I'm 71 With No Retirement!
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- čas přidán 8. 08. 2021
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Is the whole plan available in Spanish? I thinking on a gift.
Thanks
It’s great advice.
Why is this a big deal?? She needs to chill!
@@gabriela4229 Dude. Go get a vocabulary book
Nothing is EVER Free In This Bab.. System Dave... You A Religious Man You Know This...😆
Money doesn’t buy happiness, but being broke sure causes stress.
Money buys me peace of mind as a newly retired couple starting to finally break into a large nest egg of decades of savings and investments.
It may not buy happiness, but I’m sure it takes the sting out of being miserable.
Some people are used to it.
Money can buy freedom I think...
Money absolutely does buy happiness. That isn't to say you can't have money and be unhappy....but that is all up to your decisions. You have the money to buy happiness but have instead opted to spend it on something else.
The biggest misconception that most young people have is that they won’t get old.
Agree…I just talk to a 21 years old.soo yes I agree
I'm turning 25 in a couple months and i'm beginning to see clear as day that youth is vanity!!!
The problem is, most of us don't know if we will get old.
@@mel3165 no youth is still good for doing things you can't do at age 71. You can go whitewater rafting when you're younger etc...
PREACH!
That should be on a T-shirt.
I admire the caller. It took courage for her to call, and I think she's going to get through this.
Yes, I pray she does. Bless her heart, still working hard at 70, when she should be enjoying her days and being with grand children.
Admire someone that 70 years old and no savings ??? Birds of a feather flock together ! Id a disgrace !
@@user-tc3ou6sy5f
May God give you peace and a heart of understanding hardship.
😅you people are insane ; life expectancy in the USA is now 76🙈🙉🙊🤣take a break good serfs😀
@@user-tc3ou6sy5f There's a lot more people like her than you can imagine.
He really didn’t have the advice that he usually has for others. This lady represents a segment that is huge part of our world. Bless her for calling.
Yep. There aren't many options for this couple. Yet they're still better off than many, many people in the U.S.
@roadrunner9622 I am in a similar situation.
She has enough to pay off the house.
They should be able to live off their combined social security checks.
Then, any part time job can go to savings.
HEY, watch that , I cleaned toilets and honestly got paid for it. 😂 NOW seriously the reality for many of us oldsters is that those who while young were able to by into the American dreams of owning a house, cars, a family, eating out, partying expensive clothing; forgot to set aside some cash reserves and additional retirement plans for those same reasons their in now. - during those early years when we had the youth and vitality we never seriously took into consideration aging much less illness or life diminishing injuries or mental discapacity. In this skit I do agree that some of the suggestions were acceptable, but at their ages and limited knowledge of the real estate market, one suggestion would be to review their living status better - and possibly rent the house and live in the ground floor apartment rent free - if that were possible.. Review whatever else you own that s not being used and find Buyers for them. Or rent out the house and rent a small apartment. Because with the newfound large savings from the sale of the house, the couple might possibly continue to live according to how "it was then," and soon would end up broke and lose the co-op which is much more difficult to get rid of than the house. Also this couple is eligible for government assistance in the form of groceries assistance, electric companies give credits and lowered power bills. The first thing I would recommend is to gather ALL of their important personal papers, house title, Insurance, heating bills, electric bills, medical bills, BC, marriage certificate, ALL records: PHOTOGRAPH them, then go bright and early down to the nearest social services administration and ask for help - these fine knowledgeable employees will do what they can BUT most importantly, they are like a human "encyclopedia" - they will make many suggestions worth exploring. The most important steps are to go in search of help QUICKLY - not wait until you're caught between a rock and a hard place. Just sayin.' Be Blessed y'all 🙏 🙏 🙏
@@LaughingblueSu They can live much, MUCH more comfortably on their social security in Mexico or Costa Rica, Peru or Argentina, Thailand or the Philippines.
Finally Dave took a call from someone worried about their retirement who didn't have a $95K pension, $750K in an IRA, $500 in savings and an spinster aunt who was about to will them 1.5 million and an estate. Made the old boy sit and think for a few. Welcome to the real world, Dave.
🤣
Well he helps people by teaching them how to use their resources. So for someone thats struggling financially and broke of course requires some thinking to be able to help them.
This show has received calls before where the scenarios are really complicated. Not all calls Dave has received are easy to handle.
The roadster is gone. I am god. I just made it disappear. I am Dave.
If you don’t save a penny for 71 years it’s on you big facts
The "cleaning homes" at age 71 was heart breaking for me.
She/ they chose to be in that position. No need to feel sorry for them !
@@jerrylansbury9558 stop.
@@nicholegallo1090 Its true......if a person chooses not to put away money...... " save " its their own fault !
@@jerrylansbury9558 sometimes people have different circumstances than others
@@ImJidionDaddy Exactly.....thats why you plan for the future.......save money !
It’s great to hear from a person that’s like us and not someone who clears 200k. Blessings to this caller
lmao, like us are you making 2k a month and 71 years old. So you're claiming to be irresponsible?
@@adobedobedo409 you completely missed my point. I stated it was good to hear from someone who didn’t make $200,000 a year and was just an average person make an average pay. Maybe you’re one of those people making $200,000 a year.
She's not like me, I'm doing OK with my retirement accounts.
@@spankynater4242would you like a participation award?
@@kbanghart You're not qualified to give out participation awards. I would ask you to send me cash, but we all know you're poor.
I am in my early 60s and retired at 53. Lots of people gave me pushback because they had difficulty grasping the concept of not working if you don’t have to. I looked at my life as stages. I earned everything I have now through a lot of hard work, but I owe it to myself to “stop and smell the roses” in my final stage of life. In my case I left the country after I retired and live in Latin America. It allowed me to get away from all the negative things happening in America while appreciating my new environment. I have yet to meet anyone who regrets retirement.
Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Natalie Noel Burns who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
This was hard to listen to. Everybody take notes.
DR should suggest older callers reach out to their local elder experts. Often called agency for older adults or similar.
They are free gov. or nonprofit entities with lists of reources. This couple could check out senior rental communities, with income-based pricing. Some have dedicated shuttle buses & recreation like card groups, cornhole etc.
The downside: some have long wait lists. No time like now to check these out.
Terrifying. Thats all I can say
@@rethinkcps2116 most that are income based will not consider you if you have ANY cash from the sale of a home or savings in general. I imagine you could put it all in CD's or something, I do not know if they consider that.
Taking notes..for sure
@@rethinkcps2116 Dave is against social programs (and higher taxes).
That house saved them. Imagine if they were paying rent 😔
Not true. They still owe 350 a month. The Bank owns it.
@@John3.36 cant find a house to rent less than 1k. Even in poorest area
@@yoopally4136 Depends on where you live.
in some states like nj taxes maintenence is just as pricey as rent
@@John3.36 $350 is basically nothing. I couldn't rent even a small house around where I live for less than $1,500/mo.
