More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is why I've entrusted a fiduciary with my investment decisions. Many underestimate advisors until emotions lead to losses. My advisor crafted a tailored strategy aligning with my long-term goals, guiding entry and exit points for the equities I focus on. This has grown my portfolio to $780k, generating sufficient dividends for my household's needs.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thank you. Just what I needed to watch. My wife and I are directors of our own business and own a few property, plus other income . I am nearly 52, We have started to save to retire perfectly, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably
Maybe you should consider financial planning, It really 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
I completely agree. As I age and approach retirement, I have approximately $1,250,000 in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, having a portfolio-advisor for investing is genius!
I started out with a Financial Adviser called “Sonya Lee Mitchell”. Her honest approach gives me complete ownership and control of my position, and her rates are incredibly affordable given my ROI. However, do your due diligence before contacting a financial advisor.
The continuously changing economic conditions in our society have made it necessary for people to find additional sources of income, thus I am looking at the stock market to fuel my retirement goal of $3m
Agreed, despite my rookie knowledge of investing, I have a financial advisor who did the trick in a bit more than 6 months after a lump sum capital of $500k, and I've so far made a fortune. I'm now buying real estates, gold and silver as advised by my FA.
I just started a new job and I am 53 its a low level paying job! And I work at a nursing home! I am telling everyone please take care of your health and eat clean and exercise! I saw these people in their 60s and 70s and I was so heart broken! Ya May think it’s all about money but really it’s your health
When I was 60 I began to notice things becoming harder at work, at the age of 62 I found it really difficult to get out of bed every morning to go to work, and once there my body was struggling to cope with everyday manual tasks! How this Government can expect people to work into their 70s is beyond me!!
Newsflash: when they set social security up,in 1935,they expected most people to be dead by 62. It was never supposed to support the majority of Americans into their 80's.
I was tired getting out of bed at 20 & made a commitment to retire by age 45 latest….It’s called failing to plan is planning to fail and taking action not thinking about it.
Keep going bro. I'm 32 and I my Roth IRA is at $76,500 (plus I have contributed $67k to my pension), I have $30k in an emergency fund, $10k in my checking. My only debt is my home, and I should be able to pay it off once I'm 40 (at least I'm trying to, paying $600 over minimum currently). Imagine what I can do with a paid off home. Retire in my 40's if I wanted to.
That's not new. Everyone should expect to get wrong advice sometimes. My family thought I was trying to hard to save at 27. 20 years later, it was a different outlook from everyone.
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
I’m 77 and still working full time. I do enjoy my work, it provides me with purpose and has secured my financial future. Most people are too eager to retire as early as possible. Even if you do retire early, best to get a part time job for the reasons cited above, as well as following many if not all of the suggestions in this video.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
'Rebecca Nassar Dunne’, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
I am currently in my 50s and This is no time to taper retirement savings. I want to max out my retirement contributions and I also have another $200k in a savings account that i want to invest in a non-retirement account. Where should I invest it now?
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
A good number of people discredit the effectiveness of financial advisors in exploring new markets, but over the past 10years I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $1.2m in gains… might not be a lot but i'm financially secure.
My CFA ’Izella Annette Anderson’ , 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.
Surely you mean you don't have "enough" to retire> I'm assuming you have some savings. I was in this same position four years ago and it was depressing. I had only 80k to my name and I was 61. It was a hard time for me. My wife and I made the hard choice and sold our house in Florida to move to Texas. I invested some of the money from the sale in the stock market. The portfolio is up 300k this year alone.
I see people are missing OP’s point. Basically what they’re saying is a lot of of people will call Dave in this same situation, and not want to accept the cold hard truth that Dave is known for.
No. 1 piece of advice for him would be to NOT pursue women or remarry in today's social climate. Put that all behind him. If his divorce didn't wake him up, nothing will.
I agree but some careers are not as easy as you get older. I'm a lawyer and manager so I can work until my brain gives out which, if my parents are any guide, won't be until I die in my 90s. Someone who is in a physically demanding career can't continue past certain thresholds. There are not a lot of full-time, 80 year old HVAC techs, general carpenters, roofers, laborers, firefighters, etc, running around. They can't crawl in attics lugging 70 pounds in Atlanta in the summer anymore.
I’m 60, I’m tired. Single. But there will be no retirement anytime soon. Not many can afford insurance at 62 even if you can live on SS and whatever else one may have. The economy has determined many will work until they are no longer able.
The idea of investing a significant sum of money may be both thrilling and intimidating. There is potential for considerable wealth increase with the correct strategy. How can one take advantage of compound interest and potentially grow your retirement savings to about $1M over time?
I think the safest strategy is to diversify investments. Like spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.
A lot of folks downplay the role of advlsors 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 licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850
I have a female advisor named Lucia Alicia Cruz. I recommend researching her. To be very honest, I'm glad I decided to let someone handle expanding my finances even though I almost didn't think I should.
Thank you for sharing this. I took the time to Google the individual you mentioned, and after reviewing her resume, it is evident that she is a seasoned professional. I have reached out to her and am eagerly awaiting her response.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
the strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.
I wholeheartedly concur; I'm 60 years old, just retired, and have about $1,250,000 in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
I'm a 52-year-old QA Specialist at Confluera, earning $150,000 annually. While I have a retirement account, I'm eager to explore short-term investment opportunities before transitioning to part-time work in the coming years.
It's crucial to have a well-thought-out strategy and not make impulsive moves based on short-term market fluctuations. Patience and a long-term perspective are key. You should consider a market expert to guide you.
A financial advisor could really help you re-adjust and identify blindspots that you yourself do not notice, like mine did in advising me during COVID on how the pandemic will shape things, and I made it out big and still make up to at least 20k in dividend per month.
I’m 50 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.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
This is why you live like the 1860's. Ensure your house is pretty protected from okwhatever Acts of God transpire in your area. Ours is fire so our home has steel siding like you'd see on a shed or construction building. We have no intention of loosing it. We E-bike most places and I choose not to drive, we only insure him to save $. Honestly I drive but my eyes are getting weak so it's really not a good thing, I do it only on Sunday mornings about 1x a month driving about 3 miles. I am coming to a close but E-biking is more comfortable to me. You live in an area where you are not 100% relying on a power and utility company. We have Solar and the propane company comes sometimes. DIY is the way to go then you are not in as much risk
Meanwhile your working to house illegal migrants in hotels and give them new iPhones , new clothes , free healthcare , free welfare etc , Im in the UK and the native British people here are all stopping going to work why? because we do not take kindly to people who have never paid into the system coming here and poncing off us , So we will do the same as them.
"I was married to a spender".....then he goes out and spends $20,000 on a motorcycle, complains about not having money, then calls a total stranger and asks for help......sheesh....people are a danger to themselves.
Especially this idiot! Retirement is never a chief concern for financial dilletente who blames divorce for his lifetime of STUPID FINANCIAL SELF-DESTRUCTIVE BEHAVIOR.
True, the difference is he can sell the bike and get most or some of the money back. I somehow get the feeling he lived years not being able to spend something for himself while wife used everything. So I GET that part tho. He still has a way out compared to other worst cases I heard on this show
Trim Carpenter here too. I appreciate the kind words about our craft. We do always have more work than we can do. I bought “exhausted” houses, fixed them up & now have a small fleet of rentals to go along with my retirement savings. Bingo. Working nights & weekends while my friends were having fun made the difference. Like Dave says: “Living like no one else. So you can live like no one else” None of this is “brain surgery”. A dream/goal without a plan, is just a wish.
I make more than him flipping things on Facebook Market Place and I'm never tired of 'working'. He should find something easy. I stay awake until 4am, sleep until noon... work a little selling and usually just sit around watching RUclips. . What amazes me is that my family and friends do not want to do what I do. They see it first hand and they are not interested. They would rather have a J.O.B. than what I do
Luck is way off the picture. Jonas Herman, a licensed fiduciary is the brain behind my success. I've gotten into a plethora of assets with $19k spread across stocks (options and futures) for the short term and Roth IRA, index funds, cryptocurrency and ETFs, for the long term. Now with over 91k in roi, I sit back and just reinvest at intervals while I handle my other businesses.
Early in my career, I wanted to grow my savings but was overwhelmed by the sheer number of investment options. Herman took the time to understand my risk tolerance, financial goals, and timeline. He didn’t push products but instead created a diversified portfolio tailored to me, helping me invest in index funds, bonds, and a few specific stocks for long-term growth.
Being from a family that didn’t plan well, I am happy that we started our son saving at 15 with $ he made. $ in each and every month. Not a lot, it adds up and he adds to it and makes GIC purchases. Doing so well being steady at it- 7 years now. Money is a tool- so glad he’s learning this.
As a soon-to-be retiree, keeping my 401k on track after a bumpy 2022 is a high goal. I've read about investors generating up to $250k ROI in this present sinking market; any suggestions for increasing my ROI before retirement would be greatly appreciated.
Yes, you are right. it's been a brisk tailwind for investors in US stocks over the decades but it is still a delicate season now, so I advise you to consider the guidance of a financial advisor.
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 licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.
Keeping some gold is usually a wise decision. You would be better off keeping away from equities for a bit or, even better, seeking advice from an expert given the current market conditions and everything that is at risk with the current economy.
@@xsgtxbigboy1655 If you actually planned you would decide that working until 80 is smart. Retirement savings are just like emergency funds and fire evacuation plans - prepare for the worst but hope that you don't need them.
Since he's tired of working, he may want to consider training a couple of apprentices to work for him as he gets older and needs to pull back on his physical workload.
