After the FTX debacle I have so much more respect for Dave Ramsey. That situation made me realize how easy it is for an influencer with a large following or respected financial guru can easily sell his/ her audience out for a large monthly commission. If you don’t think Dave has been offered a large pay off commission to promote life insurance policies then you don’t understand how these things work. They know his audience has a lot of older people relying on his advice and could easily sell them on life insurance if he promoted it. Thanks Dave for not selling us out for money.
The issue isn't whether or not influencers sell out. They're all entertainers. If people take their word for it without verifying it independently people kinda deserve what they get from there. Whether or not some maybe have integrity is not the point. Ever heard the saying "In God we trust, all others must bring data"?
To be fair FTX had a veneer of legitimacy granted to it by some of the biggest VC firms in the world shelling billions of dollars at them. It would have been nearly impossible for someone to tell the difference between FTX which was stealing everyone's money under the hood and a legit brokerage like webull or robinhood which both relied heavily on influencer marketing at the time.
As a general rule, if a salesperson is approaching you and working REALLY hard to sell you something, it is not to your advantage. I've learned to not buy what the salesperson is pushing.
This guy sounds like he sells this product to people, and he wanted to see how Dave would respond to it. You can tell in the caller's voice how defensive he is about Dave's opinion on it. Caller's mind was already made up before the call.
Absolutely agree -- doesn't sound like he's looking for advice. Sounds like he's practicing his "pitch" that he's going to ply on some unsuspecting senior citizens.
He can literally just toss the 1M in dividend growth stocks if he wants a monthly income. Would still have his 1M and the growth on top of his dividend payments.
@@rickallen9099 your missing the point. There are dividend ETF’s with 3.99-4% yield. To give your money away and if you die sooner than expected it’s gone is a very poor financial decision, especially considering his spouse.
I have a trust fund from my father who passed away in 2006. I live on the money distributed to me each year and the money that was put in the trust fund is still there. The money is managed well by a company who has a fiduciary responsibility for the account. They've done a great job. They are doing so well, I have several IRA's being managed by them as well. Follow Dave's advice on getting your money invested and you should be fine. Life is a crapshoot, be brave and ride the wave.
Idk what this guy doesn't understand, he kept coming back trying to say why it's a better idea to take the 4k a month, it's a FREAKING RIP OFF! Anyway you slice it!!
The key to this is that you lose the million when you pass away. What a terrible deal! A million bucks at ZERO interest will pay $4300 a month for TWENTY YEARS. Edit: Not to mention inflation. $4300 will buy a lot less in the future than it does today.
The fact that this being a bad decision had to be explained to him just blows me away. How do people like this ever amass a million dollars in the first place.
This was a great call 😂 He could literally get a higher interest rate on a risk free US treasury note. I’m surprised that he was even able to get the million in the first place.
"See, the thing is..." why do people call for advice if they're just going to argue with it? I'm a lawyer and clients do this with me too... sometimes you just want to slap them.
Uncle Dave: You know, the knife is gonna cut you because knives are sharp and they cut meat. Caller: I know, I know.. but, this is a good quality knife 😂
Hey Dave. Could you do a show on how to draw down investments late into retirement? I suspect the appeal of annuities is the simplicity that the money shows up every month. I think there would be a lot of interest in strategies to manually (but easily) sell down mutual funds for monthly income. Thanks.
The guy still doesn't understand they are stealing his million dollars ????? He could literally buy an I bond 100% guaranteed and get as much money and still have the million dollars.
Insurance companies want to sell a 65 year old, a 20 year annuity, that they can start collecting a monthly payment, at 85 years old. Most people don't live past 85.
there are some relatively safe ways to get a 4 percent return on your investment when you retire. maybe not as safe as this insurance plan but its not really that safe because when you pass away they take that money and your family wont have it in case they need it.
Charities do this exact thing but it makes more sense because when you die the charity gets the donation of the million dollars. For a bank to be doing it is incredibly unscrupulous
First Sentence: " I have an annuity -slash- 401k plan worth about one million dollars." He is already buying insurance company products. I wonder what the actual value is. What is the cash out value ?
