My retirement plan isn’t just about me, it’s about ensuring my family is taken care of. Knowing I’ll have the resources to support myself in retirement and possibly leave something for my children is a great feeling.
I embarked on my retirement journey early and will always be grateful to my financial manager, Benjamin Todd Glenn, for assisting me with my retirement savings plan. He walked me through my options, helping me choose between a 401(k) and an IRA based on my goals. He helped me allocate my funds wisely so I could balance growth potential with risk management.
My retirement plan has given me the confidence to enjoy life now, knowing I’m preparing for the future. I don’t feel guilty about spending money on experiences because I know my long-term goals are covered. It’s such a relief!
@@1HotSkiBunnie Yeah, and typically those rules and processes are used to manage money correctly. If you can advise someone on how to keep track of their money, but can't keep track of your own, I feel sorry for your clients.
The thing I love about Dave is that he doesn't beat up on you about your current financial situation. The damage has already done. He's all about resolving the problem.
People are facing a tough retirement. and it's even harder for workers to save due to low-paying jobs, inflation, and high rents. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire in.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
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
U r so right. Americans cannot afford to retire here anymore unless u r wealthy. Many of those were anti immigrant when young, but suddenly when they have to retire it's ok to live among immigrants. Very ironic.
she's actually doing pretty well. there are many who are in a terrible situation with no good job, no house, and building up debt. most people don't start from a 500k home
Yeah, in a lot of place you can get a decent small house for $100K, if she can get $200K invested by retirement, a good dividend investment could get her $1500 a month and pray that social insecurity pays halfway decently.
@@Marven1k That kid can work and get loans and has 40 years to pay them off. A parent needs to take care of themselves first or else they will be reliant on that kid to survive.
Hi there, I’m two years away from retirement and, as a senior, I’m wondering how others typically allocate their income. How much goes towards savings, living expenses, or investments? I make about $50K annually, but so far, I haven’t built much with it.
In these volatile markets, it’s wise to diversify while keeping 70-80% of your portfolio in stable investments. Given your budget, seeking advice from a financial advisor could be a smart move.
I think you're better off with majority investment in S&P500 and uprising equities cos they always outperform. Also speaking with an advisor can help with pointers. I've been in contact with one I reached through commentaries here, she has been really helpful.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
MARY EBI AHEARN is her name. She is regarded as a genius in her area and works for FIRST HEARTLAND CAPITAL, INC. She’s quite known in her field, look-her up.
This reference seems valid.. Just looked up her full name on my browser and found her webpage without sweat, over 24 years of experience is certainly striking! very much appreciate this.
Kimberley Hammett I can help you with that and anyone else. Dave is sadly not giving you the right information. Getting out of debt yes absolutely, but retirement should not be in the hands of the market.
I’m really glad and grateful to God to have people like Dave. I’m 36 years old, nothing saved, working hard to get myself up. It’s people like you who make it possible for people like us to know that we can get back up. All the way from South Africa 🇿🇦 God bless you sir!
I work the other direction. Divorced at 61 with no savings. Moved from Florida to middle of Utah .Bought a zombie apocalypse house for $47,500. Moved a housemate in. Morgage is $469 month between two social security checks we can live well with no other debt. Chickens and half acre with clean air and water. Two people don’t really need much. No city stress and retired.
@@sheilawiggins8890 I don't think so. If you are in a country with social security for retirees or pension, I think IF your house is paid off so you don't pay rent, you can do well with less than a million.
Arie Fraiser hope her kid appreciates her putting her priorities on hold to help them out with school, and helps her out once she retired. This is so scary. Having no saving at 60.
@@nikkisultan68 I paid my way cash through school by working at UPS loading tractor trailers and staying at home with my parents for 3 years. I'm the oldest of 5 and we didn't have the money at the time. My parents told me as long as you're going to school and you're serious about it we will support you with what we can whuch was room and board but I had to figure out the rest. So I picked the cheapsest closest quality university and a stem major that didn't require an ivy league degree to get a good job. This was 1997. Seems today every kid thinks they should go to any college of their choice at any cost even if it means taking out outrageous loans or torpedoing mom's retirement.
Dave is really uplifting in the way he always has a confident plan no matter how upsetting your situation may be. It makes me feel like theres always a light at the end of the tunnel when his perspective shows that there IS a solution out there, and here are the steps.
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.
But maybe have a younger person run it, like one of his kids or something. It would be a hard sell for teenagers to relate to hard-of-hearing, rage-y Dave.
The sad part is that having to downsize so drastically is psychologically defeating. People need to realize that physical possessions have nothing to so with your self-worth.
It doesnt have to be psychologically defeating if you have the right mindset...that it is a stage of the bigger plan. Kind of like dieting to reach a health goal.
Comes down to, do you want a fantastic house and eat dogfood at 80 or do you want to live in a moderately older house and eat like a human? Gotta always look at the dark side to see why it's worth suffering a little today to not suffer a lot tomorrow.
I live in MD. I went to dc clubbing over the weekend. Two people came out of the club bleeding whole I was in line and the roads where very crowded and seemed very unsafe. I felt like I was in Baltimore. DC is trash now. Great move.
Thank you for providing such valuable information. It's exactly what I needed to hear. Both my wife and I serve as directors for our farm business, and we also own property along with our small pensions. As I approach the age of 55 and my wife is 52, we have initiated our savings journey towards retirement from the farm. Our aim is to potentially rely on rental income to support our retirement lifestyle. I would greatly appreciate it if you could organize a live session where you discuss strategies for earning passive income online and achieving a comfortable retirement, with a target goal of $1M.
It isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing.
@@Lemariecooper I completely agree with your perspective. As a newly retired individual at the age of 60, I have accumulated approximately 1.2 million in funds outside of my retirement accounts. I have managed to remain debt-free, and in comparison, the balance in my retirement funds is relatively small when considering my overall portfolio growth over the past three years until the present time. To be honest, the importance of an investment advisor cannot be disregarded; it is crucial. However, it is essential to conduct thorough research in order to find a reputable advisor.
@@Erikkurilla01 That's truly impressive! I would greatly appreciate some information about your financial advisor. I'm currently seeking to make positive changes to my finances this year as well, and it would be beneficial to explore potential options.
@@patrickbrussels4454 I work with a specialist named *STEPHANIE KOPP MEEKS* . I came across her through a CNBC interview where she was featured, and I reached out to her after some time. She has provided valuable insights and guidance on the specific securities that I focus on. If you're interested, you can easily find information about her online for further oversight. Essentially, I closely follow her trading strategy and have not regretted doing so.
Even when the person's situation doesn't relate to mine at all I still enjoy watching Dave solve the puzzle and make a plan. No matter what your profession, problem solvers succeed.
Im 53 and have a net worth of only $55000. I had a wake-up call at 50 when I realised I had a net worth of $1000. I wont retire a millionaire but will have a lot more than at 50 before changing my money habits.
David Winckel congrats to you. I think that is awesome. You should definitely give yourself a pat on the back for coming such a long way. And ...in only 3 years? I know that took some decipline. Tell me....what did you do to get to where you are now? There are soooooooo many people in your 50 year old situation. You've come a long way and I'm wishing you continued wellness and prosperity.
@@caseyj5597 I'd rather be realistic and see that the average life expectancy in the US is 78 years old for a woman. Depressing thought that you'll be able to retire for 4 years before you die.
My mom never saved a dime even though my wife and I told her, back when we were teens and still dating, to do the 401k and kept telling her for over 20 years. Eventually she got laid off @60. Then health problems set in and she could no longer stand long hours in retail so she took SS at 62 and lives like a pauper. Mom always let life happen. She never made anything happen. Don't be like Mom.
I’m 44 and I’m going to apply this plan now so I can better plan for my family and myself. Good advice. I hope she adheres to this because I sure have.
@@Whydoyoureadme I worked several jobs consistently throughout college, paying for it myself, and I’ve been able to pay off over half my loans in about a year and a half out of school. I don’t get how people aren’t able to work while in school
@@Whydoyoureadme Deliver pizzas, flip burgers, wait tables, be a cashier at a grocery store, etc. There's tons of stuff you can do part time to earn some money to help pay for school.
