has received calls before where the scenarios are really complicated. Not all calls Dave has received are easy to handle.
The roadster is gone. I am god. I just made it disappear. I am Dave.
If you don’t save a penny for 71 years it’s on you big facts
The biggest misconception that most young people have is that they won’t get old.
Agree…I just talk to a 21 years old.soo yes I agree
I'm turning 25 in a couple months and i'm beginning to see clear as day that youth is vanity!!!
The problem is, most of us don't know if we will get old.
@@mel3165 no youth is still good for doing things you can't do at age 71. You can go whitewater rafting when you're younger etc...
PREACH!
That should be on a T-shirt.
My company paid a consultant to provide retirement classes when I was 24 and just started saving for retirement. The class was called "The Kids Table" and basically their advice was go with a target retirement fund that aligned with your 65th birthday. That was 20 years ago. It is the only thing I've ever invested in. How else can I grow my finance?
target date funds made me a multimillionaire but i also watched them drop 40% in a very short time and take a long time to recover. my best suggestion is that you seek the guidance of a fiduciary to avoid mistakes
Agreed, when it comes to retirement planning, following the steps of a well experienced advisor did the trick for me in barely 5 years, turned my $500k capital to 5 figure monthly dividends. If you want to keep it very safe, then Vanguard TDF may be for you.
bravo! mind if I look up your advisor please? only invest in my 401k through my employer as of now, but enthused about investing for my eventual retirement
There are definitely a few professionals who really know what they're doing. I've tried several over the years, but for the past five years, I've been working with Lisa Grace Myer, and her results have been nothing short of amazing.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
He really didn’t have the advice that he usually has for others. This lady represents a segment that is huge part of our world. Bless her for calling.
Yep. There aren't many options for this couple. Yet they're still better off than many, many people in the U.S.
@roadrunner9622 I am in a similar situation.
She has enough to pay off the house.
They should be able to live off their combined social security checks.
Then, any part time job can go to savings.
HEY, watch that , I cleaned toilets and honestly got paid for it. 😂 NOW seriously the reality for many of us oldsters is that those who while young were able to by into the American dreams of owning a house, cars, a family, eating out, partying expensive clothing; forgot to set aside some cash reserves and additional retirement plans for those same reasons their in now. - during those early years when we had the youth and vitality we never seriously took into consideration aging much less illness or life diminishing injuries or mental discapacity. In this skit I do agree that some of the suggestions were acceptable, but at their ages and limited knowledge of the real estate market, one suggestion would be to review their living status better - and possibly rent the house and live in the ground floor apartment rent free - if that were possible.. Review whatever else you own that s not being used and find Buyers for them. Or rent out the house and rent a small apartment. Because with the newfound large savings from the sale of the house, the couple might possibly continue to live according to how "it was then," and soon would end up broke and lose the co-op which is much more difficult to get rid of than the house. Also this couple is eligible for government assistance in the form of groceries assistance, electric companies give credits and lowered power bills. The first thing I would recommend is to gather ALL of their important personal papers, house title, Insurance, heating bills, electric bills, medical bills, BC, marriage certificate, ALL records: PHOTOGRAPH them, then go bright and early down to the nearest social services administration and ask for help - these fine knowledgeable employees will do what they can BUT most importantly, they are like a human "encyclopedia" - they will make many suggestions worth exploring. The most important steps are to go in search of help QUICKLY - not wait until you're caught between a rock and a hard place. Just sayin.' Be Blessed y'all 🙏 🙏 🙏
@@LaughingblueSu They can live much, MUCH more comfortably on their social security in Mexico or Costa Rica, Peru or Argentina, Thailand or the Philippines.
She may not have control over the finances. He won't sell the roadster. Condo is not the answer as the hoa fees keep going up.
One of the best calls ever on this show. It's a wake-up call for people who aren't paying attention to their retirement planning. I wonder how this couple is doing now, almost two years later.
I am wondering the same thing 🤔
Hopefully dead. Unfortunately
These people are not broke.
Remember, they have over 200K equity in their home ... 🏡
@@jamescalifornia2964 But what exactly does that help? If they sell their home, in the current market, they'd be able to afford probably half the home they have now. Unless they want to go live in trailer, they have to keep that $200k asset.
My heart goes out to her and her husband. Nobody wants to be in this predicament. I just turned 25 and I’m paving the way for myself to be financially stable/responsible
Why do you feel bad? They did it to themselves. Years and years of wasting money
Don't feel bad for one minute. They live in a 250 grand house. Bad decisions got them here.....in Oklahoma
Dude I work at a phone store for one of the most popular carriers. What convinced me that I needed to live a different way was seeing people in their 70s walk in to the store begging for an extension on paying their bill because they don't have it right now. My heart truly went out to them, it really did, but at that moment I realized that I want to make sure that I'm not having to do that same thing when I'M 70-something.
@@thomashaas5965 Life goes fast people. You wake up one day and you're 70?????????? BTW. My phone bill is $14/month. Spectrum
@@thomashaas5965 exactly! You get what I’m trying to say
Man this was a scary call just thinking that lady is cleaning homes in her 70s
Yeah its really sad
@@adelea414
Very.
It makes you wonder how they got to this point. I'm sure it was a lot of bad decisions but they probably had some curve balls thrown at them too. That's life though.
@@jamlane they mentioned health issues so yes, probably medical expenses. I wish them the best.
@@jamlane I have heard older people at my job say that when they grew up, they didn't know much about 401Ks and Roth IRAs and all that stuff. They relied heavily on Social Security for retirement.
That's why it is important to invest in all those options at a younger age, because Social Security is not a saving grace
This was hard to listen to. Everybody take notes.
DR should suggest older callers reach out to their local elder experts. Often called agency for older adults or similar.
They are free gov. or nonprofit entities with lists of reources. This couple could check out senior rental communities, with income-based pricing. Some have dedicated shuttle buses & recreation like card groups, cornhole etc.
The downside: some have long wait lists. No time like now to check these out.
Terrifying. Thats all I can say
@@rethinkcps2116 most that are income based will not consider you if you have ANY cash from the sale of a home or savings in general. I imagine you could put it all in CD's or something, I do not know if they consider that.
Taking notes..for sure
@@rethinkcps2116 Dave is against social programs (and higher taxes).