@@rickallen9099 "Straight pulldown" here is referring to just withdrawing from the million over 20 years without any earnings. That's $50K/year or $4166.67 per month and doesn't depend on anything except having somewhere to park the million safely for 20 years.
An investment company can sell whatever junk they can package together to willing buyers. That is the reason why banks and investment companies usually have the tallest buildings in cities.
This sounds like he's already made the investment (or maybe works for the company). He was just hoping he could get a clip of Ramsey saying - on air - that this product is a good investment.
I don't understand how somebody who can't even see through that can save that kind of money I notice some people are really good at making it but bad at handling it
This guy sells this product. Why would you just give away a million dollars. And yet this guy defends it. But he's from California, so that explains the intelligence level.
I feel like this could be good though. What she would it start? If it starts at retirement many people live 15-20 years after that or longer. At $51k a year you will make your million back by then. Plus the added benefit that you don’t run the risk of running out of money in retirement. Only negative is that if you die young you leave nothing behind for your family
start of the call i was like not that bad to get $4300 a month , then doing the math, you have to live 30 years to get that million dollar bac (little more than million), assuming this guy is 50-60, not great odds and assuming his spouse is similar in age also.
This rip off would be like you giving me your house and I pay you 50% of the profits I make from renting it out, but I get to keep the house no matter what and when you die I no longer have to pay you and now I get all the money. Wow that is so terrible.
Look at it this way. If they are going to pay you 4300/month, they have done the math. The math tells them that at the end they will almost for sure come out way ahead. They wouldn't be offering it to you if they would take a loss or break even.
You have a lot of people and businesses mad at you for putting forth the truth and common sense, you must be doing something right. You just saved that guy a million dollars and no doubt many others. I at one point even though about annuities. Tony Robbins even recommends them in his book on money.
“Oh yeah Dave, I’m willing to give up a 4-8% yearly return on my money and also give my million dollars away when I die because CONVENIENCE” little does he know, it’s easier to not deal with companies like that, and just put it in a simple S&P 500 fund and withdraw the from the growth every year. On down years, just withdraw from the million and you’ll still be golden in 20-30 years.
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The fact this caller had a $1 Million dollars should give everyone hope
🤣 so true
He sounded so optimistic 😭
😆 🤣 😂 😹 😆 🤣 😂 😹 😆 🤣
If this guy can save a million, anyone can
You can’t
I was thinking the exact same thing. That guy is a millionaire. Let that sink in.
Not everyone can. I am disabled and can't. So no not everyone but it would be nice!
😂
No.
After the FTX debacle I have so much more respect for Dave Ramsey. That situation made me realize how easy it is for an influencer with a large following or respected financial guru can easily sell his/ her audience out for a large monthly commission. If you don’t think Dave has been offered a large pay off commission to promote life insurance policies then you don’t understand how these things work. They know his audience has a lot of older people relying on his advice and could easily sell them on life insurance if he promoted it. Thanks Dave for not selling us out for money.
I saw MTR in the comments of an older Dave Ramsey video. Shout out to you guys.
Ams da goat
The issue isn't whether or not influencers sell out. They're all entertainers. If people take their word for it without verifying it independently people kinda deserve what they get from there. Whether or not some maybe have integrity is not the point. Ever heard the saying "In God we trust, all others must bring data"?
yeah everyones trying to get rich quick its just not something that happens often.
To be fair FTX had a veneer of legitimacy granted to it by some of the biggest VC firms in the world shelling billions of dollars at them. It would have been nearly impossible for someone to tell the difference between FTX which was stealing everyone's money under the hood and a legit brokerage like webull or robinhood which both relied heavily on influencer marketing at the time.
I'm glad he asked this question. He probably saved a lot of people a lot of money.
He is a salesman, not a consumer. He does not sound one bit like he has his money on the line.
Not a very smart one either 😂
Yeah he sounds more like he works for these scammers then he's considering making a deal with them.
