"You're 65 Years Old and You're Broke!"
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- Опубликовано: 6 фев 2025
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"I bought my solar panels out right..... I just owe 18k on it"
Umm... what?!
😂😂 ... Exactly. Glad someone else caught that
I guess he means he didn’t lease them or some other weird no money down contract
Out right... maybe it's Boston slang...
Lol funny stuff
😂
This guy doesn't understand what the term "buying something outright" means. He did not buy his solar panels outright. He took out a loan on them.
that was a waste!!
Solar seems like a waste of money.
Solar IS a waste of money.
yeah, pretty sure he just meant it wasn't one of the solar lease scams, just used the wrong words.
Solar absolutely makes sense in Australia. Depends where you live
My husband was in great shape at 65. Retired, great golfer, good social and family life. Fast forward to 69. Memory loss beginning, and by 75 full on Alzheimers disease. Good thing we retired at 65 debt free, paid off house and money in the bank. Good thing we didn’t need to keep working past 65. You never know what can happen. Plan ahead.
Sage advice
that is so sad I am so sorry for you! I have to take care of a multi handicapped adult so so I know how hard this is!
I’m so sorry Lin-but you offer great advice. You never know what the future brings ❤
Plenty of medical issues can happen way before 65
@ykook7000 Absolutely. My dad suffered a massive stroke at 60 and became severely incapacitated both mentally and physically. He lived another 17 years. It was awful for both him and my mom.
I was 71 and still working and had a major unexpected crisis in my life. I followed Dave's advice and sold my new car. I paid off a big dental bill, some credit cards, and bought an older car for $10,000. Now I'm debt free and getting along great even though I can't work. I did exactly what Dave said.
@harryo2253 It was and I was stupid to have bought it in the first place.
Dave will always be in business with all these listeners who don’t listen to what he’s saying!
You’re right. When I first saw Dave three years ago it didn’t take me long todinrxsctly what he said. And guess what. Debt free. Paid off house and 1m net worth in three years. It’s not easy but it certainly isn’t complicated. Good luck.
They can't discipline themselves.
The thought of being 65 and having a mortgage is crazy depressing. So glad I listened to Dave and was debt free in my 40s.
Same. Debt free including mortgage at 38.
@@kara2162 Fantastic. I'm impressed, you are a wise young person. Stay debt free. Blessings.
Same baby step 7 when I was 31.
No matter what your still going to have to pay property taxes it’s all a scam
My only debt at 35 was an investment property. Now I’m a multi millionaire 😀
You work for 42yrs to have $2m in your retirement, Meanwhile some people are putting just $20k in a meme coin for just few months and now they are multi millionaires I pray that anyone who reads this will be successful in life
As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.
I thank Maureen Duke who has always been there to help me with detailed analysis and recommendations that I would not have had access to otherwise.
Sure! I will leave her info under this comment.
+170✅
1.978✅
Anyone at 65 that says, well I'm as healthy as can be. Bruh, you about to be 70 in 5 years. Life is going to come at you.
Absolutely, things can change very quickly in that regard.
I hear you, but you have to go by your family. I know people who are still working in their 90’s.
I can give a testimony on that. I retired at 66 and didn't have any real health issues. I'm getting ready to turn 70 this year and I feel like I'm falling apart.. I'm a little unsteady on my feet and tire out very easily. It wasn't like that a few years ago. And it's not like I'm sitting on my a$$ all day. I keep myself active and make myself sweat whenever I can.
@@doorguru168888take up stand up paddle boarding. Changed my life.
He could have a heart attack in 6 months
That's a goal of mine as well to buy a new truck and install solar panels on my house when I'm 65 AND still owe $100k on the house. What could possibly go wrong?!
This guy is heavy in debt! Solar panels are not a necessity on nobody's home, and it's an expense that a person doesn't need, and can surely do without. People can still live a happy life without solar panels. If somebody is going to spend that kind of money to install solar panels on their house, that money can be saved and used for something more essential because, you don't know what's going to happen expectantly down the road, that you will need the money for. As far as the caller is concerned, that was $20,000.00 he could've paid toward his outstanding debts, instead of installing solar panels on his house. It's not how much money a person has or make in a year, it's what you do with it and how wisely it's being spent.
Lmao
@@slimdude2011you know he was being sarcastic, right?
Lmao 😂😂😂
He's "living the dream"! LOL
Love it when callers say they totally listen to the show and don’t do anything that Dave talks about.😂
They listened, not acted. Lol
Listening is just a start and not the end.
