People are facing a tough retirement. and it's even harder for workers to save due to low-paying jobs, inflation, and high rents. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire in.
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.
It's recommended to save at least 20% of your income in a 401k. Sonya Lee Mitchell taught me to estimate how much you should save based on your age and income. I've been with her for years now and her decades of experience in the markets translate to chunks of value in so may ways! She has upscaled my portffolio and even got me reading self help books haha
Hello, I am due for retirement in two years, I'm a senior citizen but I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $50K per year but nothing to show for it yet.
In this current unstable markets, It is advisable to diversify while retaining 70-80% in secure investments. looking at your budget, you should consider financial advisory.
I think you're better off with majority investment in S&P500 and uprising equities cos they always outperform. Also speaking with an advisor can help with pointers. I've been in contact with one I reached through commentaries here, she has been really helpful.
"Rebecca Nassar Dunne" is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
Diversification is the secret to optimal performance. This is why I have my interests set on market sectors based on performance and projected growth, such as stock, EV sector, renewable energy, Tech, and Health. Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE
Dealing across multiple asset classes can reduce risk more effectively than putting all of your money into one. If you don't understand finances properly, see a financial consultant.
True. My portfolio was diversified across several markets with the help of a financial planner, and were able to achieve over a million in net profit among high dividend yield equities, ETFs, and bonds. It is vital that you have a variety of exposure, including in firms that are currently generating cash flows.
“LAURELYN GROSS POHLMEIER ’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
It gets so infuriating how much misinformation is out there about retirement investing. Thank you for shedding some light on how ridiculous TH-cam finance has become. I've been following the 4% rule thing, I still have $100k outside retirement funds to put in the market.
I learnt this when I got disabled from an accident, I had to reach out to a financial planner who devised a plan for me to live off dividends from my investments. Other than Disability Cheque, I earn enough from home and live comfortably with her help.
Melissa Jean Talingdan is a hot topic among financial elitist in The US. She's gained some reputation for her works during Covid. All the info. you need to set up an appointment is on her web page.
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
As a passive investor, is it wise to buy market tracking index funds and ETFs from companies like Blackrock, Vanguard and State Street, even when they're at all time highs? i want to invest around 600k for retirement
These funds offer diversification, low fees, and long-term growth potential. Given the significant amount you plan to invest, consulting with a financial advisor can provide personalized guidance tailored to your specific situation and retirement goals.
Partnering with a financial advisor has transformed my approach to investing. Their expertise and personalized guidance have not only helped me navigate complex financial markets but also optimized my portfolio to achieve my long-term goals efficiently.
I have an Investment portfolio that's worth $1million, I don't think that'll be enough for retirement. I need an average risk investment strategy in stocks that'll give me more yield. Is buying stocks now a goods idea?
As they say, time IN the market is better than trying to time the market. I think you should seek advice from a licensed financial advisor. They’ll give you guide on high risk and low risk investment strategies for your portfolio
Working with a financial advisor has been a game-changer for me. They provided invaluable insights and tailored strategies that aligned perfectly with my risk tolerance and financial objectives. With their support, I've seen significant growth in my investments and gained confidence in my financial future.
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.
Monica Shawn Marti is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
I began my investment journey at the age of 27, primarily through hard work and dedication. I'm to share that my passive income exceeded $100k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier it is not about achieving quick wealth, but rather ensuring long-term financial prosperity
Investors should exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields
This is superb information,as a noob it gets quite to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
What differentiates the poor from the rich is what both do with the information they get. While the poor doubt almost all the information they find, the rich gets richer by doing things that the poor did not do when they get information. For financial success and investing, always work with a financial advisor who is ready to help you succeed
Risk management should always come first, the reason many traders lose money is not simply due to inexperience or a lack of knowledge of the market, but because of poor risk management
Lately I've been contemplating retirement, uncertain whether my 401(k) and IRA will ensure a secure future. I've also invested $800K in the stock market, experiencing fluctuations without substantial gains.
Using a 401(k) or IRA is a valuable strategy for retirement planning, providing potential savings growth and tax advantages. While the stock market is promising, expert guidance is essential for effective portfolio management.
Exactly my solution too, even though I'm not retired. As a contractor with limited time to analyze investments, I've relied on a fiduciary for the past seven years to manage my portfolio. This strategy has helped me navigate market fluctuations effectively and also increased my porfolio by up to 300%. You might consider a similar approach.
I've got similar problems and I have also considered using an FA but I don't know how to go about it. Please, what are the steps for getting one? Like a really good one.
50 now, and everything is paid for. Fortunately, I had a college economics teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. I retired with $4 million, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.
Right alongside you. No debt, early retirement. Children are well-cared for. On 11 acres overlooking the river valley, I'm constructing the house of my dreams. There are many methods to get rich right now, but only real-time professionals are capable of making such high-volume, near-perfect trades.
@@MIchaelGuzman737 That's right, I began investing sometime in 2018 and by the end of 2022, I had earned a profit of over $750,000; This can only be carried out by seasoned institutional investors with ISDA agreement. With no prior investing experience or skill, Instead I merely followed the instructions provided by my investment advisor, proving that you don't have to be an expert investor or put in a lot of effort; all you need is a professional who can mentor and guide you for a fee.
@@sommersalt88 I'm glad I stumbled upon this discussion. If you don't mind, could you tell me the name of this investmėnt advisōr who helps you with your investments and how I can contact them?
Having an advisor is essential for portfolio growth and wealth creation through the stocks market. My advisor is "JIll Marie Carroll" who is easily searchable and has extensive knowledge of the financial markets.
@@sommersalt88 This is useful information; I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
@@JMadrid6 "The average annualized return since its inception in 1928 through Dec. 31, 2021, is 11.82%. The average annualized return since adopting 500 stocks into the index in 1957 through Dec. 31, 2021, is 11.88%"
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 $120k in a savings account that i want to invest in a non-retirement account. Where would you invest this as of now?
I am a 54-year old Burnt-out doctor with $400K in declining investments, planning retirement soon. Seeking best stock strategies for market downturns and hyperinflations
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
Having an investment advisor is the best way to go about the stock market right now. I was going solo, but it wasn't working. I’ve been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.
At a similar age, I was contemplating retirement too. It wasn't the work, my patients (dogs and cats), or their owners that decreased my job satisfaction. Instead, it was all the other issues, like hiring and firing, payroll, staff and staffing, inventory, and everything else that came with owning an animal hospital. I got rid of the two employees who caused most of my problems and felt so good that I looked for others to let go. I elevated my best employee to office manager, and she took care of inventory, scheduling staff, and all the tasks that were robbing me of the pleasure of my working life. Life was good, and work became enjoyable again. I worked another productive and fulfilling decade.
Recently, I've been pondering retirement. I've also invested $800K on S&P 500 so i could secure my financial future. i need an approach to invest in Coin that will align with my risk tolerance and financial goals
Opting for an inves-tment advisr is currently the optimal approach for navigating the market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 85% since 2022
She goes by ‘’Lauren Marie Ehlers'’.... I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
Probably the most dangerous advice Dave gives is telling people they can safely use a withdrawal rate of 10%. No financial models or studies have ever shown 10% as a safe withdrawal rate over the long term.
That’s if you don’t want to leave any behind. My boss has some money and he’s going to take out 8-10% a year to live comfortably but he doesn’t want to leave a huge windfall for his kid. 🤷🏾♂️ Makes sense
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@Pelham04 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.
Certainly! I understand that living expenses and taxes can take up a significant portion of one's income in the UK, which can limit how far that income can go. Even 100k doesn't get you very far and the dream of retiring early is starting to seem like a fairy tale. I have roughly $200,000 in 401(k) that I need to grow quickly. Please leave a comment if you can help.
Invest in the financial market. I heard that people make millions if you know the tricks of the trade. Bloomberg and other finance media have been recording cases
@@Aziz__0 It depends on your personal preferences and comfort level. However, one option is to keep things simple and consult an investment-advisor. They can help you determine your risk appetite, avoid common mistakes, and provide a broader perspective on your investment landscape.
@@user-3456rtu Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "NICOLE DESIREE SIMON" is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
@@322dawgg This is useful information; I copied her full name and pasted it into my browser; her website popped up immediately and her qualifications are excellent; thanks for sharing.
Investors take on higher-risk investments or speculate on market outcomes in hopes of achieving higher returns. This approach can lead to fluctuations in their retirement savings, as market conditions can be unpredictable. I've heard of investors making over $400k profit in this current sinking market, and I'm looking for ideas on how to earn similar profits.
Find stocks with market-beating yields and shares that at least keep pace with the market for a long term. For a successful long-term strategy I recommend you seek the guidance a broker or financial advisor.
Very true , I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.
Laura Marie Ray is my portfolio-coach, I found her on Bloomberg where she was featured, I looked up her name on the internet. Fortunately I came across her site and reached out to her, you can verify her yourself.
@@ThomasHeintz Thank you for this tip. it was easy to find your investment advisor. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
Thank you for providing such valuable information. It's exactly what I needed to hear. Both my wife and I serve as directors for our farm business, and we also own property along with our small pensions. As I approach the age of 55 and my wife is 52, we have initiated our savings journey towards retirement from the farm. Our aim is to potentially rely on rental income to support our retirement lifestyle. I would greatly appreciate it if you could organize a live session where you discuss strategies for earning passive income online and achieving a comfortable retirement, with a target goal of $1M.
It isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing.
