This is my fifth year after retirement. I’e been following the 4% rule thing I saw on a youTube channel, but this isn’t really how hard I expected things to be. After I cashed out a lump sum, I still have about $760k left, but at this rate, and with how the market is (we were putting money away in an index fund), I’m starting to get really worried.
It’s amazing you were able to save that much during your active years. Not a lot of people are able to save that much in a lifetime. But now you are retired and depend on your investment, it’s best you redistribute your capital, so you are not left devastated during a market crash or recovery. To simplify the process, you could allocate your resources with the help of a financial advisor.
Yeah, I’m also closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with ‘’Stacy Lynn Staples’’ for the last five years or so, and her returns have been pretty much amazing.
Insightful... I curiously looked up her name on the internet and I found her site, 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.
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.
Yeah, I'm also closing in on retirement, and I have benefitted much from using a financial advisor. I didn't really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.
Caroline Suzan Olson is the adviser I use, and I'm just putting this out here because you asked. You can just search the name. You'd find necessary details to work with to set up an appointment.
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.
Reverse mortgage worked well for my mom. She stayed in the home for years, sold it, paid the loan and bought a newer home 100 miles from the old one and had money to spare. She had location, location, location strongly in her favor.
Some time people just can't calculate good or bad I came to US when I am 20 ,worked..worked..2 jobs for 10 years, sleep only 4 I learned that "do not buy what you like, buy what you need" so far so good ,save up 401k open Roth, then learned trade stocks, this year make about 70k, thank you this country America adopted me & my sister 1981 from refugees camp (fleeced from Vietnam fall to communists) America 🇺🇸 gives us opportunities to live again ❤ We work save up money, no brand name, of anything
Condo fees where I live in DC cover All utilities, water, etc. everything but my cell phone and Internet. Owning a house one still pays utilities, taxes, insurance.
If I remember correctly, he suggested selling the Roadster first, she said no, so I honestly think he just wanted to hang up and get her off the phone. If they are in their 70s....he can't work, then he can't upkeep a home....only reason for condo suggestion is no maintenance.
People can't think straight when it comes to a reverse mortgage, and many financial planners are barred from discussing them first as a solution. People will have most of their assets in they primary residence and then have no method to assess the equity in those assets. A reverse mortgage allows access to this, and the house stays with the primary resident. All that is required is it be the primary residence and she could live to be 110 and still be in the house and receiving money. Yes, when she passes, the house goes to the lender and any family that wants the house must pay off the note, but the house was used to live a more comfortable retirement.
I despise the manipulative and obfuscatory language of "reverse" mortgages. They are mortgages. Lines of credit with the house as collateral. The deceit hardly stops with just the name. The whole point seems to be confusing elderly people and using the soothing strategy of repeating "you get to stay in your home..." There are half a dozen ways in which the loan can be called, like failure to maintain the home to the bank's standards, failure to insure, being delinquent on property taxes, or leaving for six months, etc. But there is something really important you are wrong about. There is a "principal limit". Once you are at the principal limit - no more money. So no, she can't live to be 110 and still be receiving money. My husband does actuarial science work in legal cases. The limits on these loans use the same life tables to establish life expectancy.
You are so very right, they got very bad advice there. For homeowners, staying in place and looking at your options is going to be the cheapest thing to do. Retirees don't need 3 cars so selling the one they owe money on would help them out quickly too. Hiring two guys and a truck for a day is going to cost over $1000 alone. Closing costs and minor last minute repairs can run 10% of sales price. Buying will run you up to 2-5% of purchase price. Another reason to consider a reverse mortgage is you can make payments on the loan to keep the total owed in check. But this is only when they are comfortable doing so.
This is more likely to happen with apartment complexes. I saw it NJ nearly 40 years ago when numerous apartment complexes were converted to condo's. I think by definition any condo would already be part of a condo association and have a fee already. On the other hand, a fee simple townhouse could be HOA free if everyone is responsible for cutting their own grass, roof replacement, painting, etc.
It’s definitely a tough spot for anyone that is 70 or older. I can’t imagine only $2,000 a month income between the two. I think a reverse mortgage would be easier and faster to do then selling and buying and moving. Hopefully things will get better for them soon
Due to the hud required financial assessment they will not qualify for the reverse mortgage they don't have enough income coming in to show that they can maintain the house and pay property taxes and insurance.
