Investing At Age 52 - What Is The Best Strategy?

[@BarbaraPearson55]

I’m 65 and $50k in traditional 401k with 20% contribution,when I retire 70, I should still have $200,000 left in my mortgage Any suggestions ?

[@ClayneBanks]

A finance advisor can help you plan for your short term and long-term goals, optimize the tax situation, diversify your portfolio, and avoid costly mistakes. I agree with you.A finance advisor can also provide you with objective and unbiased advice, especially when you are facing emotional or stressful situations.They can help you stay on track and avoid making an impulsive decisions that can harm your financial future

[@BarbaraPearson55]

I have been advised on that. Finding one who understands what I want and can work with me to achieve it is essential, although I'm yet to find one. Any recommendations, please?

[@ZhannaDavidova]

I am 62, approaching retirement, with over a million in assets beyond my retirement funds, thanks in large part to my expert financial advisor's guide. His expertise has substantially boosted my portfolio's value and performance. If you're seeking similar success, consider speaking with a fiduciary advisor. I am with Eric Paul Elmer, a CFA. Check online if he meets your requirements

[@BendyChoy]

I just looked him up online. His work looks really impressive. I will have to do my research but I will definitely work with him Thank you for this.

[@BendyChoy]

I haven't consistently contributed to retirement accounts, leaving them with insufficient funds to maintain their desired lifestyle during retirement

[@YinusaSaheed]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for...

[@paulinusikpeama6328]

I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes...

[@YinusaSaheed]

@@paulinusikpeama6328 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well

[@paulinusikpeama6328]

You can look her up online

[@paulinusikpeama6328]

Victoria Carmen Santaella , lookup with her name online.

[@LiamOlivia-4]

@@paulinusikpeama6328 The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?

[@cheryls8316]

Dave Ramsey changed my life I owe him and his team a lot I am no longer a compulsive shopper and I save and budget with all I have…

[@4wdboss230]

Glad I came across this video. I'm 54, similar situation as the caller, except paid off house, and zero debt. Glad to hear Dave say I should be okay. Did it all by listening to Dave, and doing basically the same as the baby steps, just in a different order /all at once. Worked for me.

[@lorrier2503]

I’m about 55 and we just finished baby step 2... got a lot of catching up to do. Always good to hear about investing on your 50s.

[@steviejd5803]

Lorrie R Hey Lorrie, I’m with you. I’m 56 and trying hard to get on the road to financial happiness. I’ve paid off my credit cards and I’m on my way to saving 6 months expenses. Then it’s 15% into my pension, and so on. It feels a bit too late but I’m going for it.

[@lorrier2503]

StevieJ D we’ll get there😉 learning a lot along the way. I never thought I could do step one when we started...lol. Keep up the good work!

[@rangerdoc1029]

Better late than never. Good luck!

[@ErrorPagenotFound-ig1cy]

55.. 90 is the new 80 i guess🤷🏻‍♂️

[@bryanburke7947]

Saving money gives you dignity. Hang in there and do the best you can. You will be suprised over time.

[@VladTepesh409]

"Money is just a tool." Best advice ever. As expected of Dave Ramsey.

[@ChristopherAbelman]

Retirees who struggle to meet their basic needs are the ones who could not accumulate enough savings during their active years. Retirement choices determine a lot of things. My parents both spent same years in the civil service, but my mom was investing through a asset manager, and my dad through the 401k. My mom retired with about ‘4.2M’, but my dad retired with roughly '$1.8M’.

[@FinnBraylon]

It depends on your personal preferences and comfort level. However, one option is to keep things simple and consult an asset manager. They can help you determine your risk appetite, avoid common mistakes, and provide a broader perspective on your investment landscape. I have about ($1.25m) in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little in retirement accounts. To be completely honest, the information provided by managers can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.

[@HildaBennet]

Impressive can you share more info?

[@FinnBraylon]

Her name is Sonya lee Mitchell. Hope that helps

[@HildaBennet]

Thanks for this, but I already have a 401(k). You think I'm still eligible to use a financial advisor?

[@coreyburke3493]

Nobody thinks people who saved their whole life to a million or more are evil that's ridiculous. I guess never say never so I'll say if there are they are few and far between. However there are plenty of evil people who treat their employees like shit when they have more money than could be spent in several generations. I had a boss cut my wages by $0.37 during Covid as a mechanic. That money means nothing to me but that guy was worth over $200 million and he lived in a house that looked like a fancy resort. At the time I was making about $5k a month and I booked $6 in labor alone in only ONE WEEK. So him cutting everyone's pay by some trivial amount and using covid as an excuse is the exact type of "evil rich person" people talk about. Good thing he went out of business because nobody would work for him.

[@2024Red-j5t]

Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. Compounding is the process of earning interest on your initial investment, as well as on the interest that investment earns. This means that over time, your investment can grow exponentially. So the earlier you start investing, the more time your investment has to grow through compounding.

[@carter3294]

Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.

[@floxydorathy6611]

@Bill This is exactly how i wish to get my finances coordinated ahead or retirement. Can I get access to your advisor?

[@floxydorathy6611]

@Bill This is useful information; I copied her full name and pasted it into my browser; her website popped up immediately and her qualifications are excellent; thanks for sharing.

[@MegatPage]

Interesting video 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?

[@StocksWolf752]

You're not doing anything wrong, you just don't have the required skillset to profit off a down market, folks that are making profit in this market are pros and experts with in-depth knowledge and skillset.

[@LiaStrings]

A lot of folks downplay the role of advisors 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.