@@Lemariecooper I completely agree with your perspective. As a newly retired individual at the age of 60, I have accumulated approximately 1.2 million in funds outside of my retirement accounts. I have managed to remain debt-free, and in comparison, the balance in my retirement funds is relatively small when considering my overall portfolio growth over the past three years until the present time. To be honest, the importance of an investment advisor cannot be disregarded; it is crucial. However, it is essential to conduct thorough research in order to find a reputable advisor.
@@Erikkurilla01 That's truly impressive! I would greatly appreciate some information about your financial advisor. I'm currently seeking to make positive changes to my finances this year as well, and it would be beneficial to explore potential options.
@@patrickbrussels4454 I work with a specialist named *STEPHANIE KOPP MEEKS* . I came across her through a CNBC interview where she was featured, and I reached out to her after some time. She has provided valuable insights and guidance on the specific securities that I focus on. If you're interested, you can easily find information about her online for further oversight. Essentially, I closely follow her trading strategy and have not regretted doing so.
I’m currently retired, and considering the current rollercoaster nature of the stock market, I decided to stay on the sideline for awhile, now I’m worried with the numerous bank failures as of late, am I better off reinvesting my savings in the stock market or do I wait?
I have maintained contact with a financial analyst since the inception of my business. In today's dynamic market, the challenge lies in determining the opportune moment to purchase or sell when investing in trending stocks, a task that may seem straightforward but can prove to be quite challenging. With a portfolio that has increased by over $400k in a relatively short span of one year, I have delegated the responsibility of selecting entry and exit orders to my advisor.
@lowcostfresh2266 My advisor is Laurel Dell Sroufe, 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.
@@SwAgGaMer4EveR Who says you need to spill a lot of money to enjoy life? "What’s the point of living your whole life saving every penny, and then being wealthy when your about to die or have health issues..." Because you don't want to RUN OUT of money and end up on the STREET when you're old and CAN'T work any more.
@Anthony Harris Social security is no longer intended to cover all of your expenses. The system is a massive Ponzi scheme and is going broke. SS does not cover any medical bills, and Medicare doesn't cover all of the medical bills either. Further, SS payments are calculated based on the amount you've paid in to the system. Many people don't qualify for spit. Reliance on SS to save your bacon is very foolish.
@@SwAgGaMer4EveR How many car leases do you currently have? How many times have your refinanced your mortgage to pull out cash because, you know, FOMO? Oh, and how far behind in retirement savings are you? Enjoy working till you're 80.
@@SwAgGaMer4EveR Who said they "saved every penny"?? No one. And, spending $50-60k a year can be a pretty nice lifestyle, in many parts of the country...including Texas.
One thing I like most about Dave that sets him apart from all the other personal finance gurus is his advice on ignoring the S&P and instead putting everything into the growth stock mutual funds averaging 12% annual returns. These funds don't actually exist or anything, but just the sheer fantasy of it is really cool and fun to think about.
A solid strategy can be a key component of an investor’s portfolio. Well, the bigger the risk, the bigger the reward and such impeccable decisions are better guided by professionals.
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 résumé
I genuinely mean it when I express my stress and concern regarding the market crash and high inflation, particularly in relation to my retirement. I have been experiencing losses for quite some time, and while some may argue that crises can present opportunities, I am feeling overwhelmed. However, I understand that investing is a long-term endeavor, and it is crucial to maintain focus on the bigger picture and the long run.....
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.
Overall, 51% of traders think this year would favor stocks, mutual funds, and other equity-based investments, despite Treasury yields and other safer cash-like investments paying big. I’m looking for opportunities in the market that could fetch me $1m ahead of retirement
That's up noticeably from 41% in the fourth quarter of last year. Again, despite shaky-looking markets, I'll suggest you speak with a market expert before investing
Very true , I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.
AILEEN GERTRUDE TIPPY’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
How is this guy smart enough to save $3M yet stupid enough to not know if he can afford to retire? Sometimes I think these calls are just for the person to brag about how rich they are.
I generally agree with what Dave is saying. But waving the 10% figure is dangerous. We can't assume 10-12% returns year over year. Sure, the last few years have been great. But that doesn't mean he can spend a couple hundred thousand a year.
Dave’s argument is on average the market gets you 10% returns some years are 3% while others can be 15% but the average over the last couple decades is 10%+
@@tyronebriggs5721 and some years are -35%. On 3 mill lifetime savings that would be over 1 mill loss in one year. It can happen it has happened and it will happen again. Risk Reward. I would keep 2 mill in safe cds or real estate and invest the other mill.
And on average meaning what? Compound returns over 5 years and 25 years as an example vary greatly. Not disagreeing with your comment just adding my 2 cents
@@tyronebriggs5721 Except you have to consider sequence of return risk. A major drop in the stock market just before and after retirement could result in a significant reduction in his savings.
I find a lot of advisors attack Dave’s return rate. I could be wrong but I don’t think Dave’s numbers are inflation adjusted where as a 7% inflation adjusted return isn’t considered too aggressive based on what I have read and is used by a lot of the industry. I don’t think Dave’s numbers are too far out.
Year to date, the S&P is up 17%. That one million to the side has cost him $170,000 in returns if he had just invested in an S&P Index Fund. This is why you need a competent financial advisor, not only for investing, but also for withdrawal strategy.
If you invest $200,545 into the S&P, then assuming a 10% annual rate of return, your child at an early retirement age will be 2 Million plus rich, excluding every other income channeled to this. We need to invest much more. Focus on the company not just the stock price, true words from my F.A James Fletcher Brennan..I made over half a million from ALB and NVDA..I love passive income.
I'm convinced that all of these finance jargon, unnecessary extra steps, and weird math are used to scare away hard-working people from claiming what their companies actually owe them for all of their hard work and for this sole reason I make sure I use an advisor.
My method is to buy quality firms, anticipate to hold them regardless of what happens, pay up but not too much, keep track, sell only when necessary, and be ready to course correct.
When it comes to stocks and investing, most people don't know where to start. Fortunately, great investors of the past and present can provide us with guidance
It's the only way he can sell his listeners on putting off investing while wasting years of their lives paying off low interest mortgage debt instead of getting their dollars compounding.
@@aaront936 I agree with you on investing over paying the mortgage, but what you said doesn't make sense. If Dave overstates the returns in the market, that would make his listeners WANT to invest, right? I plan mine on 8% return.
He has a magic stock picker. Quite honestly 12% return in the bull market is quite low considering considering the S&P is going up 20-30% in the past few years. I believe the 4% rule is for a 60% / 40 portfolio over approximately 30 years. As some investors have a higher percentage of stocks, they may go higher than 4%. If someone is going to be retired longer than 30 years or a less risky portfolio they may go for less than 4%. Ramsey has an analyze the short term mentality and should have asked “how much do you need,” but he never does when it comes to retirement. He seems to think debt free = expense free which is not the case. If you have no debt and a paid off housing with low tax, you should be able to live off of social security. So no risk.
@@Imhere12345What kind of spending habits do you have? $3 million is better off than 95% of the population. You really can’t make that last thru retirement?
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......,
The key to making money in stocks is not to get scared out of them. An important key to investing is to remember that stocks are not lottery tickets. Get a financial assistant
I admire the financial independence of people, But you can live better if you work a little more. After watching this I think there are people out there, on the extreme, who plan to die early just to be able to retire early. To each their own but to me retirement isn't just about not having to work, it's about having the freedom to do whatever you might reasonably want, such as travel, buying things, enjoying life, etc. I don't think I could retire with less than $3m in income generating investments, maybe $2m at the very minimum. I plan to work until I'm at least 45.
Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving
@Bill Is there any chance you could recommend who you work with? I've wanted to make this switch for a very long time now, but I've been very hesitant about. I'll appreciate any recommendation.
3 fuuggin Million? Average retirement in germany is 1300 a month, ok, add 30% living cost for the Us and you still under 2k a month! thats like a 1% payout of your 3 million! People just never reach 3 million to retire, thats why they retire with less!
@@yaykruser Bro, the US does not have universal healthcare and Germany does, that is a massive expense for people here. $1000 a month just for premiums, then you still have to meet a deductible before insurance pays out anything. I could retire much earlier if I didn't need to worry about that.
I retired at age 51, now age 67 and my net worth is $750k. I will always be comfortably retired, I have no debt not even 1 penny. What also makes me feel so secure, comfortable & safe is that after 2 divorces, I am not married and have no children, just 3 loving dogs. Some men say... 'Happy wife = happy life' For me it's... 'Happy life = no wife' A couple of my friends used to say to me... "Don't worry, you'll meet someone" And I always said to them... "How dare you threaten me, I thought we were friends" Ah, the freedom & bliss of single life : )
@@austinbrady4080 I didn't post the story to sell it to anyone, and whether you 'buy' it or not does not matter to me, it's just a factual story. With 35 likes on my story so far, you might be the one with the 'issue'
@@aytcs that's really amazing? Where do you live? I live in NYC and my lifestyle is not lavish at all, but I would die on that budget. Maybe I need to move. hahaha I'm happy that you're happy though.
@@aytcs jeez, dude. Do you live in a box? That's literally poverty wages. Just because I can't live off $20k a year doesn't mean I'm living a "lavish lifestyle". 20k is like minimum wage. Where in the world do you live to be able to afford rent, food, insurance, electricity, water, medical, gas, etc...?
