I'm 55 with Zero Saved for Retirement!
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- Опубликовано: 27 июл 2024
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The high prices have affected my retirement plan to retire at 62, work part-time, and build my savings. I worry that those who experienced the 2008 financial crisis faced fewer challenges than I do now. The stock market's volatility, combined with a reduced income, makes me anxious about having enough for retirement.
The retirement crisis will worsen because many can't save due to low wages, inflation, and high rent. Investing in stocks with a good strategy can help, but it's important to be cautious. I advise you to get a financial advisor for guidance on entry and exit points.
If you lack market knowledge, your best bet is to seek advice or support from a consultant or investing coach. Contacting a consultant may sound simple, but it's how I've managed to stay afloat in the market and increase my portfolio to roughly 65% since January. It is, in my opinion, the best way to get started in the industry right now.
I’ve been worried sick about the current state of my portfolio, who is your advisor?
Finding financial advisors like Sharon Marissa Wolfe who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I looked her up, and I have sent her an email. I hope she gets back to me soon. Thank you
I've been diligently working, saving, and investing towards financial freedom and early retirement. However, the economy's downturn since the pandemic has significantly eroded my portfolio. My question now is: Should I continue contributing to my portfolio in these unstable markets, or should I explore alternative sectors?
Consider diversifying your portfolio across various market sectors. This approach helps balance your investments and mitigates the risk of significant losses.
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's really great. I've tried doing some research myself to hire a financial advisor, but it's really overwhelming. Could you recommend who you work with please?
Amber Michelle Smith has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Thank you for the recommendation. I'll send her an email and I hope I'm able to connect with her.
I've kept much of my savings in cash for safety, but I'm unsure if it's right for retirement. Contemplating investing $400K in stocks, as I've heard investors can profit in tough times. Unsure about my next move.
it's wise to redistribute your capital to mitigate risks during market fluctuations. Consulting a financial advisor can help simplify this process.
Yeah, I’m also closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.
This caught my interest. I worry that I have a couple more months before retirement, and I want to switch to using a financial advisor, but I don’t really know how to find one.
*Sharon Lynne Hart* is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I searched for her name on the internet, found her page, and reached out via email to schedule a conversation. Thank you.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@PilouBen However, if you do not have access to a professional like CLEMENTINA ABATE RUSSO, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments
@@Lourd-Bab Oh please I’d love that. Thanks!
@@PilouBen Clementina Abate Russo is her name .
Lookup with her name on the webpage.
No debts and has a place to live. If he continues to work and save, he's in a great position to get his future together.
Not really, he's 55. You can't buy back time. He can survive, but he probably won't have a comfortable retirement any time soon. You have to start as early as possible, meaning as soon as you join the workforce. Not saying he shouldn't try, but he's not in a great position at all.
No kid...he is 55, he has already lost time .....
@@mplslawnguy3389 I HEAR RAMSEY AND HE SAYS DIFFERENT OF THEIRS NO DEDT HIS IN A GOOD POSITION AFTER ALL HE STILL HAVE QUITE A FEW YEARS BEFORE RETIREMENT AGE.
@aena mustafa Yes of course it is. You have many working years ahead of you.
@@elizabethvargas4165 Most people wouldn’t consider 55 with nothing saved a good position. Your health is no guarantee as you get older and you can end up in a pretty sad position if you can’t continue working.
I don't blame the new wife one bit! She has her entire life savings to potentially lose with this guy that has nothing but baggage at this point. This doesn't mean she doesn't or can't love him, but she's smart to protect her own future!
1000000%
She shouldn't have married him. What's the point in marriage at that age when you won't be having kids together and she doesn't want to combine finances. Should have kept it at fun and dating and separate residences. He also sounds like a scammer/moocher to me.
I disagree. I think she can protect her past ie prenup and keep the past separate but they could still try to work together to build their future. Wife forgets that anything could happen ie she could become physically disabled or goodness forbid some terrible disaster and rely on him for all her care then it gets awkward because the foundation for building a future was lacking since "there was no upside for her" yet him doing well is great for her too.
I disagree for one reason only; the combining of assets/responsibility, etc..., is the ONLY reason to get legally married.
Great Point.
I don’t blame her. Assuming they are both in their 50’s I don’t think it is crazy to wait for him to truly demonstrate fiscal responsibility before combining money
They dont have to combine money but its nuts to make him feel like a roommate or business partner..
Its like she has one foot out the door. Very cold
Then wait to get married
Prenup was the first step to their eventual divorce.
She got someone to marry her at her advanced age...
You are absolutely correct. She should guard the assets she has built without him. Prenups are critical for late marriages!
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.
It is in our nature to think about what we did wrong. I should have, if only I did this, what about that, and so on. The key is to shift the mindset. 55 and zero saved doesn't have to mean anything. Change the mindset, create the action, and make a new outcome. Everything starts again when we decide to change the path. Keep fighting the good fight!
Wonderfully said!!! Thank you!
Yes, just focus on what you want and what you need to get there
Woman calls: I make $250k and have over $1M saved for retirement and a paid for house worth $350k and I'm planning on marrying a "self employed" man with debt and no savings. Wanna make sure my kids can go to college.
Dave: get a prenup because of wealth disparity
Are you highlighting the hypocrisy in how he handles men versus women?
@Pinned. by I Allegedly Is he Bernie's son?
Now do the men Who suffer far, far, far more.
@@wmurray003 He always gives deadbeats a pass. It's annoying tbh.
Sometimes love makes you very vulnerable. You need to be cautious because when you get older it's hard to start over.
