"You're 65 Years Old and You're Broke!"

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[@YoPhocFays]

"I bought my solar panels out right..... I just owe 18k on it" Umm... what?!

[@berniceacquah1495]

😂😂 ... Exactly. Glad someone else caught that

[@drtij_dzienz]

I guess he means he didn’t lease them or some other weird no money down contract

[@elizabetha8565]

Out right... maybe it's Boston slang...

[@mikelee8205]

Lol funny stuff

[@kaydublin5164]

😂

[@linhaton4957]

My husband was in great shape at 65. Retired, great golfer, good social and family life. Fast forward to 69. Memory loss beginning, and by 75 full on Alzheimers disease. Good thing we retired at 65 debt free, paid off house and money in the bank. Good thing we didn’t need to keep working past 65. You never know what can happen. Plan ahead.

[@Dividendflywheel]

Sage advice

[@michellewinkler3985]

that is so sad I am so sorry for you! I have to take care of a multi handicapped adult so so I know how hard this is!

[@annaelisavettavonnedozza9607]

I’m so sorry Lin-but you offer great advice. You never know what the future brings ❤

[@ykook7000]

Plenty of medical issues can happen way before 65

[@carmarasmussen8118]

​@ykook7000 Absolutely. My dad suffered a massive stroke at 60 and became severely incapacitated both mentally and physically. He lived another 17 years. It was awful for both him and my mom.

[@BobDobbs681]

He should have called Dave 20 years ago.

[@Dividendflywheel]

😂😂😂 Would he have listened? He still “has a plan”

[@mph5896]

Guy does what he wants. No need to call now.

[@davidhorowitz4037]

40 years ago

[@mpatel5252]

Anyone at 65 that says, well I'm as healthy as can be. Bruh, you about to be 70 in 5 years. Life is going to come at you.

[@user-gy7ym3ik8x]

Absolutely, things can change very quickly in that regard.

[@janetmccoy7945]

I hear you, but you have to go by your family. I know people who are still working in their 90’s.

[@doorguru168888]

I can give a testimony on that. I retired at 66 and didn't have any real health issues. I'm getting ready to turn 70 this year and I feel like I'm falling apart.. I'm a little unsteady on my feet and tire out very easily. It wasn't like that a few years ago. And it's not like I'm sitting on my a$$ all day. I keep myself active and make myself sweat whenever I can.

[@XennialGuy]

This guy doesn't understand what the term "buying something outright" means. He did not buy his solar panels outright. He took out a loan on them.

[@summerforever6736]

that was a waste!!

[@tonytoni1150]

Solar seems like a waste of money.

[@jimroscovius]

Solar IS a waste of money.

[@snaxx4877]

yeah, pretty sure he just meant it wasn't one of the solar lease scams, just used the wrong words.

[@AndyMcBlane]

Solar absolutely makes sense in Australia. Depends where you live

[@JA-zh5xi]

$22k for solar?? You’ll never recoup that money. That was dumb. This dude is no where close to prepared for retirement.

[@hornetguy9063]

He could recoup the money. But he’d have to sell the house and downsize. Unless he plans on living off HELOCs and reverse mortgages in a decade.

[@JA-zh5xi]

@@hornetguy9063 I meant in energy costs saved. That’s at least a 10 year ROI - break even. By that time the panels will need to be replaced or the roof, which means all the garbage has to come off anyway, which dramatically increases the roof tear off cost.

[@appleforever6664]

@@JA-zh5xi - Yup! People don’t realize it costs to remove the solar panel to reroof a home.

[@ryankiel4895]

He's mor close at all. Dave was trying to get him to realize it.

[@neptunedawn7121]

Some companies will allow you to LEASE the solar panel.

[@imveryhungry112]

When your 65 even if your health is great at that point, can turn in a second. At 65 you can be healthy as a horse one day, and sick the next and unable to work.

[@catholicfaithofmine2664]

Not necessarily. I know 20 and 30 YO's passing away " suddenly"

[@kagnewcobra5228]

@@catholicfaithofmine2664 "Not necessarily"? OK, but it does happen. Often!

[@rippleyaliens8275]

@@catholicfaithofmine2664 Dieing..~ HE SAID SICK!!!!!! And still alive, yet no longer able to work. How about that???? ~ I personally got SICK at age 37.. I take it you have Zero idea on what its like to be making 100K, then all of a sudden, boom.. YOU can no longer work. YET still alive.. still have Childsupport, still have car, house, Student loans.. BIG difference from DIEING.. and done with it all.. versus ALIVE yet still got BILLS...

[@imveryhungry112]

@@catholicfaithofmine2664 it's not passing away u gotta worry about when your 65 and broke. It's getting an illness that prevents you from working all day. So your not dead yet but simultaneously have no money and got to try to convince family members to let you move in with them.

[@pep590]

@@imveryhungry112 You are 1000% correct. I've known two that has happened to. They thought that would happen till they were in their 80's. And he plans to start his golden years at 72. Even more risky.

[@TM_Stone]

That's a goal of mine as well to buy a new truck and install solar panels on my house when I'm 65 AND still owe $100k on the house. What could possibly go wrong?!