It's still up to the individual to consider and act.
When he was told to sell the truck, he said, Yeah. You could almost see him roll his eyes and think "Bull shit!"
@@dennisbarrett6148 Tell a man to sell his truck...that's a bad strategy.
I've been told you can live in a truck, but ya can't drive a house!
Kind of like a church sermon. It doesn't apply to them! Haha
When your 65 even if your health is great at that point, can turn in a second. At 65 you can be healthy as a horse one day, and sick the next and unable to work.
Not necessarily. I know 20 and 30 YO's passing away " suddenly"
@@catholicfaithofmine2664 "Not necessarily"? OK, but it does happen. Often!
@@catholicfaithofmine2664 Dieing..~ HE SAID SICK!!!!!! And still alive, yet no longer able to work. How about that???? ~ I personally got SICK at age 37.. I take it you have Zero idea on what its like to be making 100K, then all of a sudden, boom.. YOU can no longer work. YET still alive.. still have Childsupport, still have car, house, Student loans.. BIG difference from DIEING.. and done with it all.. versus ALIVE yet still got BILLS...
@@catholicfaithofmine2664 it's not passing away u gotta worry about when your 65 and broke. It's getting an illness that prevents you from working all day. So your not dead yet but simultaneously have no money and got to try to convince family members to let you move in with them.
@@imveryhungry112 You are 1000% correct. I've known two that has happened to. They thought that would happen till they were in their 80's. And he plans to start his golden years at 72. Even more risky.
Here's a lot of people's problem, the caller has this mentality as well....he wants to pay debt off with future income. That never works. You're spending that future income everyday the debt sits there. Eliminate the debt as fast as possible and you can save/invest that future income.
How can you eliminate debt as fast as possible without future income money doesn't magically appear
I work minimum wage at starbucks get 23 aud an hour and I'm 26 so idk
@@princealmighty5391 @princealmighty5391 I will elaborate. I mean future windfalls and lump sums. Instead of paying the debt off with everything single paycheck....he is waiting on a windfalls or large lump sum event. Examples include...tax refunds, settlements, court winnings or like the caller said collecting social security and recapturing alimony. For him, those two events are 14 months away. He makes enough to pay off his truck and solar panels right now. once those are paid off, per baby steps he can put 15% in retirement and throw everything at the 150k mortgage and be debt free in 3 years. He's kicking the can and blowing his money fast.
@@princealmighty5391Your second comment is an example of you're spending future money. You're 26 making minimum wage. There's 26 year old working at your same company making 60-100 per hour. Why aren't you there right now. That's all lost income in your prime compound interest earning years. By 30, hopefully you obtain the training, skills, certifications, licenses and degrees to earn that amount plus more. The positions will be in accounting, information technology, management and legal. Check with Starbucks Corporate and see if they have a management trainee program. Ask your direct supervisor if you can shadow them. If you're in debt, get a second job and pay it off. If you're not in debt, aquire higher paying skills and start funding retirement, investments and pay your house off. Good Luck to you.
You’re comment doesn’t even make sense
$22k for solar?? You’ll never recoup that money. That was dumb. This dude is no where close to prepared for retirement.
He could recoup the money. But he’d have to sell the house and downsize. Unless he plans on living off HELOCs and reverse mortgages in a decade.
@@hornetguy9063 I meant in energy costs saved. That’s at least a 10 year ROI - break even. By that time the panels will need to be replaced or the roof, which means all the garbage has to come off anyway, which dramatically increases the roof tear off cost.
@@JA-zh5xi - Yup! People don’t realize it costs to remove the solar panel to reroof a home.
He's mor close at all. Dave was trying to get him to realize it.
Some companies will allow you to LEASE the solar panel.
Imagine being 65 and buying something with a 40 year break even on it to justify it's purchase
Buying at 25 wouldn't be justifiable. Solar has been a scam since it's beginning.
Exactly, and you can’t even claim it increases the value of the home.
They have an interesting sales pitch (they have been to my house). Don't pay your utility company $150 per month, get solar instead (and finance it for 20 years at $150 per month instead lol). I've questioned them on that and it is always funny to see their reaction. Also good luck selling your house with a solar loan. Basically by the time you pay them off they are outdated and need to be replaced anyways. If you want solar, pay cash and put the ugly things on your house.
