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Dave Ramsey on the wealth-building sequence he believes turns ordinary earners into millionaires: A 22-year-old caller phones into Dave Ramsey's show with $104,000 left on his mortgage, $10,000 in savings, and $1,800 left over each month after bills. His question: Should he start investing $1,000 a month, or throw... everything at the mortgage? Dave's answer reveals the order he believes wealth-building has to follow, and the math behind why this caller is on track to become a millionaire decades before most people. First, Dave confirms the foundation is in place: "You're debt-free except your mortgage. You have your emergency fund in place of 3 to 6 months of expenses?" With $10,000 saved and a household income of $50,000, the caller is ready for the next phase. The order matters. Retirement comes before any extra mortgage payments: "15% of your income should be going into retirement savings." For this caller, that's $7,500 a year. Dave walks him through the mechanics: "You set that up as a Roth IRA… you basically knock it out with one Roth IRA. It's $7,000 a year or $6,000 a year you can put in it… A little bit in your name, little bit in your wife's name. You put 4,000 in each if you want." The key is automation: "You set that up as a monthly hit on your checking account going straight into mutual funds into a Roth IRA." Kids' college would come next, but the caller skips it because he doesn't have kids yet. Only then do extra mortgage payments enter the picture: "We pay everything else on the mortgage." Then Dave runs the numbers on what 15% actually does over a lifetime: "If you invest 15% of your income for the rest of your life, you'll have $10 million or more." The caller mentions his wife will soon start working full-time after finishing school, which they paid for in cash. Dave sees the compounding effect: "That will increase then the 15% going into retirement. And on top of that, then you'll have more money to throw at that mortgage and knock that mortgage out. I suspect you're probably going to be millionaires around 30 to 32 years old." The caller asks the obvious follow-up: If he can do more than 15%, should he? Dave's answer is firm. Not yet. Everything above 15% goes to the mortgage until it's gone. Only then comes the final phase: "Once you pay off the house… there's nothing left to do then but become very, very wealthy and be very, very generous. So yeah, you max out everything in your retirement and you do more investing."show more

Black Edge

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Caller : “I am 65 years old and have made poor financial decisions throughout my life. I have no substantial savings my wife has about $10,000 in her 401k, and I have a couple thousand, I have two credit cards, a car loan, and a mortgage. Total debt, including the mortgage, is $137,000. Dave Ramsey: “Whats the mortgage detail?” Caller: “The mortgage is a 15-year fixed rate, set up for half a payment every two weeks, which means in a year I've made 13 payments instead of 12. Since we have no retirement plans, I'm trying to determine the best way to proceed to eliminate all debt.” Dave Ramsey: “What's the balance on your mortgage?” Caller: “115,000” Dave Ramsey: “how long into the 15 year?” Caller: “8months” Dave Ramsey: “Okay. So, it's brand new mortgage Well, doing a bi-weekly, you'll reduce the 15 to about 11 just on the bi-weekly thing that you're doing that that has the same effect of paying an extra payment a year.” “You've got $22,000 in other debt are you guys still working? And what you make?” Caller: “yes sir, the two of us together make about $105,000, first time we surpassed $100,000” Dave Ramsey: “Good news. I would just leave the biweekly mortgage alone and let it run. Let’s work the Baby Steps. “Your $1,000 starter emergency fund is already there. Baby Step 2 is listing your debts from smallest to largest. You have $22,000 in non-mortgage debt, and you need to have that paid off in under a year.” Caller: “I can have all of my unsecured debt, excluding the mortgage and the car, paid off in three months.” Dave Ramsey: “At least $2,000 a month needs to go toward your debt, not counting the house. That’s $24,000 a year. With what you’ve shared, you can be completely out of non-mortgage debt within a year.” “You’ll have plenty of room in your budget, so I want you living on beans and rice, rice and beans for one year. By age 66, you’ll be debt-free except for the house, Then you’ll build an emergency fund with three to six months of expenses. After that, you’ll focus on paying off the house and building your retirement nest egg.” “By around age 72, you’ll probably have about $200,000 saved for retirement, your house will be paid off, and you’ll be completely debt-free. You’ll just need to keep working for a while cause your broke.” “As long as your health allows you to do that, it’s what we're going to do, work those baby steps exactly the way they're laid out.”

𝓢𝓵𝓪𝓶 👁️⃤

192,939 görüntüleme • 2 ay önce

Caller: I'm 64 years old. I've been working for 46 years, and I want to retire at 65. The problem is I have over $20,000 in credit card debt, $12,000 on a car, a $118,000 mortgage, and a $36,000 second mortgage. Dave: Okay. What's your income? Caller: I make about $60,000 a year and my wife makes around $30,000. Dave: You're not going to pay off all that debt in one year. You don't have the money. More importantly, your spending is out of control. Caller: Yeah, I'm starting to realize that. Dave: If you can't live on $80,000 in retirement, why are you struggling on $90,000 now? The debt isn't the problem anymore. The behavior is. Caller: You're right. Dave: Tonight, you and your wife need to sit down and have a serious conversation. No TV. No distractions. Cut up the credit cards, make a budget, and decide you're never going back to the old way of living. Retirement doesn't fix a spending problem. It exposes it.

Caller: I'm 64 years old. I've been working for 46 years, and I want to retire at 65. The problem is I have over $20,000 in credit card debt, $12,000 on a car, a $118,000 mortgage, and a $36,000 second mortgage. Dave: Okay. What's your income? Caller: I make about $60,000 a year and my wife makes around $30,000. Dave: You're not going to pay off all that debt in one year. You don't have the money. More importantly, your spending is out of control. Caller: Yeah, I'm starting to realize that. Dave: If you can't live on $80,000 in retirement, why are you struggling on $90,000 now? The debt isn't the problem anymore. The behavior is. Caller: You're right. Dave: Tonight, you and your wife need to sit down and have a serious conversation. No TV. No distractions. Cut up the credit cards, make a budget, and decide you're never going back to the old way of living. Retirement doesn't fix a spending problem. It exposes it.