I retired with $600k saved, and looking back, I realize I could’ve done things differently. Not saving enough, plus the impact of inflation and sequence of returns risk, makes me worry about outliving my savings, and it’s not something I can easily ignore. Not saying it’s the only way to go, but it’s something I think about
I'm approaching retirement and having a financial advisor has been helpful. I started investing later than most, so relying on compound interest from index funds or bonds alone wasn’t enough for me. Despite that, I’ve managed to do well and am on track to retire with around $5 million
Yeah, always good to plan for retirement when young. We all think we don’t have to worry about it until later but the fact is, the earlier you learn about financial literacy the better you can plan for it. With amount of savings, you could probably try different side projects to generate some extra income to stash more cash.
Congratulations! Saving and investing $5m by retirement is my financial goal. Since I started young, I have a lot more options to get there. Financial advisor might be something I will look at later in life but mainly to figure out how to pay my fair share of taxes without overpaying. The tax code is written for business owners, the more savvy you are, the more you can save. That’s the part that is more complex to me. Maybe even need an estate lawyer if you are in the millions range already to ensure I am building and passing generational wealth.
My mother is in a similar situation; she just turned 60 with nothing saved for retirement. I absolutely hate the situation for her but its been one of my biggest motivations to working through the baby steps and living like no one else now so I can live like no one else later. I understand I'm not obligated to, but I hope in 5-10 years I'll have put myself in a situation where I can help her out.... BS6 currently.
@@bigpicturethinking5620 i bought an old '48 indian back around 1973 (i was around 12 and i had to hide it from folks) ... i rode to work on it and my boss called me a motopsycho cause i was still learning about it... so i always call my bikes motopsychos ... just kinda stuck to me....
@@Tialian SERIOUSLY DO IT SAVE SAVE SAVE....I LIVE SO SIMPLE AND BASIC I REALLY LOVE IT. ITS LESS TO CLEAN LESS TO MOVE AND JUST PLAIN LESS CLUTTER... WE DONT NEED ALL THIS STUFF. SO GOOD LUCK KEEP SAVING
@@matthewgardner2144 I started getting serious about 5 years ago, prior to that it was a minimal amount towards retirement each month. Early last year I finally got to the point of maxing my tax advantaged accounts. I figure if I can keep that up and have a 30 year pension at the end I should be just fine.
Do you want him to tell him to quit working, find a carboard box and hope his health holds out? Contrary to my popular belief as a child, money does not in fact, grow on trees.
A potentially better response, would have been to tell him to bring on an apprentice, take on more work while teaching them the trade and then sell the apprentice the business to essentially create a saleable investment when he finally retires.
Yup, but that 10 years is going to make a lot of difference. A good lesson for us all in prioritizing investing for retirement. Even little bits here and there add up over the years. It's a lot harder when you're starting at 58.
Sounds like the divorce had nothing to do with it. This guys wife left him 8 years ago, and since then he bought a new house and a new truck and saved $0. I’m sure his ex-wife was a peace of work but it’s time to stop blaming her 8 years later
The motorcycle was more of a priority than saving a little something for the inevitability of being too old to work...until that mindset is changed a lot of people are doomed.
It’s the age old question whether you should “carpe diem” or “memento mori”… You say carpe diem, but the truth is, people should “plan as if they were going to live 1000 years, but live as if they were going to die tomorrow”. That’s what BALANCED budget is for. PS. I became financially free in my late 30s. I don’t need to work anymore and it feels great. I can also buy more toys now - the best part is: my investments pay for these toys!
The motorcycle is most likely the only thing keeping him wanting to be alive... at a certain point you gotta way the pros and cons.. I would be getting rid of that specific bike, but I would also be buying another used bike in its place
A 10% withdrawal rate has a 82% chance of running out of money after 20 years. A 5% withdrawal rate has a 7.5% chance of running out of money after 20 years. Telling the caller they could withdraw $50k a year forever is extremely dangerous advice.
@@miketheyunggod2534 You may need more money in those last years though. Health problems can incur unexpected expenses. Now for sure, this caller in particular can't retire at 65 or even 70 probably - my guess is he's gonna have to keep working until 75 or more since he has nothing at age 58
I'll take a different approach. Pay off the house yes. Start a Roth IRA or two. Keep your emergency fund. Keep the Harley. It is one of the things that brings him peace. Work more for sure. I believe the Harley is good debt. And tomorrow is not a given you have to live life.
I ran into my deceased, ex husband’s younger sister, who spent her whole life having kids and never working, living off other people, church handouts, and her parents, ending up in divorce and remarried (left her second husband), yada yada…..and all she could do was complain about how she was having to work in her old age, the night shift, and standing on her feet all night. And, I thought yeah, the whole time the rest of us were working like dogs most of our careers and going to college classes, etc., you were sitting at home watching TV. Zero sympathy for people like this.
Right? I'm in my late 30s, and am freaking out about retirement, considering these days, I'm barely able to put in anything additional for savings every month.
That is the thing I had to learn many years ago, that I think many don’t understand, especially when they’re young. I had a coworker, who got breast cancer. Like a lot of people, I’d watched too much TV perhaps. Every time someone was sick, they were in a hospital bed. I wasn’t aware, until my coworker’s situation, that she had to continue to work, with cancer. Now that I’m older and have just a knee injury, it hits home for me. And as I have no family, I’m going to have to crawl to work, if I have to. It’s a shame as, WFH is really appropriate to this. But, my work place only offers limited WFH.
this is what is going to happen to many young people, they think they will never retire and work until they die but in reality they will work until they get elderly and illness strikes and they will be too sick to be employed and they will end up on social welfare programs it will be us successful taxpayers that will be paying for them.
@@reesercliff I haven’t seen any better, with people in their 50s and I’m almost 60. While I am unsure of her entire story, I got the impression my downstairs neighbor retired early, with no plans in place, medical or financial. Was quite relaxed about it and said she had “all the time in the world”. I got the impression she figured, being just 6 years older than me, why should she continue working 👉🏽 when I still worked and we really didn’t even know each other. She soon started taking ill and, as her family, who lived nearby, wasn’t going to help her, she “decided” I was it. Not even sure if she decided I was it, when she first moved in. Thing is, the choice didn’t belong to her. I wasn’t going to be her free caregiver. I wasn’t going to be roped in, by caring for a dog she decided to adopt, but couldn’t care for herself. I wasn’t going to buy a newer car, specifically for her benefit, like she seemed to want. Her health declined rapidly. 3 years later, she was found dead of pneumonia. Other neighbor retired early also. Unsure if it was a dynamic where he figured his wife could take care of them and continue working, but she dumped him, he couldn’t continue to afford his apartment and moved in with his mother. So, even people in 50s, oddly enough, sometimes live some fantasy, that they can just stop working and rope someone in, to do all the work, for them. This can be a DEADLY mistake. I KNOW I have to put up with my job, until I am dead.
The idea that he can save $2000 a month on a $75K salary is also optimistic. That's half of his take-home pay. And his mortgage probably takes the other half. So no money for gas, food, utilities, medical bills, traveling to see family, vehicle maintenance, etc?
@@roadrunner9622 Well, he's only got $25k on the mortgage, so even if he only threw $2k at that it would be gone in a year freeing up $2k to investments. Even with the mortgage $2k on $75k/yr is absolutely doable for a single person.
I'm close to that age and don't think I can go through another job search/job start. Just not up to the "paying your dues" that comes with a new job. I'm about worn out.
I just turned 71 and am still working - got a promotion two years ago. My employer has a generous time off policy, and my job allows me to travel around the world. I hope I don't get worn out for a long time.
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
this is huge! mind if I look up the adviser that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future
I've shuffled through a few advisors in the past, but settled with Annette Christine Conte her service is exemplary. I'd suggest you research her further on your browser, sure you'll find her basic info.
very much appreciated, your response suggests a person of benevolence.. just inputted her full name on my browser, and came across her site, top-notch qualifications! she seems well-qualified
I really enjoy videos with Jade; she is such a treasure and a wonderful Ramsey personality. I think after Dave broke thinks down, he felt much better, in 10 years, he will be in a pretty good position.
i dont like how he said it because he knows damn well the economy in america has sucked for decades now and the average person can never save enough money to actually retire on and most people retire on either social security alone or a combination of social security and inheritance if they are lucky enough to get a decent inheritance .
@@marleonetti7Untrue in most cases for the average income. Live like the 1950s - eating out is a luxury, travel is a luxury, 2 vehicles are a luxury, financial stability come first.
@@marleonetti7 Look around at all of the $70,000 pickup trucks, $45,000 SUVs, and $30,000 campers people are buying. You really don't think those people are capable of saving for retirement if they tried? If you never see those items, you need to get out of your little corner of the world from time to time. In addition, look at the people who are choosing to get criminal records, have kids young before they get married or even have a steady job, and you will see people who have hindered their own opportunities for building wealth.
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.
Exactly. He could have been putting money into 401k the entire marriage and the 8 years since. He would have lost half the 401k at divorce but half is better than zero
@@anniealexander9616 the Harley backs that assessment. I have a GF whose husband loves his toys. Harley, fishing boat the list goes on. He even took a lower earning position so he had more free time. Meanwhile she is a stressed out mess because the burden of the household finances is on her!
@@suen5006 No ..he never mentioned how much he paid. Trust me, he would have if that was where his money was going. I bet the house was inherited from mom and he refinanced it and took out $25k to pay off credit cards and auto loans.
The mutual fund would have to have some serious etfs at least a third value of the fund that pay at least 5percent or more dividend yield, S&P 500 efts such as VOO isn't going to cut it especially 500k worth of it.