Retirement is about planning. In the first few weeks of my first job a older co-worker gave me some advise. He said " only work at a job with good retirement benefits " ... I listened and retired at 59.
@@armybeef68 sadly that excuse and mindset will keep you in the same situation. Starting off investing small amounts is better than nothing. Go search for local meetups or online groups for beginner investors to listen to there ideas plus hear the same concerns you have. Start a Roth IRA....50 bucks a month is better than nothing. I would get a part time job....if you just invested 1/3rd of each paycheck, snowball effect will happen eventually. Talk to someone about pros and cons of a cash value life insurance policy WITH guarantees. Please dont put this off any longer.
@@ronaldbeck1762 thanks. i hear this scenario often as an insurnance and annuities agent. baffles me how someone can be 50 and have NOTHING in place for a nest egg & just let senior life just pop up around the corner.
I’ll give you a glimpse into the future with the current choice you made. My husband, fresh out of college, started investing in a 401k with his first job. He had little expenses so he was able to put a decent amount, plus a company match, into it. Because he started young, he continues to invest and the contributions aren’t painful. He’s put himself into position now for a 3million+ retirement account, somewhere in his early 60’s. He’s 45, and has a way to go but his financial future is solid. You’re young, life will undoubtedly throw you some curves, just keep investing, even if it is small at times. Believe me, you’ll be thanking your younger self for a very smart and wise decision. Best of luck to you.
Well, to be fair, she built up a lot of equity in her house which she recently cashed out so she did a lot more than many at her age. 300K at 59 isn't great but it's better than most.
She was not happy about the idea of living in a 200K house. Clearly been living life to the fullest (leased cars, expensive home) and this was a tough pill to swallow
I am at the beginning of my "investment journey", planning to put 85K into dividend stocks so that I will be making up to 30% per year in dividend returns. Any advice?
)How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
@@geocam2 ya, it is a sad state of affairs. We have our home paid off. But raising kids has taken our last nickel every month. And we both have good jobs. Inflation is making things interesting for sure. I predict a rough future for basically all
I have 2 more payments on our house 😃. Sadly, we r getting crushed by inflation in our family. We have combined income of 150k, but our household has been running a deficit the last few months. I can only imagine what is happening to most of our neighbors. I am 53 and have never seen anything like this.
My mother was in a similar situation. She worked her whole life and died at 75, no retirement. I didn't know until after she passed, but the only real investment she made was a life insurance policy that went to me and my brother. Thanks mom.
First thing I would suggest, and I'm no financial planner, but the daughter needs to be looking for scholarships. She needs to make it her job to find as much money as possible.
I'm 53 and moving to a paid for small house/cabin with my partner in a very beautiful part of our country. We have no debts and can easily live comfortably on our pensions when those kick in. We will be living with the basics but we be in a beautiful place and have each other. Expensive lifestyles and material things are overrated. Get off the grid and live cheaply. Focus on love and mental well being.
Sorry, you had me until the "get off the grid" part. I need the grid. and air conditioning. and internet. and of course, ya gotta flush. I don't need a lot of fancy things, but those things I do need. Oh and my hubby. I need him most of all. :)
That's our plan too... We are saving, and maximizing everything. But, we have no intentions of working long hours, when were are older. We want semi retirement early, with part time jobs, because we both like to work. But all we need is "A view, and a coffee maker"....and time with each other.
Title is misleading. She has almost 300k in cash from the sale of her home. Just bank that, rent a nice 1BR condo, continue to work/save normally til retirement, and you are golden.
JonnyBeoulve Depends what kind of debt you’re in and what country you’re in. Most people still have student loan debt in their 30’s. I’m from the UK and 83% of students will never repay they’re full student loan and will carry them until they die, but that’s because the conditions are different here. Minimum payments here are nothing (around 10-£125 monthly typically) and you don’t pay until you earn over 25K a year and if your income falls below that, repayments stop. The way it’s designed, you’re not really ‘meant’ to pay it back fully. I believe they don’t want you to. So I’m good as long as I’m completely debt free (minus the student loan) 🤷♀️.
@NurturingTalents why no student loan debt at 30s tuition is going to increase again next year so how are people expective to not have student loan at 30s if tuition and cost of living keep increasing while wages remain low?
I read the title and as a child of a 59 year old parent, whose mobility is degenerative, I got stressed out. It reminded me how long it took them to snap out of it and take aggressive actions to get their finances in order. This particular parent knows they’ll wind up living with me. I’m thankful that they now understand the importance of relieving me from any additional stress in my future care-taking of them.
I'm retired with over 3.5 million networth, I've always loved the FIRE movement but the FI part is most important. I'm so happy I made good decisions about my finances... You can do it too
Listening to Dave's talking is very wise and I eye opening...but, Oh boy!...reading the hundreds of comments just as much entertaining! This show wouldn't be complete without you guys! Keep up the good work and keep commenting! Greetings with love, from over the pond! ♥️
I think he wanted to keep the focus on the goals--where she needed to be in 15 years and what that meant going forward. If she's really cash-flowing it, it can't be that expensive, and in any event at this point she's made a promise to her daughter. I've made it very clear to our kids how much of college we will pay for, but once they've chosen their college based on that I'm not going to switch in mid-stream and say "Oh, sorry, but you're now forced to take on a bunch of debt because *I* didn't plan ahead."
I’m blessed to have parents who instilled delayed gratification, investing for the future, living modestly, etc., when we were young. In your 20’s it’s hard to see 60. But here we are, comfortably retired and able to help others going through various trials of their own
Most condos have what are called HOA fees. Imagine your mortgage is $1,500 a month taxes are $300 a month and HOA is $300 a month. Now instead of only paying $1,800 a month to live somewhere you're paying $2,100 a month. Or, $21,600/yr vs $25,200/yr as an older person which would you rather pay?
@@CarbonJackal13 the point is if you sell a house you can more easily cash flow a house, so they would have no mortgage and would only pay the taxes and HOA. The average rent is 1400 plus now, so buying a condo with cash is FAR better than renting. Most people will run out of money renting before they die.
@@bettysmith7045 Let's do some figures: instead of buying a 200k home, I'm investing the 200K and renting Rent 1600/mo - 800 savings saving from renting (No taxes, insurance, HOA, or upkeep needed) = 800/mo more to rent than own home 800/mo = 9600/yr 200K investment - 5% return = 10000/yr by investing the 200K and renting instead of buying a 200K home, the investment made up the higher cost of rent as opposed to maintaining a paid for house. But in the rent example, you have 200K and in the other you don't. It works late in life So the 200
In her area a nice little condo is probably around 250... but that would leave her with a little money to start playing the mutual fund game, but not a lot
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.
Uncertainty... it took me 5 years to stop trying to predict what bout to happen in market based on charts studying, cause you never know. not having a mentor cost me 5 years of pain I learn to go we’re the market is wanting to go and keep it simple with discipline.
NICOLE ANASTASIA PLUMLEE is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
I wholeheartedly concur; I'm 60 years old, just retired, and have about $1,250,000 in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.
I'm a 48-year-old doctor feeling burnt out and have never invested in a retirement portfolio due to fears of economic collapse. Planning to retire soon, I'm curious: If you had $100k to invest safely in stocks over 4-5 years, how would you start?
I believe a healthy portfolio has 3 things, at the bare minimum: Exposure to ETFs for increased diversification, Exposure to assets that generate cash flow like dividend stocks, Exposure to market-leading tech.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
That would be *Sharon Lynne Hart* You should look her up. I say, to be honest I almost didn't think I should have, but I'm glad I decided to let someone handle growing my finances.
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.
Copy and Paste Invest in Life Insurance and Indexed Annuities. You cannot lose money with either not even when the market crashes. Read the book the the Power of Zero.
She is paying a mortgage on a half-million dollar house. There just isn't much left of a $70,000 dollar per year income after the mortgage is paid... In many places you can live quite well on $70,000 a year, but not in that neighborhood!
She doesn’t sound like she’s crying to me... she sounds like she’s questioning whether she should put all her cash into a house or put it into an IRA. Where do you hear the crying part?
her networth is around 250k, which is not bad at all. her problem is that approaching retirement, asset rich but cash poor, that's why she must create some cash asset bas that she can draw on.