I'm 48, sad to say I made terrible money decisions growing up which I'm presently paying for, been dedicating every waking hours towards my retirement and I'd really love to retire to Portugal with at least $3million by, the market up and down is not helping at all.
Strategic investment is important. My ideal investment is a varied portfolio that includes stocks, bonds, and ETFs. It gives excellent long-term return and has performed admirably thus far, with the assistance of an asset manager on the side. 10xing my portfolio in a few years does not seem too far-fetched to me.
That makes perfect sense; I've thought about hiring an asset manager but wasn't sure how to proceed; could you provide more details on your guide?
All credits goes to Lisa Ann Moberly, one of the best portfolio managers out there. She’s well known, you should look her up.
Alright thanks I'll look her up for inquiries.
I heard Lisa Ann Moberly is going to jail for a Ponzi scheme.
I'm in my 50s and I'm more interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?
Find quality stocks that have long term potential, and ride with those stocks. I have found it takes someone who is very familiar with the market to make such good picks.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
My CFA ’Melissa Maureen Ward’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
Thank you for this Pointer. It was easy to find her handler, She seems very proficient and flexible. I booked a call session with her.
You never want to be the person that makes Dave pause and think. lol. That tells you that you are in actual deep doo doo.
Oh my I know. I was sick to my stomach listening to that long pause!
Oh my God...any connection to Peter Francis Geraci? A well-known bankruptcy attorney here in Milwaukee?
That's what I was thinking as Dave was silent and pondering over this call.
That was a long pause!
But he found a way to get out of it. Multiple ways actually. Dave always knows how to get out of situations like this. It ain’t always pretty, but it works. Also they REALLY have a roadster in a situation like this? Why?
Man this was a scary call just thinking that lady is cleaning homes in her 70s
Yeah its really sad
@@adelea414
Very.
It makes you wonder how they got to this point. I'm sure it was a lot of bad decisions but they probably had some curve balls thrown at them too. That's life though.
@@jamlane they mentioned health issues so yes, probably medical expenses. I wish them the best.
@@jamlane I have heard older people at my job say that when they grew up, they didn't know much about 401Ks and Roth IRAs and all that stuff. They relied heavily on Social Security for retirement.
That's why it is important to invest in all those options at a younger age, because Social Security is not a saving grace
A Financial Planner told me Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. How can take advantage of compound interest and potentially grow your retirement savings overtime?
In times like this it is better to seek help from a professional as such key decisions are better guided by experts with market experience.
@@DanielPanuzi Yes true, I learnt that in 2020, when I lost almost everything. But I switched to using a financial advisor and I've been returning at least $98k every month so I’ve been sticking to investing via an Advisor.
@@DanielPanuzi I agree with you mate, I have found it takes someone who is very familiar with the market to make such good picks. so i reached out to one that appeared on CNBC news in 2020.
@@Jaymilnere hello, I buy into the idea of using an expert but i do not know how to reach one, can you help?
@@ericmendels I’m a Travel-Nurse, and my job doesn’t permit me the time to properly analyze my holdings/evaluate stocks myself, so I’ve had a fiduciary " Alicia Estela Cabouli'' " actively restructuring my portfolio for the past 4 years
We don't spend money. We just eat out. Do people realize that eating out is AT LEAST twice as expensive than preparing your own meals.
Depends on what you are cooking.. lol
Not necessarily. I actually save money by eating out. Because I eat healthy, organic only, to prepare a home meal is expensive.
@@angelalaskodi3459 Angela I’m sorry that’s just nonsense. You aren’t saving money by eating the same food yet having somebody else prep it.
@@angelalaskodi3459 No way is it cheaper than buying food and cooking it.
@@patty109109 well maybe her organic eating out is simply grazing next to the cattle.
My heart goes out to her and her husband. Nobody wants to be in this predicament. I just turned 25 and I’m paving the way for myself to be financially stable/responsible
Why do you feel bad? They did it to themselves. Years and years of wasting money
Don't feel bad for one minute. They live in a 250 grand house. Bad decisions got them here.....in Oklahoma
Dude I work at a phone store for one of the most popular carriers. What convinced me that I needed to live a different way was seeing people in their 70s walk in to the store begging for an extension on paying their bill because they don't have it right now. My heart truly went out to them, it really did, but at that moment I realized that I want to make sure that I'm not having to do that same thing when I'M 70-something.
@@thomashaas5965 Life goes fast people. You wake up one day and you're 70?????????? BTW. My phone bill is $14/month. Spectrum
@@thomashaas5965 exactly! You get what I’m trying to say
I admire the financial independence of people, But you can live better if you work a little more. After watching this I think there are people out there, on the extreme, who plan to die early just to be able to retire early. To each their own but to me retirement isn't just about not having to work, it's about having the freedom to do whatever you might reasonably want, such as travel, buying things, enjoying life, etc. I don't think I could retire with less than $3m in income-generating investments, maybe $2m at the very minimum. I plan to work until I'm at least 45
Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving
Dude, spot on advice. Great job! And yeah, I think we investors overestimate how hard it is to stay in the market when things aren't looking too good. Whenever I'm tempted to either cut losses or capture profits, I remind myself of Fidelity's study of their best performing portfolios; the best performers were either dead or forgot they had an account. So now with directives from my asset manager, I pick assets that can perform similarly in both short and long term. My portfolio has been foolproof so far
Who’s the person guiding you
Sonya lee Mitchell is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
God Bless this woman. My heart goes out to her. Housework is hard work. I pray things work out for her and her husband.
This is why you start saving and investing at a VERY young age. To not wake up in your 60s and 70s and realize you can never retire.
I work at a phone store for one of the most popular carriers. What convinced me that I needed to live a different way was seeing people in their 70s walk in to the store begging for an extension on paying their bill because they don't have it right now. My heart truly went out to them, it really did, but at that moment I realized that I want to make sure that I'm not having to do that same thing when I'M 70-something.
I hate hearing elderly people talking about being on a "fixed income". In my mind you work all your life so you can do what you want and never have to worry about anything when you're old.
@@channell11 I always say "yeah...and your bills are fixed and hopefully you signed up for bills that amount to less than your income. So...what's your point?"
@@slambig the younger the better. got a paper route at 13? start then. take half your little bit of money and buy the SPY, start compounding.
👏🏾👏🏾👏🏾💯👍🏾
One of the best calls ever on this show. It's a wake-up call for people who aren't paying attention to their retirement planning. I wonder how this couple is doing now, almost two years later.
I am wondering the same thing 🤔
Hopefully dead. Unfortunately
These people are not broke.
Remember, they have over 200K equity in their home ... 🏡
@@jamescalifornia2964 But what exactly does that help? If they sell their home, in the current market, they'd be able to afford probably half the home they have now. Unless they want to go live in trailer, they have to keep that $200k asset.