@@aytcs what you're saying isn't too far fetched... I agree, a person can live on $20,000 in certain areas and under the right conditions. Either use a cheap reliable car, bike or public transportation. Own your house outright, or rent instead. Cook at home most of the time (which is also healthier). Pay ur taxes, insurance, etc. It's very doable, but made easier the higher the passive income amount goes. $20,000 is doable. $40,000 or $50,000 better... $80,000 plus comfortable. My wife and I are at about $30,000 passive income now,and are building it up as high as we can before I turn 40. Then, we plan to reassess.
The Money Guy is a good channel for people who have graduated from Ramsey. The Money Guy audience is more sophisticated and would offer analysis and congratulations, rather than gripe that he called to brag.
I was thinking the same thing. Dave is right. But for me, if i had 3MM, I would buy Vanguard index funds that only have a 00.4 - 0.08 expense ratio, ( Next to Nothing ) and and receive a 10-15% average return, without even touching the principle of 3MM. He can easily live like a KING!
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?
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
He is 58. He needs health insurance for the next 7 years. That should have been the first question. Where does his insurance currently come from and where will it come from? He then mentions minor children. How old? That should have been the second question. Providing for those children, especially health insurance, can be costly. Three million is a ton of money for an early retiree and certainly doable but the health care and children must be factored into the equation.
At 62 he can take social security at a 30% reduction from his full retirement age amount. Then his children and wife will also get social security up to the reduced family benefit amount. The wife loses her benefit when the youngest child turns 16. But if she’s 62 she can start her own early retirement if all the kids are over 16. I’m in the same situation and should clear around $50k/yr in social security when I turn 62.
Also, real estate income will not hurt his early benefits, only earned income will reduce your early social security benefits. That’s why I’m looking into rental real estate for supplemental income, and not working a job.
Crazy that the media and the "experts" can get that far into peoples heads that they would think 3 million is not a significant amount of money. 58 years old, lives on 50K per year and 3 million isn't enough? The financial industry needs you to keep working, they do not have your interest at heart.
Even if he kept it as cash it would last 60 years. If you spent $100k per year it would still last 30 years. Insane that he is even questioning it lol.
It's a little simplified yes, because there will be years where your principal does shrink maybe 10-20%. It also doesn't account for inflation. But, etf's and mutual funds are still great long term investments
This is a classic example of static investment advice….in an up market funds return 10% but the market can turn on a dime….getting 7% in the last year was spectacular
1:00 "Good growth stock mutual funds making 11 or 12%" This statement is idiotic. How can all the people involved in this show allow that to happen without questioning it? That's how you instantly lose all credibility to anyone with a brain. It reminds me of when Tyson has made many millions of dollars and no one was telling him "no".
Just because this caller’s net worth is outside the boundaries of what you have personally thought to be necessary in your own life does not mean it is an out of bounds question for Dave.
I was at a retirement seminar and the speaker spoke on how he quit his job after he made well over $950,000 PROFIT within 3months he invested $120,000. I just began investing and i will really appreciate any tips or helpful guide.
HELPFUL TIP It is very easy to make huge profit over a short period of time by investing with the guidance of an expert, i began investing late Sep with JOANNA MALIVA LEE a licensed broker and within 2 months i've made $258,000 from my $75,000 investment.
Investment is that tiny line that separates the rich from the poor. The wise from others. I can proudly say I am wise because I knew when to investment and even in the worst days I can provide for my family through my investments.
@@famousamos1 they'll never run out of money unless he goes crazy spending and judging by his habits and vigilance, that's highly unlikely unless he incurs major medical bills.
The question isn't is it enough. It's is it enough to retire on and live the lifestyle to which you are accustomed. For myself, and I venture to say, for most people, this would be enough for a lifestyle far more luxurious than I have ever enjoyed. Good for him having made wise choices and for asking for advice if he is unsure. Not knocking him. But to many his question comes across as a joke.
Considering he lived off of 60K so far, it should work out. Even at a much more conservative return rate of 3% (adjusted for inflation), he'd be looking at 90K a year. And so far, he's obviously been investing a lot of his salary for retirement, so he lived off of less than 60K. He no longer has to do that. If he doesn't have children that depend on him anymore, that's another huge expense gone. He'd have 50% more than he did so far, with potentially much fewer expenses.
I'm 61 and way more conservative on my investing than Dave recommends. Here's what I tell my financial guys when they tell me I have lazy dollars. At my age inflation is a leaky faucet. Yes it costs me money on a daily basis but it isn't going to bankrupt me if I ignore it. A market correction, on the other hand, is flood waters rising in my house. That can leave me penniless and on the streets. I'm setting up a 4 bucket strategy. Bucket 1 is my 6 month emergency fund in a savings account with a credit union. Bucket 2 is a 36 month CD ladder. Bucket 3 is our actual retirement savings 401K and IRA accounts that have been reallocated over that last couple of years for a modest 4% to 8% return. Bucket 4 is our long term market invested savings.
I respect your conservative approach but isn’t it barely keeping up with inflation? Unless you have several millions in your 401k you could end depleting your assets. Market corrections last less than 140 days on average and break even in less than that. Worst case you could put 12-18 months in a savings account to weather the downmarket without tapping into your positions. And at 61 you can/should still think long term.
@@chiggedycheckyoself It's about the proportionality. Each bucket has a larger share of our savings. I want to be able to weather 4 years of bad returns. You never know when you'll get a President with no clue on managing the economy and a Congress with a majority that wants to spend money we don't have.
Hopefully I’ll have this problem in 34 years. I’m 26 and I got a Roth IRA going and my new job offers a Roth 401(k) in which almost $20,000 of my bonuses will be put in.
Same situation as me. My lifestyle and home only require $23,000 a year to pay my actual living expenses, my after tax income is $50,000 a year. I plan on living off of my portfolio dividends once they achieve $50,000 a year and just getting a little part time job, estimated with a 3% dividend rate im at, looking between 2-4 million dollars at age 62.
@@southrichmondtofl i prefer the 4% rule. and the Dow 30 has averaged 7.7% since inception, not 10-12. 2019 was up over 20%, but 2008 was down over 30%, so it's not a smooth line.
@@douglasbrinkman5937 s&p has averaged 9.8 ish since inception. While I don’t use the 10% number in my own calculations to be conservative, it’s not unreasonable.
@@BabyGators his reliance on 10-12 is overly optimistic. i'd rather live simply, and well, and have money leftover, than be a broke bum in my 70s, when it's too late to earn more to make up for my over spending 20 years prior "but Dave said....", yeah, Dave won't be around to bail you out.
Lol exactly he says "I put 2M in the market, that could well be -20% now versus the start of 2022" Also Dave Ramsey derides CDs and they made 4% in 2022 whereas the "growth fund" market is down 18%....
@@davidvillanueva3771 except Ramsey doesn't "endorse" index funds. He pushes actively managed funds which by in large underperform the indexes and include exponentially higher fees.
This is really a lesson in learning how to spend money you have invested. If you understand why you invest and can see how your money grows over a long period of time, it is very easy to see how you will continue to earn money from your investments and if you remove simply part of your earnings every year you should have no problem living on that. I have been doing this math long before I had any wealth at all.
As a soon-to-be retiree, keeping my 401k on track after a bumpy 2023 is a high goal. I've read about investors generating up to $250k ROI in this present sinking market; any suggestions for increasing my ROI before retirement would be greatly appreciated.
As someone who has managed both commercial and residential properties, I disagree with Dave when he says his residential properties bring him more drama than his retail properties in terms of money coming in. People will always need somewhere to live. Shopping centers, depending on what stores are in there, are more high risk given the current direction shopping has taken IE online shopping. If the center ever loses it’s anchor store, it’s going to be tough to find another one. Apartments > retail centers.
that was my intial thought but you would be surprised about the number of real dumb rich people. A lot are very rich from doing one thing well for 30 years
My net worth is already over $3 million and I still have another 17 years left to work. I would like to retire earlier but I still have a mortgage. I am hoping to double my money over the next 10 years.
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 but now its a different ball game for me because I was lucky to have met "Tamara Diane Hagan", 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 Tamara ?
It would easily be for me...I am pretty frugal and have 0 debt. My basic expenditures are under $1500 a month. At 5% on $3mil that's a gross of $12,500 a month.
I would invest the $3 million in Vanguard's "balanced index fund." It is 60% in the S&P 500 and 40% in the total bond market. I would do the 4% safe withdrawal rate each year.
I think Dave realized pretty quick this dude didn't make $3 million but he inherited it lol. But at least caller was smart enough to call in for advice
Can someone explain why Dave always quotes a 10% withdrawal rate? Has he never heard of sequence of return risk? Those mutual funds do not return 11% EXACTLY per year, that's probably a rolling 10 year average or something. Meaning year one it might go down 15%, year two down 20%, year three up 35% etc. If you take 10%, according to nearly all retirement calculators for 30 years your percent of success is vanishingly small. There's something called the Trinity study which was done by 3 separate universities and they all came up with 4% max as a safe withdrawal rate for 30 years. Dave can't be that ignorant??
@@HangNguyen-ih8rf I am financially literate, though not as literate as many and he definitely is. Dave is MUCH smarter than me with finances but even I know the basics of sequence risk... It's frustrating to hear him give the advice.
The 4 percent rule assumes %60 market investment and %40 bond investment. Dave assumes %100 percent market investment with the ability to ride out a falling market with your emergency fund
When you look up Dunning Kruger there should be a picture of Ramsey. There is no fund that returns 12% after accounting for inflation or accounting for sequence of return risks.