As someone that has parents in their 70’s and in the exact same situation minus the additional income, it takes a toll on your entire family. Do not let it get to this point! Sacrifice now while you can so you can relax when you’re older!!!
Taylor: That is wonderful advice. I have family members in a similar situation.
True words of wisdom 😇
Same! Watching my parents, grandparents, and in laws be a prisoner to poor is an eye opener. Also watched my Uncle in law make good decisions and retire early and live a care free life. I choose to put 20% of my income into retirement.
Completely agree! Variance in our situation is my parents house ISNT paid off. Constantly month by month.
Exactly.
The average social security check is $1827 a month. The worst part is 22% of Americans have less than $5k saved for retirement. Start investing now! Nobody is coming to save you
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
keep contributing! I'd suggest you consider financial advisory at this point in time, remember you are in for the long haul
I'm in line with having an advisor oversee my day-to-day investing cos, my job doesn't permit me the time to analyze stocks myself. Thankfully, my portfolio has just 5X in barely 5 years, summing up nearly $1m after subsequent investments to date.
bravo! I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
I've stuck with ‘ "Lauren Christine Campbell’’ ’” and her performance has been consistently impressive. She’s quite known in her field, look her up.
Dave's long silence was deep.
I have never seen him do that.
Her eyes blew up at 0:30
Two poke eggs. LOL. It was like a suspense movie. Then he asked another question just like Colombo. LOL
and judgemental too. I was scared of what he would say.. He said it. But once again sooooo right.
Yeah! I've never seen Dave speechless 😳
Dave Ramsey, thank you for seeking the Lord and waiting for His wise counsel!
I appreciate how clear and concise she is.. I wish them both good health and a fix to their financial situation
If wishes were horses then beggars would ride
@@DisabilityExams ...
So clear and concise because she's reading a script.
They've not planned their lives well at all .. it's sad. At 71, you're meant to have retired already.
@@remmymalone6700 agreed. I kinda wish she went into detail on how this happened. Everyone has a story. I have a friend that made a good living but because of a kid that was addicted to drugs, stole money borrowed money, was enabled and sent to numerous very expensive clinics the parents are in rough shape financially. Sad but sometimes time moves faster then we’d like.
God Bless this woman. My heart goes out to her. Housework is hard work. I pray things work out for her and her husband.
big returns come from investing big. investing big comes from building conviction, conviction comes from understanding, understanding comes from doing your homework and research beyond surface level.
I want to start a Roth Ira before the end of the year. do you have any stock you would suggest to buy and hold long term?
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.
Impressive can you share more info?
My CFA ’Lauren Camille Brown’ , 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.
Just ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.
I cannot talk about the emotional level, but my aunt and uncle were in a similar situation about 10 years ago. They sold their house and bought a 400 sqft condo in a 6 story block in the same town they already lived.
They had to give up much, I know, but they are debt free now. And on top I think that they are happy.
Yep. I am 59 and getting rid of stuff I’ve accumulated and never used. We are downsizing, happily and hope to retire.
I have a home and do all the chores to keep me happy.
Diet plan took me from 5X to XL and walk everywhere.
This week I'm renewing my cave climbing equipment.
Done every 5 years to avoid accidents.
Sell the house and roadster, pay off the other car, buy a 100k condo, 10-15k to furnish condo, 10k in high yield savings for emergency, 25k in CD for property tax, and 100k in dividend growth ETF's. The 2k in social security will be more than enough to pay HOA, utilities, car insurance, home insurance, health insurance and living expenses. Don't incur new debt and pay cash for everything including eating out several times a month from the dividend income.
I got divorced after 50... The court decided I wasn't needing anything! I was divorced after 28+ years without even a bed or pot to cook in! No one wants to hire someone my age !
I wasn't even able to get a dishwasher's job (too weak according to the manager) I do odd jobs and babysit for people! Sometimes people screw you over and you are left without a pot to piss in as an older person .
@@BumSkidley Well you are wrong! HOA being $230.00 a month, insurance being (paid yearly) is $2,200 , medical is $556.00 a month and life insurance is $134.00. No car so no insurance on it and food has been proved out of a ability to afford more than 1 meal (crappy meal) a day . Don't lie to people! Stop that! Storage is $2,400 a year and even the cheapest cellphone bill is $25.00 a month. WE (as society) are paying out the azz to just exist.
That house saved them. Imagine if they were paying rent 😔
Not true. They still owe 350 a month. The Bank owns it.
@@John3.36 cant find a house to rent less than 1k. Even in poorest area
@@yoopally4136 Depends on where you live.
in some states like nj taxes maintenence is just as pricey as rent
@@John3.36 $350 is basically nothing. I couldn't rent even a small house around where I live for less than $1,500/mo.
This call broke my heart that lady seemed so sweet, it's easy to criticize other people when you don't know their life story, life is so chaotic that even after planning all out it all can fall apart due to an unexpected event, I pray that elderly couple finds some peace and rest in their sunset years.
Beautiful comment! I agree!
Time and unforeseen circumstance befall us all.
Thank God they had saved the 25K. Many don't even have that....
Exactly true everyone bashing them with their glorified savings regimen I bet wouldn’t know what to do if something happened
They have a roadster and 250k house. I don’t think their life was that Chaotic.
They bled money.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@AlilatTiamiyu That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@@BotheGhita *MARGARET MOLLI ALVEY* , lookup with her name online.
@@AlilatTiamiyu The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
Nah I Can't say I can relate, *MARGARET MOLLI ALVEY* charge is one-off and pretty reasonable when compared to what I benefit in returns.
You never want to be the person that makes Dave pause and think. lol. That tells you that you are in actual deep doo doo.
Oh my I know. I was sick to my stomach listening to that long pause!
Oh my God...any connection to Peter Francis Geraci? A well-known bankruptcy attorney here in Milwaukee?
That's what I was thinking as Dave was silent and pondering over this call.
That was a long pause!
But he found a way to get out of it. Multiple ways actually. Dave always knows how to get out of situations like this. It ain’t always pretty, but it works. Also they REALLY have a roadster in a situation like this? Why?
When I hear calls like this, I stop and thank God for all the blessings he has given me. I didn’t earn it, it is a gracious gift.
Spoken like a true narcissist
@@user-eh8yz6ko3t I thought so too!
I'm not gonna go so far as to call you a narcissist. However, your money is due to your decisions. The money you have didnt fall from the sky, it was by you.
