I'm 66 And Only Have $30,000 Saved For Retirement!
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- เผยแพร่เมื่อ 27 ส.ค. 2024
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LThese days, I've been contemplating retirement, uncertain whether my 401(k) and IRA will ensure a secure future. I've also invested $800K in the stock market, experiencing fluctuations without substantial gains.
Using a 401(k) or IRA is a valuable strategy for retirement planning, providing potential savings growth and tax advantages. While the stock market is promising, expert guidance is essential for effective portfOlio management
Going for an invest-ment advisr is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfOlio has surged by 45% since Q2.
Market movement can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?
Sonya Lee Mitchell. She is the licensed manager I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
I searched her name on the internet, found her page, and reached out via email to schedule a conversation. Thank you.
He has a ton of retirement saved. He just happens to live inside of it. Sell it and get something modest.
Yeeh🎉
I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.
Don't put all your eggs in one basket; instead, diversify into different asset classes to mitigate risk. If you lack extensive knowledge, consult a financial advisor.
Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.
pls how can I reach this expert, I need someone to help me manage my portfolio
*Jennifer Leigh Hickman* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@GeorgestraitStriat However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.
@@TerriVess Oh please I’d love that. Thanks!
@@GeorgestraitStriat Clementina Abate Russo is her name
Lookup with her name on the webpage.
My thought is move houses now and invest the difference as well as doing what Dave recommended. 600K seems like a lot for Missouri to me.
Agreed. Downsize to a rental property and live off the dividend of the investments derived of the money from the sale of the home.
Right!? Sounds like a family home. I'd downsize this summer.
600k is a starter home for most boomers 😂
The KC metro area a bit more expensive. Especially near downtown.
That’s right!
I’m disappointed with Dave’s advice. It’s 100% clear they need to sell and downsize.
Salvation and poverty do not have to go together. They are not mutually exclusive
No. Kidding!
Man... This is sad.
He. should have gotten on TV, got big hair and ripped people off like other christian ministers. He'd be a multimillionaire with private jets.
You don't minister to people for salvation.
You minister to people because of salvation.
And yes, ministry directly takes away from personal financial growth if your doing it right.
Because the only people who pay for ministry are the saved, and then is it really ministry or just preaching?
@@eckankar7756 those are not ministers, they are false teachers the Bible explicitly warns us about.
@@kkknotcoola reason this is so fallacious is bc how do u deal with those who have done it right but have experienced great financial gain? I’m thinking about DR, AiG, ICR, Billy graham evangelistic, etc
I don't know how taxes are in KC but where I live taxes on a $600K house would be close to $10K per year. With taxes, insurance and maintenance that house is consuming way too much of your income.
If you have your house on the same property as your church, you don't pay property tax
@@tjls123 YUP
@Prey R i do not believe so. You can own the home and the mortgage and not owe property tax, I do believe
But...but...muh McMansion!!!!
In ny there's a star exemption after a certain age
Man Dave was so easy on this guy just because he is a pastor. If he had any other job he be tearing him a new one. Sell the house!!! Also how does a pastor get a $600k house on a $30k income. Something doesn't add up and Dave just ignored it
It may be a house (maybe with some acreage attached) he/his wife inherited or bought cheap 30 years ago. Who knows if it's really worth $600K.
I stop donating to Churches years ago. Every pastor I have seen is living lovely, but complaining that the church needs this, that, need to upgrade the church, bills, etc. One of them turned his house in to a mansion. He was just a pastor, where did the money come from?
70k income. 30k saved. He's rich so I don't understand the dilemma.
Home prices are up. He's probably had his home for awhile. He didn't pay 600k for house.
@@aaronqueen55 agree
Calls like this remind to me set for early retirement. I don’t want to still HAVE to work at that age. That’s a bad place to be
It’s always better at that age to work bc you want to, not bc you have to
Indeed!
@@amde8554 this shouldn't depend on age
@@tkdevlop it does, this guy doesn’t have adequate savings so he will have to keep working out of necessity
Work should be optional at that age.
As a soon-to-be retiree, keeping my 401k on track after a bumpy 2023 is a high goal. I've read about investors generating up to $250k ROI in this present sinking market; any suggestions for increasing my ROI before retirement would be greatly appreciated.
There are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience
Impressive can you share more info?
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
He could sell the house and get himself a little $60k condo in the midwest and he'd be 100% fine
He just said he is not interested in moving.