I never liked mutual funds. All those different fee's and charges can take a big bite into returns. I'll stick with ETF's and stocks. There are plenty of ETF's that will generate more than 10% net return after the expense ratio is deducted. I've got a couple that are returning more than 15% and pay monthly. $50k a year off of a $500k portfolio is not a problem. Just learn to do it yourself, instead of paying someone thousands to guess for you. That became my job after retirement. Now I only work at it for 4 or 5 hours a week and make more than when I was working.
@@edb484 It is a dangerous assumption to plan for a 10% return YOY. You have to pay taxes, account for inflation, and assume there are down years. There is a reason the 4% rule has been a given forever.
Not sure how generous the US military pension is, but I 100% agree. It’s great to know that I have almost twice the UK average annual pension amount locked in, and I’m not even 40. Even when I get out at 40, I’ll have almost as much as that average amount paid to me until retirement.
well the fact is that most retired americans live solely on either social security or pensions because there is no way that even some of the most well paid people will ever have enough money saved to actually retire on if they stop working at the age of retirement , between 62 and 70 .
@@marleonetti7 That's because most people are idiots and refuse to sacrifice to save money. If you start putting 10% away when you get your very first job in high school, you'll never even miss the money because it's gone before you even get your check, just do that forever. Pretend it's not your money, because it's not - until you're 60.
@@marleonetti7as someone that lives in South Carolina now you're definitely right nobody lives on Social Security😂 all the retired people that are living in nice houses are pensions🎉 and the sad part is all the pensions have changed so the next generation won't be able to do that
I am a Nurse and have been investing for a few years. I have reached a point where I could benefit from financial advice to improve my $200,000 portfolio for retirement, how do I maximize my ROI?
You didn't provide detailed information about your portfolio makeup. However, I recommend seeking guidance from a financial advisor for a well-informed portfolio restructuring.
Opting for an inves-tment advisr is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 85% since 2023
I'm cautious about giving specific recommendations since this is an online forum and everyone situation is unique, but I've worked with Melissa Elise Robinson for years and highly recommend her. Look her up to see if she meets your criteria.
Even Dave knows the rate of return he sites is wildly optimistic, particularly with the magic moment that the world has enjoyed the last 65 years starting to end due to demographic aging and so forth. That's why Dave has so much of his net worth in real estate, not in the market. Admittedly, he has most of it in real estate
Bad data leads some people to believe the market has performed really really well over the long term as if that's normal. In reality exceptional, real growth is not normal. It comes in spurts. Some people have lived most of their life without really enjoying it. The data from the late 19th century and early 20th century is almost completely irrelevant because of inflation in those days and a totally different globally economy. The baby boomer era and the post World War II order is also changing rapidly and has been for a few decades. It just doesn't make sense to say with any kind of confidence that you know 10% or 8% or whatever is going to make sense. It's just gaslighting from somebody that has so much they don't care anymore
I retired at 55 from a blue collar job and can’t imagine working until 67. He can take social security early at 62 and probably live off that. This 10 year plan sounds horrible.
I was so afraid of retirement for certain personal reasons that I overcompensated. I'm 3 years in retirement @59, did a good job in the accumulation phase with net worth of 3M+. The problem is I haven't spent any of it despite knowing I have no concerns of running out of money. Some minimalist traits that helped me save are not easily cast aside. I sense I'll be dead and gone with plenty of money left behind, but that was never a goal.
Wish we had similar issues, I'm 51 and mine draws near, gradually going into panic mode. Besides IRA and 401k, are there other ways we can prepare ahead of time for our retirement?
No need to panic... I was in a similar place few years back... Since you're 51 and not 58, the simplest way will be to save more and invest those savings in profitable ventures (you must either understand what you're going into or get the services of a professional so you don't end up losing your savings)… I almost doubled my retirement savings in my last 7 years through only stocks and Etfs. You got this, relax!
By professional, do you mean an FA? Did you use one? What are the steps for getting one? Like a really good one? I could definitely use external help right now. Thanks
Yes, I use one. Don't know if I am permitted to go into details here, but you should start by looking out for those from credible firms and good track records. You should also make sure the person is licensed. Mine is Allen Mike Eckrich and you could also look him up though I'm not so sure he's taking on new people atm.
It's also important to watch out for his health. Working nonstop just to get to that number the soonest may take a toll on this body. Balance it out. Strategize and live a little without losing that focus on the goal of retirement. Good luck!
This is why people like The Money Guy show are more well suited to help people since they’re actually CFP’s. Save, invest, live frugally and then pay low interest debt. Can’t eat your house when you retire
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
@@Lourd-Bab 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.
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
Finding financial advisors like MARISA BRETON DOLLARD who can assist you on things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
I am 43. 1.7 mil net worth. Make 130K a year. But no one knows. Small paid for house. No debt ever. Save..get debt free. I am telling you life is way better. We don't need a bunch of junk or fancy cars. Financial freedom is the greatest gift I ever gave myself.
I'm 37 with 0 retirement. But I work and save. If all goes bad by 60, there are SSI and other stuff which should be fine. You'll be a burden on society after 65 anyway.
I like the saying "....if the work is going towards a goal...." ( I have no goals....the work feels heavy every passing month ) Cool video, tHanks for posting! Have a great week.
Run a Monte Carlo simulation on a 10% withdrawal rate and you’ll find that the probably your money will run out is quite high. The generally accepted safe withdrawal rate is 4%, not 10%, for good reason.
He'll have to earn at least 14% on average to hit 500,000 in 10 years. That's going to be tough to do. And 10% withdrawal rate is too high in my opinion.
Count on a 6% return on investment, and a withdraw rate of 4%. Another hint, don't take investment advice from someone who believes in a talking snake and a flying zombie.
Wealth is built in both bull or bear market and also wealth transfers from the impatient to the patient. One of the best ways to succeed in crypto is by trading your assets with a good strategy.
I want to compliment you, you have said it all. I am a little business owner and I really want to expand my business to the next level by making myself an investor but I really don't know how to go about it..
Try a 10% withdraw rate starting in the year 2000 and you’ll see why that’s exceptionally dangerous advice since you’d have ZERO dollars before the decade was over. You don’t retire over long periods of time and take the average, sequence of returns risks should be accounted for and it’s ridiculous that Dave refuses to look into the actual facts and see that throughout almost all of history, the safe withdraw rate has been much less than 10%. I strongly encourage any of you reading this to look into sequence of returns risk before you end up broke in your 70’s.
@@87vortex87 4% is safe for a 30 year time horizon but a dynamic percentage of portfolio approach is a lot safer for those of us like myself retiring before 40.
*The amazing skills of real estate are that it help keep the family, aid financial support, and can serve as a retirement tool when retired. It's passive income which rewards hard work and patience*
Thanks Dave for being an inspiration to my 24 year old son. He lives at home for now and we paid for his college education so he has no school debt. He drives his 2012 car that we gave him. and doesn’t want to purchase a new one until he has to. He’s grateful to us and certainly understands the value of a dollar.He’s a software engineer and his net worth is $50,000 between his 401k and savings after being employed a year and a half. He watches your program and is always looking to invest wisely. I was going to get your baby steps book for him for Christmas but he already bought it.
Can I suggest something to other seniors on this thread? I was forced to retired due to sickness, 5 years ago, at age 61, but now my health is very good. Jobs are scarce here in my rural area. So I resell junk, odds and ends, I make things, and sell on Etsy and someone's eBay. It's helps. I'm on SS. Not much money there. If you can stand for 5 hours on your feet still, you could do good working at Lowe's or home Depot, or at Amazon for 19 hours. I can't do that anymore. Selling is my game now.
@@CarolLustgarten a life of singleness is certainly better than a miserable marriage and divorce. But a wonderful marriage is TREMENDOUSLY better than being single. The joy of a committed marriage is almost inexpressible, and I believe it is the closest thing to representing the relationship between God and his children we can experience here on earth. But most choose rashly, impetuously, impurely, selfishly, and poorly. Faced with that approach, it’s best to stay single.
You didn't pay attention did you? He was married with 3 kids. Exited the divorce with empty pockets. He saved $ for a downpayment on a home. Paid down the mortgage till there's 25k left on the note. He also saved 23k in cash. Being his income is about 70k annually, that's about four months living expenses. He did pretty well considering. Odds are that bike is the first nice thing he's got himself since he got married. I'm a tightwad with money but even I see you gotta at some point treat yourself to something. He aquieced to Dave that he should sell the bike regardless. He's hoping Dave knew some financial jujitsu that could help him turn his nearly paid-in-full home and 23k into "retire in 90 days" rather than continue to do back breaking work. His line of work has probably wore his knees out, chronic pain issues, etc. He's wore out and is hoping for a best course of action to retire sooner than later. Dave of course, is all about work till you drop. And that's the answer the caller got and he wasn't keen on it.
@@mikejezek5214 If I were broke in my 50's there's no way I could treat myself to a 20-30k toy. We're more in the range of a fancy $1000 kayak or something. If he's a smart guy, then hey, he's a grown man and make his own choices, but I'd rather do without a depreciating toy with that ticket price and be able to exit the back breaking work he's doing. Like really, he's not gonna be able to stop at 68 with Dave's bad retirement math. I do see the point you're trying to make, but we really don't know what he paid for the house and therefore how much spare money might be in his budget. He made it sound like he bought a modest house and probably did a lot of the work himself to improve it. This is why I hate the show's 5 minute format. I bet he's gonna have a really hard time saving 2k per month and it certainly won't be a cinch turning that into 500k in 10 years. Glad he likes bumpy rides.