And he had to make a point that he’s NOT sorry he did that
He will be sorry later. Leased solar panels are a bad idea. Buy them with cash or not at all. Some homeowner insurance companies don’t want to insure your roof if you have them.
I really like the way Dave says the truth, he is so freaking straight forward 😅
“I totally listen to you guys”. Financed solar and a truck…hopefully that was before he started listening…
Dave: "You're 65 years old and you're broke."
Guy: "Yeah... Here's My plan..."
People call and ask questions. But they DONT pause to listen and think through the answer Dave gives them.
I don’t know if I should say ridiculous, or insane.
The irony 😩
Classic!!!
I am turning 58 next year. My wife and I have worked religiously to get to a point where we can retire at age 62. Our only debt is a very manageable mortgage and we plan to have that paid off before retiring. Our revenue streams will be in the vicinity of $7K a month. With no debt, we can live very comfortably on that.
$100k a year, 60k truck. Dam life is complicated here
And there's me, 20 years behind this guy panicking that I'm not gonna be able to retire at a reasonable age. I feel for you dude; you're not in the greatest of financial shape.
Well if you are Dave's follower you know what to do. Rice and noodles noodles and rice because now even beans are pricey...Good luck....
45 here. Feeling the same, but very doable. We have to kick it in gear.
@@DEBTFREEMIKE769
Use an investment calculator to crunch the numbers.
Crank up your savings and investing now.
• With every passing decade the smile on your face gets bigger
• Plan to have 25 times your annual expenses in your retirement account on the day you retire. Then use the 4% Rule😊
• Live like no one else … later you will reap the rewards.
Good luck
That’s the mindset you need. Fear is a good motivation😊😊
• It is a mindset that says you have a limited time to save enough money to live on for 30+ years.
• Just imagine you spend $80k in retirement and will live 30 years after retiring
$80k times 30 = $2.4 million
• most people don’t think about it until it’s too late.
@@DividendflywheelDave says the 4% withdrawal rate is ridiculous. Any thoughts?
When he said "I've totally listened to you guys" is where I held my breath 😂😅
The solar panels are very unnecessary. Those solar panel guys are great sales people. You don’t need solar panels at 65. You made it to 65 without the solar panels. Also I’ll never understand people who buy these expensive trucks. It’s like an American culture. At 65, you can have a wrong fall, fracture something and you’ll find out how “great” in shape you are. You’re 65!
People buy panels and have absolutely no idea about what they are actually buying. I know people who get the panels and a unit to merge the panels with their breaker box to transfer power to the city grid, but no batteries, no automatic switch, no inverter, nothing as a backup point for the house. Dumb dumb DUMB!
@@RJWaynerium I have direct solar powered A/C peak shaving, non-grid attached.
Free A/C during the most expensive part of the day.
@@aolvaar8792 that's what I'm talking about, nice
The only people that profit from solar are the manufacturers, the sales people and the installers and the people that take them off your roof in 10-20 years when they’re garbage.
This guy has been doing his own plan for 65 years and he is broke. But now he wants to slightly modify his plan over the last 5 years and thinks that is going to lead him somewhere great. This dude needs to listen to others but I am not sure he will.
Nope he doesn’t plan on it.
He's not even that broke, he'll be fine.
@@spankynater4242he has more debt than money and he is at retirement age. That pretty much means broke.
He needs to put his entire earnings into paying down debt, essentially living pay check to pay check.
That pretty much means he’s broke.
Sure, his income is decent but he can’t retire any time soon and he’s at retirement age.
If anything changes that means he has to work less or not at all he’s going to have to sell his car and house and downsize - something he probably should do already.
@@pieflies He'll be fine. So many doomsdayers up in here.
@spankynater4242 Boston is the most expensive city in the country dude lol making 100k a year here doesn't even go that far
Nobody needs a $60,000 vee-hickle
I'm in baby step 7 and find that ridiculous...this guy definitely doesn't Need that.
He is not selling his truck. I could hear it in his voice.
His truck will cost him a financially secure retirement and he doesn’t know it yet
Bought a used Toyota Yaris in 2008 for $10,900. All paid for and running great! It’s all I need!
@@ErichH68I drive a Nissan Versa. I love it.
@@ErichH68 You're smart!!
Amazing how people can rationalize all sorts of dumb loans they dont need.
Especially the Solar loan!
Merica! Lol
Boomer mind set. Everything has always been OK - so why not borrow more?