He came into the marriage broke, "self-employed" and in debt. The new wife is exactly right to keep it separate. He has the opportunity to save and invest huge amounts(more than 15%) now that he is debt-free and has a roof over his head. Just go with it.
True words spoken
Wow nice blue pill brainwashing. What does she bring to the table? Sounds like he's the one doing her a favor... Assuming they're the same age...no self-respecting man cares how many assets a woman has that frankly has very little to do with dating value...she should be ecstatic that she got someone to marry her at her advanced age. But this guy is a chump listening to his words looks like he makes a string of bad decisions with women. This is just more proof women expect you to share your money but they don't share theirs...
When did marriage become mine and yours??? Don’t get married if you’re already separated
@@Slow-Rolling It's mine and yours when you come into the marriage deep in debt with no plan or desire to address your issues.
@@johnsteele8073 he moved into the home she owned. He offered nothing but debt
Husband: we gotta house
Wife: I gotta house.......
Nope. The house becomes the marital home. If they divorce - it becomes 50/50 of the value on the home. Go look for your own self. It's the truth. Debts also become 50/50. Therefore, if he has a lot of debt and sues (pending no adultery) - she picks up half his debt load. Same for her investments that she's made during the marriage. I study "division of property" as part of my business degree. This is real. Marriage today is very risky financially.
@@AmericanBulldogFit They have a pre-nup. The house is hers, he is "priviliged" to live in. Marriage is not financially risky when one has a pre-nup (generally though, its not needed, because both partners are contributing equal amounts of debt and income.)
@@thelogicaldanger The pre nup does not protect the marital home. You have no idea what you're saying here. Shall I consult my professor in law? Like I've said - I study this full time. You are wrong here. Those contracts protect assets prior to the marriage - the home is not one of them. By law - she's the legal owner. By law - they are now both entitled to 50% of the value of the home. From my experience, men are so delusional and have such a false sense of security when it comes to the law and what pre nup contracts actually protect.
@@AmericanBulldogFit He said she owned the home prior to their marriage, so it was included in the pre-nup. The legality of pre-nups and what is in them depends on the state, it may be true in your state that the home couldn't be legally included (even though she owned it prior to their marriage), it is not true in every state .
@@AmericanBulldogFit But I agree with you that men (and women) are ignorant of the law and often go to a general lawyer who throws a pre-nup together for them, when they need to be going to someone who specializes in pre-nups who will explain clearly all the available options.
Those number of spouses that work together to achieve financial growth and success were most likely married at a younger age and began building early in their careers. For couples that marry in their later years, it's a different story. You want to protect your nest egg if you were financial responsible during your career.
Agreed
Well, I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises plummeting stocks that were once revered and I don't know where to go here out of devastation.
do not invest. trade stocks. More profitable, if you know what your doing.
I’m 60. Single. No retirement. I honestly feel it’s best for God to call me home before I have to face the humiliation of not being able to provide for myself. Anyone else feel this way? I have a job but with rent hikes I can hardly afford to live here and can’t put 50% of pay into 401k. I spent 10 years on disability. Terrible decision to sell my house. Depression plagues me but I make it to work. Embarrassed and ashamed. Women don’t want men in my situation. Not a pity party. Just hard truth. My call would be embarrassing here and Dave would not have much to say that can help. Young people listen to this man.
I'm so sorry and pray that things become much better for you.
Keep Hope Alive try to think of a hobby that may generate cash
god don’t do that
Life can be rough no doubt but put your trust in the Lord. You might need to think out of the box. You could check out Bob Wells on RUclips. I know a man who bought a trailer and put it on a friend's land. You could get a roommate. There are a lot of people out there in your situation. I pray things workout for you! God bless!
Sell you blood plasma take the money and put in a fidelity retirement account could be 800 a month
It's both your second marriages and you're surprised she wants to keep it separate.
This is literally my step dad.
The worst part is worrying about my moms future as theyre supposed to be nearing retirement. He has nothing but multiple payments a month.
Does she have anything saved? This guy is at least close to being debt free.
Their problems will suddenly become yours and you will understand quite clearly how a man of 55 can be without a retirement egg. EDIT: especially if they develop memory issues.
I don't blame his wife. Second marriages have a 70% failure rate.
But it’s the love of his life!
I wonder why she agreed to marry him. Based on what the caller is saying the wife doesn’t trust him financially. They could have decided to live together if she was only seeking live-in companionship.
@Eccentric Introvert The more I factor finances into dating for marriage, I feel like I'm scaling a mountain. My standards for guys (and myself) are even higher! Like jeez, we gotta have our lives perfect before we get married! lol
@Eccentric Introvert if you’re basing life decisions on surveys your still not ready for marriage hun.
@Eccentric Introvert I got married at 31 and am now 36, doing just fine. Make sure you have the same values and get pre-martial counseling. You should be just fine.
3:14 I love how every time a caller speaks over or interrupts Dave he just goes straight for the "end" button on his desk. Bye-bye.
Turned 25 in November and I'm on Baby Steps 5, 6, and 7. Retirement has been important to me since I turned 21. It helps having a partner that shares this interest. I capped out my Roth IRA contribution this year. Focused but not finished!
Wrong show! You colorblind?
Good job!!
A Friend told me Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. is this a good way to potentially grow my retirement savings to about $3M over time?
You need to create your own process, manage risk and stick to the plan, through thick or thin or you can just seek the help of a financial advisor.
