I retired at age 53, so I am in my early 60s. Many of them resisted me because they couldn't understand the idea of not working if it wasn't necessary. I considered the phases of my life. I worked very hard to achieve what I have now, but in my last years, I owe it to myself to "stop and smell the roses." In my instance, I departed the nation after retiring and currently reside in Latin America. It made it possible for me to appreciate my new surroundings while escaping all the bad things that were going on in America. Nobody that I know of regrets retiring has yet to come to me.
Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement fund has grown way more than it would have with just the 401(k). Haha
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation
I definitely share your sentiment about these firms. Finding financial advisors like Joseph Nick Cahill who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
My CFA ’Melissa Terri Swayne’ , 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.
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
I’m 77 and still working full time. I do enjoy my work, it provides me with purpose and has secured my financial future. Most people are too eager to retire as early as possible. Even if you do retire early, best to get a part time job for the reasons cited above, as well as following many if not all of the suggestions in this video.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Rebecca Nassar Dunne turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
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
You guys look like you know what you are doing. Please l'm plan on retiring next year with $800K. Any advice on how to implement your strategies to maximize it on retirement ?
I have been advised on that. Finding one who understands what I want and can work with me to achieve it is essential, although I'm yet to find one. Any recommendations, please?
I'm surprised that you just mentioned and recommended Eric, I met him at a conference in 2018 and we have been working together ever since. Best financial decision of my life
I am 62, approaching retirement, with over a million in assets beyond my retirement funds, thanks in large part to my expert financial advisor's guide. His expertise has substantially boosted my portfolio's value and performance. If you're seeking similar success, consider speaking with a fiduciary advisor. I am with *Eric Paul Elmer *, a CFA. Check online if he meets your requirements
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
Certain Ai companies are rumoured to be overvalued and might cause a market correction, I’d suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I.
Izella Annette Anderson, 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.
A Financial Planner told me Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. How can one take advantage of compound interest and potentially grow your retirement savings/net-worth to about $3M over time?
I stopped listening and taking financial advise from these TH-camrs, because at the end of the day, I end up with a bunch of confusing stocks without knowing when to take profit, In reality, all I needed was professional advice.
How do I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
As encouragement for youngsters. I started late to get serious about my future. After a first marriage where my ex spent 10% more than I earned every year. I put blinders on to it. I married again, this time to a person who had the same goals as I. We stayed focused, lived below our means, found savings where we could like growing a huge garden and preserving the food, worked nights and weekends on small homes we built on the side with our labor, bought and sold small items because the return percentage wise was much larger that 10% which supposedly is real good etc. My message, marry smart, stay committed, find humility be happy for the Joneses, don’t be like them. Result: we retired at 60 and have income that exceeds the average working household’s yearly intake. Dave Ramsey approach is solid. We support his message.
As we witness the current economic landscape, it's becoming increasingly clear that we're entering a recession. Diversification can mitigate risk and increase the chance of success.
For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.
Keep it simple, buy things you understand, take some risk but don't try to shoot the lights out. I currently have 75% SCHD and 25% ROTH IRA. Brokerage account is 40% VOO, 35% SCHD, 25% XLK. Combine balance ~$3.3m Less than 3 years until retirement.... I have about 400k in cash. My portfolio has yielded far more than I expected for my retirement. Kudos to my advisor.
Yes.. but you have to balance retirement vs. enjoying life when you can. Don't want to cut back during the best years of your life waiting to travel when you retire, only to either drop dead at 66 or struggle to move around due to other issues.
@@too-da-loo I agree there should be a balance. Unfortunately many people dont save for their future. Then when retirement comes around they are living off what Social Security pays.
D T I known and met a lot of people that enjoyed life but on borrowed money and spending every cent they make on things like credit card vacations, including trading houses,spouses, and cars for 30 years.....those best years. They had their fun I guess. The problem now is they are over 50 and still alive unfortunately. Those best years forgotten and if not many regrets.
@sage With my career the majority of our customer base ages between 60 and 70. Many of them rely on Social Security for their income in retirement. Yes you can over save, but their are a small percentage that fit into that category.
@sage , I lived in a 55+ community, in my condo block of 24 units, 5 has a mortgage at 65 years old still working, 1 renting, 4 inherited condos, 4 social security, and the rest 2nd home owners.
I’ve watched hundreds of Dave Ramsey‘s videos and I got to say that this is probably the best explanation for how to retire a millionaire that he’s ever said 👍
Retirement is no longer simply a time to enjoy life. For the middle class, it often means finding ways to make ends meet, possibly through investing in stocks. But when is the right time to invest? Some argue it can be highly profitable, while others caution against the risks. What do you recommend?
It appears there could be potential, but it's important to proceed with caution. I recommend consulting a financial advisor who can guide you on the best entry and exit strategies.
Having an investment advisor is the best way to go about the stock market right now. I used to depend on TH-cam videos 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.
