I'm Worth About $1,7000,000, Do I Really Need a Financial Advisor?

[@Muller-o4d]

Trust is certainly the most problem that am facing towards getting a financial advisor. I mean, I'm currently managing my finances wisely and being frugal. In the last 19 months, my investments grew by 43%. However, I've had losses in the past month, making me anxious. I'm unsure whether to sell everything or wait.

[@Mosley-vu7ff]

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.

[@Aron-r3m]

Very true , I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.

[@Marilyn-xm7ts]

Please can you leave the info of your investment advisor here? I’m in dire need for one.

[@Aron-r3m]

‘’Jenienne Miniter Fagan’’ 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

[@PMackenzie-vw3wb]

Thank you for this amazing tip. I just looked up Jenienne, wrote her explaining my financial market goals and scheduled a call

[@dannyhantx]

He's so rich they put 4 digits between the commas.

[@jculver1674]

I want to be that rich someday.

[@simonbelmont5801]

😂

[@havuckofp]

I also observed that

[@businessacc179]

😆😆😆

[@thatonerandomginger]

LOL

[@johann3096]

Caller: I’m an Arabian prince. Dave: Sell the car.

[@dmitriyr4095]

Well played, fake Ramsey account, well played.

[@rudysalas9138]

Hahaha i laughed out loud to this comment! Sell the cars fam!

[@DevinSmith1486]

sell the camel walking is cheaper

[@richardramfire3971]

😂

[@raymond4307]

🤣🤣

[@heidibriones]

Interesting amount of zeros in the title.

[@heaven-is-real]

LOL saw that also (too many zeroes there bucky )

[@igobybenny]

17 million haha

[@enricopallazzo3244]

Looks like they also have a comma problem.

[@costco_pizza]

@@heaven-is-real Never understand why these rich people call in to humble brag. $1.7 million??? You don't have any problems in the world dude. Hate these tone deaf calls.

[@mariak1785]

🤣🤣

[@lennoxmutterick6434]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

[@lennoxmutterick6434]

@PilouBen However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.

[@lennoxmutterick6434]

@PilouBen Clementina Abate Russo is her name

[@lennoxmutterick6434]

Lookup with her name on the webpage.

[@lennoxmutterick6434]

@PilouBen You are welcome .

[@MusicPhrase]

The caller didn't explain how he turned 200k to 1.7 million in 5 years. Not investing in the S&P and only putting in 1k per month.

[@sneakerhead567]

Exactly

[@AntwanAhmed]

$200,000k -> $1,700,000 in 5 years? Sounds like he needs to do some financial advising lol

[@JerimarGonzalez]

From whom ? You ?

[@brayanbujanda3766]

Read it again.

[@AntwanAhmed]

@@brayanbujanda3766 ty lol

[@AntwanAhmed]

@@JerimarGonzalez I talk about PF on my channel but I think he already does what I preach lol

[@danstivler8935]

$1000/ month for 5 years in the S&P (let’s say 15% yields) is only around $530,000. Not sure I believe this caller.

[@lumpilulu]

The short answer... if it ain't broke, don't fix it.

[@RiggyRonnie]

If he ain’t broke, don’t fix em lol

[@ironmonkey1512]

I don't agree, wealthy people run into all kinds of things other of us don't worry about, like exceeding FDIC limit.

[@dodgeplow]

@@ironmonkey1512 Not just that, for him to go from 200K to 1.7M, he took some risk. If he's not diversified, he could lose just as big.

[@Last_one_before_I_go]

@@dodgeplow - fact.

[@firelordsozin3677]

The dude is so rich he broke the decimal system lolz

[@rchavez5056]

Great freaking comment. 😂😂

[@shqa574]

Metric comma! LOL

[@rchavez5056]

Dave wouldn't let the guy finish a sentence.

[@brett1506]

My guy told him to pay off his mortgage and hung up on him

[@LovelyKay03]

Right?! Lol

[@rchavez5056]

@@justinacase2623 Of course is Dave's show but why have callers if you don't want them to finish speaking?

[@texast2595]

@@rchavez5056 because most people get super nervous calling in and ramble on like crazy, so it'd be super boring if every phone call was 20 to 30 minutes long. He has to keep them between 5-10 minutes each. Yes sometimes he gets a little aggressive with cutting off but for the most part he does a great job keeping the convo flowing.

[@nova31337]

@@texast2595 exactly this. The guy also sounded like he was going off on tangents that would then have to be further explained. Some people are also super wordy and can't get to the point quickly when you have a limited time on the air.

[@huskiefan06]

Unless the financial advisor is fee based, you don't need one. Never get one that's commissioned based. 100% Total Market Index is definitely the way to go. I don't need a financial advisor to tell me this.