How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings
I just Googled her name and her website came up right away. It looks interesting so far. I'm going to book a call with her and let you know how it goes.Thanks
I invested in a 401k for 27 years lost 99.98% the 401 k was a mistake
@MichaelBrenner-sj7nz this guy and the guys who are responding are scam
ahahahh Dave was smiling so hard when he thought Paul was getting a free house, then just immediately changes to serious when he hears it may not be "our house".
😆 🤣
My mom just retired and has nothing. Her situation has me thinking a lot about retirement. Im on baby step 2 and 37 yrs old.
I sympathize with your mother. I am 66 with nothing except I start collecting Social Security next month as my cushion. There is no way I am retiring as long as I can mentally and physically work. Best wishes to you and your mother.
I'm exactly
Where you are Jamie I'll be 37 this week and I'm in baby step 2. We can do this we have time on our side.
@@susanmarie2231 you can retire. How much you need is entirely up to you, not the joneses. If your maxing out your credit cards, going on vacations or still have that 200k mortgage, then you will be in trouble
@@JK20239 I live frugally and have not traveled in years. I do not take vacations. I recently purchased a used car out of necessity so now I have a car payment that I didn’t have before. Add auto insurance which is over $300 per month- outrageously high here in Michigan and always has been - maybe the highest in the country. Apartment - $920 per month. My Soc Sec does not even fully cover monthly rent, car payment, and auto insurance. I am not complaining. I do not mind working but I would like to phase out of caregiving into something else that is in alignment with my joy and passion. I have been a self-employed senior Caregiver in private homes for the past 14 years. I’ve still got a lot of living to do and do not feel my age except for arthritis flare ups. Best wishes to you.
@@susanmarie2231 continuing to work keeps you vital.
I was this man. I became financially independent in 3 years
you had a lot of ambition and patience. 3 years is a long time. this is my first month of trying to save money and i am already very depressed.
@@globalmuffin2 keep trying. If you recycle put that money a side. If you have yard sale...put that money a side..... You can do it! 🙏🙏
tell us how
I don’t blame her at all. I find it odd he’s 55 with nothing saved and blames it on his divorce. My ex said that. Found out the hard way he was the problem, not his first ex.
Wouldn't a divorce still leave you half as well saved for retirement?
@@joee3582 my point exactly.
Yup! You and me both Jana. Someone who constantly blames ex's on their financial problems = they're the actual problem.
The same thing happened to me.
It's easy for women to not see how horrible divorce is when they're typically the ones getting child support, alimoney, half the savings, etc.
Never combine financial and Never merry
Even with a prenup, with no mortgage payment between the two of them, he should be able to start maxing out his 401k & IRA. It hurts to play catch up but he has an ideal situation here to recover from his past mistakes. I wish I was playing catchup without a mortgage payment each month! Lucky dawg!
She’s absolutely right, the guy sounds like he’s never saved at all, divorce or not you should have some savings. I see lots of people like this, but they always have a great car and good holidays. Being rich is living life living on much less than you earn, it’s that simple.
but whaat if you're saving up for retirement your whole life and living like a orphan and then you die at 50 or 60? not unheard of... then u would be the ultimate fool
@@tripp8833 why? You would then leave the Money to your loved ones, it’s called inheritance, how selfish are you, so you are not prepared to save just in case you die early, and you think leaving money to family makes you a fool? People leave money to charity, are they foolish? i think you need to look yourself in the mirror.
@@davidrobinson1492
Just playing devils advocate: calm down!!
@@tripp8833 Why show up for work tomorrow if you might die later this week? That's as good as your analogy sounds.
Also, you can save money without living like a hermit. It's obvious that some parents never taught their kids that blowing all their money at the toy store is a bad idea
@@tripp8833 That’s how you stay poor. Sure you could die tomorrow… Or the much likelier outcome is that you live well into your 70-90s and be broke.
I never had that partnership with my ex-wife. It felt like I was swimming the ocean with an anchor tied around my neck. Divorce gave her 2/3rds assets and 2/3rds of my take home pay for 8 years of alimony. Four years through my alimony payments and my net worth has gone from $70K to $700K. A bad spouse can sink all dreams. I told my daughter and her husband how important it is to be a team.
You made a bad choice. Have you ever taken responsibility for it or still blaming her for your choice. We call that bitter!
How did you income go up 10x in 4 years?
@@clarifyingquestions He’s right to be bitter if that’s the case.
2/3rds? Are you providing support for your minor children?
@Lasna34 Or sign a prenup.
If the guy is a sole proprietor, it’s not in the woman’s best interest to combine the house because it exposes the house to potential lawsuits against the guy. If that’s the case, the woman is smart.
If he doesn't pay something it still can be taken, they're married, in the eyes of the law, what is his is hers and vice-versa.
@@bigbenisdaman Nope. You can literally be married and share nothing, this includes anything finance related.
Also if she has children from a previous marriage, those children should be protected financially
Like you all
@@bigbenisdaman is
Dave I want to thank you for all you do. I was in a lot of debt 10 years ago, I payed to Jesus to help me, and I began to listening to your show on wdcx buffalo. I'm a Brazilian Canadian. Today I am debt free, except for my mortgage, have 3 months of emergency stashed and money for retirement. May God bless your ministry. Again thank you.
How do you get in touch with Dave
@@marykayanderson56 I listened to WDCX Christian radio from Buffalo and since I live in Toronto, I listened every day. Today, the Dave's show no longer plays on the radio, so I listen to his podcast.
Good for you!
How do I get in touch with jesus
@@PatrickFDolan when you are at your lowest point and he is with you because otherwise there is no other bottom line and also in moments of happiness when you feel you did not create this.
