I first started thinking about retirement, I didn’t know the difference between a 401(k) and an IRA. And honestly, most people make mistakes right at the start that can be tough to recover from. They try to jump into ‘hot’ investments instead of building a steady, reliable strategy.
Retirement is now more difficult than it was in the past. it's all about balancing your risk tolerance with your long-term goals. Maybe consider speaking to an advisor to help in diversifying your portfolio to spread out the risk
Agreed, I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 15% short of my $2m retirement goal after subsequent investments to date
Thanks for sharing your experience! I've been managing my portfolio myself, but it's not working out. Do you have any recommendations for a good investment advisor? I could really use some help
My CFA, JOSEPH NICK CAHILL, is a renowned figure in his field. I recommend researching his name online; you'll find all his credentials and everything you need to work with a reliable professional. With many years of experience, he is a valuable resource for anyone looking to navigate the financial market.
Thank you so much for the suggestion! I really needed it. I looked him up on Google and explored his website; he has an impressive background in investments. I've sent him an email, and I hope to hear back from him soon
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
My CFA ’Izella Annette Anderson’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
It is advisable to save at least 15% of your income in a 401(k). Online calculators can help you estimate the appropriate savings amount based on your age and income. By saving at least 15% of your income in a 401(k), you can work towards a comfortable retirement. This strategy allows you to benefit from compound interest, potentially growing your retirement savings significantly over time.
I'll suggest you create a diversification strategy because building a good financial-portfolio has been more complex since covid. Recently my colleague advised me to hire an advisor, surprisingly I have accrued over $120K under the guidance of my coach during this crash. She figured out Defensive strategies to protect my portfolio and make profit from this roller coaster market.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Sonya Lee Mitchell’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Recently retired and unsure if my 401(k) and IRA will provide a stable future. i need an approach that will align with my risk tolerance and financial goals, i set aside $1m to achieve this. Do you suggest i get into stocks or buy a rental property?
Look up dividend aristocrats. Pick six to ten from that list. Those companies have a track record of 25+ years of paying dividends. Also, its advisable you work with a financial advisor to help set up a well-structured portfolio.
I agree. Based on personal experience working with a financial manager, I currently have ($2million) in a well-diversified portfolio that has experienced exponential growth from when i started. It's not only about having money to invest in stocks, but you also need to be knowledgeable, persistent, and have strong hands to back it up.
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.
@@shanoimelissa3425 I invest and trade financial market. It's been very lucrative. With the profit i made over a year, I was able to buy a restaurant. But trading is not what you do without proper guidance. I have a broker he handles all my trading activities and makes sure my portfolio is diversified into various sectors of the market.
I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Uncertainty... it took me 5 years to stop trying to predict what bout to happen in market based on charts studying, cause you never know. not having a mentor cost me 5 years of pain I learn to go we’re the market is wanting to go and keep it simple with discipline.
NICOLE ANASTASIA PLUMLEE is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Just hit $21k in my emergency fund and thinking about early retirement-LOL, who knew saving up could feel like reaching the final boss battle? Now I'm eyeing investments like they're the holy grail, but where to start? 🤔 Any tips for a fellow finance nerd ready to dive in?
$21k? Nice cushion, but careful there! Diving into investments without a plan is like bungee jumping with a loose cord. 😂 Ever thought about chatting with an investment advisor? They might just be the key to not turning that $21k into $21
You’re both on point! I’m sitting on some savings too, itching to invest but totally clueless on where to find a good advisor. Do you guys have any pointers? The struggle is real, haha!"
There are a handful of CFAs. I've experimented with a few over the past years, but I’ve stuck with ‘Linda Aretha Reeves’ for some years now, and her performance has been consistently impressive. She’s known in her field.
We planned for early retirement by living within our means during our earning years. We retired at age 57 and 58 with several million in assets for retirement. Takes discipline but can be done!
Well, I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises plummeting stocks that were once revered and I don't know where to go here out of devastation.
So far I'm doing good, approaching retirement with about 800k in savings. Transitioning from building wealth to spending can be scary, especially with soaring inflation. My question is, after maxing out my tax-advantaged retirement accounts, what next?
In my opinion, some financial situations can be handled on your own if you research enough, while others are best navigated in consultation with a financial advisor
Agreed, the role of advisors an only be overlooked but not denied. I was shocked that I made more money with investing than hard work, not even my CEO income. Earning ''return on investment'' fetched me millions within a space of 5 yrs.(But I still enjoy working)
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
Thanks for sharing. I searched for her full name, found her website immediately, reviewed her credentials, and did my due diligence before reaching out to her.
Most Americans find it hard to retire comfortably amid economy crisis. Some have close to nothing going into retirement, my question is, do I pull cash from my 401k and buy a house, or spread my money in stocks for cashflow? I'd love to afford my lifestyle after retirement?
For many years, bonds or other fixed-income assets could produce the yield needed to provide solid income for retirement needs.The importance of having financial safety could be why boomers are turning towards advisors in retirement planning
There has been so much knowledge shared here, I'm at a crossroads with my portfolio and would like to see it grow in view of retirement. How can I reach this professional?
Excellent share, just inputted her full name on my computer and searched online, top-notch credentials. I've seen commentaries about advisers, but not one looks this phenomenal.
I think John missed the mark on this guy's question. What's wrong with wanting financial freedom to the point if you want to retire early and do whatever you want to do? That's my take on it. I don't think people want to retire early per se, I think they want the freedom to do whatever they want to do. Most people continue to work after financial freedom to offset boredom and keep the social aspect, with the option of working because they want to not because they have to.
This is a accurate. Retirement doesn't have to mean you don't work. It means you have the option of working or not, and working where you want. You get to be picky with your time and lifestyle.
Investing for retirement often provides better long-term growth than saving, as it combats inflation and leverages compound returns through assets like stocks and bonds...
I understand, it can be challenging with substantial savings and a high income. Learning to invest yourself offers control, but partnering with a financial advisor provides expert guidance, strategic diversification, and helps avoid mistakes. Starting with an advisor builds confidence.
My CFA Julianne Iwersen Niemann, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for sharing, I must say, Julianne appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive.
As part of my retirement plans and also owing to the very shaky housing market now, I just sold a property in Philly and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains in months, I'm really just confused at this point.
Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge, And it also all depends on how long you're willing to hold for, stocks might likely tank further, but making serious gains in this downtrend wouldn't be a problem if you're a pro.
I wholeheartedly concur; I'm 60 years old, just retired, and have about $1,250,000 in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Colleen Rose Mccaffery” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I'm 36 now and want to save as much so that when I'm 55 if I want to retire at that time, I'll be in a position too. If I still love what I'm doing or found something else that I enjoy I'll just keep working. I like having options.
Retiring from public service made me realize that I had no means of passive income, and in 35 years, I had only moved round in circles financially. I needed to make investments immediately despite retirement and that led me to looking for ways out. I feel very accomplished every time I remember my journey and how I've been able to grow my portfolio to 7 figures, with the help of my broker Olivia Rene Reyes Mind-blowing experience really. Thanks for this video by the way, I think this year was a big win for us investors. Go stocks!!
Retirement for me would be keep doing what I’m doing but at 50% reduced hours. I would like to be able to take as many days off as I want (paid and/or unpaid) and only work 2-3 days week no more than 20 hours.
I just don’t get why someone cannot want to retire and stop working! I love my job but I do not want to do this past 60. I want to retire and do hobbies, volunteer, travel. I have no desire to keep a career in retirement and this sentiment you just die if you stop working is ridiculous. People all define retirement differently and I wish they’d stop judging those who define it as leaving their career.
Ramsey would you consider doing a video with ideas of financial options I can explore as the economy is heading towards severe recession.I'm retired and under pressure to grow my reserve of $250k.
I agree Flynn, I started investing 2016 and that same year I pulled a profit of about[$600,000]profit with no prior investing experience, basically all I was doing was seeking guidance from a financial-advisor, so you don't necessarily need to be a perfect investor, just have a pro assist you
This recommendation is coming at the right time because i am literally grasping for straws atm! I verified her online and scheduled a phone call with her.
[I curiously looked her-up and I can see she;s has worked with top notch companie;s like M&T--SECURITIE;S , I have an account with them. Serendipity!!!