All of who combined?? That’s not a lot of money...sorry but I’m better off than that since I was 30 years old...my net worth crossed a million in my mid 30s, by the way my dad was a sergeant in the Army, no trust fund baby.....
I don't get the obsession with owning a home, especially not "moving up in house" in one's mid 60's. I agree with all the small apartments and senior living comments. Even with zero mortgage, houses can be money pits.
....just when you get to retire and just play house...you either get sick or just no longer can keep up with the property...ready for a nice condo soon...
I dont ever want to own a home...too much of a commitment and huge cost aside from mortage....im 50 single live in a studio apt and only have student loans to pay...no mortage no car payments no credit card debt live below my means and I only make 20k a yr...I keep an emergency fund always and just pay my monthly bills and student loan payment and every month I still have enough to save on the side 💜
I could never live in an apartment. I don't want to live on top under or next to anyone. My house will be paid for when I retire. Taxes insurance and maintenance will still be less than the cost of a nice apartment. My kids and grandkids and their families can come visit and we are comfortable.
@Erin K ...A Condo also has equity. I’m sick of people buying a house and being too lazy to keep up the house or yard but “They want a house”!!! They bring down the whole neighborhood! If you don’t like yard work, Please buy a condo!!!
@@ironmonkey1512 Keep in mind that some areas, as Dave said, a $400K house might be a small shack. Don't know if Florida is an area where that is true, but it may be.
Cassie Best Ever! I'd be careful renting rooms, there's a lot of psychiatric issues, drug addicts, and people intentionally ready to cause problems from the get!
58 years old here, full military retirement, highest level in the VA system, paid into social security for nearly 20 years, 5 rental units, 3 tracts of land, bought bitcoin at $4K, totally debt free, currently save 30% of all income monthly, and projected income at 70 is $15,000.00 a month. I started planning for retirement at age 4.
I ran into a lady who was traveling in a 100 k mercedes benz rv. This lady told me she had retired from the post office at 60,went to trucking school and drove for ten years over the road. She has no debt and lots of cash and enjoys her life.
I retired and moved to the Philippines 8 months ago. I only use 1/3 of my pension money. My female partner and I also started a small grocery store and in 7 months already bought an income producing property that will be paid off in 5 years. I sold my car in the US and bought a tricycle in the Philippines, mainly for carrying groceries that we sell from the distributor. With the lockdowns, it was better to be busy than sitting on our duff. We meet people every day and enjoy life every day. I also do contract programming remotely and make more money, which I use to pay off the real estate. I purchased a house for under $10K, so expenses are very low. Yes, you have many options.
Tom Psillas wow. I am happy for you and your partner that you are able to thrive. Thank you for leaving your post to let people know that yes...there are ways to make it work on low income. Thank you and blessings to you. : )
Shes in denial of what she can accomplish with her income. She cant afford to do this plan and cash flow her daughters education. A small condo is more practical for her income and age. Shes not going to feel like doing yardwork in her 70s.
Her daughter might be grateful of the help getting through college, and take care of her mom once she's got a good career going and started saving for retirement.
@Chris Ev I know that's my goal. My parents helped me and I have life insurance plus ever growing savings they will get if I die, or I will be able to help them financially when they need. Longer term I will also probably end up helping my sisters but I can only save so much.
@E W Yeah. I think rentals is a nice play for persons with low cash reserves getting close to the age of retirement. I'm not surprised Dave didn't mention this because he likely view a rental as an investment thats too speculative
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…
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst
My CFA ’Sophia Maurine Lanting’ , 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.
Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.
I want to say she still has time to stack!!! If she takes the next 5 to 6years to catch up If she lives way under her means. Dave is giving her good advice.
Yes you can go into retirement without a paid off home. I'm 8 1/2 years into retirement. I went from a 30 to a 15 and then to a 10 year mortgage. I have 7 years to go on that. I've been retired for almost 9 years. My mortgage is 2.5%. my second place is paid for. I have a pension, I take 48,000 from my 401K, I'm turning 65 in a couple months, I still haven't filed for Social Security.
I recently saw a (not Dave) video about all the financial advice you need fits on a 3X5 card. Listening to him makes me believe that. Following simple rules and making wise choices helps limit damaging debt and builds wealth. It's not hard; it's just hard to do.
@@donaldlyons17 It's only hard when you cannot control yourself and unnecessary spending. The process to become wealthy is NOT hard; only the head of the spender is.
@@papasquat355 The median numbers suggest becoming wealthy IS HARD even for those those don't spend much!!!! Doing well requires many factors for so some it will always be a battle. Self control just ports the odds stronger in your favor but there is no guarantee.
@@papasquat355 Well show me numbers from the median that suggest otherwise. I think the numbers not your opinion of them speak larger. How can it be the info you have suggest it is not easy and you somehow think otherwise. I know the possibility exist but that is improbable for the majority so nope show me median numbers that suggest otherwise.....
She doesn't have to. If you make $70K a year and can't figure it out, that's on you. She can easily live on $25K a year and do whatever she pleases with the other $50K. Hopefully to further her retirement options
Same.....living day to day seeing what God's plan is for me......I remember my mother in law that lived off of a small social security check.....miss her showed me so much
I could have made this call. Same age, about the same cash available, but make only 40k. However I’m working toward vesting into a pension. Gonna buy a little condo for under 200, and a newish car both for cash - stash an emergency fund and invest the rest! Glad I’m on the right track!
When my brother retired his company brought in a retirement planner for all the people who were getting close to retiring. During the lunch break my brother was chatting with the guy and the guy said the most ill prepared person he ever had at one of these events was a medical doctor who at age 63 took on a $400000 mortgage and couldn't understand why he was being told he couldn't retire at age 65.
Depends on how much that doctor had in investments. If there's enough to comfortably pay the mortgage and live lavishly, then no real concern there. I doubt that was the case though since he was being told he couldn't retire.😅
Living in a $500,000+ house for so long, she's gotten used to that standard of living. I don't see her buying a small 1-bedroom condo or a $150-200k shack, she's not going to be happy about moving down in house.
Yes, no one paid for anything when I went to college, not even my books. I had to take out book loans was how broke I was but I did it. People have their lives backwards.
Another option if you are willing to live with someone is get a housemate to pay the mortgage on the 300k home. That way your mortgage is covered and you live in a nicer neighborhood.
Just move to cypress Texas houses are cheaper and jobs are available, after all once you close the door on you America is pretty much the same, same Walmart same pizza delivery time and same gas stations ⛽️. Leave Florida it is over rated.
My family recently moved to Cypress from Denver. We've been in the area for a couple years now also. Seems better than a lot of places I've been to across this country.
Jeremy Blanton , welcome to town new Texan :) , I forgot to mention that school rating is outstanding compare to lots of places. Wish u al, the best Jeremy 👍🏻
I would never move to Texas, not only hurricanes & flooding, but 4th highest in the USA on property taxes ( I googled). A decent home to buy isn't cheap either. I didn't look up rentals since I'm a homeowner in beautiful California & not moving anyway
Dear Renee , I understand you well but really living in many places in this land is kinda overrated, we can predict weather but really can’t stop fire or floods from reaching our homes, my next door neighbor is from California and I couldn’t believe her when she told me that she sold her property in LA ( small Appartment) and bought 3 houses in cypress! Average brand new homes here is about 200K on ward. As a pilot I had the privilege of scanning North America from door to door and what matters the most is how much my dollar can do for my kids in education, health and safety. I’m extremely poor if I live in NY or California, instead I decided to save all that future spending money toward my children future. I wish if I can afford living in Switzerland if u ask me what is the best place to live in 😁👍🏻. Cheers
You call 70k a year and over 200k from selling broke?? Get bent. She's ridiculous for not saving any money on 70k a year. She can live a great life and have a good retirement still.
@@LindseyObrooke I mean her financial status. If she was young with 200k in net worth, we d call her rich or on her way there. But, she's old. Her best earning potential is behind her.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
"Gertrude Margaret Quinto" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
Insightful... I was curious about her, so I looked her up online. I discovered her website, and I must say that she seems knowledgeable. I sent her an email outlining my goals. I appreciate you sharing.
Take the 300k @ hand: buy 2 townhomes. Live in one and collect rent from the other one. Done, solved. As for the daughter, too bad. she should carry her own tuition load.