J’ae VESper 🩸

744,414 görüntüleme • 3 ay önce

Caller: I'm a 58-year-old single guy, getting tired of working. I'm trying to get to retirement, I make $75,000 and nothing saved. I need to know what I should do to get there. Dave Ramsey: What do you do? Caller: I'm a trim carpenter. I trim high-end houses and build some custom cabinets as well. Jade Warshaw: Do you have any debt? Caller: I've got about $25,000 worth of mortgage and a $20,000 auto loan. Dave Ramsey: Why have you saved no money? Caller: I was married to a spender, and at the age of 50, got divorced, and I walked away with zero dollars. Dave Ramsey: That was eight years ago. Why have you saved no money in the last eight years? Caller: Well, getting back on my feet, I ended up buying a house. That's where the mortgage comes in. I've got $25,000 left on that. Jade Warshaw: So is that where your extra money was going, paying down that mortgage? What did it start as? Caller: Paying down the mortgage. It was a bank-owned property. I got it for a song in a great neighborhood. I put a fair amount of money into it, and that's where most of my money went. Dave Ramsey: And you bought a truck? Caller: No. I have a truck that's paid for. Dave Ramsey: What's the $20,000 vehicle? Caller: I know you're into cars, Dave. It's not a car. It's a motorcycle. It's a Harley-Davidson. Jade Warshaw: Well, we've got to get rid of that. Caller: I knew that was the first thing you were going to tell me to get rid of. Dave Ramsey: Yeah, that bike has to go. You did great on the house, but the motorcycle was a mistake. If we get you on an EveryDollar budget and you pick up extra work, you can save $2,000 a month. Over 10 years, that $24,000 a year will grow to about half a million dollars. By age 67, you’ll have $500,000 and a completely paid-for house. Caller: Okay. I do have about $23,000 in cash. Dave Ramsey: Well, then you've got your emergency fund in place. Jade Warshaw: That's great! Caller: I do have the emergency fund, right. I also have a term life insurance policy that's $100 a month for half a million dollars. Should I keep that, or is there a way to convert that to something else? Dave Ramsey: I wouldn't convert. It's just like, "I have homeowner's insurance and I don't have a home anymore, do I need it?" No, you don't. Because there's no one counting on you, it sounds like, for your income. Caller: No. Dave Ramsey: And the house is worth more than you owe on it. Do you have children? Caller: I've got three. They're grown. Dave Ramsey: Okay, so if you die, they sell the house and pay the funeral, right? Caller: Correct. Jade Warshaw: Let it lapse. Dave Ramsey: Yeah, I would close that out because you need that extra $100 a month toward our $2,000 a month goal. So, what I'm going to do is sit down and do a budget, and I'm going to come up with $2,000 a month. I'm going to sit down with a SmartVestor Pro, and I'm going to fill up Roth IRAs, Simple IRAs, and whatever else you can do as a self-employed person. The great news is, as a trim carpenter in high-end properties, you are in great demand. You've always had more work than you can take on. And so if you want to jack it up and make some extra money for a little while, you can do that. I'm always less tired when I don't feel like a hamster in a wheel, when I'm actually getting traction. Part of what's making you tired is you feel stuck.

Caller: I'm a 58-year-old single guy, getting tired of working. I'm trying to get to retirement, I make $75,000 and nothing saved. I need to know what I should do to get there. Dave Ramsey: What do you do? Caller: I'm a trim carpenter. I trim high-end houses and build some custom cabinets as well. Jade Warshaw: Do you have any debt? Caller: I've got about $25,000 worth of mortgage and a $20,000 auto loan. Dave Ramsey: Why have you saved no money? Caller: I was married to a spender, and at the age of 50, got divorced, and I walked away with zero dollars. Dave Ramsey: That was eight years ago. Why have you saved no money in the last eight years? Caller: Well, getting back on my feet, I ended up buying a house. That's where the mortgage comes in. I've got $25,000 left on that. Jade Warshaw: So is that where your extra money was going, paying down that mortgage? What did it start as? Caller: Paying down the mortgage. It was a bank-owned property. I got it for a song in a great neighborhood. I put a fair amount of money into it, and that's where most of my money went. Dave Ramsey: And you bought a truck? Caller: No. I have a truck that's paid for. Dave Ramsey: What's the $20,000 vehicle? Caller: I know you're into cars, Dave. It's not a car. It's a motorcycle. It's a Harley-Davidson. Jade Warshaw: Well, we've got to get rid of that. Caller: I knew that was the first thing you were going to tell me to get rid of. Dave Ramsey: Yeah, that bike has to go. You did great on the house, but the motorcycle was a mistake. If we get you on an EveryDollar budget and you pick up extra work, you can save $2,000 a month. Over 10 years, that $24,000 a year will grow to about half a million dollars. By age 67, you’ll have $500,000 and a completely paid-for house. Caller: Okay. I do have about $23,000 in cash. Dave Ramsey: Well, then you've got your emergency fund in place. Jade Warshaw: That's great! Caller: I do have the emergency fund, right. I also have a term life insurance policy that's $100 a month for half a million dollars. Should I keep that, or is there a way to convert that to something else? Dave Ramsey: I wouldn't convert. It's just like, "I have homeowner's insurance and I don't have a home anymore, do I need it?" No, you don't. Because there's no one counting on you, it sounds like, for your income. Caller: No. Dave Ramsey: And the house is worth more than you owe on it. Do you have children? Caller: I've got three. They're grown. Dave Ramsey: Okay, so if you die, they sell the house and pay the funeral, right? Caller: Correct. Jade Warshaw: Let it lapse. Dave Ramsey: Yeah, I would close that out because you need that extra $100 a month toward our $2,000 a month goal. So, what I'm going to do is sit down and do a budget, and I'm going to come up with $2,000 a month. I'm going to sit down with a SmartVestor Pro, and I'm going to fill up Roth IRAs, Simple IRAs, and whatever else you can do as a self-employed person. The great news is, as a trim carpenter in high-end properties, you are in great demand. You've always had more work than you can take on. And so if you want to jack it up and make some extra money for a little while, you can do that. I'm always less tired when I don't feel like a hamster in a wheel, when I'm actually getting traction. Part of what's making you tired is you feel stuck.

Traeyz ♠️

425,182 görüntüleme • 2 ay önce

Dave Ramsey explains why paying off your mortgage early is the fastest path to millionaire status: A caller who's debt-free except for his house and has $90,000 in savings asks Dave what to do next. Dave walks him through his framework before getting to the real insight. "What we teach is a thing called the baby steps where you're debt-free everything but the house and have an emergency fund. That's one, two, and three." After that comes saving for kids' college (the caller has $75,000 across 529 plans for his two kids). Then comes the step where it gets interesting: "Pay off the house early. We would say throw everything at the house, which is the $90,000 that's in discussion here unless you don't have an emergency fund." But why? Dave points to the data: "We just completed the largest study of millionaires ever done, over 10,000 of them. 79% inherited nothing and somewhere in the neighborhood of 90% inherited not enough to make them millionaires." So 90% of millionaires aren't wealthy because of inheritance. It's because of their habits. And the two habits Dave sees at the first million or two of net worth are simple: a maxed-out 401k and a paid-for house. Here's what millionaires are NOT doing: "We do not find them saying, 'I'm going to borrow as much 3.5% money as I can borrow because I can invest it and make a better rate of return.' We do not find them doing that." Instead, they kill the mortgage and redirect that cash flow into investing. Dave projects the caller's future: "If we fast forward 5 to 7 years... you'd have about a million and a half net worth of which 700,000 is your house. You would be a typical case study of the representative statistically of the typical millionaire." Skip the payoff, and you become an outlier: "If however you didn't pay off the house you might still reach millionaire status, but you would be very unusual among that group." Then Dave gets to the deeper reason, the one that isn't on a spreadsheet: "100% of the foreclosures occur on a house with a mortgage. And when you have zero mortgage and you walk in the backyard and the grass feels different under your feet, 'it's mine by God,' kind of thing, it changes the way you operate the rest of your money because you're standing on such a more solid foundation to live your life."