[@slimdude2011]

This guy is heavy in debt! Solar panels are not a necessity on nobody's home, and it's an expense that a person doesn't need, and can surely do without. People can still live a happy life without solar panels. If somebody is going to spend that kind of money to install solar panels on their house, that money can be saved and used for something more essential because, you don't know what's going to happen expectantly down the road, that you will need the money for. As far as the caller is concerned, that was $20,000.00 he could've paid toward his outstanding debts, instead of installing solar panels on his house. It's not how much money a person has or make in a year, it's what you do with it and how wisely it's being spent.

[@aubreytraverse.]

Lmao

[@kelseyfhere]

@@slimdude2011you know he was being sarcastic, right?

[@dialac1]

Lmao 😂😂😂

[@kagnewcobra5228]

He's "living the dream"! LOL

[@JA-zh5xi]

The thought of being 65 and having a mortgage is crazy depressing. So glad I listened to Dave and was debt free in my 40s.

[@kara2162]

Same. Debt free including mortgage at 38.

[@Eye_Witness]

@@kara2162 Fantastic. I'm impressed, you are a wise young person. Stay debt free. Blessings.

[@Rashaadthegr8]

Same baby step 7 when I was 31.

[@Dividendsmattertoo]

No matter what your still going to have to pay property taxes it’s all a scam

[@raymondschembri5042]

My only debt at 35 was an investment property. Now I’m a multi millionaire 😀

[@XennialGuy]

Dave: "You're 65 years old and you're broke." Guy: "Yeah... Here's My plan..."

[@Dividendflywheel]

People call and ask questions. But they DONT pause to listen and think through the answer Dave gives them. I don’t know if I should say ridiculous, or insane.

[@naomirachel9161]

The irony 😩

[@juanrocha8544]

As soon as anyone says “SoLaR”, you know their lives are full of bad financial choices.

[@calvinreichelderfer4922]

So well said. Every time I see solar panels on a house that can connect to the grid I think there is a sucker

[@markg999]

Amazing how people can rationalize all sorts of dumb loans they dont need.

[@appleforever6664]

Especially the Solar loan!

[@Brian-dh9lp]

Merica! Lol

[@tvrao878]

Boomer mind set. Everything has always been OK - so why not borrow more?

[@mph5896]

Got me a truck and solar😀

[@aidylweiss.]

@@mph5896Lol!

[@billy5032]

When he mentioned solar😂

[@suebanbo2698]

Love it when callers say they totally listen to the show and don’t do anything that Dave talks about.😂

[@tones_2466]

They listened, not acted. Lol

[@steelcastle5616]

Listening is just a start and not the end. It's still up to the individual to consider and act.

[@dennisbarrett6148]

When he was told to sell the truck, he said, Yeah. You could almost see him roll his eyes and think "Bull shit!"

[@steelcastle5616]

@@dennisbarrett6148 Tell a man to sell his truck...that's a bad strategy. I've been told you can live in a truck, but ya can't drive a house!

[@qweeknee4208]

Kind of like a church sermon. It doesn't apply to them! Haha

[@BunkMasterFlex77]

Nobody needs a $60,000 vee-hickle

[@markg999]

I'm in baby step 7 and find that ridiculous...this guy definitely doesn't Need that.

[@Dividendflywheel]

He is not selling his truck. I could hear it in his voice. His truck will cost him a financially secure retirement and he doesn’t know it yet

[@ErichH68]

Bought a used Toyota Yaris in 2008 for $10,900. All paid for and running great! It’s all I need!

[@Joey-ee7wp]

@@ErichH68I drive a Nissan Versa. I love it.

[@darlenepaul2918]

@@ErichH68 You're smart!!

[@herbertscott9575]

Here's a lot of people's problem, the caller has this mentality as well....he wants to pay debt off with future income. That never works. You're spending that future income everyday the debt sits there. Eliminate the debt as fast as possible and you can save/invest that future income.

[@princealmighty5391]

How can you eliminate debt as fast as possible without future income money doesn't magically appear

[@princealmighty5391]

I work minimum wage at starbucks get 23 aud an hour and I'm 26 so idk

[@herbertscott9575]

​@@princealmighty5391 @princealmighty5391 I will elaborate. I mean future windfalls and lump sums. Instead of paying the debt off with everything single paycheck....he is waiting on a windfalls or large lump sum event. Examples include...tax refunds, settlements, court winnings or like the caller said collecting social security and recapturing alimony. For him, those two events are 14 months away. He makes enough to pay off his truck and solar panels right now. once those are paid off, per baby steps he can put 15% in retirement and throw everything at the 150k mortgage and be debt free in 3 years. He's kicking the can and blowing his money fast.

[@herbertscott9575]

​@@princealmighty5391Your second comment is an example of you're spending future money. You're 26 making minimum wage. There's 26 year old working at your same company making 60-100 per hour. Why aren't you there right now. That's all lost income in your prime compound interest earning years. By 30, hopefully you obtain the training, skills, certifications, licenses and degrees to earn that amount plus more. The positions will be in accounting, information technology, management and legal. Check with Starbucks Corporate and see if they have a management trainee program. Ask your direct supervisor if you can shadow them. If you're in debt, get a second job and pay it off. If you're not in debt, aquire higher paying skills and start funding retirement, investments and pay your house off. Good Luck to you.