Just about anyone can live on $3m. But surviving isn't the question. You shouldn't retire until you have enough to achieve the goals you have for this period of your life. That's very different than just living. For many people, that would be more than enough money. For others, this would make for a relatively modest retirement and cause them to have to give up on some of their life goals and plans. Retirement is a very personal decision and everyone's situation is different.
Define retirement. For me personally I will never “retire” to me retiring is working as much as I want to. If I make 70 I’ll still be working as much as I want to and can even if it’s only 20 hours a week. I just want it to be a choice.
I work 7 days a week and average about 1-2 hours a day managing my own stock portfolio. I love it, can do it anywhere in the world. BUT I will never go to a job or report to anyone or work with people I don't want to. That is my choice. I will never stop doing it.
Maybe not enough for Ramsey. But $3000000 for me? Im 54 and haven't even come close to a million I made in my entire life time. SO, for the AVERAGE person, $3000000 is PLENTY more than enough
I wouldn't quit working at 58 if you are healthy and like what you do. My dad loved his 2nd career of having his own business and happily worked it until he was about 65 - at which point he just noticed he didn't have the stamina anymore so he let it go. If if I was 58 and had the means to make money I wouldn't walk away from it quite yet. UNLESS of course there is a health issue and you want to make the most of the time you have - then by all means.
my great grandpa had to quit after his job forced him to retire, month later he was dead, him working kept his body in shape and stopped blood clots from forming
Yes, 3 million is plenty. I planned retirement at age 15: Retire by age 50 by investing in real estate. 10 years ago, I made that happen, and it's been wonderful. I got married, lived way beneath my means and invested. We raised 5 kids, and now at age 60, I am 10 years into a great life. PLAN!, and avoid the sheeple herd! That's the key.
Come on Dave. It’s obvious that your mutual funds are either with Bridgewater or another large cap firm who won’t work with the the average person. 12% annually is NOT realistic to most of us. Period. Be honest please.
Stock market at all time highs, and real estate through the roof(residential anyway) I think this guy is wise to keep 1M in cash in these current conditions. Something is gonna give sooner than later without a doubt, and then he can swoop in. This guy doesn't need any help. Buy low and sell high. FOMO will make you broke.
Exactly I live in Nashville where Dave lives and I own 10 rentals which I've had between 20-30 years they have gone up tremendously but buying in 2021 your paying the most rediculously high prices ever! Real Estate here gets bidded up 20% over asking price and stocks are rediculously high because 0 interest rates give a year or 2 when this stuff crashes then buy all you can!
People are facing a tough retirement. and it's even harder for workers to save due to low-paying jobs, inflation, and high rents. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire in.
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.
It's recommended to save at least 20% of your income in a 401k. Sonya Lee Mitchell taught me to estimate how much you should save based on your age and income. I've been with her for years now and her decades of experience in the markets translate to chunks of value in so may ways! She has upscaled my portffolio and even got me reading self help books haha
That's an intriguing outcome. How can I contact your Asset manager?
Google Sonya Lee Mitchell and do your own research. She has portfolio management down to a science
I ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.
Hello, I am due for retirement in two years, I'm a senior citizen but I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $50K per year but nothing to show for it yet.
In this current unstable markets, It is advisable to diversify while retaining 70-80% in secure investments. looking at your budget, you should consider financial advisory.
I think you're better off with majority investment in S&P500 and uprising equities cos they always outperform. Also speaking with an advisor can help with pointers. I've been in contact with one I reached through commentaries here, she has been really helpful.
Hello, thanks for replying. I'm thinking of trying out an advisor, how can one reach a decent advisor like the one you use?
"Rebecca Nassar Dunne" is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Found her webpage, I wrote her an email and scheduled a call. Hopefully she responds. Thank you.
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
Mind if I ask you to recommend this particular coach you using their service?
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.
This comment section is apparently full of bots
Diversification is the secret to optimal performance. This is why I have my interests set on market sectors based on performance and projected growth, such as stock, EV sector, renewable energy, Tech, and Health. Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE
Dealing across multiple asset classes can reduce risk more effectively than putting all of your money into one. If you don't understand finances properly, see a financial consultant.
True. My portfolio was diversified across several markets with the help of a financial planner, and were able to achieve over a million in net profit among high dividend yield equities, ETFs, and bonds. It is vital that you have a variety of exposure, including in firms that are currently generating cash flows.
You seem to know the market better than we do, so that makes great sense. Who is the guide?
“LAURELYN GROSS POHLMEIER ’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just Googled her name and her website came up right away. It looks interesting so far. I sent her an email and i hope she responds soon. Thanks
It gets so infuriating how much misinformation is out there about retirement investing. Thank you for shedding some light on how ridiculous TH-cam finance has become. I've been following the 4% rule thing, I still have $100k outside retirement funds to put in the market.
For near retirees and does who know nothing next to finance it is best you reach out to an advisor before making any decisions.
I learnt this when I got disabled from an accident, I had to reach out to a financial planner who devised a plan for me to live off dividends from my investments. Other than Disability Cheque, I earn enough from home and live comfortably with her help.
I've been getting suggestions to use one, but where and how to find one has been challenging, Can i reach out to the one you use?
Melissa Jean Talingdan is a hot topic among financial elitist in The US. She's gained some reputation for her works during Covid. All the info. you need to set up an appointment is on her web page.
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
As a passive investor, is it wise to buy market tracking index funds and ETFs from companies like Blackrock, Vanguard and State Street, even when they're at all time highs? i want to invest around 600k for retirement
These funds offer diversification, low fees, and long-term growth potential. Given the significant amount you plan to invest, consulting with a financial advisor can provide personalized guidance tailored to your specific situation and retirement goals.
Partnering with a financial advisor has transformed my approach to investing. Their expertise and personalized guidance have not only helped me navigate complex financial markets but also optimized my portfolio to achieve my long-term goals efficiently.
pls how can I reach this expert, I need some investment guidance
Victoria Louisa Saylor is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Wow, her track record looks really good from what I found online.i just filled the form and scheduled for a call. Thanks to you
I have an Investment portfolio that's worth $1million, I don't think that'll be enough for retirement. I need an average risk investment strategy in stocks that'll give me more yield. Is buying stocks now a goods idea?
As they say, time IN the market is better than trying to time the market. I think you should seek advice from a licensed financial advisor. They’ll give you guide on high risk and low risk investment strategies for your portfolio
Working with a financial advisor has been a game-changer for me. They provided invaluable insights and tailored strategies that aligned perfectly with my risk tolerance and financial objectives. With their support, I've seen significant growth in my investments and gained confidence in my financial future.
I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advis0r? I'll be happy to use some help.
*Jennifer Leigh Hickman* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
I'm pleased with the advisr's prompt and knowledgeable assistance. Their professionalism instills confidence. Looking forward to further discussions.
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.
Monica Shawn Marti is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
I began my investment journey at the age of 27, primarily through hard work and dedication. I'm to share that my passive income exceeded $100k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier it is not about achieving quick wealth, but rather ensuring long-term financial prosperity
Investors should exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields
This is superb information,as a noob it gets quite to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
What differentiates the poor from the rich is what both do with the information they get. While the poor doubt almost all the information they find, the rich gets richer by doing things that the poor did not do when they get information. For financial success and investing, always work with a financial advisor who is ready to help you succeed
Risk management should always come first, the reason many traders lose money is not simply due to inexperience or a lack of knowledge of the market, but because of poor risk management
Losses are necessary, as long as they are associated with a technique to help you learn from them
Lately I've been contemplating retirement, uncertain whether my 401(k) and IRA will ensure a secure future. I've also invested $800K in the stock market, experiencing fluctuations without substantial gains.
Using a 401(k) or IRA is a valuable strategy for retirement planning, providing potential savings growth and tax advantages. While the stock market is promising, expert guidance is essential for effective portfolio management.
Exactly my solution too, even though I'm not retired. As a contractor with limited time to analyze investments, I've relied on a fiduciary for the past seven years to manage my portfolio. This strategy has helped me navigate market fluctuations effectively and also increased my porfolio by up to 300%. You might consider a similar approach.
I've got similar problems and I have also considered using an FA but I don't know how to go about it. Please, what are the steps for getting one? Like a really good one.
*Sharon Lynne Hart* is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
Thank you very much for this. I'll send her an email and I hope I'm able to connect with her.
50 now, and everything is paid for. Fortunately, I had a college economics teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. I retired with $4 million, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.
Right alongside you. No debt, early retirement. Children are well-cared for. On 11 acres overlooking the river valley, I'm constructing the house of my dreams. There are many methods to get rich right now, but only real-time professionals are capable of making such high-volume, near-perfect trades.
@@MIchaelGuzman737 That's right, I began investing sometime in 2018 and by the end of 2022, I had earned a profit of over $750,000; This can only be carried out by seasoned institutional investors with ISDA agreement. With no prior investing experience or skill, Instead I merely followed the instructions provided by my investment advisor, proving that you don't have to be an expert investor or put in a lot of effort; all you need is a professional who can mentor and guide you for a fee.
@@sommersalt88 I'm glad I stumbled upon this discussion. If you don't mind, could you tell me the name of this investmėnt advisōr who helps you with your investments and how I can contact them?
Having an advisor is essential for portfolio growth and wealth creation through the stocks market. My advisor is "JIll Marie Carroll" who is easily searchable and has extensive knowledge of the financial markets.
@@sommersalt88 This is useful information; I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
I love Dave’s 12% funds that he never shares lol.
@Justin Madrid He has on several occasions used the average number to calculate CAGR. People who listen to him will underfund their retirement.