[@andrewz4313]

Yessir

[@ducks-on-quack]

But those sector etfs tho 😝

[@katazack]

Index investing has an important role to play, but it also has pitfalls. It buys everything at highs (S&P funds just had to swallow Tesla at astronomical levels), and when everyone wants to exit during a crash, watch what happens. Find a couple of good managed funds (they are out there) to put a little of your investments into. They are more expensive, but they have far more flexibility.

[@huskiefan06]

​@@katazack Funny what the yearly Spiva Scorecard constantly shows the managers can't beat their relevant index over time. If they could, we'd all be rich. The S&P 500 index is self cleansing. In other words, the components which are currently overvalued will become smaller components or will drop off the index, while new companies will be added to the index.

[@harrychufan]

@@huskiefan06 a fellow Felixer?

[@Je.rone_]

He seems like he he doesn't need one... he'll be taking advice from someone who is likely much poorer and probably financially less intelligent

[@7Wharton]

@C&G/G&C no chance he started with 200k with 1k each month in S&P from 2015 to now and has 900k. Its not hard to do the math on that with S&P returns... dude has 440k not 900k

[@coreydeluna5258]

like you?

[@7Wharton]

@@coreydeluna5258 like me?

[@katazack]

@@7Wharton I'm pretty sure he knows how much he has. I'm sure you do.

[@UserNameAnonymous]

Having a lot of money doesn't make you financially intelligent. That's like saying someone who is really healthy probably knows more than a doctor.

[@MarcAnthonyWellness]

I like how he cut him off right before he was about to explain how he makes more money than what Dave was suggesting.

[@BigChuck525]

Exactly

[@BigChuck525]

Twice

[@fitybux4664]

I like how every smart person in the comments noticed this also! :-D Dave is going to have to step up his game.

[@knowledgeiskey1319]

im so certain that everyone clicked on this vid just because of the amount of zeros

[@RiggyRonnie]

Wanted to find out if it was 1.7 mil or 17 mil

[@NumHeut]

yepp

[@ish1330]

I wanted to know where he invested.

[@janetrivera5648]

No matter the amount of zeros we have we still looking for means to make more money.

[@marcusted1660]

Mans quest for financial freedom are insatiable.

[@jeffreysproul9110]

Agree to pay off the mortgage. After paying off my mortgage 10 years this coming January it is a great stress reducer. I don't worry about what will happen to me if I lose my job and I have now reached the point where I am ready to retire and don't need to work. I will retire the end of next year. Also contributing the maximum to my 401K including the catch up contribution has allowed me to have a 401k in excess of million after 30 years. I don't even think about putting the money into a 401k and my wife and I have a sizeable stock portfolio in addition to the 401k. Having no debts is one of the best things that you can do for yourself.

[@pneron2032]

Thanks. And congrats.

[@tionwayne9930]

Wow this a very direct answer from Dave Ramsey, from my perspective adding another set of eyes in the quest to keep growing his portfolio won't hurt. I currently have a portfolio worth of $682k which I have managed grow this past eighteen months thanks to my wealth and financial advisors Jeff A DAKIN, and also different one which I singlehandedly manage for six months now which is currently at $47k. Their is always a huge difference but I can't doubt he has done a great job on his portfolio to grow it up to that figure.

[@annabelwillemse6997]

His number are quite impressive, I think he gave it his 💯

[@pedropio3838]

What I don't understand is why be in debt if his portfolio is worth $1.7m

[@markcyrus7898]

@@pedropio3838 I think it for the same reason Dave Ramsey school him to settle his debts, their is always a feeling you get when you debt free.

[@liviohuber4326]

@Tion our thoughts is always going to be different compare to that of a financial expert who is very involved in the market, with him their are numerous opportunities to diversify our Investments but with us there are just limited.

[@michealvaughan8089]

Seeing people make good money in the market amuses me, got me wondering what I've been doing wrong.

[@heathmcconnell3901]

"Over half the funds do not beat the S&P 500." Try more like 90% of active funds don't beat passive index funds, net of fees.

[@alexc5369]

So yeah.. over half is correct then?