[@elianah8803]

You can tell this caller isn’t going to listen to Dave’s advice. He doesn’t believe that he’s broke because of his plan and because the solar was worth it. No words…

[@kleindropper]

Imagine being 65 and buying something with a 40 year break even on it to justify it's purchase

[@truthseekerKJV]

Buying at 25 wouldn't be justifiable. Solar has been a scam since it's beginning.

[@David-wo9un]

Exactly, and you can’t even claim it increases the value of the home.

[@ehderguyyashootadeerorno2313]

They have an interesting sales pitch (they have been to my house). Don't pay your utility company $150 per month, get solar instead (and finance it for 20 years at $150 per month instead lol). I've questioned them on that and it is always funny to see their reaction. Also good luck selling your house with a solar loan. Basically by the time you pay them off they are outdated and need to be replaced anyways. If you want solar, pay cash and put the ugly things on your house.

[@mxerb5912]

And he had to make a point that he’s NOT sorry he did that

[@linhaton4957]

He will be sorry later. Leased solar panels are a bad idea. Buy them with cash or not at all. Some homeowner insurance companies don’t want to insure your roof if you have them.

[@fsmoura]

But Dave, I can't sell my truck because that's how I roll! (in style!)

[@davidbrooks8809]

😂😮😢😅😊😊😂

[@jimroscovius]

I had to laugh - he "totally listens" to these guys, but he borrows to buy a new truck and stupid solar panels!! 🤣🤣🤣

[@ErichH68]

Get a $5000.00 car!

[@cl5193]

He'll be dead before he pays off the solar panels, but climate change, and douched out on his wife so bad he's paying allimony. But he listens to Dave Ramsey while ignoring everything Dave teaches. This guy is a waste of breath.

[@davidbrooks8809]

Crazy 😂😢😮😊

[@SoUnDMaN831]

Caller: He’s my plan, you tell me if it works. My plan is…. Dave: IT’S NOT GOING TO WORK!!

[@front331]

Yeah because there's only one way to skin a cat according to Dave. Caller probably shouldn't have called in for his advice since he's not going to do what he said, but getting into debt doesn't always contrast wealth building.

[@Dividendflywheel]

If a caller calls the Dave Ramsey show with a question. They should at least LISTEN. The caller is by 65 years old and has $110k in retirement after 40 years of working. • He should have $800k to $1.2 million depending on his income. • this is a scary situation. His plan has not worked for the last 40 years. • Hope he realizes there’s danger ahead

[@FilthyMcNasty69]

​@@front331it's clearly not working for buddy

[@TacticalCanner]

This guy has been doing his own plan for 65 years and he is broke. But now he wants to slightly modify his plan over the last 5 years and thinks that is going to lead him somewhere great. This dude needs to listen to others but I am not sure he will.

[@karen3876]

Nope he doesn’t plan on it.

[@spankynater4242]

He's not even that broke, he'll be fine.

[@pieflies]

@@spankynater4242he has more debt than money and he is at retirement age. That pretty much means broke. He needs to put his entire earnings into paying down debt, essentially living pay check to pay check. That pretty much means he’s broke. Sure, his income is decent but he can’t retire any time soon and he’s at retirement age. If anything changes that means he has to work less or not at all he’s going to have to sell his car and house and downsize - something he probably should do already.

[@spankynater4242]

@@pieflies He'll be fine. So many doomsdayers up in here.

[@FilthyMcNasty69]

​@spankynater4242 Boston is the most expensive city in the country dude lol making 100k a year here doesn't even go that far

[@nickm4662]

Dave will always be in business with all these listeners who don’t listen to what he’s saying!

[@kendrapratt2098]

“I totally listen to you guys”. Financed solar and a truck…hopefully that was before he started listening…

[@darkbee2359]

And there's me, 20 years behind this guy panicking that I'm not gonna be able to retire at a reasonable age. I feel for you dude; you're not in the greatest of financial shape.

[@napoleonbonaparte7204]

Well if you are Dave's follower you know what to do. Rice and noodles noodles and rice because now even beans are pricey...Good luck....

[@GAMEONBABE]

45 here. Feeling the same, but very doable. We have to kick it in gear.

[@Dividendflywheel]

@@GAMEONBABE Use an investment calculator to crunch the numbers. Crank up your savings and investing now. • With every passing decade the smile on your face gets bigger • Plan to have 25 times your annual expenses in your retirement account on the day you retire. Then use the 4% Rule😊 • Live like no one else … later you will reap the rewards. Good luck

[@Dividendflywheel]

That’s the mindset you need. Fear is a good motivation😊😊 • It is a mindset that says you have a limited time to save enough money to live on for 30+ years. • Just imagine you spend $80k in retirement and will live 30 years after retiring $80k times 30 = $2.4 million • most people don’t think about it until it’s too late.

[@tombkk1322]

@@DividendflywheelDave says the 4% withdrawal rate is ridiculous. Any thoughts?

