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Moving to Portugal bye bye North America. This guy is dreaming in technical colour

What crazy person would move to cash?

We live in very interesting times, well done Joe! ⭐️

How will this change since I'm a first Nations with Canada, but plan on immigrating to another country when I retire, will my treaty status be waived or would I still be considered treaty when I immigrate to another country?

I have 10k in a qualified stock in a tfsa from years ago. Now the stock is going bankrupt and I got a letter in the mail saying I have to get my tfsa qualified again meaning I have to sell the stock at 100% loss. That’s fine, but do I still receive the penalty?

Red flag when in your video you spell description ‘discription’. Haha.

Canada is not for retirement. 70 percent working until 70 res dead 💀

That was good content, I learned a lot. I can assure you though, that my never using a financial advisor had nothing to do with having less wealth after years of working. The reason was there wasn’t enough income to afford basics, I think a lot of Canadians fit into this category. I am my own financial advisor, I balance buying a prescription or food.

There is one issue to be concerned with: Where are your assets invested. If Bonds, your returns will be lower. If you have all stock, you have risk of significant downturn.

I trust Dave more than any other financial guru because he factors human psychology into all of his theories. Something that nobody else seems to do. Yes, if you’re a robot with no emotions, leveraging debt will put you ahead of people who don’t. But in the real world it doesn’t work like that for 99.9% of people. Human psychology creates all kinds of interesting problems when it comes to debt and Dave factors that into his financial advice.

Canada is BROKEN, despite what Mr. Chretein says.

It may be nice to be out if debt, of course. But Ramseys believe is that if there is any debt, ANY. One must pay it all off like yesterday. Beat beans and rice, never ever travel not even if it’s weekend trip or camping, never ever eat out. (It’s essentially live in poverty to pay off ALL DEBT however long that takes), which is not a way to live. Be smart, don’t take on anymore debt if you have any, pay down the debt you have and invest in retirement. Ramsey shames many callers. He’s an entertainer on radio and has no professional financial certifications except a real estate license. There is no one size fits all when it comes to finance.

Here's the problem with Dave's math. Your negative, i.e. your withdrawal, in this scenario is 8% with zero standard deviation. Absolutely no variance. However, your growth that is offsetting that withdrawal does have a lot of variance. A 12% long-term average is vastly different than a 12% annual return. Volatility is punishing to your returns (unless, of course, you are a rare successful trader). What I just said is all facts, now for a consensus opinion. Most would consider an 8% withdrawal rate to be realistically considered a depletion rate.

Based on these simulations, how is it possible that some retirees' portfolios actually increase considerably as you mentioned on the Dave Ramesy 8% video? PS I'm subscribed. 😅

There surely isn’t any one percentage since each investment configuration will have different results. And of course even an index fund will not always go up. For instance, DOW 1929-1949, 1965-1982, 1999-2013. So perhaps I would look at this as look back at your last year and consider how much of what you have already gained you want to take out.

Hello Joe just started watching your content. What I am curious about as someone mentioned taking it at 60 and investing it in a TFSA for growth as opposed to waiting. It seems most advisors do not take what that growth could mean. As far as estate planning. Most discuss passing CPP onto the spouse myself and many are not married. At least investing in a TFSA and growing it there can be passed onto your children as opposed to all the years of contributions just going back into the CPP program. I may be wrong with this assessment but as far as I know CPP has no beneficiary outside the death benefit for a single person. Some could pay into this thing their whole life and die at 59 before getting it and goes back into the CPP pool without your children ever seeing a cent of it or the person who contributed. Please let me know if I am wrong with this assumption.

Dave is alcoholics anonymous for debt addicts. If you dont have a debt problem listen to someone else

This guy is hanging on Dave Ramsey's coat tails to gain attention which seems a little off color. But then again some discussion may help to clear up our financial thinking. A problem is that financial forecasting is fantasy. There are too many unknown variables. In the short term , say six months, leaving options open to make spending adjustments seems OK. A principal I have heard is that "go into any situation planning to win but if you lose still come out ahead of where you were at the start". Life is a dance, learn as you go, but where you go is your choice, accept the consequences.

Or 15% if you pay taxes in CA, the northeast, or Canada

How can I get in touch with you

How would this factor in to a couple who has the majority of their retirement savings in an RRSP when you need to convert it to a RIF at age 71?

There is no right or wrong answer to this question of withdrawing your money. Some people wish to save until they die and pass it along to their heirs. Others will spend the money and enjoy their life with less money being accumulated over time. It's an individual decision. You don't HAVE TO do one vs the other.

Ramsey is a fool

So nice to see the clout chasing. Dave's advice is for the average person to become highly successful, and all these other folks are preaching to the 2% at the top who are more than willing to sacrifice everything to get ahead

Why is it a failure to spend your money a problem? Am I just stupid? How is more money bad?

I currently have and aim to have multiple methods for retirement between 401K, ROTH IRA, SSI (if it still exists when I'm that age haha), and a high yield saving account. I wouldn't mind trying to find/start some passive income means either.

Ramsay is a global crime syndicate propagandist. If you follow him you deserve your debt til death paradigm he will subjugate you to. I avoid him like the plague. So many better ways to finance your retirement.

Ramsey is now a finance guy. He’s a shrink for financially illiterate and abusive idiots. He’d not take debt at 0% interest rate?! GTFO.

Belittling Dave Ramsey is an industry. Dave is laughing all the way to the bank.