Been watching, listening, and paying attention to all of predictions and forecasts since early Covid. He hasn't disappointed yet 👌
Well said! I am also here to learn how to invest after listening to a lady on tv talk about the importance of investing and how she made 7 figures in 3 months, somehow the video taught me nothing and left me even more confused, I'm a newbie and I'm open to ideas on how to invest for retirement
@@DavidAntony-gq7id lookup KRISTIN GAIL CUNNINGHAM , this is her name online, she's the real investment prodigy since the crash and has helped me recover my loses
@@BrunoLuke Despite the economic crisis and the rate of unemployment now is the best time to invest
@@DavidAntony-gq7id Investment now will be wise but the truth is investing on your own will be high risk. I think it will be best to get a professional👌
@@BrunoLuke Thank you, Going through her profile on her webpage out of curiosity, and surprisingly she seems proficient. I appreciate this.
Dave's long silence was deep.
I have never seen him do that.
Her eyes blew up at 0:30
Two poke eggs. LOL. It was like a suspense movie. Then he asked another question just like Colombo. LOL
and judgemental too. I was scared of what he would say.. He said it. But once again sooooo right.
Yeah! I've never seen Dave speechless 😳
Dave Ramsey, thank you for seeking the Lord and waiting for His wise counsel!
As someone that has parents in their 70’s and in the exact same situation minus the additional income, it takes a toll on your entire family. Do not let it get to this point! Sacrifice now while you can so you can relax when you’re older!!!
Taylor: That is wonderful advice. I have family members in a similar situation.
True words of wisdom 😇
Same! Watching my parents, grandparents, and in laws be a prisoner to poor is an eye opener. Also watched my Uncle in law make good decisions and retire early and live a care free life. I choose to put 20% of my income into retirement.
Completely agree! Variance in our situation is my parents house ISNT paid off. Constantly month by month.
Exactly.
A Financial Planner told me Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. How can one take advantage of compound interest and potentially grow your retirement savings/net-worth to about $3M over time?
Just try to diversify your portfolio to other market sectors, that way your investment is balanced and you don’t get to make so much losses
I stopped listening and taking financial advise from these CZcamsrs, because at the end of the day, I end up with a bunch of confusing stocks without knowing when to take profit, In reality, all I needed was professional advice
How can I participate in this?
My consultant is NICOLE DESIREE SIMON She has since provide entry and exit points on the securities I focus on. You can look her up online if you care for supervision.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
wow. this lady's story is the reality most of us fear, and know at least one friend or family member that is trapped in this type of situation. bless this lady for having the courage to come forward.
@Hello there, how are you doing this blessed day?
Definitely my fear
Its sad that a 71 year old sweet lady can't eat out 😢and she's cleaning other people's home's, only in America!! Sending her lots of prayers and hugs 🫂 🙏🏽🙏🏽🙏🏽
Many many her age are wkg as in-home aides instead
😂😂😂😂😂
I feel like eating out is much more of a common thing to do in the US than where I live. Not eating in restaurants wouldn't seem like such a big sacrifice here.
@@eleo_b it’s not in the US either lol
Many don’t. Completely unaffordable. And the foods getting worse here, store or eating out. What is being done to our food is horrible!
Only in America? This has to be a joke.
Man, you know it’s a tough situation when Dave has to pause for a few moments and think about what to do.
He took time to think about it and explain with grace.
That's the longest pause I have ever saw him take. Sure hope they didn't buy a condo.
Dave Ramsey's insights have been a game-changer for me! His practical approach to financial management has empowered me to take control of my money and work towards a debt-free life. The Total Money Makeover is my go-to guide, and I appreciate how he breaks down complex concepts into easy-to-follow steps.
I'm surprised you mentioned her name. She is highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. You can check her out online. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
I feel for this couple. Im 64 and retired at 62. I really dont have much saved at all and am a renter, but thankfully I have no other debts. Would I retire later? No. Not knowing what I know now. My ex passed away 6 months before I retired and my 29 year old son passed away 2 months ago. My mother died at 65 and my father died at 73. It is a myth that we have to save a billion dollars for "some day". Would I like to have more money? Yes, I DO worry a little bit about being able to keep up with rent especially when the high cost of Medicare premiums hit me next year. But being on the struggle bus the rest of my years will NEVER outway the wonderful times I was able to spend the last year with my son and grandkids. Life is so short. Too short for some of us. Dont spend it waiting for the elusive "pot of gold perfect time" to retire.
This is one of my biggest fears getting old being terribly sick or having no money saved
No offense, but if it is your biggest fear then I assume you are actively working to thwart it?
Not a bad thing to fear; Good health is our greatest asset; further greater than Money. Starting by leading a healthy lifestyle; watch everyday you eat; stay Away from too much processed Food; Sodas & all that junk that brings in excessive weight gain & cholesterol that leads to more cardiac distress especially as we get older; 40s, 50s, 60s & so on. Exercise is under-rated but it usually keeps our health in check!!! When you have got health ; then all You can focus on are your financial priorities; working/saving Up & investing. It’s not all easy said & done ✅ b’cause Life just comes @ us like an earthquake sometimes; but you can do it!!!
I agree, medical bills will wipe you out!
And dying. I fear death too. I know it's inevitable, but still... T__T
@@Vandicoup Do you have a relationship with God? If not please read John 3:16
If you do have a relationship with him read Psalm 23:4,5.
This call broke my heart that lady seemed so sweet, it's easy to criticize other people when you don't know their life story, life is so chaotic that even after planning all out it all can fall apart due to an unexpected event, I pray that elderly couple finds some peace and rest in their sunset years.
Beautiful comment! I agree!
Time and unforeseen circumstance befall us all.
Thank God they had saved the 25K. Many don't even have that....
Exactly true everyone bashing them with their glorified savings regimen I bet wouldn’t know what to do if something happened
They have a roadster and 250k house. I don’t think their life was that Chaotic.
They bled money.
My father served 24 years in the US Navy (Retired) and my mother worked much of that time while raising us 4 kids. My father passed away in 2021 and the Fed Government took back that months retirement from my mothers bank account. No more retirement $ for my mother. Like this caller, she lives off social security. I provide her with a house which is mine that I'm paying. I'm also paying all utilities. All she has to pay is her medial care and food. As a veteran myself, I am ASHAMED of our military for how they treat veterans and their families.
Just wait. The marxists are replacing American's with new citizenry. Folks that hate or dont care about our constitution or history are the new people of democracy as a our republic is dissolved.
Exactly what happened to my grandmother. She told me she had to fight with veterans administration for her to keep 50% of the benefits. I think anyone entering a relationship with someone who is serving or who is a veteran should be aware that those benefits are OVER the moment the person who served dies.
@@MNcoquicoquiwow! I’m an Army Veteran and didn’t know that retired veterans pension ends for their spouse when they pass away! That’s horrible to fathom, especially after that retiree served for 2 decades or more! In the private sector the spouse of the deceased gets their pension payments. So sad to find this out. I wonder if my brother who is a retired veteran is aware of this? 🤔
@muniondalenewyurk6777 ITS awful. My grandmother had to jump through hoops just to fight for some benefits. She only had enough money to pay the light, water and food AND THATS IT. Nothing luxurious. No traveling. NOTHING. JUST BARE ESSENTIALS. EXTREMELY BARE. My grandfather was a Korean War vet.
