Whenever people get to hear of someone they know suddenly come into money, that person amazingly finds himself surrounded by wonderful friends. Best to just keep mouth shut.
I have rental properties and I would never rent out my new 1.2 million dollar home. Please look for more guidance from an advisor with wisdom. I wish you the best and I’m sorry for your loss.
Buying 2-3 $300-500k homes to rent out would have been more cost effective than having a a $1.2 million home built with the intention of renting it out.
Building a 1.2 million house for a rental? That’s seems very weird to me. Invest the money instead of the headache of a rental, that could possibly get trashed
Rental is not always rental. I own 4 in class A- and B. Only single homes. So far no headache. But don’t invest in poor neighborhoods tones of headaches.
Man I don’t know what’s worse. The fact that he killed his mother and himself (gets out with no real repercussions), or the fact that he basically tried to buy forgiveness by giving them over a million dollars too.
There will be repercussions for what he did on the day of judgement. He may not have to answer to anyone on earth but he will definitely have to answer just like all of us before God. I assure you his punishment will be far worse than anything he could get on earth.
I agree Natalie Pope. There is a commandment by the LORD: Thou shalt not murder. Murder is probably the worst sin someone can commit in this mortal life. All murderers will answer to the LORD God for their sins.
@@nataliepope3286when we die nothing happens, you just rot in the ground. Religion is just made up fairy tales by ancient people to trick other stupider ancient people into giving them money.
I retired 17 years ago and my Ira is the same amount as when I retired and I’ve taken $600 out each month. Wish I’d realized the power of compound interest a little earlier 😢
If you straight up have 2 mil and you put it into a savings account you can pay yourself above 80k a year salary off of interest alone. I don’t understand why people instantly start chucking money at random places
I’ll offer you up what my personal scenario would be if I got $2 million. My savings account has currently has an interest rate of 4.35%. That’s the highest it has ever been. The lowest it has ever been is 3.20%. Let’s base this off the smallest percentage as an example. This will give me $64,000 over one year for income. This however has not been taxed yet, meaning I need to make sure I save about $16,000-$20,000 per year so the government can take its slice. Now that’s about $46,000 per year take home. Now that amount is livable, but it’s not necessarily comfortable. What I believe would be better and also safe is you can put that money into T-bills because those grow state tax free, and I live in Illinois so that means a lot. Those frequently offer slightly higher interest rates, are backed by the U.S. government, and buying a bunch of them for say $5,000 a piece gives you regulated income that is slightly less accessible, and it feels like you’re getting paychecks every month or 2 weeks however you spread them out.
The biggest problem with this scenario is inflation. If you put it in the savings and make 50k today, your money in savings certainly won't keep up with inflation. You will only get $50k in 2050 and that won't be enough to live on. You need to grow the money enough to keep up with inflation and still have enough to live on. You need a lot more money to do that.
@@michaelpowers66324.35% is low when last few months cash accounts been paying 5.5%. I suggest doing more research. I only keep my liquid money there. For the rest it’s in the market earning 10-20% easily. Then tech stock returned even higher.
Anything with a boat scares me. Lots of expenses and insurance operating a boat with paying passengers. Plus all the licenses and safety stuff you need to satisfy government requirements.
The fact the boat is fully paid off should help. One giant over head expense lifted. Main question is if this guy has the mindset to operate his own business. Going from bartender to running your own business is a huge leap.
Sure he does, none of us know him, but it is always important to give confidence and self-esteem. A positive mindset leads to success, a negative mindset leads to failure. This is not just words, it does affect behaviour; real world cause and effect.
It's hard to go back to work after any unexpected family death... period. But working in the service industry is exceptionally hard after such a thing, especially in his circumstance.
@@drn13355He isn't just living off the money. He's starting a tour business this spring, has a rental property and finishing up a second rental property worth 1.2M.
What is your thought process? Can you explain why you believe this? I ask because death is a profound experience. I lost my mother and it changed me forever. Like this guy I spent a good year solid in mourning, then needed a talking to similar to this to get to a semblance of normality. I would like to believe this chap will do the same.
I'm kind of amazed that the first questioning wasn't, "Have you been to counseling?" Because he would have to be dealing with some form of post traumatic stress. There's no way he isn't. This violent thing happened in the place he grew up in, a place (I'm going to assume) he felt was always safe.
im conservative with my money. Id throw that entire 3 mill into a high interest savings and just live off the interest plus do a fun pt job to help with boredom. easy peasy.
