I'm Concerned About Retirement

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  • Опубликовано: 15 окт 2024
  • I'm Concerned About Retirement
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Комментарии • 255

  • @rug3903
    @rug3903 3 года назад +53

    Retirement is probably one thing people stress about a lot so good Dave!

  • @dayvidsdays5644
    @dayvidsdays5644 3 года назад +47

    It's usually a good move to prepare or invest more into retirement. We never know what life will throw at us. It's a balance game while enjoying life too

    • @blackworldtraveler3711
      @blackworldtraveler3711 3 года назад +3

      If people start early and set the contributions on automatic it would not be an issue.
      Many rather pay to debt instead.

  • @Virgoindigo
    @Virgoindigo 3 года назад +13

    Dave Ramsey is an absolute blessing. It's been my observation that alot of what my fellow americans suffer from is a never ending cycle of poor decision making in a never ending cycle to keep up and compete with people which leads them to going deeper and deeper in debt when all that is required is focus on what's really important, patience and complete understanding of what one is doing, but people go the other way and then get angry at everything and everyone when things fall down.

  • @CP-qx3of
    @CP-qx3of 3 года назад +27

    This is not a typical call where they say they’re in their 50s with two car payments, 150k left on their mortgage and have nothing saved for retirement.

    • @Milo19970
      @Milo19970 3 года назад

      Perfect example of people scammed by the banks "Mortage = fake quick gratification.

  • @JERRRY26
    @JERRRY26 3 года назад +78

    Every dollar you save for the future is a dollar that makes life easier in the future

    • @webfreakz
      @webfreakz 3 года назад +4

      not necessarily because it doesn't hold up if we all do it at the same time. We need spenders while you are saving/investing otherwise you won't have that 10% (or whatever) return per year.

    • @JERRRY26
      @JERRRY26 3 года назад +9

      @@webfreakz yes, but generally speaking. If you save for your future it will make life easier

    • @webfreakz
      @webfreakz 3 года назад +1

      @@JERRRY26 true :)

    • @philipgerry5228
      @philipgerry5228 3 года назад +1

      Each dollar you save will multiply

    • @matthewgardner2144
      @matthewgardner2144 3 года назад +1

      @@webfreakz Keep telling yourself that.

  • @ronwhiteleo3352
    @ronwhiteleo3352 3 года назад +22

    The key to retirement is to WANT LESS!! do not want as much things/stuff and you will have plenty..

  • @mlovespring7892
    @mlovespring7892 3 года назад +3

    Ligit caller who's making 90k combined and ages 50s!
    Not some 20s/30s making 200k and worried in so much debts. 👎
    Thanks for calling in sr 🙏🙏🙏

  • @Swimfit998
    @Swimfit998 3 года назад +17

    When you retire you can get your blinds and if you change your mind they will do it free..

  • @Mitzi73
    @Mitzi73 3 года назад +42

    He needs to work until 65. Sell the home and downsize. Move to a tax-friendly state. He should be ok.

  • @jeffgraver7205
    @jeffgraver7205 3 года назад +79

    lol dude sounds like he could be an info commercial actor

    • @leadnsteel1428
      @leadnsteel1428 3 года назад +6

      Ha... he could do it as a side gig lol

    • @TLM860
      @TLM860 3 года назад +1

      Exactly!

    • @simplyme922
      @simplyme922 3 года назад

      If he speeds up the tempo.

  • @tomdrummy4984
    @tomdrummy4984 3 года назад +29

    I think an issue is nobody wants to think about retirement planning in their 20’s or 30’s , and wait until their 50’s to start catching up.
    If you had all those years of compounding interest, you would have enough at 60

    • @wewhoareabouttodiesaluteyo9303
      @wewhoareabouttodiesaluteyo9303 3 года назад +4

      It is tough at 20 and 30 because those are the working years. You need to adapt and most likely, you will need $ for an EF, getting a house paid off, and starting a family (all high cost). Once you level out in about 40s, then you tend to worry about retirement.

    • @sfcrmsa
      @sfcrmsa 3 года назад

      Agreed 100% if you don't know or understand what 'retirement' is. Retirement is different for everyone, so understand the basics is important. You can never be to young to think about retirement. I started a Brokerage Acct for 17 Y/O Son and told him, explained to him what this is for and the end goal. Lastly, when I joined the Army, the older soldiers talked about retirement and making retirement after 20 Y/R's. That was a 'retirement' goal, I retired from the Army at age 42.

    • @Vanessabobessa10
      @Vanessabobessa10 3 года назад +5

      I am 30 and this is my year to start. I dont own a house yet but im still going to start 🤷🏽‍♀️ my mom has nothing. That cant happen to me

    • @wewhoareabouttodiesaluteyo9303
      @wewhoareabouttodiesaluteyo9303 3 года назад

      @@Vanessabobessa10 Can you start by improving your grammar?
      "I am 30 and this is my year to start. I do not own a house YET, but I am still going to start. My mom has nothing. That cannot happen to me. "
      The part of getting yourself out over a poverty mindset is to present yourself like a proper individual both in writing and speaking.