[@LiaStrings]

Sonya Lee Mitchell is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

[@crystalcassandra5597]

I searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you

[@georgestone0123]

*_I just turned 60, was planning to Retire Soon with a FORD? BooM the Economy Crashes into Recession and High Inflation! I guess I will keep working another yr or 2?.._*

[@georgestone0123]

Thanks for the advice. I found her page already. and left her a msg. It won't be a bad Idea to be investing while working. So that economy crashing doesn't affect our retirement

[@tahirisaid2693]

I'm close to 60 and have worked in construction since 15 years old. I'm ready to retire. Every part of my body aches. Been getting up at 5 am since I was 15. It will be nice to get up when I want. No pension just savings to live on. Heard too much counsel about ROCHELLE DUNGCA-SCHREIBER. Hearing you mention her name again, this is the best time to work with her. Thanks

[@Nilsosmar]

1) It's great to hear about people's success stories following Dave's advice. 2) Re: Dave's comment about "left wing liberal types" -- I know several people who are conservatives, but also several people who would call themselves liberals who are fans of Dave's videos, and are following his advice and his baby steps program, to get out of debt and shore up their finances. They are: -- setting aside several months' pay to meet emergency expenses -- paying off their mortgages early (large prepays, skipping the lattes and throwing ALL of their extra money at the mortgage) -- avoiding unnecessary purchases (like expensive cars they have to finance) -- setting aside money for the kids for college -- putting 15 percent into retirement savings; etc. Point being - I don't really think his ideas are about conservatism or liberalism in a political sense. They're about understanding how money works, avoiding debt traps and interest payments, and using common sense. His videos are a great service to people who understand and follow his basic advice, regardless of their political persuasion.

[@mustangpassurchevy]

Liberals and conservatives have a total different mindset they're saving for totally different reasons. I'm sure Dave said he was a left-wing liberal because he was not because Dave is something against left-wing nutjobs

[@breebell468]

I'm left of center and find Dave's videos inspiring. I'm debt free and saving up for my masters degree.

[@Nilsosmar]

@@mustangpassurchevy There are right wing nutjobs and left wing nutjobs. But people can also be a bit to the left or the right and not be nuts. Dave often says things in his videos implying that conservatives are more likely to find value in his ideas. I don't think this is necessarily true. Most of them are just common sense.

[@cur244]

Right I know lots of conservatives that don't have any retirement at all. They're counting on social security and rage about socialists.

[@elmateo77]

The order you invest in should be: 1. Any employer match to 401k 2. Roth IRA. 3. The rest of your 401k to the limit 4. Any leftovers to mutual funds / ETFs in a traditional account. The total should add up to at least 15% of your income (although higher than 15% isn't a bad thing especially once you've paid off your mortgage).

[@tylergable2445]

What about opportunity costs such as investing in real-estate rental properties that provide an actual monthly cash-flow vs stocks that can at times be very volatile and risky? Honest question.

[@elmateo77]

@@tylergable2445 I was giving advice for the average person who is usually best with a "set it and forget it" investing strategy. Investing in rental properties requires a lot more time and effort along with a good understanding of the housing market, and if done wrong can end up costing you a ton of money along with all your energy and patience. It certainly has the potential for high returns if done correctly, but it's not for everybody.

[@williamharris5957]

3 years ago

[@2legit2Kwit]

Security and peace are important to me. Retiring with dignity. Yessss! Amen!

[@johnnnewmex]

Amen Dave. It is important not to being negative about people who achieve success and wealth. They should be respected, not criticized.

[@snuffysmif9801]

"Success" is what ALL should strive for... But most critics never negative towards successful people who played by the rules with decency and honor... We only shun criminal con-artists who swindled, often legally (I'm very sad to say), in order to achieve it.

[@43520tom]

@@snuffysmif9801 If you swindle legally wouldn't that make you intelligent ?

[@sammyalabamy111]

... Money just makes you more of what you already are... Awesome wisdom there!

[@MC-xg1yx]

Having a 401k retirement account at your job is not a scam and its the best way to save for retirement besides depending on a small supplement social security income

[@savann.sun1980]

I dont live in state and what exactly is 401k? Is it money putting aside for retirement which also make you stuck with the job we’re in? Or is just a retirement money with a bank?

[@slim_pickins6393]

IF social security isn't broke by then.

[@MovieMuscle]

Profit is not a dirty word, and being successful is not evil.

[@anab333]

I am so thankful I knew Dave Ramsey when I was in debt. I followed the steps and now I got a paid house a paid car paid all students loan, no debt and building wealth. My friends and neighbors are taking vacations several times a year and are buried in debt on expensive cars and mortgages. Then either they freak out about losing their job or keep working after retirement. They also look at us as being crazy because our way of living. We don't jump over the American way of being broke all the time and living beyond our means.

[@galohff]

In my opinion, money is a store of labor (from when you could work) for use later in life when you are unable (or less able) to work.

[@norsefalconer]

galohff but, like batteries, it depletes without use, so it must be kept charging until needed.

[@user-td7xf3gz4l]

Money is life energy!

[@markmyjak7739]

I like that. I never thought of money as that way. I always looked at money as tool.

[@JenniferDavis7630]

I'm a 52-year-old QA Specialist at Confluera, with an annual income of $150,000. Although I do have a retirement account, I'm keen on exploring short-term investment opportunities as I prepare to shift to part-time work in the near future. What would be the most suitable strategy to achieve my goals?