FDIC only insures up to 250k. If anything were to go wrong you'd be out all but 250k. I suppose you could use up to 12 account and add all the interest together in a separate account.
When someone says theyre making a business and dont immediately explain the expected realistic returns with citations to local similar businesses then they are going to lose all their money.
Not working and wanting to start a business without prior experience is a huge flag. It's better to work for a tour boat operator first just to understand the business. I hope he doesn't squander the nest egg.
I agree, the boat thing just seemed like a risky move. That and that fact that he’s been living fully off what he has in the bank AND has too much money into houses he doesn’t live in for what he has overall. Like what are you doing with a 1.2 million dollar house being built with no income and a net worth of only 3 million.
Great advice on the working. At that young of an age, if you don't work or have a positive purpose in your life, then your soul will suffer. Idle hands are the devil's workshop. And besides, playing as your life at 30 something is not a good message to send your kids. Don't allow some others to tell you any different.
Savings accounts right now (no risk/no tied up) are paying around 4.35% makes him 150K/year. He lived on 85K. That nearly doubles his previous income. Dave is talking about taking risk. MFs DO NOT average 10%/year consistently. If this is the top of the market and it drops for the next couple years, he may need ten years to get back to his original investment. Remember the old adage, pigs get fat and hogs get slaughtered.
It all depends if you have a long-term outlook. The WORST 30-year period of the stock market averaged 8% a year. Statistically he will live another 40+ years, so he should absolutely invest a large portion of this. Who cares if it takes 10 years to recover when he has 40 left to live and maybe 20 years left to work?
@@emoney1231if you have an actual long term outlook you would realise that empires like the American empire don't last forever and they always collapse with a 100% success rate, so when china nooks you your stonks aint going up 8% no more.
No savings account is paying 4.35% on a multimillion dollar account. They'll pay that much for someone with a few thousand but after a certain amount that rate starts dropping.
there is couple caveats. I would be wary of a bank offering FDIC insured account having high interest. Banks will have CD's with up to 5%. These have terms. You can open a brokerage account with one of the major firms. Any "cash" you have in these accounts is in short-term treasuries or similar, and currently have rates of about 5%. Unlike a bank CD, there is no term limit, you can move money around on short notice. Assuming your overall income is 100K+, your tax rate is fairly high, 30% incremental, plus state. Interest collected in an account has taxes that need to be paid annually. There are various MF options, dividend heavy, growth oriented. You could look for one that holds stocks long term. The point here is value growth is largely unrealized, meaning no taxes due until sale. So, 5% interest, highly reliable, but you pay 25% tax ( that is overall tax divided by income, even though your incremental rate is 30%+) or, mostly unrealized capital gains, untaxed until sale, then at long-term capital gain rate. So even if return is 5%, there are tax advantages life is complicated. learn math
just invest the money and live off that if you have no idea what you're doing with business and don't know the headaches and stress that come with business
UK is a high tax high regulations economy which means it suppresses working class wealth. There is a reason why V8 American cars over the last several decades cost half an average salary but in the UK such vehicles were 10 times the average salary.
Show: You need a job, get back to work Caller: I'm already starting a biz Show: You need to invest your money Caller: Finishing up a 1.2M house to rent, have another rental and paid off house to live Show: You need... Caller: Already hung up
People who retire before the age of 40 avoid having friends. Such people want to stay as far away from the rest of the world as possible. Your BS is easy to call. @@livingunashamed4869
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit.
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
@@lennoxmutterick6434 However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.
@@Aquilasdevman these days a detached new build in my area costs this. Not a mansion, a 4 bedroom detached. Nice home don’t get me wrong, but neighbours right up your ass and barely any yard.
Uncle Dave, I would invest most of it in mutual funds, debt funds and commodities such a way that I will work only for humanity and charity. My time won't be wasted for putting food on the table. Especially when I am on the baby step 6 at present.
I was wondering how long it would take Dave to recommend a smartvestor pro so that he could get a slice of that sweet inheritance from his murdered mother!
Exactly. He probably should stay busy, but Dave and John think you need a W2 or you're worthless. Managing $1.8M in rent houses will probably keep him pretty busy, plus the boat thing on top of that (which is probably not going to make any money, let's be real).
@@SalisburySnakeno he's not saying that the guys going to be worthless if he doesn't work, he's telling him to go to work to keep his mind occupied after the loss of his mother and stepfather. It is very much mental health insurance.
Why 4%? Don't you know how asinine the 4% rule is? You should never withdraw more than 1% a year. If you can't afford to live on 1% you have no choice but to work.