[@dom12011]

I enjoy when Dave tells people they are broke .I’m dying laughing 😂😂

[@alannabiev5782]

Only he can say that, and people won’t get mad at him 😄

[@nickholbrook2285]

He tells the truth. Most of the people in this country are financially dumb.

[@Tashas_Travels]

My favorite line was “ you’re 65 and broke” 😂😂😂😂

[@user-gy7ym3ik8x]

They need to hear It.

[@anonymous135]

You can't collect and keep full retirement and still work earing 100,000. Government is going to take a huge chunk.

[@calvinreichelderfer4922]

Yup!!

[@JP-uy9kq]

John not even writing any of this shit down LOL.

[@davidbrooks8809]

😂😢😅😊

[@exceedinglyaverage1179]

This guy called to talk and not to listen.

[@kaitlinparsons6556]

When he said "I've totally listened to you guys" is where I held my breath 😂😅

[@restandrelaxation4039]

People that call in remind me so much of my folks. I think I’ll make this money next year so I should be fine spending it this year.

[@fauxbro1983]

Solar on roof in boston. Lol dude isnt gonna get back his installation cost and stop with the you sell power back to utility.

[@dialac1]

The solar panels are very unnecessary. Those solar panel guys are great sales people. You don’t need solar panels at 65. You made it to 65 without the solar panels. Also I’ll never understand people who buy these expensive trucks. It’s like an American culture. At 65, you can have a wrong fall, fracture something and you’ll find out how “great” in shape you are. You’re 65!

[@RJWaynerium]

People buy panels and have absolutely no idea about what they are actually buying. I know people who get the panels and a unit to merge the panels with their breaker box to transfer power to the city grid, but no batteries, no automatic switch, no inverter, nothing as a backup point for the house. Dumb dumb DUMB!

[@aolvaar8792]

@@RJWaynerium I have direct solar powered A/C peak shaving, non-grid attached. Free A/C during the most expensive part of the day.

[@RJWaynerium]

@@aolvaar8792 that's what I'm talking about, nice

[@calvinreichelderfer4922]

The only people that profit from solar are the manufacturers, the sales people and the installers and the people that take them off your roof in 10-20 years when they’re garbage.

[@DarrellVanMeter]

I don't know why but after hundreds of Ramsey clips I still find this one the most interesting to listen to. The overconfidence of his health at 65 that can turn at any second at that age, the confidence of his solar decision despite at least a decade until breakeven in the Boston area due to the weather and winters (he'll be 75 before he even sees a cent of profit), the smugness that he "only" owes 30k on a 60k truck with a measly 100k income (I only say measly in relation to how much truck he bought), and finally Dave telling the blunt truth that he's absolutely broke for his age. All while he remains in denial. C- might be generous.

[@tlo35]

I know people like him. When they were young, they thought 65 year old never comes. Spend and never save. Guess what, time flies by so quickly. Good luck to him.

[@zsuzsuspetals]

I wish my parents had what this guy has. They retired with almost zero savings. They walked with maybe 30k from the sale of their house. So I get to worry about my retirement and theirs. I've always been the complete opposite of them when it comes to money. My husband and I have been planning since we got married. We'll have a nice retirement if we can make it through our parents' retirement. To all of you who are parents...........the afterschool activities, vacations and Christmas gifts are nice. BUT the best thing you could do for your kids is take care of your health and save well for your retirement, as Dave says. Don't depend on your adult children to pay your bills and have to physically take care of you. It's so much pressure that sometimes it's the first thing on my mind when I first wake up. 😔 I want to enjoy life with my husband. Not stress over my parents finances. I've grown so resentful of them over the years.

[@dcg590]

Your parents failed you. I’m sorry. You should NOT have to fund their retirement

[@zsuzsuspetals]

Thank you. And sadly it's both of our parents. We have 4 seniors who depend on us. I'm talking replacing a new HVAC, paying for a 5k plumbing job, etc. Not hundreds, but thousands of dollars. I used to beg my mom to please think of retirement and she'd blow me off, get angry and tell me they'll be fine. Then the sarcastic "We won't burden you, don't you worry. We don't need your money" Now they're mid 70s and we've had over 10 years of this. It's so stressful and exhausting. Parents don't do this to your kids. 😭@@dcg590

[@doorguru168888]

@@zsuzsuspetals So sorry and I feel for you. I can only imagine how stressful that must be. My daughter made it clear to my wife and I many years ago. She stated she's not going to take care of us when we get old. I don't expect her to, but she didn't have to present it that way. For that and other reasons, It makes me want to take her out of my will but there's no one else left to leave it to. We are doing pretty good since retiring and I don't anticipate any financial problems in the near future. I wish my mom and dad were alive. I would be happy to take care of them.. Or try to anyway.

[@CheckThisOut77]

Dave comes right to the point with the brutal truth. That is what is needed.

[@colemant6845]

I LOVE the way the Ramsey Show Rotates "Young" commentators to experience Common Financial Sense.. They are Americas FUTUTRE.. This Young Guy is SPOT ON and "Get's It" " Well Done! I like when young people understand "REAL LIFE FINANCE". Thanks.