[@Angelinacortez495]

Consider exploring energy stocks, as they are poised to be significant beneficiaries of advancements in AI and data centers. Additionally, practicing Dollar Cost Averaging (DCA) into a reputable ETF could be beneficial. It's crucial to prioritize patience and maintain a long-term perspective. Most importantly, seek financial advice to make informed buying and selling decisions.

[@donaldwayne7023]

It's wise to stay proactive and diversify assets to manage risks during uncertain times. I’ve delegated my financial management to a consultant after facing a major downturn in late 2019 during the COVID outbreak. Today, I'm semi-retired and about 25% short of my $1 million retirement target after making additional contributions.

[@EthanBrown_23]

Please who’s this consultant ?

[@donaldwayne7023]

I’m cautious about giving specific recommendations as everyone's situation varies. You may consider independent financial advisors like “Laurelyn Gross Pohlmeier* I've worked with her and I'd gladly commend her exemplary service on a public post.

[@debbygradley25]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@reniehandler2595]

Just love that your intro song is 4 seconds

[@philpreston6406]

Great words of wisdom Dave - said from the heart!!

[@sarahburggraf861]

First time i ever heard dave say anything other than better than i deserve lol

[@MrZonYT]

Sarah Burggraf true! A good catch!

[@nguyenminhduc1993]

agree lol

[@MrKijana23]

Lol...the guy tee'd up a similarly fantastic response for him though...hahaha

[@edespejel2901]

@@nguyenminhduc1993 aa

[@edespejel2901]

@@nguyenminhduc1993 aa

[@alexaleshire2420]

Love the way Dave says million. “Miyyin”

[@CharlesWalker-jb1yl]

I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.

[@LeeWalton6]

Hello, I’m 37 and I am not worth much yet , please help me out. Bought my first house last month and I can't seem to make any other smart investment.

[@Karagoldberg7]

You don't have to be shocked, Chrissy Barymoer has really made name for himself, He is my family’s portfolio manager ~~~

[@adakkristinn]

Even with my less knowledge on this Bit-coin, I have been blessed with his strategies

[@Dukaamoses]

Can anyone please assist with his contact details ?

[@Miaisabelle-yk6rd]

This is really helpful for my situation!! Thanks everyone, I will search him immediately and enquirer if i can start of with $1,000

[@laraoneal7284]

Dave “rat holes”. Love it hilarious DAVE vs rabbit holes. Love and respect you so much.

[@tonyg4438]

The caller just wanted a pat on the back ……..👏🏾👏🏾👏🏾

[@Baldwin321]

Interesting how over 2% inflation has been a concern when central banks and the Fed begin to hike interest rates. I consider the rising interest rate to be a very serious issue since it will undoubtedly cause more investors to withdraw their money from the stock market. But then I'm still aware of certain investors that continue to earn over $365,000. Wish I could accomplish that.

[@Annie56427]

Very possible! Particularly in the current market. There are several opportunities to generate excellent returns, but such intricate transactions can only be carried out by seasoned market professionals.

[@Christian67337]

AGREED! Over 3 years now, I've made over 1.7 million by simply following a coach's advice. I was on the sidelines for a while watching, trying to determine the best time to get in, before I came across a coach, recommended by my wife. I was reluctant at first but I went ahead and contacted the coach. Best decision yet

[@Alden457]

This sounds interesting. My portfolio is in the red. Can you recommend your analyst, please?

[@Christian67337]

The decision on when to pick an Adviser is a very personal one. I take guidance from Aileen Gertrude Tippy to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.

[@Alden457]

I just checked her out and I have sent her an email. I hope she gets back to me soon.

[@CadeCowell-ft4fe]

In my 50s, I'm focused on investments for retirement. I've heard of people generating substantial passive income, like someone who earned $200K under a year investing in stocks. What's the strategy for such returns?

[@MalikTillman-dy2qp]

As a regular investor, it is difficult to outperform the market. 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.

[@Oliviathe17th]

Your advisor appears skilled. How can I contact them? I've recently sold property and aim to invest in stocks, seeking guidance.

[@Izzobird]

Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

[@fudogwhisperer3590]

I think those people who say 401K is a scam are those who think the dollar is going to fail. If that does happen, which at some point it will because all paper money reverts to its true value of zero, people will understand.

[@proverbs1788]

Very good video. Unfortunately our school systems don't teach our kids anything about finances the planning for the future or anything that is really helpful in life or the financial world

[@genejohnson2738]

Why do parents expect schools to do something that they should do ?

[@drewsbenmad]

Most parents are failing financially and would be terrible role models for their kids. That's ashame because it just makes the kids think it's normal to be in debt.

[@theamerican7131]

@@genejohnson2738 truth

[@esgiegee9576]

Oh my gosh!! This is the exact question in my situation now!! Thank you!!

[@RebelNoCause]

You can have 2 or more Roth IRAs, but the combined contribution can't exceed the annual limit, $7,500.

[@insideoutsideupsidedown2218]

tlzuniga him and wife

[@laborhoff]

⁠​⁠@@insideoutsideupsidedown2218 Caller said he had a son about to go off to college but never heard him mention a wife.

[@NtoHealth]

I am so glad tho hear your comments about success being viewed by some as evil. I quit going to church because of people having that view and trying to preach that to me. I thought it was ridiculous. Thanks for speaking that out!!!