    • @reneehenderson4818
      @reneehenderson4818 2 года назад

      Or maybe not even the 50s. At 50 you may have some time to do something. Then come your 60s, I hope we wake up in our 60's, but not always. How about 65 or 70, then realizing social security isnt enough. Working late into life is ok, as long as you can. What happens when you can't anymore?

  • @plantface510
    @plantface510 3 года назад +37

    The key to what Dave said is keeping the governments hands off of your money.

    • @jimhandler1129
      @jimhandler1129 3 года назад

      Agreed. People forget about the HSA.

    • @leadnsteel1428
      @leadnsteel1428 3 года назад

      And keep investing to keep up with inflation

    • @msowens1
      @msowens1 3 года назад

      @@jimhandler1129 what is hsa?

    • @jimhandler1129
      @jimhandler1129 3 года назад +1

      @@msowens1 Health Savings Account. But you have to have a high deductible health plan. It is an awesome way to put pre taxed money aside for medical bills. Don't take my word for it. Google it and look up youtube videos on HSA.

  • @cb4354
    @cb4354 3 года назад +13

    Since this guy is on the older side he needs to try and put at least 25% towards retirement. Get the money in there ASAP and let it compound. Cant get time back

    • @matthewgardner2144
      @matthewgardner2144 3 года назад +1

      That and be aggressive with a taxable account. 80K for 2 50-something adults are not exactly robust wages. Someone's underemployed probably.

  • @rollingacresfarmstead206
    @rollingacresfarmstead206 3 года назад +16

    Started investing in my early 20s. I plan to have a way better retirement then the working years. Currently at 22% into the 401. Hoping to have around 15k month in retirement when its all said and done. I will say the jump from 15 to 22 hurts for now but we will adjust

    • @brandonk1097
      @brandonk1097 3 года назад +1

      Hopefully as much as possible is going into Roth

    • @theflightsimulationexperie6894
      @theflightsimulationexperie6894 3 года назад +4

      I hear you. I just jumped my 401(k) from 20 to 28 percent maxing out at 19k and year in the beginning of 2020. Yes you feel it but after a year now, you just get used to it. I also max out Roth every January and invest 2k a month in a brokrage account. Wife and I are looking to retire hopefully in 6 years at 43 with 2m.

    • @sfcrmsa
      @sfcrmsa 3 года назад

      @@christopherbeddoe406 I do the same thing. I think it is a good plan. It is hard work for me but it pays off. Max the Roth and then I work hard to max my 401 K.

  • @dannyh9010
    @dannyh9010 3 года назад +24

    I liken this call to camping in the woods. I hear a noise out in the dark: Ahhh! It’s Bigfoot! Flip on the flashlight: Oh, just a possum.

    • @hollyb6885
      @hollyb6885 3 года назад

      But I’m afraid of possums too. 😱

  • @libbyringo8419
    @libbyringo8419 2 года назад +2

    Do you live in an area where your property taxes have a potential to go up highly? Or in an area that your home insurance goes "wildly" up? I thought I had planned it all out, but I didn't foresee the hidden debts or the need for costs for "those" things.

  • @preshpesh552
    @preshpesh552 3 года назад +4

    I am planning to buy some stock but I don’t know which is best for long term I am not use to stock investment, please help me or send me the best stock to buy for future at Least 1/2 yrs

    • @goldman3799
      @goldman3799 3 года назад

      i will not advice you buy share and keep for a whole 2 years, no. So many people making huge money on short term investment. Seek an expert advice

  • @TLM860
    @TLM860 3 года назад +29

    This guy's voice makes me want to buy things!

  • @chrisharrisdrums
    @chrisharrisdrums 3 года назад +1

    I’m 25 and I’m debt free. I just wrote my monthly expenses and wanted to know how to save the remaining money after bills are paid.

    • @thedude5040
      @thedude5040 3 года назад

      Put $5-6k in a boring savings account and leave it for an emergency fund. DO NOT spend it. Next put 15% into a retirement roth401k or roth IRA/401k account. Then start saving for a 20% down payment on a house or a $15k used car if needed.

  • @dreamingofyou2958
    @dreamingofyou2958 3 года назад +4

    Please- HOW DO WE GET STARTED inVESting in these 4 mutual funds???

    • @sandrab.3538
      @sandrab.3538 3 года назад

      As he said, call a Smartvestor pro or a recommended financial planner. They will get you started.

    • @ttr8141
      @ttr8141 3 года назад +1

      Dreaming of you
      Mutual funds have higher fees. Index funds will be fine, which is what most retirement funds like 401k/Roth do. But if you want to know, the “index fund” version of this is
      1. Mid Cap Growth
      2. Small Cap Growth
      3. Large Cap Growth
      4. International Fund
      But mutual f

  • @michtig
    @michtig 3 года назад +4

    When he Dave Ramsey says "invest in decent mutual funds", do we know what kind of mutual funds he is talking about?

    • @MPIronmanJC
      @MPIronmanJC 3 года назад +3

      He says 4 types of mutual fund. Growth, aggresive growth, income and international. All at 1/4 each.