Sure he’s given you blessings, it’s just puzzling why he gives other malaria, cancer, famine, poverty… a loving God, right?
@@johnmwalker8309 Oh those pawns are just there to teach the designated special creatures like him a lesson
Despite her situation she is very articulate and concise indicating a good mind and conscientiousness
I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
That sounds like a good plan. In the past two years, working closely with a financial market specialist, I've built a six-figure diversified stock portfolio. Now, I aim to diversify even more this year.
Talking about a financial market specialist, do you consider anyone worthy of recommendations? I have about 100k to test the waters now that large cap stocks are at a discount... Thanks
“NICOLE ANASTASIA PLUMLEE’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Just ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.
This is one of my biggest fears getting old being terribly sick or having no money saved
No offense, but if it is your biggest fear then I assume you are actively working to thwart it?
Not a bad thing to fear; Good health is our greatest asset; further greater than Money. Starting by leading a healthy lifestyle; watch everyday you eat; stay Away from too much processed Food; Sodas & all that junk that brings in excessive weight gain & cholesterol that leads to more cardiac distress especially as we get older; 40s, 50s, 60s & so on. Exercise is under-rated but it usually keeps our health in check!!! When you have got health ; then all You can focus on are your financial priorities; working/saving Up & investing. It’s not all easy said & done ✅ b’cause Life just comes @ us like an earthquake sometimes; but you can do it!!!
I agree, medical bills will wipe you out!
And dying. I fear death too. I know it's inevitable, but still... T__T
@@Vandicoup Do you have a relationship with God? If not please read John 3:16
If you do have a relationship with him read Psalm 23:4,5.
I’m 30 and this is everyone’s nightmare. It’s INCREDIBLE how little decisions in your youth become a big snow ball when you are old and at that point in your life. Life becomes so narrow that you have no other choice than to face all of your bad decisions. That is why discipline makes you make sacrifices in your life for the better of your future.
It's not that hard. Just buy a house in 1998.
@@markusParkus233 and in 2050 people will be saying should've bought a house in 2024...
I started saving late in my mid 40's mainly just in case I got old. Well I got old. If I had it to do again I would waste less when I was younger and invest more early on to take advantage of compounding. I think I'm ok but I don't take it for granted I still live on a budget.
It's not all bad decisions that lead to these situations. I worked hard, had a six-figure job, savings, retirement/investment accounts, and equity in my house. That got wiped out in the 2008 recession when I was in my late 40s. No discipline in the world would have changed that.
@@patriciasalem3606 discipline of not withdrawing from your investments during a recession would have changed that.
This is why you start saving and investing at a VERY young age. To not wake up in your 60s and 70s and realize you can never retire.
I work at a phone store for one of the most popular carriers. What convinced me that I needed to live a different way was seeing people in their 70s walk in to the store begging for an extension on paying their bill because they don't have it right now. My heart truly went out to them, it really did, but at that moment I realized that I want to make sure that I'm not having to do that same thing when I'M 70-something.
I hate hearing elderly people talking about being on a "fixed income". In my mind you work all your life so you can do what you want and never have to worry about anything when you're old.
@@channell11 I always say "yeah...and your bills are fixed and hopefully you signed up for bills that amount to less than your income. So...what's your point?"
@@slambig the younger the better. got a paper route at 13? start then. take half your little bit of money and buy the SPY, start compounding.
👏🏾👏🏾👏🏾💯👍🏾
Bless her for calling. She reflects so many in this situation.
My mother's had her condo paid off and her Hoa fees just went up making it really challenging for her financially. Condos can be a nightmare too.
yes...and Dave just mowed right over what she was trying to say about HOA fees....! sheesh!
And not only HOA fees but assessments. My mom lives in a condo and the amount assessment fees she has paid over the yers she could have bought a house.
Yessssss. They should pay the house off and then the car and be done.
@@genacunningham1731 Not every condo has high fees and assessments. You have to do your research on the HOA and buy into a lower end development with minimal amenities (keeps maintenance costs lower) and well run management.
You can look into the HOA budgets before committing to purchase.
Lower cost of living areas are more likely to have affordable condos with low maintenance costs. That’s why he was recommending places like Oklahoma City.
So send her money, it's your mother
Why are people saying they should move to another state? They live in Oklahoma! It doesn't really get much cheaper than that!
If they live in the city, moving out aways while downsizing their house to another house (without HOAs) would help.
Plus they can't afford to move.
It's never a good thing to move people in their 70s anywhere.
Sure dont want to live in an apartment or mobile home park. Those rents and lot fees always go up, and up, and up.
Deep South might be cheaper but no state near a metro area
At one point Dave looked concerned, sad and perplexed...that’s rare. Watching this just made me change my mind about a big purchase I was debating. That money will now be going into my investment account.
Excellent
Good going,nice move.all the best
Glad you did yourself that favor. As you heard here, there will come a day, that we just can't work anymore. You want to be prepared with enough cash and to get you by and make due if that day should come.
@@waterheaterservices
Agreed.
Smart move.
Not sure why Dave cut her off at about the 7 minute mark when she started to ask about the Condo Association fees. That's a very real and legitimate concern.
Man, you know it’s a tough situation when Dave has to pause for a few moments and think about what to do.
He took time to think about it and explain with grace.
That's the longest pause I have ever saw him take. Sure hope they didn't buy a condo.
I feel for this couple. Im 64 and retired at 62. I really dont have much saved at all and am a renter, but thankfully I have no other debts. Would I retire later? No. Not knowing what I know now. My ex passed away 6 months before I retired and my 29 year old son passed away 2 months ago. My mother died at 65 and my father died at 73. It is a myth that we have to save a billion dollars for "some day". Would I like to have more money? Yes, I DO worry a little bit about being able to keep up with rent especially when the high cost of Medicare premiums hit me next year. But being on the struggle bus the rest of my years will NEVER outway the wonderful times I was able to spend the last year with my son and grandkids. Life is so short. Too short for some of us. Dont spend it waiting for the elusive "pot of gold perfect time" to retire.
If you have more than you need a House you can sell it at a good Price sure it is sad to sell family things but it will keep the Family in Heaven if you belive in that happy that you have less worries. Then Get a Smaller Place or Car.
I prefer to work as long as it is possible for me to keep my job. I'd rather die working than running out of money.