@@erikzurbruegg9416 well stay and suffer
I live in the Midwest. You need to show me where these 60k condos are at
@jimj2388
Thank you
I'm Not from the Midwest but still thought this ridiculous!
@@jimj2388 2 year old comment, I don't know if you consider this the midwest but from a quick glance at Zillow it looks like like this would still be a reasonable budget in Topeka or Tulsa
Sell the house, problem solved. Get a small home.
if I was in his shoes, I'd probably be thinking of that: Sell the house, move to a Low Cost of Living area, put that money into an index fund + some short term bonds - live on 3%-4% withdrawal + Social security... Done
The American Dream almost always it is not an ideal standard. Why stress while having Cash Sitting on something you under utilize.
Have you seen the prices of small houses?? Please, most small houses are over 200k, what planet are you living on? Easier said than done. I love how people have advice that sounds so easy. This isn't the 50's - 80's anymore. Golden years ship has sailed.
You are so right!@@erikzurbruegg9416
@@erikzurbruegg9416I live in Southern Illinois and I would happily sell my 2 bed, 1 bath house to this man for $120,000. My property taxes are around $1800 a year.
I mean, seriously. Downsize, Bro.
You can actually live on social security... You won't live well, but you can live comfortably.
I've lived on much less.
Most people don't call that living.
Living within means,with home paid off and zero debt a person can live well and comfortably on social security.
I can see how a person that lived most of their life spending more than they make with debt,big house,car,etc, and nothing to show for it at 62 but a social security check so their "living well" was built on nothing and fake anyway.
I retired three years ago with about 1.5m in retirement savings plus about 300k equity in my home. I have yet to touch a penny of retirement and have not changed my lifestyle.
But I had a well paying job so my SS check is well above average and I have two small pensions that pay almost 9k a year.
SS was never supposed to be the sole income in retirement and I think schools should spend some time explaining personal finances and saving for the future.
@@hopefletcher7420 Funny... I have had a low salary all my life and have saved up about 4million (525K equity in my home). Don't understand people who made good money but don't have much in savings.
@@hopefletcher7420 My parents are the same. Lots in retirement, and they make 65k/year in SS. They have always lived super frugally never turning on the heater/AC, driving 20 year old honda accords, paying property tax on their home they bought in 1980. Now that they are empty nesters, they are probably spending about 30k/year.
Sell the house and move to a nice $200K condo/townhouse or $300K single family (which is easy to find in the KC/Overland Park area)... and they could easily pay property taxes with social security and live comfortably of the rest of the proceeds just keeping some cash and putting a sizable amount in a taxable investment account...
And yes I'm a financial professional
Agree
They sound like fairly simple folk. You don't need a $600k house in Kansas City. If you sold it today and bought a $400k house you now have a paid for house. Plus maybe $100k in equity, so you have $135k today. Now take the money you were paying toward mortgage and extra an start putting money away. So now you have closer to $300k and a paid for house...live frugally which it sound like you already do and you will be fine
in Kansas City... how about the burbs... for $225k?
@@paulsmith2279 a *McMansion*
Bingo!!
I would have also sold the house and gotten in a much cheaper townhouse, condo or house.
Good advice Dave. Selling a 600K house and buying one for 200K would really make them better off.
They also could turn off the SS until they are 70. Too bad they started that too soon.
Yep. Everyone I've known that started collecting social security early ended up regretting it when they got older.
@@kensmith2796 folks i know theyre happy they started taking it. I know I'm taking it when I turn 62. hopefully its still there.
As an investing enthusiast, I've kept aside a good sum of capital to invest for financial independence and early retirement, but my concern right now is the market rally being propaganda. Is this a good time to buy stocks, or do I wait for the crash?
The experts last year all predicted a 20% crash for 2023. They were all so wrong. My portfolio returned 31% for the year.
Seems logical to get rid of the house, a $100k condo is probably a better fit
Or buy a beach from a 3rd world country and enjoy the rest of his life.
100K condo? Condos in my neighborhood are $330K average where I live. After realtor fees and stuff....I don't see this guy bagging more than $200K.
Where is this at?
@@janettezcan4694
Central Illinois
Sell the home while it’s at its highest. That’s gonna have to be your retirement and buy a 200k condo. He’s a housing bubble popping a way from loosing a few 100k
Exactly. I live in Kansas City. A $600k house is a very nice house here. This pastor needs to live a little more humbly and downsize. Then put the rest in mutual funds and problem solved.