@@marianrosin6486 People look at it as debt, and the house will go to the lender upon death, which means it can't be left to heirs. That said, they need the extra money from the equity in the home to simply live. Sometimes even the wealthier people will do a reverse mortgage, and secure the property with life insurance, this allows for an increase in cash flow, and the house stays in the estate.
@@danielhurst8863that's not true. If someone has a reverse mortgage and they die having kept the up the contract, their home can go to their family like any other home would. What you are talking about is something that happened years and years ago and they corrected that problem. A reverse mortgage doesn't take away ownership of the home and you're still able to sell it and leave it to your heirs if you want to.
yeah the Boomers really blew it, and their time real estate was cheaper than it's ever been and wages were higher relative to cost than they've ever been. And all they did was spend and spend. Most of the Boomers I know don't even own their house nor their car. Boomers are the worst generation ever.
Everyone has 20/20 vision looking back. Shoulda/Coulda/Woulda. It's 'dirt cheap' by today's standards. I easily supported myself on $600 a month in the 70's. At the time lots of Boomers did not have the situation in which to buy multiple real estate assets. A majority were stay -at- home mom's raising the kids. And, for the most part, no one envisioned the insane prices of today's world. When we were growing up life was much easier. It was normal. Any job could support you. Any job could pay rent. Now, NOTHING is normal.
The house will end up being a liability. I would think unloading the roadster and the house and find a cheap place to rent would be the answer. Then I would do a 50/50 stocks cash portfolio or purchase an annuity. Or they could rent the house and go look for a cheap place to rent. The problem with staying in the house is if one of them dies the SS payments will decrease. Nothing wrong with working a part time job for a little longer to build up some more cash reserves. They need cash flow but I’m also afraid they might spend it in a year 😢
So many people are struggling. This is a quandry. If she rents, her landlord might jack up the rent - that's happening a lot and one of the causes of homelessness. One idea is to rent out spare bedrooms.
Lemme guess. His name is Dave 😂 I watched one video of his where he told an 80 year old woman to go and get a job to pay off her debt! He refuses to understand that people on Social Security don't have to pay their debts because they're judgment proof. Their income is protected from creditors! I think even the most hardcore Dave Ramsey fan would think that was horrible advice! He's only a financial entertainer; not an advisor 😮v Besides a reverse mortgage, did could apply for senior Section 8 housing or co-op housing and when they're approved they could don't sell the house take the equity and put it in an annuity or high interest savings account and then their rent would be quite low based on their income.
@@Duke_of_Prunes - I really can't agree that his debt advice is any good. What I've heard on his shows is just awful. It all boils down to cut your spending by some ridiculous amount like 50%, which is impossible for most people. In addition, he advises against consolidation loans, which are actually a great way to save interest over time. The debt snowball is also horrible advice as it ignores the interest being paid. More importantly, you can't come up with a solid financial plan for someone after talking to them for all of 5 minutes. The things he says that are actually useful are the standard advice that you could here for years from anyone in personal finance. Heck, it's the exact things my grandmother used to tell me; make a budget, live below your means, save your money, and don't get into debt. Hardly rocket science.
@@ColdRunnerGWN Yeah...Ramsey is good at teaching people who have zero experience in finance. But someone like me (nearly Dave's age) wouldn't really profit. As you pointed out, his advice is simplistic. I passed that point decades ago, and am now more concerned about wealth preservation -- just found out that Pennsylvania has a 4.5% inheritance tax!
First, I would never even consider buying a condo. Secondly, a condo with no HOA fees means a condo that is not being maintained by anyone. Who pays to fix the communal items? I've seen that happen. It always turns out to be a shitshow and is definitely not something that a bunch of 70 year olds will be able to deal with.
What a great time we are all in for,huh? My sister, told me "You should have planned better". Not wanting, earning, nor expecting much monetary wise (a home, healthcare, dependable transport, poison free food), I was totally unprepared for our government TAKING OUR REAL PROPERTY, and assets for a promised, "free", healthcare within my social security retirement, via an Estate Recovery contract. I'm one of the few of our retired low income labor class who has refused to be depleted down to nothing by taking government "free". Guess I'm doing better than most financially, owe nobody nothing, consume little, and nobody owes me. I'M OUT! How about that? Let the big bobble heads roll, it's a cut off.
It’s kind of a wash. At 71 with a husband that’s physically impaired she probably can’t keep up with the upkeep on the family home. So downsizing may be the best option. The biggest problem I see is that they don’t have good financial sense.