[@TenaRoberto]

Im 54 starting from scratch. I have no debt, living expenses only, saved my first 2000, started retirement through work have 8000. So though Im late starting due to poor life choices in my past Im 💯 committed to saving, investing, and be a good example for my 2 grown kids. What is the first book I should read of yours to get on better track and for the last 12 years have no life Im perfectly happy God willing to still be alive. I refuse to not dedicate these last years to my financial security to the best of my ability ESPECIALLY for my boys ❣️. I gave everything up foolishly through a 25 year divorce BUT I can still do my best to be insane committed until retirement!!!! Help

[@tonysteel1377]

Some folks just merely hate the overwhelming fact that others are far more in control of their finances, then they’ll ever be. It’s a dirty little word called, jealousy.

[@Santiago-li7yl]

My mother taught me how to handle my money. I am grateful for her and her guidance. I agree with your comment. I have a brother who was brought up the same as me and let's just say he is constantly finding himself in a hole of debt. This new generation needs guidance. In dire need of it. There are ppl where I work that take money out of thier 401k just to buy a TV or something along the lines of that. Are you serious? So much that should be taught in school. And they don't teach it.

[@tonysteel1377]

@@Santiago-li7yl: I totally agree!

[@marcchatow9516]

Right now looks VERY similar to 2007, right before the Recession hit. History repeating itself.....MAJOR Corrections in the Stock Market to continue occurring, to be followed by a Recession by early next year. Consumer Debt/Credit Card Debt has already passed 2007/08 levels, Housing is already starting to suffer. Also, store closures everywhere. Plus, the Trade Wars, & new tariffs will also kick-start Inflation. Car Loan Delinquencies are at a 10-year high, too.

[@mahlettamene1144]

Thank you very much. God bless you more. awesome.

[@Violetta1912]

What a great story, well done to that gentleman 🏝

[@Manihsi]

I'm 52 too, have $40k in debt,middle of a divorce, have two paid-off cars, and only $10k in savings. I feel like I've been making financial mistakes my whole life, over and over again.

[@bobby_ewan]

401k is great until it becomes a 201k like it did in 2008. Let’s say his account reaches $1M. Using the 4% Rule he can safely withdraw $40k a year. He still has to pay his business partner cause he deferred the taxes. This will impact his provisional income so 85% of his social security will be taxed. If he is able to live on 80% on what he’s making now he will need accounts/SS that kick off $165k per year ($140k x 80% x 13 yrs of inflation @ 3%) Sorry for the rat hole Dave.

[@yellowtrain3161]

WAIT!!!!!! Starting @1:40.....did I just hear Dave Ramsey say that we can have more than one ROTH IRA??? And that we can max each one of them out?? I was under the impression that a person can have more than 1 IRA (ROTH or traditional) BUT can only contribute up to the $6,000 max spread out through each of them.

[@laborhoff]

Everything I’ve read says you’re correct, unless Dave meant a 2nd ROTH for his wife, but I never heard caller mention a wife.

[@DericAnslum]

..."a couple" = 2... ..."each" = 2...

[@Oivey2000]

I think Dave mis-spoke. He told the guy that, since he's over age 50, he can take out two Roth IRA's & for $6500 each which totals $13K. The Roth IRA cap is $5500 if you're under age 50 and, if you're over 50, you can make a $1K additional "catch-up" contribution for a total of $6500 but that is the max. I don't believe you can contribute $13K to a Roth IRA if you're over age 50. All of your IRA contributions, over age 50, can not exceed $6500 if you're single.

[@TravisW198712]

I think Dave was assuming the gentleman was married and both he and his wife can contribute 6500 to two IRA's.

[@bunnie1294]

That's what I was thinking too. Maybe he's referring to having a spousal Roth IRA? Husband and wife can both have one and assuming the wife is also over 50 (and makes less than the limit) then it's $13k/yr.

[@poricuo2]

1 plus 1 equals 2. Lol

[@janefromthecountry1820]

How much does one need to start a Roth IRA? Thru Vanguard or Merrill Lynch?

[@swcollector5921]

Jill from Funding Happy typically around 2000.00

[@JuanCartagena-b2h]

Charlie knowing where you at make me feel better cause I thought I was behind , but I’m on the same situation as you 👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾

[@____beentheredonethat____]

Whoever says money doesn't buy happiness, don't know where to shop.

[@grahamlangley4856]

We are so lucky in australia. All employers are required by the government to put %9.5 of our wage into our retirement account without us needing to contribute anything. People still stuff it up, dont bother to change the investment option or pull it all out as cash and spend it at retirement then still have handout for the pension and cry poor.

[@mysticaltyger2009]

It's frustrating to see people act so stupidly.

[@MrPhotomedic]

Your system sounds great. I think all governments should do this. I hope your account is specifically for you and only you so that if you die younger your wife/family get that money?? Here in Canada the amount taken from our pay is varied (fixed percentage so determined by your earnings) but I have always had to pay the max of roughly $5000/year now for my earnings. That said if like my mother who worked all her life and died suddenly before retiring the govt took her money which would have been well over a million if not probably due to income level in the millions (govt invests it hence growth) and the family/estate only gets a death benefit of $2500. Doesn’t even come close to covering the funeral. If you do live to retirement you get to suffer the indignity of being robbed by the govt as you get depending what you put in between $600 to $900/month. Corrupt system. The amount in there should afford you an upper class retirement. Our system needs to change to one that you control your investments and upon death or retirement it all goes to you/your family!!

[@grahamlangley4856]

MrPhotomedic sorry to hear about the situation. The %9.5 we get doesnt come out of our pay. Our government enforces employers put an additional amount which has to be equal to %9.5 of our pay into our retirement account. Free money 😃 very very lucky. We are supposed to nominate beneficiaries however in the event we have not done so and not created a will it defaults to next of kin. Our government cant take the money unless they have tried to trace a relative/next of kin for a considerable period of time, a couple of years i think.