Dave Ramsey explains why paying off your mortgage early is the fastest path to millionaire status: A caller who's debt-free except for his house and has $90,000 in savings asks Dave what to do next. Dave walks him through his framework before getting to the real insight. "What we teach is a thing called the baby steps where you're debt-free everything but the house and have an emergency fund. That's one, two, and three." After that comes saving for kids' college (the caller has $75,000 across 529 plans for his two kids). Then comes the step where it gets interesting: "Pay off the house early. We would say throw everything at the house, which is the $90,000 that's in discussion here unless you don't have an emergency fund." But why? Dave points to the data: "We just completed the largest study of millionaires ever done, over 10,000 of them. 79% inherited nothing and somewhere in the neighborhood of 90% inherited not enough to make them millionaires." So 90% of millionaires aren't wealthy because of inheritance. It's because of their habits. And the two habits Dave sees at the first million or two of net worth are simple: a maxed-out 401k and a paid-for house. Here's what millionaires are NOT doing: "We do not find them saying, 'I'm going to borrow as much 3.5% money as I can borrow because I can invest it and make a better rate of return.' We do not find them doing that." Instead, they kill the mortgage and redirect that cash flow into investing. Dave projects the caller's future: "If we fast forward 5 to 7 years... you'd have about a million and a half net worth of which 700,000 is your house. You would be a typical case study of the representative statistically of the typical millionaire." Skip the payoff, and you become an outlier: "If however you didn't pay off the house you might still reach millionaire status, but you would be very unusual among that group." Then Dave gets to the deeper reason, the one that isn't on a spreadsheet: "100% of the foreclosures occur on a house with a mortgage. And when you have zero mortgage and you walk in the backyard and the grass feels different under your feet, 'it's mine by God,' kind of thing, it changes the way you operate the rest of your money because you're standing on such a more solid foundation to live your life."

Big Brain Investing

151,802 görüntüleme • 5 ay önce

Caller: “I’m 51 and i am tired of working, I have no retirement. What should i do”? Dave: What do you make, and what’s your debt? Caller: $75,000 a year. $25,000 left on my mortgage, and $20,000 on a Harley-Davidson. Dave: Sell the bike. Today. That payment’s killing you. Any life insurance? Caller: Term life, $100 a month. No kids, no dependents though. Dave: Drop it! you don’t need it. Now download EveryDollar, budget every dollar, and find $2,000 a month to invest. Between the bike and the insurance, you’re most of the way there already. Caller: That still feels like a lot. Dave: You’ve got 10 years until 67. Invest consistently, your house gets paid off, and you’ll be secure Dave says he can still be a millionaire, there is more time.

Caller: “I’m 51 and i am tired of working, I have no retirement. What should i do”? Dave: What do you make, and what’s your debt? Caller: $75,000 a year. $25,000 left on my mortgage, and $20,000 on a Harley-Davidson. Dave: Sell the bike. Today. That payment’s killing you. Any life insurance? Caller: Term life, $100 a month. No kids, no dependents though. Dave: Drop it! you don’t need it. Now download EveryDollar, budget every dollar, and find $2,000 a month to invest. Between the bike and the insurance, you’re most of the way there already. Caller: That still feels like a lot. Dave: You’ve got 10 years until 67. Invest consistently, your house gets paid off, and you’ll be secure Dave says he can still be a millionaire, there is more time.

_Chase😈

4,332,228 görüntüleme • 3 ay önce

Caller: I have a gambling addiction. I haven’t filed taxes in five years. About five years ago, I had $200,000 in gambling winnings. After that, I haven’t filed anything. Dave Ramsey: Do you still have a career? Caller: I'm retired. Dave Ramsey: Okay. Do you have any money? Anything? Caller: I've got almost $10,000 in my savings account. Dave Ramsey: But you don't have a nest egg other than your pension. Caller: No. Dave Ramsey: Do you own a home? Caller: Yes. About $13,000 is remaining on the mortgage. Dave Ramsey: What is it worth? Caller: About $300,000. Dave Ramsey: And how much is your pension income? Caller: $95,000 a year. Dave Ramsey: That's good. Are you married? Caller: No. Dave Ramsey: Have you done something about the gambling addiction itself? Have you quit gambling? Caller: I have not. Dave Ramsey: Okay. So whatever we do is going to be a temporary fix because that is going to cause further problems. Agreed? Caller: Yes, absolutely. Dave Ramsey: What kind of gambling are you doing? Caller: Slot machines. Dave Ramsey: Are you lonely? Caller: Yeah. I've been single for quite a while. Dave Ramsey: How old are you? Caller: 61. Dave Ramsey: From working with people addicted to anything, I know that 100% of addicts eventually have financial problems. The addiction consumes every department of your life, including your financials. I can help you with the money parts of it, but it is a temporary fix until you deal with this. It's not bringing you joy. If you were my buddy sitting down over a cup of coffee, here is what I would tell you to do: Step 1: Get in touch with the Gamblers Anonymous folks in your area. Step 2: Find a good local church and start developing a personal relationship with a pastor who can walk with you. Step 3: Find a one-on-one professional counselor to help dig into what is really going on so you can get to the other side of this.

Caller: I have a gambling addiction. I haven’t filed taxes in five years. About five years ago, I had $200,000 in gambling winnings. After that, I haven’t filed anything. Dave Ramsey: Do you still have a career? Caller: I'm retired. Dave Ramsey: Okay. Do you have any money? Anything? Caller: I've got almost $10,000 in my savings account. Dave Ramsey: But you don't have a nest egg other than your pension. Caller: No. Dave Ramsey: Do you own a home? Caller: Yes. About $13,000 is remaining on the mortgage. Dave Ramsey: What is it worth? Caller: About $300,000. Dave Ramsey: And how much is your pension income? Caller: $95,000 a year. Dave Ramsey: That's good. Are you married? Caller: No. Dave Ramsey: Have you done something about the gambling addiction itself? Have you quit gambling? Caller: I have not. Dave Ramsey: Okay. So whatever we do is going to be a temporary fix because that is going to cause further problems. Agreed? Caller: Yes, absolutely. Dave Ramsey: What kind of gambling are you doing? Caller: Slot machines. Dave Ramsey: Are you lonely? Caller: Yeah. I've been single for quite a while. Dave Ramsey: How old are you? Caller: 61. Dave Ramsey: From working with people addicted to anything, I know that 100% of addicts eventually have financial problems. The addiction consumes every department of your life, including your financials. I can help you with the money parts of it, but it is a temporary fix until you deal with this. It's not bringing you joy. If you were my buddy sitting down over a cup of coffee, here is what I would tell you to do: Step 1: Get in touch with the Gamblers Anonymous folks in your area. Step 2: Find a good local church and start developing a personal relationship with a pastor who can walk with you. Step 3: Find a one-on-one professional counselor to help dig into what is really going on so you can get to the other side of this.

Traeyz ♠️

1,051,570 görüntüleme • 2 ay önce

My advice to anybody is to make sure that you do not pay more than a third of your after-tax income towards a mortgage, or you're gonna get yourself in trouble. You may have to downsize your house a little bit to abide by that rule, but if you're paying more than a third of your after-tax-free income to service your mortgage, you're putting yourself in a very risky position. You have to live in addition to maintain the home. There's taxes, there's monthly maintenance, and then there's the risk of variability of the actual mortgage rate. That really starts to put a squeeze on them.

My advice to anybody is to make sure that you do not pay more than a third of your after-tax income towards a mortgage, or you're gonna get yourself in trouble. You may have to downsize your house a little bit to abide by that rule, but if you're paying more than a third of your after-tax-free income to service your mortgage, you're putting yourself in a very risky position. You have to live in addition to maintain the home. There's taxes, there's monthly maintenance, and then there's the risk of variability of the actual mortgage rate. That really starts to put a squeeze on them.