@5:30 John, setting yourself up for an early retirement doesn't mean you don't like what you do. It just means you are planning so you can create options for yourself and not necessarily work if you don't want to or for some reason can't. Bridge Accounts are imperative in creating financial peace, I wish you guys would focus more on this part of the wealth-building journey.
You work for a 40yrs to have $1m in your retirement, meanwhile some people are putting just $10k in a bitcion coin for just fe months and now they are multimillionaires thanks to Charlotte Grace Miller
I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
I'd love to invest in stocks for retirement after listening to a guy on a podcast talk about the importance of investing and how he made over $800k in few months of investing into stocks from $300k initial capital, somehow this video has helped shed light on some things but I'm confused about the current market volatility I'm new to this and I'm open to ideas.
That’s right, I started investing sometime in 2018 and by late 2019, I pulled a profit of over $750,000 with no prior investing knowledge or skill, I was basically just following the guidelines set by the financial advisor I use, so you don't necessarily need to be a perfect investor or do the hard works, just have a professional to guide you.
That's impressive, the thought of reaching out to a financial advisor has crossed my mind severally but the fear of loosing funds cripples me, please who is your financial advisor and how do I make contact with them?
It's great to hear about your interest in stock market investing for retirement. While it can be a powerful wealth-building tool, market volatility can seem daunting, especially for newcomers. To navigate this, diversification and a long-term perspective are key. I'd be happy to discuss strategies, investment ideas, and share insights that can help you build a solid investment plan. What are your specific goals for your retirement portfolio, or do you have any questions you'd like to explore further?
To add to what was said, if you're an entrepreneur there's always a chance that you'll wake up tomorrow and your businesses won't bring in the wealth they originally did. If that's the case, being able to live off your investments is paramount, at least until the next business is off the ground. For instance, youtube is a great business nowadays but there's no guarantee it will remain profitable forever.
Dave’s advice is legitimate advice , all numbers , easily explained , disciplined based , u may get all these quick money plans but true and tested , Dave Ramsey surely proved it during covid , at least in my life , Thank God
The other great thing about retiring with index funds is your income is only what you pull out. So even if you make 300k on a 6 million nest egg, if you pull out 50k for property tax and living expenses, you're only taxed on 50k. I would only pull out as much as I need to keep up a 3 month emergency fund, and beyond that one time expenses.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets 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.
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 daughter. 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.
@@ЕленаФирсова-ц6м Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. *MARGARET MOLLI ALVEY* , a licensed fiduciary whom has made me over 5 figures in profit in less than seven months, handles my investments. I could leave you a lead if you need help.
He should read the book, "Quit like a Millionare", she gives step by step on how to do this, and access your money before "normal" retirement, AND not be overly taxed. This book has the key.
johns perspective of not understanding why people want to retire early is comical and lacks understanding of the bigger picture. the vast majority of people do not love their jobs john, and if they could retire at 40 and do hikes through Europe, chill on the beach all day, paint portraits all day, do charity work, or whatever job/hobby or fun thing people like to do, that is clearly more optimal than working a job you hate until age 70, ending up with 3m in investments then dying at age 72 from natural causes... dave and john are just simply wrong with their perspective of "just go get a job you love" which is something most people cant do. if you're making 100k a year and you have 4 kids to feed you cant go work at a zoo for 30k a year just because you'd like to work at a zoo and interact with cool animals. some people love teaching, but its a terrible poverty wage paying job in some states, the list goes on.
Not saying your wrong, but I did feed 2 kids, payed for wife's college, our mortgage and bills on 30k working in restaurants. I hated it, but it was the path we chose. We are stronger now because of those times.
Yes. To answer the question at the 5:30 mark about why people in their 20s or 30s are so eager to retire or planning to do something else..... Because MOST people can't or at least don't end up doing what they love or are passionate about. If that was the case, the world wouldn't function. Too many jobs are required that aren't necessarily desirable, but needed, to have a functioning society. Often times yes, maybe you can find a way to make what you love to do have income, but maybe not enough to live the way you want. So the quicker you can build up to the point where you can start to do what you like, but not have to worry about not making enough money because you are way ahead, the better.
@@mattschmitt9924 Sure, it isn't impossible But there's a balance. I could quit my job now(I don't hate it, but I certainly don't like it. It's more of less boring and going to the same place every day isn't desirable for me regardless), go work elsewhere I might like more for half the pay and technically still pay all my bills. But ultimately, I'd never have or get to do half the things I want to do in life. (actually more by the time you invest wisely) So again, finding that balance. Where you save save save, get that freedom, allows some to find their passion earlier rather than later. Finding it at 50-55, even if you sacrifice more at 30, is better than finding it at 70, or not at all. In an ideal world, I'd love to find that balance today, or 10 years ago. I'm 35. But again, it's about the balance to be able to do what I want now, to an extent, while also building to a better future even if I could find a better now. I mean, isn't that what Ramsey is all about anyways?
Dave is 61 and worth millions, yet still working, not because he needs money to pay bills but because he enjoys what he does. Dave is really horrible at seeing certain things. This guy is saying "How do I save / invest to be in a place at a younger age where I have enough money to do what I want to do" just like YOU Dave!
My strategy has always been to invest 25% of my income in the stock market at the beginning of each month. The second part of my strategy is not to sell for at least 5 years, but recently my portfolio has suffered major decline about $150k in losses. What can I do please?
Look for stocks that have paid steady, increasing dividends for years (or decades), and have not cut their dividends even during recessions. which may reduce your dividend gains or income, speaking to a certified market strategist can help with pointers
Agreed. It's always wise to be proactive and consider diversifying our investments to manage risks in uncertain economic times. I delegate my day-to-day investing to an advisor ever since suffering a major steep-down late 2019, amid corona-outbreak, and as of today, I'm semi-retired with barely 25% short of my $1m retirement goal after subsequent investments
There are many independent advisors to choose from. But I work with Monica Shawn Marti and we've been working together for almost four years and she's fantastic. You could pursue her if she meets your requirements. I agree with her.
I really appreciate your useful advice. I was able to set up a call with her and confirm her identity. She seems incredibly knowledgeable, and I appreciate your advice so much.
Hey there! Just wanted to remind you that it's never too late to start taking your investment journey serious. I remember struggling for years before diving into crypto last year and let me tell you, it completely changed my life so don't lose hope, my friend.
These are very info for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the knowledge embedded in it.we may not want to admit, but as warren buffett once said, investing is like any other profession, it requires a certain level of expertise. Not surprise that some people are losing a lot of money I'm the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it . I've got $150k set aside to put in the market
Understanding personal finance and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend and invest their money. I know someone who made over $350k in this recession-nfluenced market,but to the best of my knowledge, it was through an F.A
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
I have a S&P 500 index fund on the side. I don’t buy single stocks. But you know the S&P will always win in the long haul. You just can’t look at it or you’ll be tempted to sell during bad times.
I want to "early retire", but that doesn't mean not work. It means I'm not forced to take some sucker job because I need cash. If another covid happens I won't worry about paying the bills
Perfect summation. Retirement for many doesn't mean don't work. It means the money is supplemental, not necessary. It means getting to take more risks to do what you like, rather than what you have to do. To work less, or set your own hours, etc. Basically, be in control of what you do, when you do it, and how you do it.
Okay, hang on just one minute here… did Dave just discover what an index fund is since the New Year?! Until this year, I have never heard him mention “S&P 500” without finishing the sentence by saying “my growth stock mutual funds have a track record of beating them.” 😂
@Austin Duke As a fiduciary financial advisor myself, I suggest not even attempting to beat the market. I don't. Too much effort when even the "best and the brightest" on Wall Street consistently underperform. I personally think Dave has historically done his listeners a disservice by pushing actively managed mutual funds and claiming that finding ones that outperform the market "isn't that hard" to do. I think this has been his way of pushing listeners to his SmartVestor Pros who pay affiliation fees to be endorsed local providers. The easiest thing you can do is open an account with a company like Fidelity or Vanguard and invest in a Target Date Retirement Index Fund. Take your birthdate + 65 and that is the year of the fund you should pick. Ex.) Vanguard 2060 Target Date Retirement Fund.