It's not easy guys. You have to put yours in his shoes he doesn't have too much debt. He could of bought a cheaper bike that would have been better but it's better than driving and doing drugs to seditate his pain
Hey, give the guy a break. He sounds like he's been through a lot and that ONE thing is his ONLY enjoyment. I would keep the bike and work a little harder OR get rid of it
He has $20,000 in the bank. You don't need life insurance if no one is depending on your income. I had an insurance agent try to sell me a million dollar policy on me and my wife. He said a lot of rich people do that for their children. It's a cheap way to leave money for your kids. I did the math on it and if we lived 20 years we would have paid $460,000 in premiums. Seemed like a pretty stupid idea to me.
@@ozarked2363 that’s not enough considering you also need a emergency fund of at least 4-6 months so if you have that plus $20k you’re good to go if not save more or get a policy!
Most people have massive credit card debt. No savings. Going to work isn't a way of life. It's a way to survive. Money is a stupid goal. Becoming a valuable person is better. How can you make anything happen on less than $25,000?
do not agree with the comments about not being tired. i am 58 and having worked 70-80 hr weeks most of my life , i am no longer able to work as i used to, not a case of being tired . not able
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
More reason I enjoy my day to day market decisions is that i'm being guided by a portfolio-coach, seeing that their entire skillset is built around going long and short at the same time, both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive information/analysis, it's quite impossible not to
talking about coaching, do u consider anyone worthy for recommendations? I have about 80k to taste the waters now that large cap stocks are at a discount... thanks
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Sophia Maurine Lanting turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
Don't say you want to save every dollar and then own a Harley Davidson. It's like saying you wanna lose weight and eating at McDonalds at the same time.
@@aba1791 None The Less, if You Choose based on The Nutritional Info, and Portion-Out What You Eat, You could Actually Eat at McDonald’s and Lose Weight.
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Michelle Stewart.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
![Coheed and Cambria - Searching for Tomorrow [Official Video]](http://i.ytimg.com/vi/hDsYGLbmadg/mqdefault.jpg)
I am 65, don't have anything saved for retirement, but I am not too concerned. I am right on track now to retire very comfortably at 105.
🤣🤣🤣🤣
💀Your cooked gramps anyway Jesus loves you and you will one day retire❤
🤣
😂
🤣🤣🤣🤣😝👌🏻😜
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is why I've entrusted a fiduciary with my investment decisions. Many underestimate advisors until emotions lead to losses. My advisor crafted a tailored strategy aligning with my long-term goals, guiding entry and exit points for the equities I focus on. This has grown my portfolio to $780k, generating sufficient dividends for my household's needs.
That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
Thank you. Just what I needed to watch. My wife and I are directors of our own business and own a few property, plus other income . I am nearly 52, We have started to save to retire perfectly, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably
Maybe you should consider financial planning, It really 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
I completely agree. As I age and approach retirement, I have approximately $1,250,000 in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, having a portfolio-advisor for investing is genius!
Do you mind sharing info on the adviser who assisted you? I'm 39 now and would love to grow my stock portfolio and plan my retirement
I started out with a Financial Adviser called “Sonya Lee Mitchell”. Her honest approach gives me complete ownership and control of my position, and her rates are incredibly affordable given my ROI. However, do your due diligence before contacting a financial advisor.
Thank you for the recommendation. I'll send her an email, and I hope I'm able to reach her.
The continuously changing economic conditions in our society have made it necessary for people to find additional sources of income, thus I am looking at the stock market to fuel my retirement goal of $3m
for majority, the solution to their problem can be found in specialized knowledge, so you can as well seek guidance from a well experienced advisor
Agreed, despite my rookie knowledge of investing, I have a financial advisor who did the trick in a bit more than 6 months after a lump sum capital of $500k, and I've so far made a fortune. I'm now buying real estates, gold and silver as advised by my FA.
Please can you leave the info of your advsor here? I’m in dire need for one
*Marissa Lynn Babula* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
I just started a new job and I am 53 its a low level paying job! And I work at a nursing home! I am telling everyone please take care of your health and eat clean and exercise! I saw these people in their 60s and 70s and I was so heart broken! Ya May think it’s all about money but really it’s your health
Yes! Money affects everything but health affects EVERYTHING. Being poor in good health is 100x better than having enough but being in poor health.
Health is money
Does buying a motorcycle make someone healthier, I wonder if buying a bike would help instead.
@@APICSKH get both, I have an e mountain bike
@@APICSKH does mental health count
When I was 60 I began to notice things becoming harder at work, at the age of 62 I found it really difficult to get out of bed every morning to go to work, and once there my body was struggling to cope with everyday manual tasks! How this Government can expect people to work into their 70s is beyond me!!
Newsflash: when they set social security up,in 1935,they expected most people to be dead by 62. It was never supposed to support the majority of Americans into their 80's.
It’s called being burnt out.
I agree!!
Especially since the people who have to work that long, more than likely, had very demanding jobs throughout their lives…
I was tired getting out of bed at 20 & made a commitment to retire by age 45 latest….It’s called failing to plan is planning to fail and taking action not thinking about it.
I'm in my mid 20's and when I talk to family about my retirement savings, they say "why are you worrying about retirement at your age?" This is why...
Your 20's is when EVERYONE should be thinking of retirement savings, in fact really on day 1 of your first job!
i started saving for retirement when i was 26 and retired this year quite comfortably at 62. time and the magic of compound interest is your friend.
You keep on being smart. They are going into shock when you become a millionaire before you are 40.
Keep going bro. I'm 32 and I my Roth IRA is at $76,500 (plus I have contributed $67k to my pension), I have $30k in an emergency fund, $10k in my checking. My only debt is my home, and I should be able to pay it off once I'm 40 (at least I'm trying to, paying $600 over minimum currently). Imagine what I can do with a paid off home. Retire in my 40's if I wanted to.
That's not new. Everyone should expect to get wrong advice sometimes. My family thought I was trying to hard to save at 27. 20 years later, it was a different outlook from everyone.
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
I’m 77 and still working full time. I do enjoy my work, it provides me with purpose and has secured my financial future. Most people are too eager to retire as early as possible. Even if you do retire early, best to get a part time job for the reasons cited above, as well as following many if not all of the suggestions in this video.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
Mind if I ask you to recommend this particular coach you using their service?
'Rebecca Nassar Dunne’, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Found her webpage, I wrote her an email and scheduled a call. Hopefully she responds. Thank you.
I am currently in my 50s and This is no time to taper retirement savings. I want to max out my retirement contributions and I also have another $200k in a savings account that i want to invest in a non-retirement account. Where should I invest it now?
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
A good number of people discredit the effectiveness of financial advisors in exploring new markets, but over the past 10years I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $1.2m in gains… might not be a lot but i'm financially secure.
@@ThomasChai05Could you possibly recommend a CFA you've consulted with?
My CFA ’Izella Annette Anderson’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
Surely you mean you don't have "enough" to retire> I'm assuming you have some savings. I was in this same position four years ago and it was depressing. I had only 80k to my name and I was 61. It was a hard time for me. My wife and I made the hard choice and sold our house in Florida to move to Texas. I invested some of the money from the sale in the stock market. The portfolio is up 300k this year alone.
Wow, that's a good ROI. You trade or you have been holding all this while?
Oh no, I don't really trade. Too complex and random for me. I work with a financial advisor.
That's interesting . I've recently been exploring the option of working with an FA too. Any chance you could recommend who you work with?
Marissa Lynn Babula is the licensed advisor I use. Just research the name. You’ll find necessary details to work with to set up an appointment.
Thanks a lot for the recommendation. I'll send her an email and I hope I'm able to connect with her.
Dave is not the dude to call if you are tired of working and you have nothing saved.
Yeah mental health services are cause there aint nothing keeping me alive if im that guy
Who would be better? Caller has not earned the right to quit.
Should I call Dave when I need someone to unclog my toilet?
I think he's perfect. Now the guy has a plan.
I see people are missing OP’s point. Basically what they’re saying is a lot of of people will call Dave in this same situation, and not want to accept the cold
hard truth that Dave is known for.
Everyone is tired of working it ain’t just you
Especially 20 something year olds.
Definitely...I'm almos 50 and I've been working for almost 30 years...I'm tired...
No. 1 piece of advice for him would be to NOT pursue women or remarry in today's social climate. Put that all behind him. If his divorce didn't wake him up, nothing will.
I agree but some careers are not as easy as you get older. I'm a lawyer and manager so I can work until my brain gives out which, if my parents are any guide, won't be until I die in my 90s.
Someone who is in a physically demanding career can't continue past certain thresholds. There are not a lot of full-time, 80 year old HVAC techs, general carpenters, roofers, laborers, firefighters, etc, running around. They can't crawl in attics lugging 70 pounds in Atlanta in the summer anymore.
I’m 60, I’m tired. Single. But there will be no retirement anytime soon. Not many can afford insurance at 62 even if you can live on SS and whatever else one may have. The economy has determined many will work until they are no longer able.
To come up with an extra $2000 a month for investing is next to impossible for most people.
Especially if you’re making a gross of 75K. This guy is full of it.
The idea of investing a significant sum of money may be both thrilling and intimidating. There is potential for considerable wealth increase with the correct strategy. How can one take advantage of compound interest and potentially grow your retirement savings to about $1M over time?
I think the safest strategy is to diversify investments. Like spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.
A lot of folks downplay the role of advlsors 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 licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850
impressive gains! how can I get your advlsor please, if you dont mind me asking? I could really use a help as of now
I have a female advisor named Lucia Alicia Cruz. I recommend researching her. To be very honest, I'm glad I decided to let someone handle expanding my finances even though I almost didn't think I should.