He acquired too much wealth too quick; and at 36 years old, I think this guy is going to be broke by 46. It also sounds like he has spent more than half of his inheritance.
I hope I'm wrong but the sounds like a case where that 3.5 million could be squandered fairly rapidly unless he gets some good people in his corner to make sure he's managing this money correctly.
Yeah, it was weird to me that neither Dave nor John picked up on exactly how much of the inheritance is gone/tied up already. Dave asked how much he had altogether, and the guy said $3.5 million. But then when you parcel it out, he's spent more than half of that already--$1.8 million on real estate, and $220,000 on the boat per his own assessment. So he's got $1.5 million in cash max, if he hasn't spent money on anything else. Dave ran all the numbers based on $3.5 million in investments, when he's probably got much closer to $1.2 million. That's a whole different ballgame, investment wise. Quite frankly, I would be surprised if this guy had anything left five years from now. With no prior experience as a landlord or a business owner, he has already made a series of very, very bad decisions on what to do with this money.
adult bartender.... Never married........ left 3 million dollars.....buys 220k boat....starting a business with no experience.... This doesnt end well for him.
Dreadful story…I am so sorry for such a traumatic loss of your mother and bless you and your siblings (if you have any) all of your souls - slow recovery is ok - and bless your kids - tough on you all.
a nice little financial surprise. unfortunate path to getting the financial surprise..Hope he invests, pays off any debts, saves for his and family future's.
That's a horrible way to become a millionaire. Having kids when not married was the first stupid thing. Not working was the second stupid thing. Wasting the money on a boat was the third stupid thing. I hope he gets smarter with his money.
I believe this guy should do something , but he doesn’t need to work if he doesn’t want to. Maybe volunteer, give something back. But what is wrong with enjoying your life , seeing the world. We only get one life, why waste it working if you don’t need to. If he’s sensible, this guy (who is still mourning btw) is set up for life ❤
Every money you don't immediately need, put in Bitcoin cold storage. Done. Easiest investment advice ever. Having the will power and good judgement to save and budget so you don't tap into long term savings is the hard part for most people.
He doesnt necessarily need a job, he just needs somethinf to do with his life. He can comfortably live off the investments, manage the properties he owns, and do something that brings him joy, even if a pay day doesnt come with it.
Listening to the guy. I think he is just on the verge of losing it all. 1.2mil rental house ain’t gonna work. 3 million doesn’t go very far any more. Tiki boat is a part time gig. Depreciation is huge on boat. In 21 years I think it will be a miracle if he has one of the 3 houses left free and clear.
His boat business if he is will to work hard can pay. That is the thing about this story he probably works hard hence why he earned 80000 in service industry. With that same attitude he probably will double that on boat hire. He is probably he sort that would work a Sunday afternoon and all evening.
I just don't get it. Don't tell anyone you have this money. Invest it. Work in a job that makes you happy feel fulfilled. Low stress. With no worries of being "let go". Maybe get married and start a family if that's something you want. Do this right and you can live a great life. Unfortunately, I have a feeling this is a gonna go south quick.
It's weird how commenters seemingly root for the caller to fail. Call me crazy but I want the guy who's mom was taken from him to win in the end. Just my .02
@@Mr_Fairdale that's because there are lots of rational people here looking for solid Financial advice. but you also have the beta Simps and emotional women because of all the psychology BS they've added into the shows
He needs to go back to work. I lost my mother very suddenly and traumatically as well (not quite this bad, but it does seem possible that his mother was in on the deletion plan if her husband left her kids all that money). He should have gone back to work within a few months. Yikes.
@@divemanred With existing law, yes. The increase in the applicable exclusion amount expires in 2026. There's also been trial balloons about decreasing the exclusion amount to $3 million and $1 million.
he'll prolly blow every cent, but the only way to continue the story properly is if some child he never knew he had appears and proceeds to embezzle all of it . . .
![เปิด อาณาจักร หมื่นล้าน "สาระตั้ม" l [Nickynachat]](http://i.ytimg.com/vi/3XE0nPF4YkQ/mqdefault.jpg)
I can't imagine the pain he must be going through. Losing a loved one in such a tragic way is heart-wrenching. Sending prayers and strength his way.
Whenever people get to hear of someone they know suddenly come into money, that person amazingly finds himself surrounded by wonderful friends. Best to just keep mouth shut.
Wow. So sorry for his loss. I can't imagine a step father killing your mom.