[@thomasmariani8818]

But it sounds like around 50% and not nearly as drastic as it should have been said

[@heathmcconnell3901]

@@alexc5369 It's technically correct, but misleading. If someone hears that statement and isn't familiar with the actual numbers, they're likely to come away thinking that around 55% to 60% of actively-managed funds, rather than 90%, don't beat the indexes over time. Consequently, they're likely to think that their chance of beating the market, particularly if they invest with the "right guy", is around 40% rather than 10%. With the actual statistics in mind, a person is far more likely (rather than just marginally more likely) to succeed just investing in low-fee passive index funds. And here's where I have a problem with the statement referred to above. Dave heavily pushes the idea that people should hire one of his ELPs / Smartvestor Pros and pay the associated account management fees for the advisor to put them in actively-managed funds, which usually come with their own set of load charges and high annual maintenance fees, to try to beat the market. Dave also gets a kickback from these ELPs for the privilege of listing them through his site. And while I don't have a problem with referral fees in general, I do have to take note of the fact that he has a personal financial incentive to encourage people to invest in actively-managed funds through his ELPs rather than self-managing their portfolio in passive index funds, the latter of which is statistically better.

[@scottwilliamson6762]

Yeah Dave claims he can beat the index. Maybe he does but I doubt it. And he no doubt pays more in expense ratios and commissions which lowers the return.

[@AGL23]

He started with $200K in 2015 and now has $1.7 million in 2020 from investing in S&P 500? Or $900K in his brokerage account? That’s still an insane amount of growth!!

[@9to5investorsclub-investin36]

One area where a Financial Advisor can help is to protect his wealth more than growing it faster than he has been. Some factors could be: - Finding good tax havens so that he's growing his wealth without paying too much in taxes - Diversifying outside of the stock market to protect during market crashes - Real Estate as an example - Starting/Building up an HSA to have access to tax free money in case of emergency medical expenses - Life Insurance Policy - Either a fixed cost policy or even a variable account that can grow tax free like a Roth IRA but without limits or penalties upon withdrawal, short term & long term disability insurance etc. I'm not a Financial Advisor by the way but I'm in a similar situation where growing my investments & outperforming the market hasn't been an issue at all but have been looking more into these other areas to protect them.

[@DefinitelyNotRin]

Life insurance is only needed when you DONT have money. That is so false. You take one out for cheap early on when you have a family and passing away early could cause their lives to be troublesome. You build wealth as you go so you no longer require it.

[@tomm8025]

To the caller Joe, listen to Dave in the first part when he said "just keep doing what you're doing" and listen to your gut and mind and ignore Dave in his obsession with ridding mortgages, regardless of how low the rates are. You're correct, you'll make more in the market!! Keep using that money to build your wealth, not to pay off an asset that won't appreciate as much. When you are ready to completely retire and the income won't exist beyond your investments, that is the time to get rid of the mortgage. Just keep in mind, Dave is ONE OPINION, he is not correct in his advice or opinion on everything and has a long obsessive history with giving bad advice in regard to low interest mortgages. DO what you've been doing!

[@franklintyler4652]

Exactly, to say you want people to pay off their mortgage because they will have less stress is fine. To make the claim that his money won’t do better in the s&p 500 is a flat out false statement.

[@WoodUCreate]

@@franklintyler4652 The S&P500 is also not a very good measure of success either. More like the baseline. When he says his advisors make more money, then he says they're into index funds, well any idiot can invest in index funds and make more than the S&P. Do a Morningstar 5 search and pick a couple, its unbelieviably easy. Another measure Dave missed, something like 80-90% of the financial advisors can't beat index fund performance, unless of course that's what they're doing for you investing in index funds.

[@nearsite]

@@WoodUCreate Even then, after the fees you're still going to make less by hiring a financial advisor to actively manage your money.

[@armstrong92k]

It really would have been good to hear more from the caller. I love DR and his philosophies but the guy was not able to get a word in. He was gonna share about his journey.

[@JiisTube]

Dat title 🤣🤣 "I'm worth 1,7000,000 do I need financial advisor" "No, need a math teacher or typing teacher"🤣🤣🤓

[@worldofachristian133]

Dave!! LET HIM TALK!!!

[@ddo920]

Let the man talk. We wanna know how he did it. Dang!

[@bobwait3629]

This guy sounds like he's never going to be content with being a passive investor in index funds. He's in it for the adrenaline of trading. Bet he doesn't pay off his mortgage, either.

[@franklintyler4652]

@@JaredHoutsma risks not being acknowledged? You are making an assumption. There are also risks to paying your house off early that are not being acknowledged.

[@rrrrrfffff]

@@franklintyler4652 there are risks to NOT paying your house off early as well. If he is making risky investments and loses everything, including his job, he could get his house taken away. That's a long shot, but so is saying it's risky to pay it off early. It's really not. He has more than enough money to not worry about opportunity cost to pay it off.