[@MrPhotomedic]

Graham Langley wow that’s even better!! I thought you had to pay/save that much from each cheque. Now I regret not moving there when I had the opportunity with work. Oh well...life goes on.

[@fatalbertgeis2516]

What interest rate are you getting on that retirement account? Are there annual fees or transaction fees? Is your pay less because of that benefit?

[@nikkizetlian4421]

I did the numbers and by the time is 65 he will be earning 4 million dollars.

[@Jensfinds]

Wow! Are you serious? What were the steps in the math? I’m really intrigued about how you figured that out.

[@ThatGuyyyyy]

I wonder if social security will even exist when I retire on or after 2051. Looking forward to next baby step after student loans are paid off (hopefully in 3-4 yrs if I can stay aggressive).

[@edermitt]

I don't have a crystal ball, but my best guess is that social security in some form or another will probably always be around. However, 2051 is a long way off. I can see the average life expectancy by then at over 100 and people working well into their 70's. No matter what happens good luck to you.

[@user-td7xf3gz4l]

I am hoping we decide to cut social security outright

[@Nangiesx]

Dear Ramsey, your budgeting app (everydollar) is not accessible in Namibia. Would you suggest another for us. Or, can you expand.

[@antoniusjody]

Hello Nangula, then maybe you should try the money management app that I've been using for the last 7 years. It's called Money Manager, by RealByte. If you're diligent enough to input your every transaction, you'll get a nice good view of your finances over the years. It's free, but you can purchase it for extra features and no ads. Best 2 dollars I've ever spent in my life!

[@Nangiesx]

@@antoniusjody thank you. Let me see it out

[@degonzoman]

It was my understanding you can have all the IRA's you want but together they can not exceed the maximum yearly amount of contribution depending on age. Am I wrong?

[@jeaninesnow566]

He s talking about a spousal roth ira

[@CSARVA]

You're correct, but why have more? With most investment firms one can invest in whatever they want in one account.

[@laborhoff]

@@jeaninesnow566 Right, except caller never mentioned having a wife.

[@12PrettyBri]

Great tips for myself thanks Dave I'm 25 and I'm definitely ready to invest and save so I can take care of my children! For life

[@mySustainableStories]

give your kid 1k at age 18, into a roth ira, and tell them to invest $2500/yr (if they earn 2.5K) and they will only have contributed 2 years of salary and be millionaires at 55.. oh to be 18 again and know what my parents never knew-and couldnt teach us

[@bobby_ewan]

Anastacia Andrade-Ecolicious Mama ? Not even close. $6k for 37 years ?

[@DavidSmith-wp2zb]

Dont have kids and be a millionaire sooner. You can either have a child or buy a lambroghini. both are depreciating assets and dave never talks about that because he's a right wing christian. Dont believe their brain washing. Billionaires dont have kids

[@samosa5925]

When Dave Ramsey say 15% in retirement (401K is an American thing I don't know...I am in Canada), does he mean my pension plan that the government takes from my gross salary? or something like an RRSP?

[@alexiatherealtor]

Yes. RRSP = 401 k. TFSA = Roth IRA

[@feiwang1095]

Canada has better social safety net. Saving 15% towards to retirement is very sufficient. By the way, when you invest make sure make at least 60% exposure to us market and do 30% for developed market and 10% for emerging market, you can ignore Canadian market as it's so tiny in the world.

[@ichoudhury007]

401k is definitely better than counting on Social Security or no retirement savings, but I hate the fact government punish the people who were proactively saving for future with the same income tax. Instead, as an incentive for being smart and not depending on government, reward 401k contributors with an attractive tax break. I didn’t start my Roth earlier but maxed 401k always, and it’s a large sum for me to convert and face Uncle Sam for all of it. Seriously, why it’s not something anybody’s talking about? Maybe I just haven’t seen it discussed 😏

[@lolrofllmboha]

You are essentially getting a tax deduction by taking away 401k contributions from your annual income. If you are setting it aside in a 401k, it's not counted on your paycheck as income tax.

[@kckuc310]

No Roth 401k! numbers don’t lie, traditional 401k you invest more because it’s pre taxed and that greater investment means better growth for years and then when you withdraw historically you are in a lower tax bracket.

[@colinsznaider7353]

We also don't know how long he's been making 140k a year. He may have only recently got his income up to that number.

[@mySustainableStories]

he said household income, we can Only assume there is a spouse, (as he failed to share all the economic triage) and he said a COUPLE of Roth IRAs-giving more indication that he is married. You can open up and contribute to as many traditional and Roth IRAs as you like. However, your TOTAL contributions to all of them can't exceed your annual allowable limit (which is $5,000 for most people under 50. I have one IRA and one Roth-but I only now contribute to my Roth since I started my IRA before 1997-when Roths when created.

[@norsefalconer]

Funny, it's the investments that helped (the) company grow to create the job (and/or tax base) that helps the person who calls "you" evil put bread on their table.

[@christine2952]

So he was pretty much showing off ! 😂

[@sunnyd4734]

I'm more impressed with the 4.3 GPA.

[@cmb9059]

Well I mean 275k at 52 isn't that amazing so Idk about that. He's fine if he keeps at it.

[@bloodwargaming3662]

@@cmb9059 bro 275k is like not even close for retirement

[@cmb9059]

@@bloodwargaming3662 i said its not amazing but if he keeps at it he should be fine.