He does. He’s defending the idea instead of being upset.
As a general rule, if a salesperson is approaching you and working REALLY hard to sell you something, it is not to your advantage. I've learned to not buy what the salesperson is pushing.
He's gonna do whatever he wants
This guy sounds like he sells this product to people, and he wanted to see how Dave would respond to it. You can tell in the caller's voice how defensive he is about Dave's opinion on it. Caller's mind was already made up before the call.
Also he had to put his dog down, and his brother broke his arm as a kid.
Absolutely agree -- doesn't sound like he's looking for advice. Sounds like he's practicing his "pitch" that he's going to ply on some unsuspecting senior citizens.
I was thinking the exact same thing, matter of. fact I posted it before I read your comment
The fact that this caller had a $1 Million dollars should give everyone hope
Hmm. Good point.
This company takes the $1M and get 10%+ returns, pays you 4.8% and keep everything when you die. Geeezzz!!
And the guy isn't comprehending that lol.
10% average. Look at what the S&P 500 did between 2000 and 2010. Hint: ZERO.
@@MAMP they still would’ve been $520k ahead!
@@MAMP The 11.8% average includes that period. That’s why it’s an AVERAGE.
@@MAMP two years LOL!!!!
This guy is gonna blow a million really soon here.
That caller sums up the fiscal acumen of the entire State of California.
More like Texas and their fiscal mismanagement and stupid power grid haha.
I love how Americans pretend the rest of the country is any better!
@@amireallythatgrumpy6508 It’s better than whatever 3rd World hole you live
@@tanksherman9875Anywhere's better than the USA.
Lol Dave laugh had me rollin....😂🤣he read it like they are doing him a favor.
Dude ain't gonna listen.
That was so funny 😂😂
@@derekribbeck9447 right
He can literally just toss the 1M in dividend growth stocks if he wants a monthly income. Would still have his 1M and the growth on top of his dividend payments.
Who wants to be heavily in stocks in old age, though? Having a portion of your portfolio guaranteed isn't such a bad idea.
@@rickallen9099 bonds for old age
@@rickallen9099 someone with family/kids/grandkids. He worked to save this money, why give it away.
Dividends would be perfect for him, then his kids could keep living off that or just reinvest and let it compound more
@@rickallen9099 your missing the point. There are dividend ETF’s with 3.99-4% yield. To give your money away and if you die sooner than expected it’s gone is a very poor financial decision, especially considering his spouse.
I have a trust fund from my father who passed away in 2006. I live on the money distributed to me each year and the money that was put in the trust fund is still there. The money is managed well by a company who has a fiduciary responsibility for the account. They've done a great job. They are doing so well, I have several IRA's being managed by them as well. Follow Dave's advice on getting your money invested and you should be fine. Life is a crapshoot, be brave and ride the wave.
How did you father succeed with the money? Did he work+save+invest or sold a business?
What do you do all day?
@@d_all_in probably have more fun than you
If you don't want your money, I'll take it.
Idk what this guy doesn't understand, he kept coming back trying to say why it's a better idea to take the 4k a month, it's a FREAKING RIP OFF! Anyway you slice it!!
The key to this is that you lose the million when you pass away. What a terrible deal! A million bucks at ZERO interest will pay $4300 a month for TWENTY YEARS.
Edit: Not to mention inflation. $4300 will buy a lot less in the future than it does today.
The fact that this being a bad decision had to be explained to him just blows me away. How do people like this ever amass a million dollars in the first place.
And if the company goes bust or he dies early nothing.
I wish the call was longer. Too funny how he went back and forth with Dave 🤣.
This was a great call 😂
He could literally get a higher interest rate on a risk free US treasury note.
I’m surprised that he was even able to get the million in the first place.
So funny how a lot of people in the comments easily sniffed out that this dude is an annuity salesman hahaha
Anytime you respond to Dave with "yes but" "ok, see the thing is" you do not accept his advice you asked for.
I thought he was going to say "Getting married."