Because it doesn't exist.
any S&P 500 etf ...
@@Kold2012 S&P does not have a 12% historical return...
@@JMadrid6 "The average annualized return since its inception in 1928 through Dec. 31, 2021, is 11.82%. The average annualized return since adopting 500 stocks into the index in 1957 through Dec. 31, 2021, is 11.88%"
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 $120k in a savings account that i want to invest in a non-retirement account. Where would you invest this as of now?
Take a vacation, the return on that investment is priceless
I am a 54-year old Burnt-out doctor with $400K in declining investments, planning retirement soon. Seeking best stock strategies for market downturns and hyperinflations
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
Having an investment advisor is the best way to go about the stock market right now. I was going solo, but it wasn't working. I’ve been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.
This is definitely considerable! think you could suggest any professional/advisors I can connect with? I'm in dire need of proper portfolio allocation
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
At a similar age, I was contemplating retirement too. It wasn't the work, my patients (dogs and cats), or their owners that decreased my job satisfaction. Instead, it was all the other issues, like hiring and firing, payroll, staff and staffing, inventory, and everything else that came with owning an animal hospital. I got rid of the two employees who caused most of my problems and felt so good that I looked for others to let go. I elevated my best employee to office manager, and she took care of inventory, scheduling staff, and all the tasks that were robbing me of the pleasure of my working life. Life was good, and work became enjoyable again. I worked another productive and fulfilling decade.
Recently, I've been pondering retirement. I've also invested $800K on S&P 500 so i could secure my financial future. i need an approach to invest in Coin that will align with my risk tolerance and financial goals
While the market is promising, expert guidance is essential for effective portfolio management.
Opting for an inves-tment advisr is currently the optimal approach for navigating the market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 85% since 2022
I'd love to work with the same advisor you invested with. How do i align with the person?
She goes by ‘’Lauren Marie Ehlers'’.... I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her
Probably the most dangerous advice Dave gives is telling people they can safely use a withdrawal rate of 10%. No financial models or studies have ever shown 10% as a safe withdrawal rate over the long term.
@Tyler Gross Haha, yeah it's pure madness to use such a high withdrawal rate. I think 3-4 % is the safe spot.
Depends on their age as well.
Buy rentals
3% really from him, not 10.
That’s if you don’t want to leave any behind. My boss has some money and he’s going to take out 8-10% a year to live comfortably but he doesn’t want to leave a huge windfall for his kid. 🤷🏾♂️
Makes sense
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@Pelham04 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.
@@Bestjudy001 Oh please I’d love that. Thanks!.
@@Pelham04 Clementina Abate Russo is her name.
Lookup with her name on the webpage.
Certainly! I understand that living expenses and taxes can take up a significant portion of one's income in the UK, which can limit how far that income can go. Even 100k doesn't get you very far and the dream of retiring early is starting to seem like a fairy tale. I have roughly $200,000 in 401(k) that I need to grow quickly. Please leave a comment if you can help.
Invest in the financial market. I heard that people make millions if you know the tricks of the trade. Bloomberg and other finance media have been recording cases
@@Aziz__0 It depends on your personal preferences and comfort level. However, one option is to keep things simple and consult an investment-advisor. They can help you determine your risk appetite, avoid common mistakes, and provide a broader perspective on your investment landscape.
@@322dawgg This is exactly how i wish to get my finances coordinated ahead or retirement. Can I get access to your advisor?
@@user-3456rtu Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "NICOLE DESIREE SIMON" is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
@@322dawgg This is useful information; I copied her full name and pasted it into my browser; her website popped up immediately and her qualifications are excellent; thanks for sharing.
Investors take on higher-risk investments or speculate on market outcomes in hopes of achieving higher returns. This approach can lead to fluctuations in their retirement savings, as market conditions can be unpredictable. I've heard of investors making over $400k profit in this current sinking market, and I'm looking for ideas on how to earn similar profits.
Find stocks with market-beating yields and shares that at least keep pace with the market for a long term. For a successful long-term strategy I recommend you seek the guidance a broker or financial advisor.
Very true , I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.
@@ThomasHeintz wow ,that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
Laura Marie Ray is my portfolio-coach, I found her on Bloomberg where she was featured, I looked up her name on the internet. Fortunately I came across her site and reached out to her, you can verify her yourself.
@@ThomasHeintz Thank you for this tip. it was easy to find your investment advisor. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
Thank you for providing such valuable information. It's exactly what I needed to hear. Both my wife and I serve as directors for our farm business, and we also own property along with our small pensions. As I approach the age of 55 and my wife is 52, we have initiated our savings journey towards retirement from the farm. Our aim is to potentially rely on rental income to support our retirement lifestyle. I would greatly appreciate it if you could organize a live session where you discuss strategies for earning passive income online and achieving a comfortable retirement, with a target goal of $1M.
you should consider financial planning.
It isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing.
@@Lemariecooper I completely agree with your perspective. As a newly retired individual at the age of 60, I have accumulated approximately 1.2 million in funds outside of my retirement accounts. I have managed to remain debt-free, and in comparison, the balance in my retirement funds is relatively small when considering my overall portfolio growth over the past three years until the present time. To be honest, the importance of an investment advisor cannot be disregarded; it is crucial. However, it is essential to conduct thorough research in order to find a reputable advisor.
@@Erikkurilla01 That's truly impressive! I would greatly appreciate some information about your financial advisor. I'm currently seeking to make positive changes to my finances this year as well, and it would be beneficial to explore potential options.
@@patrickbrussels4454 I work with a specialist named *STEPHANIE KOPP MEEKS* . I came across her through a CNBC interview where she was featured, and I reached out to her after some time. She has provided valuable insights and guidance on the specific securities that I focus on. If you're interested, you can easily find information about her online for further oversight. Essentially, I closely follow her trading strategy and have not regretted doing so.
I’m currently retired, and considering the current rollercoaster nature of the stock market, I decided to stay on the sideline for awhile, now I’m worried with the numerous bank failures as of late, am I better off reinvesting my savings in the stock market or do I wait?
I have maintained contact with a financial analyst since the inception of my business. In today's dynamic market, the challenge lies in determining the opportune moment to purchase or sell when investing in trending stocks, a task that may seem straightforward but can prove to be quite challenging. With a portfolio that has increased by over $400k in a relatively short span of one year, I have delegated the responsibility of selecting entry and exit orders to my advisor.
@@TomD226 Inspiring! please can you leave the info of your investment adviser here? I’m in dire need for one.
@lowcostfresh2266 My advisor is Laurel Dell Sroufe, 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.
@@TomD226you bots are brutal!
The real road to this man’s wealth was living on 50-60k from 22yo to 58yo.
@@SwAgGaMer4EveR nah wouldn’t you rather be comfortable in your final years and being able to give to the next generation?
@@SwAgGaMer4EveR Who says you need to spill a lot of money to enjoy life?
"What’s the point of living your whole life saving every penny, and then being wealthy when your about to die or have health issues..."
Because you don't want to RUN OUT of money and end up on the STREET when you're old and CAN'T work any more.
@Anthony Harris Social security is no longer intended to cover all of your expenses. The system is a massive Ponzi scheme and is going broke. SS does not cover any medical bills, and Medicare doesn't cover all of the medical bills either. Further, SS payments are calculated based on the amount you've paid in to the system. Many people don't qualify for spit. Reliance on SS to save your bacon is very foolish.
@@SwAgGaMer4EveR How many car leases do you currently have? How many times have your refinanced your mortgage to pull out cash because, you know, FOMO? Oh, and how far behind in retirement savings are you? Enjoy working till you're 80.
@@SwAgGaMer4EveR Who said they "saved every penny"?? No one. And, spending $50-60k a year can be a pretty nice lifestyle, in many parts of the country...including Texas.
One thing I like most about Dave that sets him apart from all the other personal finance gurus is his advice on ignoring the S&P and instead putting everything into the growth stock mutual funds averaging 12% annual returns. These funds don't actually exist or anything, but just the sheer fantasy of it is really cool and fun to think about.
Also, as you get older it is probably not wise to have all your retirement money in an S&P fund.
How can one take advantage of Financial market and potentially grow your retirement savings/net-worth to about $3M over time?
A solid strategy can be a key component of an investor’s portfolio. Well, the bigger the risk, the bigger the reward and such impeccable decisions are better guided by professionals.
That’s impressive, have you always had a financial advisor?
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 résumé
nice
Spend less than you make. Invest in index funds. Don’t touch them until you need the money.
He needs to relax and turn off the cable news.
I genuinely mean it when I express my stress and concern regarding the market crash and high inflation, particularly in relation to my retirement. I have been experiencing losses for quite some time, and while some may argue that crises can present opportunities, I am feeling overwhelmed. However, I understand that investing is a long-term endeavor, and it is crucial to maintain focus on the bigger picture and the long run.....
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
how do I get in touch with this consultant that assist??....
STEPHANIE KOPP MEEKS, that's whom i work with look her up and thank me later.....
Thanks for the info . Found her website and it really impressive
In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.
That's impressive! I could really use the expertise of this manager for me. Who’s the guiding you?
Thanks for the efforts you put in these. I found her and i leave her a message i await a response
Overall, 51% of traders think this year would favor stocks, mutual funds, and other equity-based investments, despite Treasury yields and other safer cash-like investments paying big. I’m looking for opportunities in the market that could fetch me $1m ahead of retirement
That's up noticeably from 41% in the fourth quarter of last year. Again, despite shaky-looking markets, I'll suggest you speak with a market expert before investing
Very true , I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.
my partner’s been considering going the same route, could you share more info please on the advisor that guided you to such impressive gains?