Kevin O'Leary aka Mr. Wonderful

744,862 görüntüleme • 1 yıl önce

Caller: “My daughters just graduated college. We used student loans to get them through. We’ve got about $180K left on our mortgage, and I’ve got a brokerage account with about $200K in it. My wife and I are thinking… should we just cash it out, clear the $125K student loans, and put the rest toward the mortgage?” Dave Ramsey: “How much student loan debt are we talking?” Caller: “About $125K total, between two kids.” Dave Ramsey: “And you’ve got $200K sitting in the brokerage account?” Caller: “Yes.” Dave Ramsey: “Yeah… I’d liquidate that today.” Dave Ramsey: “You don’t have $200K invested while carrying $125K in debt. That doesn’t make sense.” Caller: “So you’d pay it all off?” Dave Ramsey: “Absolutely. You’d be debt-free except the house.” Dave Ramsey: “Then you rebuild properly. Emergency fund first, then attack the mortgage. But you don’t keep borrowing money at one rate while trying to invest at another. That spread you think you’re making… it’s not worth the risk.”

Caller: “My daughters just graduated college. We used student loans to get them through. We’ve got about $180K left on our mortgage, and I’ve got a brokerage account with about $200K in it. My wife and I are thinking… should we just cash it out, clear the $125K student loans, and put the rest toward the mortgage?” Dave Ramsey: “How much student loan debt are we talking?” Caller: “About $125K total, between two kids.” Dave Ramsey: “And you’ve got $200K sitting in the brokerage account?” Caller: “Yes.” Dave Ramsey: “Yeah… I’d liquidate that today.” Dave Ramsey: “You don’t have $200K invested while carrying $125K in debt. That doesn’t make sense.” Caller: “So you’d pay it all off?” Dave Ramsey: “Absolutely. You’d be debt-free except the house.” Dave Ramsey: “Then you rebuild properly. Emergency fund first, then attack the mortgage. But you don’t keep borrowing money at one rate while trying to invest at another. That spread you think you’re making… it’s not worth the risk.”

KΞRL_✂️

559,375 görüntüleme • 3 ay önce

Caller: I’m going to retire in about three years at 76. I have no mutual funds, no 401k. My question is, should I buy or rent at that time, at 76? Dave Ramsey: Okay. How would you be able to buy if you don't have any money? Caller: Currently, my income is $4,500 a month. $2,000 is going to rent, $2,000 is going to student loan, and I spend $500 on living expenses. Dave Ramsey: You're 70 years old and you have a student loan? Caller: Yes. I will pay it off. Dave Ramsey: What's the balance on it? Caller: $12,000. So I'm paying $2,000 a month on that. Dave Ramsey: All right. I'm really curious how you end up with a student loan at your age. How did you do that? Caller: I paid the interest only for a long time, since 2005, I guess. That's when I graduated. Dave Ramsey: You graduated 18 years ago, and your degree is in what? Caller: That particular degree was in communications. Dave Ramsey: Okay. And what do you do for a living? Caller: I'm a quality inspector. Dave Ramsey: At retirement, you have to have monthly money to pay bills, buy food, and provide shelter. The largest line item in your budget for the rest of your life is going to be housing. If you're renting, your cost of housing is going to go up every year because rent always goes up. If you buy, at least you're locked in to what you're going to be spending on housing from this point forward. So, buying is good. Having a paid-off home by the time you get there is even better, and of course, having a nest egg to live on. So, do you have a pension, or are you counting on just Social Security? Caller: Right currently, I have a universal life policy that has a cash value of approximately $9,000 in it. I'm reluctant to cash it out because it has a long-term care rider of 50 months on it at 4%. By the time I retire, I will have approximately $500 in pension and $2,500 in Social Security, which will give me $3,000. Dave Ramsey: And you have no money in savings? At all? Caller: $1,000. I have my thousand. Dave Ramsey: I want you to cash the universal in and pay the student loan down, and let's be done with this student loan very quickly. Let's get that in the background as soon as possible so we can try to accomplish a couple of these other goals, which is housing and start to build some kind of a nest egg over the next three years. Basically, you're going to live on beans and rice for the next three years while you throw as much money towards housing, buying a home, and as much money towards a nest egg as you can throw.

Caller: I’m going to retire in about three years at 76. I have no mutual funds, no 401k. My question is, should I buy or rent at that time, at 76? Dave Ramsey: Okay. How would you be able to buy if you don't have any money? Caller: Currently, my income is $4,500 a month. $2,000 is going to rent, $2,000 is going to student loan, and I spend $500 on living expenses. Dave Ramsey: You're 70 years old and you have a student loan? Caller: Yes. I will pay it off. Dave Ramsey: What's the balance on it? Caller: $12,000. So I'm paying $2,000 a month on that. Dave Ramsey: All right. I'm really curious how you end up with a student loan at your age. How did you do that? Caller: I paid the interest only for a long time, since 2005, I guess. That's when I graduated. Dave Ramsey: You graduated 18 years ago, and your degree is in what? Caller: That particular degree was in communications. Dave Ramsey: Okay. And what do you do for a living? Caller: I'm a quality inspector. Dave Ramsey: At retirement, you have to have monthly money to pay bills, buy food, and provide shelter. The largest line item in your budget for the rest of your life is going to be housing. If you're renting, your cost of housing is going to go up every year because rent always goes up. If you buy, at least you're locked in to what you're going to be spending on housing from this point forward. So, buying is good. Having a paid-off home by the time you get there is even better, and of course, having a nest egg to live on. So, do you have a pension, or are you counting on just Social Security? Caller: Right currently, I have a universal life policy that has a cash value of approximately $9,000 in it. I'm reluctant to cash it out because it has a long-term care rider of 50 months on it at 4%. By the time I retire, I will have approximately $500 in pension and $2,500 in Social Security, which will give me $3,000. Dave Ramsey: And you have no money in savings? At all? Caller: $1,000. I have my thousand. Dave Ramsey: I want you to cash the universal in and pay the student loan down, and let's be done with this student loan very quickly. Let's get that in the background as soon as possible so we can try to accomplish a couple of these other goals, which is housing and start to build some kind of a nest egg over the next three years. Basically, you're going to live on beans and rice for the next three years while you throw as much money towards housing, buying a home, and as much money towards a nest egg as you can throw.

Traeyz ♠️

174,683 görüntüleme • 2 ay önce

Dave Ramsey: How much student loan debt do you have? Caller: About $550,000 Dave Ramsey: $550,000? Caller: Yeah. Dave Ramsey: What is your field of study? Caller: Medicine. Family practice. Dave Ramsey: Why did it take $550,000 to do family practice? Caller: Poor decisions and misguided advice early on to not worry about loans. Dave Ramsey: Family practice. What are you looking at, a hundred and a half a year? Caller: $180,00] starting. Dave Ramsey: Why does it take eight years if you're making $180,000? You could live on $80,000, put $100,000 on it, and be done in five years. Caller: After taxes and tithing, I'm down to $110,000. We plan to put about $85,000 a year toward it, leaving $20,000 to $30,000 to live off of. With the interest rate, it will take about eight years. Dave Ramsey: Your income doesn't go up in your scenario? Caller: That is building in a 5% raise every year. Dave Ramsey: I think you'll get more raises than that. Can you work ER on the weekends? Caller: The place I'm signed with won't let me work other jobs so I don't come in tired. But they said they can put me to work as much as I need. Dave Ramsey: You could pick up another $100,000 a year working ER on the weekends if you have the stamina. I want to increase the size of your shovel. I'm not going to accept the eight years; I'm going with a four or five-year plan. And yes, I am going to delay retirement because this is a vast problem.