Thank you for sharing this. I took the time to Google the individual you mentioned, and after reviewing her resume, it is evident that she is a seasoned professional. I have reached out to her and am eagerly awaiting her response.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
the strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.
I wholeheartedly concur; I'm 60 years old, just retired, and have about $1,250,000 in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.
Mind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out.
Her name is. 'Lucinda Margaret Crist’. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
I'm a 52-year-old QA Specialist at Confluera, earning $150,000 annually. While I have a retirement account, I'm eager to explore short-term investment opportunities before transitioning to part-time work in the coming years.
It's crucial to have a well-thought-out strategy and not make impulsive moves based on short-term market fluctuations. Patience and a long-term perspective are key. You should consider a market expert to guide you.
A financial advisor could really help you re-adjust and identify blindspots that you yourself do not notice, like mine did in advising me during COVID on how the pandemic will shape things, and I made it out big and still make up to at least 20k in dividend per month.
Wow, that's incredible. Could you recommend who you work with? I really could use some help at this moment please.
Amy Desiree Irish is the licensed advisor I use. Just search the name. You’ll find necessary details to work with to set up an appointment.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I’m 50 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.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can I get access to your advisor?
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
This is why you live like the 1860's. Ensure your house is pretty protected from okwhatever Acts of God transpire in your area. Ours is fire so our home has steel siding like you'd see on a shed or construction building. We have no intention of loosing it. We E-bike most places and I choose not to drive, we only insure him to save $. Honestly I drive but my eyes are getting weak so it's really not a good thing, I do it only on Sunday mornings about 1x a month driving about 3 miles. I am coming to a close but E-biking is more comfortable to me. You live in an area where you are not 100% relying on a power and utility company. We have Solar and the propane company comes sometimes. DIY is the way to go then you are not in as much risk
Meanwhile your working to house illegal migrants in hotels and give them new iPhones , new clothes , free healthcare , free welfare etc , Im in the UK and the native British people here are all stopping going to work why? because we do not take kindly to people who have never paid into the system coming here and poncing off us , So we will do the same as them.
These calls makes me save money every time, because I don’t want to call Dave.😂 I
😂 LOL
@@EverEliayes very funny. I agree. Do we have a Dave Ramsay in Australia?
😂
Calls like these make me cautious about marriage.
True story
"I was married to a spender".....then he goes out and spends $20,000 on a motorcycle, complains about not having money, then calls a total stranger and asks for help......sheesh....people are a danger to themselves.
Especially this idiot! Retirement is never a chief concern for financial dilletente who blames divorce for his lifetime of STUPID FINANCIAL SELF-DESTRUCTIVE BEHAVIOR.
True, the difference is he can sell the bike and get most or some of the money back. I somehow get the feeling he lived years not being able to spend something for himself while wife used everything. So I GET that part tho. He still has a way out compared to other worst cases I heard on this show
It’s a Harley; it’s worth a lot less because the brand has been trashed by the woke agenda.
he wants to be a big bad biker, maybe he should start a meth selling business like a real biker boy
MGTOW. The guy would have nothing to complain about!
Trim Carpenter here too. I appreciate the kind words about our craft. We do always have more work than we can do.
I bought “exhausted” houses, fixed them up & now have a small fleet of rentals to go along with my retirement savings. Bingo. Working nights & weekends while my friends were having fun made the difference. Like Dave says: “Living like no one else. So you can live like no one else”
None of this is “brain surgery”.
A dream/goal without a plan, is just a wish.
"I'm tired of working"
Not as tired as you're gonna be.
ha ha ha - maybe he can make a million writing a
book about the importance of saving for a rainy day.
lmfaoooooo - yea he aint see tired yet
At that age, he'll just get on disability until SS kicks in.
Brutal
I make more than him flipping things on Facebook Market Place and I'm never tired of 'working'. He should find something easy. I stay awake until 4am, sleep until noon... work a little selling and usually just sit around watching RUclips. . What amazes me is that my family and friends do not want to do what I do. They see it first hand and they are not interested. They would rather have a J.O.B. than what I do
Investing has been rather rewarding to me and I've learned that getting a good roi is very much attainable if you know your way around it.
Luck is way off the picture. Jonas Herman, a licensed fiduciary is the brain behind my success. I've gotten into a plethora of assets with $19k spread across stocks (options and futures) for the short term and Roth IRA, index funds, cryptocurrency and ETFs, for the long term. Now with over 91k in roi, I sit back and just reinvest at intervals while I handle my other businesses.
To me, investing is not worth it and I know that's the same mindset holding me back from taking a step forward in my finances. It’s all gambling.
Sure
Hermanw jonas that’s his gmail okay
Jonas Herman doesn’t exist. This is a scam thread
Early in my career, I wanted to grow my savings but was overwhelmed by the sheer number of investment options. Herman took the time to understand my risk tolerance, financial goals, and timeline. He didn’t push products but instead created a diversified portfolio tailored to me, helping me invest in index funds, bonds, and a few specific stocks for long-term growth.
🚨Retirement has become an independent project, and every American starting as early as high school needs strong education
Correct!
Being from a family that didn’t plan well, I am happy that we started our son saving at 15 with $ he made. $ in each and every month. Not a lot, it adds up and he adds to it and makes GIC purchases. Doing so well being steady at it- 7 years now. Money is a tool- so glad he’s learning this.
🦾🦾 I am 53 and i am just starting 🤦🏿
@@JOESUBA122 you started! Good for you, really!
This is the way , I wish I didn’t have to pay into social security and instead pay directly into 401k a Roth
As a soon-to-be retiree, keeping my 401k on track after a bumpy 2022 is a high goal. I've read about investors generating up to $250k ROI in this present sinking market; any suggestions for increasing my ROI before retirement would be greatly appreciated.
Yes, you are right. it's been a brisk tailwind for investors in US stocks over the decades but it is still a delicate season now, so I advise you to consider the guidance of a financial advisor.
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 licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
How can I reach this advisers of yours? because I'm seeking for a more effective investment approach on my savings?
Her name is. TRUDY ELIZABETH STOUFFER . Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just curiously searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.
Keeping some gold is usually a wise decision. You would be better off keeping away from equities for a bit or, even better, seeking advice from an expert given the current market conditions and everything that is at risk with the current economy.
He ain't getting rid of his Harley. He'll work till 80 instead.
As everyone should.
@@amireallythatgrumpy6508everyone should work till 80 cause you don’t plan😂
@@xsgtxbigboy1655 If you actually planned you would decide that working until 80 is smart. Retirement savings are just like emergency funds and fire evacuation plans - prepare for the worst but hope that you don't need them.
old dog aint learning new tricks. hell work untill social kicks in then he will supplement with family members money.
😂
Since he's tired of working, he may want to consider training a couple of apprentices to work for him as he gets older and needs to pull back on his physical workload.
I retired with $600k saved, and looking back, I realize I could’ve done things differently. Not saving enough, plus the impact of inflation and sequence of returns risk, makes me worry about outliving my savings, and it’s not something I can easily ignore. Not saying it’s the only way to go, but it’s something I think about
I'm approaching retirement and having a financial advisor has been helpful. I started investing later than most, so relying on compound interest from index funds or bonds alone wasn’t enough for me. Despite that, I’ve managed to do well and am on track to retire with around $5 million
Yeah, always good to plan for retirement when young. We all think we don’t have to worry about it until later but the fact is, the earlier you learn about financial literacy the better you can plan for it. With amount of savings, you could probably try different side projects to generate some extra income to stash more cash.
Congratulations! Saving and investing $5m by retirement is my financial goal. Since I started young, I have a lot more options to get there. Financial advisor might be something I will look at later in life but mainly to figure out how to pay my fair share of taxes without overpaying. The tax code is written for business owners, the more savvy you are, the more you can save. That’s the part that is more complex to me. Maybe even need an estate lawyer if you are in the millions range already to ensure I am building and passing generational wealth.
I'm worried about my retirement portfolio and could use some guidance. How can I get in touch with your advisor?
Melissa Elise Robinson is the licensed advisor I use. Just research the name. You’ll find necessary details to work with to set up an appointment.
My mother is in a similar situation; she just turned 60 with nothing saved for retirement. I absolutely hate the situation for her but its been one of my biggest motivations to working through the baby steps and living like no one else now so I can live like no one else later. I understand I'm not obligated to, but I hope in 5-10 years I'll have put myself in a situation where I can help her out.... BS6 currently.
Is she not worried or trying to save from her earnings?
Congratulations.
You’re going to have to support her in her old age. Terrible
yep... i totally understand the guy buying the motopsycho when he got divorced... BUT i paid cash ... NEVER buy toys on credit... NEVER
“Motopsycho” reminds me of an episode of perfect strangers where balki joins a motorcycle gang named the “motopsychos” lol.
@@bigpicturethinking5620 i bought an old '48 indian back around 1973 (i was around 12 and i had to hide it from folks) ... i rode to work on it and my boss called me a motopsycho cause i was still learning about it... so i always call my bikes motopsychos ... just kinda stuck to me....
@@bigpicturethinking5620Love that show
@@bigpicturethinking5620lol Wow, I haven’t thought about that show in years. It was part of TGIF.
“Sometimes the world looks perfect” 🎵 🎵 🎵
16 years from now I want to retire at 58. I'll be saving like crazy now to get there.
@@Tialian SERIOUSLY DO IT SAVE SAVE SAVE....I LIVE SO SIMPLE AND BASIC I REALLY LOVE IT. ITS LESS TO CLEAN LESS TO MOVE AND JUST PLAIN LESS CLUTTER... WE DONT NEED ALL THIS STUFF. SO GOOD LUCK KEEP SAVING
I retired just before my 58th birthday. And really didn't start saving/planning in earnest until I was 40. If you're determined, you can do it!