[@bloodwargaming3662]

@@cmb9059 yes right

[@EvergreenOG]

God Bless U Dave

[@cristinaevans139]

I live on $30,000 a year at54 thank god I have no debt and own my own home,no debt 😊

[@Francebound2024]

Don’t blame it on left liberals, I’ve heard the same said by those on the right.

[@linkbelt111]

Kristina Leitz Left wing liberals do seek income equality, which means I have to give half my fortune to the left wing underachievers....

[@alienair1748]

I think its easy to say for Dave in this video because most leftists arent investing and have no idea how. I have several lib friends and they do not invest. Most folks I know who are conservative (do) invest. Its the pessimist (in general) who complains about the big man and plays the victim, which i rarely hear that attitude on the right.

[@Francebound2024]

AlienAir that’s bull! You can’t use such a small sampling be the consensus for all!

[@alienair1748]

@@Francebound2024 no small sampling at all Kristina. Im not trying to troll the scene... Its common that MOST leftists, not mere liberals, who both differ vastly; generally do NOT invest. I personally know a LOT of liberals and a few leftists, and NONE of them invest at all. I live in Denton Tx. Its Austin Tx Jr. . which is left of center and then some. Leftists are corporate haters and blame the world for its evils, all the while most conservatives (generally) invest because they have an opposite view. Thats all.

[@yellowtrain3161]

Wait, at 1:50 Dave recommends getting “a couple ROTH IRA’s, and put $6500 in each” I was under the impression that you can have multiple IRA’s but you can only put $6500 total spread between them.

[@davidatkinson5396]

He means $6500 for yours and another $6500 for your spouse.

[@tangiej4329]

Thanks so much for everything you do in our lifes, remain for ever bless and save many more years in your life.

[@andream4989]

Not evil to rightfully save up, make your money, be wealthy, be rich. It's when the rules are rigged against the ones who aren't that's a problem. I'd love to be rich one day and I'd be glad to pay some extra taxes to make sure people aren't out homeless on the street and every American has healthcare and education.

[@PunkRockGardener]

We have problems in Canada too. We’re not so different. Free healthcare is also not free, we get taxed to death up here, but it’s the best option in my opinion.

[@FPVish]

What if you dont have a house? Im 40 and need to know if i should even buy a house? I only have the 401 k i invest in. I only make 60k a year.

[@mysticaltyger2009]

I will probably be a renter the rest of my life. It suits my lifestyle. But I save/invest more than the standard 15% Dave recommends in order to make up for that.

[@crimesofthecentury2714]

Why not own a condo? It's usually cheaper than a house, they do the maintenance, property taxes are lower. There is a HOA fee but once condo paid off it will be cheaper than rent. We bought a short sale one bedroom on a place that boarders a very nice area of our city so we get the benefits of a great neighborhood at a good rate and no more dealing with landlord issues.

[@markwhittaker6866]

Spent wisely, that money goes a long way. Stay blessed!

[@uhlobsterdog704]

6:09 scratch and dig at those bugs

[@lloydhughes9902]

lol

[@tpowell3776]

OMG.....HaHaHa....I was confused at first.....LOL....But you're right... HaHa!

[@andrewf4623]

Should the 15% into retirement be based on gross income or take home pay?

[@melodyyujin2946]

Gross income

[@Liquid_Alchemy]

Verging on a "Brag Call"

[@vanguardvaluist2614]

Classic HumbleBrag.

[@markmyjak7739]

Don't sell the rental. Rental properties create cash flow.

[@NicE-jq3wv]

Mark Myjak rental properties are a second job

[@jamesfarol8583]

Great stuff! I didn’t know you can open multiple IRA accounts.

[@lolrofllmboha]

You can but it doesn't allow you to bypass the yearly maximum contribution amount. If you can contribute $6000k/ year, that would be in all of your accounts, not each one. That part of this video was a little misleading where he said a 13k maximum amount (for this callers increased contribution amount due to his age).

[@jamesfarol8583]

lolrofllmboha I can have my wife open a separate IRA account which will bring us to $11k annual contribution.

[@lolrofllmboha]

@@jamesfarol8583 yes, that's another option. But it would be $12k between the two of you ($6k maximum allowed for 2019) or $14k (if you're both over 50 it would be $7k maximum each).

[@jamesfarol8583]

lolrofllmboha got it. Thanks for the info!

[@cbzombiequeen58]

I am 52, I have no retirement, and I don't have a clue where to start. I start a new job, and my husband is working too. We have no real bills, My husband grew up in the south, were shop workers invested in almost every penny into their 401k, and the shops went belly up and most went to other countries. The workers lost every penny they had for retirement. They spent their whole lives working in sweatshops and came out with giving away all of it. My husband is now afraid to invest and has been working in a shop now and never invested in the 401k. The shop has changed owners , several times, and that makes him more afraid to invest in his future. Now he is 65 and has nothing to help him or me, for our retirement. Where do we go from here, no kids, no mortgages. We get our water from a spring and electric from solar panels. not much in the bank. Husband had an accident on 4 wheeler and medical bills took it all.

[@nathaniellathy6559]

Keep praying and tithing.Tithing is best financial move you can make

[@Smittyworld165]

Amen I agree and am a living testimony of what tithing can do

[@DEM78976]

I guess the other question is what tax bracket he is in now and what tax bracket will he be in when he retires...

[@mySustainableStories]

hes now in 22%. roth ira will not be taxed in his future

[@jbferrer3]

2 ROTH IRA’s??? Can I really do that? I thought that we couldn’t?

[@laborhoff]

Dave said he could have two ROTH’s with $6500 each ($13k total) which I don’t understand. My understanding is you can have multiple IRA’s (ROTH or traditional) but the total contributions to all of them cannot be more than the annual max. At the time this video was posted in 2016, that was $5500 for those under 50 or $6500 for those 50 and up.