Damn good common sense financials. Likewise, everything is going to s**t here in the UK. We had a 'welfare' state upon which many had tried to take the 'free ride' all the way. Those that did are in for a brutal shock.
I like your channel as well as some other channels. I get advice- but I have the sense to figure out what’s best for me. Anyone who does as they are told is beyond help.
Good video. I heard that caller, too. My mom agreed to raise her children catholic for my dad. My brother got invited to a sleepover that our priest put together. Quoting my mom back in the 60s, “Priests don’t have sleepovers.” My brother didn’t attend. This priest ended up dying in prison! Right under the nose of the parish. Disgusting. My husband asked me to raise our children in a church away from the priest risk. Yes, and glad we did.
I listened to this on RUclips it was sad to hear her voice. Reverse mortgage problem solved or use equity from house to get debt free sure it will take longer to pay off but your in your house.
I remember this call. She's in such a tight situation I don't think a RM is available as I doubt her tight budget includes home insurance. If she adds insurance it would eat up any money coming in. Maybe declaring bankruptcy would give them the financial relief they need while keeping the house. For the record, I don't believe Dave was on this show and the other "personalities" are lacking in financial knowledge. Dave might have suggested an RM in this situation as he will recommend getting a loan in certain situations.
I just looked it up and Dave was indeed on this call. It's titled "I'm 71 With No Retirement!" from Aug 9, 2021. You might be remembering a similar one, but the one I found about has all the same elements Josh was talking about.
You need to take pencil to paper and calculate the real costs of each option to make a decision. Selling may be the right answer, but you need to confirm. A condo, even with a fee, is attractive because they take care of the exterior. Own your own home, someone has to mow the lawn, shovel the driveway etc. which becomes harder as you age. Assuming the advice is Dave Ramsey, remember he is like a recovering alcoholic. Dave Ramsey is to debt as a recovering alcoholic is to beer. Also, your point about the condo fee is right on. Debt is bad because of the obligation to make payments. A condo fee is the same thing, an obligation to pay. A reverse mortgage, no obligation to repay. A reverse home equity loan may also be an option as you can control how much, if anything, you take. Helps smooth out ups and downs of life. Bottom line, do what makes you feel comfortable. You should not have worry about money as you are less able to handle it.
What happens when one of them dies? When you’re desperate, the reverse mortgage works for you. If she makes the wrong decision, it won’t effect the life out our good friend that is giving her advise.
You're doing an awesome job, #Milesflashbackrecovery! It's fantastic to see you taking on these scammers. Protecting the elderly and the public from these deceitful individuals is crucial. You deserve major recognition for keeping us safe. Keep up the great work, brother! 🌟👍
This must have showed up in my feed since I caught the Dave Ramsey video. Dave didn’t suggest her selling her home. He suggested paying off their current home versus downsizing/paying cash for a smaller home. He made the statement they could find a condo for $100K cash in their area if needed…something to that effect. He did correctly tell them to sell his roadster. Reverse mortgages are last resort options. I’ve looked at them many times. This is hardly a situation to create video over and discredit a guy that gives solid advice 9.9/10-times. No association with DR. Get out of debt…by paying the home off while they still can…solid advice in my book.
Condos are a good option for many older people. The HOA fees usually include some combination of trash, water, internet, and cable. In addition, there is no lawn maintenance and very little home maintenance. Single family home maintenance costs can add up to be much more than condo HOA fees. Additionally, many SF homes and most townhomes also carry HOA fees of some sort.
Hysterical!! Older folks enjoy the amenities a condo offers, ie hairdresser on campus, convenience store, concierge, valet, housekeeping, maintenance, internet, water, sewage. Gym, swimming pool, party room, all garbage, upkeep of grounds, etc are taken care of and some building have a restaurant.
Reverse mortgages can be an insidious trap. READ THE FINE PRINT! If you do not meet the maintenance requirements to THEIR satisfaction, they can cancel the contact and demand immediate repayment of the "loan" plus all interest and fees. You would be bound to lose your house and most of the value. ruclips.net/video/u4Pcwcnd23c/видео.html They would be much better off talking to the kids and ask for some financial help in exchange for a sales contract. This is what I did with my dad. We had an "LE" put in front of his name on the title when our name were added to it. This assured him he had lifetime use of the home and that we could never do anything with it until he passed away. The other option for them, might be to rent out a room to a trusted person, they are out there.