@@matthewgardner2144 I started getting serious about 5 years ago, prior to that it was a minimal amount towards retirement each month. Early last year I finally got to the point of maxing my tax advantaged accounts. I figure if I can keep that up and have a 30 year pension at the end I should be just fine.
@@Tialian SERIOUSLY SAVE AS MUCH AS U CAN BC AS WE AGE WE GET MORE TIRED
Having stuff is overrated @@KimberlyRikal-cu2cu
"I want to quit working" - Dave, "you need to work another 10 years".
Do you want him to tell him to quit working, find a carboard box and hope his health holds out? Contrary to my popular belief as a child, money does not in fact, grow on trees.
@@oldfredbear Sometimes it does! We have friends who own a large apple orchard in the state of Washington.
Sounds like he needs to work until he dies. Sorry buddy.
A potentially better response, would have been to tell him to bring on an apprentice, take on more work while teaching them the trade and then sell the apprentice the business to essentially create a saleable investment when he finally retires.
Yup, but that 10 years is going to make a lot of difference. A good lesson for us all in prioritizing investing for retirement. Even little bits here and there add up over the years. It's a lot harder when you're starting at 58.
This is why gray divorces are so devastating, they hurt you after it's too late to fully build back up.
prenups are so important now
@@williamjohn8633 prenups don’t work .. just don’t get married
Sounds like the divorce had nothing to do with it. This guys wife left him 8 years ago, and since then he bought a new house and a new truck and saved $0. I’m sure his ex-wife was a peace of work but it’s time to stop blaming her 8 years later
Doesnt sound like the divorce did him in. It was the decades of marriage
@@TonyCox1351 it actually does if he has an almost paid up house in his eight years that’s pretty good.
That’s not a new truck, a new truck is $70,000
Suggesting a 10% (50K annually spend from 500K invested) safe withdrawal rate is crazy.
It's was the same thing.
The motorcycle was more of a priority than saving a little something for the inevitability of being too old to work...until that mindset is changed a lot of people are doomed.
The caller has his priorities straight. 😎
It’s the age old question whether you should “carpe diem” or “memento mori”…
You say carpe diem, but the truth is, people should “plan as if they were going to live 1000 years, but live as if they were going to die tomorrow”. That’s what BALANCED budget is for.
PS. I became financially free in my late 30s. I don’t need to work anymore and it feels great. I can also buy more toys now - the best part is: my investments pay for these toys!
The motorcycle is most likely the only thing keeping him wanting to be alive... at a certain point you gotta way the pros and cons.. I would be getting rid of that specific bike, but I would also be buying another used bike in its place
Child like mentality. Actually he should get rid of the motorcycle and high risk lifestyle .
The cost of the motorcycle is immaterial to what he needs to retire on. He is not unable to retire because of the motorcycle.
Every time I hear a Harley owner complain about payments and repairs, I love my 2k suzuki even more
im a hardcore honda guy, but even a broken suzuki would be better than any harley davidson.
A 10% withdrawal rate has a 82% chance of running out of money after 20 years.
A 5% withdrawal rate has a 7.5% chance of running out of money after 20 years.
Telling the caller they could withdraw $50k a year forever is extremely dangerous advice.
No one retired for 20 years. You’re gone by then.
He’s 49 and needs to save for another 10 years. If he runs out of money at 79who cares?
The average retiree doesn't live for an additional 20 years.
@@miketheyunggod2534 You may need more money in those last years though. Health problems can incur unexpected expenses. Now for sure, this caller in particular can't retire at 65 or even 70 probably - my guess is he's gonna have to keep working until 75 or more since he has nothing at age 58
@@Hossafy He's 58.
I worked at Walmart for 45 years and became a millionaire. I never married and had no kids.
I bet you didn’t stay an associate you got into management. I work at Walmart and barely scrape by at $16 an hour.
Another tip is to buy a reliable car with cash. My car is currently 19 years old and I paid full with cash back in 2005.
He probably put into his 401k also and yeah i hope if youre at a company for 45 years you promote@taylorsmith9629
A Walmart job all your adult life, no family. I hope you love your $$$, because it sounds like perhaps it is all you have. I sincerely hope not.
What’s your net worth?
I'll take a different approach. Pay off the house yes. Start a Roth IRA or two. Keep your emergency fund. Keep the Harley. It is one of the things that brings him peace. Work more for sure. I believe the Harley is good debt. And tomorrow is not a given you have to live life.
I ran into my deceased, ex husband’s younger sister, who spent her whole life having kids and never working, living off other people, church handouts, and her parents, ending up in divorce and remarried (left her second husband), yada yada…..and all she could do was complain about how she was having to work in her old age, the night shift, and standing on her feet all night. And, I thought yeah, the whole time the rest of us were working like dogs most of our careers and going to college classes, etc., you were sitting at home watching TV. Zero sympathy for people like this.
My greatest fear is getting to this age and having nothing 😭
Right? I'm in my late 30s, and am freaking out about retirement, considering these days, I'm barely able to put in anything additional for savings every month.
@@Cookieboy70 vote for kamala and you probably wont
Naw don't worry, "retirement" is not something our generations will get to have anyhow.
@@onespeed1664why do you have to start something ? Now it’s going to get crazy here. 😂
@@ElijsDima For you maybe...I'm making saving for retirement a priority. I know, boring.
I was tired of working at 58 because my cancer came back but i still had to work until 62
That is the thing I had to learn many years ago, that I think many don’t understand, especially when they’re young.
I had a coworker, who got breast cancer. Like a lot of people, I’d watched too much TV perhaps. Every time someone was sick, they were in a hospital bed. I wasn’t aware, until my coworker’s situation, that she had to continue to work, with cancer.
Now that I’m older and have just a knee injury, it hits home for me. And as I have no family, I’m going to have to crawl to work, if I have to. It’s a shame as, WFH is really appropriate to this. But, my work place only offers limited WFH.
So sorry
this is what is going to happen to many young people, they think they will never retire and work until they die but in reality they will work until they get elderly and illness strikes and they will be too sick to be employed and they will end up on social welfare programs it will be us successful taxpayers that will be paying for them.
@@reesercliff I haven’t seen any better, with people in their 50s and I’m almost 60.
While I am unsure of her entire story, I got the impression my downstairs neighbor retired early, with no plans in place, medical or financial. Was quite relaxed about it and said she had “all the time in the world”. I got the impression she figured, being just 6 years older than me, why should she continue working 👉🏽 when I still worked and we really didn’t even know each other. She soon started taking ill and, as her family, who lived nearby, wasn’t going to help her, she “decided” I was it. Not even sure if she decided I was it, when she first moved in. Thing is, the choice didn’t belong to her. I wasn’t going to be her free caregiver. I wasn’t going to be roped in, by caring for a dog she decided to adopt, but couldn’t care for herself. I wasn’t going to buy a newer car, specifically for her benefit, like she seemed to want. Her health declined rapidly. 3 years later, she was found dead of pneumonia.
Other neighbor retired early also. Unsure if it was a dynamic where he figured his wife could take care of them and continue working, but she dumped him, he couldn’t continue to afford his apartment and moved in with his mother.
So, even people in 50s, oddly enough, sometimes live some fantasy, that they can just stop working and rope someone in, to do all the work, for them. This can be a DEADLY mistake.
I KNOW I have to put up with my job, until I am dead.
5:44 "...that 500,000 will throw you 50,000 a year." This seems VERY optimistic.
First time watching?
It's all very optimistic. If he had $250k today he would have $500k when he retires. But he doesn't. And he won't.
@@cooleobrad Not even the first time making that same comment on a Ramsey video. :D
The idea that he can save $2000 a month on a $75K salary is also optimistic. That's half of his take-home pay. And his mortgage probably takes the other half.
So no money for gas, food, utilities, medical bills, traveling to see family, vehicle maintenance, etc?
@@roadrunner9622 Well, he's only got $25k on the mortgage, so even if he only threw $2k at that it would be gone in a year freeing up $2k to investments. Even with the mortgage $2k on $75k/yr is absolutely doable for a single person.
The secret is simple. Live within your means. That’s what has worked for me.
I'm close to that age and don't think I can go through another job search/job start. Just not up to the "paying your dues" that comes with a new job. I'm about worn out.
I just turned 71 and am still working - got a promotion two years ago. My employer has a generous time off policy, and my job allows me to travel around the world. I hope I don't get worn out for a long time.
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
as most investing-related questions, the answer is, it depends my best suggestion is to consider advisory management.
Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
this is huge! mind if I look up the adviser that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future
I've shuffled through a few advisors in the past, but settled with Annette Christine Conte her service is exemplary. I'd suggest you research her further on your browser, sure you'll find her basic info.
very much appreciated, your response suggests a person of benevolence.. just inputted her full name on my browser, and came across her site, top-notch qualifications! she seems well-qualified
I really enjoy videos with Jade; she is such a treasure and a wonderful Ramsey personality. I think after Dave broke thinks down, he felt much better, in 10 years, he will be in a pretty good position.
“I don’t wanna work anymore”
Dave “pick up extra work”
😂
I like how Dave is blunt asking about why he didn't save any money.
Dave is an ahole
@@MsValiG You are treating the caller like a victim when it may be a case of choosing priorities other than putting away money for retirement.
i dont like how he said it because he knows damn well the economy in america has sucked for decades now and the average person can never save enough money to actually retire on and most people retire on either social security alone or a combination of social security and inheritance if they are lucky enough to get a decent inheritance .