Got me a truck and solar😀
@@mph5896Lol!
When he mentioned solar😂
You can tell this caller isn’t going to listen to Dave’s advice. He doesn’t believe that he’s broke because of his plan and because the solar was worth it. No words…
But Dave, I can't sell my truck because that's how I roll! (in style!)
😂😮😢😅😊😊😂
I bought outright solar, do not regret it, with a $22,000 loan- 'Here's You Sign'... "Outright" means you paid cash.
One born every day, a wealthy broke guy.
I had to laugh - he "totally listens" to these guys, but he borrows to buy a new truck and stupid solar panels!! 🤣🤣🤣
Get a $5000.00 car!
He'll be dead before he pays off the solar panels, but climate change, and douched out on his wife so bad he's paying allimony. But he listens to Dave Ramsey while ignoring everything Dave teaches. This guy is a waste of breath.
Crazy 😂😢😮😊
Caller: He’s my plan, you tell me if it works. My plan is….
Dave: IT’S NOT GOING TO WORK!!
Yeah because there's only one way to skin a cat according to Dave. Caller probably shouldn't have called in for his advice since he's not going to do what he said, but getting into debt doesn't always contrast wealth building.
If a caller calls the Dave Ramsey show with a question. They should at least LISTEN.
The caller is by 65 years old and has $110k in retirement after 40 years of working.
• He should have $800k to $1.2 million depending on his income.
• this is a scary situation. His plan has not worked for the last 40 years.
• Hope he realizes there’s danger ahead
@@Primitive_Codeit's clearly not working for buddy
Good friends of ours keep adding debt. Now they’re at retirement age & can’t retire. Painful to watch.
Solar on roof in boston. Lol dude isnt gonna get back his installation cost and stop with the you sell power back to utility.
Mr. Ramsey. Heard you on satellite radio years ago. Your encouragement, philosophy and system helped up go from money owed to money owned. Thanks for teaching us.
what's with ppl buying hugely expensive cars they can't afford?
I know people like him. When they were young, they thought 65 year old never comes. Spend and never save. Guess what, time flies by so quickly. Good luck to him.
It's a shame that most of us only realize our mistakes when they are breaking upon us and we're too old to do anything about it. Don't buy magic beans.
The man is not broke. The man is actually in great shape. He has a house of his own to begin with. That is by itself makes this man much richer than most people!!
He still owes over$1000,000.00 on it
@@patriciakneeburg9860 He owes one million??? He must have bought a palace!!
I don't see how someone making $100K a year is broke. He still has good income coming in. But, he does have to make some changes.
@jillsalkin7389 I think he lives in Boston, which is an extremely high cost of living area so 100k salary in Boston isn't very much. Also, I thought his mortgage had $100,000 or so on it. Not 1,000,000. The solar panels & luxury truck were not a good idea though.
@@mine1685 100K
I have to come on to this channel all the time to remind me... of the future. The future I want.
I retired at 62 with good pension n healthcare from my employer. At 65 I filed for my SS benefit. It is like icing on cake. I am debt free and no credit card debts, I pay it off before next billing cycle. I have Positive incomes from my two rental houses that are paid for in California. At 731/2 yrs I have RMD of my 403b, 457,DCP. I have Roth IRA. Shall I do roth conversion before then? Thank u
The sad thing is this guy makes my 65 y.o. Moms situation look great 😅
that's what I said. I WISH my parents had this much money
Healthy people are sadly often surprised when their good health SUDDENLY ends unexpectedly. Murphy's Law sometimes derails the best plans. It is wise to prepare with gazelle intensity, then in 7 years relax if there are no unfortunate surprises. Hope for the best but plan for the worst. Always easier to be pleasantly relieved rather than sadly disappointed.
Such good advice before retirement with not enough. I know because I'm 70 and don't have enough retirement.😔
Sorry to hear. How much if I may ask?
@@ryankiel4895 $50,000
So sad 😢
Wish you the best
In 2020 I sold a truck to a 50-something guy for $10,500, he had to get a loan to buy it. At that moment my goal became to never be in his situation, at any age.
OMG my husband is 66 and fears retiring with 5 million saved. I convinced him we will be fine. My heart goes out to those that didn’t plan ahead.
Congrats!!
That's a helluva accomplishment! Congrats! May I asked what type of work he did to put back that much? Also is it a combination of both of your incomes?