  • @612osiris
    @612osiris 3 года назад +6

    I'm planning to retire outside US to be more out of my money and retire extra early. I'm only 26, so I have sometime to go. It's wise to learn a new language for this reason.

  • @robertmadison1916
    @robertmadison1916 3 года назад +5

    Question, how does he have $300k in his roth if he just started it? I thought the yearly contribution is capped at $6k? Did he already make that significant amount of returns by investing in particular stocks?

    • @wewhoareabouttodiesaluteyo9303
      @wewhoareabouttodiesaluteyo9303 3 года назад +3

      That was what I wondered as well. Hmmm...

    • @CyberSlugGump
      @CyberSlugGump 3 года назад +2

      Caller said 15% is going into 401K, so I figure that's where most of the money is.

    • @Trwals
      @Trwals 3 года назад +8

      He said they have 401's and just opened a Roth. So he likely answered with the sum total of their retirement money, with most being in the 401k.

    • @wewhoareabouttodiesaluteyo9303
      @wewhoareabouttodiesaluteyo9303 3 года назад

      @@Trwals He probably is like all the other individuals on the show. He wants to show himself in a good light and states he has $300k total, but him and his wife only have like 12k in the Roth IRA. lol

  • @Ria24Ria
    @Ria24Ria 3 года назад

    Can someone please tell me what’s the best way to invest 100k instead of it sitting in a bank. Mutual funds?? What if I don’t plan to touch that money till 15 to 20 years?? Also I am looking for a safe investment as I am not a big risk taker.

  • @jimmyg8656
    @jimmyg8656 3 года назад

    once you do retire, do you stay in the same 4 types of investments?? or switch to safer type investments?

  • @alisagraham6513
    @alisagraham6513 3 года назад

    Thanks, nice call. Good advice Christie. Did I get her name right?

  • @reneehenderson4818
    @reneehenderson4818 2 года назад

    The unknown is scary. I need more peeps in my corner.

  • @CaseyBurnsInvesting
    @CaseyBurnsInvesting 3 года назад +12

    They're well on their way. The compound effect is about to take off for these two.

  • @gli17b
    @gli17b 3 года назад +4

    I heard “Average is not actual return”, if you lose money in the middle you would take years and years to catch up. Like if you lose 50 percent of your money, and gain 50 percent next year, your average return is 0 but actual return is actually -25%. So I heard the actual return for an average return of 12% is more like 5%-6% if your money lost money like it did in 2008. What do you guys think of that?

    • @kellyegeline9823
      @kellyegeline9823 3 года назад

      @@justinacase2623 only if you have the money to buy. Not likely if you just lost 50%

    • @ChrisMFlorida
      @ChrisMFlorida 3 года назад +1

      you sold mutual funds or etfs in 2008? I would've been piling any extra money in those left and right during that time.

    • @gli17b
      @gli17b 3 года назад

      @@ChrisMFlorida i mean like someone has their money in funds in 2008 and it got slammed and it would take a while to recover. So the average return might look okay after 10 years but the actual return on the fund would be much less than average. So if we calculated our projected return as if we never lose money, we might be surprised at the end when actual return turned out a lot less than average. I just think average return is kind of misleading and wonder what Dave thinks about that

    • @aolvaar8792
      @aolvaar8792 3 года назад

      @@ChrisMFlorida The Bottom was March 1, 2009
      I went to cash in sept 2007 and again Jan 2020

    • @aolvaar8792
      @aolvaar8792 3 года назад

      @@justinacase2623 In March of 2009, My mutual Fund hit the stop loss.
      The Fund Closed and paid itself out.
      I lost because the Fund cashed me out, Not me.
      "We regret to inform you, your Financial services mutual fund has closed,
      Enclosed is a check for the remaining Balance."
      I hear this statement: Only if you cashed out did you lose.
      Not true, Funds close
      Imagine you had $1MM, The Fund closed and gave you $230K.

  • @thedopplereffect00
    @thedopplereffect00 3 года назад +4

    8% withdrawal on 1 million and no bond allocation? That is incredibly risky. No financial adviser would recommend this for someone that close to retirement. I don't know why Dave is always trying to set up retirees for failure and disappointment.

  • @marybartaczewicz1961
    @marybartaczewicz1961 3 года назад +2

    Dave when your going into retirement do you change your investment portfolio, to safer investments,or keep it in growth funds?

    • @mkite715
      @mkite715 3 года назад +2

      Dave always says keep it the way it is, because your money still could have another 30 years or more to grow; and as long as you’re not drawing off TOO much each year (most say somewhere between 4% and 8% a year is safe...lots of varying opinions out there) you’ll never touch the principle. You’re just living off the interest that the principle creates and you can leave an inheritance to your heirs.

    • @wewhoareabouttodiesaluteyo9303
      @wewhoareabouttodiesaluteyo9303 3 года назад

      I am young and I am keeping it safe. lol I earn 8% on safe.