@@marleonetti7Untrue in most cases for the average income. Live like the 1950s - eating out is a luxury, travel is a luxury, 2 vehicles are a luxury, financial stability come first.
@@marleonetti7 Look around at all of the $70,000 pickup trucks, $45,000 SUVs, and $30,000 campers people are buying. You really don't think those people are capable of saving for retirement if they tried? If you never see those items, you need to get out of your little corner of the world from time to time. In addition, look at the people who are choosing to get criminal records, have kids young before they get married or even have a steady job, and you will see people who have hindered their own opportunities for building wealth.
Grey divorces are very difficult to recover from.
Especially if you finance a motorcycle.
What is a "grey" divorce?
@@ashleyisachild senior citizen
@@melesaoshea8719 I don't consider 50 to be a senior citizen, though... You still have 15-20 years of work ahead of you at that age.
@@ashleyisachild Too old
He doesn't have "nothing in retirement". He has $23K in cash. Plus all the equity in his house.
True
Plus his bike .
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?
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
Interesting. I am on her site doing my due diligence. She seems proficient. I wrote her an email and scheduled a phone call.
I love my 25 yr old car, runs like a champ!
This guy sounded like me at 50. But somehow I started saving and somehow it started accumulating, thank you God
@@buckybarnes3803 I started saving at 30 and I'm going to be okay. If I'd started saving at 20 I would be absolutely set.
Why thank God? Sounds like you’re the one who made the hard choices and sacrifices. I credit you, not him.
@@lebojaywow that's disgusting
I was married to a spender- That doesn't stop you from contributing to Retirment. Also ignores the 8 year gap between his divorce and this call.
Exactly. He could have been putting money into 401k the entire marriage and the 8 years since. He would have lost half the 401k at divorce but half is better than zero
Yep! He was the spender in the marriage.
@@anniealexander9616 the Harley backs that assessment. I have a GF whose husband loves his toys. Harley, fishing boat the list goes on. He even took a lower earning position so he had more free time. Meanwhile she is a stressed out mess because the burden of the household finances is on her!
He did almost pay off his house, so that's where he put his money. It's not bad, although we don't know the value of his house.
@@suen5006 No ..he never mentioned how much he paid. Trust me, he would have if that was where his money was going. I bet the house was inherited from mom and he refinanced it and took out $25k to pay off credit cards and auto loans.
500k in a mutual fund doesnt generate 50k in income annually. That is a bad plan
The mutual fund would have to have some serious etfs at least a third value of the fund that pay at least 5percent or more dividend yield, S&P 500 efts such as VOO isn't going to cut it especially 500k worth of it.
It would of made more than 50k last yr, around $130k. My 401k made over 24% last yr.
Vanguard has seven ETFs that have gains of 12-16% since their inception (more than 10 years).
I never liked mutual funds. All those different fee's and charges can take a big bite into returns. I'll stick with ETF's and stocks. There are plenty of ETF's that will generate more than 10% net return after the expense ratio is deducted. I've got a couple that are returning more than 15% and pay monthly. $50k a year off of a $500k portfolio is not a problem. Just learn to do it yourself, instead of paying someone thousands to guess for you. That became my job after retirement. Now I only work at it for 4 or 5 hours a week and make more than when I was working.
@@edb484 It is a dangerous assumption to plan for a 10% return YOY. You have to pay taxes, account for inflation, and assume there are down years. There is a reason the 4% rule has been a given forever.
Calls like this make me thankful that I joined the military at 18 and got a military pension after 20 yrs of service.
Not sure how generous the US military pension is, but I 100% agree. It’s great to know that I have almost twice the UK average annual pension amount locked in, and I’m not even 40. Even when I get out at 40, I’ll have almost as much as that average amount paid to me until retirement.
well the fact is that most retired americans live solely on either social security or pensions because there is no way that even some of the most well paid people will ever have enough money saved to actually retire on if they stop working at the age of retirement , between 62 and 70 .
@@marleonetti7 That's because most people are idiots and refuse to sacrifice to save money. If you start putting 10% away when you get your very first job in high school, you'll never even miss the money because it's gone before you even get your check, just do that forever. Pretend it's not your money, because it's not - until you're 60.
Thank you for your service
@@marleonetti7as someone that lives in South Carolina now you're definitely right nobody lives on Social Security😂 all the retired people that are living in nice houses are pensions🎉 and the sad part is all the pensions have changed so the next generation won't be able to do that
I am a Nurse and have been investing for a few years. I have reached a point where I could benefit from financial advice to improve my $200,000 portfolio for retirement, how do I maximize my ROI?
You didn't provide detailed information about your portfolio makeup. However, I recommend seeking guidance from a financial advisor for a well-informed portfolio restructuring.
Opting for an inves-tment advisr is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 85% since 2023
I’ve been considering getting one, but haven't been proactive about it. Can you recommend your advisor? I could really use some assistance.
I'm cautious about giving specific recommendations since this is an online forum and everyone situation is unique, but I've worked with Melissa Elise Robinson for years and highly recommend her. Look her up to see if she meets your criteria.
Thank you for the recommendation. I'll send her an email and I hope I'm able to connect with her.
This guy won't do any of this. He'll call george in 20 years and be told to get a job.
That was a funny segment. Almost as good as “the horse doesn’t even know your name”.
George was right, but he didn't say it in a politically correct enough way for the bleeding hearts out there so they got emotional.
He better listen and take action now because George wouldn’t mind telling him to get a job in his eighties.
I think he will follow through because he is a listener, and he has cash saved now. He is on the right road
😂😂😂
Even Dave knows the rate of return he sites is wildly optimistic, particularly with the magic moment that the world has enjoyed the last 65 years starting to end due to demographic aging and so forth. That's why Dave has so much of his net worth in real estate, not in the market. Admittedly, he has most of it in real estate
Cites
Bad data leads some people to believe the market has performed really really well over the long term as if that's normal. In reality exceptional, real growth is not normal. It comes in spurts. Some people have lived most of their life without really enjoying it. The data from the late 19th century and early 20th century is almost completely irrelevant because of inflation in those days and a totally different globally economy. The baby boomer era and the post World War II order is also changing rapidly and has been for a few decades. It just doesn't make sense to say with any kind of confidence that you know 10% or 8% or whatever is going to make sense. It's just gaslighting from somebody that has so much they don't care anymore
Might sound morbid, but once the boomer generation starts to pass there will be a huge supply of real estate with demand that doesnt meet it.
Harley’s are almost worthless now. They’re depreciating like never before.
I hope every person who is close to retirement sees this. Sounds like a good plan and doable.
$25k left on the mortgage is great
The house is worth $20K
@@usefulcommunication4516😂
I retired at 55 from a blue collar job and can’t imagine working until 67. He can take social security early at 62 and probably live off that. This 10 year plan sounds horrible.
I was so afraid of retirement for certain personal reasons that I overcompensated. I'm 3 years in retirement @59, did a good job in the accumulation phase with net worth of 3M+. The problem is I haven't spent any of it despite knowing I have no concerns of running out of money. Some minimalist traits that helped me save are not easily cast aside. I sense I'll be dead and gone with plenty of money left behind, but that was never a goal.
Wish we had similar issues, I'm 51 and mine draws near, gradually going into panic mode. Besides IRA and 401k, are there other ways we can prepare ahead of time for our retirement?
No need to panic... I was in a similar place few years back... Since you're 51 and not 58, the simplest way will be to save more and invest those savings in profitable ventures (you must either understand what you're going into or get the services of a professional so you don't end up losing your savings)… I almost doubled my retirement savings in my last 7 years through only stocks and Etfs. You got this, relax!
By professional, do you mean an FA? Did you use one? What are the steps for getting one? Like a really good one?
I could definitely use external help right now. Thanks
Yes, I use one. Don't know if I am permitted to go into details here, but you should start by looking out for those from credible firms and good track records. You should also make sure the person is licensed. Mine is Allen Mike Eckrich and you could also look him up though I'm not so sure he's taking on new people atm.
I'm 31 but on track to retire by 55. I feel like I'll be in the same boat you're now in.
It's also important to watch out for his health. Working nonstop just to get to that number the soonest may take a toll on this body. Balance it out. Strategize and live a little without losing that focus on the goal of retirement. Good luck!
Yep that can kill him before reaching his goal.
This is why people like The Money Guy show are more well suited to help people since they’re actually CFP’s. Save, invest, live frugally and then pay low interest debt. Can’t eat your house when you retire
@curtis3688 No, but you sell it?
And they actually know that a 10% withdrawal rate is super risky and a terrible idea. Love their show and find very little a disagree with there.
Can’t art your way out but you can science your way! Pure Wisdom!
Hi, I'm 58 and won't be retiring, ever...
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
@@Lourd-Bab 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.
@@Pelham04 Oh please I’d love that. Thanks!
@@Lourd-Bab Clementina Abate Russo is her name.
Lookup with her name on the webpage.
John:Are you Safe…
Ken: What’s for Lunch?
Dave: Sell Your Cars..
George: Get a job
Jade: I paid off $400,000 of debt
@@fishroy1997 🤣 Genius 👍
Rachel: I'm only here because of my dad
Rachel: Did you see The Bachorette last night? I am worried about Jenn's choice.
@@siva47931 Oh I forgot all about Rachel..👍
This man is so wise and intelligent. He does not play.
500k WILL GIVE YOU 50k a year forever IS THE WORSE RAMSEY ADVICE EVER. It makes rice and beans look like prophecy.
Yeah, more like 20K if you want it to increase every year with inflation.
If you can average 12-14% 50k a year is easy peasy.
@@alanj9978you don’t need it to increase. You just need it to not go to 0. Social security pads this too.