Totally agree. I don't see the callers problem at all.
Condo fees and surprise expenses can make the condo more expensive than his current monthly housing setup. Fees range from 150- 600 month in my area.
@@joyaustin6581 usually includes garbage, structural insurance, sometimes water, lawn care, snow removal outside maintenance so it’s not all to waste
@@joyaustin6581
No different than a house.
Condo fees are just for someone else doing all the outside work,options,conveniences,amenities, insurance and varies depending what type of condo they want.
My uncle is a born again Christian pastor and they wallow in the fact that they’re poor. I don’t feel like that’s in God’s plan. I believe God wants me to prosper so that I can help others.
You're 100% correct, that's why the Bible talks a lot about money. Money is a tool that can be used to serve and do good as it's not this evil thing that some people get confused about and think that if they're poor they're doing God's work which couldn't be farther from the truth.
God wants you to prosper, by you don’t prosper, so you’re saying god is weak?
My theory is people say that stuff to make themselves feel better for having not made wise financial decisions throughout their life. Instead of putting in the effort to turn their situation around, it's easier to just say "well I don't care about building wealth." But you know good and well that if they could turn back time and do things differently in order to put themselves in a better spot financially today, they would do so.
That sounds very much like your own interpretation of scripture
Have any reference on it?
@@MichaelAnderson-wk1no I wonder about all the missionaries that are doctors, that choose to go to third world countries and work for peanuts, instead of building a empire in america,,,, will have any regret when they meet Jesus.I doubt it
man, I live in St Louis area, 600k is a McMansion. Pastor living large.
He's got a house worth 600000! Don't feel sorry for him
I mean the goal here isn't to offer him sympathy, but ok.
Why not? You sound like a communist. Wish he was homeless instead?
Tell us you don’t know what a communist is without telling us
@@TraumaER who said homeless? sell the house it would pay for a 2 bedroom apartment for the rest of his life unless he lives in california
@@reesercliff who would want to rent for the rest their life?
The pandemic has shown us just how quickly decades of planning, investing and saving can be completely upended. This could mean your current financial plan might leave you without enough money to last your retirement. A recent Vanguard study found that, on average, a hypothetical $500K investment would grow to over $3.4 million under the care of an advisor over 25 years, whereas the expected value from self-management would be $1.69 million, or 50% less.
In other words, an advisor-managed portfolio would average 8% annualised growth over a 25-year period, compared to 5% from a self-managed portfolio
@@sherryie2 I agree; for over 17 months, I've maintained regular contact with an investment advisor. Nowadays, it's really simple to invest in trending stocks, but the challenge is knowing when to sell or hold. To support me with entry and departure points, my advisor steps in. Within 18 months, I've accrued almost a million dollars from an originally stagnating reserve of $300K.
@@MiikeFaber I'm happy to have stumbled upon this discussion. If you don't mind, could you tell me the name of the financial adviser who helps you with your investments and how I might contact them? It Intrigues me to keep learning.
@@c.t.u.o Finding financial advisors like "NICOLE DESIREE SIMON" who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
@@MiikeFaber Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
The fact that he has 30K saved in 48 years of being an adult means he saved $625 per year. Unreal.
We as a people put off planning for retirement almost as bad as planning for our eternity/afterlife.
Thank you my friend for
As the cool kids say,
“Keeping it Gangsta.” ✊🏿💯
Remember this age group did not have online brokers, the internet and there are millions who are financially illiterate-there is no excuse for young people to be financially literate-you have all the info at your finger tips 😊
yup - Many people just don't have any financial knowledge at all. It's not that they were knowingly blowing off their retirement; it's that they just can't plan properly because they were not taught and they aren't naturally inclined to learn this stuff (i.e. they won't seek it out). They don't even recognize the issue of having less money as something they could have done something about; they don't see it as an issue with their execution, they see it as a matter of fact. The cure to this is to teach basic financial knowledge in middle and high school - and to pay people better salaries as a nation.
He also said he sometimes skips taking a paycheck because he pastors a small church.
Dave: "How much nest egg do you got" 1:17
Caller: "About 30-35" 1:19
Dave: "Thousand dollars?" 1:22
Me: Please say NO so I can see Dave's reaction 😂😂😂😂
The average retiree, I believe, should have been able to have enough to last the rest of his days. I t just depends on choices during your working days, just as I came to realize later. Surprising how I still netted more $2m. by retirement. And this is while living in New York!