[@franklintyler4652]

@@rrrrrfffff paying off your house early isn’t just advice Dave gives to people with 1.7 mil. I would also pay off my mortgage. That being said young people with long time horizons (a lot more of his audience than people with 1.7 mil) will drastically decrease their net worth over 30-40 years. People with low income making extra payments have a lot higher chance of losing their house due to lack of liquidity than a person who uses that same money to invest in Roth IRAs and brokerage accounts.

[@franklintyler4652]

@@rrrrrfffff this guy is in a position that 99.9% of Dave’s audience will never be in. So, Dave’s advice for this guy should not be applied for 99.9% of his audience.

[@colin1818]

@@franklintyler4652 - No, I don't think there are "risks" with paying off your house earlier. There might be opportunity costs that are missed. But that's not a risk per se.

[@acordu]

Hi Dave. Respectfully, when your daughter speaks, you interrupt her - every single time.

[@Peachlover345]

He interrupts the caller too

[@dababycar2899]

Yea ik

[@zimway57]

He has to control the time of the video/caller to keep it in a manageable time frame. If he lets the caller carry on too long people will tune out and go to the next video of choice.

[@acordu]

@@zimway57 Nah. There is plenty of time left, especially when the 'gotta go music' isnt even playing yet.

[@rdb0819]

@@zimway57 yep. I think he does it because some people tend to start venting about things they shouldn’t be worried about. So he tries to keep them focused on what’s important

[@ThePshaye]

Starting with $200,000 and contributing $1000 per month for five years would require a 49% annual rate of return to become $1,700,000.

[@user-cy7gu4zq2c]

WRITE MR ALEXANDER HOFFMAN ON WHAT SAPP HE MADE AROUND $10,500 FOR ME HE WAS RECOMMENDED TO ME BY DAVE HIMSELF.

[@user-cy7gu4zq2c]

[phone]

[@guyincognito210]

hilarious. Caller is smarter then Dave. Dave- Pay off your mortgage Caller- I'm at 3.5%, I'm making more investing that money?

[@farmergeorge6885]

lol and just a minute before he was explaining to the caller how the S&P averages about 10% a year.

[@WoodUCreate]

Dave-No you're not... Huh? he's making 50-100% returns and paying 2.5% on his mortgage but he's not making more? Dave is so singularly focused on paying off your mortgage that there's no other option. Do as I say, not as I did. Well he was churning loan shark monies, we're just talking low interest mortgages here. Keep that mortgage as long as you can at these rates. Build up your investments instead.

[@xX4estXx]

@@WoodUCreate Id like to see Dave directly respond to this scenario more. There is risk, and possibly attitude differences to paying mortgages off rather than investing it. But I think it’s a good talking point.

[@SG-zh5xd]

I agree with Dave on paying off your mortgage once you are financially stable pay off the house it is a huge weight .The amount of money you can start to save is amazing .

[@Last_one_before_I_go]

If I had 1.7M in a brokerage (non-retirement), I agree - from a psychological standpoint, own it free and clear - secure your possession 100%. However, if the money's in a 401K I won't touch it until I have to, penalties are huge.

[@ankitpanchal4167]

Starting balance = $200,000 $12,000 PER YER = 12000*5 = $60000 Total investment = 200000+60000 = $260000 Return = $1.7M ROI = 553.85% CAGR = 45.58%

[@bribri2925]

Guys! Stop making jokes about the title *i can’t like them all*

[@shqa574]

@Sponge Bob Yeah! It would be nice if all our salaries and bank accounts had extra zeroes, with comma.

[@bornkinggamer3347]

The S&P500 doubles more like every 8.45 years. AVERAGE rate of return is not as good as having a constant rate of return, DR should know this.

[@irvinsanta]

My guess is he started with 200K. Did 1k a month consistently but also added more extra cash when available, bonuses, raises etc.

[@Xspeedspec]

5 years his $1k a month is total $60k+200k= $260k=$1.7 M? those are good bonuses and raises etc

[@Corkfish1]

@@Xspeedspec yep. The numbers he's providing make no sense.

[@mannyjeanpierre4062]

I put his numbers into an investment calculator and it definitely didn't add up. Even at 20% returns you don't hit 750k in 5 years. Something is off

[@stevepasquarella823]

@@mannyjeanpierre4062 Unless he invested his $200k into a single stock? That would perfectly make sense. Just look at Apple since 2015.

[@mannyjeanpierre4062]

@@popcornto6032 he said in the beginning he started out putting 1k a month. maybe he increased it alot since then

[@BigChuck525]

The extra zero represents the amount of help he needs or wants from Dave. The caller is yanking Dave's chain or just wants to hear Dave say "Way to go. You're killing it".

[@randymarsh6477]

Oof the extra Zero threw me a phat curve ball

[@yolandagailes5628]

Me too!!! I don't think many people realized it.