Dave Ramsey: How much student loan debt do you have? Caller: About $550,000 Dave Ramsey: $550,000? Caller: Yeah. Dave Ramsey: What is your field of study? Caller: Medicine. Family practice. Dave Ramsey: Why did it take $550,000 to do family practice? Caller: Poor decisions and misguided advice early on to not worry about loans. Dave Ramsey: Family practice. What are you looking at, a hundred and a half a year? Caller: $180,00] starting. Dave Ramsey: Why does it take eight years if you're making $180,000? You could live on $80,000, put $100,000 on it, and be done in five years. Caller: After taxes and tithing, I'm down to $110,000. We plan to put about $85,000 a year toward it, leaving $20,000 to $30,000 to live off of. With the interest rate, it will take about eight years. Dave Ramsey: Your income doesn't go up in your scenario? Caller: That is building in a 5% raise every year. Dave Ramsey: I think you'll get more raises than that. Can you work ER on the weekends? Caller: The place I'm signed with won't let me work other jobs so I don't come in tired. But they said they can put me to work as much as I need. Dave Ramsey: You could pick up another $100,000 a year working ER on the weekends if you have the stamina. I want to increase the size of your shovel. I'm not going to accept the eight years; I'm going with a four or five-year plan. And yes, I am going to delay retirement because this is a vast problem.

Traeyz ♠️

1,928,294 görüntüleme • 2 ay önce

Caller: I just recently graduated from residency to become an orthodontist. And I have student loans that total just over $1 million. Dave Ramsey: You're kidding. Caller: No, sir. Dave Ramsey: What were you thinking? Caller: Well, I wasn't thinking, clearly. So I sat down and calculated my interest rates, and my interest is about $5,800 a month. My fiancé and I are trying to decide what's the best way to try to attack this. This first year, if we're able to pay $10,000 a month, I guess there's basically two ways that we thought of it. I can do income-based, and my required payment will be about $3,000, and then we can take the remaining $7,000 and pay it directly at individual loans. Or should we cover the interest and then pay additional moneys towards other loans? Dave Ramsey: Okay. What will you be making as an orthodontist? Caller: About $250,000. Dave Ramsey: What does your fiancé do, and what will she be making? Caller: We actually just opened up an office, and she works in the office, so she's not taking any income out of the office. Dave Ramsey: Okay. So if you make $250,000 a year, why are you only putting $120,000 on your debt? Caller: The $250,000 I calculated pre-tax and everything else. We're going to put as much as we possibly can on the debt. And in the years to come as the income goes up, we're hoping to be able to make payments of $20,000-$40,000 a month. Dave Ramsey: Okay. I think the income-based option does not do away with interest, and so interest is going to be accruing greater than you're putting in. So you're not making any mathematical progress by doing the 3 and 7 idea, but you will make emotional progress because you'll be able to knock off some of the smaller ones. Caller: Right. Dave Ramsey: And God knows you're going to need some emotional progress in this process. And then the only other commentary I would just add is that, this is such an extreme situation. Your income is extreme, and your debt is extreme, that you have to be very, very careful to just act like you're a broke college student because you are a broke orthodontist. Caller: Right. Dave Ramsey: And so, that means you guys aren't going on vacations, you're not buying a house, you're not leasing a new BMW, you're not going to a restaurant. You have a $1,000,000 student loan debt. It gives me an anxiety attack, and it's not even my debt, but the horrible news is that ridiculous figure. The wonderful news is you have great income potential and a great income right now. So, you cannot relax. Caller: Right. Dave Ramsey: You have to cut as deeply as you can cut. Caller: Right. Dave Ramsey: And so, be dialing your taxes in. I don't want you to get behind on taxes. But other than taxes, and food, and water, and electricity, I really want everything else just going on student loan debt.

Caller: I just recently graduated from residency to become an orthodontist. And I have student loans that total just over $1 million. Dave Ramsey: You're kidding. Caller: No, sir. Dave Ramsey: What were you thinking? Caller: Well, I wasn't thinking, clearly. So I sat down and calculated my interest rates, and my interest is about $5,800 a month. My fiancé and I are trying to decide what's the best way to try to attack this. This first year, if we're able to pay $10,000 a month, I guess there's basically two ways that we thought of it. I can do income-based, and my required payment will be about $3,000, and then we can take the remaining $7,000 and pay it directly at individual loans. Or should we cover the interest and then pay additional moneys towards other loans? Dave Ramsey: Okay. What will you be making as an orthodontist? Caller: About $250,000. Dave Ramsey: What does your fiancé do, and what will she be making? Caller: We actually just opened up an office, and she works in the office, so she's not taking any income out of the office. Dave Ramsey: Okay. So if you make $250,000 a year, why are you only putting $120,000 on your debt? Caller: The $250,000 I calculated pre-tax and everything else. We're going to put as much as we possibly can on the debt. And in the years to come as the income goes up, we're hoping to be able to make payments of $20,000-$40,000 a month. Dave Ramsey: Okay. I think the income-based option does not do away with interest, and so interest is going to be accruing greater than you're putting in. So you're not making any mathematical progress by doing the 3 and 7 idea, but you will make emotional progress because you'll be able to knock off some of the smaller ones. Caller: Right. Dave Ramsey: And God knows you're going to need some emotional progress in this process. And then the only other commentary I would just add is that, this is such an extreme situation. Your income is extreme, and your debt is extreme, that you have to be very, very careful to just act like you're a broke college student because you are a broke orthodontist. Caller: Right. Dave Ramsey: And so, that means you guys aren't going on vacations, you're not buying a house, you're not leasing a new BMW, you're not going to a restaurant. You have a $1,000,000 student loan debt. It gives me an anxiety attack, and it's not even my debt, but the horrible news is that ridiculous figure. The wonderful news is you have great income potential and a great income right now. So, you cannot relax. Caller: Right. Dave Ramsey: You have to cut as deeply as you can cut. Caller: Right. Dave Ramsey: And so, be dialing your taxes in. I don't want you to get behind on taxes. But other than taxes, and food, and water, and electricity, I really want everything else just going on student loan debt.

Traeyz ♠️

72,785 görüntüleme • 2 ay önce

Caller: I’m 64, want to retire at 65. I don’t think my wife and I are aligned financially, and we’ve got debt. Dave: What do you two make? Caller: I make $160,000, she makes $30,000. Dave: And the debt? Caller: Credit cards, over $20,000. Car loan, $12,000. Primary mortgage, $118,000. Second mortgage, $36,000. Dave: That’s $230,000-plus in debt. What’s saved? Caller: 401k around $310,000. IRAs, Roth and traditional combined is $425,000, with $55,000 of that in Roth. Dave: So $735,000 in assets, $230,000+ in debt, and you’re retiring next year. That nest egg isn’t enough for what you’re spending right now. Caller: That’s what I was afraid of. Dave: Sit down with your wife, no distractions, get aligned today. Stop all unnecessary spending, get on EveryDollar. Caller: Okay. Dave: And you two need to learn to live on $80,000 a year, half your combined income and throw the rest at that debt. Don’t change that, and you’re not retiring at 65, you’re working years longer.