New York is sure as hell an expensive place to live in. Were you affiliated to Wall Street? Because how could you net such a huge amount?
I don't think he was. I think he had good savings habit from early in life. Which is a habit i shared until a friend introduced me to the stock market, I was intrigued. This was just 15 years to retirement, and I had only $280k to my name and no idea on what equities to acquire until i got referred to a Smart- Advisor recommended Advisor who helped me allocate to the right positions and i'm just 15% short my $1m retirement goal
That's incredible. What did you invest in ? I'm really interested in this, because I'm in a similar position at the moment.
She goes by ‘’Trudy Renee Soper’’ I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
insightful comments, very much appreciated.. just came across the consulting page of Trudy Renee Soper after inputting her full name on the web, super impressed with what i've seen so far
All this proves is that when get help from an actual professional and you follow through, things get done quickly and speedily than doing it on your own. The caller didn't know he can be a millionaire in 5yrs till a professional showed him. That's a principle and a half.
and he taught Dave's workshops...that's scary. Watch who you call leader and teacher.
@@eckankar7756 That's exactly what I was thinking. I wouldn't want this guy as my teacher.
@@eckankar7756 it's up to you whom you choose. Don't miss the principle to get an actual professional to help you and doing it by yourself.
@@eckankar7756 He didn't teach it.
He said that he gave packets, and encouraged them to live according to the Godly principles.
Furthermore he had no debt, besides their mortgage.
He aslo shared a bit why he didn't have more income, to save more in return.
Listen more, and I hope that you will never find yourself in a similar boat.
Have a grand day.
@@lowtolerancelevel3776 Boom!! Facts
Imagine calling young people today lazy and undisciplined when you grew up in the easiest time period to ever become a millionaire and only have $30k saved.
Hahahahahaha true
And he taught Dave's workshops in finance to others!!!! I wonder if he has some inner guilt between his faith and money that he self sabotaged his finances.
So many boomers had everything set up for them with an education and opportunities to save/invest. Now in their 60s they start thinking about retirement. They weren't lazy, just didn't have discipline untill it's way to late.
I judge you by your actions....I judge myself by my intentions.
True!!!
I’m so glad Dave said “thank you for your service”.
As a pastor, I think this man knows that God has always supplied his needs. It's possible that his needs will henceforth be supplied by selling that house. In this part of the country, two people most likely do not need the space that $600k would buy. Downsizing would cure most or all of their money issues for years to come.
Don't make a lot of money but have a 600k house? Seems fishy to me.
If they bought it decades ago it would have appreciated.
But still owes 85K on the house, and this is in Missouri? It does not add up?!
@@hopefletcher7420 An average house in KC would not appreciate like this; $600K is WAY above average for the area - chances are the house was extravagant when he bought it. Wondering how he funded it on such a modest income, unless the church was subsidizing the house in some way. Seems fishy.
@@boxer6796 They may have refinanced at some point before and taken cash out for home improvements or whatever.
Can’t imagine it. I’m 55 with a small private pension IF I make it to 65 at my full time job and have $300k saved and wake up at night scared I won’t have enough.
To have what this guy has would make every minute of every day a worry.
I am 56 and I have 480.000 saved so far for retirement and still worrying. I still saving as hard as I can !
@@ouaoua11 and you have some sort of pension accrued as well?
That's unless you trust in the Lord for all provision because you believe what Jesus said in Matthew chapter 6. David said he had never seen the righteous forsaken all his life. . Who is righteous? Those who believe in the Lord and are born again. Don't believe? It's a shame. You'll just waste your life worrying like I did for the first 38 years without a relationship with Jesus. Your call.
Lots of people saying 600K is an excessive house but Dave is right with a 70K income and only oweing 85K he doesn't necessarily need to downsize to make the numbers work.
That's a lot of net worth tied up in equity for someone that has so little saved up for retirement at his age.
This doesn’t mean he bought the house for $600k… just means it is worth it now in these crazy times
*owing.
Sell the house when they retire. Move to a cheap small house in a low cost rural area. The equity is worthless if you can't use it to eat. $100K in retirement, say $400K in cash from the house, SS for both, maybe a part time McJob in the early years for spending money. Live cheap. They'll survive if they are very frugal and very careful.