Dave is good in some aspects but he has tunnel vision in others. And I dislike his shaming of people asking him for help. Yet he claims "Christian" at every opportunity.
We don't know the whole story, do we? They may have encountered financial set-backs/unforseen catastrophes/major hits like job-loss, etc. -so many commenters on these boards get-off somehow on victim blaming.
@@TLA123y6f - I don't really disagree with you on this. Still, from what others are saying about the call, they've been pretty bad with their finances for a long time. It was mentioned that her husband has been unable to work as he has medical issues. Despite this, they have three cars and she refuses to sell the Roadster, which has a $10K note on it. As you say, they could have had an unforeseen issue, but they seem unwilling to even take the simple steps that any rational person would to improve their situation.
*I really appreciate your clear and simple breakdown on financial pitfalls! I lost so much money on stook market but now making around $18k to $21k every week trading different stocks and cryptos*
You work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires
Most rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them. People prefer to spend money on liabilities, Rather than investing in assets and be very profitable
You're doing an awesome job, #Milesflashbackrecovery! It's fantastic to see you taking on these scammers. Protecting the elderly and the public from these deceitful individuals is crucial. You deserve major recognition for keeping us safe. Keep up the great work, brother! 🌟👍
You're doing an awesome job, #Milesflashbackrecovery! It's fantastic to see you taking on these scammers. Protecting the elderly and the public from these deceitful individuals is crucial. You deserve major recognition for keeping us safe. Keep up the great work, brother! 🌟👍
You're doing an awesome job, #Milesflashbackrecovery! It's fantastic to see you taking on these scammers. Protecting the elderly and the public from these deceitful individuals is crucial. You deserve major recognition for keeping us safe. Keep up the great work, brother! 🌟👍
You're doing an awesome job, #Milesflashbackrecovery! It's fantastic to see you taking on these scammers. Protecting the elderly and the public from these deceitful individuals is crucial. You deserve major recognition for keeping us safe. Keep up the great work, brother! 🌟👍
This is my fifth year after retirement. I’e been following the 4% rule thing I saw on a youTube channel, but this isn’t really how hard I expected things to be. After I cashed out a lump sum, I still have about $760k left, but at this rate, and with how the market is (we were putting money away in an index fund), I’m starting to get really worried.
It’s amazing you were able to save that much during your active years. Not a lot of people are able to save that much in a lifetime. But now you are retired and depend on your investment, it’s best you redistribute your capital, so you are not left devastated during a market crash or recovery. To simplify the process, you could allocate your resources with the help of a financial advisor.
Yeah, I’m also closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.
Hey, this caught my interest. I worry that I have a couple more months before retirement, can you share more info?
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with ‘’Stacy Lynn Staples’’ for the last five years or so, and her returns have been pretty much amazing.
Insightful... I curiously looked up her name on the internet and I found her site, 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.
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.
Yeah, I'm also closing in on retirement, and I have benefitted much from using a financial advisor. I didn't really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.
Please, can you leave the info of your investment adviser here? I'm in dire need of one.
Caroline Suzan Olson is the adviser I use, and I'm just putting this out here because you asked. You can just search the name. You'd find necessary details to work with to set up an appointment.
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.
Reverse mortgage worked well for my mom. She stayed in the home for years, sold it, paid the loan and bought a newer home 100 miles from the old one and had money to spare. She had location, location, location strongly in her favor.
I know that case it was Dave Ramsey. She was house cleaner and husband couldn't work due to health. That was a couple of years ago.
Is it Rave Damsey? Rice and beans, deliver pizzas. Problem solved!
not to mention, at 86 yo she'll have $83k stashed, and be able to retire with dignity.
Yep one size fits all, same old ideas.
@@jayholiday256yep but Ramsey isn’t in a financial jams.
Condo fees have been skyrocketing. Can’t believe for a cheap condo the fees are 450-600 in Minneapolis suburbs.
Some time people just can't calculate good or bad
I came to US when I am 20 ,worked..worked..2 jobs for 10 years, sleep only 4
I learned that "do not buy what you like, buy what you need"
so far so good ,save up 401k
open Roth, then learned trade stocks, this year make about 70k, thank you this country America adopted me & my sister 1981 from refugees camp (fleeced from Vietnam fall to communists)
America 🇺🇸 gives us opportunities to live again ❤
We work save up money, no brand name, of anything
I know who you are talking about. I saw that show. There are no condos in the US without HOA fees
Condo fees where I live in DC cover All utilities, water, etc. everything but my cell phone and Internet. Owning a house one still pays utilities, taxes, insurance.