[@shqa574]

If we pooled all our zeroes and commas, we might achieve 1,7000,000.

[@MrMustangrick]

Wild predictions on S and P growth by Dave again.

[@sarz24241]

yah, another video said 12% average a year

[@sharonbrown9721]

I have not had a good experience with smart vestor pro. He kept telling me Dave Ramsey would do this. I told him my husband was against it and he told me to go against him, Dave Ramsey said to. No Thank you Dave, If I'm you I'm looking at the people who you call Smart Vester Pros.

[@user-cy7gu4zq2c]

WRITE MR ALEXANDER HOFFMAN ON WHAT SAPP HE MADE AROUND $10,500 FOR ME HE WAS RECOMMENDED TO ME BY DAVE HIMSELF.

[@user-cy7gu4zq2c]

[phone]

[@786otto]

I'm not giving no one, one cent to manage for me.

[@jackpalczynski7884]

It takes knowledge to know what to ask when interviewing a financial planner. By the time you know enough to intelligently question a financial planner, you know enough to simply manage yourself. You don't need to do much to manage it yourself. 15 minutes a year is all you need. Buy and hold. The end.

[@anthonybatulis6516]

Why did this guy even call Dave. He should have his own show.

[@stuartclubb4302]

Most fee based advisors aren't really interested until you are worth a few million. And by then you can probably figure out how to make a few more. Front loaded funds or 1% "Assets under management" are just going to drag you backwards. Edited to add: Yeah, and the guy needs to pay off his house so he can then put his mortgage payment to investments.

[@rentalproperties8598]

He's being very active and investing smart. He must have RE in his portfolio to have built that level of wealth. If he understands investing and like it, keep doing what his is doing, and get a good CPA and tax advisor. Tax strategies are extremely important at his and higher levels.

[@user-wq4ui7gw1w]

@@popcornto6032 real estate

[@percivalgooglyeyes6178]

@@popcornto6032 Real Estate

[@psharpe5904]

Imagine being so rich that your numbers baffle the Dave Ramsey KZbin Titling team....

[@kvgolfa]

Dave: You'll make 12% in the market Also Dave: No you won't make more than 3% in the market if you have a mortgage

[@jwonz2054]

How did he start with 200,000 in 2015 and contribute $1,000 per month to yield $1.7 million??? The numbers do not add up for index funds... something else happened.

[@goon5544]

stocks and money, this dude does it and wins, don't question it.

[@deborahjuliani176]

I'm Worth About $1,7000,000, Do I Really Need a Financial Advisor? If you are not willing to own a stock for 10 years do not even think of owning it for 10 minutes. - Warren Buffet.

[@glencarterschlag5173]

She is a regulated FINRA broker so she is very much accessible to the public, just search her name online " Amanda Katherine Leff" Just search her name online, check out her website for financial or tax professional information, and mail her concerning her educational services.

[@user-cy7gu4zq2c]

WRITE MR ALEXANDER HOFFMAN ON WHAT SAPP HE MADE AROUND $10,500 FOR ME HE WAS RECOMMENDED TO ME BY DAVE HIMSELF.

[@user-cy7gu4zq2c]

[phone]

[@marcuschristian1222]

Despite all the economic crisis this is the right time to start up an investment

[@patrickthompson8478]

This is very true in todays time

[@riggswealth2225]

@@patrickthompson8478 Stocks are good but crypto is more favourable

[@wholesaletomillions9427]

@@riggswealth2225 I wanted to trade crypto but got confused by the fluctuations in price

[@wavebenjamin7755]

@@wholesaletomillions9427 That won't bother you if you trade with a professional like Mr Raymond

[@gracehuth3059]

@@wavebenjamin7755 I heard that his strategies are really good

[@heavenmystery]

And here it is, i’ve already expect it In the end no matter what you are or how much you have, he will sell you something Cover in “Helping” yet selling you the mutual funds He told the guy not to have debt, yet told him to put his money on the mutual funds with higher fee and risk as well. He already made alot of money his way, which is proven and he feel comfortable with it. So why should he take risk going out of his comfort zone ?

[@michaelau1378]

If that guy made that much money investing the difference and its working, why stop. Yes he may gain the piece of mind from paying off the debt but if he can handle it pretty well, why stop.

[@Lucidnaire]

Dave Ramsey is here to help people he has been doing this a long time. Pay attention to the call Dave identifies right away this is a troll call so all he can do is stick to his script and brand and exit the call immediately. Dave is smart and Caller obviously a troll. Nobody makes 200k into 1.7 million it’s must stupidity and for you people to buy into it just shaking my head. Click bait by the trolls.