@@dos14dos14 WOW! Well done. Too bad that your husband fears retirement with that kind of money saved. He should be elated.
Lol 5 million you can spend that where I live In California you might need more!sad but true.
Don't feel bad for them. They made a choice. We have to respect that, because they're grown adults.
It's impossible to get my grandparents off of candy crush. I can't imagine asking someone their age to sell their truck. I pray for this man. I pray he listens to Dave 🙏🙏🙏
This is my new favorite channel. These people are hilarious
Over half of the scam calls I get are to sell me solar panels. I always ask the caller what’s in it for them and I never get an answer or they hang up.
I love Dave's advice, but I can't fnd a $10K reliable car to buy. I've got a 17 year old car with almost 300K miles on it, so have been looking. Those cheap, reliable cars don't exist anymore and I've looked nationally, not just locally. In 2015, my son bought a 2103 Honda with 30K miles on it for $13K. That same car with 100K+ miles is now $19K.
Looked up my area a 2013 Accord 80k miles 15k. 2013 with 130k miles 9.8k. You obviously aren't doing a good search.
Ummm 10K reliable cars exist, your aren’t looking hard enough.
1. Toyota Camry
2. Toyota Avalon
3. Toyota Corolla
4. Honda Accord
5. Honda Civic
They will all have a 100K on them. See if you can find a single one owner vehicle, these people usually take care of their vehicles because they drive them for a long time. Keep up the basic maintenance and all the cars above on that list will last till at least 300K.
Subaru Forrester
You can find reliable cars every day for 10k and even less.
I drive a 2016 Toyota Corolla with 110k miles and zero issues. I couldn’t get more than $10,000 (if that) if I were to sell.
Great advice from both of them... I'm at 38 and way behind as well... luckily I have no debt and will never get into a debt unless it is a house.
Being debt free is ahead of most. Especially at your age. You’re doing awesome.
I'm a few years older than you, no debt but also I'm pretty broke thanks to poor mental and physical health and it's too late for me to build a good career so I won't ever be able to retire
I wish my parents had what this guy has. They retired with almost zero savings. They walked with maybe 30k from the sale of their house. So I get to worry about my retirement and theirs.
I've always been the complete opposite of them when it comes to money. My husband and I have been planning since we got married. We'll have a nice retirement if we can make it through our parents' retirement.
To all of you who are parents...........the afterschool activities, vacations and Christmas gifts are nice. BUT the best thing you could do for your kids is take care of your health and save well for your retirement, as Dave says. Don't depend on your adult children to pay your bills and have to physically take care of you. It's so much pressure that sometimes it's the first thing on my mind when I first wake up. 😔 I want to enjoy life with my husband. Not stress over my parents finances. I've grown so resentful of them over the years.
Your parents failed you. I’m sorry. You should NOT have to fund their retirement
Thank you. And sadly it's both of our parents. We have 4 seniors who depend on us. I'm talking replacing a new HVAC, paying for a 5k plumbing job, etc. Not hundreds, but thousands of dollars. I used to beg my mom to please think of retirement and she'd blow me off, get angry and tell me they'll be fine. Then the sarcastic "We won't burden you, don't you worry. We don't need your money" Now they're mid 70s and we've had over 10 years of this. It's so stressful and exhausting. Parents don't do this to your kids. 😭@@dcg590
@@zsuzsuspetals So sorry and I feel for you. I can only imagine how stressful that must be. My daughter made it clear to my wife and I many years ago. She stated she's not going to take care of us when we get old. I don't expect her to, but she didn't have to present it that way. For that and other reasons, It makes me want to take her out of my will but there's no one else left to leave it to. We are doing pretty good since retiring and I don't anticipate any financial problems in the near future. I wish my mom and dad were alive. I would be happy to take care of them.. Or try to anyway.
@@zsuzsuspetals Had you ever approached them about working at least a few years longer? Some can't , but a lot can. Especially with at home computer use.
Solar - Yikes! If you buy it when you're older, do you get any return on your investment?
You don't get any return on it unless you sell your house....then it's barely breaking even.
@@RJWaynerium You buy Used solar farm panels producing ~85% for 25% of new.
Since you're not grid connecting, direct connection to aux equipment, no permitting.
Shave off $300/mo A/C bill
I bought it out right on a loan..best line I've heard in a while😅😅
😂😢😅😊
That was hilarious 😂😂😂😂
I enjoy when Dave tells people they are broke .I’m dying laughing 😂😂
Only he can say that, and people won’t get mad at him 😄
He tells the truth. Most of the people in this country are financially dumb.