At least she had the courage to admit she was in a bad financial position. Sadly this situation is probably "normal" in America, but most who will be headed in that direction when they reach 70 don't want to seek help or do anything to fix it.
I'm trying to avoid it but everyone keeps bashing me for it and criticizing me for it they call me stingy and money-hungry in my church for want to do this. been in the church for 26 years now I'm 26 years old btw and have been the same thing since I was a kid.
@@breakingben9575 It is important to consider other people's perspectives as well and find out if maybe you are stingy or money-hungry. As long as your focus is on God and not on money or future security in money you are probably doing the proper thing. If you in debt you do need to be a bit stingy and change your habits of not going anymore into debt at all. If you have no debt, but not a lot of retirement you do need to relax a bit and not be so stingy. :) If you are doing all the right things financially but still not able to make ends meet, you need to either find a better paying job asap or take on a second job. Of course I am just generalizing here and do not know your situation. You may also be in an unhealthy church that is not focussed on what the Bible says, so you also want to check into that as well. And it might be useful to run a financial seminar there as well.
@@Kojow7 I am in dept and don't make much money.
@@breakingben9575 So you need to figure out what has been putting you in debt and change that immediately. If you do not make much money you need to start looking for a much higher paying job today.
@@Kojow7 this includes my parents. I have 20000 my parents have over 100000 as far as I know. They don't pay the student loans back.
I thank God I had a mother who drummed into me and my brothers heads when we were teenagers to save for retirement. And the importance of NEVER touching that money until you do retire. Thanks Mom. Now that I have been enjoying retirement for many years I appreciate her wisdom.
Truly an amazing mother who loved you. Hope all is going well.
It’s compulsory in Australia for employers to pay into our retirement funds now. That only came in during my parents’ working lives, so lots of older people don’t have much saved. Our generation will reap the benefits of being able to live off our own savings because the government makes us.
We also get rewarded with tax incentives for paying extra into our own retirement funds, which is what my family and I are doing.
The real society-wide benefit will come when we can dramatically reduce the amount the government has to spend on pensions when we’re older.
The only problem is that there are a few things that people are allowed to access their funds for early: I weep when I hear of people in their 20s or 30s taking out $10k and thinking about just how much money that will cost them when they’re 70.
she was thinking ahead and didn't want to see you kids struggle.
Are we siblings?
Another big part is to find a wife who thinks the same way...from experience, it’s very hard to save when your wife thinks you can save without spending less.
We don't spend money. We just eat out. Do people realize that eating out is AT LEAST twice as expensive than preparing your own meals.
Depends on what you are cooking.. lol
Not necessarily. I actually save money by eating out. Because I eat healthy, organic only, to prepare a home meal is expensive.
@@angelalaskodi3459 Angela I’m sorry that’s just nonsense. You aren’t saving money by eating the same food yet having somebody else prep it.
@@angelalaskodi3459 No way is it cheaper than buying food and cooking it.
@@patty109109 well maybe her organic eating out is simply grazing next to the cattle.
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can I get access to your advisor?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
I’m 52 and investing for the first time in my life. I have started contributing to my 401K and opened a Roth IRA with automatic contributions, but my question is, does asset allocation really matter at first, or perhaps I am just overthinking as a beginner?
There’s a lot to decide on… most times it is better as a beginner to delegate your day-to-day investing to a well experienced advisor
I'm in line with having an advisor oversee my day-to-day investing cos, my job doesn't permit the time to analyze stocks myself. I got fully invested since the covid-outbreak, and thankfully, my 6 figure portfolio has 5X in barely 5 years, amassing nearly $1m as of today.
good gains! who is the professional guiding you please? enthused about investing for my eventual retirement but dont know how to go about it, for now I only invest in my 401k through my employer and gains are quite slow
Rebecca Lynne Buie has always been my top recommendation. Renowned for her expertise in financial markets and backed by an impressive track record, she comes highly recommended.
excellent share, curiously inputted Rebecca Lynne Buie on the internet, spotted her consulting page ranked top and was able to schedule a call session. Ive seen commentaries about advisors but not one looks this phenomenal
Dave forgot to ask her how much the monthly payment is on their home. For 70-year-olds, if they've had the home a while, it may be LESS than what the HOA fees are for a $100K condo. She tried to tell him that, but he cut her off. Also, with a condo, the HOA fees will keep going up, while fixed mortgage payments don't (though taxes do). Not to mention that condos can suddenly increase assessment fees (separate from HOA fees) for things like a new roof, which could really bust these folks' budget. At 70, she's better off staying in her home. The rest of his advice was solid.
I live in a condo and I haven't experienced that. My condo dues have gone up once in the seven or so years I've lived her (it increased about $15-20/mo) and we've never had a special assessment. The benefit you're overlooking is not having to worry about things like lawn care, trash pickup, snow removal, putting on a new roof, etc. That's a tremendous benefit, especially for someone their age and in their predicament.
@@1981lashlarue My condo fees went from 198.00 a month in 2012 to 380.00 a month starting 2024. We've had a 5,000 emergency special assessment once in that time (for sewer work). You're lucky yours hasn't gone up (mine is a little condo built in 1975). I'm on the Board, so I know nothing in the fees are being wasted.
@@WoodlandDance That is a hefty increase. I moved in in 2015 and they were $180. They just went up for I think the second time or so and are now $240. We haven't had a special assessment since I've been here.
Why did yours go up so much at once?
Go somewhere similar with no hoa
Exactly my mortgage pmts are $700 month plus utilities no way could i afford apts or homes for rent in my area!!! I took on a tenant in my house to help me after job loss covid & 2 breast cancer surgeries! I have a dog a yard a house i hate apt living and condo 😢😮 so i do the best i can with a bad situation. Why do they need to go into a condo? He did NOT ask what mortgage pmts are conpared to condo pmts
Watching this at 19 years old really puts this stuff into perspective for me. I hope this elderly couple is doing okay now :(
Start saving now even only a little out of each paycheck and don’t touch it til retirement. Wish I had done that at 19.
Watch it carefully.... hundreds of thousands of seniors are in these shoes. Thank God you can get a job if you want one.