[@MrNetsecure]

Lol

[@avm4177]

Yes . Pay off the mortgage !!!!

[@fbhaze7446]

Something is off with this guy. How do you have an initial investment of 200k in 2015 and invest 12k a year to end up with 900k in a brokage account. Even with a highly doubtful 25% return each year that leaves you with 733k not 900k.

[@appleforever6664]

Tesla

[@justinacase2623]

I'm thinking he got a match on that monthly deposit. Very vague tho

[@Psylent]

All in on TESLA

[@joefunk76]

The guy better than 7x’ed his principal in five years but rather than ask how the caller achieved such a return, Dave does nothing more than try to sell him financial advisory services. Jeez, at least romance him a bit first and ask how he made that return before going in for the kill.

[@erc9468]

If Dave has funds that beat the S&P by 1.5% and the fees are 1-1.5%, then he’s not really coming out ahead, and he’s probably introducing more risk. So a net negative.

[@mrsickotrading]

great episode

[@b3nishere]

I like how every time... “pay off your house” “yeah but I make more money than how much the house is taking” “NOPE! Sell the house” 10% on 250,000 a year is $25,000... 2.7 is... $2,700

[@johnpuckett1880]

You don’t need any advice keep doing what your doing.

[@tumbleweed4185]

Investors like this are a DREAM COME TRUE for a smart vestor. $1.7 million at 1% is $1,417/month straight in the advisors pocket for doing next to nothing.

[@yungjefe1876]

Let him finish talking so we can he what he do and how he did it...... stop cutting people off

[@scottjohnson921]

Dave can't do that, because he's always right and loves to listen to himself talk 😅

[@HighCountryRambler]

How do you extract $200k from a IRA or brokerage account to pay off a mortgage without getting killed on the taxes this would generate, and put him in a higher bracket, and me- have to pay higher Medicare premium, and him- the 10% penalty for being under 59.5??? That 3% mortgage rate savings looks to me like he would pay roughly 40% taxes and fees on the $200k, or his cost to pay off his $200k mortgage would be $280,000? Oh, I guess you should add in the 12% of $280,000 he would lose by not having it invested in his market account.... I was thinking of doing the same, until I ran some numbers. I decided to auto-pay more principal into my mortgage each month, about 3/4 of the way there.

[@SamM-nb1gs]

So Dave will invest in one of his guys if they can make an extra 1% but his 3% mortgage is a smart thing to pay off.. I mean I love dave and I understand the point of view, but it somewhat contradicts his advice in the first half of the vid..

[@alexc5369]

What?

[@BigChuck525]

Not really. Debt us risk according to Dave. That being said I'm in no hurry to pay off my house because I have the means to pay it off.

[@SamM-nb1gs]

@@BigChuck525 like I said, I understand the effect of getting rid of debt, but this guy certainly has the means to pay it off normally as well. I just think that if you’re going to be picky about percentages, be picky with all of them

[@SamM-nb1gs]

@@alexc5369 would you like me to rephrase?

[@BigChuck525]

@@SamM-nb1gs I agree with you. I think Dave made his plan as idiot proof as possible covering as many situations as possible. He wants to take thinking out of the equation. This may limit returns but pretty much guarantees a certain amount of success.

[@jimgriffith4504]

I can’t believe this was posted. They were trolled beyond belief, Dave swallowed the hook , the line, the sinker , the boat, and the dock, didn’t pause at the math, AND said you still need advice ..... Ha, and it still got posted. That’s either true ignorance or true balls , or perhaps he knows his followers are truly ignorant.

[@sirraymondluxuryyacht8131]

Sounds like he's doing just fine without one. A financial advisor just moves his money around and charges him a premium for doing so

[@AStanton1966]

They call that in the business "churning."

[@abitamimbharmal1498]

If financial advisors were actually useful, they'd be running their own funds rather than advising small time people

[@ILoveCiniminis]

Everything that Dave tells him to do or asks him comes with the response: "So, umm, yeah, so I..." changes subject d:

[@freeamerican1565]

Not paying your mortgage to invest in the market is pretty slimey

[@2liza011]

Rachel's sweater is adorable

[@MisterUrbanWorld]

awwwww look at Liza being such a girllllllllllllll

[@James-vj5hz]

I know it's cheetah print, but she's a cougar.

[@davinarobertson47]

@@MisterUrbanWorld daddyy

[@ajh.4131]

She got it from Target.

[@BigChuck525]

She was running late to the studio. It's a pajama top.