Caller: I’m 64, want to retire at 65. I don’t think my wife and I are aligned financially, and we’ve got debt. Dave: What do you two make? Caller: I make $160,000, she makes $30,000. Dave: And the debt? Caller: Credit cards, over $20,000. Car loan, $12,000. Primary mortgage, $118,000. Second mortgage, $36,000. Dave: That’s $230,000-plus in debt. What’s saved? Caller: 401k around $310,000. IRAs, Roth and traditional combined is $425,000, with $55,000 of that in Roth. Dave: So $735,000 in assets, $230,000+ in debt, and you’re retiring next year. That nest egg isn’t enough for what you’re spending right now. Caller: That’s what I was afraid of. Dave: Sit down with your wife, no distractions, get aligned today. Stop all unnecessary spending, get on EveryDollar. Caller: Okay. Dave: And you two need to learn to live on $80,000 a year, half your combined income and throw the rest at that debt. Don’t change that, and you’re not retiring at 65, you’re working years longer.

_Chase😈

927,122 görüntüleme • 3 ay önce

Caller: I don't know what to do. My husband just died within the last week or so. Dave Ramsey: Oh, my. Caller: And I went to call my sister, only to find out that her husband had died in February. So, we're both in the same boat. But the reason I called is because I don't know exactly what I should be doing in terms of the mortgage. I received a letter from the mortgage company where they were doing the annual escrow analysis, and they've upped the mortgage payment almost $1,000. Dave Ramsey: Mmh. And how old are you? Caller: 76. Dave Ramsey: How old was your husband? Caller: 85. Dave Ramsey: What happened? Caller: He fell at home and he went to the VA hospital, and they in turn transferred him to a civilian hospital, and seven days later he died. They don't know exactly why he died; they were guessing. But... Dave Ramsey: What was his name? Caller: Monroe. Dave Ramsey: So, do you have children? Caller: He has three grown children. I have three grown children. They're all on their own. Dave Ramsey: Which one of your three children is the responsible one? Caller: My daughter. Dave Ramsey:Didn't take long to come up with that name. Call her today, okay? Call your daughter as soon as you hang up with us, and then we will have one of our coaches call you within 24 hours, and we'll make sure you got food money set up. We'll make sure that you got a good budget and you got a good handle on where you are. Somebody walking with you and helping you do this stuff. And again, we don't need any payment from this. This is... my Bible says to take care of widows, and that's what I'm doing. So... and it's our honor to do that for you

Caller: I don't know what to do. My husband just died within the last week or so. Dave Ramsey: Oh, my. Caller: And I went to call my sister, only to find out that her husband had died in February. So, we're both in the same boat. But the reason I called is because I don't know exactly what I should be doing in terms of the mortgage. I received a letter from the mortgage company where they were doing the annual escrow analysis, and they've upped the mortgage payment almost $1,000. Dave Ramsey: Mmh. And how old are you? Caller: 76. Dave Ramsey: How old was your husband? Caller: 85. Dave Ramsey: What happened? Caller: He fell at home and he went to the VA hospital, and they in turn transferred him to a civilian hospital, and seven days later he died. They don't know exactly why he died; they were guessing. But... Dave Ramsey: What was his name? Caller: Monroe. Dave Ramsey: So, do you have children? Caller: He has three grown children. I have three grown children. They're all on their own. Dave Ramsey: Which one of your three children is the responsible one? Caller: My daughter. Dave Ramsey:Didn't take long to come up with that name. Call her today, okay? Call your daughter as soon as you hang up with us, and then we will have one of our coaches call you within 24 hours, and we'll make sure you got food money set up. We'll make sure that you got a good budget and you got a good handle on where you are. Somebody walking with you and helping you do this stuff. And again, we don't need any payment from this. This is... my Bible says to take care of widows, and that's what I'm doing. So... and it's our honor to do that for you

Brown Legacy

454,197 görüntüleme • 2 ay önce

Caller: My situation is one where you would suggest that I sell my house to pay down debt, and if not, what should I do? Dave Ramsey: How much debt do you have, not counting your house? Caller: Around $500,000 or $600,000. My husband's school loans are $80,000, mine are $45,000, we have a debt consolidation loan for $45,000, and two cars that are ridiculously expensive. Dave Ramsey: Just give me the total. Caller: The total owed is $67,000 on my car and $62,000 on my husband's car. The main reason I'm calling is we owe the IRS $56,000, and they want to put a lien on our house because we owe over $50,000. Dave Ramsey: What's your household income? Caller: I'm about to go back full-time making $111,000, and my husband usually makes around $120,000, but he was just laid off at the beginning of the month. We have no emergency fund. Dave Ramsey: So if you get everything going again, you'd be at like $230,000. And the house is worth what? Caller: Between $770,000 and $800,000. Dave Ramsey: What do you owe on it? Caller: $628,000. My worry is after agent fees and closing costs. Dave Ramsey: You're not going to get enough to clean up the mess. The mess is too big and the house won't fix it. How'd you end up owing the IRS $56,000? Caller: When my husband graduated college and I landed in my career, we started making money and didn't realize we weren't getting enough taken out of our checks year after year. I finally met with an accountant who told me that, and I also have a side business where I design websites and haven't been pre-paying those taxes either. Dave Ramsey: What do you make on the side business? Caller: This year it was like $30,000. Dave Ramsey: What's your husband's career? Caller: He's a software quality engineer. He was in an 18-month contract and they didn't renew it. Dave Ramsey: The good news is he's very employable and can probably get a job pretty quick. You have a series of crises and need to work on three of them at once. Number one crisis: re-employment. Number two crisis: the IRS. You need to talk to a tax professional to negotiate an installment payment plan with no lien. Even if they put a lien on the house, they aren't going to do anything with it because they don't want to pay off a $628,000 mortgage. What you actually need to prevent is the IRS leaning your checking accounts and cleaning out your bank accounts.

Caller: My situation is one where you would suggest that I sell my house to pay down debt, and if not, what should I do? Dave Ramsey: How much debt do you have, not counting your house? Caller: Around $500,000 or $600,000. My husband's school loans are $80,000, mine are $45,000, we have a debt consolidation loan for $45,000, and two cars that are ridiculously expensive. Dave Ramsey: Just give me the total. Caller: The total owed is $67,000 on my car and $62,000 on my husband's car. The main reason I'm calling is we owe the IRS $56,000, and they want to put a lien on our house because we owe over $50,000. Dave Ramsey: What's your household income? Caller: I'm about to go back full-time making $111,000, and my husband usually makes around $120,000, but he was just laid off at the beginning of the month. We have no emergency fund. Dave Ramsey: So if you get everything going again, you'd be at like $230,000. And the house is worth what? Caller: Between $770,000 and $800,000. Dave Ramsey: What do you owe on it? Caller: $628,000. My worry is after agent fees and closing costs. Dave Ramsey: You're not going to get enough to clean up the mess. The mess is too big and the house won't fix it. How'd you end up owing the IRS $56,000? Caller: When my husband graduated college and I landed in my career, we started making money and didn't realize we weren't getting enough taken out of our checks year after year. I finally met with an accountant who told me that, and I also have a side business where I design websites and haven't been pre-paying those taxes either. Dave Ramsey: What do you make on the side business? Caller: This year it was like $30,000. Dave Ramsey: What's your husband's career? Caller: He's a software quality engineer. He was in an 18-month contract and they didn't renew it. Dave Ramsey: The good news is he's very employable and can probably get a job pretty quick. You have a series of crises and need to work on three of them at once. Number one crisis: re-employment. Number two crisis: the IRS. You need to talk to a tax professional to negotiate an installment payment plan with no lien. Even if they put a lien on the house, they aren't going to do anything with it because they don't want to pay off a $628,000 mortgage. What you actually need to prevent is the IRS leaning your checking accounts and cleaning out your bank accounts.