AILEEN GERTRUDE TIPPY’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for this amazing tip. I just looked the name up, wrote her explaining my financial market goals and scheduled a call.
This guy is a crazy person. Is he bad at math?
"I have no debt and 3 million and only spend $60k a year... Can I retire?'
What in the world?
Dude's a troll or an idiot.
If you have $3 million and you are worried whether you can retire or not, you are doing something wrong.
How is this guy smart enough to save $3M yet stupid enough to not know if he can afford to retire? Sometimes I think these calls are just for the person to brag about how rich they are.
Just reassurance for themselves.
Wants some praise from Dave
Bingo.
@@andrewbullman1685 Good point
LOL. Unless it was a spontaneous jackpot type of thing, I would suspect the same rhing
Only 3 million? Start collecting cardboard boxes and claim a nice patch of sidewalk under your favorite bridge.
I generally agree with what Dave is saying. But waving the 10% figure is dangerous. We can't assume 10-12% returns year over year. Sure, the last few years have been great. But that doesn't mean he can spend a couple hundred thousand a year.
Dave’s argument is on average the market gets you 10% returns some years are 3% while others can be 15% but the average over the last couple decades is 10%+
@@tyronebriggs5721 and some years are -35%. On 3 mill lifetime savings that would be over 1 mill loss in one year. It can happen it has happened and it will happen again. Risk Reward. I would keep 2 mill in safe cds or real estate and invest the other mill.
And on average meaning what? Compound returns over 5 years and 25 years as an example vary greatly. Not disagreeing with your comment just adding my 2 cents
@@tyronebriggs5721 Except you have to consider sequence of return risk. A major drop in the stock market just before and after retirement could result in a significant reduction in his savings.
I find a lot of advisors attack Dave’s return rate. I could be wrong but I don’t think Dave’s numbers are inflation adjusted where as a 7% inflation adjusted return isn’t considered too aggressive based on what I have read and is used by a lot of the industry. I don’t think Dave’s numbers are too far out.
Year to date, the S&P is up 17%. That one million to the side has cost him $170,000 in returns if he had just invested in an S&P Index Fund. This is why you need a competent financial advisor, not only for investing, but also for withdrawal strategy.
But if the maker crashed it would have been sad
Up 20% YTD*
@@jaskaranmangat4391 except it didn’t
Because of the trillions Jerome and the Feds have printed.. ** money machine go burrrr
Or you can just invest in index funds like VOO or SPY S&P indexes without the middle man financial advisor…
If you invest $200,545 into the S&P, then assuming a 10% annual rate of return, your child at an early retirement age will be 2 Million plus rich, excluding every other income channeled to this. We need to invest much more. Focus on the company not just the stock price, true words from my F.A James Fletcher Brennan..I made over half a million from ALB and NVDA..I love passive income.
I'm convinced that all of these finance jargon, unnecessary extra steps, and weird math are used to scare away hard-working people from claiming what their companies actually owe them for all of their hard work and for this sole reason I make sure I use an advisor.
My method is to buy quality firms, anticipate to hold them regardless of what happens, pay up but not too much, keep track, sell only when necessary, and be ready to course correct.
When it comes to stocks and investing, most people don't know where to start. Fortunately, great investors of the past and present can provide us with guidance
i love this, we salary earners need multiple income stream because personally i want to be financially freee
Seriously.. I am going to call in one of these days and ask if $50 million with paid off mansions in San Francisco and Lake Como, Italy is enough...
😂😂😂😂😂😂😂
As long as you eat beans and rice
And, when you call in you can ask Dave for permission to purchase an Alfa Romeo
@@Imhere12345 ...and drive a '74 Pinto
Why is Ramsey not recommending the 4% rule? Also don't assume earning 12%. Better to assume 8% to 10% on your investments, on average.
yes 12% is nuts. frankly 10% is nuts. I assume 4% real return (over inflation).
It's the only way he can sell his listeners on putting off investing while wasting years of their lives paying off low interest mortgage debt instead of getting their dollars compounding.
@@aaront936 I agree with you on investing over paying the mortgage, but what you said doesn't make sense. If Dave overstates the returns in the market, that would make his listeners WANT to invest, right? I plan mine on 8% return.
He has a magic stock picker.
Quite honestly 12% return in the bull market is quite low considering considering the S&P is going up 20-30% in the past few years.
I believe the 4% rule is for a 60% / 40 portfolio over approximately 30 years.
As some investors have a higher percentage of stocks, they may go higher than 4%. If someone is going to be retired longer than 30 years or a less risky portfolio they may go for less than 4%.
Ramsey has an analyze the short term mentality and should have asked “how much do you need,” but he never does when it comes to retirement. He seems to think debt free = expense free which is not the case. If you have no debt and a paid off housing with low tax, you should be able to live off of social security. So no risk.
@@Hawking1969 4% is garbage unless you are playing it safe. Getting 7-10% year after year is pretty normal.
“Can I retire on $3 million?” You tell me.
No
@@Imhere12345What kind of spending habits do you have? $3 million is better off than 95% of the population. You really can’t make that last thru retirement?
No, you need at least $100 Million.
@@moneymanfernando1594 I’m sensing sarcasm haha
@@jme92685 yes, of course.
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.....,,,
Retirement is wonderful if you have two essentials - much to live on and much to live for. Invest wisely and get good returns.
The key to making money in stocks is not to get scared out of them. An important key to investing is to remember that stocks are not lottery tickets. Get a financial assistant
@@jamesmaduabuchi6100 I think this is also a great time to invest in private equity and cryto. Can you give a pointer ?
I currently work with Tamara Diane Hagan a financial expert i met in a seminar
I recently watched Tamara Diane Hagan on TV , such a great speaker . but have you made any profit whatsoever working with her ?
@@lucythompson5841 I have been able to make maximum profits off my trade with $40,000 and I have amassed about $190,000 in net profit In 4 weeks
I admire the financial independence of people, But you can live better if you work a little more. After watching this I think there are people out there, on the extreme, who plan to die early just to be able to retire early. To each their own but to me retirement isn't just about not having to work, it's about having the freedom to do whatever you might reasonably want, such as travel, buying things, enjoying life, etc. I don't think I could retire with less than $3m in income generating investments, maybe $2m at the very minimum. I plan to work until I'm at least 45.
Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving
@Bill Is there any chance you could recommend who you work with? I've wanted to make this switch for a very long time now, but I've been very hesitant about. I'll appreciate any recommendation.
@Bill I just checked her out and I have sent her an email. I hope she gets back to me soon.
3 fuuggin Million? Average retirement in germany is 1300 a month, ok, add 30% living cost for the Us and you still under 2k a month!
thats like a 1% payout of your 3 million!
People just never reach 3 million to retire, thats why they retire with less!
@@yaykruser Bro, the US does not have universal healthcare and Germany does, that is a massive expense for people here. $1000 a month just for premiums, then you still have to meet a deductible before insurance pays out anything. I could retire much earlier if I didn't need to worry about that.
I retired at age 51, now age 67 and my net worth is $750k. I will always be comfortably retired, I have no debt not even 1 penny. What also makes me feel so secure, comfortable & safe is that after 2 divorces, I am not married and have no children, just 3 loving dogs. Some men say... 'Happy wife = happy life' For me it's... 'Happy life = no wife' A couple of my friends used to say to me... "Don't worry, you'll meet someone" And I always said to them... "How dare you threaten me, I thought we were friends" Ah, the freedom & bliss of single life : )
Is it really blissful or is it just quiet?
@@JamesSmith-cm7sg Quietly blissful.
Yeah…. Not buying this my guy. Something tells me that the issue isn’t the wife, it’s you.
@@austinbrady4080 I didn't post the story to sell it to anyone, and whether you 'buy' it or not does not matter to me, it's just a factual story. With 35 likes on my story so far, you might be the one with the 'issue'
@@HeRacesTheSun 🤡
4% rule says he can spend $120K per year. A lot less than Dave's $250K. You should not assume that you are going to pull 12% per year.
I can live off 110k a year. Or at least give it a good go! 🤣
That's actually horrible advice on Dave's part. Dave's not used to people who are not in a debt hole.
Why not? Dave assumes 12% growth all the time and has for years.
@@NotQuiteEpic Because Dave is making things up. Six to 7 percent over a 20 year period is more like it.
Don't take Dave's advice about the stock market.
Dave " I'm 58 and have a $3M nest egg. Do I have enough to retire on?" Seriously dude? What planet do they get some of these callers from?
Exactly
It’s a legit concern. He wanted to retire early. He’s a saver and a planner.
@@Lexethan2011 that's like saying " Dave, I'm 7 ft 4 inches tall....am I tall"? Lol
@@SmartMoneyBro Round of applause for you
Even if he were to leave it in the bank and take a $75 k salary for the rest of his life
$3M is a lot of money. Should be plenty to live on if you don’t drain the nest egg which should be invested.
Yeah sounds like this guy is just flexing lol
Not according to Suzie Orman. He should invest a large portion into Tesla stock while it is still on discount.
@@harrychu650 LOL. Ever since Suzie bought her own island she's been a tad out of touch.
Thank god no one is listening to you - it’s definitely not enough given his age and inflation
@@arthrodea they’ve only been living off 60
I could retire on 500,000 buy a small house & just invest and take out 4ish% every year..
Yikes, that's only $20,000. Sounds miserable.