    • @mkite715
      @mkite715 3 года назад +2

      @@wewhoareabouttodiesaluteyo9303 You should be earning 10-12% a year on average. What I meant by 4-8% is how much you want to withdraw each year in retirement so you never run out.

    • @jimhandler1129
      @jimhandler1129 3 года назад

      Great question. Dave advises to keep it in the 4 types of growth funds and live off the interest without touching the principal. However, if you don't retire with enough, living off the interest may not work.

    • @roberttompkins6489
      @roberttompkins6489 3 года назад

      @@mkite715 assuming no major downturn-which in the initial retirement years could devastate your principle

  • @roberttompkins6489
    @roberttompkins6489 3 года назад +1

    Dave is wrong on an average 12% return from equities. Any serious financial advisor will tell you that.

  • @highpeaks3598
    @highpeaks3598 2 года назад

    They should move abroad to the Philippines or Thailand. Live like a kind for under 25k a year. Plus, these countries have large English speakers.

  • @jamesssss621
    @jamesssss621 3 года назад

    It’s never to late to get started!!!

  • @blackdiamondrealty8046
    @blackdiamondrealty8046 3 года назад

    When you do actually retire do you leave all that money in those 4 different mutual funds?

  • @garrikcook5940
    @garrikcook5940 3 года назад

    I mean if all else fails senior citizens can always work at Homedepot.

  • @keithredsox36
    @keithredsox36 8 месяцев назад

    Dave is going to having people go broke if they take out 8% if the market is down to -10…
    You should only take out 4% to adjust for inflation and so you don’t touch the principle

  • @hornetguy9063
    @hornetguy9063 3 года назад +2

    These people are in a pretty good position. $300k at their income level is pretty decent. My guess is that if they just keep up what they’re doing given contribution rates, that they can get to around $800k in 10 years. It’s not luxurious retirement, but that in conjunction with a paid for home should be plenty for comfort.

    • @betsykozulla2765
      @betsykozulla2765 3 года назад

      Hornet Guy you expect them to triple their money in 10 years...ah....nope

    • @hornetguy9063
      @hornetguy9063 3 года назад

      Betsy Kozulla it’s math.
      I’ll spell it out. 8% annual growth
      $300k * (1.08^10) ~ $648k
      $19,500 * (1.08^10-1)/0.08 ~ $282.5k
      That sums to over $900k, assuming nothing but an expected annual return of 8% and maxing out 401(k) contributions.
      You should listen to what Warren Buffett has to say about compound interest

    • @DNaupari
      @DNaupari 2 года назад

      @@betsykozulla2765 not just triple the existing money,… but the amounts they’re continuing to invest, not at all unreasonable.

  • @1.5Koreans0.5American
    @1.5Koreans0.5American 3 года назад +19

    I don’t have to worry about retirement cuz I got laid off 😂😂

    • @dayvidsdays5644
      @dayvidsdays5644 3 года назад +1

      Sorry to hear :(.

    • @mbank3832
      @mbank3832 3 года назад +1

      I know what that feel like....I have been there

    • @TheTurdballs420
      @TheTurdballs420 3 года назад +6

      Gotta have the skills to pay the bills. There are not a lot of unemployed skilled car mechanics, plumbers, electricians, etc. Someone will always need their car fixed no matter what

    • @dayvidsdays5644
      @dayvidsdays5644 3 года назад +2

      @@mbank3832 It's just anecdotal but I imagine more people can related or fear being laid off :(. It's more reasons for us to diversify our income.

    • @positive_vibes_2427
      @positive_vibes_2427 3 года назад

      So did I. I’m confident we’ll get back though. Good to see you’re not taking this as a negative experience. 😊

  • @lifeaccordingtoatlas1852
    @lifeaccordingtoatlas1852 3 года назад +1

    How do I calculate how much I will have to live on in retirement?

    • @thomasreedy4751
      @thomasreedy4751 3 года назад +1

      25 times your expenses allows for a 4% withdrawal rate.
      How fast it takes to get there is directly related to your investment rate and return and not so much the final value.
      Their are calculators that can estimate how long it will take to get their.
      60-70% investment/savings rate to get their in 10 years with a moderate rate of return.

    • @blackworldtraveler3711
      @blackworldtraveler3711 3 года назад +1

      From my experience there’s nothing to calculate especially if you are more than 5 years away from retirement.
      Important thing is to stay out of debt, saves and invest(taxable and Roth) as much and as often as possible early then you will have some financial meat to work with when the time comes.
      Also when you’re debt free you have a very small financial foot print.
      Just a pencil, paper, and cellphone calculator will do.

    • @blackworldtraveler3711
      @blackworldtraveler3711 3 года назад

      @@justinacase2623
      Unless it can predict the next 20-40 years it’s basically a toy.
      Stand by what I said.
      Many of you on here even say “things happen” when it’s too late.
      But if it makes you feel good.....

  • @WarrenHenry
    @WarrenHenry 3 года назад +1

    Is it me or does Dave have a pronounced way of hitting the mute button?