No, Dave was wrong. This guy needs to downsize and use that equity as a major, and I mean major, part of his retirement nestegg.
sell the house and dont move to a 400k house, move to a 100-150k house... the taxes and upkeep on that house are way more than they can afford, especially if the wife retires and their income is now like 30k a year. the house is preventing the wife from retiring if she wants to plain and simple. the choice is a big expensive house and work till you die, or get a modest house and retire with 500k+ in investments and one of them can retire. the choice is easy in my opinion
Houses don't cost 100G they run from 200 and up 100 won't get you nothing but a 700 Sq Ft
Sell the house, move somewhere cheap like SC, VA, NC, GA TN etc, buy a house for 150k, buy a rental property, throw the rest in stock mutual funds for 5-10 years…Boom.
But he needs to stay in the vicinity of his church.
@@Mitzi73 he’s 67. It’s time to let the church go and worry about having food in his belly during retirement. Priorities people.
VA is no longer cheap.
Not everyone wants to just pack up and move for the sake of cheaper real estate. They have an entire life right where they are.
He is already in a cheaper area than all the ones you mentioned. I live in KC. 600k will get you a mansion outside the metro or a 4+ bedroom home inside the metro area with an inground pool and enough granite to make the Romans blush (Did the Romans use lots of granite? Not sure if that analogy works, but you get my point). He must preach the blasphemous prosperity gospel. They need to downsize and live more humbly. Then put the rest in mutual funds and problem solved.
Love the respect all around and practical advice.
He could also videotape his sermons and post them on TH-cam for additional income, along with what Dave said.
That’s true! Or have some existing sermons turned into a book, bible study or other asset. People love content these days and are willing to pay for it!
Um he's in the Bible belt, he's had to forego pay, he's got $30 saved; he's a loser. What would make anyone outside of his immediate family interested in what he's got to say?
@@siegfriedbraun5447 what a silly thing to say. Pastors are listened to.
@@rubyduby2656 I repeat, "What would make anyone outside....listen...?" He's got NO authority and ZERO credibility.
No reason to have a 600k house on 70k income. Should be 180k at most and invest the rest tomorrow morning.
“It’s not a career choice, it’s actually a calling”. He’s dedicated and committed, bless him. You can’t fault his faith 🥺💕
BUT unfortunately, someone gotta pay the bills 😫
Sell the house now. Buy a cheaper house that you can pay off, invest the rest of the money that you made off the 1st house. Work as much money as you can and save away until you're 70. I thought Dave Ramsey was supposed to be a genius with money?
There was a lot of fluffy unicorns dropping magical dust on this call. Why did Dave not tell him to sell the $600K house and move into a $200K condo? If he owned a $20K car dave would've been telling him to sell it immediately. How are they even affording the house on $70k? I make what he does and would struggle to afford a $250k home. The house is insanity and needs to be sold tomorrow. Also, you don't get a pass on math because you're religious. Give it to him like you would anyone else Dave
I'm thinking he bought it when he was younger so it was probably a lot cheaper.
@@clutchlaughs9179 which is EXACTLY why it should be sold now...before he loses it.
Because the caller is a bible thumper, anyone who mentioned Jesus instantly has +100 moral points in Dave's eyes. The sad thing is this channel would be a lot more interesting and relevant for actual FA if they stopped the Jesus talk, no one cares.
@@clutchlaughs9179 and it has appreciated over time duh
I bought a $50K home in 2011, ~$400K now.
Sell 600k home and get 300k home and then invest the rest and be debt free would be sensible option.
That’s a fairly MASSIVE house in KC. 600k?
It was a couple of years ago. Not so much any more.
I’m wondering if the $600k house was already accounted for when he mentioned it.
yeah that's a big net income thing. downsize and ball out.
What this guy forgot to mention is that he has and had some very nice trucks in his life..... GOOD FOR HIM.
Way to go pastor! Sounds like you are going to be doing okay.
He hasn't done well up until now, I doubt that will change.
That's pretty good actually if you get social security. I know alot of older folks that don't even have 5k saved.
The difference between $5k and $30k at that age really isn't that much though tbf
@@cooleobrad my grandma is 82 with nothing other then 1200 a month coming in. Tell her that there isn't a difference in 5k to 30k 😂😂😂🤦♂️
@@jondoe5305 It's certainly better than $5k, but that money could easily be used up in a year for medical expenses or anything else that pops up at that age.