@@tommymodec Just don't buy a target date fund in a taxable account. They're usually ok, but there was a bit of controversy last year when Vanguard changed minimums on the cheaper share classes and people got huge capital gains tax bill because the funds had massive outflows.
@@jdmulloy personally I picked the target that is a year or two before I can touch the money penalty free. So age+59, and round down to the nearest 5 since they don't do 2062 funds.
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 below the $100k mark and in the first 2 months, my portfolio was reading $234,800. Crazy right!, I decided to reinvest a huge percentage of my profit and it got more interesting.! For over a year we have been working together making consistent profit just bought my second home at the beginning of summer.
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
@@MattieAntonio However, if you do not have access to a professional like Suzanne Gladys Xander, 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.
Most people who want to retire young see their passion as not lucrative or in very low demand, the option to pursue that is what the FIRE community is all about. No one actually thinks they're going to spend age 40-95 on the couch watching TV 24/7.
I know a guy who retired at 39 thru real estate and he’s playing video games all day mostly lol he’s living the life. He spends only 2-3 hrs a week on his business and rest he’s free. He’s not married, no kids etc
It's simple if you start early. Just invest in index funds every month. Keep expenses low and invest as much as you can. 20 years of that and you'll be just about there. If you start at 20 you can retire by 40 if you're serious about it.
As a hairstylist of 11 years. I plan on retiring early mainly and mostly because of the physical demand on the body. I love love love what I do but I understand the limits of a 20-30 year career before the body breaks down. I think may be that could be a reason!
Yes styling hair is a very physically demanding job. I am surprised anyone can do it for such a long time without their arms just becoming super jacked. I bet you can bench 400lb with a carrer like that
yea there a lot of physical jobs that you might not want to retire early but you might want to work less. i mean hairsylist and carpter michance pluber and a million other jobs.
You don't have to hate your job to want to retire early. For a lot of people regardless of how much they enjoy what they do, they don't want to spend years of their later life working when they could be spent actually living, which is what life is about. When you spend the vast majority of your adult life working and the small minority of it actually living, all you are doing is putting even more money in the government's pockets and giving your time to anything but your loved ones. Where as if you retire early you access your freedom of time. And regardless of what many may think, Time is the most valuable asset, once it's gone it can never be gained or recovered. So remember to work to live, not live to work.
John, people with physically demanding jobs have a really good reason to think about this. Bridge accounts are wonderful for everyone, they give you options for work you want to do, or can do, which go along with an income decrease
You can produce a monthly income off of a 401K at age 55 or older if you retire or get fired after 55 and keep the money in the 401K until 59 1/2. Save 25% in your 401K before you retire.
It's highly advisable to seek counsel from an investment adviser, especially when approaching retirement amidst the complex financial market. Personally, I've diligently sought advice, and the results are astonishing-a humble $70k investment has blossomed into an astounding $950k, with figures still on the rise.
Sharon Sue Parker, a distinguished financial consultant, has been an illuminating guide in my journey. You might recognize her name from a recent spotlight in Newsweek. She stands as a prominent figure in the financial market, an individual whose expertise is truly deserving of deeper exploration!
It seems she possesses an abundance of knowledge and has delved deep into extensive studies. After a quick search of her name, I stumbled upon her website. Grateful for your willingness to share this treasure trove of information.
Placing my investment portfolio under Sharon Sue Parker's adept guidance has transformed my financial journey entirely. Her skillful management has revolutionized the way I approach wealth generation, leaving an indelible mark on my investment landscape.
For retirees stepping into the world of investments, teaming up with an experienced financial consultant is paramount. This partnership plays a dual role: guiding as a mentor and protecting your wealth. It sharpens your trading strategies, boosts potential profits, and significantly lowers the risk of endangering your lifetime savings.
5:45 It might not just about retiring early. Younger people might not know what they are targeting other than being able to reach “the position of F you”. This is $2.5 million, according to the movie the Gambler, in 2014 dollars. That’s a financial freedom mindset, not particularly a retire early.
Stick with index funds people! Stress free investing with history on your side! Individual stocks can go up but also can definitely go way down. Invest in solid index funds/ ETFs with low fees and you will build MASSIVE wealth long term without stress or hours of research 💰
As a millennial I know I will have to pay more taxes than the retirees today, I’ll go through more frequent recessions and higher inflation Millennials have to save and invest more aggressively to be prepared to the future
It's worth pointing out that Dave's wife hasn't had an income in decades. They always act like it would be strange to want to not have an active income but gloss over that.
F.I.R.E is a ability to be financially independent first … if I like what I am doing at 55-65 awesome if I don’t anymore I am not stuck … I will always have the possibility of retirement if no one wants to hire a old man as you know age discrimination is the worse test form of discrimination but not talked as much as others …. To me thinking about retire early is essentially insurance
It's insurance, it's security, and it's basically the ability to choose exactly what you do, regardless of income. For example, I have a couple of jobs in mind for retirement, but I wouldn't be able to make the money off of them to do the things I want to do in life. There's just no way. Now, in retirement? I wouldn't care if I was working those jobs for minimum wage
You are a spot on! I was so happy to finally become financially independent and know that if I got laid off tomorrow because I was too old it wouldn't hurt me and I would have the option to find another job or not.
Best time to invest? thats funny though because in the last four months I have lost more than $47,900 in stock market which is the biggest I have loss since I ventured into stock investment.
you could be right or wrong depends on your expertise, I once made such loss when i invested thinking i have gathered enough trading skills from youtube videos
now its a different ball game for me because I was lucky to have met TERESA JENSEN WHITE, a financial manager and stock expert, I have made more than $165,000 in 6 weeks under her supervisions.
Really? people are cashing in from the stock market and frankly speaking its comforting seeing someone admit to the fact that they actually seek help from professionals. please how can i reach TERESA ?
Acquiring a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. Hence what are the best stocks to buy now or put on a watchlist? I’ve been trying to grow my portfolio of $160K for some time now, but my major challenge is not knowing the best entry and exit strategies. I would greatly appreciate any suggestions.
investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good??>>>>
I understand your concerns, my friend. I recommend exploring passive index fund investing and expanding your knowledge in this area. Personally, I experienced both successes and challenges when initially seeking a reliable passive income......,
I can't identify with retirement before 50, but let me tell you, when your relatives and peers start dropping dead you'll have a different perspective on what's important in life and that your death date is not too far away... It's time to go have some fun while you still can.
synopsis: to retire early Dave says open a taxable brokerage account. He also suggests a low cost index fund to invest based on s&p 500. First time I heard him be a fan of index funds; thought he hated them based on other clips
Im 20 years old right now but ill be able to retire at 53 with a 35 year maxed out pension but i wont be able to recieve it until im 65. I also am putting money into a 401k that i cant receive from either untim im 65. What do you guys recommend i invest in instead to be able to retire at 53 and wait for the pension?
People are facing 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 $800k
No penalty for taking money out of your 401k prior to 59 1/2 if you follow the RULE OF 55. I am retired, not 59 1/2 and am doing this. The info is on youtube and of course the irs website.
investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good??>>>>>>,.,.,.,.
I understand your concerns, my friend. I recommend exploring passive index fund investing and expanding your knowledge in this area. Personally, I experienced both successes and challenges when initially seeking a reliable passive income......,.,.,.,
Here’s what I did. Used FHA loan and only put 3% down on my house. After a couple years the house worth increased so I had 20% equity in the house and I refinanced to get rid of PMI. So I’d pick a price range of a house. Make sure the mortgage, insurance and taxes aren’t more than 25% of your monthly income. Save your 3% down payment and then buy you a house. Also recommend a 30 year mortgage. A 30 year mortgage can be paid off in 15 but a 15 year mortgage can’t be paid off in 30. All about giving yourself flexibility.
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
Choose a reputable financial adviser like *Jenny Pamogas Canaya* for insurance, regardless of the firm. With her dedicated career in financial planning, you'll receive guidance for growth, better navigation, and secure task completion.
If you get paid an inheritance in money and collect it all at once, do you have to pay taxes on it? If so, do you get back any of it like a tax return?