If I remember correctly, he suggested selling the Roadster first, she said no, so I honestly think he just wanted to hang up and get her off the phone. If they are in their 70s....he can't work, then he can't upkeep a home....only reason for condo suggestion is no maintenance.
Stressed out at 71 and in debt! That’s sad. I hope her and her husband find a way to get through this.
Better they be self-supporting and not a burden on their kids than worry about leaving an inheritance.
People can't think straight when it comes to a reverse mortgage, and many financial planners are barred from discussing them first as a solution.
People will have most of their assets in they primary residence and then have no method to assess the equity in those assets. A reverse mortgage allows access to this, and the house stays with the primary resident. All that is required is it be the primary residence and she could live to be 110 and still be in the house and receiving money. Yes, when she passes, the house goes to the lender and any family that wants the house must pay off the note, but the house was used to live a more comfortable retirement.
I despise the manipulative and obfuscatory language of "reverse" mortgages. They are mortgages. Lines of credit with the house as collateral. The deceit hardly stops with just the name. The whole point seems to be confusing elderly people and using the soothing strategy of repeating "you get to stay in your home..."
There are half a dozen ways in which the loan can be called, like failure to maintain the home to the bank's standards, failure to insure, being delinquent on property taxes, or leaving for six months, etc.
But there is something really important you are wrong about. There is a "principal limit". Once you are at the principal limit - no more money. So no, she can't live to be 110 and still be receiving money. My husband does actuarial science work in legal cases. The limits on these loans use the same life tables to establish life expectancy.
You are so very right, they got very bad advice there. For homeowners, staying in place and looking at your options is going to be the cheapest thing to do. Retirees don't need 3 cars so selling the one they owe money on would help them out quickly too. Hiring two guys and a truck for a day is going to cost over $1000 alone. Closing costs and minor last minute repairs can run 10% of sales price. Buying will run you up to 2-5% of purchase price. Another reason to consider a reverse mortgage is you can make payments on the loan to keep the total owed in check. But this is only when they are comfortable doing so.
Any condo complex that doesn't belong to an HOA will soon be bought up by private equity and have an HOA fee the next day.
This is more likely to happen with apartment complexes. I saw it NJ nearly 40 years ago when numerous apartment complexes were converted to condo's. I think by definition any condo would already be part of a condo association and have a fee already. On the other hand, a fee simple townhouse could be HOA free if everyone is responsible for cutting their own grass, roof replacement, painting, etc.
It’s definitely a tough spot for anyone that is 70 or older. I can’t imagine only $2,000 a month income between the two.
I think a reverse mortgage would be easier and faster to do then selling and buying and moving.
Hopefully things will get better for them soon
Condo's are turning into high-risk investments because so many have deferred maintenance bills that will need to be paid by the owners at some point.
And there is no way to predict what those HOA fees will balloon to.
Due to the hud required financial assessment they will not qualify for the reverse mortgage they don't have enough income coming in to show that they can maintain the house and pay property taxes and insurance.
@@sergiosantana4658 if that's true it's really scary. What are people supposed to do?
How do you know what their property taxes are? Besides, a reverde mortgage can be used to pay the property taxes! 😮
Oh, I saw this one on RUclips the other day.🤔 I agree with you.
Sell 2 of the cars. Use that to pay the other car off. Use the cash and pay off the house. Never do a reverse mortgage. They can make it.
Why no reverse mortgage? Thank you.
@@marianrosin6486 People look at it as debt, and the house will go to the lender upon death, which means it can't be left to heirs. That said, they need the extra money from the equity in the home to simply live.
Sometimes even the wealthier people will do a reverse mortgage, and secure the property with life insurance, this allows for an increase in cash flow, and the house stays in the estate.
@@danielhurst8863that's not true. If someone has a reverse mortgage and they die having kept the up the contract, their home can go to their family like any other home would. What you are talking about is something that happened years and years ago and they corrected that problem. A reverse mortgage doesn't take away ownership of the home and you're still able to sell it and leave it to your heirs if you want to.
Boomers that passed up myriad opportunities to buy good assets like real estate dirt cheap over and over during their lifetime.😢
yeah the Boomers really blew it, and their time real estate was cheaper than it's ever been and wages were higher relative to cost than they've ever been. And all they did was spend and spend. Most of the Boomers I know don't even own their house nor their car. Boomers are the worst generation ever.