I am instantly suspicious of people who, when asked a simple question, want to give you a long answer that begins with some version of, "What had happened...was...."
So true....
I love how fast Dave's hand shoots to that mute button! 😂😂
Yep, DONE listening to you....MUTE!
@Anthony Harris I used to think that too. So I ignored him. Then I grew up and realized I was wrong.
That's sad BUT it's never too late to change your life around ❤️❤️
Dave's most important point was that you can still partner on finances and plans with a prenup in place. The point is communication and planning together. That's what they need, to be on the same page with planning.
I’m closing in on my retirement and I’d like to move from Minnesota to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways
My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust.
It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance
Very true! I've been able to scale from $50K to $189k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns
How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings?
My consultant is ‘’Christine Jane Mclean’’ I found her on a CNBC interview where she was featured and reached out to her afterwards. She has since provide entry and exit points on the securities I focus on. You can look her up online if you care supervision. I basically follow her trade pattern and haven't regretted doing so.
I don’t blame the second wife for protecting her wealth. He’s a mess financially.
than why marry him
And old. He might as well be dead lol. I'm 42 and I feel old.
Shouldn’t have married him then.
They combine finances, get divorced, and she loses much of her wealth and financial stability. Dave never addresses that scenario.
@Jordan-hz1wr She should not have married him.
I'm 36 and on baby step 6.
Wish I would have started saving & bought my home in my 20s.😧
10 000 saved and I'm 21 buying my first house in the next year on my own
Better late than ever. I'm 35 and me and my wife are saving up for a home. We will need at least 50k for a down payment.
You are light years ahead of 99% of the people out there. Great job we can all look back and it is OK to visit but keep going forward. Fantastic job.
@Yo ParkHill thankyou and no I'm in the UK
That’s my plan... I’m working at amazon going to try my best and max out my work week at 60 hours a week... I’m hoping to have 100k + to buy a house coming straight from my grandparents house
55 and "no idea" is truly tragic...Thank goodness for Dave Ramsey and Chris Hogan who continue to increase financial education. A paid for house is at least something..
Her paid for house. Hers.
The new wife married a broke man. She’ll be needing advice next
If I met a man in his position . He would be a boyfriend.
Been down this road. I made a lot more than my ex-husband but he wanted me to put everything into our joint account, put up the money for the downpayment, confer with him when I wanted to buy a blouse, then wanted to be on the deed to the house ( without putting up a dime for the down payment). I put the house in a land trust for my children, which he did not want to sign. If anything happened to me, he would be able to live there until he died then the property would go to my children. He did not like that and wanted to know what would happen to his children. I told him he should have provided for his children. Advice: Either don't get remarried or marry somebody who makes close to what you make.
Well think about it. Both were divorced...she has a house, he has nothing. That makes sense when you look at what typically happens to the man in a divorce vs the woman.
I rent the master suite in a house that is in the name of a guy I've never met, but pat my rent to his ex...who got the house in their divorce. This guy is about to be debt free, which is pretty good for a guy that is starting from square one after having his ex take most of what they had and paid the lawyers.
I agree that either your a team or not. If you join your life to someone else (regardless of marital status) you need to start thinking in terms of us, not "me and maybe you".
@@Darbaby000 or marry someone with some sense and dignity
@@Darbaby000 close to what you make or more.
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
I personally suggest sticking with one who understands your goals. I'll recommend “Tenley Megan Amerson” because I work with her and you could check her website out, but I'm sure there are other good ones, too.
Excellent episode. Yes on spousal teamwork. Money and time. Optimize both to truly win. Teamplay is key.
No reason they can't work together and she keeps her home as in the prenup. Not fair if they were to divorce and the home equity is split. Hence the reason for a prenuptial agreement. I heard of scammers that marry as a way of stepping up.
I think it's pretty common when people get married later in life. People that mingle their money are usually starting off together with nothing. It's two different situations. I find that people who are lucky enough to start out together making their fortune, just don't understand the folks that come together later in life and how difficult it can be to completely mingle money. Christy doesn't have a clue.
Exactly right. My husband and I were both broke when we got married lol.
I admire the financial independence of people, But you can live better if you work a little more. After watching this I think there are people out there, on the extreme, who plan to die early just to be able to retire early. To each their own but to me retirement isn't just about not having to work, it's about having the freedom to do whatever you might reasonably want, such as travel, buying things, enjoying life, etc. I don't think I could retire with less than $3m in income generating investments, maybe $2m at the very minimum. I plan to work until I'm at least 45.
Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving
@@sherryie2 A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.
@@rickertcoles Over the following 3 months, I want to increase my reserve from $280,000 to at least $550,000. I would be grateful for any advice you can give on how to accurately predict the market and how to diversify and balance my portfolio in order to accomplish my goal.
@@flemmingbrooke My advisor is NICOLE DESIREE SIMON , 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
@@rickertcoles she actually appears to be well-read and educated. I just did a Google search for her name and found her webpage, I appreciate you sharing
“The love of my life” living like roommates.
I would hate that 4 me
@@Mamacita-6
Lol, amazing how there always seems to be another "soul mate" right around the corner.
There is no romantic "love"...its just hormones and lust.
Wake up you divorcees, there is no Santa Claus or Easter Bunny
I noticed that!
Maybe he is bad with money and conveniently left that part out..