My favorite line was “ you’re 65 and broke” 😂😂😂😂
They need to hear It.
A $60,000 truck?? Here's an idea. Trade it off for a $300,000 vehicle. It's called the municipal bus.
Your wealth and health can change at any given moment. When your health goes you’re screwed beyond belief.
Dave: "you're 65 years old and you're broke!"
Him: "yeah... Lemme tell you my plan"
Denial. It aint just a river in Egypt.
Denial or Self delusion. Very sad
Lmao
I bought a 2004 Buick Regal for 1500$ FOUR YEARS AGO. and still runs like a dream. We're so lucky, but its out there if you're willing to beat the bushes.
Dave should have asked him, what other things do plan on buying outright? I have a strong feeling that he wants to buy a camper.
STOP😂😂😂. That was a low blow. Dude bought solar panels for his house. Let him enjoy them. 😊😊😊
• At least he’s got a truck
😂😢😅😊
Dude has $184,000.00 of debt at age 65. And I thought I was bad!
😂😅😊😮🎉😢
@@geocam2 I'm actually, in fact, and to be honest, in fairly decent shape, money wise.
He better get rid of some of the dept before economy tanks. We are overdue for a severe downturn.
Lots of issues here. One not discussed is, he should not collect Social Security next year. Every year past full retirement age that he puts it off (up to age 70) yields an extra 8 percent in eventual SS income. Waiting 4 years would give him 32% more income; that's a lot of money! Since he's in good health, he should expect to live a long life. He can tackle his mortgage, car debt and solar debt with current income, as he makes a good salary.
And if he takes SS and still makes $100,000, he's gonna get taxed on the majority of the SS.
He is a man. Take it at 67. Statistically dead by 73.
You are assuming SS will be available when he turns 70. It is beginning to look like that will not be the case. It will eventually be reduced or eliminated by then.
@@bertdog7639 US government will continue to print money to pay for SSI. It will eventually stop when the government fails financially. Not sure when that will happen, BUT... Government robbed everybody $ they have been paying into SS and gave an IOU. Now it's just a pyramid scheme.
If he collects at his FRA, he can still work full-time with no penalty.
I LOVE the way the Ramsey Show Rotates "Young" commentators to experience Common Financial Sense.. They are Americas FUTUTRE.. This Young Guy is SPOT ON and "Get's It" " Well Done! I like when young people understand "REAL LIFE FINANCE". Thanks.
Dave comes right to the point with the brutal truth. That is what is needed.
What's with the solar crap I don't get it 😕
Caller: I paid 22k on solar that I paid outright and I’m working on paying that off
DR: So you paid for it or you borrowed?
Caller: we’ll uhh it’s through a uhh thing where you get a loan
DR ok so 22k in solar debt
🤣
Owing $30,000 dollar on a truck? I bought a used 1992 Ford F-150 in 1999 for $10,000 and am still driving it.
I bought a 2018 f150 new. For $30,000. Paid cash, now if I can just not wreck it...............
@@johannesswillery7855 I bought my first truck when I was 23....... A Ford 150 back in 1980 ( new ) for 7,500 dollars... Back in 2002 ......when I was 43 years old . I bought my second truck ( new ) and S-10 for 15,000. Im now 64 years old.....and due for ( maybe ) my last truck........ Who knows what that price will be........but........ it wont be a new truck !!!!!
let me lower my electric bill by getting 23k in debt in solar panels lol.
You paid half of that 23k..................
I retired 2 years ago at age 55 paid off my mortgage.. Till date we have not touched a dime of our retirement money. I have 2.5M in my portfolio. It took me 8 years to get to this goal. I started with 45K through my CFA ‘Lisa Rosa Cavanagh’ My dividends are supplementing my retirement at the moment. It takes time and I invest in good companies. I never sell the chicken that lays the egg (dividends). I just eat the egg.
Truly It’s all about accumulating wealth through compound interest investments.
I did read about Lisa Rosa Cavanagh, quite an interesting lady to look up on the web
Consistently investing in quality dividend paying companies over the long term is a relatively easy strategy to create generational wealth
found her webpage by looking up her name online.... Her resume is quite outstanding, I'll be writing a mail to her shortly
That’s amazing that you retired at 55. You have a great life. Do you have any tips? What did you do for work?