Traeyz ♠️

57,186 görüntüleme • 2 ay önce

Dave Ramsey tells a couple to cash out their investments to buy a house in cash rather than taking on a mortgage "No I would not borrow money when I have a million dollars in investments. I would just take some of that and buy me a house" Caller: "We either want to do 15 years fixed mortgage or a 30 year fixed mortgage or we thinking about paying cash... we are afraid we not going to have enough cash flow" "We both net around $1.2 million of just investing in the mutual fund ETF bonds and stocks" Dave Ramsey: "You missed the point. You just took out a house payment and put her in a job... When you have no payments, you make different decisions than when you have a house payment "So $350k leaves you $650k in investments, you have no house payment, there's no strain on your budget, your wife can stay home with the babies" "Whoever passed away and left you all this money, bought you your first home and that's their blessing to you. And you pay cash for it"

Dave Ramsey tells a couple to cash out their investments to buy a house in cash rather than taking on a mortgage "No I would not borrow money when I have a million dollars in investments. I would just take some of that and buy me a house" Caller: "We either want to do 15 years fixed mortgage or a 30 year fixed mortgage or we thinking about paying cash... we are afraid we not going to have enough cash flow" "We both net around $1.2 million of just investing in the mutual fund ETF bonds and stocks" Dave Ramsey: "You missed the point. You just took out a house payment and put her in a job... When you have no payments, you make different decisions than when you have a house payment "So $350k leaves you $650k in investments, you have no house payment, there's no strain on your budget, your wife can stay home with the babies" "Whoever passed away and left you all this money, bought you your first home and that's their blessing to you. And you pay cash for it"

3rdeye👁️🇪🇸

42,835 görüntüleme • 2 ay önce

Caller: “I’m a 38-year-old single mother with two children. I have about $90,000 in student loans, $9,000 in credit card debt, and I feel completely stuck financially.” “I’m considering taking a hardship withdrawal from my retirement account to buy a multifamily property and create extra income.” Dave Ramsey: “That’s not going to bring stability. It’s going to do the opposite.” “What do you make?” Caller: “Around $160,000 a year.” Dave Ramsey: “You make $160,000 and only have about $100,000 of non-mortgage debt. Why can’t you reduce it?” Caller: “There’s always an emergency. Last year I had a medical procedure that cost thousands.” Dave Ramsey: “How much is your rent?” Caller: “$1,800 a month.” Dave Ramsey: “And your car?” Caller: “A $600 lease and about $340 a month for insurance.” Dave Ramsey: “I’m not hearing numbers that explain why someone making $160,000 can’t make progress.” “I think what’s really going on is that divorce turned your world upside down and left you feeling stuck.” “You’ve been carrying that emotional weight for four years, and it’s affecting the way you manage money.” “Don’t raid your retirement account. Don’t buy a multifamily property.” “Get on a written budget, track where every dollar is going, and start attacking the debt.” “You make enough income to make substantial progress within a year.”

Caller: “I’m a 38-year-old single mother with two children. I have about $90,000 in student loans, $9,000 in credit card debt, and I feel completely stuck financially.” “I’m considering taking a hardship withdrawal from my retirement account to buy a multifamily property and create extra income.” Dave Ramsey: “That’s not going to bring stability. It’s going to do the opposite.” “What do you make?” Caller: “Around $160,000 a year.” Dave Ramsey: “You make $160,000 and only have about $100,000 of non-mortgage debt. Why can’t you reduce it?” Caller: “There’s always an emergency. Last year I had a medical procedure that cost thousands.” Dave Ramsey: “How much is your rent?” Caller: “$1,800 a month.” Dave Ramsey: “And your car?” Caller: “A $600 lease and about $340 a month for insurance.” Dave Ramsey: “I’m not hearing numbers that explain why someone making $160,000 can’t make progress.” “I think what’s really going on is that divorce turned your world upside down and left you feeling stuck.” “You’ve been carrying that emotional weight for four years, and it’s affecting the way you manage money.” “Don’t raid your retirement account. Don’t buy a multifamily property.” “Get on a written budget, track where every dollar is going, and start attacking the debt.” “You make enough income to make substantial progress within a year.”

KΞRL_✂️

66,073 görüntüleme • 3 ay önce

Caller: “I’m 71, no retirement savings, and my husband and I are overwhelmed by debt”. Dave: What’s coming in, and what do you have? Caller: $2,000 a month from Social Security, $2,000 from my job, but it’s physically demanding. We have $25,000 in cash, owe $27,000 on our $250,000 house, owe on a car, and own a roadster worth about $10,000. Dave: Sell the roadster, that $10,000 clears the car debt right now. Caller: Okay. Dave: Then live like you’re completely bankrupt no eating out, nothing extra and throw everything at that $27,000 left on the house. Your job’s physical and your income won’t last forever, so get the house paid off while you can. Caller: And if we can’t get there? Dave: Then sell the $250,000 house, buy a $100,000 condo, and turn the remaining $100,000 plus into a retirement fund. That alone would take a huge weight off you.

Caller: “I’m 71, no retirement savings, and my husband and I are overwhelmed by debt”. Dave: What’s coming in, and what do you have? Caller: $2,000 a month from Social Security, $2,000 from my job, but it’s physically demanding. We have $25,000 in cash, owe $27,000 on our $250,000 house, owe on a car, and own a roadster worth about $10,000. Dave: Sell the roadster, that $10,000 clears the car debt right now. Caller: Okay. Dave: Then live like you’re completely bankrupt no eating out, nothing extra and throw everything at that $27,000 left on the house. Your job’s physical and your income won’t last forever, so get the house paid off while you can. Caller: And if we can’t get there? Dave: Then sell the $250,000 house, buy a $100,000 condo, and turn the remaining $100,000 plus into a retirement fund. That alone would take a huge weight off you.

_Chase😈

7,836,575 görüntüleme • 2 ay önce

Kevin O'Leary says investing 15% of a $70K salary into the S&P 500 can turn into $1.5M by retirement “If you only put aside 15%, if you're making $70,000 a year and you put 15% aside from when you're 25 till 65, you have over a million and a half dollars if you just invested it in the stock index, in the S&P 500.” “But it's the people that don't even think ahead and find themselves at 45 mired in debt, including a mortgage. You wanna get rid of your mortgage in your 40s.”

Kevin O'Leary says investing 15% of a $70K salary into the S&P 500 can turn into $1.5M by retirement “If you only put aside 15%, if you're making $70,000 a year and you put 15% aside from when you're 25 till 65, you have over a million and a half dollars if you just invested it in the stock index, in the S&P 500.” “But it's the people that don't even think ahead and find themselves at 45 mired in debt, including a mortgage. You wanna get rid of your mortgage in your 40s.”