My retirement plan isn’t just about me, it’s about ensuring my family is taken care of. Knowing I’ll have the resources to support myself in retirement and possibly leave something for my children is a great feeling.
I embarked on my retirement journey early and will always be grateful to my financial manager, Benjamin Todd Glenn, for assisting me with my retirement savings plan. He walked me through my options, helping me choose between a 401(k) and an IRA based on my goals. He helped me allocate my funds wisely so I could balance growth potential with risk management.
Fantastic! Can you share more details?
He's name is Benjamin Todd Glenn. I can't divulge much. Most likely, the internet should have his basic info, you can research if you like
My retirement plan has given me the confidence to enjoy life now, knowing I’m preparing for the future. I don’t feel guilty about spending money on experiences because I know my long-term goals are covered. It’s such a relief!
Kind of scary that there are people paying this woman 70k a year to do their accounting but she doesn't know how to save her own money.
That's the 1st thing I thought also..
I took an accounting class awhile back. My professor was $300k in debt. Funny huh.
Accounting is a set of rules and processes. It has nothing to do with being a good money manager.
@@1HotSkiBunnie Yeah, and typically those rules and processes are used to manage money correctly. If you can advise someone on how to keep track of their money, but can't keep track of your own, I feel sorry for your clients.
FishAntsPlantsAndDave I work with a accountant and she’s always putting things on credit cards and saying she’s broke
The thing I love about Dave is that he doesn't beat up on you about your current financial situation. The damage has already done. He's all about resolving the problem.
I like when the conversation is over and he goes off on how STUPID some people really are. That's the best part of his show to me.
@@TheFishdoctor1952 he goes kinda overboard on that though, especially when he's wrong, not a good look.
Sounds like Dave found an opportunity for someone to buy his classes I don't think he's really trying to help her he's looking out for himself.
Sometimes he does.....lol
It's never too late when it comes to saving money.
People are facing a tough retirement. and it's even harder for workers to save due to low-paying jobs, inflation, and high rents. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire in.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
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
That's an intriguing outcome. How can I contact your Asset manager?
Google DIANA CASTEEL LYNCH and do your own research. She has portfolio management down to a science
I ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.
I come here to listen to people make me feel better about my financials.
thats hilarious
😂
Lol
Schadenfreude.
I come here to learn what I can do about my financials.
Immigrants come to America for a better life. Retired Americans go to poor countries for a better life.
wow, so true..I read it's about 10% of retirees so far
And those immigrants will also return home after they retire from their American jobs...makes no sense to retire in America
It's not that much cheaper unless you live in a bodega. Medical care? No medicare overseas.
U r so right. Americans cannot afford to retire here anymore unless u r wealthy. Many of those were anti immigrant when young, but suddenly when they have to retire it's ok to live among immigrants. Very ironic.
Yes... Philippines here I come.
she's actually doing pretty well. there are many who are in a terrible situation with no good job, no house, and building up debt. most people don't start from a 500k home
Agree
Exactly! I completely agree!
Yeah, in a lot of place you can get a decent small house for $100K, if she can get $200K invested by retirement, a good dividend investment could get her $1500 a month and pray that social insecurity pays halfway decently.
Exactly. She's doing better than most.
People don’t realize the financial reality of most people. This is a success story of only the dream world where I come from……
Someone with no retirement plan should NOT be paying for anyone’s college.
That’s her kid tf
@@Marven1k That kid can work and get loans and has 40 years to pay them off. A parent needs to take care of themselves first or else they will be reliant on that kid to survive.
Absolutely right. College will pay off in a huge way for the child. Especially if they are earning the right degree.
Kids need to pay for their own college. Its not the parents responsibility.
@@pamelacagno2878 I’d say it’s a partnership, but DEFINITELY not if the parent isn’t saving for retirement.
Hi there, I’m two years away from retirement and, as a senior, I’m wondering how others typically allocate their income. How much goes towards savings, living expenses, or investments? I make about $50K annually, but so far, I haven’t built much with it.
In these volatile markets, it’s wise to diversify while keeping 70-80% of your portfolio in stable investments. Given your budget, seeking advice from a financial advisor could be a smart move.
I think you're better off with majority investment in S&P500 and uprising equities cos they always outperform. Also speaking with an advisor can help with pointers. I've been in contact with one I reached through commentaries here, she has been really helpful.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
MARY EBI AHEARN is her name. She is regarded as a genius in her area and works for FIRST HEARTLAND CAPITAL, INC. She’s quite known in her field, look-her up.
This reference seems valid.. Just looked up her full name on my browser and found her webpage without sweat, over 24 years of experience is certainly striking! very much appreciate this.
It’s the “Work until you die” retirement plan.
Hey! That's the one I'm signed up for!
Property taxes ensure this is the case.
@@Gonenow2015 same!🙋♀️
Kimberley Hammett I can help you with that and anyone else. Dave is sadly not giving you the right information. Getting out of debt yes absolutely, but retirement should not be in the hands of the market.
Yep...agree. "shop till we drop" anf "job till we drop"
I’m really glad and grateful to God to have people like Dave. I’m 36 years old, nothing saved, working hard to get myself up. It’s people like you who make it possible for people like us to know that we can get back up. All the way from South Africa 🇿🇦
God bless you sir!
God bless you too and hope everything goes well for you in the future. Wishing you health and wealth.x
I work the other direction. Divorced at 61 with no savings. Moved from Florida to middle of Utah .Bought a zombie apocalypse house for $47,500. Moved a housemate in. Morgage is $469 month between two social security checks we can live well with no other debt. Chickens and half acre with clean air and water. Two people don’t really need much. No city stress and retired.
Good job!!
lol yeah good job - having a mortgage in your 60's with no savings / emergency money is super-smart.
@@rickyrick9328 she could live to be 90 so it will be paid for.
@@PeachGirl46 lol
How much $$$ did you receive from the divorce? Alimony?
This makes me feel REALLY bad. I'm 59 and have lots of debt, small income and NO savings. In comparison to me, she is in great shape.
@John What part of Nigeria or Russia or India ?
EXACTLY
I agree. Do people really have to have millions to retire? These financial advisers get on my nerves,
No, they don't, I will retire at 62 but I am sick. He is trying to give her the best advice since she is healthy and can work until 70.
@@sheilawiggins8890 I don't think so. If you are in a country with social security for retirees or pension, I think IF your house is paid off so you don't pay rent, you can do well with less than a million.
Surprised Dave didn't tell her to stop cash flowing her daughter's college. I would have considered that.
Arie Fraiser hope her kid appreciates her putting her priorities on hold to help them out with school, and helps her out once she retired. This is so scary. Having no saving at 60.
Her daughter should owe it to her mom to make sure she’s taken care of after retirement
Maybe her daughter is going take care of her at the end.
@@nikkisultan68 I paid my way cash through school by working at UPS loading tractor trailers and staying at home with my parents for 3 years. I'm the oldest of 5 and we didn't have the money at the time. My parents told me as long as you're going to school and you're serious about it we will support you with what we can whuch was room and board but I had to figure out the rest. So I picked the cheapsest closest quality university and a stem major that didn't require an ivy league degree to get a good job. This was 1997. Seems today every kid thinks they should go to any college of their choice at any cost even if it means taking out outrageous loans or torpedoing mom's retirement.
My thought exactly. Makes me think he wasn't completely listening. Should have been his first comment
Dave is really uplifting in the way he always has a confident plan no matter how upsetting your situation may be. It makes me feel like theres always a light at the end of the tunnel when his perspective shows that there IS a solution out there, and here are the steps.
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.
Dave could you start a teenage channel that teenagers can relate to, in order to get them started on the right track?
Exactly!
he has a program and it's taught in some high schools
Oooo that sounds like a great idea!
But maybe have a younger person run it, like one of his kids or something. It would be a hard sell for teenagers to relate to hard-of-hearing, rage-y Dave.
@@matthewgardner2144😅😅😅
The sad part is that having to downsize so drastically is psychologically defeating.
People need to realize that physical possessions have nothing to so with your self-worth.
It doesnt have to be psychologically defeating if you have the right mindset...that it is a stage of the bigger plan. Kind of like dieting to reach a health goal.