I'm retired military as well, 24 years also. Apparently, your grandfather didn't sign up for the Survivor's Benefit. Upon retiring from the military, the personnel office offers this to the retiree. The retiree agrees to have an amount (less than 10%) withdrawn from his retirement to fund the Survivor's Benefit. When the service member dies, the surviving spouses will receive half of the retirement that the military retiree was receiving.
As an investing enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $745K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?
People spend their money when they have it. And when they have more money, some people tend to spend it more. You should speak with a financial expert if you wish to improve your financial management.
ANOTHER SHILL POST FOR SPAM/SCAM. ALWAYS REPORT THESE, FOLKS.
You become a millionaire by having cash when everyone else needs it. Wait for a recession and invest in blue chip stocks when they’re selling for pennies on the dollar. Just invest in safe 1 year CDs until then.
P off African wonga wonga scammers @zullard565
@@thejackbox Great advice, just wait until the opportunity knocks. I don't know beans about blue chip stocks, but my knowledge is in real estate. My advice to the the original poster would be to invest in what they have the most knowledge in.
This is helpful for a 71-year-old but even more helpful for a 31-year-old.
31 and completely agree!
Exactly and Dave would give different advice to a 31 one year old. Truth is she can not work 40-60 hours a week. And at her age the odds of her becoming very wealthy are very very slim. So the advice he’d giving her is help the rest of her days out with as little stress as possible
At 31 they will NOT pay any attention to this. They are invincible and will live forever at that age. No worries at all generally speaking.
@@randymillhouse791 I’d say there are a lot of 31 year olds starting families and paying attention…
@@mknawabi If they are starting families then they are not paying attention. I never had kids and, no, that wasn't a court order. 🤣
Watching this at 19 years old really puts this stuff into perspective for me. I hope this elderly couple is doing okay now :(
Start saving now even only a little out of each paycheck and don’t touch it til retirement. Wish I had done that at 19.
Watch it carefully.... hundreds of thousands of seniors are in these shoes. Thank God you can get a job if you want one.
And here is me, living in Europe figuring out how to "go retired" before I am 50....I can't belive how tough is living in US
Buckle up kid, it's going to be a bumpy ride 🤣🤣🤣
@@dianenotch2471
Me too. But I got out of all debt in my early 40’s. No mortgage, no credit cards, no any debt !!! 👍🏻😂
One of the clearer explanations of the problem from a caller. Good luck to her.
As an investing enthusiast, I've kept aside a good sum of capital to invest for financial independence and early retirement, but my concern right now is the market rally being propaganda. Is this a good time to buy stocks, or do I wait for the crash?
You're thinking too hard. Invest for long term. No one has the answers you seek. No one.
@@GDuncan8002 Off-topic posts like that are shill posts for spam, but the spam post got removed. There's tons of these scammers in the comments.
I appreciate how clear and concise she is.. I wish them both good health and a fix to their financial situation
If wishes were horses then beggars would ride
@@DisabilityExams ...
So clear and concise because she's reading a script.
They've not planned their lives well at all .. it's sad. At 71, you're meant to have retired already.
@@remmymalone6700 agreed. I kinda wish she went into detail on how this happened. Everyone has a story. I have a friend that made a good living but because of a kid that was addicted to drugs, stole money borrowed money, was enabled and sent to numerous very expensive clinics the parents are in rough shape financially. Sad but sometimes time moves faster then we’d like.
When I hear calls like this, I stop and thank God for all the blessings he has given me. I didn’t earn it, it is a gracious gift.
Spoken like a true narcissist
@@user-eh8yz6ko3t I thought so too!
I'm not gonna go so far as to call you a narcissist. However, your money is due to your decisions. The money you have didnt fall from the sky, it was by you.
Sure he’s given you blessings, it’s just puzzling why he gives other malaria, cancer, famine, poverty… a loving God, right?
@@johnmwalker8309 Oh those pawns are just there to teach the designated special creatures like him a lesson
People grappling with the difficulty of meeting essential expenses often encounter this situation due to inadequate savings during their working years. The decisions taken in readiness for retirement carry extensive consequences, as demonstrated within my own family dynamics. Despite I and my husband having equal tenure in civil service, differing investment approaches yielded disparate results. Guided by a financial advisor, We are both retired and still earn monthly from our investments.
Indeed, that's accurate. I'm currently in my mid-50s. My husband and I were on a similar path until a couple of years ago when I decided to shift my investments to his wealth manager. While I haven't quite caught up to his accumulated profits over the years, I'm at least earning more now. I'm generating income even before retirement, and my retirement fund has experienced remarkable growth compared to what it would have with just the 401(k). It's quite amusing.
It's regrettable that many individuals lack access to such insights. I understand why people might become anxious. Insufficient information can indeed pose significant challenges. Personally, I've been able to generate over $25k passively simply by investing through an advisor, and the best part is, I don't need to exert much effort. Regardless of economic fluctuations, skilled wealth managers consistently deliver returns.
Could you guide me on how to get in touch with your advisor? My funds are being eroded by inflation, and I'm seeking a more lucrative investment strategy to effectively utilize them.
Do your homework and choose one that has strategies to help your portfolio grow consistently and steadily. ‘’Camille Alicia Garcia” is responsible for the success of my portfolio, and I believe she possesses the qualifications and expertise to meet your goals.
I've taken the initiative to research Camille Alicia Garcia online and verify her credentials. I'm impressed with her expertise, and I've reached out to her to share my financial market goals in detail.
I’ve been saving for a long time instead of investing, and right now I only have about $516k. I'm not sure how to make it grow, considering all the inflation, into something substantial that I might use for retirement. I'm just here for ideas
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
in times like these, it's crucial to be cautious and not rush into the market , Who is this your FA , my portfolio needs urgent attention , been a lot of loss.
*Natalie Marie Gentry* is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
At one point Dave looked concerned, sad and perplexed...that’s rare. Watching this just made me change my mind about a big purchase I was debating. That money will now be going into my investment account.
Excellent
Good going,nice move.all the best
Glad you did yourself that favor. As you heard here, there will come a day, that we just can't work anymore. You want to be prepared with enough cash and to get you by and make due if that day should come.
@@waterheaterservices
Agreed.
Smart move.
Currently working overseas but will return to my home country in the near future. I'm a landlord. I invested in property at the age of 22. Value has soared and renting out. Will live on the rental income I receive and live with my aging parents for the time being. At 60 I can withdrawal from my superannuation (401(k)). Have savings and eligible for the Australian pension at 63. In the future I may downsize, sell the property and buy cheaper property and add the left over money from the sale to savings. Lots of options for me. The way I see it if you have $1m at some point, that’d be enough to create a portfolio that would pay you between 50k-70k in dividend income...