  • @Je.rone_
    @Je.rone_ 3 года назад +4

    If i make it to typical retirement age I'll consider it an absolute win

  • @thomasreedy4751
    @thomasreedy4751 3 года назад +5

    Another show with retirement advice that doesn’t ask the important questions you need answered: How much do you need?
    The second question: When do you need it?
    A 15% savings rate seems low to me for that time horizon.

    • @cardojp
      @cardojp 3 года назад

      Everyone's expenses are different so there's no number everyone should aim for. You should look up the 4% rule and see if that gives you some insight

    • @wewhoareabouttodiesaluteyo9303
      @wewhoareabouttodiesaluteyo9303 3 года назад +1

      How much could you live on now with your burn rate? Chances are retirement will be that minus property taxes, mortgages, etc. You have to know all the things you are exempt from. $50k a year should be enough. What I am thinking though is that healthcare is going to always be outrageous because the older you get, the more your health is going to decline.

    • @wewhoareabouttodiesaluteyo9303
      @wewhoareabouttodiesaluteyo9303 3 года назад

      @@justinacase2623 I work in a laboratory and I have done case work for a dr. by the name of Justin Case.
      It's hilarious every time I see his name.

    • @wewhoareabouttodiesaluteyo9303
      @wewhoareabouttodiesaluteyo9303 3 года назад

      @@justinacase2623 Bree case? I do not get it.

    • @Kablemodem
      @Kablemodem 3 года назад

      Dave pointed out that guy should be able to draw about the same as his current income. You should be able to maintain the same standard of living in retirement as you did when you were working if you still have the same income. This doesn’t account for inflation, but you shouldn’t have any debt by retirement.

  • @johnulcer
    @johnulcer 3 года назад +1

    The caller's tone of voice almost sounds patronizing. Probably just the way the guy talks but everything he says sounds sarcastic. 😂

  • @sourmelongaming69
    @sourmelongaming69 3 года назад +2

    People need to learn how to properly invest themselves! I guarantee you all the winners out there are not putting their extra money in 401k/IRA’s. Retirement accounts are for little thinkers! Be great!

  • @raidanbolt4844
    @raidanbolt4844 3 года назад +5

    US stocks are manipulated to be higher than it should be by monetary policies that is doomed to fail. I wouldn't bank on continued 11% returns.

  • @EricFinanceTips
    @EricFinanceTips 3 года назад +2

    Invest as early as you can. If you just invest $5 per day starting at age 18, you would have more than a million dollars by 62.

    • @roberttompkins6489
      @roberttompkins6489 3 года назад

      a million dollars in 40 years will buy very little in real spending value

    • @EricFinanceTips
      @EricFinanceTips 3 года назад +1

      @@roberttompkins6489 Certainly beats being broke. And $5 example was used to illustrate how fast money can grow overtime with compound interest. In reality, you should certainly can save more than $5 per day.

    • @roberttompkins6489
      @roberttompkins6489 3 года назад

      @@EricFinanceTips I agree. Just suggesting that a million dollars will be pretty minimal in 20-30 years.

  • @DavidGeorgiaPersonalFinance
    @DavidGeorgiaPersonalFinance 3 года назад

    key is consistency

  • @badbeatbilly8997
    @badbeatbilly8997 3 года назад +17

    January 20, 2021 the price of retirement just went up

    • @TonyMaine915
      @TonyMaine915 3 года назад +5

      Things are going to change drastically soon!

    • @ezzeldin3714
      @ezzeldin3714 3 года назад +1

      January 20, 2025. Things might change and he wouldn't have retired

    • @blackworldtraveler3711
      @blackworldtraveler3711 3 года назад

      I don’t see any issues.

  • @jeffdorris5321
    @jeffdorris5321 3 года назад +1

    Nice work 🎆✨🎇

  • @soumyaskitchen8889
    @soumyaskitchen8889 3 года назад +1

    Superb video my new Friend

  • @dennisreynolds6915
    @dennisreynolds6915 3 года назад +10

    I'm retiring when I'm 45. Why retire when your life is over?

    • @0iron0maiden
      @0iron0maiden 3 года назад

      Good for you! I’m 26 and am working to do the same.

    • @CanadianASMR1
      @CanadianASMR1 3 года назад +1

      Hate to bring you down but that is not going to happen in this day and age because I thought the same 35 years ago when I started working young, Started my own business with online stores and currently into investing in stocks so kinda partly retired in some cases, but still good for you guys having that mentality.

    • @patrick-un2lk
      @patrick-un2lk 3 года назад +2

      Good for you. I retired at 50. That means I wasted 5 more years than you.

    • @ChrisMFlorida
      @ChrisMFlorida 3 года назад +5

      I'm retiring at 6. I'm almost there. I beat you.

    • @mikeyiorio1880
      @mikeyiorio1880 3 года назад

      @@patrick-un2lk how so?

  • @flisfinance5680
    @flisfinance5680 3 года назад +1

    If they save and invest they will be fine

  • @AaAa-ri4uf
    @AaAa-ri4uf 3 года назад +1

    David sounds like a character

  • @cutehumor
    @cutehumor 3 года назад

    dude, I am 10 years younger than you and will be retired when I am your age. max your 401k and IRA both traditional, so you can retire faster. Roth makes you work longer. You have to prepare in case of disability.