This guy is in trouble and clueless. Also so smug especially over the solar. Good job saving 1000 dollars a year in power by paying 22,000
Yeah from what I read, solar panels aren't always the money saver they claim to be.
And after 7 or 8 years, he have free electricity.
@@jimmymcgill6778 a joke? More like 25 year by that time he’ll probably be dead
Clueless? Maybe. Trouble I’d say no. Handle those two bills with the extra $4k a month coming in he’ll be fine. My dad lived very comfortably on the same amount of money. Admittedly living in different areas make it harder. If he wasn’t planning to work another 7 years I’d agree completely.
@@jimmymcgill6778He'll have free electricity ... on sunny summer afternoons. Depends on his utility's net metering program what he pays otherwise. Most places are phasing out the best programs.
If his SS is 3200/month he will be doing better than half upcoming retirees. If he can knock out all the debt and that IRA does double to 200K he will be fine. Not living large but fine.
That’s what I was thinking
Maybe I missed it, but is that $3200 his Social Security and his wife's combined ? That's a little less than I'm getting. I worked my whole life. During the last ten years I made between 80 to $100,000 a year at a blue collar job. Although my wife didn't work for the last 35 years, she's getting 35% of my Social Security because of spousal benefits. She took SS at the minimum age. So we're getting around $4400 a month combined. Along with a small pension and 401K we are doing okay. We have no debts.
I don't know why but after hundreds of Ramsey clips I still find this one the most interesting to listen to. The overconfidence of his health at 65 that can turn at any second at that age, the confidence of his solar decision despite at least a decade until breakeven in the Boston area due to the weather and winters (he'll be 75 before he even sees a cent of profit), the smugness that he "only" owes 30k on a 60k truck with a measly 100k income (I only say measly in relation to how much truck he bought), and finally Dave telling the blunt truth that he's absolutely broke for his age. All while he remains in denial. C- might be generous.
As soon as anyone says “SoLaR”, you know their lives are full of bad financial choices.
So well said. Every time I see solar panels on a house that can connect to the grid I think there is a sucker
We paid cash for ours (not a loan). We live in Arizona. We are at 8 years and they have paid for the cost already. After this it’s return on investment. We have locked rates for ten years. And we were on step seven before we did solar. So probably true for 95% but we are actually coming out ahead in it.
I went solar eight years ago. Paid cash. Fortunately the electric company gave a 25% rebate on the cost and a nonprofit science center also gave a rebate. Add that to the tax break and it's all paid for as I enjoy a $12/mo electric bill. (Service charge only). I feel a huge sense of pride every time I come home and see the panels on my roof as I help the planet. That said, only go solar if you can pay up front and have no debt.
@@lisan4674 we received both local and federal rebates on our system. We designed it to never produce extra power because our utility buys at wholesale and sells at retail. So over producing is a bad deal. We have 18 panels only and still have a power bill it it’s way smaller than our neighbors. If our bill (desert in the summer) is $150 our neighbors are usually paying $450. In winter time we don’t make as much but use drops also. Bill in December is usually $40. We paid $11500 for the system so over a 20 year period (panels are German and guaranteed for that long) we are paying under $50 a month for the system (since we “loaned” the money to ourselves ). At the rates charged for power we are saving $180 in summer peak and $75 in winter.
Solar in Boston,Ma....Now that's a Bird Brain Idea...the state ranks in the low forty's for sunshine
Does Boston get enough “direct” sunlight year round to justify investing into solar for the house? I figure so north that short days in the winter and the sun is not above…but at an angle which is not effective.
It looks like it should be OK. It's not Arizona, but it gets double the sun hours of anywhere in the pacific northwest. I dunno how good Massachusetts is for net metering, though.
Yes we do have good
Depends on the angle of the house and slant of the roof.
it always boggles my mind when people who bought a house on credit say or think they OWN a house! You dont own a house until it s fully paid off oer paid in cash, it belongs to the bank still.
It’s evident in his words and actions…this guy is not going to make the necessary changes.
Help him then
He might 😮
Your not goin to listen. Why do people call in if there not serious about wanting help
Damn
I’m 62. Retired.
High school dropout.
Laborer.
$4100. Take home pension
House paid off.
No debt at all
Money n the bank
Life is good
Keyword bro..pension
@@toddprater14 yes. I almost died everyday for 26y to get that pension as a tree climber
My tent and bicycle are paid for. I need new front tire but still rolling. I get s.s. every month and can buy food. As long as my health holds out I'm golden.