[@10RRASK]

In 2020 I sold a truck to a 50-something guy for $10,500, he had to get a loan to buy it. At that moment my goal became to never be in his situation, at any age.

[@chrisazzy]

The sad thing is this guy makes my 65 y.o. Moms situation look great 😅

[@zsuzsuspetals]

that's what I said. I WISH my parents had this much money

[@Eye_Witness]

It's a shame that most of us only realize our mistakes when they are breaking upon us and we're too old to do anything about it. Don't buy magic beans.

[@tamarasanders6538]

I love Dave's advice, but I can't fnd a $10K reliable car to buy. I've got a 17 year old car with almost 300K miles on it, so have been looking. Those cheap, reliable cars don't exist anymore and I've looked nationally, not just locally. In 2015, my son bought a 2103 Honda with 30K miles on it for $13K. That same car with 100K+ miles is now $19K.

[@markg999]

Looked up my area a 2013 Accord 80k miles 15k. 2013 with 130k miles 9.8k. You obviously aren't doing a good search.

[@goforbroke2]

Ummm 10K reliable cars exist, your aren’t looking hard enough. 1. Toyota Camry 2. Toyota Avalon 3. Toyota Corolla 4. Honda Accord 5. Honda Civic They will all have a 100K on them. See if you can find a single one owner vehicle, these people usually take care of their vehicles because they drive them for a long time. Keep up the basic maintenance and all the cars above on that list will last till at least 300K.

[@dreamingofskyrim]

Subaru Forrester

[@michealclayton1728]

You can find reliable cars every day for 10k and even less.

[@NicE-jq3wv]

I drive a 2016 Toyota Corolla with 110k miles and zero issues. I couldn’t get more than $10,000 (if that) if I were to sell.

[@AudraZapoticky55]

investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good??>>>>

[@Annis-co7vu]

I understand your concerns, my friend. I recommend exploring passive index fund investing and expanding your knowledge in this area. Personally, I experienced both successes and challenges when initially seeking a reliable passive income......,

[@Madlyn55]

how do I get in touch with this consultant that assist??>>>>

[@Annis-co7vu]

STEPHANIE KOPP MEEKS, that's whom i work with look her

[@Madlyn55]

Thanks for these recommendations.....,,,

[@mxerb5912]

This guy is in trouble and clueless. Also so smug especially over the solar. Good job saving 1000 dollars a year in power by paying 22,000

[@littlesongbird1]

Yeah from what I read, solar panels aren't always the money saver they claim to be.

[@jimmymcgill6778]

And after 7 or 8 years, he have free electricity.

[@mxerb5912]

@@jimmymcgill6778 a joke? More like 25 year by that time he’ll probably be dead

[@bbkyjohnson]

Clueless? Maybe. Trouble I’d say no. Handle those two bills with the extra $4k a month coming in he’ll be fine. My dad lived very comfortably on the same amount of money. Admittedly living in different areas make it harder. If he wasn’t planning to work another 7 years I’d agree completely.

[@alanj9978]

@@jimmymcgill6778He'll have free electricity ... on sunny summer afternoons. Depends on his utility's net metering program what he pays otherwise. Most places are phasing out the best programs.

[@michaelc9287]

"Listened" but it went in one ear and out the other.

[@sho14me]

I bought it out right on a loan..best line I've heard in a while😅😅

[@davidbrooks8809]

😂😢😅😊

[@calvinreichelderfer4922]

That was hilarious 😂😂😂😂

[@thomaschew2191]

Dude has $184,000.00 of debt at age 65. And I thought I was bad!

[@davidbrooks8809]

😂😅😊😮🎉😢

[@thomaschew2191]

@@geocam2 I'm actually, in fact, and to be honest, in fairly decent shape, money wise.

[@larryronhartfield55]

I retired 2 years ago at age 55 paid off my mortgage.. Till date we have not touched a dime of our retirement money. I have 2.5M in my portfolio. It took me 8 years to get to this goal. I started with 45K through my CFA ‘Lisa Rosa Cavanagh’ My dividends are supplementing my retirement at the moment. It takes time and I invest in good companies. I never sell the chicken that lays the egg (dividends). I just eat the egg.

[@gagnecaron658]

Truly It’s all about accumulating wealth through compound interest investments.

[@meredithelbert6608]

I did read about Lisa Rosa Cavanagh, quite an interesting lady to look up on the web

[@taylorgreen5908]

Consistently investing in quality dividend paying companies over the long term is a relatively easy strategy to create generational wealth

[@stanleyfujiwara1394]

found her webpage by looking up her name online.... Her resume is quite outstanding, I'll be writing a mail to her shortly

[@doingjustfine9401]

That’s amazing that you retired at 55. You have a great life. Do you have any tips? What did you do for work?

[@esterdrass4964]

I have to come on to this channel all the time to remind me... of the future. The future I want.

[@Rldr308]

100k at 65? Wow It’s too late. Nobody ever says it’s too late…always the opposite and it isn’t true.

[@nightreader1264]

At first, I thought that the 100K was good- but no pension- scary!

[@davidbrooks8809]

He needs more money!!!!