Comes down to, do you want a fantastic house and eat dogfood at 80 or do you want to live in a moderately older house and eat like a human? Gotta always look at the dark side to see why it's worth suffering a little today to not suffer a lot tomorrow.
She already sounded psychologically defeated by the end of the call. I think what Dave said was a hard pill for her to swallow.
Thomas Reedy absolutely
Thomas Reedy Exactly right
I did this. I sold my high price DC home and moved to Williamsburg, Va, and bought a house for 1/2 the price. BEST decision! A lot less stressed
I live in MD. I went to dc clubbing over the weekend. Two people came out of the club bleeding whole I was in line and the roads where very crowded and seemed very unsafe. I felt like I was in Baltimore. DC is trash now. Great move.
I love Williamsburg VA… great choice.
A homeless guy told me he retired 10 years ago.
🤣🤣🤣
😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂
funny af
I believe you. Homeless people are hustlers!
I' was that homeless guy. .....I had to go back to work....spent all my money on young girls
@@percyastronautstatus.8780 now you going to have to work again ...smart move..lol
Thank you for providing such valuable information. It's exactly what I needed to hear. Both my wife and I serve as directors for our farm business, and we also own property along with our small pensions. As I approach the age of 55 and my wife is 52, we have initiated our savings journey towards retirement from the farm. Our aim is to potentially rely on rental income to support our retirement lifestyle. I would greatly appreciate it if you could organize a live session where you discuss strategies for earning passive income online and achieving a comfortable retirement, with a target goal of $1M.
you should consider financial planning.
It isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing.
@@Lemariecooper I completely agree with your perspective. As a newly retired individual at the age of 60, I have accumulated approximately 1.2 million in funds outside of my retirement accounts. I have managed to remain debt-free, and in comparison, the balance in my retirement funds is relatively small when considering my overall portfolio growth over the past three years until the present time. To be honest, the importance of an investment advisor cannot be disregarded; it is crucial. However, it is essential to conduct thorough research in order to find a reputable advisor.
@@Erikkurilla01 That's truly impressive! I would greatly appreciate some information about your financial advisor. I'm currently seeking to make positive changes to my finances this year as well, and it would be beneficial to explore potential options.
@@patrickbrussels4454 I work with a specialist named *STEPHANIE KOPP MEEKS* . I came across her through a CNBC interview where she was featured, and I reached out to her after some time. She has provided valuable insights and guidance on the specific securities that I focus on. If you're interested, you can easily find information about her online for further oversight. Essentially, I closely follow her trading strategy and have not regretted doing so.
Even when the person's situation doesn't relate to mine at all I still enjoy watching Dave solve the puzzle and make a plan. No matter what your profession, problem solvers succeed.
Im 53 and have a net worth of only $55000. I had a wake-up call at 50 when I realised I had a net worth of $1000. I wont retire a millionaire but will have a lot more than at 50 before changing my money habits.
David Winckel congrats to you. I think that is awesome. You should definitely give yourself a pat on the back for coming such a long way. And ...in only 3 years? I know that took some decipline. Tell me....what did you do to get to where you are now? There are soooooooo many people in your 50 year old situation. You've come a long way and I'm wishing you continued wellness and prosperity.
How did you do that in 3yrs?
Please share, how did you do it?
I bet extra hustle and/or cutting expenses. I am working on getting another job with more hours and getting a side hustle growing
You’re gonna do great!
This is making the HUGE assumption she will be healthy and able to work until age 75.
Sickness and death can happen at ANY age so let's be optimistic that she will be healthy and able to work at 75.
@@caseyj5597 I'd rather be realistic and see that the average life expectancy in the US is 78 years old for a woman. Depressing thought that you'll be able to retire for 4 years before you die.
@@WhisxBeerus The original comment wasn't about working and dying it was about health and being able to work which does not depend on age.
My mom never saved a dime even though my wife and I told her, back when we were teens and still dating, to do the 401k and kept telling her for over 20 years. Eventually she got laid off @60. Then health problems set in and she could no longer stand long hours in retail so she took SS at 62 and lives like a pauper. Mom always let life happen. She never made anything happen. Don't be like Mom.
@@caseyj5597 My dad is 75 and can still do yard work, etc. Not everyone is out of shape and haggard at 75. Plenty of 20 somethings are out of shape.
Stop cash-flowing your adult child, live below your means. You dont NEED a house at a certain price range, you NEED a roof over your head.
I learned that lesson the hard way.
Agreeeee
That is basically what Dave told her. Did you not listen to the whole video?
@@TheFishdoctor1952 yes i did and no he didnt. Did you not read my FULL statement?
Amen too that
After the kids grow up and move out, you don't need a big house.
Most people downsize after the kids leave.
If you try to downsize in South Florida, you end up living in a bad neighborhood.
@doorguru168888 1 bed apartments from the 50's are very cheap.
@@doorguru168888 Get out of Florida. It’s a toilet.
I’m 44 and I’m going to apply this plan now so I can better plan for my family and myself. Good advice. I hope she adheres to this because I sure have.
I have a reoccurring nightmare about this every week and I’m only 30. So glad I watched this video to know I won’t be in this ladies shoes at 59
you might not be alive
If you’re a college student and your broke 60 yr old mother is cash flowing your college you need to grow up and work
They are studying to get an education? What do you want them to do? Go out and work as a mailman?
@@Whydoyoureadme I worked several jobs consistently throughout college, paying for it myself, and I’ve been able to pay off over half my loans in about a year and a half out of school. I don’t get how people aren’t able to work while in school
@@Whydoyoureadme get a job , lots of people work and go to school.. smh 🤦♀️
@@Whydoyoureadme Deliver pizzas, flip burgers, wait tables, be a cashier at a grocery store, etc. There's tons of stuff you can do part time to earn some money to help pay for school.
I'd never want my mom to struggle and work just to pay for my college.
Living in places where the water and the land meet is always going to be expensive....out here in the sticks a $200,000 home is a frikkin palace!
Not Michigan
Not in Alaska. You can’t even get a tiny fixer upper for under $400K. Think location matters a lot these days.
Bless your heart Dave.
My dad is 59 in construction and needed to hear there is still hope. Love what you are doing for so
Many
Cody Ackles there is still hope! 60 is NOT old. I work with people in their 70s and early 80s even!
Sixty is OLD AF!!!!!
@@lorrainea.285 In the construction field yes. Overall. Hopefully not.
60 is not old at all if you have been excerciseing and eating healthy.
Cody Ackles 59 is the new 49 ;)
Retirement is about planning.
In the first few weeks of my first job a older co-worker gave me some advise.
He said " only work at a job with good retirement benefits " ... I listened and retired at 59.
You can't plan if you've never made good money your entire working career
@@armybeef68 sadly that excuse and mindset will keep you in the same situation. Starting off investing small amounts is better than nothing. Go search for local meetups or online groups for beginner investors to listen to there ideas plus hear the same concerns you have. Start a Roth IRA....50 bucks a month is better than nothing. I would get a part time job....if you just invested 1/3rd of each paycheck, snowball effect will happen eventually. Talk to someone about pros and cons of a cash value life insurance policy WITH guarantees. Please dont put this off any longer.
@@MrLeomelton ... Well said ...
@@ronaldbeck1762 thanks. i hear this scenario often as an insurnance and annuities agent. baffles me how someone can be 50 and have NOTHING in place for a nest egg & just let senior life just pop up around the corner.
One shoe don’t fit all…. I left a job wit pension n medical for my mental health n happiness
Im 59 and I'm on disability. My home is almost payed off. I don't have a lot of bills and I'm doing ok considering my low income.
I’m 21 and I’ve started 2 separate retirement accounts. I feel grateful that I’ve started early and don’t have to run into these types of issues.
Good for you, make sure one is ROTH IRA.
Lol.... yeah it's too early, wait till life will bog you down and will look back and regret how fool you were to be over confident
@@mysteriousjz not sure if it’s a diss or not to starting early but I feel I’d rather be “too early” than “too late”
I’ll give you a glimpse into the future with the current choice you made. My husband, fresh out of college, started investing in a 401k with his first job. He had little expenses so he was able to put a decent amount, plus a company match, into it. Because he started young, he continues to invest and the contributions aren’t painful. He’s put himself into position now for a 3million+ retirement account, somewhere in his early 60’s. He’s 45, and has a way to go but his financial future is solid. You’re young, life will undoubtedly throw you some curves, just keep investing, even if it is small at times. Believe me, you’ll be thanking your younger self for a very smart and wise decision. Best of luck to you.