You might think that the govt gives a s*it about your financial but that's one of the biggest lies ever told.I don't hoard cash, I invest.Retired with a 7 figure portfolio and Receiving about $105k in dividends. I have been in the Stock market about 20 years.Passive income is quite possibly one of the most important and central ways that the rich get richer. mutual funds takes long time but investing smartly is the key for short term. invest wisely people
Great content. everyone needs more than there basic salary to be financially secured. The best thing to do with your money is to invest. Money left in savings always end up used with no returns.
@Tony Metzger My portfolio is very much diversified so it's not like i have a particular fund i invest in. plus i don't do that by myself i was guided by an investment adviser, Suilian Mai Wilson, I can correctly say she's worth her salt as a financial adviser as her diversification skills are top notch/ I say because i see that in her results as my portfolio grows by averages of 15 to 20% on a monthly basis, unlike i can say for my IRA which has just been trudging along. my portfolio just mirrors what she trades and not just on some particular industries of my choosing
you're right, most people live non-average lives as a result of wrong decisions and poor planning. I think people who suffer are the ones who don't think about their future and don't invest. Investing has really saved many lives and got people off the streets.
@@willroach1750 are you giving her your money or the money stays in your account? I have heard about copying trades but have not looked into it but i have an idea of what it is
@@waynespears1327 Yea exactly, can't give anyone my money it stays right in my account. my account just mirrors her trades in realtime. it's relatively much easier to set up and connect my accounts than creating a financial pan and drafting investment strategies myself
I think the caller just wants to be financially free at an early age (50-58) so as not to have to work until mid 60's. I'll be retired fully next year at age 56 so I totally get his question.
Dave has gotten much better at answering the FIRE question. He used to give a pretty aggressive response. But if you want to FIRE there’s actual content out there for you. Start with Our Rich Journey
Here's where I object to the conversation: If retirement is a financial goal and is an age, when you hit the financial retirement goal, you also are not "doing nothing". You're doing what you want to do. Once you are in your 50s and have been working continuously since age 16/17, it's normal to not want to work ten more years, and if you can swing that financial bat, go live your life as you see fit each day, not as your boss sees fit.
I am currently in my 50s and This is no time to taper retirement savings. I want to max out my retirement contributions and I also have another $200k in a savings account that i want to invest in a non-retirement account. Where should I invest it now?
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Melissa Terri Swayne for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
@Austin Duke Austin Dave didn't really seem to pay attention to this guys question about retiring early. Instead. Dave and company always finds something wrong with it and are like 'why do you want to retire early's except I think he beat them to the punch this time. They are so childish when it comes to F.I.R.E. Literally someone could have all their ducks in a row straightened like the military and they'd call it crooked
As someone who had a net worth of negative $118k 8 years ago, who currently has a net worth of $380k, and never had a household income over $85k -- I'm going to keep doing everything Dave Ramsey says and let the haters hate.
Some of us hate all jobs of all descriptions. I am saying this after 35 years of successfully working, and a 25 years in a meaningful profession. I found zero meaning in any of it. I only worked to afford to not work.
No one wants to work until they're 60 or 70. We want to retire at 50 and enjoy our lives before we can't. Everyone I know that retires at 60ish spends most of their time at the doctor.
Time is the main ingredient when it comes to wealth building. A famous parable emphasizes the importance of investing early. The story is about two friends, Ben and Arthur, who are both 19 years old. At age 19, Ben decides to start investing $2,000 per year for the next eight years - from age 19 to 26. At age 26 Ben stops investing but never touches the investment and allows it to grow. Ben invests a total of $16,000. When Arthur turns 26, he decides to start investing $2,000 per year for the next 39 years until he reaches age 65, for a total of $78,000 invested. When they turn 65 years old, Ben - who only invested $16,000 - has an investment balance of $2,288,996. Arthur invested $78,000 and has a balance of $1,532,166. As you can see, Ben saved $62,000 less than Arthur but still came out $700,000 ahead of his friend.”.
@Prey R not in my opinion….when talking about wealth…it would be a mindset…but when talking about mindset…it doesn’t necessarily mean wealth….if that makes sense
I want to retire early so I can work the job I am passionate about that doesn't pay well rather than work the job I don't have passion for that pays well.
It’s Simple math, if you put away $10,000 a year for 1 year, you get the $10,000 + interest/returns! If you put $10,000 a year away EACH Year for 30-years you’ll get the $300,000 you put in + all the Interest/returns that has generated for the Last 30-years! Back to my Simple Math: If both numbers are large you stand a high chance of having a larger answer! If they are small, better chance you will have a small answer!
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
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.
Nix the guesswork and scrolling. We’ll connect you with investment pros we trust: bit.ly/3kwqrhf
I first started thinking about retirement, I didn’t know the difference between a 401(k) and an IRA. And honestly, most people make mistakes right at the start that can be tough to recover from. They try to jump into ‘hot’ investments instead of building a steady, reliable strategy.
Retirement is now more difficult than it was in the past. it's all about balancing your risk tolerance with your long-term goals. Maybe consider speaking to an advisor to help in diversifying your portfolio to spread out the risk
Agreed, I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 15% short of my $2m retirement goal after subsequent investments to date
Thanks for sharing your experience! I've been managing my portfolio myself, but it's not working out. Do you have any recommendations for a good investment advisor? I could really use some help
My CFA, JOSEPH NICK CAHILL, is a renowned figure in his field. I recommend researching his name online; you'll find all his credentials and everything you need to work with a reliable professional. With many years of experience, he is a valuable resource for anyone looking to navigate the financial market.
Thank you so much for the suggestion! I really needed it. I looked him up on Google and explored his website; he has an impressive background in investments. I've sent him an email, and I hope to hear back from him soon
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
@@ThomasChai05Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
My CFA ’Izella Annette Anderson’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
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 email shortly.
It is advisable to save at least 15% of your income in a 401(k). Online calculators can help you estimate the appropriate savings amount based on your age and income. By saving at least 15% of your income in a 401(k), you can work towards a comfortable retirement. This strategy allows you to benefit from compound interest, potentially growing your retirement savings significantly over time.
I'll suggest you create a diversification strategy because building a good financial-portfolio has been more complex since covid. Recently my colleague advised me to hire an advisor, surprisingly I have accrued over $120K under the guidance of my coach during this crash. She figured out Defensive strategies to protect my portfolio and make profit from this roller coaster market.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Sonya Lee Mitchell’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I just curiously searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
Recently retired and unsure if my 401(k) and IRA will provide a stable future. i need an approach that will align with my risk tolerance and financial goals, i set aside $1m to achieve this. Do you suggest i get into stocks or buy a rental property?
Look up dividend aristocrats. Pick six to ten from that list. Those companies have a track record of 25+ years of paying dividends. Also, its advisable you work with a financial advisor to help set up a well-structured portfolio.
I agree. Based on personal experience working with a financial manager, I currently have ($2million) in a well-diversified portfolio that has experienced exponential growth from when i started. It's not only about having money to invest in stocks, but you also need to be knowledgeable, persistent, and have strong hands to back it up.
Your manager must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
I work with Grace Adams Cook as my fiduciary. Simply look up the name. You would discover the information you needed to schedule an appointment.
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.
Retirement is wonderful if you have two essentials - much to live on and much to live for. Invest wisely and get good returns.
What's the best investment now ? I'm afraid to make wrong decisions.
Investment is the key to sustaining your financial longevity. And not just an investment but an investment with guaranteed returns.
@@shanoimelissa3425 I invest and trade financial market. It's been very lucrative. With the profit i made over a year, I was able to buy a restaurant. But trading is not what you do without proper guidance. I have a broker he handles all my trading activities and makes sure my portfolio is diversified into various sectors of the market.
@@evelync1504 sounds better, how can I start with your broker?
@@shanoimelissa3425 you can mail him directly via 👇
I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Uncertainty... it took me 5 years to stop trying to predict what bout to happen in market based on charts studying, cause you never know. not having a mentor cost me 5 years of pain I learn to go we’re the market is wanting to go and keep it simple with discipline.
Glad to have stumbled on this comment, Please who is the consultant that assist you and if you don't mind, how do I get in touch with them?
NICOLE ANASTASIA PLUMLEE is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Just hit $21k in my emergency fund and thinking about early retirement-LOL, who knew saving up could feel like reaching the final boss battle? Now I'm eyeing investments like they're the holy grail, but where to start? 🤔 Any tips for a fellow finance nerd ready to dive in?