He dosnt seem to butt hurt about it😅
He’s happy as can be 😂
"Don't put money into something you don't understand"
Yup - like turbots.
do you have 600 million in real estate? @johnSmith-uz8nl
That’s the investment advice I live by. Simple, nothing complicated.
I would love to become an unexpected millionaire as long as it does not involve anyone I love dying. 😢
Yeah but he didn't get a choice no offense so this comment is kinda annoying
"I would love this to happen to me except the main thing that happened to you" what a douchey comment
Dumb statement
Not happening, bud. Get to work.
You are strong.........God Bless you. Just continue to be strong and smart for you children...........
I have rental properties and I would never rent out my new 1.2 million dollar home. Please look for more guidance from an advisor with wisdom. I wish you the best and I’m sorry for your loss.
That's exactly what I was thinking! Generally speaking,renters do not care and will tear up the place on purpose. Not all. But probably 50/50.
Buying 2-3 $300-500k homes to rent out would have been more cost effective than having a a $1.2 million home built with the intention of renting it out.
Building a 1.2 million house for a rental? That’s seems very weird to me. Invest the money instead of the headache of a rental, that could possibly get trashed
Rental is not always rental. I own 4 in class A- and B. Only single homes. So far no headache. But don’t invest in poor neighborhoods tones of headaches.
Maybe a beach property? He’s from FL.
It sounds dumb to me, and it sounds like he will be broke in no time.
Yeah he's an idiot obviously. My rentals average 1300 rent and are worth about 250k each. Much better cap rate
Man I don’t know what’s worse. The fact that he killed his mother and himself (gets out with no real repercussions), or the fact that he basically tried to buy forgiveness by giving them over a million dollars too.
There will be repercussions for what he did on the day of judgement. He may not have to answer to anyone on earth but he will definitely have to answer just like all of us before God. I assure you his punishment will be far worse than anything he could get on earth.
@@nataliepope3286 this is true. I was definitely thinking of earthly repercussions.
I agree Natalie Pope. There is a commandment by the LORD: Thou shalt not murder. Murder is probably the worst sin someone can commit in this mortal life. All murderers will answer to the LORD God for their sins.
On the "day of judgement" it is all over, end of section. Regardless of the verdict. @@nataliepope3286
@@nataliepope3286when we die nothing happens, you just rot in the ground. Religion is just made up fairy tales by ancient people to trick other stupider ancient people into giving them money.
I am so sorry to hear about his mother. What a nightmare. You just never know what life will throw at you at any given time.
These stories just get crazier and crazier. My goodness.
I retired 17 years ago and my Ira is the same amount as when I retired and I’ve taken $600 out each month. Wish I’d realized the power of compound interest a little earlier 😢
Do you mean you would have taken $600 out each month earlier, or you wouldn't have taken anything at all?
Think he is saying invest more when he was working.
@@DeepestQuotesAnd she meant invest more so she can pull more than 600 monthly
If you straight up have 2 mil and you put it into a savings account you can pay yourself above 80k a year salary off of interest alone. I don’t understand why people instantly start chucking money at random places
I’ll offer you up what my personal scenario would be if I got $2 million.
My savings account has currently has an interest rate of 4.35%. That’s the highest it has ever been. The lowest it has ever been is 3.20%. Let’s base this off the smallest percentage as an example. This will give me $64,000 over one year for income. This however has not been taxed yet, meaning I need to make sure I save about $16,000-$20,000 per year so the government can take its slice. Now that’s about $46,000 per year take home. Now that amount is livable, but it’s not necessarily comfortable.
What I believe would be better and also safe is you can put that money into T-bills because those grow state tax free, and I live in Illinois so that means a lot. Those frequently offer slightly higher interest rates, are backed by the U.S. government, and buying a bunch of them for say $5,000 a piece gives you regulated income that is slightly less accessible, and it feels like you’re getting paychecks every month or 2 weeks however you spread them out.
That’s what I would do as well and get a part time job if I still wanted to work.
@@michaelpowers6632you wouldn't keep 2 million in an average savings account if the bank failed you could lose the lot up to 120k
The biggest problem with this scenario is inflation. If you put it in the savings and make 50k today, your money in savings certainly won't keep up with inflation. You will only get $50k in 2050 and that won't be enough to live on. You need to grow the money enough to keep up with inflation and still have enough to live on. You need a lot more money to do that.
@@michaelpowers66324.35% is low when last few months cash accounts been paying 5.5%. I suggest doing more research. I only keep my liquid money there. For the rest it’s in the market earning 10-20% easily. Then tech stock returned even higher.