Everyone has 20/20 vision looking back. Shoulda/Coulda/Woulda. It's 'dirt cheap' by today's standards. I easily supported myself on $600 a month in the 70's. At the time lots of Boomers did not have the situation in which to buy multiple real estate assets. A majority were stay -at- home mom's raising the kids. And, for the most part, no one envisioned the insane prices of today's world. When we were growing up life was much easier. It was normal. Any job could support you. Any job could pay rent. Now, NOTHING is normal.
Boomers are the laziest, Most entitled people. Screw em.
The house will end up being a liability. I would think unloading the roadster and the house and find a cheap place to rent would be the answer. Then I would do a 50/50 stocks cash portfolio or purchase an annuity. Or they could rent the house and go look for a cheap place to rent. The problem with staying in the house is if one of them dies the SS payments will decrease. Nothing wrong with working a part time job for a little longer to build up some more cash reserves. They need cash flow but I’m also afraid they might spend it in a year 😢
So many people are struggling. This is a quandry. If she rents, her landlord might jack up the rent - that's happening a lot and one of the causes of homelessness. One idea is to rent out spare bedrooms.
Lemme guess. His name is Dave 😂
I watched one video of his where he told an 80 year old woman to go and get a job to pay off her debt! He refuses to understand that people on Social Security don't have to pay their debts because they're judgment proof. Their income is protected from creditors! I think even the most hardcore Dave Ramsey fan would think that was horrible advice! He's only a financial entertainer; not an advisor 😮v
Besides a reverse mortgage, did could apply for senior Section 8 housing or co-op housing and when they're approved they could don't sell the house take the equity and put it in an annuity or high interest savings account and then their rent would be quite low based on their income.
I can't stand Dave Ramsey. What is he selling? Himself.
He has good plans to eliminate debt. But he gives terrible advice on investing. And he's become snarky and rude over the years.
@@Duke_of_Prunes Saw him out in public as we live in the same area. I said, "How are you?". He walked right past me. Total Jackoff
@@stephenparsons6011 I lived in West Nashville in the 1990s, and ran into him several times. I agree -- not the nicest fellow.
@@Duke_of_Prunes - I really can't agree that his debt advice is any good. What I've heard on his shows is just awful. It all boils down to cut your spending by some ridiculous amount like 50%, which is impossible for most people. In addition, he advises against consolidation loans, which are actually a great way to save interest over time. The debt snowball is also horrible advice as it ignores the interest being paid.
More importantly, you can't come up with a solid financial plan for someone after talking to them for all of 5 minutes. The things he says that are actually useful are the standard advice that you could here for years from anyone in personal finance. Heck, it's the exact things my grandmother used to tell me; make a budget, live below your means, save your money, and don't get into debt. Hardly rocket science.
@@ColdRunnerGWN Yeah...Ramsey is good at teaching people who have zero experience in finance. But someone like me (nearly Dave's age) wouldn't really profit. As you pointed out, his advice is simplistic. I passed that point decades ago, and am now more concerned about wealth preservation -- just found out that Pennsylvania has a 4.5% inheritance tax!
What condo has no condo fees? I was asking myself the same question? Unbelievable advice😊
Thanks Josh I don't agree with your politics, but I love you videos. Keep them coming.
First, I would never even consider buying a condo. Secondly, a condo with no HOA fees means a condo that is not being maintained by anyone. Who pays to fix the communal items? I've seen that happen. It always turns out to be a shitshow and is definitely not something that a bunch of 70 year olds will be able to deal with.
The best financial (and physical) decision is to do a RM no doubt
Glad to hear someone recommend a reverse mortgage
What a great time we are all in for,huh? My sister, told me "You should have planned better". Not wanting, earning, nor expecting much monetary wise (a home, healthcare, dependable transport, poison free food), I was totally unprepared for our government TAKING OUR REAL PROPERTY, and assets for a promised, "free", healthcare within my social security retirement, via an Estate Recovery contract. I'm one of the few of our retired low income labor class who has refused to be depleted down to nothing by taking government "free". Guess I'm doing better than most financially, owe nobody nothing, consume little, and nobody owes me. I'M OUT! How about that? Let the big bobble heads roll, it's a cut off.