A lot of men are bad with money. They get into debt to get a wife and wonder why she wants a divorce because it finally caught up to them. If I ever get married I’ll make sure I’m debt free with a cash emergency stash and some investments to better take care of a wife. People are raised to think debt is wealth when it’s really a burden one might not be able to pay back. These shutdowns prove one can lose their job at any time. People really need to educate themselves.
He is bad with money, otherwise, he would have stayed single.
@@athenastarbrite2955 ... he’s almost out of debt... that doesn’t sound like he’s bad with money.
@@Slow-Rolling at 55 he’s almost out of debt and you think he’s doing good?
@@Engagenumberone why would you stay single?
Wife and I are 31 and 33. I checked this morning and all our 401k balances add up to $257,000. Looking to retire at 59 1/2 with around $6 million in our 401ks.
Not looking to be the richest in the cemetery. Sounds like you saved for the very end. Theres a balance
@@JK20239 My wife and I are both from poor families and wanted to break the cycle.
@@JB-kx9bx how much you need in life is dependent on you, not the joneses. If the definition of poor is based off the opinion of the joneses, they will work then die. There's a delicate balance. You don't want to forget to live while being able to be secure in your future. That's all
@@JK20239 Working past the age you want to retire in a job you hate instead of visiting your grandkids would be my definition of poor.
@@JB-kx9bx understood. How much you need is entirely up to you. If you have 100k in expenses at 60, then unfortunately, that's your call. The joneses don't define how much I or someone else needs. I can easily live off of 30k and retire sooner or with much less.
This couple is not “married”. Maybe under the legal system they are described as married, but NO. A marriage is where two people come together with love and devotion to each other, that they become ONE! That is what being married is about.
A lot of older remarried couples do this, unfortunately
Call it a partnership, joining forces against loneliness.
Wrong, marriage is in fact a contract. . The eide wa smart to prenup
Retirement is going to be rough for this guy.
Sadly I don’t think he’ll be able to retire, I think he’ll be one of those old people who have to work in their 70s/80s
I'm very happy I found this channel..God bless you Dave Ramsey.
I always feel better about my situation after hearing about everyone else ridiculous problems
lol
Yeah, sucks to be him. He brings nothing to the table and she would be STUPID to share finances. He is better off using every cent he has to invest and build himself up. 🤷🏾♀️🤷🏾♀️
If I were her I wouldn't share with him either.
Yeah, not sure why they got married though if they didn't want to combine finances. Apparently different expectations
His first wife cleaned him out. Maybe wife #2 got the house from her own husband #1 ?
@@ekxoskletr Christian faith. You can't have adult fun without the title.
girls rejecting poor guys=ok
Guys rejecting poor girls=how dare you
I started worrying about retirement in my 20s and I'm 43 now. Something like this was my fear even that long ago. It was my top priority then and remains so now.
How much you saved so far?
Give us an update of your status
@@triconconsultant3758I started at 23 years old also and always tried to reach the max each year. Today at age 46: $1.3 million in 401ks. Average house, old Toyotas, rice and beans....marrying the right person really helps too. (My wife took my advice and has more than me)
Same, although 53 now. If anything, I wish I started in my teens or early 20's, and I wish I saved more than $50 a week when I started saving. Either way, I don't regret saving for retirement at a fairly young age.
With that said, back then pensions were much more common (but ending, I missed that boat) and SS looked solid, so it was fairly rare for a 20 something to be thinking about retirement. This is why Gen X will likely be screwed (post pensions and 401k/IRA was pretty new and not to prevalent). The millennials and today's younger generations generally don't have pensions and know not to expect a healthy SS system, so it's much more common for them to start early... Which they will be grateful later for doing. That's assuming our gov doesn't completely sink our financial system!
Sounds like a fun life you have there pal 🤭
She is a smart lady..she isn't sharing her money and her savings
Since the woman has the paid house he still has time to save for a good retirement.
That's not a marriage it's having a roommate.
When it comes to sharing funds later in life, my philosophy is don’t do it. She is sharing her home rent free which is very generous. They don’t seem to share the same attitude about finances which will probably be their downfall.
@@munkandbear2818 yup very normal on earth
She wasn't that smart, she married him. He sounds like a total loser and a moocher.
I think it's got to be hard getting married for the 2nd time this late in life. It is probably really hard to have the same shared dreams and goals when you've spent so much of your adult life without the other person, and you potentially both have children with other people.
My problem is spending money on other people. That is how I sometimes show my appreciation for them. My honey does the same thing. Between the both of us, if we cut out doing that, we probably could save a good chunk of money. It's sooo hard to get out of that mentality. That you are valued for more than what you can materialistically give to others!!
Stop trying to buy love. Get your own financial house in order first.
Then stop doing it. It's that simple.
Stop handing out gifts and money. (After you stop)...The people who are left in your life are the people who truly care.
My husband and I agree, that the best thing that ever happened to us is when people stopped helping us when we were younger
We managed with hard work and discipline to help ourselves
Long story short we have 3 house, 2 are airbnbs.we are selling one now, other two are mortgage and debt free
We live in one airbnb the other out
Paid off our 2 trucks, no credit card debt
We live on about 27,000 per year and we live well
Stop helping people is how you really help them
I know a few 55 or so year olds who are in this situation... the anxiety causes many people to just not think about it
But Dave is right. This man can have a decent retirement if he gets focused from 55-65.
@@Mitzi73 yeah he can . It’s not too late .
Definitely! I’m scared for a few of my older relatives
You only know "a few" people in this situation? I get the impression it's very common, especially these days. Not a boat I plan on being in and it would be very scary to me.