$21k? Nice cushion, but careful there! Diving into investments without a plan is like bungee jumping with a loose cord. 😂 Ever thought about chatting with an investment advisor? They might just be the key to not turning that $21k into $21
You’re both on point! I’m sitting on some savings too, itching to invest but totally clueless on where to find a good advisor. Do you guys have any pointers? The struggle is real, haha!"
There are a handful of CFAs. I've experimented with a few over the past years, but I’ve stuck with ‘Linda Aretha Reeves’ for some years now, and her performance has been consistently impressive. She’s known in her field.
"Watched Linda Aretha on Bloomberg Finance Summit 4 years ago-her presentation was terrific! Been following her advice ever since, and it’s paid off
Just looked up Linda Aretha Reeves-she seems like exactly what I’ve been searching for to step up my financial game. Thanks for the tip!
We planned for early retirement by living within our means during our earning years. We retired at age 57 and 58 with several million in assets for retirement. Takes discipline but can be done!
Good for you!! You're a great American success story. My wife and I are trying to do the same, actually.
Well, I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises plummeting stocks that were once revered and I don't know where to go here out of devastation.
should have just used index funds 😝
So far I'm doing good, approaching retirement with about 800k in savings. Transitioning from building wealth to spending can be scary, especially with soaring inflation. My question is, after maxing out my tax-advantaged retirement accounts, what next?
In my opinion, some financial situations can be handled on your own if you research enough, while others are best navigated in consultation with a financial advisor
Agreed, the role of advisors an only be overlooked but not denied. I was shocked that I made more money with investing than hard work, not even my CEO income. Earning ''return on investment'' fetched me millions within a space of 5 yrs.(But I still enjoy working)
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
Sonya Lee Mitchell maintains an online presence that can be easily found through a simple search of her name on the internet.
Thanks for sharing. I searched for her full name, found her website immediately, reviewed her credentials, and did my due diligence before reaching out to her.
I think most ppl want to “retire early” meaning they want to financially free and work for fun
Work on our terms.
That's key
True. I look at it as "early retirement = options"
Most Americans find it hard to retire comfortably amid economy crisis. Some have close to nothing going into retirement, my question is, do I pull cash from my 401k and buy a house, or spread my money in stocks for cashflow? I'd love to afford my lifestyle after retirement?
For many years, bonds or other fixed-income assets could produce the yield needed to provide solid income for retirement needs.The importance of having financial safety could be why boomers are turning towards advisors in retirement planning
There has been so much knowledge shared here, I'm at a crossroads with my portfolio and would like to see it grow in view of retirement. How can I reach this professional?
Excellent share, just inputted her full name on my computer and searched online, top-notch credentials. I've seen commentaries about advisers, but not one looks this phenomenal.
SCAM
I think John missed the mark on this guy's question. What's wrong with wanting financial freedom to the point if you want to retire early and do whatever you want to do? That's my take on it. I don't think people want to retire early per se, I think they want the freedom to do whatever they want to do. Most people continue to work after financial freedom to offset boredom and keep the social aspect, with the option of working because they want to not because they have to.
This is a accurate. Retirement doesn't have to mean you don't work. It means you have the option of working or not, and working where you want. You get to be picky with your time and lifestyle.
According to my Adviser; *Investing for Retirement is better than Saving for Retirement.*
Investing for retirement often provides better long-term growth than saving, as it combats inflation and leverages compound returns through assets like stocks and bonds...
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. Do you have any??
I understand, it can be challenging with substantial savings and a high income. Learning to invest yourself offers control, but partnering with a financial advisor provides expert guidance, strategic diversification, and helps avoid mistakes. Starting with an advisor builds confidence.
My CFA Julianne Iwersen Niemann, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for sharing, I must say, Julianne appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive.
As part of my retirement plans and also owing to the very shaky housing market now, I just sold a property in Philly and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains in months, I'm really just confused at this point.
Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge, And it also all depends on how long you're willing to hold for, stocks might likely tank further, but making serious gains in this downtrend wouldn't be a problem if you're a pro.
I wholeheartedly concur; I'm 60 years old, just retired, and have about $1,250,000 in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.
Impressive can you share more info?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Colleen Rose Mccaffery” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
I'm 36 now and want to save as much so that when I'm 55 if I want to retire at that time, I'll be in a position too. If I still love what I'm doing or found something else that I enjoy I'll just keep working. I like having options.
32 shooting for 50
Sounds like a plan!
nice, I think everyone should be able to retire at 50, still young enough to do everything you want. 65 is way too old in my opinion.
@@dfiniin6820 ideally if you have an enjoyable career that you can scale back and work 20 or 30 hours per week, that's even better
Hopefully when get to 65 we won't think 65 is too old. Gotta also take care of our health along the way :)
Retiring from public service made me realize that I had no means of passive income, and in 35 years, I had only moved round in circles financially. I needed to make investments immediately despite retirement and that led me to looking for ways out. I feel very accomplished every time I remember my journey and how I've been able to grow my portfolio to 7 figures, with the help of my broker Olivia Rene Reyes Mind-blowing experience really. Thanks for this video by the way, I think this year was a big win for us investors. Go stocks!!
Truly It’s all about accumulating wealth through compound interest investments.
I did read about Olivia Rene Reyes, quite an interesting lady to look up on the web.
Consistently investing in quality dividend paying companies over the long term is a relatively easy strategy to create generational wealth
Did a quick web search, she has a pretty decent bio, I wrote her and I'm waiting on her reply.
lucky for me i stumbled upon this and i must say i'm really looking forward to working with Olivia
Retirement for me would be keep doing what I’m doing but at 50% reduced hours. I would like to be able to take as many days off as I want (paid and/or unpaid) and only work 2-3 days week no more than 20 hours.
I just don’t get why someone cannot want to retire and stop working! I love my job but I do not want to do this past 60. I want to retire and do hobbies, volunteer, travel. I have no desire to keep a career in retirement and this sentiment you just die if you stop working is ridiculous. People all define retirement differently and I wish they’d stop judging those who define it as leaving their career.
Ramsey would you consider doing a video with ideas of financial options I can explore as the economy is heading towards severe recession.I'm retired and under pressure to grow my reserve of $250k.
I agree Flynn, I started investing 2016 and that same year I pulled a profit of about[$600,000]profit with no prior investing experience, basically all I was doing was seeking guidance from a financial-advisor, so you don't necessarily need to be a perfect investor, just have a pro assist you
@Colt Rocky
The advisor I use is Diana Claire Lougen, she;s verifiable , so you could just search her.
This recommendation is coming at the right time because i am literally grasping for straws atm! I verified her online and scheduled a phone call with her.
[I curiously looked her-up and I can see she;s has worked with top notch companie;s like M&T--SECURITIE;S , I have an account with them. Serendipity!!!
@5:30 John, setting yourself up for an early retirement doesn't mean you don't like what you do. It just means you are planning so you can create options for yourself and not necessarily work if you don't want to or for some reason can't. Bridge Accounts are imperative in creating financial peace, I wish you guys would focus more on this part of the wealth-building journey.
You work for a 40yrs to have $1m in your retirement, meanwhile some people are putting just $10k in a bitcion coin for just fe months and now they are multimillionaires thanks to Charlotte Grace Miller
I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
she's mostly on Telegrams, using the user name
MILLER694 💯.. that's it
I'd love to invest in stocks for retirement after listening to a guy on a podcast talk about the importance of investing and how he made over $800k in few months of investing into stocks from $300k initial capital, somehow this video has helped shed light on some things but I'm confused about the current market volatility I'm new to this and I'm open to ideas.
That’s right, I started investing sometime in 2018 and by late 2019, I pulled a profit of over $750,000 with no prior investing knowledge or skill, I was basically just following the guidelines set by the financial advisor I use, so you don't necessarily need to be a perfect investor or do the hard works, just have a professional to guide you.
That's impressive, the thought of reaching out to a financial advisor has crossed my mind severally but the fear of loosing funds cripples me, please who is your financial advisor and how do I make contact with them?
Lisa Ann Moberly, a simple search with her name will suffice, she's all over the net.