    • @blackworldtraveler3711
      @blackworldtraveler3711 3 года назад +1

      How can Roth make you work longer?
      I had no issue.

    • @cosmiccoffee8497
      @cosmiccoffee8497 3 года назад

      @@blackworldtraveler3711 I think he means that you have to meet certain age requirements before you can touch the money in a Roth penalty free...which is true, but there are tax benefits to having one obviously.
      I believe there are a few exceptions for early withdrawals though like first time home buyers and such.

  • @GR-uc1gq
    @GR-uc1gq 3 года назад

    Where can I get an IRA? wells fargo? Chase?

  • @ProfessorMikee
    @ProfessorMikee 3 года назад +2

    How can you take off 8% than means you have to sell your shares you can’t possible get 8% in dividends and with out getting extremely risky, so there for you shooting the goose because every year you sell more shares and you’ll run out of shares

    • @ChrisMFlorida
      @ChrisMFlorida 3 года назад +2

      I know from personal experience mutual funds pay capital gains each year. If you elect to just take a cash rather than reinvest you keep the same amount of shares and of course the fund price is reduced by the cost of the payout per share. Your account would still grow doing this, but not quite as much.

    • @cosmiccoffee8497
      @cosmiccoffee8497 3 года назад

      The reality is that if you want your estate to perpetuate and grow even into retirement you need to consider what your cost of living is. To put it into perspective 3% of $1,000,000 is $30,000. That would be the same as having a low paying job that you don't have to work (which is a nice thing to have when you're 80 something), but could you sustainably live off of that while maintaining your current lifestyle?
      You'd also need that 3% to be above the rate of inflation on any given year. Though a 3% yield on investment is considered good and fairly realistic in today's environment...just more food for thought.
      You have to ask yourself these sort of questions if you wanna know what you gonna need.
      Edit: When I say above that rate of inflation that would mean if inflation is 2% one year you'd only need to pull in a 5% return where you'd draw off the 3% an reinvest the 2% back into the principle in order to maintain your current level of income in terms of purchasing power...hopefully that makes sense and is helpful.

  • @championshipcognition3934
    @championshipcognition3934 3 года назад +9

    You're not reading this comment by mistake! 2021 is YOUR year! I promise to continue to provide the skills and tools for people to thrive! What will you do in 2021 to set you up for success?

  • @crazy3rdgen
    @crazy3rdgen 3 года назад +1

    How is that enough

    • @theelephant2887
      @theelephant2887 3 года назад

      "Enough" is a relative term. It depends on your actual cost of living at retirement.

    • @wewhoareabouttodiesaluteyo9303
      @wewhoareabouttodiesaluteyo9303 3 года назад +1

      If you can take out $50k, adjusted for inflation every year at the time you retire, that should be more than enough.

    • @crazy3rdgen
      @crazy3rdgen 3 года назад

      Yolo

  • @allthecarsatc8239
    @allthecarsatc8239 3 года назад +3

    Wonder what ill have when im 53 if im 32 now with 800k

    • @SUPAassassin098
      @SUPAassassin098 3 года назад +2

      You can go online and use a future value calculator and change the numbers around to see what happens if you stop adding, what happens if you add 20k a year, etc

    • @katana1960
      @katana1960 3 года назад +2

      Enough to retire very early, good job! When I was 32 I just got recovered from my coke addiction at 29, in debt and basically broke. Now at 61, I have a paid off house and $1.1 mil in the 401K. Avoid drugs and divorces, they are ball busters.

    • @JamesJamersonIsAGod
      @JamesJamersonIsAGod 3 года назад

      Probably around $2.5-3.5 million, even if you add nothing else. Keep adding though! You're doing great!

  • @Jon_Doe
    @Jon_Doe 3 года назад

    if u pay close attention u realize tht dave told him nothing he doesnt alrdy know

  • @TheTurdballs420
    @TheTurdballs420 3 года назад +15

    Retiring a millionaire was something to be proud of 20 years ago. It’s not much now and it really won’t be in 10 to 20 years from now. Inflation is a killer. Look up M1 money supply if you want to have trouble sleeping at night

    • @brianmcg321
      @brianmcg321 3 года назад +3

      This simply isn’t true. The average salary is 60k a year. If you have $1mil you can live infinitely on that nest egg. You won’t be on the Lifestyles of the Rich and Famous, but you can maintain your standard of living. Inflation isn’t nearly as high as your making it out to be.

    • @chiaraippoliti
      @chiaraippoliti 3 года назад +5

      Being financially greedy sure hasn't changed though. Being a millionaire is still more than enough even with inflation. Come on now.

    • @TheTurdballs420
      @TheTurdballs420 3 года назад +3

      @@brianmcg321 oh it’s true.
      Average cost of a house in 2000 $161,000
      Average cost of a house in 2020 $350,000.
      Average single income in 2000 $31,000
      Average single income in 2020 $35,000
      Source: usnationaldebtclock
      If you withdraw 6% not counting fees you’ll be lucky to make it 20 years.
      AGAIN, look up the “FRED M1 money supply”! All that inflation above was BEFORE we started printing out an absolute insane amount of money.