@@aytcs that's really amazing? Where do you live? I live in NYC and my lifestyle is not lavish at all, but I would die on that budget. Maybe I need to move. hahaha I'm happy that you're happy though.
@@aytcs jeez, dude. Do you live in a box? That's literally poverty wages. Just because I can't live off $20k a year doesn't mean I'm living a "lavish lifestyle". 20k is like minimum wage. Where in the world do you live to be able to afford rent, food, insurance, electricity, water, medical, gas, etc...?
@@aytcs where do you live? I wanna do something similar
@@aytcs what you're saying isn't too far fetched... I agree, a person can live on $20,000 in certain areas and under the right conditions.
Either use a cheap reliable car, bike or public transportation. Own your house outright, or rent instead. Cook at home most of the time (which is also healthier). Pay ur taxes, insurance, etc.
It's very doable, but made easier the higher the passive income amount goes. $20,000 is doable. $40,000 or $50,000 better... $80,000 plus comfortable.
My wife and I are at about $30,000 passive income now,and are building it up as high as we can before I turn 40. Then, we plan to reassess.
The Money Guy is a good channel for people who have graduated from Ramsey. The Money Guy audience is more sophisticated and would offer analysis and congratulations, rather than gripe that he called to brag.
Wish i could upvote this 100 times. The money guys are legit
So much good advice on you tube, podcats, ect. Choose Fi, Afford Anything, JL Collins, ect. All much better than Ramsey when it comes to investing.
Disagree
I was thinking the same thing. Dave is right. But for me, if i had 3MM, I would buy Vanguard index funds that only have a 00.4 - 0.08 expense ratio, ( Next to Nothing ) and and receive a 10-15% average return, without even touching the principle of 3MM. He can easily live like a KING!
😂😂😂
10to 15% ,lol
net return after taxes of 1% more like it
@@yaykruserIf you are paying 20% capital gains and 3.8% extra tax, you will be fine.
@@briangasser973 dont forget pre tax and inflation, if you make 10% and inflation is 10% and you pay 25% taxes you actually lose 2.5%.
@@yaykruser Except tax brackets and the standard deduction are also adjusted for inflation.
I could live comfortably in retirement with less than 10% of that (I live a very simple life).
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?
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
how do I get in touch with this consultant that assist?
Jenny Pamogas Canaya, that's whom i work with look her up and thank me later
Thanks for the info . Found her website and it really impressive
He is 58. He needs health insurance for the next 7 years. That should have been the first question. Where does his insurance currently come from and where will it come from? He then mentions minor children. How old? That should have been the second question. Providing for those children, especially health insurance, can be costly. Three million is a ton of money for an early retiree and certainly doable but the health care and children must be factored into the equation.
Totally agree. That is my question. Can't retire until 65 based solely on health insurance
Unless you factor in your health insurance cost. It can still be done.
At 62 he can take social security at a 30% reduction from his full retirement age amount. Then his children and wife will also get social security up to the reduced family benefit amount. The wife loses her benefit when the youngest child turns 16. But if she’s 62 she can start her own early retirement if all the kids are over 16. I’m in the same situation and should clear around $50k/yr in social security when I turn 62.
Also, real estate income will not hurt his early benefits, only earned income will reduce your early social security benefits. That’s why I’m looking into rental real estate for supplemental income, and not working a job.
Ur right. Healthcare will bankrupt him. Healthcare for a family costs $1m a year. How did they not factor this in
Crazy that the media and the "experts" can get that far into peoples heads that they would think 3 million is not a significant amount of money. 58 years old, lives on 50K per year and 3 million isn't enough? The financial industry needs you to keep working, they do not have your interest at heart.
Even if he kept it as cash it would last 60 years. If you spent $100k per year it would still last 30 years. Insane that he is even questioning it lol.
Suze Orman 🤣
@@aytcs Oh yeah I was just illustrating how silly his question was with his expenses!
@@Sean-tn5nv Don't forget inflation. An average of 10% returns annually is less when you consider inflation.
@@Sean-tn5nv Then you get the 800K medical bill for treating your cancer at 62.
I'm still a beginning investor but I feel like Dave's "guaranteed" 12% return growth stock mutual fund estimate is very optimistic
It's a little simplified yes, because there will be years where your principal does shrink maybe 10-20%. It also doesn't account for inflation. But, etf's and mutual funds are still great long term investments
This is a classic example of static investment advice….in an up market funds return 10% but the market can turn on a dime….getting 7% in the last year was spectacular
1:00 "Good growth stock mutual funds making 11 or 12%" This statement is idiotic. How can all the people involved in this show allow that to happen without questioning it? That's how you instantly lose all credibility to anyone with a brain. It reminds me of when Tyson has made many millions of dollars and no one was telling him "no".
Just because this caller’s net worth is outside the boundaries of what you have personally thought to be necessary in your own life does not mean it is an out of bounds question for Dave.
I was at a retirement seminar and the speaker spoke on how he quit his job after he made well over $950,000 PROFIT within 3months he invested $120,000. I just began investing and i will really appreciate any tips or helpful guide.
Just seek professional help from a mentor or a financial adviser.
HELPFUL TIP It is very easy to make huge profit over a short period of time by investing with the guidance of an expert, i began investing late Sep with JOANNA MALIVA LEE a licensed broker and within 2 months i've made $258,000 from my $75,000 investment.
That's wonderful, i've always been told that investing with an expert has it advantage but i have no idea how to find one
Investment is that tiny line that separates the rich from the poor. The wise from others. I can proudly say I am wise because I knew when to investment and even in the worst days I can provide for my family through my investments.
You also know JOANNA MALIVA LEE, I am a living testimony of her good works.
If he continues to live at $60k a year, $3 mil will last 50 years with no growth. I think he's ok.
What about inflation Stephen?
@@sytzee that will obviously shorten the 50 yr window. But he's assuming 0% APR...
@@sytzee with his being 58 years of age, he doesn't have a 50 year remaining life expectancy so he'll still outlive the investment.
Taxes...
@@famousamos1 they'll never run out of money unless he goes crazy spending and judging by his habits and vigilance, that's highly unlikely unless he incurs major medical bills.
First time I have seen Dave mute and then unmute a guest. Anyone else ever seen this?
to ask him his age. again.
Time stamps? 🧐
@@MegaFinalRound 4:24 and 5:13
Stupid call. How can you have made 3 million and not know more about how money works. Jeez
The question isn't is it enough. It's is it enough to retire on and live the lifestyle to which you are accustomed. For myself, and I venture to say, for most people, this would be enough for a lifestyle far more luxurious than I have ever enjoyed. Good for him having made wise choices and for asking for advice if he is unsure. Not knocking him. But to many his question comes across as a joke.
Is $3 mil enough tho? Healthcare expense is insane
his question is a joke...he just doesn't maybe realize it he's so OCD
@@adamwatkins1150 $3 mil. I think its a great question. If you take $50,000 a year , you are just making it
Considering he lived off of 60K so far, it should work out. Even at a much more conservative return rate of 3% (adjusted for inflation), he'd be looking at 90K a year. And so far, he's obviously been investing a lot of his salary for retirement, so he lived off of less than 60K. He no longer has to do that. If he doesn't have children that depend on him anymore, that's another huge expense gone.
He'd have 50% more than he did so far, with potentially much fewer expenses.
I'm 61 and way more conservative on my investing than Dave recommends. Here's what I tell my financial guys when they tell me I have lazy dollars. At my age inflation is a leaky faucet. Yes it costs me money on a daily basis but it isn't going to bankrupt me if I ignore it. A market correction, on the other hand, is flood waters rising in my house. That can leave me penniless and on the streets. I'm setting up a 4 bucket strategy. Bucket 1 is my 6 month emergency fund in a savings account with a credit union. Bucket 2 is a 36 month CD ladder. Bucket 3 is our actual retirement savings 401K and IRA accounts that have been reallocated over that last couple of years for a modest 4% to 8% return. Bucket 4 is our long term market invested savings.
Sounds like a great strategy. Thank you for sharing sir.
I respect your conservative approach but isn’t it barely keeping up with inflation? Unless you have several millions in your 401k you could end depleting your assets.
Market corrections last less than 140 days on average and break even in less than that. Worst case you could put 12-18 months in a savings account to weather the downmarket without tapping into your positions. And at 61 you can/should still think long term.
@@chiggedycheckyoself It's about the proportionality. Each bucket has a larger share of our savings. I want to be able to weather 4 years of bad returns. You never know when you'll get a President with no clue on managing the economy and a Congress with a majority that wants to spend money we don't have.
@@ozarked2363 thanks for clarifying. Your scenario describes the situation we already have/had with our current and previous president and congress.
Great advise, better than Dave!
dave ramsey: “a safe withdrawal rate in retirement is 10%” 😂
This guy just called up to boast 🤣🤣. Been living on 60k for years and now worrying if he can retire on $3m.
Exactly....thats like saying "Dave, I'm 98 years old, am I old?" Like dude, stop it already. You have $3M.... 🙄
Obviously doesn’t need advice from Dave or anyone else.
He’s worried about the upcoming college and weddings. You can’t pay for all of that on $60,000 a year.
@@johnmartin4641 He can certainly pay for college and weddings with a $3M nest egg. Give me a break.
@@SmartMoneyBro of course he can. But that’s not what I was referring to. I was referring to the $60,000 a year.
Hopefully I’ll have this problem in 34 years. I’m 26 and I got a Roth IRA going and my new job offers a Roth 401(k) in which almost $20,000 of my bonuses will be put in.