And here is me, living in Europe figuring out how to "go retired" before I am 50....I can't belive how tough is living in US
Buckle up kid, it's going to be a bumpy ride 🤣🤣🤣
@@amara1954
Me too. But I got out of all debt in my early 40’s. No mortgage, no credit cards, no any debt !!! 👍🏻😂
I'm so glad she called in and was honest
I'm 70 and my wife is 66, I started saving for retirement when I was 30. Always worried would I have enough. Every time I got a bonus most in the company would spend it on frivolous things or toys, new truck, zero turn, refrigerator, etc. I would put mine in retirement. When retirement came we found out we had our home and 2 new cars paid off and more money than when we were working. It starts early. I stress it to my children in their 30's.
Good, thats what im worried about. Im 31...so thanks..gives me hope
@@The1707regina It sneaks up on you fast. If you're diligent you'll be fine. The stock market will drop but it always comes back. Many times people would pull their money out and I'd let mine ride and it would come back stronger than before. When I was in my 50's my friend would always tell me how great retirement was. Well now I understand. Good luck.
I really like the advice they gave this lady. It's solid, in my opinion. I would like to point out, however, that there is nothing wrong with being a maid. He said it in kind of a negative way, I feel. It's honest work. I respect a lady who does honest work.
he didnt say it was bad. he said it was too phsycially demanding for her age- and he's correct
@@tahitiantreatskeetjuice5587 Correct. He was quite respectful about it.
It is also a pretty poor job to hold, so while it's honest work, it is pretty bad. In the end $24000 a year doesn't cut it in almost any place.
He said it negatively because she 70 years old cleaning home. It isn’t something that easy on the body
He did not say it negatively, he simply said it is hard work but you can make good money.
This is incredibly sad, feel so much for her. I've never seen Dave speechless for so long.
Never once have I seen Dave mention the root cause or explain the impact that the ever increasing inflation tax is having on each of us. Nor has he ever mentioned how much more money the average American would have in social security dividend payments if the government hadn't "borrowed" stolen over $2.7 trillion from our trust funds. It's all our fault and will be to the day we're all living in tents under a bridge.
I’m 48, have been saving for retirement nearly my whole working life, and *I* am nervous about what my retirement scenario will look like. I own a home that is nowhere near paid off (other than that and a simple car, I have no other debt). As a single guy, I love eating out, going on cruises, and getting on an airplane and flying wherever. His advice is good, even for me. I need to quit living like the money fountain’s never going to stop, and start living like I’m bankrupt so I can get that car and house paid off.
I’m in the same boat.
Too bad abrupt climate changes everything
If they move to NYC they have welfare system free cash assistance plus free medical
I’m 50 and in the same boat.
I live in NYC and if you own a house in NYC, you can't get much assistance. Not even if you need a home health aide person.
People say money doesn't buy happiness but I gotta tell you having enough money sure does make life a lot easier.
This is a painful and sad call to listen to.
Hopefully everybody listening takes this seriously and realizes how important it is to get their finances in order early on in life. You don't want to be the person at 71 forced to clean houses to make ends meet, when you easily could have gotten serious 20 years ago and been retired nicely
I guess I'll quit reading this and get back to my work! For real! Lol
For the ones that have parents that are heading into this situation please share this clip with them.
My mom was with the thought before that she wanted to leave us cash or give us (the kids) money now. After learning about Ramsey I had an honest talk with her and my dad and told them I don’t care about inherence. All I want is their debt paid so they can have money for retirement and even more important to have money in case one of them ever needed a nurse or some sort of medical help.
After seeing how things went down with my grandma when she got demencia it is not a pretty spot to be in without a safety net. Too much pressure on family and it’s just devastating emotionally.
And hand it all over for nursing or a home, I'll give my money to my kids now, and if it comes to being in that condition, just kill me.
@@340rps even though that seems self-less, it’s really the opposite. By making sure you can be cared for when elderly, you are taking a huge burden off of your children.
@@emmaleebuzzard1023 Exactly!
Problem is,a LOT of people hear Ramsey's advice,but as soon as they hear"No more restaurants,sell the Roadster"...Dave's voice quickly FADES into oblivion!!MOST of the time,there are VERY GOOD reasons people end up in financial straits,ie;supporting their grown kid/s.
Or making $4k per month and spending $4200.
Stop footing adults’ lives
If they’re disabled, get them on SSI or SSD and Medicare/caid
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.
Indeed, It has always been tougher to understand how to build your money after retirement and even more so right now with the inflation. You can experience a completely varietied market passively by employing a successful portfolio-advisor.
Even if you're not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April last year due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I've made over $250k since then
It's recommended to save at least 20% of your income in a 401k. Sonya Lee Mitchell taught me to estimate how much you should save based on your age and income. I've been with her for years now and her decades of experience in the markets translate to chunks of value in so may ways! She has upscaled my portffolio and even got me reading self help books haha
Mind if I ask you to recommend this particular manager?
Google Diana Casteel Lynch and do your own research. She has portfolio management down to a science
This gentleman is among the sharper tools in the toolset. I have NEVER seen him stumped before. But on top of that, he is truthful and extremely compassionate in his responses and delivery. Hats off!
I like Dave and agree he's great at giving advice, but his suggesting they buy a condo for $100k was simply not realistic. You can't buy anything worth living in for that price that is not going to be needing money to fix it up and keep it livable.
@@captinbeyond That’s definitely true. I’d even go so far as to say that $300k would be a stretch depending on the geography. 👍
Dave is NEVER stumped 🤔
It’s not exactly rocket science to tell people to cut down their bills. It’s barely even financial advise just basic common sense.
@@Davidsworldtravels True. Paying your bills on time is common sense, but I believe he provides deep and more relevant information that that.
Been watching, listening, and paying attention to all of predictions and forecasts since early Covid. He hasn't disappointed yet 👌
Well said! I am also here to learn how to invest after listening to a lady on tv talk about the importance of investing and how she made 7 figures in 3 months, somehow the video taught me nothing and left me even more confused, I'm a newbie and I'm open to ideas on how to invest for retirement
@@DavidAntony-gq7id lookup KRISTIN GAIL CUNNINGHAM , this is her name online, she's the real investment prodigy since the crash and has helped me recover my loses
@@BrunoLuke Despite the economic crisis and the rate of unemployment now is the best time to invest
@@DavidAntony-gq7id Investment now will be wise but the truth is investing on your own will be high risk. I think it will be best to get a professional👌
@@BrunoLuke Thank you, Going through her profile on her webpage out of curiosity, and surprisingly she seems proficient. I appreciate this.