Marry a young woman
"Well but here's the thing, I'm an idiot who can't recognize when someone is trying to sell me something, so"
Poor dude "defending" this dumb plan
@the doge - I was expecting Dave to run out of patience each time the guy would say, “here’s the thing . . .”
"See, the thing is..." why do people call for advice if they're just going to argue with it? I'm a lawyer and clients do this with me too... sometimes you just want to slap them.
That guys is so convinced by his financial advisor who works for the company and his about to mess up
Uncle Dave: You know, the knife is gonna cut you because knives are sharp and they cut meat.
Caller: I know, I know.. but, this is a good quality knife 😂
Hey Dave. Could you do a show on how to draw down investments late into retirement? I suspect the appeal of annuities is the simplicity that the money shows up every month. I think there would be a lot of interest in strategies to manually (but easily) sell down mutual funds for monthly income. Thanks.
The guy still doesn't understand they are stealing his million dollars ?????
He could literally buy an I bond 100% guaranteed and get as much money and still have the million dollars.
There are annual limits to iBonds.
@@eggsinsideme and the rate will adjust from time to time.
Insurance companies want to sell a 65 year old, a 20 year annuity, that they can start collecting a monthly payment, at 85 years old. Most people don't live past 85.
you can put a million in a CD or T Bill right now and get about the same (4.8%) and keep the principle
First question I ask in any financial proposal...”why are you giving ME such a good deal?”
Even if you don't calculate 10%, there's no way that I'm losing control over $1 million.
there are some relatively safe ways to get a 4 percent return on your investment when you retire. maybe not as safe as this insurance plan but its not really that safe because when you pass away they take that money and your family wont have it in case they need it.
Was this guy... serious? With such a question, I question how he has 1M. 😦
Maybe he won the lotto
Charities do this exact thing but it makes more sense because when you die the charity gets the donation of the million dollars. For a bank to be doing it is incredibly unscrupulous
Matthew still goes with the mistake. :))
These disaster calls are the best, this guy was just not listening.
and Dave kept interrupting
First Sentence: " I have an annuity -slash- 401k plan worth about one million dollars." He is already buying insurance company products. I wonder what the actual value is. What is the cash out value ?
I love watching Dave, and the callers, as a high school dropout how can alleged smart people be so dumb.
A straight pull down of 1M is $4,167 a month for 20 years.
Depends on the annuity. A lifetime payout annuity would be guaranteed for life.
@@rickallen9099, do you deal annuities? Just wondering because your comments make no sense.
@@rickallen9099 "Straight pulldown" here is referring to just withdrawing from the million over 20 years without any earnings. That's $50K/year or $4166.67 per month and doesn't depend on anything except having somewhere to park the million safely for 20 years.
First problem, Annuity.
It's sad that anyone would think that's a good idea. Ppl have to stop blindly trusting things instead of using their brain to reason.
Great, truthful advice
Truthful is so right - annuities are a raw deal.
An investment company can sell whatever junk they can package together to willing buyers. That is the reason why banks and investment companies usually have the tallest buildings in cities.
It's shocking how much this caller is missing the point. Wow.
Who ever he talked to was a great salesman
The same people that fall for this also fall for reverse mortgages and extended warranties
Sounds like he already did it and was calling to get some reassurance…..
Governments in Australia often do help. People don’t know and are suspicious of all the subsidies. And miss out, sadly
Every single banking “product” is just that, a product that guarantees profit for the bank. It’s designed to benefit them, not you.
I don't trust insurance company when they give that kind of offer. Trust yourself is better. I like Ramsey advice on money.
This sounds like he's already made the investment (or maybe works for the company). He was just hoping he could get a clip of Ramsey saying - on air - that this product is a good investment.
He sounds interesting. He can just pull that amount out each month himself and still be able to pass it on to his heirs…something is off
Definitely from LA.
This is like Micheal Scott defending the pyramid scheme
If he gives them $1m, they will invest it and pay him some of the returns. 😀
Yes. That’s how it works.
This couldn’t be more of a bigger NO.