@@kathleenhazy6126 Thabk you Kathleen for the words of wisdom! It’s always great to hear a perspective from someone with more experience.
Well, to be fair, she built up a lot of equity in her house which she recently cashed out so she did a lot more than many at her age. 300K at 59 isn't great but it's better than most.
For someone who does bookkeeping, she’s an idiot. I feel bad for her clients.
FACTS
@@locchau405 is everyone supposed to be a millionaire at 59 ?
@@jdlc903 if u can save/invest around 700k by the time ur 45 u can then stop saving and watch ur 700k grow to around 2 million dollars .
@peter d 2.2m invested should gross around 80-100k in interesr
She was not happy about the idea of living in a 200K house. Clearly been living life to the fullest (leased cars, expensive home) and this was a tough pill to swallow
So true
She's lucky I didn't answer the call. I'd have told her to move to a cheaper area and find a $100k condo.
maybe but at least she lived
yeah...and stop paying for your kids' college!
I am at the beginning of my "investment journey", planning to put 85K into dividend stocks so that I will be making up to 30% per year in dividend returns. Any advice?
)How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
There arent companies out there that pay 30% in dividends.
@@lmk0799 QQQY, TSLY, NVD/NVDQ, TSL, CONY....
@@lmk0799I think he’s talking total dividends
The irony of a bookkeeper with no retirement at 59 with a car lease is not lost on me.
That is what the system teaches these days. Debt is good
@@geocam2 ya, it is a sad state of affairs. We have our home paid off. But raising kids has taken our last nickel every month. And we both have good jobs. Inflation is making things interesting for sure. I predict a rough future for basically all
Many bookkeepers are crappy with finances.
I have 2 more payments on our house 😃. Sadly, we r getting crushed by inflation in our family. We have combined income of 150k, but our household has been running a deficit the last few months. I can only imagine what is happening to most of our neighbors. I am 53 and have never seen anything like this.
My mother was in a similar situation. She worked her whole life and died at 75, no retirement. I didn't know until after she passed, but the only real investment she made was a life insurance policy that went to me and my brother. Thanks mom.
smacdiesel You have my sympathy. Happy she provided for her children.
Well, you can't take it with you. That she looked out for her kids as a primary concern in life shows her true net worth.
Sorry u didn’t get what u hoped for
She looked after you both with this x
Dang,a $200K paid for home,$90K to invest,and a job paying $70K. I would be able to actually sleep at night.
I know, right?! If I had that "problem" I'd be doing cartwheels!
Exactly, I wish I had her problem!
And… she can Stop paying for her child’s college!
@@martycech5844if she raised her child well, her daughter would not take her mothers money.
@@sarahjaynescottif you make that long govt will help you with everything
First thing I would suggest, and I'm no financial planner, but the daughter needs to be looking for scholarships. She needs to make it her job to find as much money as possible.
I'm 53 and moving to a paid for small house/cabin with my partner in a very beautiful part of our country. We have no debts and can easily live comfortably on our pensions when those kick in. We will be living with the basics but we be in a beautiful place and have each other. Expensive lifestyles and material things are overrated. Get off the grid and live cheaply. Focus on love and mental well being.
Sorry, you had me until the "get off the grid" part. I need the grid. and air conditioning. and internet. and of course, ya gotta flush. I don't need a lot of fancy things, but those things I do need. Oh and my hubby. I need him most of all. :)
That's our plan too...
We are saving, and maximizing everything. But, we have no intentions of working long hours, when were are older.
We want semi retirement early, with part time jobs, because we both like to work.
But all we need is "A view, and a coffee maker"....and time with each other.
@@pb577 You can still be financially independent without being on the grid don't worry! Both life styles are good if you can save money imo
Better to go to a small town with less than 50k people.
s
Title is misleading. She has almost 300k in cash from the sale of her home. Just bank that, rent a nice 1BR condo, continue to work/save normally til retirement, and you are golden.
Mike S I would probably buy a 125 k house since it’s only her; then move 20k in savings for emergency’s and move the rest into mutual funds.
So she retires, does not own her house and lives for 25 years paying rent with what?
Bobby Good idea. Rent will only go up and up.
Renting is just paying someone else's mortgage.
@@GoBayside No, stop spreading this
That look of pain on Dave's face when she mentions both no money saved for retirement and leasing a car.
Yes, leasing is for fools.
Noy smart. I got 2 $10000 bonuses back in the mid 70s. They were invested not spent. Still making money for me and I'm in now in my mid 70s.
I feel many people people will be in same situation at 59 unfortunately.
For millennials it's going to be a huge catastrophe. Most of my friends are still in debt in their early 30s and aren't investing.
JonnyBeoulve Depends what kind of debt you’re in and what country you’re in. Most people still have student loan debt in their 30’s. I’m from the UK and 83% of students will never repay they’re full student loan and will carry them until they die, but that’s because the conditions are different here. Minimum payments here are nothing (around 10-£125 monthly typically) and you don’t pay until you earn over 25K a year and if your income falls below that, repayments stop. The way it’s designed, you’re not really ‘meant’ to pay it back fully. I believe they don’t want you to. So I’m good as long as I’m completely debt free (minus the student loan) 🤷♀️.
@NurturingTalents why no student loan debt at 30s tuition is going to increase again next year so how are people expective to not have student loan at 30s if tuition and cost of living keep increasing while wages remain low?
@@93mlo Exactly!
Dexter M. People will be in WORSE situations at 59.
I read the title and as a child of a 59 year old parent, whose mobility is degenerative, I got stressed out. It reminded me how long it took them to snap out of it and take aggressive actions to get their finances in order. This particular parent knows they’ll wind up living with me. I’m thankful that they now understand the importance of relieving me from any additional stress in my future care-taking of them.
I'm retired with over 3.5 million networth, I've always loved the FIRE movement but the FI part is most important. I'm so happy I made good decisions about my finances... You can do it too
Wow!! This is real good
You did great ma❤️ I would love to get to this stage, can you help me out ?
@@lindabarbara9644 how she should help you out?
Congratulations 👏 👏 👏 👏
@@linapesz313 thank you
You retire from work, not life.
I have a new set of dreams for my post-retirement life.
By planning in advance, you can define the path to achieve several life goals without any financial dependence.
An expert retirement planner like Timothy Eric Meek maintains my day to day lifestyle without worrying about expenses.
How can i reach him please, someone with his qualities can do wonders.
Just doing a normal online search of name will be helpful.
Listening to Dave's talking is very wise and I eye opening...but, Oh boy!...reading the hundreds of comments just as much entertaining! This show wouldn't be complete without you guys! Keep up the good work and keep commenting! Greetings with love, from over the pond! ♥️
EXACTLY. Thinking anything else is a joke.
How did Dave not tell her to stop paying for her daughters college!??
I think he forgot. Happens.
ever notice he doesn’t follow along too well with these callers ?
@@kaseycentanni753 yup
I think he wanted to keep the focus on the goals--where she needed to be in 15 years and what that meant going forward. If she's really cash-flowing it, it can't be that expensive, and in any event at this point she's made a promise to her daughter. I've made it very clear to our kids how much of college we will pay for, but once they've chosen their college based on that I'm not going to switch in mid-stream and say "Oh, sorry, but you're now forced to take on a bunch of debt because *I* didn't plan ahead."
It does not matter
She has enough to pay her daughters college and still retire with a million
She has nearly 300,000 in the bank
I’m blessed to have parents who instilled delayed gratification, investing for the future, living modestly, etc., when we were young. In your 20’s it’s hard to see 60. But here we are, comfortably retired and able to help others going through various trials of their own
Definitely a tale of caution but there's life there's hope- pray for my success.
God bless, Rev. 21:4
Why would a single retiree need a house?
Buy a condo, a nice condo with little to zero maintenance andhave some cash.
Most condos have what are called HOA fees. Imagine your mortgage is $1,500 a month taxes are $300 a month and HOA is $300 a month. Now instead of only paying $1,800 a month to live somewhere you're paying $2,100 a month. Or, $21,600/yr vs $25,200/yr as an older person which would you rather pay?