[@formula112967]

I shook my head everytime this guy said something......he is 65 years old and still owes more than $100k on his house. Why isn't he paying extra on the house? and did he really need a $60k truck? and the solar panel purchase was dumber than dumb.

[@DoctorRickSanchez]

_Not really_

[@carlaritchie331]

Healthy people are sadly often surprised when their good health SUDDENLY ends unexpectedly. Murphy's Law sometimes derails the best plans. It is wise to prepare with gazelle intensity, then in 7 years relax if there are no unfortunate surprises. Hope for the best but plan for the worst. Always easier to be pleasantly relieved rather than sadly disappointed.

[@johnzemetra6106]

Owing $30,000 dollar on a truck? I bought a used 1992 Ford F-150 in 1999 for $10,000 and am still driving it.

[@johannesswillery7855]

I bought a 2018 f150 new. For $30,000. Paid cash, now if I can just not wreck it...............

[@user-tc3ou6sy5f]

@@johannesswillery7855 I bought my first truck when I was 23....... A Ford 150 back in 1980 ( new ) for 7,500 dollars... Back in 2002 ......when I was 43 years old . I bought my second truck ( new ) and S-10 for 15,000. Im now 64 years old.....and due for ( maybe ) my last truck........ Who knows what that price will be........but........ it wont be a new truck !!!!!

[@txcook1421]

Lots of issues here. One not discussed is, he should not collect Social Security next year. Every year past full retirement age that he puts it off (up to age 70) yields an extra 8 percent in eventual SS income. Waiting 4 years would give him 32% more income; that's a lot of money! Since he's in good health, he should expect to live a long life. He can tackle his mortgage, car debt and solar debt with current income, as he makes a good salary.

[@CynthiaIvers]

And if he takes SS and still makes $100,000, he's gonna get taxed on the majority of the SS.

[@mph5896]

He is a man. Take it at 67. Statistically dead by 73.

[@bertdog7639]

You are assuming SS will be available when he turns 70. It is beginning to look like that will not be the case. It will eventually be reduced or eliminated by then.

[@mph5896]

@@bertdog7639 US government will continue to print money to pay for SSI. It will eventually stop when the government fails financially. Not sure when that will happen, BUT... Government robbed everybody $ they have been paying into SS and gave an IOU. Now it's just a pyramid scheme.

[@resaboutb.9566]

If he collects at his FRA, he can still work full-time with no penalty.

[@moaski]

It’s evident in his words and actions…this guy is not going to make the necessary changes.

[@princealmighty5391]

Help him then

[@davidbrooks8809]

He might 😮

[@foodmens]

I love hearing stories like these....at age 30

[@Dividendflywheel]

Yep. Learn what NOT to do. Invest 20% of your income in a total stock market index for the rest of your working life and you will retire very very wealthy. Stay Hungry

[@princealmighty5391]

​@@Dividendflywheel don't forget depressed

[@princealmighty5391]

​@Dividendflywheel your advice although it's a good get rich quick scheme it's not practical grow up

[@bertdog7639]

@@Dividendflywheel At least until the stock market completely collapses.

[@musicman7297]

​@@bertdog7639That's why I like gold and silver in hand . When SHTF there won't be any stock market or retirement accounts.

[@tubenachos]

This caller is delusional 😂😭

[@schadlarry]

If his SS is 3200/month he will be doing better than half upcoming retirees. If he can knock out all the debt and that IRA does double to 200K he will be fine. Not living large but fine.

[@Ria24Ria]

That’s what I was thinking

[@doorguru168888]

Maybe I missed it, but is that $3200 his Social Security and his wife's combined ? That's a little less than I'm getting. I worked my whole life. During the last ten years I made between 80 to $100,000 a year at a blue collar job. Although my wife didn't work for the last 35 years, she's getting 35% of my Social Security because of spousal benefits. She took SS at the minimum age. So we're getting around $4400 a month combined. Along with a small pension and 401K we are doing okay. We have no debts.

[@tcshy1903]

Solar - Yikes! If you buy it when you're older, do you get any return on your investment?

[@RJWaynerium]

You don't get any return on it unless you sell your house....then it's barely breaking even.

[@aolvaar8792]

@@RJWaynerium You buy Used solar farm panels producing ~85% for 25% of new. Since you're not grid connecting, direct connection to aux equipment, no permitting. Shave off $300/mo A/C bill

[@theresamoore2436]

Such good advice before retirement with not enough. I know because I'm 70 and don't have enough retirement.😔

[@ryankiel4895]

Sorry to hear. How much if I may ask?

[@theresamoore2436]

@@ryankiel4895 $50,000

[@davidbrooks8809]

So sad 😢

[@davidbrooks8809]

Wish you the best

[@Gruuvin1]

Dave: "you're 65 years old and you're broke!" Him: "yeah... Lemme tell you my plan" Denial. It's not just a river in Egypt.

[@Dividendflywheel]

Denial or Self delusion. Very sad

[@HighCountryRambler]

I bought outright solar, do not regret it, with a $22,000 loan- 'Here's You Sign'... "Outright" means you paid cash. One born every day, a wealthy broke guy.