There is a very high percentage of adults that cannot come up with $400 cash if they needed to.
Dave it’s 2022, time to stop pushing mutual funds. I know they were great for you in the 80s and 90s but they are so old fashioned and it’s been so streamlined since then. Index funds do essentially the same thing, only are more flexible and this guy can save even more money by not dealing with the BS fees that come with mutual funds.
Amen!
You wont change these boomers minds
Index funds are mutual funds. They're just not actively managed mutual funds.
@@megalodon1726 Which is why index funds are better. Mutual funds will cost you more in the long run bc of management fees
@@megalodon1726 managed funds have high fees. ETFs legit get the same returns [mine get higher than any mutual fund actually, PSJ, SOXX, VGT, etc] with waaaaay less in expense ratio.
Why don't they sell now rather than later, we know what today holds.
A 600k house in KC?! Sell it! That's an irresponsible purchase. Next, why retire? I had a great pastor once who was in his early 90's! There's no need to retire. It's not like you're digging ditches or lumberjacking. I have never seen the Bible say anything about retirement. Just keep going. God blessed you with a church to lead. Sell the extravagant home and keep working.
I doubt they bought it at $600k. They probably bought it a decade ago for $200k and it's appreciated to $600k since then
@@pey7777 and a decade ago they were probably making 40k or less. Even making 70k a wise person wouldn't buy a house for 200k. Your point is moot and a distraction. Sell the house. He wants his cake and eat it too. A pastor really ought to know better. One of the scriptural requirements for being a in church leadership position is that one has to be able to run his own house. I believe its in 2nd Timothy.
After looking at MLS in KC, it's very safe to assume the pastor is living in splendorous luxury compared to 95% of that city's population. Sell the house!
What? Sell the house and make approx for 500k and move into a cheaper place…problem solved
Sell that house, ffs. And stop blaming your situation on a "calling" from Jesus. (I'm Christian, btw). That's way too much house and he's way too illiquid to own it. Get a 300k home and you've instantly freed up 215k, taking your retirement from 30k to 245k, with a paid for house. DUH.
His story doesn't add up?
Is it bad that I find it refreshing the a preacher isn't filthy rich? It tells me he actually believes what he is preaching. All the spiritual leaders that are living in million dollar houses and flying in their private jets makes me sick.
At least he has 30k saved. A lot of baby boomers generation have little to nothing saved. They use their children as retirement option. In those days, they invest a lot or sacrifice alot so their children will get a good education in hopes that their kids will financially take care of them when they age.
Ah the baby boomers largely paid for their kids education - thank goodness, can you imagine what things would be like if their kids had a ton of student loan debt
Yes, you are right!
A lot of boomers are also doing fine financially. Many boomers did not put money into children education or even had children at all among other things.
Millennials have little to nothing saved and others millennials are doing fine with the same issues as baby boomers.
Same situation you will witness later with your age group.
All up to you like everyone else.
@@blackworldtraveler3711 🧢
@@blackworldtraveler3711 Well that depends but for real it is easy to end up broke.
I never Judge a person on their Finances. A person may have made poor choices to put themselves in this situation, however, times have changed and the economy has changed in the last 30 yrs via no pensions unless you work for the gov't and some private companies.
I wonder if any of his FPU students will hear this phone call...
I’m so glad for social media and videos like this. I’m 33 and got about $50k in my 401k the company I work for provides a cash balance pension I also receive VA disability. As long as I keep myself on track and keep contributing I feel I’ll be in a good position at retirement(if I make it to them). I’m trying to set myself up to not have to really grind everyday when I’m 55. Perfect world it sounds nice but I’m trying to learn from my own mistakes and others around me.
Sell the house, buy a condo for 150k and put the rest of the money into dividends that pay monthly. Live off dividends and your social security. It's not hard....Not financial advice.
I would not buy a condo due to condo fees . i would get a 150k one family house with no hoa instead.
@@maryjoness2898 Yeah you could do that too but good luck finding a house that is 150k in decent shape and in a decent neighborhood.
Again! This guy isn’t hurting! Again give me a 60 year old or older with only a job and has to figure out how to get ahead! This so call pastor is better off than over 50% of the population! Let’s get real!!
This was a good call. Good advice from Dave.