@@isaachaze1 Sadly this is not just a few, but it's a common story in Trump's America. His policies have gotten a lot of folks in a world of hurt. This family can't begin to heal until that man is out of office.
When Dave hits that mute button, that means be quiet and listen!! 😂 😂
His new wife owns her own house and makes a lot more than he does. Must be true love for her.
that's good... so he divorces her, he will get some money since she makes more than him. I predict the next 20 years, women will make more than men and still marry them.
He’s got three hots and cot and no house payment. Dude, you’ve got it made. Save!
Ez to say, hard to do. I mean for him.
😂😂😂😂
My mom is also around that age and doesn’t have any retirement fund , and ultimately I know I’ll have to take care of her .
YIKES!
No you don’t . . . a grown woman making poor mistakes is her problem. You don’t owe her that . . . just say NO.
Have her get started with a Roth IRA now. Better late than never
@@michaelaurban4120 not true you do owe the person who gave you life
@@jennifergottliebel-azhari149 no, you don’t owe anyone that. I don’t care if you gave me life, I didn’t ask for that. You wanted that! Not planning for your retirement, and then putting that kind of obligation on your children 👉🏻 makes you a horrible, lazy, and terrible person (AND parent!)! What are you teaching your child in return? Oh don’t worry about saving money and planning ahead! MAKE YOUR KIDS TAKE YOU ON. Rob them from having a life, and family of their own! NOW YOU ARE THE CHILD?!?!? That is called manipulation, and that is VERY unkind to do to your children. They should be off living their lives, and taking care of their family. NOT YOU. This is called consequences, and this is what happens when you spend your life being self centered, narcissistic, and not caring about other people! You’re a terrible person AND parent to put YOUR financial duties on your child! If someone CHOOSES to help you, there needs to be strong boundaries and rules. But if you think you can go through life, and never grow up, and someone else will afford you a cushy life in your retirement years . . . I won’t feel bad when you end up broke and homeless . You get what you deserve, and NOBODY, and I mean NOOOOOOOOOOOOBODY owes you being taken care of in your retirement years ESPECIALLY when you had a chance to help
yourself and you did nothing instead!
This call is my main issue with couples keeping separate finances. There is going to be a point where not working together is really going to show. They will be retired and she’ll wanna go to a fancy restaurant but there’s no way he can afford it... so what is the solution, she gives him a loan or acts like it’s charity?
I’m all for the prenup if that makes you comfortable but if you’re not going to work together to ensure that you spouse- the person you want to stick with through thick and thin- feels supported then don’t get married. They are already married so they need to have real conversations about what retirement looks like together because for this man, he seems very anxious
yeah, no. separate finances are a good idea all the time, especially when someone makes way more than the other.
if you want to go to a fancy restaurant, you can pay for both, if you have the money.
if you want to go in a fancy vacation and he don't have the money, you can pay for both or pay a bigger ratio.
you don't split the money in half if you make 3 times more than him, so he/she can spend as he/she wish.
either you invest it, or save it, but if it's spending money, you spend what you earn.
Oooof, i started investing at 21, im 36 now and have about 400k bw roth and 401k. This guys in a rough place.
@Yo ParkHill I sure did not - single mom household. I happened to go through a TSP (kind of like a 401K for the military) class in 2006 and started putting money towards it. As I was promoted, I put the difference in pay towards the TSP. In Iraq in 2009 I made my first roth IRA contribution because I was making so much tax free money and there was literally nothing to spend it on in the middle of the desert. I never had the fancy stuff, I currently drive a 2006 minicooper while stationed in Germany.
@@jamesc7824 Good. My dad taught me everything he knew about finances... which in terms of investment is zero.
You're doing great. Keep up the good work. Here is some advice: DO NOT GET MARRIED!!!!
@Cosmos_Emmy Sure, I agree.
@@paulk9985 Thanks for the advice, I've been with my wife about 10 years. Obviously 10 years ago I had way less in investments.
I would love to hear her side of the story
Yes. Everyone would probably say, he needs a real job.
I think if you run the numbers, if you're debt free, even starting at 55yo you can build quite a little nest egg.
Yeah that what Dave just said.
My question is, what does this guy really want? He starts out saying he wants advice on investing, but his whole conversation is about this 'woman' he married who won't combine finances.
If this 'man' simply does what women do in similar circumstances, he'll own 50% of his wife's assets in 3-5 years, and the divorce courts will guarantee it....most prenups become null/void after that amount of time...he just has to argue, 'equality',
@@elmoomle4565 he's a guy it won't work that way
@@grod805 I'm speaking from personal experience as I know individuals that have done just that...your mileage may vary.
@@elmoomle4565 i would never marry for money
@@grod805 I was married, once, and it was not for money. I would never marry again for any reason...I've known better for many years now. Some people never learn...
I've been in a relationship for over 20 years and when we combined our money it was a disaster. We've kept our finances separate and there are no more arguments. I understand Dave's point but it doesn't work for every relationship.
For sure !! One area my wife and I are great about is $$$ Mostly because we keep separate finances it works great for us.
Actually, what Dave said is that you should combine finances when *married.* You just said that you are in a *relationship.* Not necessarily the same thing.
Remarried is the biggest disaster in that call.
Sounds like both should've stayed single
He did get a paid house out of it!
Truth
@@conureron3792 I would correct that statement to, "He did get THE USE of a paid house out of it!" He likely will not develop ANY ownership interest in that house.
No kidding why in the world do people put themselves through that again
Man I love the mute button that Dave clicks so he can do all the talking lol
He has a dump button too.