Because the stock market ever goes down right 🙄🤷🏻‍♂️

Is 300k in retirement considered affluent? Including your house? Isnt that bare minimum middle class

Most retirees are in money market or income/bond funds that perform well during spy bear market. '01 and '08 really hurt people building wealth pre-retirement with too much risk exposure. I do the math for my clients to determine a reasonable amount to withdraw with an expected age to draw it down completely. Use a financial analyst for your benefit! Those who work with an advisor have 3x more wealth than those who don't!

I don’t think people aim to spend their principal. They want to live off the interest and pass the principle to their children.

Inflation the past 80 years has been and average of 4%. Except for the fact that in the last 5 years interest rates went from around 2% to 7+%.

Ramsey's a right-wing bully. Don't take anything he says without a big grain of salt.

I love Dave Ramsey - and I think a lot of people get angry at the mere mention of his name because he tells the truth no one wants to hear: most of us (yes, MOST) are in the financial predicament of our own choosing. With the popularity of trigger-culture, coupled with no accountability - he is not well liked. But he’s right. We started our debt-free journey in mid-2015, when I was pregnant with our first. Our gross income was about $42k/year, and we had $113k in consumer and student debt. By November of 2021 our income was at about $52k, and we made our final debt payment. We then bought a house, way below what they approved us for, our income has peaked this fall (2024), finally reaching low $60k - and we have about 2 more years until our mortgage is paid off - because we are overpaying it each month. Our income is expected to cap off in the $70k’s. My husband’s job deducts every payday for retirement, and I have a Roth IRA. None of this is a “brag” (although it upsets some to hear it). We scraped and clawed our way out of a bleak financial reality, all while bringing children into the world, by saying “no” to our wants. And if we can do it - young adults just getting out of college can, especially when so many move back in with their parents. People have become such massive consumers that they no longer want to admit that their “wants” are not needs.

did you normalize your audio levels? sometimes it seems like it's really loud and it's a bit jarring. It might just be too much gain in the pre stage and the distorted sound is sticking out to me

If my partner passed away before collecting CPP and I have yet to collect mine, am I still able to receive survivor benefits? They do not indicate a timeframe to apply, what if 10yrs passes before claiming?

Ramsey is a clown with no value in this modern world.

Well, if it's no 0, you're not doing it right

It’s the luck of the baby boomers. The rest of us will be screwed.

Does any really believe inflation has been 4% ever? It’s always manipulated taking out food gas electricity etc etc etc.

liked your shamless plug

Affluent people should not listen to Dave Ramsey...

There is no 4% "RULE". This comes from the results of the Trinity study which looked at whether an investment portfolio of various asset allocations (Stocks and Bonds) will last for 30 years. The study looked at 100 years worth of market returns to see if your money will last. They found that yes, a 4% withdrawal rate will last 30 years. But does this mean that you can retire early at 45 years old if you have 25 times your spending rate (the inverse of 4%)? No, it doesn't unless you plan to die at 75. It's never stressed that you need to first know what your spending IN RETIREMENT will be. Have you planned for $12k in ACA annual costs per person? $5k for Medicare? Do you have most of your money in a 401k or traditional IRA? If so, you will be paying ordinary income tax when you pull it out. Do you think your retirement federal income tax bracket is going to drastically drop? Well, look at your retirement spending and if you're taking that money from a 401k/IRA, you'll be paying income tax which is more spending. 3% is an absolutely comfortable withdrawal rate for a 35 year retirement. 8% is not and will likely mean you'll run out of money. On the bright side, social security can be subtracted from your spend. Great, right? Well, this can also be taxed at up to 85% of the amount you take. Oh, there's always the expected 2034 emptying of the social security trust fund meaning that benefits will be adjusted to match how much is coming in from workers. This is expected to be 20% to 25%, so to be safe, expect your social security will drop to 75% in 2034. Dave is great for people who can't manage their money while in their working years. Sure, advising the guy making $40k a year not to buy a $40k truck is great advice. But his retirement and investment advice is purely wrong. He sends most people to his paid advisors who are super high cost and what we call snakes because they take your money and give you mediocre advice for investing.

3:24 I laugh at people that think the inflation rate is 4%. Every single thing that you actually purchase has doubled in price When I was a kid, eggs were 59 a dozen. Now they're $9 it's crazy

I’m tired of this nonsense of restricting withdrawal rate. Your withdrawal rate is specific to you and you alone. If you you have 500k or 4 million, if you need 4K a month to live on or 18k a month. Everyone is different. As long as you live within your means you will be just fine regardless of inflation rate. Personally I’m aggressive with stock looking to run up the score instead of playing a prevent defense with low yielding index funds. It worked for me this past year with over 70% growth but that is absolutely abnormal and may never replicate again.

My whole financial career Ive had to listen to potential clients and actual clients about Dave Ramsey and the likes of him. As he sits in his ivory tower giving advice, he should pause for a moment and know that some of that advice is catastrophic to some people. Yes, pay off debt. Pay off home? It depends. Buy term and invest the difference? Potential land mine for a couple that follows that advice 20 years down the road when health is questionable and one spouse or the other might just need that policy that is now going to expire. Oh yes, along the way, the mutual funds he refers to as the side fund have NEVER AVERAGED OR HAD A REAL RATE OF RETURN of 12% over that 20 year period of time. In any given year? Yes. The real rate of return of the S&P price index from 2000 to 2023 R Of R is just over 5, 4 if 1% fee was paid. If one does withdraw 7-8% from an investment account that carries risk, expect that person to run out of money sooner rather than later. Oh and by the way, Mr. Ramsey has a reason to suggest what he does, he gets a piece of the action, hence the aforementioned ivory tower he resides in.

Just invest in dividends and collect them as income, then you don’t need to take any capital and don’t worry about the rate.

I’ve been using the million dollar = $80k annual income metric for over 35 years. Dave’s absolutely right about that.