@Bobby Blue This is exactly how i wish to get my finances coordinated ahead or retirement. Can I get access to your advisor?
@Bobby Blue Thank you for the lead. I looked her up, and I have sent her an email. I hope she gets back to me soon.
If I were in that situation and it was possible to receive some salary in dollar in pension or retirement while abroad, I would move to a Latin America country. She could live very well here in Brazil with 2 thousand dollars per month, best than most Brazilians. Better than work until 90s.
Great landlord surviving off the back those less fortunate than you
Landlord 😂
After a terrible 2022, shell-shocked financial backers have a lot to think about and losses to recover from. An expansion report and a wealth of other data did little to alter assumptions that the Central bank would likely keep raising interest rates regardless of whether the economy slows down. This implies that portfolios will experience more losses during the first quarter of 2023. I'm currently at a crossroads deciding whether to exchange my $250k security/stock portfolio; how might the continuous market volatility work to my advantage?
Concentrate on two main objectives. First and foremost, keep yourself safe by knowing when to sell stocks to reduce losses and maximize gains. Second, prepare yourself to gain from a market turnaround. I advise you to seek the advice of a representative or financial counselor
@@MarcusFred-wn3iv In fact, ever since Coronavirus, I've been in regular communication with financial examiners. Nowadays, buying moving stocks is quite easy; the trick is knowing when to buy and when to sell. The section and leave orders for my portfolio are made by my counsel. accumulated more than $550,000 from a $150,000 savings that was initially stale.
@@MarcelPhilips Please provide the information for your investment advisor here. I really need it now.
@@MarcusFred-wn3iv She is KRISTIN GAIL CUNNINGHAM , my consultant. Since then, she has devoted section and leave attention to safeguards that I have been keeping an eye out for. You can locate information about the chief online, on the off chance that you're interested. I made no regrets about substantially adhering to their exchange strategy.
@@MarcelPhilips sincerely thank you I looked her up on the internet and was awestruck by how qualified she was; I contacted her since I need all the help I can get with canning. I've just scheduled a call.
I have been retired for five years now. Although I've been adhering to the 4% rule, things are challenging as I did not anticipated. I have another $460K to put into st0cks. How can I profit from the market's resurgence.
Now you are retired and depend on your investment, it’s best you redistribute your capital. To simplify the process, you could allocate your resources with the help of a financial advisor.
I needed a good boost to help my dwindling stock portfolio stay afloat, hence I and came across an expert who helped a lot to grow my port-folio from $275k to approx. $850k in two years.
My financial advisor is *Sharon Louise Count* I found her on a CNBC interview where she was featured and I reached out to her afterwards.
SCAMMER ALERT:
you and the posters below who commented are scammers, posing as strangers to one another.
buy assets... property, gold, silver, etc... no reason for you to be invested in the stock market when ur retired. too risky
Here’s the thing: “You’re not going to see the inside of a restaurant unless you work there.” -- Dave Ramsey
Words to live by!
Rice, beans, and homegrown vegie time. Streeeeeeetch that budget.
The American Restaurant Owners Association wants to know Dave's location.
@@waterheaterservices 🤣
@@waterheaterservices Why?
At least she had the courage to admit she was in a bad financial position. Sadly this situation is probably "normal" in America, but most who will be headed in that direction when they reach 70 don't want to seek help or do anything to fix it.
I'm trying to avoid it but everyone keeps bashing me for it and criticizing me for it they call me stingy and money-hungry in my church for want to do this. been in the church for 26 years now I'm 26 years old btw and have been the same thing since I was a kid.
@@breakingben9575 It is important to consider other people's perspectives as well and find out if maybe you are stingy or money-hungry. As long as your focus is on God and not on money or future security in money you are probably doing the proper thing. If you in debt you do need to be a bit stingy and change your habits of not going anymore into debt at all. If you have no debt, but not a lot of retirement you do need to relax a bit and not be so stingy. :) If you are doing all the right things financially but still not able to make ends meet, you need to either find a better paying job asap or take on a second job. Of course I am just generalizing here and do not know your situation. You may also be in an unhealthy church that is not focussed on what the Bible says, so you also want to check into that as well. And it might be useful to run a financial seminar there as well.
@@Kojow7 I am in dept and don't make much money.
@@breakingben9575 So you need to figure out what has been putting you in debt and change that immediately. If you do not make much money you need to start looking for a much higher paying job today.
@@Kojow7 this includes my parents. I have 20000 my parents have over 100000 as far as I know. They don't pay the student loans back.
SOME THINGS YOU JUST CAN'T FIX... AT 70 you aint starting over again ... 😢😢😢
Another round of bad advice. Why would you tell the lady to sell the house that is almost paid off to get into a condo where fees are not in her control? Have you heard of the HOA crisis that the country is going through where fees shot up 500% in a span of 2 years?
The video was posted 2 years ago. They didn’t know the future.
@@beckj18 This is another reason why to not give bad advice. By Ramsey’s own stance on real estate, he always says that home prices tend to go up over time. If that is the case, never advise people to sell their homes where they know the price is fixed for 30 yrs (I know insurance and taxes go up) and gamble with a condo situation where you have no control over your expenses. At least you can shop around for cheaper home insurance and many localities cap taxes for certain people if they qualify. But you can not negotiate your way out of condo fees.
lol dude, I’m sure you could have helped this lady 😂
Actuallly he gave her another alternative. It’s up to her to decide which route to go.
Dave forgot to ask her how much the monthly payment is on their home. For 70-year-olds, if they've had the home a while, it may be LESS than what the HOA fees are for a $100K condo. She tried to tell him that, but he cut her off. Also, with a condo, the HOA fees will keep going up, while fixed mortgage payments don't (though taxes do). Not to mention that condos can suddenly increase assessment fees (separate from HOA fees) for things like a new roof, which could really bust these folks' budget. At 70, she's better off staying in her home. The rest of his advice was solid.
I live in a condo and I haven't experienced that. My condo dues have gone up once in the seven or so years I've lived her (it increased about $15-20/mo) and we've never had a special assessment. The benefit you're overlooking is not having to worry about things like lawn care, trash pickup, snow removal, putting on a new roof, etc. That's a tremendous benefit, especially for someone their age and in their predicament.
@@1981lashlarue My condo fees went from 198.00 a month in 2012 to 380.00 a month starting 2024. We've had a 5,000 emergency special assessment once in that time (for sewer work). You're lucky yours hasn't gone up (mine is a little condo built in 1975). I'm on the Board, so I know nothing in the fees are being wasted.
@@WoodlandDance That is a hefty increase. I moved in in 2015 and they were $180. They just went up for I think the second time or so and are now $240. We haven't had a special assessment since I've been here.
Why did yours go up so much at once?