Thanks for this amazing tips, I looked her up and booked a call session with her, she seems proficient
It's great to hear about your interest in stock market investing for retirement. While it can be a powerful wealth-building tool, market volatility can seem daunting, especially for newcomers. To navigate this, diversification and a long-term perspective are key. I'd be happy to discuss strategies, investment ideas, and share insights that can help you build a solid investment plan. What are your specific goals for your retirement portfolio, or do you have any questions you'd like to explore further?
To add to what was said, if you're an entrepreneur there's always a chance that you'll wake up tomorrow and your businesses won't bring in the wealth they originally did. If that's the case, being able to live off your investments is paramount, at least until the next business is off the ground. For instance, youtube is a great business nowadays but there's no guarantee it will remain profitable forever.
Dave’s advice is legitimate advice , all numbers , easily explained , disciplined based , u may get all these quick money plans but true and tested , Dave Ramsey surely proved it during covid , at least in my life , Thank God
The other great thing about retiring with index funds is your income is only what you pull out. So even if you make 300k on a 6 million nest egg, if you pull out 50k for property tax and living expenses, you're only taxed on 50k. I would only pull out as much as I need to keep up a 3 month emergency fund, and beyond that one time expenses.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets 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.
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 daughter. 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.
@@ЕленаФирсова-ц6м Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. *MARGARET MOLLI ALVEY* , a licensed fiduciary whom has made me over 5 figures in profit in less than seven months, handles my investments. I could leave you a lead if you need help.
@@SasaSchueller Oh please I’d love that. Thanks!
@@ЕленаФирсова-ц6м *MARGARET MOLLI ALVEY*
Lookup with her name on the webpage.
He should read the book, "Quit like a Millionare", she gives step by step on how to do this, and access your money before "normal" retirement, AND not be overly taxed. This book has the key.
johns perspective of not understanding why people want to retire early is comical and lacks understanding of the bigger picture. the vast majority of people do not love their jobs john, and if they could retire at 40 and do hikes through Europe, chill on the beach all day, paint portraits all day, do charity work, or whatever job/hobby or fun thing people like to do, that is clearly more optimal than working a job you hate until age 70, ending up with 3m in investments then dying at age 72 from natural causes... dave and john are just simply wrong with their perspective of "just go get a job you love" which is something most people cant do. if you're making 100k a year and you have 4 kids to feed you cant go work at a zoo for 30k a year just because you'd like to work at a zoo and interact with cool animals.
some people love teaching, but its a terrible poverty wage paying job in some states, the list goes on.
Not saying your wrong, but I did feed 2 kids, payed for wife's college, our mortgage and bills on 30k working in restaurants. I hated it, but it was the path we chose. We are stronger now because of those times.
Yes. To answer the question at the 5:30 mark about why people in their 20s or 30s are so eager to retire or planning to do something else.....
Because MOST people can't or at least don't end up doing what they love or are passionate about. If that was the case, the world wouldn't function. Too many jobs are required that aren't necessarily desirable, but needed, to have a functioning society.
Often times yes, maybe you can find a way to make what you love to do have income, but maybe not enough to live the way you want. So the quicker you can build up to the point where you can start to do what you like, but not have to worry about not making enough money because you are way ahead, the better.
@@mattschmitt9924 Sure, it isn't impossible But there's a balance. I could quit my job now(I don't hate it, but I certainly don't like it. It's more of less boring and going to the same place every day isn't desirable for me regardless), go work elsewhere I might like more for half the pay and technically still pay all my bills. But ultimately, I'd never have or get to do half the things I want to do in life. (actually more by the time you invest wisely)
So again, finding that balance. Where you save save save, get that freedom, allows some to find their passion earlier rather than later. Finding it at 50-55, even if you sacrifice more at 30, is better than finding it at 70, or not at all. In an ideal world, I'd love to find that balance today, or 10 years ago. I'm 35. But again, it's about the balance to be able to do what I want now, to an extent, while also building to a better future even if I could find a better now. I mean, isn't that what Ramsey is all about anyways?
Absolutely agree
Couldn’t of said it better myself !
You're not being punished for being rich, you're contributing to the society that allowed you to be rich. Hope you pave your own roads literally, Dave
Dave is 61 and worth millions, yet still working, not because he needs money to pay bills but because he enjoys what he does. Dave is really horrible at seeing certain things. This guy is saying "How do I save / invest to be in a place at a younger age where I have enough money to do what I want to do" just like YOU Dave!
My strategy has always been to invest 25% of my income in the stock market at the beginning of each month. The second part of my strategy is not to sell for at least 5 years, but recently my portfolio has suffered major decline about $150k in losses. What can I do please?
Look for stocks that have paid steady, increasing dividends for years (or decades), and have not cut their dividends even during recessions. which may reduce your dividend gains or income, speaking to a certified market strategist can help with pointers
Agreed. It's always wise to be proactive and consider diversifying our investments to manage risks in uncertain economic times. I delegate my day-to-day investing to an advisor ever since suffering a major steep-down late 2019, amid corona-outbreak, and as of today, I'm semi-retired with barely 25% short of my $1m retirement goal after subsequent investments
Hope you don't mind if I ask you to recommend this particular professional you use their service?
There are many independent advisors to choose from. But I work with Monica Shawn Marti and we've been working together for almost four years and she's fantastic. You could pursue her if she meets your requirements. I agree with her.
I really appreciate your useful advice. I was able to set up a call with her and confirm her identity. She seems incredibly knowledgeable, and I appreciate your advice so much.
Hey there! Just wanted to remind you that it's never too late to start taking your investment journey serious. I remember struggling for years before diving into crypto last year and let me tell you, it completely changed my life so don't lose hope, my friend.
I'm very much aware of the great benefits of working with a pro but I haven't found one for myself
Important of investing cannot be overemphasized, that's the only way to gain financial freedom
Crypto and real estate crowdfunding are awesome investment options, it's great you are growing with Bianca Harley Doran
These are very info for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the knowledge embedded in it.we may not want to admit, but as warren buffett once said, investing is like any other profession, it requires a certain level of expertise. Not surprise that some people are losing a lot of money I'm the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it . I've got $150k set aside to put in the market
Understanding personal finance and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend and invest their money. I know someone who made over $350k in this recession-nfluenced market,but to the best of my knowledge, it was through an F.A
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
Hmmm this is quite interesting, Please can you leave the info of your investment advisor here? I’m in dire need for one.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
I have a S&P 500 index fund on the side. I don’t buy single stocks. But you know the S&P will always win in the long haul. You just can’t look at it or you’ll be tempted to sell during bad times.
I want to "early retire", but that doesn't mean not work. It means I'm not forced to take some sucker job because I need cash. If another covid happens I won't worry about paying the bills
Exactly. A lot of people assume early retirement means lying on a beach or watching daytime tv all day every day 🙄
Perfect summation. Retirement for many doesn't mean don't work. It means the money is supplemental, not necessary. It means getting to take more risks to do what you like, rather than what you have to do. To work less, or set your own hours, etc. Basically, be in control of what you do, when you do it, and how you do it.
Okay, hang on just one minute here… did Dave just discover what an index fund is since the New Year?! Until this year, I have never heard him mention “S&P 500” without finishing the sentence by saying “my growth stock mutual funds have a track record of beating them.” 😂
I noticed that too. Frankly, I prefer the S&P because I never hear exactly what funds outperform it.
@Austin Duke As a fiduciary financial advisor myself, I suggest not even attempting to beat the market. I don't. Too much effort when even the "best and the brightest" on Wall Street consistently underperform. I personally think Dave has historically done his listeners a disservice by pushing actively managed mutual funds and claiming that finding ones that outperform the market "isn't that hard" to do. I think this has been his way of pushing listeners to his SmartVestor Pros who pay affiliation fees to be endorsed local providers. The easiest thing you can do is open an account with a company like Fidelity or Vanguard and invest in a Target Date Retirement Index Fund. Take your birthdate + 65 and that is the year of the fund you should pick. Ex.) Vanguard 2060 Target Date Retirement Fund.
@@tommymodec Just don't buy a target date fund in a taxable account. They're usually ok, but there was a bit of controversy last year when Vanguard changed minimums on the cheaper share classes and people got huge capital gains tax bill because the funds had massive outflows.
@@jdmulloy personally I picked the target that is a year or two before I can touch the money penalty free. So age+59, and round down to the nearest 5 since they don't do 2062 funds.