[@TarunBathija]

Dave - I love you - But the fact you recommend Mutual funds over Index funds for a POSSIBILITY of beating the market by a point and a half is ridic to me - I get that it adds up in compound interest but like you said but generously - WAY more than half of mutual funds DO NOT beat the market. Index funds all the way for your audience

[@user-cy7gu4zq2c]

WRITE MR ALEXANDER HOFFMAN ON WHAT SAPP HE MADE AROUND $10,500 FOR ME HE WAS RECOMMENDED TO ME BY DAVE HIMSELF.

[@user-cy7gu4zq2c]

[phone]

[@TarunBathija]

@@user-cy7gu4zq2c stop spamming

[@landonp.4073]

Dave is exactly the type of person who I would imagine laughs at his own jokes

[@Phyoomz]

then makes fun of you for not laughing at them too 😂

[@perotal]

And say if you don't find the jokes funny it's because you are broke and live in your mom's basement

[@drhoughton5481]

funny is funny regards less of who spoke it. cheers!!

[@davinasquirrel7672]

I only watched this one to figure out the crazy number in the title. Impressive, I have never seen such numbers.

[@dayvidsdays5644]

Short answer: No. I believe people can do it on their own. Granted if someone doesn't want to read or follow the news. I think paying for a financial advisor or hire a wealth management is fine too. If I was him, I would get a small and close knit group and talk investments to pitch/validate investment ideas.

[@LifeofKairo]

"If you don't drive the car off the road... You are gonna be okay" 😀😀

[@mesisson]

Financial advisor? No. He's done fine. No need to experiment, and no need to let someone else in on the action. There are books on financial advice in the library. They're free.

[@CaseyBurnsInvesting]

One million, seven thousand hundred thousand dollars in the title. Is “1,70000,000” 8 million or 17 million? That’s the question.

[@xXurbansweetnessXx]

Haha I've seen you comment on all Dave's video lol.(I've been bingewatching) Now I'm following your channel! I'm in Europe, so not everything applies here but yeah 😁 Let's see what I can learn

[@shqa574]

How much is that in Euros? XD

[@brandonluckman1816]

Most important input is time and no advisor will give you that.

[@twocents2034]

I came across something today, in the comment section on how hard it is to find a well trained BTC trading expert, well I recommend you to my administrator on crypto trades Harry, just what you have to do is reach him out on Wats..app.

[@twocents2034]

*🌟+ 1 . 5 . 6 . 7 . 2 . 8 . 1 . 9 . 4 . 0 . 1*

[@MattTheMortgageGuy]

Is it 1.7M or 17M - big big difference

[@farkasambrus5741]

He invested 200k into s&p500 in 2015. Now it's 1,7 mill 🤔 The numbers don't add up if it was only in s&p500 for 5 years.

[@CapitalCashflow]

Seventeen million or 1.7 million? 🤔

[@MrJay197409]

1.7 million

[@supercrazydesi]

17 million on the title. They got one zero extra by mistake.

[@nolongeramused8135]

Passive works quite well over the long haul.

[@sandan2358]

Way to go Joe 🙌

[@kckuc310]

I’m right there with you

[@brindlebot]

If financial advisors were any good they wouldn't need to give advice and they'd bet their own money and be millionaire's rather than collecting paltry fees. They are useful for people who are clueless about investing but this guy sounds like he knows what he's doing.

[@yrntmoney3745]

How do I find a good financial Advisor

[@sppati123]

S&P 500 rose 250% since 2015 and this guy's portfolio rose from 200K to 1.7 millions! I suspect he just called in to prove that he has a plan better than Dave's but he has no idea who he was dealing with.

[@roberteltze4850]

Dave is a bit too anti-mortgage. My monthly mortgage payment is less than taxes and insurance on the house. Yes it will be nice when it's paid off but I don't expect to feel a huge weight lifted because I will still have the other payments to maintain.

[@mjn3000]

I would say yes because it doesn’t look like numbers are your thing.

[@chrisscott1402]

Worth how much? Gotta be the richest caller ever on the show

[@joetyler835]

No

[@droptozro]

No. The millionaire theme hour has had many people call over time worth much more.

[@Dance1617]

Naa there's several worth 3-5M

[@ItsMikeArre]

Goes to show u that you def don’t need to be smart to be rich get out there kids

[@aaronwilson4252]

Pay your mortgage of an reinvest the money you would have put into your mortgage back into the S&P500. That way, instead of losing the 3%, you’ll be gaining ~7% a plus 10% than what you were making on that money before.

[@jray1461]

In march I sold some and used the proceeds to buy more of the same type as what I sold. So when everything recovered, I ended up gaining back my losses and was able to write the losses off as a capital loss against my capital gains. In other words, I recovered just like Dave did, except only I was smarter. Everything that Dave "recovered" is now a tax liability. Of course, he doesn't know this stuff and probably don't care.