@@CarbonJackal13 the point is if you sell a house you can more easily cash flow a house, so they would have no mortgage and would only pay the taxes and HOA. The average rent is 1400 plus now, so buying a condo with cash is FAR better than renting. Most people will run out of money renting before they die.
@@bettysmith7045 Let's do some figures:
instead of buying a 200k home, I'm investing the 200K and renting
Rent 1600/mo - 800 savings saving from renting (No taxes, insurance, HOA, or upkeep needed) = 800/mo more to rent than own home
800/mo = 9600/yr
200K investment - 5% return = 10000/yr
by investing the 200K and renting instead of buying a 200K home, the investment made up the higher cost of rent as opposed to maintaining a paid for house. But in the rent example, you have 200K and in the other you don't. It works late in life
So the 200
In her area a nice little condo is probably around 250... but that would leave her with a little money to start playing the mutual fund game, but not a lot
@Carol Howard Good plan!
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.
Uncertainty... it took me 5 years to stop trying to predict what bout to happen in market based on charts studying, cause you never know. not having a mentor cost me 5 years of pain I learn to go we’re the market is wanting to go and keep it simple with discipline.
This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?
NICOLE ANASTASIA PLUMLEE is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
I wholeheartedly concur; I'm 60 years old, just retired, and have about $1,250,000 in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.
Mind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out.
Her name is. 'Lucinda Margaret Crist’. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
I did the Dave Ramsey thing , l am debt free all my land , home everything free an clear God bless Dave
I did not even think about retiring until: my house was payed off and I qualified for my state pension.
I'm a 48-year-old doctor feeling burnt out and have never invested in a retirement portfolio due to fears of economic collapse. Planning to retire soon, I'm curious: If you had $100k to invest safely in stocks over 4-5 years, how would you start?
I believe a healthy portfolio has 3 things, at the bare minimum: Exposure to ETFs for increased diversification, Exposure to assets that generate cash flow like dividend stocks, Exposure to market-leading tech.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advis0r? I'll be happy to use some help.
That would be *Sharon Lynne Hart* You should look her up. I say, to be honest I almost didn't think I should have, but I'm glad I decided to let someone handle growing my finances.
Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.
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.
You know Jenny Pamogas Canaya, i work with her also
This is exactly why learning financial freedom at a young age is SO important!
Save, invest, and repeat. This is the key to financial freedom.
Great advice.
Copy and Paste Invest in Life Insurance and Indexed Annuities. You cannot lose money with either not even when the market crashes. Read the book the the Power of Zero.
She makes $70,000 and is crying broke. I’m scared to know what she calls we’ll-off.
She is paying a mortgage on a half-million dollar house. There just isn't much left of a $70,000 dollar per year income after the mortgage is paid... In many places you can live quite well on $70,000 a year, but not in that neighborhood!
She never said she was broke - just that she had nothing saved for retirement.
Where I live $70k lands you in the 1%. I know what true poverty is.
It's about how much u save you could make a million a year but if you spend a million a year there you go
She doesn’t sound like she’s crying to me... she sounds like she’s questioning whether she should put all her cash into a house or put it into an IRA. Where do you hear the crying part?
Dave's reaction to the car lease at the beginning... "Oh good lord" 😂
By the title, I thought she was broke at 59. Instead, she has $200k in the bank. She’s doing better than all of us combined.
Exactly!
her networth is around 250k, which is not bad at all. her problem is that approaching retirement, asset rich but cash poor, that's why she must create some cash asset bas that she can draw on.
520k for the house and 210k in savings.... she's good for retirement.. I dont see the big deal.
lol.
All of who combined?? That’s not a lot of money...sorry but I’m better off than that since I was 30 years old...my net worth crossed a million in my mid 30s, by the way my dad was a sergeant in the Army, no trust fund baby.....
I don't get the obsession with owning a home, especially not "moving up in house" in one's mid 60's. I agree with all the small apartments and senior living comments. Even with zero mortgage, houses can be money pits.
....just when you get to retire and just play house...you either get sick or just no longer can keep up with the property...ready for a nice condo soon...
Michael Smith In the area where she is living now she needs hurricane insurance which is hefty, in addition to standard home insurance
I dont ever want to own a home...too much of a commitment and huge cost aside from mortage....im 50 single live in a studio apt and only have student loans to pay...no mortage no car payments no credit card debt live below my means and I only make 20k a yr...I keep an emergency fund always and just pay my monthly bills and student loan payment and every month I still have enough to save on the side 💜
I could never live in an apartment. I don't want to live on top under or next to anyone. My house will be paid for when I retire. Taxes insurance and maintenance will still be less than the cost of a nice apartment. My kids and grandkids and their families can come visit and we are comfortable.
@Erin K ...A Condo also has equity. I’m sick of people buying a house and being too lazy to keep up the house or yard but “They want a house”!!! They bring down the whole neighborhood! If you don’t like yard work, Please buy a condo!!!
She's the perfect example of keeping up with the Jones' she could've had over a million dollars in her retirement account by now.
what single person thinks they need a 400k house and has 70k income
Eat, drink, and be merry!
@@ironmonkey1512 Keep in mind that some areas, as Dave said, a $400K house might be a small shack. Don't know if Florida is an area where that is true, but it may be.
@@G31mR So she should move.
@@G31mR if she were in California I'd buy that but not in Florida. No, she's a poser plain and simple. Now she's paying for it.
Rent spare bedrooms in the house to pay it off faster.
Cassie Best Ever! I'd be careful renting rooms, there's a lot of psychiatric issues, drug addicts, and people intentionally ready to cause problems from the get!
Never let a stranger move into your house. They can stop paying rent, and you can't get rid of them easily. The legal system supports their rights.
58 years old here, full military retirement, highest level in the VA system, paid into social security for nearly 20 years, 5 rental units, 3 tracts of land, bought bitcoin at $4K, totally debt free, currently save 30% of all income monthly, and projected income at 70 is $15,000.00 a month. I started planning for retirement at age 4.
I have always read or heard that you can ask your child to pay for their college education but can’t ask them to fund your retirement.
biden is paying off student loans in other words im paying off peoples student loans
I love these game plans that dave comes up with for the older callers.
I ran into a lady who was traveling in a 100 k mercedes benz rv. This lady told me she had retired from the post office at 60,went to trucking school and drove for ten years over the road. She has no debt and lots of cash and enjoys her life.
Must be nice
omg when he said "good mutual funds" at 5:51 my heart sank. Good mutual funds are like nice murderers, hard to find.
I retired and moved to the Philippines 8 months ago. I only use 1/3 of my pension money. My female partner and I also started a small grocery store and in 7 months already bought an income producing property that will be paid off in 5 years. I sold my car in the US and bought a tricycle in the Philippines, mainly for carrying groceries that we sell from the distributor. With the lockdowns, it was better to be busy than sitting on our duff. We meet people every day and enjoy life every day. I also do contract programming remotely and make more money, which I use to pay off the real estate. I purchased a house for under $10K, so expenses are very low. Yes, you have many options.
Tom Psillas wow. I am happy for you and your partner that you are able to thrive. Thank you for leaving your post to let people know that yes...there are ways to make it work on low income. Thank you and blessings to you. : )
Awesome bro
Way to go Tom!
Shes in denial of what she can accomplish with her income. She cant afford to do this plan and cash flow her daughters education. A small condo is more practical for her income and age. Shes not going to feel like doing yardwork in her 70s.
That sounds like a great plan.
Exactly. I have to do the same thing (small condo). Do I like it? Not really but I know I’ll get used to it and will eventually come to love my place.
100%
Sir We Are About to Die 😂 my mother lived to be 98 and worked until she was 82 (willingly). 60 is Not Old, unless you have a miserable attitude 😉
Sharon Williams -Absolutely correct!
Ive learned to never have a car payment again. Thanks Dave!
I WILL NO LONGER
HAVE MY VOICE SILENCED.
(NEVER EVER EVER!!!)
I WILL ROAR!!!
Why buy a 400K house at the age of 70+? And why is she still enabling her daughter through college? I don’t understand those things.