Not trying to be mean but after hearing a lot of these I have to wonder - do folks think about retiring only when they reach 60? A huge failure is our society's lack of any system for saving as we do for other things. We push houses, cars, phones, vacations, dining, tech toys, more clothes. We've gone after smoking, drinking and driving, bad nutrition, a sedentary lifestyle. Why not a concerted campaign for saving for retirement other than the blurbs about the best fund which 95% instantly ignore.
Why is his parish not providing him with a parsonage? Ministers don't make great money usually, but a $70K salary paired with a parsonage and no housing costs offsets things quite well, and makes quality of life & finances very reasonable.
Dave, just curious why you were so confident about him not selling the house now?
Because the guy said Jesus a lot so Dave babied him.
Because as a Pastor....he put his parishioners first....he is covered in the blood. Jesus has and always will provide for people such as he.
He should forget paying the house off. They could sell that house, buy a townhouse, and take that 1800$ a month plus what they were paying in a mortgage and invest it. Paying off the house makes no sense given the age of the caller, size of the nest egg, and equity in the home.
At first I thought he said every time they BURY someone they give them a copy of The Total Money Makeover. Time to google hearing aids I guess.
I’m surprised he has $30k
Oh my gosh! Sell the house, rent an apartment, put the proceeds in investments.
Alot of people exagerate the value of their home.
Sell the house. Downswize to a $200k or less condo. Put $30k aside as an emergency fund. Put the rest in mutual funds. Problem solved.
He gave others Dave’s book to follow money principles that he didn’t follow himself. His wife works to provide income, while he follows his calling that isn’t providing. Kinda feels like this guys sees himself as exempt from living as he expects others to. I’m not seeing the maturity that Dave is seeing.
Exactly. He should have had an actual *JOB* to contribute to the household in addition to his "calling," or not spent all the money they made.
Sell the gigantic house, bank the 500k, invest it into dividend stocks for income.
Spend the 30k on a camper van/RV and travel around the country!
I'm struggling in this market. Stocks that I have held for months and made profits from are not behaving the way I'm used to so I’m quite indecisive on how to tackle this market, any advice would be grateful.
I’m both a dividend and growth investor and there are Great dividend stocks out there! The trick is to diversify and put in enough to where you actually get good dividend payments Monthly. I made my first million from repositioning and rebalancing my stocks using a full-service broker so I invested and reinvested my profits.
@@dorenestewart5084 That sounds great and what signal do you invest with?
@@MaryOlson7 I have copied trades of a financial adviser and portfolio manager BRIDGET MARY TUROW for over a year now, she is quite dexterous. Although this is done automatically I have been able to learn a few tricks to help me trade on my own. She takes a performance fee after you have made profits, her style of trading suits me perfectly and I recommend her to you.
@@dorenestewart5084 That's awesome and please how do I connect with this broker lady?
@@MaryOlson7 Look up her name on the webpage
Why so defensive about its being "a calling, and not a job"? Is that some made up story about why you've been so incredibly reckless about saving, your entire adult life?
Why is this guy giving out FPU and not taking the advice in it?
i have some elderly patients who are running out of money cause of independent livibg expenses plus caregivers. here in california when you are poor or poverty level and if you are on medical everything will be provided.
way to much house for his income! 8.5 times his and wifes gross! Scary!!!
It's not scary! 600 is the value of the home, not the balance of the mortgage.
Lmao try coming to Toronto or any other major city, houses average over 1 mil.
He ministers a small church...makes 70K a YEAR...has a house worth 600K...riiight.
learn what household income means
In the UK when you pay into a pension you can’t access it until your 65 and it’s unaffected by bankruptcy
Or 57 if it's a private pension like a SIPP
@Vikas Marriage expenses?
@Vikas Thank you for your reply. Interesting! Do you still live in India?
In the US... it is similar. You may be able to access it at 62 BUT you will lose THOUSANDS. And if you don't access until 67, your monthly checks will be greater. There is also your own retirement savings... which you can access at age 59½.
@@johnSmith-uz8nl ah ok - I thought people in the states had easy access to their pensions. Thank you for your reply.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
*@mellon-wrigley3* That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
"Gertrude Margaret Quinto" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
Insightful... I was curious about her, so I looked her up online. I discovered her website, and I must say that she seems knowledgeable. I sent her an email outlining my goals. I appreciate you sharing.
Might make sense to downsize the house
CASEY YOU SPAMMING LOSER! YOURE HATED ON ALL SOCIAL MEDIA
Wish I made that much. Less than half that. House and car paid off by 45. Now its save, save, save.