[@victormarquez2976]

𝙒•𝙃•𝘼•𝙏•𝙎•𝘼•𝙋•𝙋•𝙈•𝙀•• +•1•4•2•3•7•4•2•7•6•1•8 𝙁•𝙊•𝙍••𝙈•𝙊•𝙍•𝙀••𝙂•𝙐•𝙄•𝘿•𝙄•𝘼•𝙉•𝘾•𝙀...

[@speakingtruths4215]

The strategies you utilize to grow a portfolio are completely different than the strategies you use for wealth preservation. Yes, you need a financial advisor at this point.

[@JasonGroom]

I'm sorry but Dave is wrong on the mortgage. It will earn him, in simple numbers, $20,000 in the market, and cost him about $6,000. You do not just pay it off. I would, but that is because of my personal situation, his situation can be different. Finances are not one size fits all. If you're paying an advisor that said they are, fire that person

[@JoelJoel321]

Lazy admin, sort out the number of zeroes.

[@bujin5455]

I love how Ramsey just throws out horrible advice like it's a no brainer. Yep, just sell out of whatever you have to, take on whatever taxes that'll create, and pay off your $235k mortgage today, which is only costing 3.5% interest on a 30 year fixed loan. Which after the taxes of selling his assets, that's likely going to cost him $329k of his investments. Of course the carry cost of a $235k loan at 3.5%, assuming he still has 20 years left, is about $98k of debt service over that period, and that's $98k he get's to take a tax deduction for. Verses paying $94k of tax now, and depriving his accounts of $329k of capital growing at 8% to 10%. So to save that $98k of debt service, and have the privilege of losing the associated tax right off and getting to pay $94k in tax now, he's going to lose $1.6M to $2.4M in asset appreciation over that period. This is the textbook definition of stupid, and Ramsey just talks over him in his condescending "it's obvious this is what you do" voice; he should be ashamed.

[@mike6572693]

He is more successful than the people who charge to "manage" his money.

[@kevinursuchadisease]

Dave telling this guy to pay off his mortgage is mind boggling to me. Absolutely horrible idea

[@justinacase2623]

Not really, why would you owe anyone? There is no upside to paying interest, none.

[@kevinursuchadisease]

@@justinacase2623 because that $250k is earning 12% in an index fund according to Dave. Whereas his mortgage is costing him 3.5%. Makes no logical or mathematical sense.

[@kevinursuchadisease]

@@justinacase2623 and yes there is upside to paying interest. That’s why almost all real estate investors leverage their investments instead of paying cash.

[@justinacase2623]

@@kevinursuchadisease again, there is no upside to owing money and paying interest, ever. He is losing that money by giving it to a bank. Doesn't matter what he is making on any investment. Believe it or not, bad things happen to good people.

[@justinacase2623]

@@kevinursuchadisease yup, and bankruptcy attorneys feast on those in debt real estate investors. The failure rate is crazy high. They end up kiting payments to make mortgages, then a few vacancies, their awesome plan folds like a lawn chair. News flash, not everyone wants to be a slum Lord.

[@goldenTym]

That's something I would struggle with too... I'd have a hard time pulling 200k out of investments to pay off debt at 3.5%, when it's earning double/triple that in the market. Now I would definitely take a more aggressive approach to paying off the debt... But it would be a killer because like dave said... that 200k will be 800k 14-15 years from now.

[@user-cy7gu4zq2c]

WRITE MR ALEXANDER HOFFMAN ON WHAT SAPP HE MADE AROUND $10,500 FOR ME HE WAS RECOMMENDED TO ME BY DAVE HIMSELF.

[@user-cy7gu4zq2c]

[phone]

[@AwomKenneth]

Nobody: Me: interesting amount of zeros in the title

[@cameronthompson4489]

I know Dave can’t let people ramble for 30 minutes but the interrupting is killing me. I clicked on this video to hear from an everyday guy who made 1.7 million without an advisor.

[@twocents2034]

I came across something today, in the comment section on how hard it is to find a well trained BTC trading expert, well I recommend you to my administrator on crypto trades Harry, just what you have to do is reach him out on Wats...app.

[@twocents2034]

*🌟+ 1 . 5 . 6 . 7 . 2 . 8 . 1 . 9 . 4 . 0 . 1*

[@moneymaverickstv]

Good for him. Very well done. Pay off that mortgage asap.

[@cb4354]

Keep that money invested! Do not pay off that mortgage with a 3% interest. Math matters! This guy is killing it

[@drhoughton5481]

nope.... it's not a math problem. it's a peace of mind problem.

[@chcarroll5164]

never trust a broker or financial advisor