Her daughter might be grateful of the help getting through college, and take care of her mom once she's got a good career going and started saving for retirement.
"enabling" - as if this is a drug addiction.
@Chris Ev I know that's my goal. My parents helped me and I have life insurance plus ever growing savings they will get if I die, or I will be able to help them financially when they need. Longer term I will also probably end up helping my sisters but I can only save so much.
ScarletNight -Enabling does NOT just have to do with drug addiction!
I TOTALLY AGREE
She should move into senior apartments. Just rent a small 600 square feet apartment.
Usually they're HUD apartments. Income based.
She wants a 300000 range home, supports her kid college tuitions, 70000 salary a year, for yer own business. This lady got money.
@@vision1707 I know right poor lady
@E W Wow, your mom was smart!
@E W Yeah. I think rentals is a nice play for persons with low cash reserves getting close to the age of retirement. I'm not surprised Dave didn't mention this because he likely view a rental as an investment thats too speculative
I was expecting something else, she has waaaaay more money than most.
I agree. Not sure why she's even worried....
She has no home.
They have to use clickbait to get you to watch the video.
No she doesn't. At 60 she should have a paid for property, and no other debt. She should be able to semi-retired at this point.
@@pm2886 you aren't aware of the nation's problem are you?
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…
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst
Could you possibly recommend a CFA you've consulted with?
My CFA ’Sophia Maurine Lanting’ , 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.
Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.
I want to say she still has time to stack!!! If she takes the next 5 to 6years to catch up
If she lives way under her means. Dave is giving her good advice.
Yea but I don't think she liked what she heard.
my mom is in the same situation, me and my sister are supporting her at times.
You are enabling her
I'm 22 and this is what my parents' future is going to look like in the coming years and I'm terrified. Do you feel a moral obligation to help them?
@@baileyym5251 I have a moral obligation to help them with knowledge and planning help, not money.
@@James-vj5hz Should her parent starve when they fed her while so she didn't starve her child life?
If a man (or woman) does not take care of his own he is worse than an infidel.
Dave is "the man". If you live like a rich person U R going to B poor. Live like a poor person for a little while and the rewards can be great.
Yes you can go into retirement without a paid off home. I'm 8 1/2 years into retirement. I went from a 30 to a 15 and then to a 10 year mortgage. I have 7 years to go on that. I've been retired for almost 9 years. My mortgage is 2.5%. my second place is paid for. I have a pension, I take 48,000 from my 401K, I'm turning 65 in a couple months, I still haven't filed for Social Security.
She needs to stop paying her daughter's tuition and buy a 150k condo or small house.
I recently saw a (not Dave) video about all the financial advice you need fits on a 3X5 card. Listening to him makes me believe that. Following simple rules and making wise choices helps limit damaging debt and builds wealth. It's not hard; it's just hard to do.
If it is hard to do than it IS HARD!!!
@@donaldlyons17 It's only hard when you cannot control yourself and unnecessary spending. The process to become wealthy is NOT hard; only the head of the spender is.
@@papasquat355 The median numbers suggest becoming wealthy IS HARD even for those those don't spend much!!!! Doing well requires many factors for so some it will always be a battle. Self control just ports the odds stronger in your favor but there is no guarantee.
@@donaldlyons17 Sorry, but you are wrong. Have a good night.
@@papasquat355 Well show me numbers from the median that suggest otherwise. I think the numbers not your opinion of them speak larger. How can it be the info you have suggest it is not easy and you somehow think otherwise. I know the possibility exist but that is improbable for the majority so nope show me median numbers that suggest otherwise.....
The sad reality, she isn’t going to do what he said
You don't know
@@jeanettejamison1045 oh but he does.
She just might.
She doesn't have to. If you make $70K a year and can't figure it out, that's on you. She can easily live on $25K a year and do whatever she pleases with the other $50K. Hopefully to further her retirement options
Same.....living day to day seeing what God's plan is for me......I remember my mother in law that lived off of a small social security check.....miss her showed me so much
I could have made this call. Same age, about the same cash available, but make only 40k. However I’m working toward vesting into a pension. Gonna buy a little condo for under 200, and a newish car both for cash - stash an emergency fund and invest the rest! Glad I’m on the right track!
When my brother retired his company brought in a retirement planner for all the people who were getting close to retiring. During the lunch break my brother was chatting with the guy and the guy said the most ill prepared person he ever had at one of these events was a medical doctor who at age 63 took on a $400000 mortgage and couldn't understand why he was being told he couldn't retire at age 65.
Depends on how much that doctor had in investments. If there's enough to comfortably pay the mortgage and live lavishly, then no real concern there.
I doubt that was the case though since he was being told he couldn't retire.😅
@@TheFirstRealChewy Doctors are some of the most stupid people with money. Very few have financial smarts
The way he was taking apart that pen in the beginning had me rolling
I'm shocked by the number of people who haven't saved for retirement
expensive car lease and 500k home but no retirement savings or investments
I was thinking all the retirement funding ended up at the liquor store.
Living in a $500,000+ house for so long, she's gotten used to that standard of living. I don't see her buying a small 1-bedroom condo or a $150-200k shack, she's not going to be happy about moving down in house.
How old is this daughter having her 60 year old mother paying for her education?
Some people have kids late, my mother was 41 when we (my twin and I) were born ,putting her right around 60 when we left for college
@@Cassiopea56 I'm 54 with a 17, 19 and 23 year old. I'm curious about her college students age as well.
Yes, no one paid for anything when I went to college, not even my books. I had to take out book loans was how broke I was but I did it. People have their lives backwards.
@@AMarie_Mooch No kidding, the kid should be paying for their own college. They can live at home and go to a local college.
Another option if you are willing to live with someone is get a housemate to pay the mortgage on the 300k home. That way your mortgage is covered and you live in a nicer neighborhood.
Just move to cypress Texas houses are cheaper and jobs are available, after all once you close the door on you America is pretty much the same, same Walmart same pizza delivery time and same gas stations ⛽️. Leave Florida it is over rated.
My family recently moved to Cypress from Denver. We've been in the area for a couple years now also. Seems better than a lot of places I've been to across this country.
Jeremy Blanton , welcome to town new Texan :) , I forgot to mention that school rating is outstanding compare to lots of places. Wish u al, the best Jeremy 👍🏻
Yeah because hurricanes bust up Cypress every few years. I live in Brenham and people from Houston and flooding in.
I would never move to Texas, not only hurricanes & flooding, but 4th highest in the USA on property taxes ( I googled). A decent home to buy isn't cheap either. I didn't look up rentals since I'm a homeowner in beautiful California & not moving anyway
Dear Renee , I understand you well but really living in many places in this land is kinda overrated, we can predict weather but really can’t stop fire or floods from reaching our homes, my next door neighbor is from California and I couldn’t believe her when she told me that she sold her property in LA ( small Appartment) and bought 3 houses in cypress! Average brand new homes here is about 200K on ward. As a pilot I had the privilege of scanning North America from door to door and what matters the most is how much my dollar can do for my kids in education, health and safety. I’m extremely poor if I live in NY or California, instead I decided to save all that future spending money toward my children future. I wish if I can afford living in Switzerland if u ask me what is the best place to live in 😁👍🏻. Cheers
Broke people living in a 500k house OMG!!!
jean lenor well and she has $200k AFTER her house sells? That’s good right? Right?
You call 70k a year and over 200k from selling broke?? Get bent. She's ridiculous for not saving any money on 70k a year. She can live a great life and have a good retirement still.
@@LindseyObrooke She's old... Doesn't that change her status?
@@jeanlenor1858 She could still have 40 years life left, and 20 workable ones. At least 15 if she stays in good health. What status??
@@LindseyObrooke I mean her financial status. If she was young with 200k in net worth, we d call her rich or on her way there. But, she's old. Her best earning potential is behind her.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
*@mellon-wrigley3* That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
"Gertrude Margaret Quinto" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
Insightful... I was curious about her, so I looked her up online. I discovered her website, and I must say that she seems knowledgeable. I sent her an email outlining my goals. I appreciate you sharing.
Work till your 75 you have time on your side still long as your body holds up.
Take the 300k @ hand: buy 2 townhomes. Live in one and collect rent from the other one. Done, solved. As for the daughter, too bad. she should carry her own tuition load.