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 below the $100k mark and in the first 2 months, my portfolio was reading $234,800. Crazy right!, I decided to reinvest a huge percentage of my profit and it got more interesting.! For over a year we have been working together making consistent profit just bought my second home at the beginning of summer.
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
@@MattieAntonio However, if you do not have access to a professional like Suzanne Gladys Xander, 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.
@@Lourd-Bab Oh please I’d love that. Thanks!.
@@MattieAntonio Suzanne Gladys Xander is her name .
Lookup with her name on the webpage.
Most people who want to retire young see their passion as not lucrative or in very low demand, the option to pursue that is what the FIRE community is all about. No one actually thinks they're going to spend age 40-95 on the couch watching TV 24/7.
I know a guy who retired at 39 thru real estate and he’s playing video games all day mostly lol he’s living the life.
He spends only 2-3 hrs a week on his business and rest he’s free. He’s not married, no kids etc
@@edb484 would love to learn how to replicate that
It's simple if you start early. Just invest in index funds every month. Keep expenses low and invest as much as you can. 20 years of that and you'll be just about there. If you start at 20 you can retire by 40 if you're serious about it.
He could monetize playing video games.
As a hairstylist of 11 years. I plan on retiring early mainly and mostly because of the physical demand on the body. I love love love what I do but I understand the limits of a 20-30 year career before the body breaks down. I think may be that could be a reason!
Yes styling hair is a very physically demanding job. I am surprised anyone can do it for such a long time without their arms just becoming super jacked. I bet you can bench 400lb with a carrer like that
yea there a lot of physical jobs that you might not want to retire early but you might want to work less.
i mean hairsylist and carpter michance pluber and a million other jobs.
You don't have to hate your job to want to retire early. For a lot of people regardless of how much they enjoy what they do, they don't want to spend years of their later life working when they could be spent actually living, which is what life is about. When you spend the vast majority of your adult life working and the small minority of it actually living, all you are doing is putting even more money in the government's pockets and giving your time to anything but your loved ones. Where as if you retire early you access your freedom of time. And regardless of what many may think, Time is the most valuable asset, once it's gone it can never be gained or recovered. So remember to work to live, not live to work.
John, people with physically demanding jobs have a really good reason to think about this. Bridge accounts are wonderful for everyone, they give you options for work you want to do, or can do, which go along with an income decrease
You can produce a monthly income off of a 401K at age 55 or older if you retire or get fired after 55 and keep the money in the 401K until 59 1/2. Save 25% in your 401K before you retire.
It's highly advisable to seek counsel from an investment adviser, especially when approaching retirement amidst the complex financial market. Personally, I've diligently sought advice, and the results are astonishing-a humble $70k investment has blossomed into an astounding $950k, with figures still on the rise.
That's truly captivating! I'm utterly intrigued. How can I connect with your financial adviser?
Sharon Sue Parker, a distinguished financial consultant, has been an illuminating guide in my journey. You might recognize her name from a recent spotlight in Newsweek. She stands as a prominent figure in the financial market, an individual whose expertise is truly deserving of deeper exploration!
It seems she possesses an abundance of knowledge and has delved deep into extensive studies. After a quick search of her name, I stumbled upon her website. Grateful for your willingness to share this treasure trove of information.
Placing my investment portfolio under Sharon Sue Parker's adept guidance has transformed my financial journey entirely. Her skillful management has revolutionized the way I approach wealth generation, leaving an indelible mark on my investment landscape.
For retirees stepping into the world of investments, teaming up with an experienced financial consultant is paramount. This partnership plays a dual role: guiding as a mentor and protecting your wealth. It sharpens your trading strategies, boosts potential profits, and significantly lowers the risk of endangering your lifetime savings.
5:45 It might not just about retiring early. Younger people might not know what they are targeting other than being able to reach “the position of F you”. This is $2.5 million, according to the movie the Gambler, in 2014 dollars. That’s a financial freedom mindset, not particularly a retire early.
Stick with index funds people! Stress free investing with history on your side! Individual stocks can go up but also can definitely go way down. Invest in solid index funds/ ETFs with low fees and you will build MASSIVE wealth long term without stress or hours of research 💰
What index funds do you invest in Professor Nolan Gouveia?
@@coltonparsons4852 and with whom does he invest with? Vanguard? Fidelity?
As a millennial I know I will have to pay more taxes than the retirees today, I’ll go through more frequent recessions and higher inflation Millennials have to save and invest more aggressively to be prepared to the future
It's worth pointing out that Dave's wife hasn't had an income in decades. They always act like it would be strange to want to not have an active income but gloss over that.
Yep. Dave’s an hypocrite in more ways than one.
F.I.R.E is a ability to be financially independent first … if I like what I am doing at 55-65 awesome if I don’t anymore I am not stuck … I will always have the possibility of retirement if no one wants to hire a old man as you know age discrimination is the worse test form of discrimination but not talked as much as others …. To me thinking about retire early is essentially insurance
It's insurance, it's security, and it's basically the ability to choose exactly what you do, regardless of income. For example, I have a couple of jobs in mind for retirement, but I wouldn't be able to make the money off of them to do the things I want to do in life. There's just no way. Now, in retirement? I wouldn't care if I was working those jobs for minimum wage
You are a spot on! I was so happy to finally become financially independent and know that if I got laid off tomorrow because I was too old it wouldn't hurt me and I would have the option to find another job or not.
There might be an economical turmoil but there is no doubt that this is still the best time to invest.
Best time to invest? thats funny though because in the last four months I have lost more than $47,900 in stock market which is the biggest I have loss since I ventured into stock investment.
you could be right or wrong depends on your expertise, I once made such loss when i invested thinking i have gathered enough trading skills from youtube videos
now its a different ball game for me because I was lucky to have met TERESA JENSEN WHITE, a financial manager and stock expert, I have made more than $165,000 in 6 weeks under her supervisions.
Really? people are cashing in from the stock market and frankly speaking its comforting seeing someone admit to the fact that they actually seek help from professionals. please how can i reach TERESA ?
search her name on the internet to reach her
Acquiring a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. Hence what are the best stocks to buy now or put on a watchlist? I’ve been trying to grow my portfolio of $160K for some time now, but my major challenge is not knowing the best entry and exit strategies. I would greatly appreciate any suggestions.
investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good??>>>>
I understand your concerns, my friend. I recommend exploring passive index fund investing and expanding your knowledge in this area. Personally, I experienced both successes and challenges when initially seeking a reliable passive income......,
how do I get in touch with this consultant that assist??>>>>
STEPHANIE KOPP MEEKS, that's whom i work with look her
Thanks for these recommendations.....,,,
I can't identify with retirement before 50, but let me tell you, when your relatives and peers start dropping dead you'll have a different perspective on what's important in life and that your death date is not too far away... It's time to go have some fun while you still can.
Absolutely
synopsis: to retire early Dave says open a taxable brokerage account. He also suggests a low cost index fund to invest based on s&p 500. First time I heard him be a fan of index funds; thought he hated them based on other clips
Im 20 years old right now but ill be able to retire at 53 with a 35 year maxed out pension but i wont be able to recieve it until im 65. I also am putting money into a 401k that i cant receive from either untim im 65. What do you guys recommend i invest in instead to be able to retire at 53 and wait for the pension?
Live at home until 30. Save 90%. Buy house in cash. Invest in growth mutual funds. Easy work.
At 6:26, what's the story behind Dave's one painted nail?
People are facing 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 $800k
Mind if I ask you to recommend this particular manager?
Please Google Sonya Lee Mitchell and do your own research. She has portfolio management down to a science
Just ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.
No penalty for taking money out of your 401k prior to 59 1/2 if you follow the RULE OF 55.
I am retired, not 59 1/2 and am doing this.
The info is on youtube and of course the irs website.
investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good??>>>>>>,.,.,.,.
I understand your concerns, my friend. I recommend exploring passive index fund investing and expanding your knowledge in this area. Personally, I experienced both successes and challenges when initially seeking a reliable passive income......,.,.,.,
how do I get in touch with this consultant that assist??>>>>
STEPHANIE KOPP MEEKS, that's whom i work with look her
Thanks for these recommendations.....,,,
I'm 38 just got debt free and just signed up for 401k benefits at my job 5% match. I want to buy a home. What should be my next step?