It’s kind of a wash. At 71 with a husband that’s physically impaired she probably can’t keep up with the upkeep on the family home. So downsizing may be the best option. The biggest problem I see is that they don’t have good financial sense.
Damn good common sense financials. Likewise, everything is going to s**t here in the UK. We had a 'welfare' state upon which many had tried to take the 'free ride' all the way. Those that did are in for a brutal shock.
I like your channel as well as some other channels. I get advice- but I have the sense to figure out what’s best for me. Anyone who does as they are told is beyond help.
I know women who took out reverse mortgages, out lived the reverse mortgage and LOST their homes.
Good video. I heard that caller, too. My mom agreed to raise her children catholic for my dad. My brother got invited to a sleepover that our priest put together. Quoting my mom back in the 60s, “Priests don’t have sleepovers.” My brother didn’t attend. This priest ended up dying in prison! Right under the nose of the parish. Disgusting. My husband asked me to raise our children in a church away from the priest risk. Yes, and glad we did.
11:44 I don’t think you really care but this comment came to mind in response to Josh’s words in this section.
Sleepover with a priest? Oy Vey
I listened to this on RUclips it was sad to hear her voice. Reverse mortgage problem solved or use equity from house to get debt free sure it will take longer to pay off but your in your house.
I remember this call. She's in such a tight situation I don't think a RM is available as I doubt her tight budget includes home insurance. If she adds insurance it would eat up any money coming in. Maybe declaring bankruptcy would give them the financial relief they need while keeping the house.
For the record, I don't believe Dave was on this show and the other "personalities" are lacking in financial knowledge. Dave might have suggested an RM in this situation as he will recommend getting a loan in certain situations.
Dave never recommends reverse mortgages, unless he’s changed in the recent past, but I doubt it, his crap is 30 years stale.
I just looked it up and Dave was indeed on this call. It's titled "I'm 71 With No Retirement!" from Aug 9, 2021. You might be remembering a similar one, but the one I found about has all the same elements Josh was talking about.
What would they declare bankrupcy on? Do they have debt? If they do I missed that part.
You need to take pencil to paper and calculate the real costs of each option to make a decision. Selling may be the right answer, but you need to confirm.
A condo, even with a fee, is attractive because they take care of the exterior. Own your own home, someone has to mow the lawn, shovel the driveway etc. which becomes harder as you age.
Assuming the advice is Dave Ramsey, remember he is like a recovering alcoholic. Dave Ramsey is to debt as a recovering alcoholic is to beer.
Also, your point about the condo fee is right on. Debt is bad because of the obligation to make payments. A condo fee is the same thing, an obligation to pay. A reverse mortgage, no obligation to repay. A reverse home equity loan may also be an option as you can control how much, if anything, you take. Helps smooth out ups and downs of life.
Bottom line, do what makes you feel comfortable. You should not have worry about money as you are less able to handle it.
first I feel badly for this lady and the shitty advice she got. having said that, I agree with you, a reverse mortgage would work for her.
What happens when one of them dies? When you’re desperate, the reverse mortgage works for you. If she makes the wrong decision, it won’t effect the life out our good friend that is giving her advise.
Good one.
What can she do if her husband predeceases her and she loses one SS check? Thank you.
She’s screwed. I’ve written this before on other channels....the greatest predictor of poverty for women is 1. Loss of a spouse. 2. Divorce.
She’s screwed.
She’s in trouble.
She’s in trouble.
She’s in trouble.
You're doing an awesome job, #Milesflashbackrecovery! It's fantastic to see you taking on these scammers. Protecting the elderly and the public from these deceitful individuals is crucial. You deserve major recognition for keeping us safe. Keep up the great work, brother! 🌟👍
This must have showed up in my feed since I caught the Dave Ramsey video. Dave didn’t suggest her selling her home. He suggested paying off their current home versus downsizing/paying cash for a smaller home. He made the statement they could find a condo for $100K cash in their area if needed…something to that effect. He did correctly tell them to sell his roadster. Reverse mortgages are last resort options. I’ve looked at them many times. This is hardly a situation to create video over and discredit a guy that gives solid advice 9.9/10-times. No association with DR. Get out of debt…by paying the home off while they still can…solid advice in my book.
71 y/o? Find a 76 y/o farmer who has his land paid for. Nurse him for 10 years. Let time take its prey and have an opulent 2nd life!
You miss the point, this lady can’t manage money, that why they are broke.