Same situation as me. My lifestyle and home only require $23,000 a year to pay my actual living expenses, my after tax income is $50,000 a year. I plan on living off of my portfolio dividends once they achieve $50,000 a year and just getting a little part time job, estimated with a 3% dividend rate im at, looking between 2-4 million dollars at age 62.
Don’t assume 10-12 percent a year. Assume 6-8.
SALUTE👍👍👍
6 is still 180k a year while never touching or depleting the principle!
@@southrichmondtofl i prefer the 4% rule. and the Dow 30 has averaged 7.7% since inception, not 10-12. 2019 was up over 20%, but 2008 was down over 30%, so it's not a smooth line.
@@douglasbrinkman5937 s&p has averaged 9.8 ish since inception. While I don’t use the 10% number in my own calculations to be conservative, it’s not unreasonable.
@@BabyGators his reliance on 10-12 is overly optimistic. i'd rather live simply, and well, and have money leftover, than be a broke bum in my 70s, when it's too late to earn more to make up for my over spending 20 years prior "but Dave said....", yeah, Dave won't be around to bail you out.
Boy that 10-12% really changed a year later. Wish he could come back and tell us current status.
My funds grew significantly since beginning of 2020….. 2022 changed that.
Lol exactly he says "I put 2M in the market, that could well be -20% now versus the start of 2022" Also Dave Ramsey derides CDs and they made 4% in 2022 whereas the "growth fund" market is down 18%....
Ramsey loves telling people 10-12%. The vast majority of financial advisors don't even make 9%.
@@davidvillanueva3771 and what is your source
@@davidvillanueva3771 except Ramsey doesn't "endorse" index funds. He pushes actively managed funds which by in large underperform the indexes and include exponentially higher fees.
@Austin Duke VTSAX over 14% the past 10 years
5% if you are lucky. 15%-20% gone if you get stuck in the market correction 🤑🇺🇸
@@aatkinso Sometimes I wonder if he gets a kick back from the active managers.
This is really a lesson in learning how to spend money you have invested. If you understand why you invest and can see how your money grows over a long period of time, it is very easy to see how you will continue to earn money from your investments and if you remove simply part of your earnings every year you should have no problem living on that. I have been doing this math long before I had any wealth at all.
One interesting thought, If the guy doesn't invest his money at all, and lives until he is 98. He could spend 100 thousand a year, and be fine.
do you mean 88?
If you couldn’t retire on $3 million your living way beyond your means.
Just reading the title and not watching the video... Yes, $3MM is enough.
As a soon-to-be retiree, keeping my 401k on track after a bumpy 2023 is a high goal. I've read about investors generating up to $250k ROI in this present sinking market; any suggestions for increasing my ROI before retirement would be greatly appreciated.
Impressive can you share more info?
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.
Imagine having saved three million dollars and being worried. I swear people call in just to flex on their financial situation.
As someone who has managed both commercial and residential properties, I disagree with Dave when he says his residential properties bring him more drama than his retail properties in terms of money coming in. People will always need somewhere to live. Shopping centers, depending on what stores are in there, are more high risk given the current direction shopping has taken IE online shopping. If the center ever loses it’s anchor store, it’s going to be tough to find another one. Apartments > retail centers.
I'm 36 yo.
Debt free. 2 houses paid off.
Have 700k on all accouts. Hope to achieve 3 millions to my 50.
Thanks, Dave!
That wasn't a question. That was humblebrag.
that was my intial thought but you would be surprised about the number of real dumb rich people. A lot are very rich from doing one thing well for 30 years
My net worth is already over $3 million and I still have another 17 years left to work. I would like to retire earlier but I still have a mortgage. I am hoping to double my money over the next 10 years.
There might be an economical turmoil but there is no doubt that this is still the best time to invest.
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 but now its a different ball game for me because I was lucky to have met "Tamara Diane Hagan", 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 Tamara ?
search her name on the internet to reach her
thanks for the info . Found her website and it really impressive
@ Cooltura Financiera use index funds.
What are these funds ? Please advise
It would easily be for me...I am pretty frugal and have 0 debt. My basic expenditures are under $1500 a month. At 5% on $3mil that's a gross of $12,500 a month.
My interest income is 845,000 per year I drive an 85 Toyota Celica with no paint. Can I retire?
I would invest the $3 million in Vanguard's "balanced index fund." It is 60% in the S&P 500 and 40% in the total bond market. I would do the 4% safe withdrawal rate each year.
The moment you invest into bonds, you are losing 50% of your investment capital.
@@davidvillanueva3771 i hope you know what interest 10 yr bonds are paying and what the current Us dollar inflation rate is….
This guy won’t let anyone finish a sentence
Safe Withdrawal rate is usually recommended at 4%, and returns average 7-9% on the funds
I think Dave realized pretty quick this dude didn't make $3 million but he inherited it lol. But at least caller was smart enough to call in for advice
Can someone explain why Dave always quotes a 10% withdrawal rate? Has he never heard of sequence of return risk?
Those mutual funds do not return 11% EXACTLY per year, that's probably a rolling 10 year average or something. Meaning year one it might go down 15%, year two down 20%, year three up 35% etc. If you take 10%, according to nearly all retirement calculators for 30 years your percent of success is vanishingly small.
There's something called the Trinity study which was done by 3 separate universities and they all came up with 4% max as a safe withdrawal rate for 30 years. Dave can't be that ignorant??
I’m not financially literate but my sixth sense tell me Dave was talking nonsense about withdrawing consecutively 10-12% every year.
@@HangNguyen-ih8rf I am financially literate, though not as literate as many and he definitely is. Dave is MUCH smarter than me with finances but even I know the basics of sequence risk... It's frustrating to hear him give the advice.
The 4 percent rule assumes %60 market investment and %40 bond investment. Dave assumes %100 percent market investment with the ability to ride out a falling market with your emergency fund
@@aytcs I agree with your 18 to 24 month assessment.
yep, 10% is good advice for those who want to run out of money. Just run any 1 out of the 100's of monte carlo simulations on the internet.
When you look up Dunning Kruger there should be a picture of Ramsey. There is no fund that returns 12% after accounting for inflation or accounting for sequence of return risks.
If you can’t live on 3 million you got a problem
Just about anyone can live on $3m. But surviving isn't the question. You shouldn't retire until you have enough to achieve the goals you have for this period of your life. That's very different than just living. For many people, that would be more than enough money. For others, this would make for a relatively modest retirement and cause them to have to give up on some of their life goals and plans. Retirement is a very personal decision and everyone's situation is different.
I was surprised to hear that Dave would invest in growth stocks in retirement. 10% average annual return, not 10% per year.
Define retirement. For me personally I will never “retire” to me retiring is working as much as I want to. If I make 70 I’ll still be working as much as I want to and can even if it’s only 20 hours a week. I just want it to be a choice.
I work 7 days a week and average about 1-2 hours a day managing my own stock portfolio. I love it, can do it anywhere in the world. BUT I will never go to a job or report to anyone or work with people I don't want to. That is my choice. I will never stop doing it.
Maybe not enough for Ramsey. But $3000000 for me? Im 54 and haven't even come close to a million I made in my entire life time. SO, for the AVERAGE person, $3000000 is PLENTY more than enough
$3,000,000 OMG
Ive got it down to just needing $800/mo over social security, as i lay out in my pool and visiting DisneyWorld when ever i want.
That is more realistic for most people.
I wouldn't quit working at 58 if you are healthy and like what you do. My dad loved his 2nd career of having his own business and happily worked it until he was about 65 - at which point he just noticed he didn't have the stamina anymore so he let it go. If if I was 58 and had the means to make money I wouldn't walk away from it quite yet. UNLESS of course there is a health issue and you want to make the most of the time you have - then by all means.
my great grandpa had to quit after his job forced him to retire, month later he was dead, him working kept his body in shape and stopped blood clots from forming
@@FedkaSlovanich I know a lot of paramedics - that happens a ton - people retire then die. Life has to have a purpose - even post retirement.
I think 3 million can last about 25-30 years depending on spending habits.
that's if you don't invest a dime. which isnt smart
Yes, 3 million is plenty.
I planned retirement at age 15: Retire by age 50 by investing in real estate.
10 years ago, I made that happen, and it's been wonderful. I got married, lived way beneath my means and invested. We raised 5 kids, and now at age 60, I am 10 years into a great life.
PLAN!, and avoid the sheeple herd! That's the key.
You are in a great position. Good job!
Come on Dave. It’s obvious that your mutual funds are either with Bridgewater or another large cap firm who won’t work with the the average person. 12% annually is NOT realistic to most of us. Period. Be honest please.
Man if 3 Mil is not enough to retire on then 99.9% of us are in trouble.
Stock market at all time highs, and real estate through the roof(residential anyway) I think this guy is wise to keep 1M in cash in these current conditions. Something is gonna give sooner than later without a doubt, and then he can swoop in. This guy doesn't need any help. Buy low and sell high. FOMO will make you broke.
Exactly I live in Nashville where Dave lives and I own 10 rentals which I've had between 20-30 years they have gone up tremendously but buying in 2021 your paying the most rediculously high prices ever! Real Estate here gets bidded up 20% over asking price and stocks are rediculously high because 0 interest rates give a year or 2 when this stuff crashes then buy all you can!
I agree this guy is smart to keep some cash on the side. Market at all time highs, real estate at all time highs. It's going to pop or correct soon.
2 years later.... eating your words?
@@djlowtek nope. not if he put money to work a year ago.