Here’s what I did. Used FHA loan and only put 3% down on my house. After a couple years the house worth increased so I had 20% equity in the house and I refinanced to get rid of PMI.
So I’d pick a price range of a house. Make sure the mortgage, insurance and taxes aren’t more than 25% of your monthly income. Save your 3% down payment and then buy you a house. Also recommend a 30 year mortgage. A 30 year mortgage can be paid off in 15 but a 15 year mortgage can’t be paid off in 30. All about giving yourself flexibility.
So what about the rule of 55? I retired from my mgmt job & took a different job. Working on becoming a financial coach.
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
Choose a reputable financial adviser like *Jenny Pamogas Canaya* for insurance, regardless of the firm. With her dedicated career in financial planning, you'll receive guidance for growth, better navigation, and secure task completion.
If you get paid an inheritance in money and collect it all at once, do you have to pay taxes on it? If so, do you get back any of it like a tax return?
You might think that the govt gives a s*it about your financial but that's one of the biggest lies ever told.I don't hoard cash, I invest.Retired with a 7 figure portfolio and Receiving about $105k in dividends. I have been in the Stock market about 20 years.Passive income is quite possibly one of the most important and central ways that the rich get richer. mutual funds takes long time but investing smartly is the key for short term. invest wisely people
Great content. everyone needs more than there basic salary to be financially secured. The best thing to do with your money is to invest. Money left in savings always end up used with no returns.
@Tony Metzger My portfolio is very much diversified so it's not like i have a particular fund i invest in. plus i don't do that by myself i was guided by an investment adviser, Suilian Mai Wilson, I can correctly say she's worth her salt as a financial adviser as her diversification skills are top notch/ I say because i see that in her results as my portfolio grows by averages of 15 to 20% on a monthly basis, unlike i can say for my IRA which has just been trudging along. my portfolio just mirrors what she trades and not just on some particular industries of my choosing
you're right, most people live non-average lives as a result of wrong decisions and poor planning. I think people who suffer are the ones who don't think about their future and don't invest. Investing has really saved many lives and got people off the streets.
@@willroach1750 are you giving her your money or the money stays in your account? I have heard about copying trades but have not looked into it but i have an idea of what it is
@@waynespears1327 Yea exactly, can't give anyone my money it stays right in my account. my account just mirrors her trades in realtime. it's relatively much easier to set up and connect my accounts than creating a financial pan and drafting investment strategies myself
Did we just witness Dave say that he uses an S&P500 index fund? 3:00
Yea. He’s been saying that for years
He is fine with S&P 500, he just prefers the (good) mutual funds more when it is available.
No one gonna mention that Social Security will almost assuredly not be around when this young man is retirement age?
Hi, I’m 51 n don’t have a retirement. Is it too late to open one?
I want to quickly get to FI. I'm not rushing to retire early.
6:00- people want to be wealthy John!
I think the caller just wants to be financially free at an early age (50-58) so as not to have to work until mid 60's. I'll be retired fully next year at age 56 so I totally get his question.
Dave has gotten much better at answering the FIRE question. He used to give a pretty aggressive response.
But if you want to FIRE there’s actual content out there for you. Start with Our Rich Journey
Passive aggressive was the correct response.
@@jrwntctv8091 Why?
Good resource!
“Our Rich Journey” are great. Love them
Here's where I object to the conversation: If retirement is a financial goal and is an age, when you hit the financial retirement goal, you also are not "doing nothing". You're doing what you want to do. Once you are in your 50s and have been working continuously since age 16/17, it's normal to not want to work ten more years, and if you can swing that financial bat, go live your life as you see fit each day, not as your boss sees fit.
How can you be "debt free house-wise" in the US? Can someone explain to me?
Look at John delony recognizing his people.
Wait a minute did Dave just say S&P-500 index fund. Wow.
I am currently in my 50s and This is no time to taper retirement savings. I want to max out my retirement contributions and I also have another $200k in a savings account that i want to invest in a non-retirement account. Where should I invest it now?
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
Mind if I ask you recommend this particular professional you use their service? i have quite a lot of marketing problems.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Melissa Terri Swayne for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
I’m 29 and retired early. It’s not as hard as you think. My dad gave me 2 million dollars and I quit my job. If I can do it anyone can.
Sure, of course everyone has a dad that can give 2million dollars.
Seriously. People need to take the initiative. :-)
Very funny
Retiring before you're 40 is just stupid.
@@jrwntctv8091 you have a funny mindset.
1:00 Dave wants us to work the baby steps before saving for retirement. No. Not for me. You can always get more money. You can never get time back.
Anyone know any options for opening a Roth IRA for Bahamian citizens?
Dave is certainly not the guy to ask for retiring early..
He never answers the freakin question
@Austin Duke Austin Dave didn't really seem to pay attention to this guys question about retiring early. Instead. Dave and company always finds something wrong with it and are like 'why do you want to retire early's except I think he beat them to the punch this time. They are so childish when it comes to F.I.R.E. Literally someone could have all their ducks in a row straightened like the military and they'd call it crooked
dividend growth investing is a better approach, never sell, live off dividends
Dave is probably not the best source for info on FIRE.
Sorry Rachel he invented beans and rice. Dave knows more than 99% of the YT clowns.
He knows that FI is admirable but RE is stupid.
Agreed. He is great to help you get debt free but FIRE expert he is not
As someone who had a net worth of negative $118k 8 years ago, who currently has a net worth of $380k, and never had a household income over $85k -- I'm going to keep doing everything Dave Ramsey says and let the haters hate.
@@PartScavenger no hate here. Just saying he isn’t an expert in FI
Some of us hate all jobs of all descriptions. I am saying this after 35 years of successfully working, and a 25 years in a meaningful profession. I found zero meaning in any of it. I only worked to afford to not work.
Im 2 months away from being completly debt free house and everything im 40 years old.
No one wants to work until they're 60 or 70. We want to retire at 50 and enjoy our lives before we can't. Everyone I know that retires at 60ish spends most of their time at the doctor.
not all jobs have a shelf life of 60 age , so tech jobs not many people last in tech till 60
Time is the main ingredient when it comes to wealth building. A famous parable emphasizes the importance of investing early.
The story is about two friends, Ben and Arthur, who are both 19 years old. At age 19, Ben decides to start investing $2,000 per year for the next eight years - from age 19 to 26. At age 26 Ben stops investing but never touches the investment and allows it to grow. Ben invests a total of $16,000.
When Arthur turns 26, he decides to start investing $2,000 per year for the next 39 years until he reaches age 65, for a total of $78,000 invested.
When they turn 65 years old, Ben - who only invested $16,000 - has an investment balance of $2,288,996. Arthur invested $78,000 and has a balance of $1,532,166. As you can see, Ben saved $62,000 less than Arthur but still came out $700,000 ahead of his friend.”.
There is the term, if Either (years or amount saved) is low (near 1 or 0!) you won’t have a large Sum (=)!
In another recent video you said “wealth isn’t a number, it’s a mindset”
@Prey R not in my opinion….when talking about wealth…it would be a mindset…but when talking about mindset…it doesn’t necessarily mean wealth….if that makes sense
dave sure likes his Home depot stock
If you have a residual income like me that I created . You dont need any money in investments . Live off residuals and buy real estate.
Start saving today, how about that.
Wait did we actually just refer to Chris?
I want to retire early so I can work the job I am passionate about that doesn't pay well rather than work the job I don't have passion for that pays well.
It’s Simple math, if you put away $10,000 a year for 1 year, you get the $10,000 + interest/returns!
If you put $10,000 a year away EACH Year for 30-years you’ll get the $300,000 you put in + all the Interest/returns that has generated for the Last 30-years!
Back to my Simple Math: If both numbers are large you stand a high chance of having a larger answer! If they are small, better chance you will have a small answer!
3:00 Dave admits owning a ‘considerable’ S&P 500 index fund, something he usually discourages in lieu of managed funds
I'm on track to be retired by age 35. For me, that means that I can have $1,000 per month for my regular expenses, and I can focus on my life goals.
You will be working again by 40 if you do that unless you are already a multimillionaire like 10-15 million
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
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.