Do you know that for a fact? Or are you just assuming/judging?
This lady? What about the (man) breadwinner.
Guy in Nashville advice?
Oh,I know who the procrastinator is.
D R gives Alot of bad advice! He will say beans and rice rice and beans ? Do they need 3 cars?
Condos are a good option for many older people. The HOA fees usually include some combination of trash, water, internet, and cable. In addition, there is no lawn maintenance and very little home maintenance. Single family home maintenance costs can add up to be much more than condo HOA fees. Additionally, many SF homes and most townhomes also carry HOA fees of some sort.
NO!!!! Do your research. HOAs are like sending people to Dachau
@@kathrynj.hernandez8425don’t be
Hysterical!! Older folks enjoy the amenities a condo offers, ie hairdresser on campus, convenience store, concierge, valet, housekeeping, maintenance, internet, water, sewage. Gym, swimming pool, party room, all garbage, upkeep of grounds, etc are taken care of and some building have a restaurant.
Ramsey is a 🤡
Reverse mortgages can be an insidious trap. READ THE FINE PRINT! If you do not meet the maintenance requirements to THEIR satisfaction, they can cancel the contact and demand immediate repayment of the "loan" plus all interest and fees. You would be bound to lose your house and most of the value. ruclips.net/video/u4Pcwcnd23c/видео.html
They would be much better off talking to the kids and ask for some financial help in exchange for a sales contract. This is what I did with my dad. We had an "LE" put in front of his name on the title when our name were added to it. This assured him he had lifetime use of the home and that we could never do anything with it until he passed away.
The other option for them, might be to rent out a room to a trusted person, they are out there.
I know who you are talking about I caught that Dave show
Dave is good in some aspects but he has tunnel vision in others. And I dislike his shaming of people asking him for help. Yet he claims "Christian" at every opportunity.
@@TLA123y6f Christians _do_ shame people, so he's pretty consistent there.
Dude. Why do you have a picture of a cow?
Is he naturally a 'Barney Fife' or is he hyper for YT?
He started to sound a little like an agitated Jerry Seinfeld. 😅
Dave Ramsey!!!!!!!!!!!!!! seriously how the hell do you go through life and have nothing saved. lack of financial education and living for today.
We don't know the whole story, do we? They may have encountered financial set-backs/unforseen catastrophes/major hits like job-loss, etc. -so many commenters on these boards get-off somehow on victim blaming.
@@TLA123y6f - I don't really disagree with you on this. Still, from what others are saying about the call, they've been pretty bad with their finances for a long time. It was mentioned that her husband has been unable to work as he has medical issues. Despite this, they have three cars and she refuses to sell the Roadster, which has a $10K note on it.
As you say, they could have had an unforeseen issue, but they seem unwilling to even take the simple steps that any rational person would to improve their situation.
*I really appreciate your clear and simple breakdown on financial pitfalls! I lost so much money on stook market but now making around $18k to $21k every week trading different stocks and cryptos*
You work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires
Most rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them. People prefer to spend money on liabilities, Rather than investing in assets and be very profitable
You are so correct! Save, invest and spend for necessities and a few small luxuries relatives to one's total assets ratio.
Waking up every 14th of each month to $210,000 it’s a blessing to I and my family… Big gratitude to Josh Olfert🙌
Hello how do you make such monthly?? I'm a born Christian and sometimes I feel so down 🤦♀️of myself because of low finance but I still believe in God
You're doing an awesome job, #Milesflashbackrecovery! It's fantastic to see you taking on these scammers. Protecting the elderly and the public from these deceitful individuals is crucial. You deserve major recognition for keeping us safe. Keep up the great work, brother! 🌟👍
You're doing an awesome job, #Milesflashbackrecovery! It's fantastic to see you taking on these scammers. Protecting the elderly and the public from these deceitful individuals is crucial. You deserve major recognition for keeping us safe. Keep up the great work, brother! 🌟👍
You're doing an awesome job, #Milesflashbackrecovery! It's fantastic to see you taking on these scammers. Protecting the elderly and the public from these deceitful individuals is crucial. You deserve major recognition for keeping us safe. Keep up the great work, brother! 🌟👍
You're doing an awesome job, #Milesflashbackrecovery! It's fantastic to see you taking on these scammers. Protecting the elderly and the public from these deceitful individuals is crucial. You deserve major recognition for keeping us safe. Keep up the great work, brother! 🌟👍