This is why saving for retirement is important.
@Anthony Harris 👍🏽 ...shelter is the biggest expense
they are still buying fancy cars (11k in debt), have some fancy thing at home worth 10k (i don't even know what that thing is) and they do eat out! Maybe they are enjoying the stress!
Thats why getting rich asf is important
Retirement is no guarantee some ppl just build different streams of income instead. However if you feel you can live long enough for retirement go for it.
They did it’s NOT enough
I just turned 50, and I'm honestly feeling overwhelmed about retirement. I have a little over £300k saved, but with inflation and the rising cost of living, I’m starting to wonder what kind of retirement I can actually afford. I don’t want to end up outliving my savings.
That’s a valid concern. Retirement planning has become tougher than it used to be. Many people underestimate how much they’ll need or overestimate what their current savings will cover. You have to think about unexpected medical costs, market downturns, and even how long you might live!
After covid, I vowed to never again put all my eggs in one basket. I've since diversified my investments and hired a financial advisor to manage my excess funds. Now, as a semi-retired sailor, I spend only 9 hours a week maintaining my yacht, and I'm thrilled to be just 5% shy of my $3.4 million retirement goal, thanks to savvy investments made since rebuilding my finances
Thanks for sharing your experience! I've been managing my portfolio myself, but it's not working out. Do you have any recommendations for a good investment advisor? I could really use some help
My CFA, Joseph Nick Cahill, is a renowned figure in his field. I recommend researching his name online; you'll find all his credentials and everything you need to work with a reliable professional. With many years of experience, he is a valuable resource for anyone looking to navigate the financial market.
Thank you so much for the suggestion! I really needed it. I looked him up on Google and explored his website; he has an impressive background in investments. I've sent him an email, and I hope to hear back from him soon
I so feel for this couple! I'm curious about what she wanted to hear. Not an easy thing. God bless them both.
She wanted to pay off the mortgage, her husband the car! Seems they can do both by selling the roadster. Wish them all the best.
So heart wrenching - counting pennies at 70.
Because maybe they didn't count pennies at 50 or 60
@@Columbus1152 or even 20 and 30..
this is the future for all of us.
@@Mike-qc8xd Doesn't have to be
@@Columbus1152 Exactly. Some advance planning early in life means you're stacking money and living large in retirement. If you've done things like pay off all your debts (including mortgage) when young, you can live very well.
This is helpful for a 71-year-old but even more helpful for a 31-year-old.
31 and completely agree!
Exactly and Dave would give different advice to a 31 one year old. Truth is she can not work 40-60 hours a week. And at her age the odds of her becoming very wealthy are very very slim. So the advice he’d giving her is help the rest of her days out with as little stress as possible
At 31 they will NOT pay any attention to this. They are invincible and will live forever at that age. No worries at all generally speaking.
@@randymillhouse791 I’d say there are a lot of 31 year olds starting families and paying attention…
@@mknawabi If they are starting families then they are not paying attention. I never had kids and, no, that wasn't a court order. 🤣
Investments are the roots of financial security; the deeper they grow, the stronger your future will be."
Well said! Retirement is the reward of disciplined investing over the long term, not just a destination.
Well said! My adviser guided me through retirement planning, ensuring my investments were strategically positioned for long-term rewards.
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further.
you didn't hear her
they made some real bad investments
I expect that's why they never use retirement
or withdrew their money from retirement
to invest it like most people and give them enough income after retirement
because they are changing the retirement systems for the worse.
You can see his compassion. He told the truth to help them.
🙏🏾🙏🏾🙏🏾
Seems to me the condo idea was the best direction to take but she didn't want to hear that. Already had somebody get in her head with the HOA stuff.
Hearing stories like this make me want to stick to teaching at times. I just entered my 6th year and recently learned that I have 15k in a retirement account that I never even knew existed until recently in addition to my personal savings. We have absolutely no say-so in regards to that money coming out and I just realized how blessed I am to have just a bit more than I thought I did.
There you go! At 28 years into my own teaching career which has become tough to stick with, for various reasons, that nice $6-8k monthly is going to make all the struggle and grinding worth it.
I just retired after 30 years teaching…I’m Canadian and earned a lot more than in the states…retirement pension is nice. Come teach in Canada!
I could not remain at teaching. The stress was killing me, but lack of a pension will kill me too.
May God bless this woman. Seems like a genuine person.
God bless you ❤🙏
People who are able to retire early are lucky . I have 15 months till 65 and need to look at calling it quits, my only fear is running out of funds much later, thus keen on investing. What could be the safest possible ways to invest for cashflow, in order to afford lifestyle after retirement?
Not offering any particular advice, but I can assure you that most stocks still have growth potential. Re-distributing is not as hard as many people think it is. Ordinary investors lack the requisite level of diligence, so having a financial advisor on board is usually highly beneficial. In the market, this is how people generate enormous profits.
True. My portfolio was diversified across several markets with the help of a financial planner, and were able to achieve over a million in net profit among high dividend yield equities, ETFs, and bonds. It is vital that you have a variety of exposure, including in firms that are currently generating cash flows.
You seem to know the market better than we do, so that makes great sense. Who is the guide?
Amy Desiree Irish is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Amy Desiree Irish’” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Financial stress can be so debilitating. Unbelievable how hard life can be
I get the feeling the kindly elderly person was not saying how they overspent way beyond their means for decades. They are facing a painful financial pinch, which is not the same as financial devastation.
Nobody knows which way the wind will blow. A few of my former co-workers had impressive 401k balances but some passed away before 65 years old and never got to enjoy everything they worked hard for. Do the best you can with the time God has given you. 🙏
Yea that's the thing you grind hard for many years in hopes for that good retirement. However theres no guarantee if you will make it and some ppl won't take that chance.
Most of us will make it to the age of 65 though, so we need to plan accordingly.
most will make it, AND need it... there is no choice, you have to save for retirement. if fate has it something happens to me than the money will be there for my wife and more importantly for my kids. someone will benefit that I love.
Precisely why I started collecting at age 62. It got me out of debt, and got me some breathing room. I too have unfortunately seen many of my coworkers pass away in their 50's.
In addition to collecting SS, I picked up a part time job. ✌
@@marcopiscina4848u can work n still get SS?
I saw this first hand with my parents, it is really scary.
Me too with in-laws
@@ariv8585 It sucks......