Yup. Loves to hear himself talk : "..buy my financial freedom kit for $129.99.." Or, live well below your means, save, invest. There. Take my advice for free. He's no better than any other crooked televangelist.
@@danieldoucet9121 yet you are here. 🤪
@@sergioliberates You tube is free and I can still learn useful info no matter who it's from, whether I like them or not.
@@danieldoucet9121 Do you have any idea how much time you waste doing it though? You arent becoming educated watching "You tube" and I am being generous on not calling you names. "Watch this, I saw it on RUclips".......
It’s never too late to start investing! but let this be a lesson to all the younger folks! 📈
Just started my investing journey as a 20-year-old in college.
@c v • 10 years ago set up an Roth ira. 50 a month when you 60 will be 450,000k
@c v • 10 years ago If I were to be 16 or 17. I would Buy used car paid, Get a decent Job, have a side hustle specially sales(real estate, insurance etc.), then invest. Read a book about investing for dummies. That would be my plan.
sounds more of a relationship advice lol.
@c v • 10 years ago save money! I wish I did when I was younger
This is a whole nightmare!!! Wow
he is bum,,,B1
@@alphathefirstone1222 ... But he’s debt free unlike most people
@@Slow-Rolling correct a homeless bum is debt free...does not change his "bum" status..i am trippling down on whay i said...HE IS A BUM....B1
@@Slow-Rolling he also has zero assets.
So sad people end up in situations like this... at least his wife has a house
They put themselves there.
Don't marry. You will save so much money and heartache.
@@blackworldtraveler3711 in general most people don't realize they create alot of their own problems.
@@Deuces-dq3xc wise words.
@@Deuces-dq3xc agreed. Single and wealth building. Kids are grown. I sleep very good at night
It always seems like finances and retirement are directed towards young people in their 20’s, we need a RUclips channel like this to help all ages.
The thing is, investing advice applies to all ages, it's just the older you are the less opportunity you have because you have less time (usually).
You would just have to save significantly more, work longer, and expect to live on a lot less in retirement.
I don’t see why.
Pretty simple.
Save, invest, and live within means.
Don’t spend money you don’t have.
Seem universal to me and probably spoken in several dozen languages.
Check out minority mindset RUclips
Dave's advice to him was the same he gives to people in their 20s: Once debt free, you invest 15% in retirement while paying off the house, then you can max them out afterwards.
Maybe I worded it backwards, I meant to say his channel helps people of all ages. I am saying as a whole, the RUclips finance section seems to be directed towards people of younger generations. It's a bunch of young people telling you how to make money while they are 23 and single with no kids or a mortgage and can afford to take a risk a lot easier. These youtubers some how come up with money and they don't really tell you how they actually got it, I am an electrician working crazy hours trying to make ends meet while going home and making videos after work, I am kind of an "average Joe" that is making videos for fun trying to show everyone that you don't have to be rich to be financially successful. They never talk about the person in their 40's with 3 kids and a mortgage trying to figure out how to better himself/herself and their family. This channel does, and I meant to say that in my comment. I just wish these other young youtubers , would incorporate or talk directly to the older generations needing advice and help instead of just directing their entire focus towards the younger generations.
Combining incomes is not needed nor desirable. My wife and I keep our finances separate. We are debt free and set very good for when retirement comes. Combining our accounts would not have improved that in any way shape or form.
Did your marriage produce kids?
@@willia3r What an odd question. None of your business.
@@ghostofmanitou6864 its a generic question.
Im not asking for any PII, so I dont know why you would take offense.
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can I get access to your advisor?
‘’Aileen Gertrude Tippy’’ is the licensed advisor I use. Just search the name. You’d find her webpage and necessary details to work with to set up an appointment.
Thank you for the recommendation. I'll send her an email, and I hope I'm able to reach her.
Dave is right, max your retirement(s), including the catch up amounts available after your turn 50. For those who are reading and over 50, know what your catch up amount is. It is dependent on the kind of account you have (401k, Roth, SEP, etc)
Still not going to help, he sounds like he wouldn't be able to max those out and 10 years to grow is not a lot unless he dies between 70-73 which is terrible to work until 65 and enjoy 5-8
Yep, my ex is not a team player even today. Thats what lead to the divorce. Do not date, marry, etc. Someone who is not a team player. He left me to do everything ! I didn't even feel like i was married. And i seen it coming too, thats what sucks about the whole thing. -smh.
humans are not born to be partners. we are a predatory species.
You must have been the financially broke wife that he didn't hand his wallet over to. He wanted a wife not a business partner
my mom is in her 50s and just recently opened a 401k at her job, and a treasury bill at the bank? after I have told her about tax advantage IRA's and other investment and retirement ideas..it really frustrates me.
I have a hard time with slow talkers.....feel like he's hiding some things.
Hes already brought enough of his relationship issues to light
I suspect he's hiding a lot of things.
You should listen to Elon Musk lol
Al Lopez he’s hiding alien technology
He's hiding Money! He's self employed and not being truthful about what he's actually making. Please I've seen it too many times.
Im 50 just bought a condo all my savings went to the condo. Place to live was 1st priority as rent is getting too crazy.
Ann i'm glad you have a new condo !!! Honestly i would have invested the money you spent on the condo and rented out a nice apartment !!! No property taxes when you rent !!
@The Dave Ramsey Show dave is advocating crypto??????????????????
I report that clown on every post he makes.
greatriffishere your landlord has added the property tax in your rent. So you are indirectly paying property tax.