Go somewhere similar with no hoa
Exactly my mortgage pmts are $700 month plus utilities no way could i afford apts or homes for rent in my area!!! I took on a tenant in my house to help me after job loss covid & 2 breast cancer surgeries! I have a dog a yard a house i hate apt living and condo 😢😮 so i do the best i can with a bad situation. Why do they need to go into a condo? He did NOT ask what mortgage pmts are conpared to condo pmts
So heart wrenching - counting pennies at 70.
Because maybe they didn't count pennies at 50 or 60
@@Columbus1152 or even 20 and 30..
this is the future for all of us.
@@Mike-qc8xd Doesn't have to be
@@Columbus1152 Exactly. Some advance planning early in life means you're stacking money and living large in retirement. If you've done things like pay off all your debts (including mortgage) when young, you can live very well.
THANKS. Just what I needed to watch. My wife and I are administrators of our farming business and our own properties, as well as small pensions. I am almost 56, my wife is 52. We have started saving for retirement from the farm and maybe live off rental income, I would really appreciate it if you would do a video on how to earn passive income online and retire comfortably let's say 3 million bucks.
It really isn't about how much you save, it's about how you manage your money. Whether you work to earn income or invest, it still boils down to income Vs expenses, so yeah you may look into investment advisors for a strategy that suits your timing.
I totally agree, I'm 60 and just retired with about a million in outside retirement funds, no debts and very small dollars in retirement funds compared to my balance of portfolio over the past 3 years to date. tbh, the role of an invt-advisor can only be overlooked, not denied. Just do your research to find a reputable one.
This is exactly how I wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?
Christine Ann Podgorny is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
Pay attention! THIS is why you don’t count the house you live in as part of your financial portfolio for retirement purposes. You have to save/invest over and above what you pay in mortgage.
Why are people saying they should move to another state? They live in Oklahoma! It doesn't really get much cheaper than that!
If they live in the city, moving out aways while downsizing their house to another house (without HOAs) would help.
Plus they can't afford to move.
It's never a good thing to move people in their 70s anywhere.
Sure dont want to live in an apartment or mobile home park. Those rents and lot fees always go up, and up, and up.
Deep South might be cheaper but no state near a metro area
This is why saving for retirement is important.
@Anthony Harris 👍🏽 ...shelter is the biggest expense
they are still buying fancy cars (11k in debt), have some fancy thing at home worth 10k (i don't even know what that thing is) and they do eat out! Maybe they are enjoying the stress!
Thats why getting rich asf is important
Retirement is no guarantee some ppl just build different streams of income instead. However if you feel you can live long enough for retirement go for it.
They did it’s NOT enough
I cannot talk about the emotional level, but my aunt and uncle were in a similar situation about 10 years ago. They sold their house and bought a 400 sqft condo in a 6 story block in the same town they already lived.
They had to give up much, I know, but they are debt free now. And on top I think that they are happy.
God bless this couple. I hope their situation has improved
The fact that we don't teach basic finances in school, but continue to teach Algebra is borderline criminal. It's almost as if the system wants us broke and poor to keep us working low paying jobs our whole life..🤔
That’s exactly why the system is the way it is.
I've done budget counseling for adults through my church in an affluent, small city. Most of them were not able to grasp the concepts involved, much less find the discipline for maintenance. Therefore, IMO, we can't teach this in K-12. The kids would think it's too difficult, complain to the parents and the parents, who can't grasp it either, would insist it not be taught. Perhaps in a better educated country this would work, but not in the U.S.
To be fair, I did have limited success. One couple, a master's in education, another couple, an engineer, and a third was in IT. Obviously, these are well-educated people.
Basic finances doesn't require more than being able to add, subtract and calculate percentages, so people do learn all that is needed early on. The problem is that people have no self control and care more about instant gratification than thinking long term. You can't teach that in school. It requires life lessons for that to sink in.
@@ybergik all due respect but financial literacy is far more than basic arithmetic. Most adults don't even know their house is a liability not an asset, or understand compounding interest, cash flow or budgeting..
@@Jack_all That is just outright wrong. A house is an asset. A mortgage is a liability. But people don't even need to know that. Botton line is if people just made sure to set aside ~20% in savings every paycheck and adjust their spending accordingly, no-one would have any financial problems. But of course that's not how most people do it. They spend it all on "wants" first ("we've earned it!"), pay the bills with whatever is left and then claim they earn too little to put any into savings. It would not matter how much these people earned, it would always be gone before they started considering savings.
I’m 30 and this is everyone’s nightmare. It’s INCREDIBLE how little decisions in your youth become a big snow ball when you are old and at that point in your life. Life becomes so narrow that you have no other choice than to face all of your bad decisions. That is why discipline makes you make sacrifices in your life for the better of your future.
Save n invest Bro.
It's not that hard. Just buy a house in 1998.
@@markusParkus233 and in 2050 people will be saying should've bought a house in 2024...
I started saving late in my mid 40's mainly just in case I got old. Well I got old. If I had it to do again I would waste less when I was younger and invest more early on to take advantage of compounding. I think I'm ok but I don't take it for granted I still live on a budget.
It's not all bad decisions that lead to these situations. I worked hard, had a six-figure job, savings, retirement/investment accounts, and equity in my house. That got wiped out in the 2008 recession when I was in my late 40s. No discipline in the world would have changed that.
I was so sad for them hearing about their story truly a wake up call and I hope they are doing much better thanks for taking this dall
They have a massive house they can sell and buy a condo. What are you talking about?
Used to work with a guy, wife left him and cleaned him out, took half his pension and he ended up living in rented shared accommodation at 63. Intelligent guy, I felt really bad for him.
My mother's had her condo paid off and her Hoa fees just went up making it really challenging for her financially. Condos can be a nightmare too.
yes...and Dave just mowed right over what she was trying to say about HOA fees....! sheesh!
And not only HOA fees but assessments. My mom lives in a condo and the amount assessment fees she has paid over the yers she could have bought a house.
Yessssss. They should pay the house off and then the car and be done.
@@genacunningham1731 Not every condo has high fees and assessments. You have to do your research on the HOA and buy into a lower end development with minimal amenities (keeps maintenance costs lower) and well run management.
You can look into the HOA budgets before committing to purchase.
Lower cost of living areas are more likely to have affordable condos with low maintenance costs. That’s why he was recommending places like Oklahoma City.
So send her money, it's your mother
If this doesn’t scare me, I don’t know what will. This is terrifying
Yup. All my family works for UNIONS. We stayed out of the private sector 40 years ago. UNION UNION UNION! WE HAVE PENSIONS
Me, I'm learning and it scared 😨 me, but, I will stay focused on my journey to keeping moving forward.
@@SamuelClemente7718 thank god i stayed with my union job
@@SamuelClemente7718 Nothing is wrong with your thinking but it is not the only way to skin a cat. I work for a private company and I too have a pension. BUT I don't count on it.... that is I made my money REGARDLESS of any pension.
@@johnSmith-uz8nl 401k is not a pension.
Extremely good & sensible advice, that too given on the spot, answering the phone call ( as it is a live call and not stage managed). Dave Ramsey knows what he's talking; he really, truely cares. Hey Guys, we are in safe hands. I just loved this.❤❤❤.