The tour boat biz is a bad idea. See Ramsey shaking head on that
He doesn't need the money. It would be something to do and have fun
His finances are sunk.
@@TonyStark-wr7ob He'll lose it all eventually.
Great business for the boat builder
Anything with a boat scares me. Lots of expenses and insurance operating a boat with paying passengers. Plus all the licenses and safety stuff you need to satisfy government requirements.
The fact the boat is fully paid off should help. One giant over head expense lifted. Main question is if this guy has the mindset to operate his own business. Going from bartender to running your own business is a huge leap.
The saying about boat owners: the two happiest days are the day you buy it and the day you sell it.
Sure he does, none of us know him, but it is always important to give confidence and self-esteem. A positive mindset leads to success, a negative mindset leads to failure. This is not just words, it does affect behaviour; real world cause and effect.
and it's probably very seasonal... Spring, summer time only would be busy.
He had enough money to persue this business🎉
It's hard to go back to work after any unexpected family death... period. But working in the service industry is exceptionally hard after such a thing, especially in his circumstance.
This is weeeeird. Fishy. He will blow this money. Def needs a follow-up call.
Yep most inheritances don't survive the next generation.
He built a house for $1.2 million and intends to rent it out?
He called in the show so I have hope he has a good head on his shoulders
I agree. I hope his intentions are well. I wish him luck.@@lombardo141
You're not going to go for a ride on the duck boat?
I respect him asking him how he’s doing
He's not going to do any of what they said. He just called to let everyone know about his situation.
Yeah, could be.
Agree. He is going to just live off the money and do nothing else.
@@drn13355He isn't just living off the money. He's starting a tour business this spring, has a rental property and finishing up a second rental property worth 1.2M.
Yeah right
What is your thought process? Can you explain why you believe this?
I ask because death is a profound experience. I lost my mother and it changed me forever. Like this guy I spent a good year solid in mourning, then needed a talking to similar to this to get to a semblance of normality. I would like to believe this chap will do the same.
I have a feeling it’s not gonna end well
I'm kind of amazed that the first questioning wasn't, "Have you been to counseling?" Because he would have to be dealing with some form of post traumatic stress. There's no way he isn't. This violent thing happened in the place he grew up in, a place (I'm going to assume) he felt was always safe.
So blessed my grandmothers new husband is a great man. Couldn’t imagine my dad being in this situation with kids.
Bro could make a day job for himself writing an autobiography what a tale
im conservative with my money. Id throw that entire 3 mill into a high interest savings and just live off the interest plus do a fun pt job to help with boredom. easy peasy.
That’s what I would do as well
FDIC only insures up to 250k. If anything were to go wrong you'd be out all but 250k. I suppose you could use up to 12 account and add all the interest together in a separate account.
@@MaxJ260there are banks that charge an annual fee that have up to $5 million in FDIC insurance. Check out M1 Finance.
L
Im in Canada and bank with a credit union. They have 100% deposit gaurantee so that wouldn't be an issue.@@MaxJ260
When someone says theyre making a business and dont immediately explain the expected realistic returns with citations to local similar businesses then they are going to lose all their money.
THIS☝️
My prayers go out to this man. So brave .. such an emotional thing that money can never touch..
Not working and wanting to start a business without prior experience is a huge flag. It's better to work for a tour boat operator first just to understand the business. I hope he doesn't squander the nest egg.
There's no flag. You have to take a chance when you start a business.
he will squander the money for sure.
@@jimmymcgill6778 With no experience, super way to make a small fortune - just start out with a big one.
@@Kysen10 Projecting much?
Wow so sad! Hope he can recover.
Lottery winners quit their jobs too. Give that a few seconds of extra thought.
Why? They clearly don't.
_The problem with lottery winners is that they still possess the brains of people who play the lottery._ 🧠 🤔 🥴 🐔 - j q t -
Thats why many lottery winners go broke in a few years after and or become depressed / kill themselves
Man. Dude needs more people in his corner. He’s spending like crazy and has never seen money like that before.
I feel like he's in step 3 of a 6 step plan where he has no money in 10 years or less.
I agree, the boat thing just seemed like a risky move. That and that fact that he’s been living fully off what he has in the bank AND has too much money into houses he doesn’t live in for what he has overall. Like what are you doing with a 1.2 million dollar house being built with no income and a net worth of only 3 million.