Yes this is my parents.
This definitely sucks, but even if you tell people most won't listen especially when they're young
What are your parents doing?
This is the reality for the majority of American seniors. I appreciate your hopeful advise. Giving "real people" hope in their adversity is a must. I thank you for giving her hope.❤🎉
One of the clearer explanations of the problem from a caller. Good luck to her.
Good advice. We are in our early 50's and have no retirement, either. But, our home IS paid in full; that is the only great thing we have going right now, besides the most important thing- our family.
Please excuse my ignorance, I'm just trying to know if theusa works like my country. Here in France, the moment you work, you will haveyoure retirement at 63 , you must work for 40 years to get full retirement but say in case an housewife that has never work because she takes care of her children, she will only gets like 400 per month.
@@tweetyslife253 nah here in the STATES we have a supplement that's similar to yours it's called social security, but it's not near enough for most to retire with
@@Mark-nx7mr I understand that but when companies remove pensions it made 401ks a necessity, but alot of people are not investing that way.
If I were you, I'd be looking to pick up a few cheap investment properties I could rent out. Stat.
My mother is in a similar situation... her situation turned me to Dave Ramsey in my 30's. Learn from other people's mistakes people!
Right!
I thought she had nothing . $25,000 cash , $250k home ( -$27,000 ) , $2,000 a month SS , $2,000 a month job ( in the short term ) ., $10,000 Roadster . I don't know why their SS is so low . They're in OK City with a big University - can they rent a room out ? If they're willing to move out like Dave said Sell the house .
I’ve never seen Dave at a loss for words!!
I don't ever plan on being in this situation but I always watch these vids just in case something horrible happens I'll know what to do.
my heart aches for this woman. People take note.
i'm in my 30s and WISH i started in my 20s. Thank goodness i got scared in my 30s.
I currently have a good amount in savings and checking accounts. I have zero debt. I have a 401K at work, but there's not much in it yet. I opened a Roth IRA last year, I have no idea what I'm doing and need help on what to do and how I can invest some of my savings or checking. Should I hire a financial advisor? I really lack basic education on how to invest and what in. I feel I need a lot of guidance. I have no idea what's good or bad advice.
I did for the majority of my portfolio. Aside from the fact that I don’t have the time or energy to actively manage my money, they also provide me with extras like creating a will, creating different types of accounts, handling my taxes, insurance advice and procurement, etc. For me it was worth it.
when you say majority of your portfolio I assume that you can compare your returns with or without an advisor, which is preferable ?
Yea I have some fun money in RH but the big majority is managed by Nancy Magaret Delony. I have scaled to 1.7 in investments and find that she is indeed worth the cost to have in my corner. I think in a bear market she is good at beating the market; in a bull market she lags a bit. But that's the point, I think.
Look her up, Nancy Magaret Delony. She has a large following and is easily found online.
As a retired advisor I’d say this, if you have the knowledge, the time, the risk tolerance and the ability to do good DD (due diligence) than heck no, you don't, but if even 1 of those needs is an issue for you, get an advisor, any cost associated with an advisor is far less than 1-2 bad decisions if you’re wrong on a stock or fund
Sell the veh, pay off mortgage and car...now debt free. 2k a month SS depending on taxes and where you live...tightening the belt...at 70, you could make it okay without selling your home and without needing to work so hard. What a nice sounding lady. And i hope all the best for her and her hub.
Agree with you Kiki.....
💛
I have friends pushing 60 who have little/no retirement savings. They make good money, too! They spend it all on boats, cars, trips, eating out. When asked what they are going to do in retirement, they say they aren't going to stop working. Well...your body will have other plans, possibly. To each their own but I'm living frugally to take care of a future old person I love who will need my younger self's help - ME. I wish I had started earlier but better late than never!
And, kudos to the younger people who are saving. We didn't have internet/social media, which I think helps teach and show people why they need to save. Lots of good things about social media, too! 🙂
Wow. So foolish.
True. But older folks had the benefit of time. The postal service is slow but not 40 year slow.
@@xyz987123abcdifferent benefits. But, both have/had benefits. Don’t focus on others…focus on your benefits and take advantage! 😁
This is similar to my parents story. Hits close to home….my wife and I will be debt free by November🙏. This won’t be our story
My parents too! I always say I will do exactly opposite of what my parents have done! Sad, but mine made horrible financial decisions with great jobs 25 plus years ago! I can barely handle being around them, that’s all they talk about but won’t do a thing to fix it! 😒
I can relate. My have nothing and that was enough to motivate me. Blessings to you and your family. 🙏
Yeah me too. My parents never made a lot of money. My dad was a pastor making very little plus no 401k or any benefit. They are 60s now and doing more physical job. I feel bad for them since they spend the small money they have to support me and my sister. Now we give them 1000 each every month. I guess they are lucky to have us as their kids. I’m sure not a lot of kids would support their parents like us. But yeah it always hurts to see them working 70 hrs a week. They are hoping to get their social soon. 😿
Health problems can set anyone back
Congrats to you BOTH!!!!!!!
Lucky that they still have their social security to rely on, for a lot of people that's all they got and it's just simply not enough to live off and never will be. It's so crucial that people set themselves up a retirement portfolio and contribute as soon as they can. I work with a lot of young adults and I ALWAYS push and push and push them to setup their 401k's or setup a Roth IRA and get started while they are young because it compounds so fast.
As a tax preparer I've seen this more often than one might expect😔
I remember one year when I was getting my taxes done at H&R Block and a 30 year old woman was sent up to the front desk after her taxes were prepared and she was supposed to write out a $2000 check to the IRS. She was screaming at the receptionist that she doesn't have the money to pay the IRS. The receptionist was cowering in the counter and didn't know what to do. Very tramatic in that business.
Good luck to you both
@@MyLifeThai371 File an extension. It has to be paid or the IRS will start to garnish your wages. NEVER EFF WITH THE IRS. You could go to jail for tax evasion.
@@MyLifeThai371 wow, that's scary owing that much
Our tax system is unfair and helpless...sadly.
This is so many people I know. Needs to be talked about without judgement.
This is a great example of why people need to start retirement planning, saving and investing as soon as they can. This, unfortunately, is a very common situation.
A1C
🐍
It's because she and her husband couldn't agree.
Retirement plans ain’t even guaranteed
Hey I'm going to make my kid start when she is 16 lol and she will thank me when she is 30 ...