[@longterminvestmentsonly4817]

@@laborhoff2 roth’s he is referring to roth 401k, amd having your own roth ira. Dave always say have your seperate roth because you have more options in it, but u can have your employer roth 401k. So max out your roth ira, and up to to your match on traditional and the rest goes in roth 401k up to 15%

[@meek4591]

I have a savings account. Is putting it in an annuities a good idea? If not, what do u recommend? TY!

[@rothbj1]

He should investigate if this work 401k has a Roth option. It’s getting more and more common

[@shanthisahadevan9746]

Everyone needs money. Make it grow by all means, however never forget to give some to charities or those in need. Remember that all we get is by God's grace. He gives us the opportunities and the means to help others too. We are His tools.

[@tylergable2445]

Hahahhaa. Um no? Sounds like a complete scam. Keep giving your hard earned money away

[@gullybop1695]

"People are losing their dag gum minds." Lol!!

[@brblum]

Living here in South Carolina, it's actually "dadgum." Alternately, "dadgummit." Cheers!

[@gullybop1695]

@@brblum either way they losing their daggum minds!!!

[@brblum]

@@gullybop1695 Dadgummit! Lol

[@gullybop1695]

@@brblumLOL!!! I like daggum better. Heh heh heh....👋😁 I have family in Sumpter. Fyi

[@Happycamper181]

Can you really have couple of roth ira?.. I thought maximum you can contribute is 7000 year if you are over 50 that's the guide line.

[@MannyWC]

Wha? If I open another Roth I can put another 7K in there? I thought it was total 7K between a sep and Roth or one or the other.

[@stemikger]

At 6:10 Dave scratches his balls.

[@SameerUnt]

stephen geraci whats the point ? You are dissapointed you ain't got a shot to lick those ? Stupid comment. ..

[@LibertarianRF]

Sami Sid relax dude...it's funny. Seriously relax man.

[@mysticaltyger2009]

hahaha.

[@andytaylor1588]

All human males scratch our balls...until we get rich enough to pay someone to do it for us.

[@kevinmott9046]

Thank you man!

[@apollobarkley]

I make about the same salary as the caller and was told I make too much to keep contributing to the Roth.

[@andytaylor1588]

hmmm....maybe get a second opinion from one of the experts on Dave's list? It's worth it.

[@arleneaugustahair8393]

Then open up a Traditional IRA. I have both but I mostly contribute to the Roth IRA. I guess it’s best to open up a Roth IRA before you reach that level of income.

[@jesselazar2928]

This is correct, Dave made a mistake. If you make $140,000 you can't contribute to a Roth IRA. And it doesn't matter if you opened it before you made that much, once you make that much you still can't contribute. Because of this, there's no reason not to just put the entire contribution in the 401(k).

[@crush5454]

Jesse Lazar you are correct sir; however, to expand upon what you said the entire 15% can’t go into a 401k because the max 2019 contribution is $19,000. 140,000 x .15 = 21,000. The extra $2k will have to either go into a traditional IRA or a taxable brokerage account.

[@jesselazar2928]

This is a perfect illustration of the danger of "one-size-fits-all" planning. Making a few return/inflation assumptions, if he wants to continue spending as much in retirement as before, he should contribute at least 20% to his 401(k). Now I'll just wait for all the Dave Ramsey fans to tell me I must be wrong just because I don't have a radio show. :P

[@HawkingRegime13]

2019 contribution limits for married people filing a joint tax return can contribute to a Roth IRA if they have a household income up to $203,000. Dave was assuming that he has a wife(hence his mention that they can contribute $13,000 per year at the time of this vide), given that he was talking about his kid, so they actually are well within eligibility to contribute to a Roth IRA.

[@jesselazar2928]

@@HawkingRegime13 You're right! Thank you for pointing that out. I realized he was assuming he's married but then must have looked at the wrong number when I looked up the income limits. *Facepalm*

[@brblum]

You're wrong because you don't have a radio show.

[@jesselazar2928]

@Sponge Bob great, now I can't tell if you're making a joke, or if you actually think I'm wrong 🤣

[@caseybills5517]

Investing in a Roth IRA is a great option because it's funded with after-tax dollars, allowing your contributions to grow tax-free over time. When you retire and start taking money out, you won’t owe taxes on your withdrawals, helping you hold onto more of your savings. I personally retired with $5 million.

[@LiaStrings]

People don't really know this, 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.

[@JamesLongman-v5r]

I agree. Based on personal experience working with a financial advisor, I currently have $2 million in a well-diversified portfolio that has experienced exponential growth from when i started. It's not only about having money to invest, but you also need to be knowledgeable, persistent, and have strong hands to back it up.

[@StocksWolf752]

Could you possibly recommend a CFA you've consulted with?

[@JamesLongman-v5r]

Her name is Sonya Lee Mitchell can't divulge much. Most likely, the internet should have her basic info, you can research if you like.

[@lolitashaniel2342]

I searched for her name on the internet, found her page, and reached out via email to schedule a conversation. Thank you.

[@sctony7116]

This guy is almost like myself except am younger. He got 400k home with 100k mortgage, i got 500k home with 150k mortgage. He got 250k 401k, i got 200k 401k/roth ira combined all in stock. He got second home equity about 100k, i got 2nd condo equity about the same. Then DR said, u will have "several "million dollars when u retire at 65? Not sure how 700K net worth can be several mils in 13 yrs but i feel good. Cuz am youner than this guy 'n naturally would have more than several mils if DR is correct

[@user-td7xf3gz4l]

If financial markets continue to climb like they have historically, that's where he comes up with the high end value.