Mikli

59,244 görüntüleme • 4 ay önce

Caller: “I’m 73 with student loans and no Retirement, what should i do?” Caller: I’m 73 and planning to retire at 76. I have no savings, no retirement accounts, and I’m carrying $12,000 in student loan debt. Dave: What’s your current income and expenses? Caller: I make $4,500 a month. Rent is $2,000, student loans are $2,000, and living expenses are $500. Dave: So you’re breaking even, that’s actually workable. When will the student loans be paid off? Caller: Somewhere in March Dave: Okay. Do you have any life insurance with cash value? Robin: I have a Universal Life policy with about $9,000 cash value. Dave: Cash it out today and pay off the student loans immediately. No more $2,000 monthly payments. Robin: And then what? Dave: For the next three years until you’re 76, live on beans and rice. Every dollar beyond survival goes toward building an emergency fund and saving for a down payment on a very modest home. Caller: Should I buy or rent after I retire? Dave: Buy. Rent prices rise forever, you lock in a fixed mortgage payment now and it stays the same for 20 plus years on a fixed income. That’s stability. Caller: On my income, can I actually do this? Dave: It’ll be tight, but yes. You’ll find a modest home, put down what you’ve saved, and have a paid off or nearly paid off house by 76. George: And Robin, you’re a victim of a broken system. The narrative that a degree guarantees success pushed you into $12,000 of debt. That’s the real problem here.

Caller: “I’m 73 with student loans and no Retirement, what should i do?” Caller: I’m 73 and planning to retire at 76. I have no savings, no retirement accounts, and I’m carrying $12,000 in student loan debt. Dave: What’s your current income and expenses? Caller: I make $4,500 a month. Rent is $2,000, student loans are $2,000, and living expenses are $500. Dave: So you’re breaking even, that’s actually workable. When will the student loans be paid off? Caller: Somewhere in March Dave: Okay. Do you have any life insurance with cash value? Robin: I have a Universal Life policy with about $9,000 cash value. Dave: Cash it out today and pay off the student loans immediately. No more $2,000 monthly payments. Robin: And then what? Dave: For the next three years until you’re 76, live on beans and rice. Every dollar beyond survival goes toward building an emergency fund and saving for a down payment on a very modest home. Caller: Should I buy or rent after I retire? Dave: Buy. Rent prices rise forever, you lock in a fixed mortgage payment now and it stays the same for 20 plus years on a fixed income. That’s stability. Caller: On my income, can I actually do this? Dave: It’ll be tight, but yes. You’ll find a modest home, put down what you’ve saved, and have a paid off or nearly paid off house by 76. George: And Robin, you’re a victim of a broken system. The narrative that a degree guarantees success pushed you into $12,000 of debt. That’s the real problem here.

_Chase😈

186,952 görüntüleme • 2 ay önce

Caller: I'm $451,000 in total debt. $252,000 of that is student loans, and I have 185 in a home loan. I only bring in $70,000 a year. After pension and all that stuff taken out, it's more like $40,000. I just don't know where to start. Dave Ramsey: What do you do for a living? Caller: Law enforcement. Dave Ramsey: How do you get $252,000 in student loan debt to be a policeman? Caller: I went to a private institution because my mother wanted me to go there. I went there originally for finance, didn't do good, so I switched my major to criminal justice, and then eventually went on for a master's as well, which didn't really help my employment eligibility as much as I thought it would. Dave Ramsey: Is your mother wealthy? Caller: No, neither my mother nor my father. I'm the first in my family to go to college. Dave Ramsey: Mathematically, we always look at the ratio of shovel to hole. The amount of hole you're in versus the shovel you have, your debt to your income. Are you married? Caller: No, I have a girlfriend who lives with me, and her daughter as well. Dave Ramsey: What is this house worth? Caller: I actually just purchased it off of a whim. My father passed away and it was the last conversation we had. It was across the street from his house, and he really wanted me to get it, so I jumped in with both feet to honor him. Dave Ramsey: So you didn't put anything down, so the house is worth $185,000? Caller: Yeah. Dave Ramsey: How old are you? Caller: I'm 31. Dave Ramsey: When are you planning on marrying this girl? Caller: She's currently in school to finish up for nurse practitioner. Sometime after that, hopefully after January. Dave Ramsey: Does she have student loan debt? Caller: She does. Dave Ramsey: How much? Caller: I'm not sure because she's not really on board with all this. I've tried to bring this up to her when listening to your show recently, and her thing is, "I'm too busy with school and don't want to worry about that right now." Dave Ramsey: I think you're the voice of experience that says it's a good idea to worry about it, otherwise you end up up a creek, which is where you are right now, and your paddle is real small. You told me in a five-minute conversation of two really stupid financial decisions you made from the influence of your mother and your father. You bought things you couldn't afford with money you didn't have, because of their influence. At 31 years old, you're going to have to decide to love your parents but no longer be influenced to do financial decisions based on their opinion, or even your perceived opinion of what your father would have thought. You cannot please these people anymore. They are breaking you. You make $70,000 a year and you're so far in debt you can't breathe. Buying a house you can't afford, going to a school you shouldn't have gone to and paying twice or three times as much for an education that you didn't even need to do the job you do. Am I wrong? Caller: Right. No, not at all. Dave Ramsey: Number one, that influence has to stop. Number two, you can't afford this house as a single guy making $70,000 a year.

Caller: I'm $451,000 in total debt. $252,000 of that is student loans, and I have 185 in a home loan. I only bring in $70,000 a year. After pension and all that stuff taken out, it's more like $40,000. I just don't know where to start. Dave Ramsey: What do you do for a living? Caller: Law enforcement. Dave Ramsey: How do you get $252,000 in student loan debt to be a policeman? Caller: I went to a private institution because my mother wanted me to go there. I went there originally for finance, didn't do good, so I switched my major to criminal justice, and then eventually went on for a master's as well, which didn't really help my employment eligibility as much as I thought it would. Dave Ramsey: Is your mother wealthy? Caller: No, neither my mother nor my father. I'm the first in my family to go to college. Dave Ramsey: Mathematically, we always look at the ratio of shovel to hole. The amount of hole you're in versus the shovel you have, your debt to your income. Are you married? Caller: No, I have a girlfriend who lives with me, and her daughter as well. Dave Ramsey: What is this house worth? Caller: I actually just purchased it off of a whim. My father passed away and it was the last conversation we had. It was across the street from his house, and he really wanted me to get it, so I jumped in with both feet to honor him. Dave Ramsey: So you didn't put anything down, so the house is worth $185,000? Caller: Yeah. Dave Ramsey: How old are you? Caller: I'm 31. Dave Ramsey: When are you planning on marrying this girl? Caller: She's currently in school to finish up for nurse practitioner. Sometime after that, hopefully after January. Dave Ramsey: Does she have student loan debt? Caller: She does. Dave Ramsey: How much? Caller: I'm not sure because she's not really on board with all this. I've tried to bring this up to her when listening to your show recently, and her thing is, "I'm too busy with school and don't want to worry about that right now." Dave Ramsey: I think you're the voice of experience that says it's a good idea to worry about it, otherwise you end up up a creek, which is where you are right now, and your paddle is real small. You told me in a five-minute conversation of two really stupid financial decisions you made from the influence of your mother and your father. You bought things you couldn't afford with money you didn't have, because of their influence. At 31 years old, you're going to have to decide to love your parents but no longer be influenced to do financial decisions based on their opinion, or even your perceived opinion of what your father would have thought. You cannot please these people anymore. They are breaking you. You make $70,000 a year and you're so far in debt you can't breathe. Buying a house you can't afford, going to a school you shouldn't have gone to and paying twice or three times as much for an education that you didn't even need to do the job you do. Am I wrong? Caller: Right. No, not at all. Dave Ramsey: Number one, that influence has to stop. Number two, you can't afford this house as a single guy making $70,000 a year.

Traeyz ♠️

31,663 görüntüleme • 2 ay önce