My heart breaks for this man. 🙏🏼🙏🏼🙏🏼
Great advice on the working. At that young of an age, if you don't work or have a positive purpose in your life, then your soul will suffer. Idle hands are the devil's workshop. And besides, playing as your life at 30 something is not a good message to send your kids.
Don't allow some others to tell you any different.
What kind of world are we living in where the only "positive purpose" is to help someone else get richer?
Savings accounts right now (no risk/no tied up) are paying around 4.35% makes him 150K/year. He lived on 85K. That nearly doubles his previous income. Dave is talking about taking risk. MFs DO NOT average 10%/year consistently. If this is the top of the market and it drops for the next couple years, he may need ten years to get back to his original investment. Remember the old adage, pigs get fat and hogs get slaughtered.
It all depends if you have a long-term outlook. The WORST 30-year period of the stock market averaged 8% a year. Statistically he will live another 40+ years, so he should absolutely invest a large portion of this. Who cares if it takes 10 years to recover when he has 40 left to live and maybe 20 years left to work?
My retirement has averaged 15.05% over the past 10 years. With two years out of 10 being negative years.....
@@emoney1231if you have an actual long term outlook you would realise that empires like the American empire don't last forever and they always collapse with a 100% success rate, so when china nooks you your stonks aint going up 8% no more.
No savings account is paying 4.35% on a multimillion dollar account. They'll pay that much for someone with a few thousand but after a certain amount that rate starts dropping.
there is couple caveats. I would be wary of a bank offering FDIC insured account having high interest. Banks will have CD's with up to 5%. These have terms. You can open a brokerage account with one of the major firms. Any "cash" you have in these accounts is in short-term treasuries or similar, and currently have rates of about 5%. Unlike a bank CD, there is no term limit, you can move money around on short notice.
Assuming your overall income is 100K+, your tax rate is fairly high, 30% incremental, plus state. Interest collected in an account has taxes that need to be paid annually. There are various MF options, dividend heavy, growth oriented.
You could look for one that holds stocks long term. The point here is value growth is largely unrealized, meaning no taxes due until sale.
So, 5% interest, highly reliable, but you pay 25% tax ( that is overall tax divided by income, even though your incremental rate is 30%+)
or, mostly unrealized capital gains, untaxed until sale, then at long-term capital gain rate. So even if return is 5%, there are tax advantages
life is complicated. learn math
I hope he listens to Dave’s advice!!!
Dang that’s the worst way to become a millionaire.
Literally!
For sure. Man, what a crazy scenario.
Onlyfans is up there
People with "TOXIC" parents have entered the chat.
Facts
just invest the money and live off that if you have no idea what you're doing with business and don't know the headaches and stress that come with business
Making $85k from bartendering is mindblowing for us from the UK. Equivalent job in UK would probably be paid about £20k max
Uk salaries are stupid.
@@ForAncientKingAndElvishLordUK salaries are horrific but shows how much bartenders make in tips.
UK is a high tax high regulations economy which means it suppresses working class wealth.
There is a reason why V8 American cars over the last several decades cost half an average salary but in the UK such vehicles were 10 times the average salary.
I recommend sharing with the comment section
Show: You need a job, get back to work
Caller: I'm already starting a biz
Show: You need to invest your money
Caller: Finishing up a 1.2M house to rent, have another rental and paid off house to live
Show: You need...
Caller: Already hung up
dudes going to piss it all away along with his kids when they get old enough..guy is spending it already on all garbage stuff.especially at 36
Yeah he didn't want a job, he wanted a boat
he was an average Joe with hos life turned upside down. Give this man a break, he will have to pay some expenses for valuable lessons
I have a feeling a lot of This money is gonna be gone.
He's going to blow through the money
I'd be done working. He could easily live off of 150k a year for life.
Then you will fall into a depression
no lol got plenty of friends who retired at 40 or before lol they are just fine lol. @@gamingwitharlen2267
@@gamingwitharlen2267is that what happens to everyone that retires at 55-65?
The way he’s talking, that money will be long gone in 2 years. He bought a 200k boat and 2 million dollar properties to rent..
People who retire before the age of 40 avoid having friends. Such people want to stay as far away from the rest of the world as possible. Your BS is easy to call. @@livingunashamed4869
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit.
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
@@lennoxmutterick6434 However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.
@@Donnafrank-k6e Oh please I’d love that. Thanks!.
@@lennoxmutterick6434 Clementina Abate Russo is her name
Lookup with her name on the webpage.