    • @cardojp
      @cardojp 3 года назад +4

      If you can't retire comfortably with a million then it sounds like you need to learn how to budget better

    • @jc3858
      @jc3858 3 года назад

      Have to disagree. You can live comfortably forever with a million. It depends on your expenses.

  • @michelesimko7541
    @michelesimko7541 3 года назад +1

    Who offers 15%?

  • @milehighyt2097
    @milehighyt2097 3 года назад

    nice sweatshirt Dave!

  • @LorenzKamo
    @LorenzKamo 3 года назад +3

    Mid 50’s you really shouldn’t be invested in growth stocks - and more gearing towards safer returns

    • @jimhandler1129
      @jimhandler1129 3 года назад +2

      Dave would disagree. You still have 30+ years left to live. His goal is to increase your net worth as much as possible, live off the interest and save the principal for your heirs. Leave them the investments and knowledge to continue to do the same.

    • @LorenzKamo
      @LorenzKamo 3 года назад +3

      @@jimhandler1129 the entire point is risk - you don’t want an economic down turn to wipe out your purchasing power when you’re right about to retire - high growth is for your 20s through 40s

  • @merroa2141
    @merroa2141 3 года назад +8

    How people with 300 thousand calling concerning about retirement lol this sound ridiculous to me

    • @motive7475
      @motive7475 3 года назад +8

      At his age it really isn't a lot. It's average basically. So say your 53 and you make 65k a year. He should be worth 344k that's just if you want to get by in retirement. It seems like a lot but it really isn't.

    • @jimhandler1129
      @jimhandler1129 3 года назад +2

      I think he said he is 53. By 60 he should have 8 times his income in retirement, which would be over $700,000 in 7 years. So, he was basically asking: "How do I gain $400,000 in 7 years?"

    • @leahmcdermott4189
      @leahmcdermott4189 3 года назад +1

      Right! The call was silly. There’s people that really haven’t saved anything for retirement by 50. Yet him and his wife already have 300K. Ummm, I wouldn’t say you’re gonna go hungry anytime soon 🥴.

    • @merroa2141
      @merroa2141 3 года назад

      @@motive7475 you probably right that it might not be a lot for some people but my point was me clicking on this video of the “concern about retirement” excepting somebody who has way less then that and Mr Dave is gonna make up some type of clover solution to that poor concerned person 😂. Not to teach them how to compound their money to over millions are you serious 🧐

    • @riceball777
      @riceball777 3 года назад +1

      With a couple with only 300k in there 50s I would be very worried. That’s very very low. Yes it’s more than most people but it is very low. It’s not good to compare to most people since most people live on paycheck to paycheck and are broke their whole lives.

  • @billestep6804
    @billestep6804 3 года назад +3

    Yea you’ll be the richest guy in the nursing home.

    • @acunchevy54
      @acunchevy54 3 года назад +1

      Its a great thought. I always debate on this with my other side. A part of me thinks about saving, and my other half thinks enjoying now, no body knows what tomorrow will bring.

  • @nbdysfool3
    @nbdysfool3 3 года назад

    Lol......do any of these callers read Dave’s book?

  • @llb2233
    @llb2233 3 года назад

    This guy needs to do voiceovers.

  • @TheYonderer
    @TheYonderer 3 года назад

    Shotty not being worried about retirement

  • @davidmilhouscarter8198
    @davidmilhouscarter8198 3 года назад

    There's probably a skeleton or two my closet.

  • @PInk77W1
    @PInk77W1 2 года назад

    He’s worried about nothing
    And everything
    Just like the ave. American

  • @tynation9103
    @tynation9103 3 года назад +3

    My husband said I've retired 17 years ago 😁

    • @Lovetheonewithin
      @Lovetheonewithin 3 года назад +1

      That's the great thing about being married to a provider man

    • @wewhoareabouttodiesaluteyo9303
      @wewhoareabouttodiesaluteyo9303 3 года назад +2

      @@Lovetheonewithin Erm...equality, you should be providing for yourself.

    • @Lovetheonewithin
      @Lovetheonewithin 3 года назад

      @@wewhoareabouttodiesaluteyo9303 I'm single, so I provide for myself

    • @wewhoareabouttodiesaluteyo9303
      @wewhoareabouttodiesaluteyo9303 3 года назад +2

      @@LovetheonewithinGood. Stay that way! The less financial harm you do to a male, the better.

    • @Lovetheonewithin
      @Lovetheonewithin 3 года назад

      @@wewhoareabouttodiesaluteyo9303 haha

  • @La_sagne
    @La_sagne 3 года назад

    i dont know where to find those mutual funds.. ive hewrd left right and center that the vast majority of funds dont beat etfs consistently (especially because of the higher anual TER )

    • @mpers
      @mpers 3 года назад +3

      They don’t. Dave gets a kick back from referring people to the “smart investor pros”. Most people should assume 6-8% return with doubling principle every 10 years.