I pray that lady will come through this and do well. God bless her
Quentin, we are rooting for her but the reality is , all it takes is one illness and she is back at square one. it is scary as hell . Dios Mio !
I'd love to hire an elderly woman like this to watch my kids. I bet it would be easier than cleaning and they could learn so much from each other. I bet many other moms would like the idea...
Depending on the children, age, sids risk, childs health and if it is highly active.
You are nice pretty and respectful
My mom says cleaning is easier than watching children
@@dianac6250 I have to agree, but some kids are easier than others.
Omg watching kids is way harder than cleaning!! Of course it depends on the kids.
Despite her situation she is very articulate and concise indicating a good mind and conscientiousness
This makes me very sad, and appreciative for what I have. It seems that the older you get, the more comfortable they should be.
Our school system does a terrible job of teaching finance. Decades ago a book came out called "The Millionaire Next Door:. It was all about living below your means. Being broke is a great lesson if you do it when you're young and pay attention. "Most pain is self-inflicted"
And the schools teach about polygons and other worthless life lesson's. Not the reality of life!
Start saving for retirement early, so your money has more time to grow.
Understand your options when it comes to retirement savings accounts and investments.
Calculate your net worth on a regular basis to see if you're on track for retirement.
Work with a financial professional if you need help or advice.
Who are you working with ? Been trying to get my feet on it.
TAMARA DIANE HAGAN does a good job for me. Look her up on the web.
Thank you. found her profile and will be sending a message.
She should just sell everything, keep one car and buy a tiny house, move to a community with others living like them and live out their retirements. She deserves it and it can benefit the husband as well.
They Don't want to admit how poor they are.
Wow! You are absolutely right. Plain and simple.
Said that at the beginning of her story, sell the house and all unnecessary encumbrances (like a roadster), pay off debt, buy smaller place (don't rent) and live modestly. This is doable. There won't be much of the retirement activities they imagined but could be worse.
They are not that bad off, whats the big deal. They have like pretty low debt. Get rid of the cars buy something super cheap. Sell the house. Enjoy the next 20 years before u die
Tell us we’re is affordable no place for seniors
My mom lived on $800 a month on section 8 housing paying 1/3 for rent, phone and electricity bill, and food. She wouldn't get food help from anyone. She starved herself for 11 years before passing away.
The perfect response, I think. You weren't rude or condescending, but you gave good, clear, practical advice and didn't sugarcoat her situation.
As a 24 year old, this is why I save 40%+ of my income. Thank god for social security in their case
SS is a ripoff.
Keep it up! You're gonna end up very well off.
Social insecurity is the truth. Its all a ponzi scheme!
God.... with a capital "G". Just saying ! 👍
Good choice you will do great later on in life . Another good choice is real estate buy and double your payments get it paid off it will always hold value and you’ll be mortgage free before retirement
This is literally my worst nightmare
Mine too 😥
Me, frist.😳😳😳 scary
Good news is you have control over this nightmare.
@@teresavict1831 how old are you
How old are you guys
The part where you spoke about investing really stuck with me. I'm a watch lover and I own a vintage military submariner Rolex(family heirloom). The goal is to become a multimillionaire, retire and live off my investments. I own a few real estate rentals, I play around with stocks and crypto but I'd love to take it very seriously this year. Is it possible to retire at 45 with $20million? I'm currently 32 and that's my utmost goal.
Sure you can, it all boils down to consistency, people most often overestimate what they can do in 1year and underestimate what they can do 5years. Best of luck.
I agree, I'm into real estate too. I started dabbling into stocks and crypto due to it's liquid nature, made some pretty decent cash and I went all in. Didn't know much about stock/crypto, hence, I made an avoidable mistake and lost all of my gains that same year. Came by a coach commended by an associate, we connected. It's been 3years and counting following her guidance and I've made over 4million dollars, so yea definitely $20million is obtainable in 13years...
@josephbush Very well said, that's impressive, I'm not much of an investor, I basically have all of my money sitting duck in my savings, been trying figure out what to put my cash into seeing inflation is at it's highest and I really would love to discuss with the coach that guides you
@marvishaN The adviser that guides me is HEATHER LEE LARIONI. She works with Empower FinanciaI services near my old office so I see her often to discuss my business. There are a lot of independent advisors you might look into. But for me, her strategy works hence my result. She provides entry and exit point for the securities I focus on
@josephbush She appears to be well-educated and well-read. She seems proficient considering her résumé. I ran a Google search on her name and came across her website; thank you for sharing.
I genuinely mean it when I express my stress and concern regarding the market crash and high inflation, particularly in relation to my retirement. I have been experiencing losses for quite some time, and while some may argue that crises can present opportunities, I am feeling overwhelmed. However, I understand that investing is a long-term endeavor, and it is crucial to maintain focus on the bigger picture and the long run.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $760k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
how do I get in touch with this consultant that assist?
STEPHANIE KOPP MEEKS, that's whom i work with look her up and thank me later
Thanks for the info . Found her website and it really impressive
A condo is not a retirement home. The elephant in the room is the cost of aging and declining health. Who will take care of them and who will pay for 24/7 caregivers when that time comes? Without a good long term care insurance policy, out of pocket expenses are $10k+ per month. A mountain of savings will disappear fast. This reality is the unspoken epidemic in our society.
well said.
You are 100% spot on (seriously).
Exactly. Financial literacy is not taught in high school or college really. Why ? Simple. Politicians want control of societies people. AKA the strangle hold.
Hoa fees all a condo is an apartment but with fees it’s a dumb investment
Why do people believe that all people, when they get to a certain age, have to have a care home? Or, any kind of care at all? They fact is, is that most people will never need a care home and are actually quit self sufficient, needing very minimal assistance with ADLs ( activities of daily living )
Financial stress can be so debilitating. Unbelievable how hard life can be
I get the feeling the kindly elderly person was not saying how they overspent way beyond their means for decades. They are facing a painful financial pinch, which is not the same as financial devastation.
Learning by listening. Thank you Dave!
I hope they are doing ok now. It sounds like the house payments and the cost of living in the house is stress enough. Sometimes it takes that big change in your life that you feared, to realize it was the best thing you needed. I hope they sold the car, paid off the house , sold the house and found an affordable nice condo.
I’m 48, have been saving for retirement nearly my whole working life, and *I* am nervous about what my retirement scenario will look like. I own a home that is nowhere near paid off (other than that and a simple car, I have no other debt). As a single guy, I love eating out, going on cruises, and getting on an airplane and flying wherever. His advice is good, even for me. I need to quit living like the money fountain’s never going to stop, and start living like I’m bankrupt so I can get that car and house paid off.
I’m in the same boat.
Too bad abrupt climate changes everything
If they move to NYC they have welfare system free cash assistance plus free medical
I’m 50 and in the same boat.