My goodness I know exactly how he feels. My mother was also murdered by a new husband who then committed suicide…it’s a terrible terrible feeling…
So sad. I assume he’d trade every penny of it to get his mom back. God bless him and heal his heart. Give him strength Lord ❤
Wait, so the guys plan to get into real estate was to spend $1.2m on a new build house and then rent it out? Not sure if thats the best idea.
I’m trying to think of what kind of person could afford to rent a 1.2 million house and wouldn’t just buy something
@@Aquilasdevman these days a detached new build in my area costs this.
Not a mansion, a 4 bedroom detached.
Nice home don’t get me wrong, but neighbours right up your ass and barely any yard.
Uncle Dave, I would invest most of it in mutual funds, debt funds and commodities such a way that I will work only for humanity and charity. My time won't be wasted for putting food on the table.
Especially when I am on the baby step 6 at present.
Already spent about 1/2 the money on high risk stuff, and the business could easily swallow the rest. Great plan.
So horrible. My heart goes out to you.
what an absolute tragedy... losing your Mum to a m-s crime.. horrible. God bless the family left behind.
I was wondering how long it would take Dave to recommend a smartvestor pro so that he could get a slice of that sweet inheritance from his murdered mother!
Dave does not need a slice.
I usually watch the Ramsey show on TBN, but it hasn't been on this week...where did it go?
$3,000,000 times 4% equals $120,000 per year. Why would anyone work. He can live handsomely with a money market account and never touch the principal.
Exactly. He probably should stay busy, but Dave and John think you need a W2 or you're worthless. Managing $1.8M in rent houses will probably keep him pretty busy, plus the boat thing on top of that (which is probably not going to make any money, let's be real).
@@SalisburySnakeno he's not saying that the guys going to be worthless if he doesn't work, he's telling him to go to work to keep his mind occupied after the loss of his mother and stepfather. It is very much mental health insurance.
Why 4%? Don't you know how asinine the 4% rule is? You should never withdraw more than 1% a year. If you can't afford to live on 1% you have no choice but to work.
@@amireallythatgrumpy6508that’s nonsense. You planing on living forever?
He acquired too much wealth too quick; and at 36 years old, I think this guy is going to be broke by 46. It also sounds like he has spent more than half of his inheritance.
I am 37 and I am planning to get back to work.
He's going blow everything.
i have been living of the money !
he will be broke soon !
Mr Ramsey how can I get one of your book? I am living in the UK
Great comment by these guys to tell him he needs to go to work to have purpose!
I was not ready for this story 😩
I hope I'm wrong but the sounds like a case where that 3.5 million could be squandered fairly rapidly unless he gets some good people in his corner to make sure he's managing this money correctly.
Time to use the money wisely and now he has a lot of money to get some great training in.
They told me it's a 3 hour tour.
😂
Gilligans island a three hour tour
Thanks!
Why did he call in if he's already made his plans and spent so much of his inheritance?
Yeah, it was weird to me that neither Dave nor John picked up on exactly how much of the inheritance is gone/tied up already. Dave asked how much he had altogether, and the guy said $3.5 million. But then when you parcel it out, he's spent more than half of that already--$1.8 million on real estate, and $220,000 on the boat per his own assessment. So he's got $1.5 million in cash max, if he hasn't spent money on anything else. Dave ran all the numbers based on $3.5 million in investments, when he's probably got much closer to $1.2 million. That's a whole different ballgame, investment wise. Quite frankly, I would be surprised if this guy had anything left five years from now. With no prior experience as a landlord or a business owner, he has already made a series of very, very bad decisions on what to do with this money.
Dave was too nice to this guy. He's going to go bankrupt.
adult bartender.... Never married........ left 3 million dollars.....buys 220k boat....starting a business with no experience....
This doesnt end well for him.
Dreadful story…I am so sorry for such a traumatic loss of your mother and bless you and your siblings (if you have any) all of your souls - slow recovery is ok - and bless your kids - tough on you all.
a nice little financial surprise. unfortunate path to getting the financial surprise..Hope he invests, pays off any debts, saves for his and family future's.
That story about the murder-suicide...OMG! Crazy!!!! What the heck??
Not going to end well. Hes blowing money faster than a kid in a candy store.
Law N crimes meet Dave Ramsey this show is so captivating 🍿👀👌🏻
Definitely go back to work. He’s gonna blow thru that 2 million. He’s planning this boat business and supporting a family of 3…
When those kids realize daddy is a millionaire they're going to harass him for cars and vacations the rest of their lives.