The problem we have is because Most people always taught that " you only need a good job to become rich " . These billionaires are operating on a whole other playbook that many don't even know exists.
Money invested is far better than money saved , when you invest it gives you the opportunity to increase your financial worth.
It is remarkable how much long term
advantage people like us have gotten by trying to be consistently not stupid,
instead of trying to be very intelligent.
The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on government paycheck, especially with the current economic crisis around the world.
Many individuals report success in investing in stocks,fx, yet I continue to struggle.Can somebody help me out or advise me on what to do?
Even with the right technique and assets some investors would still make more than others. As an investor, you should've known that by now that nothing beats experience and that's final. Personally I had to reach out to a stock expert for guidance which is how I was able to grow my account close to $35k, withdraw my profit right before the correction and now I'm buying again.
I'd love to hire an elderly woman like this to watch my kids. I bet it would be easier than cleaning and they could learn so much from each other. I bet many other moms would like the idea...
Depending on the children, age, sids risk, childs health and if it is highly active.
You are nice pretty and respectful
My mom says cleaning is easier than watching children
@@dianac6250 I have to agree, but some kids are easier than others.
Omg watching kids is way harder than cleaning!! Of course it depends on the kids.
When your fighting all your life to pay bills every week its hard to save.
There’s gotta be a level of scale back
Retirement can be boring, unless you can afford to travel, It is hard to stop working.
No kidding. All this talk about stocks and bonds and 401K etc, meanwhile Joe Average is juggling utilities and grocery bills. Just where is this magic money going to come from for the luxury of investments?
@@Lesrevesdhiver stop all unnecessary spending. It's there, you have to decide what you're willing to give up.
@@gloriascott6491 I am not retired but been out of work for four months and yeah, one can do the same things only so many times.
As a recently semi retired RN...the average person even those who seem to put down others who don't have much saved can be one or two illnesses away from being just like this lady, and maybe even younger. Unless you are uber rich a chronic illness or a major accident can reduce you to little even with health insurance. I have seen this many times over during 32 years in nursing. Went through cost of chronic illness with both of my dearest late parents. Thank goodness they had good health insurance and with my knowledge as a nurse we managed. Life has many twist and turns. I know many times people say sell your house and get a condo. Be careful those condos and HOA fees (which can get uncontrollably high and out of your hands with a condo board) Maybe find a cheaper smaller house with small HOA fee and avoid a property with a Condo fee. Been there with those condo fees and all I can say is OUCH!
Absolutely...a retired person shouldn't have to deal with that condo association rubbish.
life is an fortune, we can't predict it, but being good with it.
@@tritruong6279 a fortune not an please
Invest into an hsa account early you’re right one illness could derail anyone
@charliccan depends on where you live
An increasing number of people may struggle during retirement. Low wages, rising inflation, and high rents make saving difficult. Even middle-class Americans now face challenges in homeownership, leaving many without a stable place to retire.
Here’s the thing: “You’re not going to see the inside of a restaurant unless you work there.” -- Dave Ramsey
Words to live by!
Rice, beans, and homegrown vegie time. Streeeeeeetch that budget.
The American Restaurant Owners Association wants to know Dave's location.
@@waterheaterservices 🤣
@@waterheaterservices Why?
This can happen to anybody who isn’t intentional and doesn’t plan for the future
And even if you plan, things go wrong, like job losses, etc. Not all of us have a perfect life.
@@shannon2748 Some Plans are bad but still people should Plan for the Long Run and then no more need to do that for a Longer time..
wow. this lady's story is the reality most of us fear, and know at least one friend or family member that is trapped in this type of situation. bless this lady for having the courage to come forward.
@Hello there, how are you doing this blessed day?
Definitely my fear
Yes Dave many in the late 60s need your advice😢
Interesting I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.
Thanks for the info . Found her website and it really impressive
I would pay off the house first. It would be gut wrenching to pay off the other debt and then end up losing the house but if the house is paid off then it’s not that much of a big deal losing the other things. A house is a huge asset which they already have about 90% equity in. Just pay the small amount left and deal with the other debt after.
I agree man that house is gonna be the cornerstone of their retirement
Agreed. Sell the roadster. Pay off the house. Use the monthly mortgage money to start paying off the car. If you lose the car it’s not that big of a deal.
Don't the cars have higher interest on them? Anyway, I would pay off the one with the higher rate and pay of the rest slowly. They were also stupid buying a car with $11k loan.
@@baxakk7374 she wants focus on the house because it's their life support and their earning potential is in jeopardy.
I would sell the vehicles they owe money on, stop eating out, take that car payment...put 1/2 in the savings and pay the other 1/2 towards the house payment...
I’m in a similar situation. Had to move far outside the county line. Found a nice trailer in a fairly nice park. Since I’ve moved here, around two years ago, prices and rent have nearly doubled.
The problem we have is because Most people always taught that " you only need a good job to become rich. These billionaires are operating on a whole other playbook that many don't even know exists.
Money invested is far better than
money saved, when you invest it gives
you the opportunity to increase your
financial worth.
It is remarkable how much long term
advantage people like us have gotten by trying to be consistently not stupid,
instead of trying to be very intelligent.
The wisest thing that should be on
everyone mind currently should be to
invest in different streams of income
that doesn't depend on government
paycheck, especially with the current
economic crisis around the world. This is still a time to invest in Stocks, Forex and Digital currencies.
Many individuals report success in investing in stocks, forex, and cryptocurrency (Bitcoin), yet I continue to struggle. Can somebody help me out or advise me on what to do?
Even with the appropriate method and assets, some investors will still outperform others. As an investor, you should already know that nothing surpasses experience, and that is final. Personally, I had to seek advice from a stock specialist, which allowed me to build my account by over $35k, extract my profit just before the correction, and now I'm purchasing again.
She knew what she has to do, she just needed to be told. The car, eating out etc…. You gotta get your priorities in check
Yes. Eating out costs so much!!! Don't over spend!!
Only Rosie O'Donnell can afford to eat out for chrissakes.
Yeah she may know what to do but it’s not up to her it’s up to them(as a couple)
It helps to hear it spelled out. I am taking a class right now in quality engineering. It is all mostly common sense however I will be a better engineer because of having these concepts spelled out.
you shouldnt be eating at 71 you need to be fasting.