I live in NYC and if you own a house in NYC, you can't get much assistance. Not even if you need a home health aide person.
She knew what she has to do, she just needed to be told. The car, eating out etc…. You gotta get your priorities in check
Yes. Eating out costs so much!!! Don't over spend!!
Only Rosie O'Donnell can afford to eat out for chrissakes.
Yeah she may know what to do but it’s not up to her it’s up to them(as a couple)
It helps to hear it spelled out. I am taking a class right now in quality engineering. It is all mostly common sense however I will be a better engineer because of having these concepts spelled out.
you shouldnt be eating at 71 you need to be fasting.
what can I do? I have been disabled since 2009 and I am 58 years old at the verge of retirement. My portfoliio of $750k is down to $492k, How can I profit from the present market" , I mean I've heard of people making upto $250k in couple weeks during this crash and I'd like to know how.
The market is volatile at this time, hence i will suggest you get yourself a financial-advisor that can provide you with entry and exit points on the shares/ETF you focus on.
@@PhilipMurray251 I agree. Having an investment advisor is the best way to go. Based on a direct encounter with a CFP named Kathryn Alethe Hall, I can say with certainty that their skills are excellent.
@@Robertgriffinne Mind if I ask you to recommend how to reach this particular coach you using their service?
@@kurttSchuster The adviser I'm in touch with is Kathryn Alethe Hall, She works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television.
@@Robertgriffinne I just checked her out and I have sent her an email. I hope she gets back to me soon.
Omg . Cleaning house for a living @71 years old is heart breaking
marleen, sad ain't it. made me wanna cry . fr
I really like the advice they gave this lady. It's solid, in my opinion. I would like to point out, however, that there is nothing wrong with being a maid. He said it in kind of a negative way, I feel. It's honest work. I respect a lady who does honest work.
he didnt say it was bad. he said it was too phsycially demanding for her age- and he's correct
@@tahitiantreatskeetjuice5587 Correct. He was quite respectful about it.
It is also a pretty poor job to hold, so while it's honest work, it is pretty bad. In the end $24000 a year doesn't cut it in almost any place.
He said it negatively because she 70 years old cleaning home. It isn’t something that easy on the body
He did not say it negatively, he simply said it is hard work but you can make good money.
18-70: spend spend spend!
71: should I start saving?
Yep
Don’t understand those people
Medical bills…
they dont sound like they were foolish with money
probably didnt make a ton$$$ .. some health problems..... and just dont know how to budget
lets face it....... the govt school system doest teach people about money
@@jonathanarras1281 ONE medical bill could lose their home forever. Just ONE.
@@dagobaker SO, you want to blame elementary school? or High school? These people only have one place to put blame... it is themselves. AND you don't need to make a lot of money to become rich... I am living proof.
Solid advice for their present situation. What this woman most likely doesn't realize is if one of them passes away - they will only have one of their social security income to live on.
No widow benefits?
“We don’t spend money”
Next breath “We eat out every day”
I earn a comfortable salary and am earning a decent pension for retirement years. I DONT EAT OUT DAILY. That's a rare treat. Good lord. I'll never clean someone else's toilet in my 70s.
And later "we have a roadster valued at $10K." Priorities lady.
As a tax preparer I've seen this more often than one might expect😔
I remember one year when I was getting my taxes done at H&R Block and a 30 year old woman was sent up to the front desk after her taxes were prepared and she was supposed to write out a $2000 check to the IRS. She was screaming at the receptionist that she doesn't have the money to pay the IRS. The receptionist was cowering in the counter and didn't know what to do. Very tramatic in that business.
Good luck to you both
@@MyLifeThai371 File an extension. It has to be paid or the IRS will start to garnish your wages. NEVER EFF WITH THE IRS. You could go to jail for tax evasion.
@@MyLifeThai371 wow, that's scary owing that much
Our tax system is unfair and helpless...sadly.
I saw this first hand with my parents, it is really scary.
Me too with in-laws
@@ariv8585 It sucks......
Yes this is my parents.
This definitely sucks, but even if you tell people most won't listen especially when they're young
What are your parents doing?
I a manager of a company I used to sit down my young employees and work with them on their retirement. I have encouraged my two children to save and invest for retirement. My son is 33 and he and his wife is doing a good job. My daughter 31 her husband is in medical school becoming a neurosurgeon so they will be okay. People just wait till the end. I totally enjoy retirement now.
I love how they said, "You can do this." Dave Ramsey has a gift. Problem solving is divine ❤
Nobody knows which way the wind will blow. A few of my former co-workers had impressive 401k balances but some passed away before 65 years old and never got to enjoy everything they worked hard for. Do the best you can with the time God has given you. 🙏
Yea that's the thing you grind hard for many years in hopes for that good retirement. However theres no guarantee if you will make it and some ppl won't take that chance.
Most of us will make it to the age of 65 though, so we need to plan accordingly.
most will make it, AND need it... there is no choice, you have to save for retirement. if fate has it something happens to me than the money will be there for my wife and more importantly for my kids. someone will benefit that I love.
Precisely why I started collecting at age 62. It got me out of debt, and got me some breathing room. I too have unfortunately seen many of my coworkers pass away in their 50's.
In addition to collecting SS, I picked up a part time job. ✌
@@marcopiscina4848u can work n still get SS?
This is my nightmare. This couple is why I save. They’re just going to have to work until they die. That’s their reality.
They could just move into a condo and retire modestly.
They may get so they can't really work at all. But I think they can make it ok.
This is just scares me to death. So many on this path and don’t want to admit it. This video is a good reminder.
Terrifying.
There are many,many people like her. God bless them.
Hey Dave, Im a real estate investor and you completely missed what she said and cut her off- She was right and you were wrong. A condo has HOA fees PLUS taxes that she would have to pay which is more than her property tax would be on her house. May be a break even in about 20 years or so by selling house and buying condo. Should have LISTENED and addressed her concern over HOA fees on condo.
I thank God I had a mother who drummed into me and my brothers heads when we were teenagers to save for retirement. And the importance of NEVER touching that money until you do retire. Thanks Mom. Now that I have been enjoying retirement for many years I appreciate her wisdom.
Truly an amazing mother who loved you. Hope all is going well.
It’s compulsory in Australia for employers to pay into our retirement funds now. That only came in during my parents’ working lives, so lots of older people don’t have much saved. Our generation will reap the benefits of being able to live off our own savings because the government makes us.
We also get rewarded with tax incentives for paying extra into our own retirement funds, which is what my family and I are doing.
The real society-wide benefit will come when we can dramatically reduce the amount the government has to spend on pensions when we’re older.
The only problem is that there are a few things that people are allowed to access their funds for early: I weep when I hear of people in their 20s or 30s taking out $10k and thinking about just how much money that will cost them when they’re 70.
she was thinking ahead and didn't want to see you kids struggle.
Are we siblings?
Another big part is to find a wife who thinks the same way...from experience, it’s very hard to save when your wife thinks you can save without spending less.