Being a pastor doesn’t mean you don’t work outside of the church. As a Christian, that is something that has always burned me up about many pastors
$30K saved for retirement and the caption says ‘Only’? That may not be what financial experts recommend for a senior but that gentleman has $30K more than most seniors. And he’s a homeowner. While he is asking for financial advice and there is nothing wrong with that, I find videos like this frustrating because we have millions of seniors in this country who are literally having to make a choice between medication and food. We have seniors who can’t even turn the heat on in winter. We have seniors living on the streets of America. We have many here in my city. I wish financial experts would talk to more people like that. They are the ones who have real problems and need real help.
I really don't understand how some people call into a show asking for advice and spend more time talking than listening ugh...
IKR! I would be embarrassed to even call in. I wouldn't want everyone knowing my business. I guess it's free advice. Maybe he can claim it for free money. Jmo
Only 30K?????? Not sure how that is possible. Many people make a ton less and have 10x more. But hey I love the way he mentioned he was called to pastor :).
Many people don’t put money into retirement. And when they do they don’t put a lot.
And he was teaching Dave's workshops!!!!! Scary
Plus he can opt out of taxes!
@@ClaxtonBay123 yes, and we have a name for these people, we call them POOR.
@@alinatamashevich3354 and you have assumed he pays taxes????
I’m 72 and just retired 2 years. Myself and my wife own our home and have approximately £500k cash and investments bring in around 6% each month. Our monthly income is about £50k a year. Also, we have 3 cars that are all 20 years old and in good order.
This is gonna be the standard going forward. Believe me, in most underdeveloped nations, retirement is a pipe dream and we will realize what we've lost at this age.
Preaching financial independence while saving nothing and having near six figure debt at retirement age. Hypocrisy is what that's called.
Unless your kids still live with you, you don't need that big a house, the flipside of the coin is that if you can keep it, will be worth much more in the future so you can sell it now or sell it later at an increased profit.
But if you're not renting it, you're still paying the property taxes and maintenance, so it would be far better off to sell and invest the difference.
Sell the house and downsize.
They really need to go through FPU themselves. There’s no way they are following the principles.
God will take care of his own as long as we be good stewards of what he gives us. This man of God will be blessed. He nailed it!!!! IT IS A CALLING!!!!! He will be alright!!
AMEN!
God???? There is no god.
Amen!!! I am glad to see this response.
Liquidity issue at best. Try taking calls from the east end of Glasgow. then you have problems
Wow I think it's bold to think mutal funds are gonna grow that much over the next five year. The Shiller P/E ratio is approaching 1999 bubble levels adn already exceeded Black Tuesday by far. At that age, I'd keep at least half of it in cash.
Sell the house. Pay off the mortgage, and buy a nice duplex for cash. Rent out the other half to pay for taxes and insurance, with a nice profit to live off.
Many are commenting on the caller's house value vs his income vs savings.
Are you forgetting how house values have ridiculously quadrupled since the pandemic?
I'm sure he didn't purchase it for anywhere near that amount.
i dont think his purchase price is what people are worried about, its the fact that he is sitting on 600k which produces no income. they could move into a decent 100k house and invest 500k and the wife would be able to retire if she wanted to. with 500k in investments they could draw down 25k a year and probably not drain the cash before they die. 25k from investments plus the husbands wage plus SS will afford them a perfectly acceptable lifestyle.
im not saying you do but some people have a warped perception of real estate prices based on LA, Manhattan etc real estate prices, and apparently dave does too by suggesting moving into a 400k house, but there are nice houses in this country for 100k-150k in most states and certainly in his state.
Quadriupled????? really!!!!! I guess you forgot that the more $$$ your home the more $$$$ property taxes and the more $$$$ insurance. I know of people that have a paid off house and can't afford to live their.
It might be worth that much today but what about next year I'd sell it and get into something cheaper invest that money
@@debbieframpton3857 I expect real estate to increase... How about u
@@johnSmith-uz8nl ,
I'm not sure I've been in my house 18 and a half years I don't think it's worth much more than I paid for it I live in Central Illinois
$70k is a good income. Why the heck is the home they’re in 600k?
I am sure the house was not $600k when they bought it.
They could keep paying the house and hope it keeps appreciating. However, sell the house for a million bucks 10yrs from now and just rent somewhere