2:43 yea, definitely WONT do it…
My relative just retired with no retirement savings. Wouldn’t be talked out of it. Does anyone know what is likely to happen to him? We are nervous for him. Seems to think he can live off just social security. 😬
"Listened" but it went in one ear and out the other.
I wish I had heard of Dave when I was younger. Right now I am struggling. And I do not shop. Loan, mortgage, doctor bills. Doing the best I can and not even shopping. Love to cook more at home, than going out to eat.
"I bought solar outright with a 22k loan" LOLOL I can't with some of these people... My god...
Ya he bought it with the banks money.
This was my plan also. I made $185,000 year, has paid my credit card debt down to $25,000, my home was $75,000 owed on $485,000 mortgage. But, I had a freak accident, head a severe head injury, had to learn to walk, talk and figure out my new life. Now 2 years later I'm living off social security and small pension of $4,000 month. Have just been informed by my concussion specialist she will approve me to work part time. Still in physical therapy so have to get that completed first. Was going to go to part time on this December. Never know what curve ball life will throw at you. Good luck and pray nothing crazy happens like it did for me.
I know more people that are upside down in their auto loan right now. I told them, even begged one to not buy during C-19 but they are now stuck with $800 car payments. Insanity.
100k at 65?
Wow
It’s too late. Nobody ever says it’s too late…always the opposite and it isn’t true.
At first, I thought that the 100K was good- but no pension- scary!
He needs more money!!!!
Life is not all about money. No one can predict their death, but look at your family history. My dad died at 74, my uncles died at 65, 68, 72. Im not waiting till 72 to retire. Im going at 60 to retire the most. And Enjoy my life left and get all the money I contributed to uncle Sam, 15 years is fast. Enjoy life left on earth.
Just wished I had followed your advice in 1998 and kept my house .My advice is listen to Dave …He is so full of common sense!,,
So what did you do to your house did you mortgage another one or are you renting
@@davidbrooks8809 well I bought another house and stupidly sold that
Then the housing prices went sky high
I sold for 6K and it is now appraised at 8k
2017 was a disastrous year for me!
My advice is to stay put if you own!
Can't believe he said he does not regret getting solar panels
This caller is delusional 😂😭
I think so people forget to ask basic questions, id love to know is day to day spending --- the why , beneath the why is how you really get people to listen...
Lol imagine living in Boston MA and still trying to be one of those indebted “truck bros” as your male identity 😂
When someone says how healthy they are, I envision cancer saying, “Hold my beer”.
Kids use this as an example. It is easier to save a few hundred dollars a month to your retirement starting young than it is to play catch up when you are old. Also if you are mid-aged, look at your accounts and make sure you are on track. It is easier to catch up now than in 10 years. Also what was this guy thinking, a $60k truck while he was behind on his retirement. Finance solar panels is just stupid (I love their sales pitch, don't pay your utility company $150 per month, get solar instead (and finance it for 10 years lol).
Right, the $60k truck took me out, that’s insane at 65.
Help him
People complain about the price of things and being broke, but pay $4 bucks for a bottle of water or $6 for cup of coffee. The reason crap costs so much is that we as consumers are the problem, if you have an item for sale and no one buys it you lower the price to sell it, so people need to quit impulse buying, quit paying 80k for a truck every 2 years. Instead of wasting money impulse buying stuff, start socking it away is a ROTH IRA, 401K, etc and this will help reduce inflation if people will just STOP spending on crap! 🤣
I shook my head everytime this guy said something......he is 65 years old and still owes more than $100k on his house. Why isn't he paying extra on the house? and did he really need a $60k truck? and the solar panel purchase was dumber than dumb.
_Not really_
Correct me if I’m wrong. But he can’t collect social security and keep earning his salary of $100k? Aren’t their income limits on social security?
John not even writing any of this shit down LOL.
😂😢😅😊
Bought a peugeot 307 convertible 85 k miles 2009 .. beautiful car leather seats all electric solid hood mirrors etc top spec . Great in diesel . Great engine prob best car I’ve ever owned so reliable and increasing in value .. bought for 1500 cash 🤗
He should probably forego collecting social security for a few more years so his checks will be bigger. He can still go on Medicare. This type of person will end up spending those SS checks on something he decides is a good deal, rather than saving it or paying off debt. One severe illness could end his much-vaunted plans.