[@gdolly166]

Can't believe he said he does not regret getting solar panels

[@Rldr308]

Caller: I paid 22k on solar that I paid outright and I’m working on paying that off DR: So you paid for it or you borrowed? Caller: we’ll uhh it’s through a uhh thing where you get a loan DR ok so 22k in solar debt 🤣

[@Stanginsean281]

He’s not going to listen to a tad of advice. He knows what he is doing is right and that’s all that matters. He didn’t call for advice he called to have his decisions validated, which they weren’t

[@TheFlyingZulu]

"I bought solar outright with a 22k loan" LOLOL I can't with some of these people... My god...

[@montefiveforty1]

Ya he bought it with the banks money.

[@ehderguyyashootadeerorno2313]

Kids use this as an example. It is easier to save a few hundred dollars a month to your retirement starting young than it is to play catch up when you are old. Also if you are mid-aged, look at your accounts and make sure you are on track. It is easier to catch up now than in 10 years. Also what was this guy thinking, a $60k truck while he was behind on his retirement. Finance solar panels is just stupid (I love their sales pitch, don't pay your utility company $150 per month, get solar instead (and finance it for 10 years lol).

[@UTP504]

Right, the $60k truck took me out, that’s insane at 65.

[@princealmighty5391]

Help him

[@PInk77W1]

Damn I’m 62. Retired. High school dropout. Laborer. $4100. Take home pension House paid off. No debt at all Money n the bank Life is good

[@toddprater14]

Keyword bro..pension

[@PInk77W1]

@@toddprater14 yes. I almost died everyday for 26y to get that pension as a tree climber

[@Echodot232]

Your not goin to listen. Why do people call in if there not serious about wanting help

[@ebbsislove93]

what's with ppl buying hugely expensive cars they can't afford?

[@danielrn133]

The guy keeps minimizing his debt.

[@drtij_dzienz]

Lol imagine living in Boston MA and still trying to be one of those indebted “truck bros” as your male identity 😂

[@TheFlyingZulu]

Great advice from both of them... I'm at 38 and way behind as well... luckily I have no debt and will never get into a debt unless it is a house.

[@debbie7771]

Being debt free is ahead of most. Especially at your age. You’re doing awesome.

[@elizabethw.454]

I'm a few years older than you, no debt but also I'm pretty broke thanks to poor mental and physical health and it's too late for me to build a good career so I won't ever be able to retire

[@combatduckie]

it always boggles my mind when people who bought a house on credit say or think they OWN a house! You dont own a house until it s fully paid off oer paid in cash, it belongs to the bank still.

[@appleforever6664]

Caller is broke for sure! 🤡

[@michellewinkler3985]

Can't he knock his 401 down to the percentage where he still receives a match? Like if he was 12% and they match 4% then go 4 to at least get the 8? It's free money?!

[@dungeonmaster6292]

It's free real estate

[@PCZ730]

He better get rid of some of the dept before economy tanks. We are overdue for a severe downturn.

[@MR.B1004.]

Why are people buying solar again? WHY WOULD YOU BUY SOLAR FOR 20 TO 30 THOUSAND TO SAVE A FEW HUNDRED DOLLARS?

[@sleepyjoe1685]

Dave should have asked him, what other things do plan on buying outright? I have a strong feeling that he wants to buy a camper.

[@Dividendflywheel]

STOP😂😂😂. That was a low blow. Dude bought solar panels for his house. Let him enjoy them. 😊😊😊 • At least he’s got a truck

[@davidbrooks8809]

😂😢😅😊

[@duck85123]

Wait until the company he works for figures out he's why rheir health insurance is so expensive and they can hire someone younget for less money......

[@fredhadley739]

The caller loves payments!

[@KathleenMcNe]

I can''t imagine being 65 and as financially naive as the caller.

[@pep590]

I was surprised to hear he had 100k in a 401k. Figured by the title, he had nothing.

[@davidbrooks8809]

At his age ..100k is broke😢

[@logannedervelt889]

100k at age 65 is still peanuts

[@pep590]

@@logannedervelt889 Majority have zero to 10k max and do ok. Social security + retirement that many occupations provide. A city, federal, teaching, etc. You got to be smart, but not hard to make that last till 85 for example.

[@logannedervelt889]

@@pep590 I guess. I would be terrified. Pensions are nowhere near as common these days…..100k is 10k for 10 years. If you roll it into an investment maybe make a little more but it’s very little to live on

[@johnc2438]

What if this senior citizen gets sick and can't work? Or if his employer lays him off? Don't forget -- that $3200 a month SSA benefit will be taxed (income taxes and Medicare Part B). And if he's not careful, IRMAA tax will be imposed, increasing his Medicare Part B payment each month, too (he's single, so the IRMAA tax threshold can be crossed easily).

[@Dividendflywheel]

You are 100% correct. • He should work as much as possible till age 72 or no 75 and delay taking social security. • But he has plans for that money already. • people who spend money they have NOT EARNED seem to spend more than they earn. 😊 • the trap is set in the mind. Before it is sprung on the wallet.

[@doorguru168888]

The wife's and my combined SS payments are over 52K a year and I also receive a small pension. We pay zero taxes at the end of the year using the standard deduction, filing jointly.