Was it weird the way he just breezed over yeah “My mother was killed by her husband and that’s how I became a millionaire” 🤔🤔🤔
I don't think so. My mom died in a similarly crazy situation. After a few years you're just used to the fact.
Even then getting that amount of money after losing someone would soften the blow
Dude is a little sus with the way he's so nonchalant about it.
Hard to judge when someone is grieving. You become numb...ijs.
Where are you getting 10% interest in investing? Serious question.
That's a horrible way to become a millionaire. Having kids when not married was the first stupid thing. Not working was the second stupid thing. Wasting the money on a boat was the third stupid thing. I hope he gets smarter with his money.
Well. That escalated quickly…
I do not believe that this caller is going to follow any of the advice you have given to him. He's confused and does not want to work.,
This guy needs a financial advisor and some sort of accountability partner.
I believe this guy should do something , but he doesn’t need to work if he doesn’t want to. Maybe volunteer, give something back. But what is wrong with enjoying your life , seeing the world. We only get one life, why waste it working if you don’t need to. If he’s sensible, this guy (who is still mourning btw) is set up for life ❤
Not enough money to do that.
@@bighands69surely so if he invests wisely
Bless him Lord bless him! ❤❤❤🙏🏽🙏🏽🙏🏽🙏🏽🙏🏽
Every money you don't immediately need, put in Bitcoin cold storage. Done. Easiest investment advice ever. Having the will power and good judgement to save and budget so you don't tap into long term savings is the hard part for most people.
Starting a tour business, about to blow all the money and go broke.
He's also got two rentals and a primary all paid for. He should be fine.
He doesnt necessarily need a job, he just needs somethinf to do with his life. He can comfortably live off the investments, manage the properties he owns, and do something that brings him joy, even if a pay day doesnt come with it.
Not at that age and that amount of money.
@@bighands69 basically, so long as the properties he buys, and any market investments are performing at the average, he is fine forever
My wife became an unexpected millionaire by dating her yoga instructor.
Good for her lol
Taxes. They never address taxes or insurance. $300,000 is ~$52,000 in Federal.
Listening to the guy. I think he is just on the verge of losing it all. 1.2mil rental house ain’t gonna work. 3 million doesn’t go very far any more. Tiki boat is a part time gig. Depreciation is huge on boat. In 21 years I think it will be a miracle if he has one of the 3 houses left free and clear.
His boat business if he is will to work hard can pay. That is the thing about this story he probably works hard hence why he earned 80000 in service industry. With that same attitude he probably will double that on boat hire. He is probably he sort that would work a Sunday afternoon and all evening.
I just don't get it. Don't tell anyone you have this money. Invest it. Work in a job that makes you happy feel fulfilled. Low stress. With no worries of being "let go". Maybe get married and start a family if that's something you want. Do this right and you can live a great life. Unfortunately, I have a feeling this is a gonna go south quick.
This guy is going to be in the news very soon just like the lottery winners that lose all their money
Probably
What are you talking about? In 2 years he has not spending much. He has 1.8 mi in real state, and is open a business!
History of working in the restaurant business and I doubt he actually made 85k shows he has no Financial knowledge
It's weird how commenters seemingly root for the caller to fail. Call me crazy but I want the guy who's mom was taken from him to win in the end. Just my .02
@@Mr_Fairdale that's because there are lots of rational people here looking for solid Financial advice. but you also have the beta Simps and emotional women because of all the psychology BS they've added into the shows
10% a year interest isn't a cake walk.
He needs to go back to work. I lost my mother very suddenly and traumatically as well (not quite this bad, but it does seem possible that his mother was in on the deletion plan if her husband left her kids all that money). He should have gone back to work within a few months. Yikes.
No mention of increasing that wealth with planning to minimize / eliminate estate tax.
No estate tax for that low of an amount of money
@@divemanred With existing law, yes. The increase in the applicable exclusion amount expires in 2026. There's also been trial balloons about decreasing the exclusion amount to $3 million and $1 million.
He will go broke in a year
Highly probable.
he quit his job so no income there.
he bought a boat. no income there yet.
he's bought houses, no income there yet.
What could go wrong? lol..
I think he called just to get attention. He spent all that before asking for advice.
Rule of 72 for that quick math in his head if you’re curious. 72/.10= 7 years to double the investment
He gonna blow that money for sure!!!!!!
He seems to be doing good.
he'll prolly blow every cent, but the only way to continue the story properly is if some child he never knew he had appears and proceeds to embezzle all of it . . .
A true florida man