    • @ChrisMFlorida
      @ChrisMFlorida 3 года назад +2

      How do you not know where to find the mutual funds but yet you heard etfs beat mutual funds? Please do some research in both. Google is free you know. In 2021 there is no reason to be ignorant on these things.

    • @blackworldtraveler3711
      @blackworldtraveler3711 3 года назад

      Why not just spend a weekend doing your own research.
      You learn and retain more this way instead of depending on what strangers say.

  • @tortoisehead30
    @tortoisehead30 3 года назад +4

    Dave with that 11-12% returns claim again.

    • @tortoisehead30
      @tortoisehead30 3 года назад +2

      @aztecjohn Riv The average annualized return of the S&P 500 is 9.8%. However, most mutual funds include bonds, which means most people get around 8% a year total.

    • @roberttompkins6489
      @roberttompkins6489 3 года назад

      @@tortoisehead30 if that

  • @bones549
    @bones549 3 года назад

    I wish I could do a roth

    • @pigbenis2812
      @pigbenis2812 3 года назад +2

      Just convert a traditional ira into a backdoor Roth if you’re over the income limit.

    • @blackworldtraveler3711
      @blackworldtraveler3711 3 года назад

      What’s your excuse?
      I have nieces and nephews contributing to the Roth IRA at 14 years old.

    • @erind2261
      @erind2261 3 года назад

      I don't know your financial situation but as for myself i don't make a lot of $.
      I started a roth w/ 1% ( $5-7)/ pay period. That's something you wouldn't miss. Stay encouraged & just start somewhere.

    • @philipgerry5228
      @philipgerry5228 3 года назад

      You could use a financial,advisor. They can show you how to do/convert to Roth. I think it’s better to pay taxes now, get tax free later. Taxes later will be higher.

  • @the_stoned_investor
    @the_stoned_investor 3 года назад

    Dave’s wife will need to see the numbers after he passes to feel good about things? That seems super strange

    • @user-rk1ie8lh4l
      @user-rk1ie8lh4l 3 года назад

      He said she would need to see them to be reassured even though she's seen them thousands if time. Remember, she was a stay at home mom with little ones when they lost everything. It was a scary time that left it's scars.

    • @the_stoned_investor
      @the_stoned_investor 3 года назад

      @@user-rk1ie8lh4l I think therapy might be an option then if it stems from that. When the love of my life dies, I really don’t need to see any bank statements.

    • @user-rk1ie8lh4l
      @user-rk1ie8lh4l 3 года назад +1

      @@the_stoned_investor I think there was quite a bit of hyperbole in his statement.

  • @artist1303
    @artist1303 3 года назад

    We all better start practicing saying “Thanks for shopping at Wal-mart” because there is no such thing as retirement any more for the 90% of us. We are all enslaved to the dollar bill. PERIOD!!

  • @dailygrinders89
    @dailygrinders89 3 года назад

    👏👏👏

  • @untouchable360x
    @untouchable360x 3 года назад +5

    I do not worry about retirement because I plan to work till the day I die.

    • @lewisr7700
      @lewisr7700 3 года назад +9

      Hope you don’t get sick or injured.

    • @TheRosswise
      @TheRosswise 3 года назад +3

      Be very happy that you have a job you would actually want to work for the rest of your life.

    • @thomasreedy4751
      @thomasreedy4751 3 года назад +5

      Hope you aren’t subjected to ageism. People who get laid off in their 50s+ have a hard time finding work that pays well.

    • @natalielinden
      @natalielinden 3 года назад +3

      That's pretty risky...have you seen an 80/90 year old working? Usually doesn't happen because of health issues.

    • @mattpalmq
      @mattpalmq 3 года назад +5

      That’s an awful mindset man.

  • @toddpacker7058
    @toddpacker7058 3 года назад

    Marry a younger wife.

  • @2-old-Forthischet
    @2-old-Forthischet 3 года назад +1

    Investing is legalized gambling.

  • @chrisose4585
    @chrisose4585 3 года назад +1

    Mutual funds and index funds are the worst way to invest in my opinion. They only make 3 to 12% gains each year. I’m all in on Tesla stock and I’ve already 15x’d my money in 2 years. Disruptive innovation stocks are the way to go.

    • @thedopplereffect00
      @thedopplereffect00 3 года назад +1

      Hello year 2000 tech bubble...

    • @bigjnjfan
      @bigjnjfan 3 года назад +1

      3 percent? What are you investing in? You might need a smart investor pro sounds like or you got bad info. S&P has averaged I believe just under 10 percent pop ast 30 years. 3 percent? Ouch I'm sorry you must not of had good info

    • @bigjnjfan
      @bigjnjfan 3 года назад

      Past 5 days been rough huh?!

  • @joekr9424
    @joekr9424 3 года назад +1

    put it all in Tesla, you can thank me when your 60

  • @johnmirbach2338
    @johnmirbach2338 3 года назад

    😁✌🖖👌👍😎