[@evelynssliceoflife409]

LETEM KNOW DAVE!

[@leroyjennings5842]

I would love to ask Dave about my situation. I just turned 40 and just now started a roth about 6 months ago because me and my wife really weren't in the right place financially to do so earlier. Only have like 4k in it right now and was wondering what else I could do to speed that process up. I don't plan on touching my roth to at least 69.

[@peace-a]

Just keep it up. Don't touch it but make sure to follow his baby steps though. It's a true proven plan to put you on the right financial plan. Good luck. 👍

[@BasicBeachCommunity1]

A s p 500 index fund...

[@kelvinpang438]

@john smith as much as you can,at least 15% of your household income

[@DekeRadio]

I'm 51 as I type this, and I wish I could like this video more than once.

[@pushkarrajthakurbuisnessco5479]

I'm 50,I've already made a total profit of $490,000 for 1year with a capital of $20,000 and am still making more.Just to relieve myself stress from financial problem as am retiring.

[@liamsai7610]

Wow! What Investment is that?

[@pushkarrajthakurbuisnessco5479]

Forex trading

[@colejohn9170]

Trading forex is also a nice way to invest your money and savings to enable you change your life for the best

[@llloyddgrt2410]

Forex is profitable I got greedy and it cost me a whole lot but with good resistance and good management I'm back on track.

[@peterbrown7366]

How profitable is forex trading now? Is now the best time to open a position in the market

[@percmanDOTcom]

instead of being a burden to society, witch is the going sentiment in certain generation

[@joelbarajas2780]

I have an old employer who is out of business and had 401k with them? Should I transfer the money to my new employer or should get that money? What should I do?

[@scottone6498]

Transfer it to a self directed IRA. Do it before the bankruptcy judge freezes the 401K assets until a sale to a new company is made or he orders the assets liquidated and dispensed. 401K's are protected from the bankruptcy but they can still freeze them for several months even a year.

[@jboy4023]

‘Bout 99% sure that a person can have ONLY one IRA.

[@alrocky]

That 1% is true.

[@thisisme2476]

Did he say you can put 15,000 in a roth IRA for the year? I thought the max amount for over 50 was $7500 combined. Are you allowed to open more than one IRA?

[@stevemlejnek7073]

I think Dave assumed he AND his wife would both invest their maximum.

[@reniehandler2595]

Actually $7,000 each for 2019

[@thesoundofeverything8023]

I almost threw up thinking he was gonna tell the guy to sell the income property to pay off the house😂

[@jsodenkamp]

That guy called to fish for complements, and caught Dave.

[@2legit2Kwit]

Jason Sodenkamp nah, we need to hear from people who make good financial choices.

[@thisisme2476]

I always thought you were allowed the max of $6500 in IRA's (be it Roth or traditional) combined. When did this change?

[@adamram3008]

I think Dave was referring to him and wis wife.

[@mouamommy]

No you can max outbase on income

[@thebigmann81]

Everything I read says even with multiple accounts it can only be $6500 all together. I wish some can explain how I can contribute more than $6500.00

[@reniehandler2595]

@@thebigmann81 2019 $7,000 each for you and your spouse = $14,000 if over 50 years old

[@1drummer172]

I’ve never heard anyone say that having money is “evil”. Never. Why does Dave keep saying that?

[@Al_Ting378]

Some people misquote scripture by saying “money is the root of all evil “. But the actual quote is “love of money is the root of all evil”. Saving and having money is not a problem, it’s how you act with that money and what you do with it.

[@estellemelek-shalom1849]

.

[@Gokuedit209]

Is there a class for my dad in Spanish? Anything that can help him be better with money?

[@nikkizetlian4421]

I though the highest GPA you can earn is 4.0?

[@tanishalashley9509]

An A is graded as a 4.0 so his son would have to receiving A+'s quite often.

[@insideoutsideupsidedown2218]

Some schools use a 5.0 scale.

[@The_Cyber_Nomad]

401ks are good, but I think the argument is that you can get much better returns elsewhere.

[@JoshuaKnab]

But since most companies match a certain amount it's basically free money. With that in mind I don't think you can get better returns elsewhere

[@The_Cyber_Nomad]

Kind of true, but the last study I read, for every dollar they contribute, they tend to pay their employee a dollar less, so in the long run it is about even.

[@JoshuaKnab]

+Jeremey Allen I guess but they match percentages not dollar amounts so that is kind of hard to calculate considering all their employees make different amounts so I'm not sure that works. The point still stands a good company matches to your 401k that you wouldn't already have put in yourself. At least 401k is not a scam

[@MrEherndon5]

+Jeremey Allen You can but if your company matches a good percent then should get that money since it's yours anyway.

[@MrEherndon5]

+Josh Knab It's not free money. You worked for it. It's your money.

[@masti5102]

I’m 56 and $20k in traditional 401k with 15% contribution.When I retire at 65,I should still have $150,000 left in my mortgage. Plan to pay off house from from my 401k withdrawal at retirement.Any suggestions/advice please?

[@Luxlookgood]

Will adding the money to a Roth throw you in a higher tax bracket when you retire?

[@moneymarcus90]

Rosetta D no it will not. The best part of having a Roth vs a traditional 401k is that when you can withdraw from it you won’t pay taxes. Your tax bracket won’t matter then