[@shelleycharlesworth5177]

To anyone reading here - if your rent, utilities, food, medical insurance were provided could you live on $1500 a month?

[@sfm45]

People complain about the price of things and being broke, but pay $4 bucks for a bottle of water or $6 for cup of coffee. The reason crap costs so much is that we as consumers are the problem, if you have an item for sale and no one buys it you lower the price to sell it, so people need to quit impulse buying, quit paying 80k for a truck every 2 years. Instead of wasting money impulse buying stuff, start socking it away is a ROTH IRA, 401K, etc and this will help reduce inflation if people will just STOP spending on crap! 🤣

[@KENTUCKYUSA1]

He should probably forego collecting social security for a few more years so his checks will be bigger. He can still go on Medicare. This type of person will end up spending those SS checks on something he decides is a good deal, rather than saving it or paying off debt. One severe illness could end his much-vaunted plans.

[@bellabobbybob3476]

It’s scary being broke at 65.

[@stevennovakovich2525]

I'm 61 and broke. Basically the same thing. Negative net worth. Scary.

[@bellabobbybob3476]

@@stevennovakovich2525 I wish you all the best and I hope you can catch up somehow.

[@scottmontgomery1124]

People walking around like they going to live forever. Dudes may have 10-15 years left to live and he’s planning on continuing working. Worrying about money. Screw that. Sell it all and retire asap

[@amireallythatgrumpy6508]

Retirement is time wasted

[@your247support]

Alimony. That his first mistake is getting married.

[@ChrisBernard338]

I think so people forget to ask basic questions, id love to know is day to day spending --- the why , beneath the why is how you really get people to listen...

[@lkj0822g]

This guy is about 30 years behind the 8-ball, and handing over a big chunk of money to the ex wife didn't do him any favors. The big question I have is "Is there any other retirement income other than his meager savings and social security such as a pension?" If so, his situation is not as dire as Dave makes it out to be. There are a lot of convoluted rules once you approach social security and medicare age and taking certain actions can cost you big time. This guy needs better advisement than a two-minute phone call to a radio personality who wants to sell him books and budget apps.

[@jaysilver9193]

What wasn't discussed was the most likely substantial equity in his home. He's from Boston, where home prices are very high, so he probably has several hundred thousand dollars in equity. He could downsize or move to a less expensive area with much lower monthly expenses and no mortgage.

[@westbccoast]

idk how people go thru their entire lives and not save. How to get to age 65 and only have $100K, it's mind blowing, I can't even do the maths around it, you basically spend every pay cheque and save almost nothing towards your retirement.

[@lights80088]

Ya, he's never going to do what he's told. Why bother calling.

[@masterjoey193]

Life is not all about money. No one can predict their death, but look at your family history. My dad died at 74, my uncles died at 65, 68, 72. Im not waiting till 72 to retire. Im going at 60 to retire the most. And Enjoy my life left and get all the money I contributed to uncle Sam, 15 years is fast. Enjoy life left on earth.

[@Dividendflywheel]

To the caller; your plan has gotten you where you are today. After 40+ years of work. • you only have 7 years left • It’s time to become radical and fanatical about getting out of debt and investing. • You must make sacrifices that HURT now. So you don’t hurt when you are 85.

[@amireallythatgrumpy6508]

Probably has 15 years left.

[@Dividendflywheel]

@@amireallythatgrumpy6508 Caller is 65 and wants to retire at 72…. That’s how I came up with 7 years. With 136k owed on his home he needs to be paying about $20,000 per year ($1670 per month rounded up) in principal on his mortgage.

[@johnSmith-uz8nl]

65 AND BROKE... every persons nightmare.

[@hedgiegal3340]

He's not going to listen, I can tell. Sad. He's caught up in the idea of having a big truck and solar panels, he's one of those prepper wannabes but in reality he's broke and will be in a medicaid spend down nursing home in 10 years. Dude needs to wake up.

[@joyhoffmann1334]

Just wished I had followed your advice in 1998 and kept my house .My advice is listen to Dave …He is so full of common sense!,,

[@davidbrooks8809]

So what did you do to your house did you mortgage another one or are you renting

[@joyhoffmann1334]

@@davidbrooks8809 well I bought another house and stupidly sold that Then the housing prices went sky high I sold for 6K and it is now appraised at 8k 2017 was a disastrous year for me! My advice is to stay put if you own!

[@Gruuvin1]

Guarantee he WAY overpayed for solar. Unless he's off-grid, and most people are not, $22,000 for solar is like agreeing to pay 50% of your next 20 years of electric bills UP FRONT RIGHT NOW. It's one of the stupidest scams out there.

[@aolvaar8792]

$600/mo X 20 years = $144K $72K- $22K= $50 $22K not to pay $50K

[@Gruuvin1]

@@aolvaar8792 nahhh. His panels probably save him $100 on a $300 electricity bill.

[@aolvaar8792]

@@Gruuvin1 Your comment: agreeing to pay 50% of your next 20 years of electric bills UP FRONT RIGHT NOW.

[@markg999]

That's actually cheap in Florida home solar systems they go for like 50k to 60k 😂 it's such a scam.