@@as2223 If you can average 12% a year, you're probably married to Nancy Pelosi. Normal people, not so much.
just came here to say that. I was on board until he just threw that out there like it's guaranteed.
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?
Finding financial advisors like MARISA BRETON DOLLARD who can assist you on things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
I’m turning 50 and horrified about retirement
I am 43. 1.7 mil net worth. Make 130K a year. But no one knows. Small paid for house. No debt ever. Save..get debt free. I am telling you life is way better. We don't need a bunch of junk or fancy cars. Financial freedom is the greatest gift I ever gave myself.
@danielrn133 let me guess, single with no kids?
What advice would you give to a teenager trying to avoid that situation?
I'm 37 with 0 retirement. But I work and save. If all goes bad by 60, there are SSI and other stuff which should be fine. You'll be a burden on society after 65 anyway.
@danielrn133 how do you have fun though and actually use your money? Vacations?
I retired at 57 and single. I've never owned a home. Being tired is not an option.
I like the saying "....if the work is going towards a goal...."
( I have no goals....the work feels heavy every passing month ) Cool video, tHanks for posting! Have a great week.
There is zero chance that guy is getting rid of that motorcycle.
RICE & BEANS - Come on Dave!!! say it to him!
Run a Monte Carlo simulation on a 10% withdrawal rate and you’ll find that the probably your money will run out is quite high. The generally accepted safe withdrawal rate is 4%, not 10%, for good reason.
Then we all need $2M to retire and not in equity either!
Jade said exactly what this guy didn't want to hear but really needed to hear
wow, I never heard of anyone being tired of working, thanks for sharing this news.
Dave always grossly overestimates how much people can save per month, and what rates of return they can expect.
He'll have to earn at least 14% on average to hit 500,000 in 10 years. That's going to be tough to do. And 10% withdrawal rate is too high in my opinion.
Count on a 6% return on investment, and a withdraw rate of 4%. Another hint, don't take investment advice from someone who believes in a talking snake and a flying zombie.
Wealth is built in both bull or bear market and also wealth transfers from the impatient to the patient. One of the best ways to succeed in crypto is by trading your assets with a good strategy.
I want to compliment you, you have said it all. I am a little business owner and I really want to expand my business to the next level by making myself an investor but I really don't know how to go about it..
imagine investing in Btcoin earlier.... You could have been a multi millionaire precently
@@Kennet.Bell. You are right. Been thinking of going into gold and cyptocurrency
Assets that can make you rich
*FX
*Btcoin
*Stocks
*Gold
*Real estate
You’re right but a lot of people remain poor due to ignorance
Dave is the best Commercial Christian I've ever heard of. Such a blessing!!
Try a 10% withdraw rate starting in the year 2000 and you’ll see why that’s exceptionally dangerous advice since you’d have ZERO dollars before the decade was over. You don’t retire over long periods of time and take the average, sequence of returns risks should be accounted for and it’s ridiculous that Dave refuses to look into the actual facts and see that throughout almost all of history, the safe withdraw rate has been much less than 10%. I strongly encourage any of you reading this to look into sequence of returns risk before you end up broke in your 70’s.
Save rate is 4%, been researched dozens of time. Still holds true.
@@87vortex87 4% is safe for a 30 year time horizon but a dynamic percentage of portfolio approach is a lot safer for those of us like myself retiring before 40.
*The amazing skills of real estate are that it help keep the family, aid financial support, and can serve as a retirement tool when retired. It's passive income which rewards hard work and patience*
It’s the same talk everywhere but no one is saying how to get started?
I work with a *Financial adviser;*
*Donald Nathan Scott.*
How do I reach him ;
You can reach him by searching this names 👇
As a 32 yo, this scares me. I gotta get my crap together 😂
Sorry man, too late. If you ain't a millionaire by 30, the future is not gonna be good.
@@ElijsDima😂😂
@@ElijsDima@bryan he’s joking😂
Yes, but you do have time. Start today!!
@@bryandelcid4065 You don't have a minute to waste.
Thanks Dave for being an inspiration to my 24 year old son. He lives at home for now and we paid for his college education so he has no school debt. He drives his 2012 car that we gave him. and doesn’t want to purchase a new one until he has to. He’s grateful to us and certainly understands the value of a dollar.He’s a software engineer and his net worth is $50,000 between his 401k and savings after being employed a year and a half. He watches your program and is always looking to invest wisely. I was going to get your baby steps book for him for Christmas but he already bought it.
Can I suggest something to other seniors on this thread? I was forced to retired due to sickness, 5 years ago, at age 61, but now my health is very good. Jobs are scarce here in my rural area. So I resell junk, odds and ends, I make things, and sell on Etsy and someone's eBay. It's helps. I'm on SS. Not much money there. If you can stand for 5 hours on your feet still, you could do good working at Lowe's or home Depot, or at Amazon for 19 hours. I can't do that anymore. Selling is my game now.
Divorce DESTROYS personal finances.
Wild spending and not saving also does.
That's why I will never get married besides I just wouldn't
@@CarolLustgarten a life of singleness is certainly better than a miserable marriage and divorce. But a wonderful marriage is TREMENDOUSLY better than being single. The joy of a committed marriage is almost inexpressible, and I believe it is the closest thing to representing the relationship between God and his children we can experience here on earth.
But most choose rashly, impetuously, impurely, selfishly, and poorly. Faced with that approach, it’s best to stay single.
“I married a spender” he says, sitting on his Harley…..
You didn't pay attention did you? He was married with 3 kids. Exited the divorce with empty pockets. He saved $ for a downpayment on a home. Paid down the mortgage till there's 25k left on the note. He also saved 23k in cash. Being his income is about 70k annually, that's about four months living expenses. He did pretty well considering. Odds are that bike is the first nice thing he's got himself since he got married. I'm a tightwad with money but even I see you gotta at some point treat yourself to something. He aquieced to Dave that he should sell the bike regardless. He's hoping Dave knew some financial jujitsu that could help him turn his nearly paid-in-full home and 23k into "retire in 90 days" rather than continue to do back breaking work. His line of work has probably wore his knees out, chronic pain issues, etc. He's wore out and is hoping for a best course of action to retire sooner than later. Dave of course, is all about work till you drop. And that's the answer the caller got and he wasn't keen on it.
@@mikejezek5214 If I were broke in my 50's there's no way I could treat myself to a 20-30k toy. We're more in the range of a fancy $1000 kayak or something. If he's a smart guy, then hey, he's a grown man and make his own choices, but I'd rather do without a depreciating toy with that ticket price and be able to exit the back breaking work he's doing. Like really, he's not gonna be able to stop at 68 with Dave's bad retirement math. I do see the point you're trying to make, but we really don't know what he paid for the house and therefore how much spare money might be in his budget. He made it sound like he bought a modest house and probably did a lot of the work himself to improve it. This is why I hate the show's 5 minute format. I bet he's gonna have a really hard time saving 2k per month and it certainly won't be a cinch turning that into 500k in 10 years. Glad he likes bumpy rides.
It's not easy guys. You have to put yours in his shoes he doesn't have too much debt. He could of bought a cheaper bike that would have been better but it's better than driving and doing drugs to seditate his pain
Hey, give the guy a break. He sounds like he's been through a lot and that ONE thing is his ONLY enjoyment. I would keep the bike and work a little harder OR get rid of it
🤦🏽♀️ if you die on Monday the funeral is usually Saturday. Can you sell a house in 6 days? At least have a $20k policy to pay for a funeral
Funerals are NEVER in the weekend.
@@amireallythatgrumpy6508 funerals YOU been to!! Most are for ppl who have their affairs in order!!
He has $20,000 in the bank. You don't need life insurance if no one is depending on your income. I had an insurance agent try to sell me a million dollar policy on me and my wife. He said a lot of rich people do that for their children. It's a cheap way to leave money for your kids. I did the math on it and if we lived 20 years we would have paid $460,000 in premiums. Seemed like a pretty stupid
idea to me.
@@ozarked2363 that’s not enough considering you also need a emergency fund of at least 4-6 months so if you have that plus $20k you’re good to go if not save more or get a policy!
@@amireallythatgrumpy6508 idk YOUR loved ones situation but MOST people pay the extra cost for a weekend funeral to accommodate more people.
Most people have massive credit card debt. No savings. Going to work isn't a way of life. It's a way to survive. Money is a stupid goal.
Becoming a valuable person is better.
How can you make anything happen on less than $25,000?
do not agree with the comments about not being tired. i am 58 and having worked 70-80 hr weeks most of my life , i am no longer able to work as i used to, not a case of being tired . not able
Excuse me, Dave, but tile setters are the REAL artists on the jobsite 😆
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
More reason I enjoy my day to day market decisions is that i'm being guided by a portfolio-coach, seeing that their entire skillset is built around going long and short at the same time, both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive information/analysis, it's quite impossible not to
talking about coaching, do u consider anyone worthy for recommendations? I have about 80k to taste the waters now that large cap stocks are at a discount... thanks
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Sophia Maurine Lanting turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
I just checked her out on google and I have sent her an email. I hope she gets back to me soon.
Don't say you want to save every dollar and then own a Harley Davidson. It's like saying you wanna lose weight and eating at McDonalds at the same time.
LOL but true.
You can eat at McDonald’s Every Day, if you Stay within a Caloric Deficit Limit.
@@heisenberg2966 Not all calories are equal.
@@aba1791 None The Less, if You Choose based on The Nutritional Info, and Portion-Out What You Eat, You could Actually Eat at McDonald’s and Lose Weight.
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Michelle Stewart.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
You trade with Michelle Stewart too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much
she's mostly on Telegrams, using the user name