The biggest problem I see is 4k a month means nothing in hyperinflation.
America is nowhere near hyperinflation.
This caller keeps agreeing with Dave but we all know he will go balls deep with the life insurance company on an annuity . Caveat emptor .
Annuities are only worth it if they have 10% payments and transfer to a spouse or family member.
How does someone like this save that much money and be this uh, yeah.
How did this guy get a million in the first place?
Did this exact deal with someone like him and the person Died
@@kunalsab7805 You probably got a bonus lol.
If he wasn't actually working for the company selling these things, then yeah he probably inherited it.
This sounds like something my dad would do. 😂
No, no, no, no this caller talks too much. Talks and never stops to listen
I don't understand how somebody who can't even see through that can save that kind of money I notice some people are really good at making it but bad at handling it
This guy sells this product. Why would you just give away a million dollars. And yet this guy defends it. But he's from California, so that explains the intelligence level.
This Dude forgot who Dave is….
Dave is the man 👍
Do people seriously fall for these scams???
Dave should have just cut this goober off....no amount of clear advise was going to help him. He puts the phone down and does it anyway.
It sounded like some annuity salesman is about to go out and buy a bigger house.
Poor guy. Or, at least he will be.
Where do you get these investments with these percentages?
Buy QYLD
Thank you Dave!
The guy is like waiting for Dave to say go for it. Wont be surprised after the call he didn’t burn that offer letter….
I bet he's already signed up and didn't want to say it on the call
He’s going to do it! What a bad deal.
I feel like this could be good though. What she would it start? If it starts at retirement many people live 15-20 years after that or longer. At $51k a year you will make your million back by then. Plus the added benefit that you don’t run the risk of running out of money in retirement. Only negative is that if you die young you leave nothing behind for your family
Did someone get fired? I keep seeing this new host on here
I hate life insurance policies, their worthless!!!
caller is gonna do this.....OMG. very sad.
That's insane.
start of the call i was like not that bad to get $4300 a month , then doing the math, you have to live 30 years to get that million dollar bac (little more than million), assuming this guy is 50-60, not great odds and assuming his spouse is similar in age also.
You could put it in a high yield savings account right now at 3.5% apr. Which is $35k per year, and zero risk
This rip off would be like you giving me your house and I pay you 50% of the profits I make from renting it out, but I get to keep the house no matter what and when you die I no longer have to pay you and now I get all the money.
Wow that is so terrible.
The fact you lose all your money in the end makes no sense lol
I'm not sure why the big surprise about this? This is how annuities work, they are a rip off and always have been.
Matthew is a life insurance salesman posing as a person with a fake question. Dude's voice sounds like a total salesman.
Wow dude, they say there are no dumb questions…
“I have a couple of quick questions.”
The evidence shows that this is a lie.
Seems like he's not understanding.
Hahahhaha did Dave just disconnect him ?!?
Is this caller almost sounds like he’s still interested even after being told how much of a rip off this is 😂
Fear and Greed man. If you are operating out of either you will get taken advantage of.
His money let him be dumb with it
Is New York Life Insurance Company a good Life Insurance company ?
Look at it this way. If they are going to pay you 4300/month, they have done the math. The math tells them that at the end they will almost for sure come out way ahead. They wouldn't be offering it to you if they would take a loss or break even.
@@jimmymcgill6778 didn’t he say the same thing you did?
Of course. That’s how it works lol.
You have a lot of people and businesses mad at you for putting forth the truth and common sense, you must be doing something right. You just saved that guy a million dollars and no doubt many others. I at one point even though about annuities. Tony Robbins even recommends them in his book on money.
Just keep it in the 401k part.
This guy sounds like he had already done the deed. I hope not.
“Oh yeah Dave, I’m willing to give up a 4-8% yearly return on my money and also give my million dollars away when I die because CONVENIENCE” little does he know, it’s easier to not deal with companies like that, and just put it in a simple S&P 500 fund and withdraw the from the growth every year. On down years, just withdraw from the million and you’ll still be golden in 20-30 years.