My wife is 42 and only has $1200 for retirement and is counting on social security 🤲🏻 😳🤯😱
Fortunately I have a pension and retirement account...That she will also benefit from, But I keep telling her she needs her own money and not rely on my pension or Social Security because it probably won’t be there in 23 years
Sadly many people in their 30s have this mentality. Buy now and don't worry is a common mentality, our cultures great at producing consumers and bad at making investors.
Geez..happy you're not my hubby...ewwww
At least he never spent $280,000 on a tuba degree
That will never get old lol
I'm sorry what????? Someone really did that? 😲
If you'd put away $1,000 a year between 18-38 you'd be set. She owned the home prior to marriage. It isn't theirs, it's hers.
No you wouldn't? 1k a year for 20 years at a 10% interest rate with monthly compounding isn't even 100k - 'The Results Are In
In 20 years, you will have $63,786.98'
You're actually not right They are married and it is THEIRS.
If you invest 100$ a month, for 47 years starting at 18, 10% ROI, monthly compounding you'd have 'The Results Are In
In 47 years, you will have $1,281,919.73'
You'd have to invest like 1,500$ a month to be set at 38 'The Results Are In
In 20 years, you will have $1,139,053.25'
That home was taken care of in a pre yup - neither the caller or Dave were contesting the owner of the home - Now moving forward as a "WE"is what Dave was talking about.
It's funny, cause If the shoe was In the other foot....... The man would be look down as a bad man If he didn't help her. This Is a sick society we live In!
so true!
Spot on
And you wonder why men don't marry anymore.
That's why marriage needs to go way of the dinosaur
@@industrialrevolution2884 Even if you don't marry, most countries have laws that consider you married after living together a certain amount of time. If you take this into account, the "marriage" rate hasn't decreased at all.
3:15 Dave said no sir... reclaiming my show.
I'm sorry. If new wife has kids and she dies first, kids should get house. Period. Would be the same way if _he_ had the house and she was moving in with him. Of course, the right thing to do would be to give the surviving spouse a "life estate", so s/he can live there for the duration of their life but can't sell or pass to heirs.
Why must the kids get the house? 'Period' is not a reason. If her kids had major life challenges outside of their control, then perhaps some allowances should be made. But beyond that, they should not be automatically entitled to the house.
My kids are the most logical heirs to my estate, but should I remarry, I could see some kind of split. If my new wife was not worth that, then why should I bother getting married to her?
Kids have their own houses. They are kids, not vultures.
I'm struggling in this market. Stocks that I have held for months and made profits from are not behaving the way I'm used to so I’m quite indecisive on how to tackle this market, any advice would be grateful.
@chesterpatrick669 That sounds great and what signal do you invest with?
@chesterpatrick669 That's awesome and please how do I connect with this broker lady?
@chesterpatrick669 I'm currently on her webpage now, her reviews are very impressive and I left a message for her. thanks, a lot.
Don't sale ride out the storm..
I just had my 25th birthday less than a week ago and I have a net worth of $60,000 and my only debt is my mortgage. It might seem silly but I feel behind.
You are actually way ahead of me at that age.
@Austin Patrick, you are not in a race with anyone. You are on your life's journey and should be thankful for how far you have come!
@@e.samoor8323 You’re right, comparison is a huge destroyer of happiness
@The Dave Ramsey Show Reported for fake account / spam
Just keep going.
50 yr old divorcee here - 11 years ago went through a divorce and my business failed at the same time, so started over again from scratch. Met a wonderful lady and we bought a house 8 yrs ago. We have separate accounts, my money is mine, hers is hers, we have a joint account we both put money into and that’s where house expenses, groceries, taxes etc comes out of. Folks, no need to combine accounts and no need to get married again, we have common goals and it works for us. Luckily I landed a higher end sales job w company truck, cell phone and bonuses so I’m able to put 20-25% of my income away. Only debt is the mortgage but we’ve fast tracked it - 8 yrs left. Life’s good!
Although I'm in the UK I'm still very much inspired by this bloke. Really enjoy this channel.
Being a teenager and no wealth is understood, but simply impermissible at 50+.
Sadly this is too common of a story in Trump's America. His policies have gotten a lot of folks in a world of hurt. This caller can't begin to heal until that man is finally out of office.
Marriage is your second most important financial decision in your life.
@@costco_pizza
Dude been on this earth for 55 years and his lack of wealth is Trump's fault? I'm confused. Please explain.
@@costco_pizza 😂😂😂😂You do know he'll be re-elected, right? I assume if you voted for Biden it means you want our Republic destroyed!!
@@costco_pizza most stupid comment of the day.
Without knowing his income how on earth can you definitively say that 15% savings rate is adequate?
Good point. If someone's income doesn't even cover their expenses - the basics like rent, food and strict necessities like personal hygiene -, how can anyone advise on any percentages? Downright stupid advice.
@@MorcapNone of which has anything to do with either my comment or this video. Downright stupid reply.
I’m in a very similar situation at 56 years old. Thank you for the advice!
Awesome catch on the lower half. "Wher do I start' and corrected the mistake
this man needs to stop focusing on women and marriage and get his 55 yr old self together
FACTS 💯
That’s why he called
Noooo, since he is married he needs to solidify his relationship with his wife then everything else will fall into place properly...like finances.
Sounds like wife #2 realizes that he is not good with money. She wants a companion, but does not want to give him keys to the bank vault.
Yeah he sounds flaky
IT IS NOT THE MONEY THAT IS ATTRACTIVE, IT IS THE ABILITY TO MAKE MONEY THAT IS ATTRACTIVE.
Thank you for this video.
Never too late to start saving