@2:39, planning for an 7-8% draw from your principal in retirement is completely misguided. Look up monte carlo simulators and plug in the numbers, save is 4% draw down. That means even if you make 10% in a year, you only take 4%, because another year you will be down, so if you took the 8% the year before, you are way over budget
After our financial advisor told us we had enough to retire on, I retired. Then upon reaching social security age for my husband and myself they sent us a list of other assets from previous employers we didn't know existed. That amount was equal to 40% of what we knew we had. Our financial advisor as well as ourselves were delighted with the news.
It depends on how you live through your retirement. Some people have been able to live off $500k retiring at 45 yrs old. Some only had $300k at 70 and have been able to live off their social security checks. While others gave trouble living with $10k per month! The amount is different for every individual.
500k but you'll be in a 37% tax bracket. And if you don't spend it and your kids get it in their highest earning years, they have to withdraw every penny in 10 years. Blowing up their finances.
yes, that avoids reality... burn rate... I've done at least 300 financial plans with people... about 1% clearly know what they spend and waste money on
@@chadd587500k cash would be sitting in your bank account already taxed from pay checks... not 37% youd be making 4-6% a year off the 500k sitting thats not gona be taxed very hard lol
@@chadd587 $2080.00 -145$ 7% taxed and you still have the 500k cash in bank, but earning 5% ayear with a paid for house this is absolutely a good retirement .... not every one lives in a 700k suburb house and burns 10k a month on lifestyle .. rediculous were talking about simple working class people.
So different than 20 years ago, when you were supposed to be out of the stock market by age 60 & making money on interest. Now, the stock market is your golden goose.
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
I used to work at a nursing home. Rich and poor people stayed in the same exact room and attended by the same nurse 🤷♂️ with that being said enjoy your hard earned money if not someone else will.
I use to work at a nursing home as well. I'd say the nursing home I worked at were the middle income. There are rich people nursing homes as well which were much nicer!
Retirement could be no joy if you didn't save enough before retiring.I retired at 56 and have saved $ 1.11 million over the years of my investment. and I'm grateful to God that at least I retired in good health
I think the people that should be worried are those of us who may be retiring with way less than a million because we started late. I have only 350k in my Roth and I'm 53. Is there a way I could grow it fast?
I was in this same position a couple years ago. I was always anxious. I decided to start working with a financial advisor, and I started making a lot of monthly dividends that my anxiety disappeared.
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.
That's really great. I've tried doing some research myself to hire a financial advisor, but it's really overwhelming. Could you recommend who you work with please?
*Sharon Lynne Hart* is the licensed advisor I use. Just research her name on the internet. You’ll find necessary details to work with her to set up an appointment.
*Sharon Lynne Hart* has always been on the top of my list. She is regarded as a genius in her area and she is well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Simplest rule of thumb, when you have twenty times your forecast annual expenses saved. That allows you to pull out a pretty safe 5% per annum without touching the capital. So if you are a minimalist spend thrift who can live on 20K then you need ~$400,000 saved, if you want to match the average annual income of $60k then you need a $1.2 million dollar nest egg and if you want to live it up on $200k/year then you'll need to put away ~$4 million for retirement. Of course that's not your net worth, its nest egg invested in income and capital growth assets.
I totally agree! And the moment someone asks how much do I need, the next question should be well how much do you need to live on? Sound pretty elementary but they conveniently leave that out and try to make it all complicated. It isn't that complicated.
Add up your current expenses while working and then subtract the additional cost of driving to work, lunches and clothing to estimate what you will need to retire. If you are near retirement this is easier to do. We do not have 500k and we have enough sources of income from social security and pension to make ends meet.
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.
@@Ez_Ukulele Ouch on the 'frame of mind' comment. Food deserts, stress, damp living conditions, child poverty...the endless list of actual health inequalities is not 'in the mind'. Yes rich people can be ill but low income is statistically linked to poor health outcomes. Sorry for long ans but this is close to my heart. Anyway here's to Health and Wealth!!!
As a soon retiree, keeping my 401k on course is my top priority. I have been reading of investors making up to 250k ROI in this current crashing market, any recommendations to scale up my ROI before retirement will be highly appreciated.
The current market might give opportunities to maximize profit within the short term but to execute such a strategy, you must be a skilled practitioner or be working with one.
@@NebiheVergara The issue is people have the "I want to do it myself mentality" but are not equipped enough for a crash and, hence get burnt. Ideally, advisors are reps for investing jobs, and at the first-hand encounter, my portfolio has yielded over 300% since 2020 just after the pandemic to date.
@@TimothysScotts I'm actually interested in investing through an analyst. It sounds like the most sensible thing to do in the market. Could you please give me a pointer about who you work with?
@@WaldronsSousas The beauty of MARGARET MOLLI ALVEY approach is her dual focus: while aggressively pursuing profit opportunities, she's equally tenacious about shielding investors from potential pitfalls. It's a balance few can achieve.
>When you read articles about financial freedom, you may hear people drone on and on about how they are spending practically nothing so they can retire at a younger age, like 30. Conversely, they may have already achieved financial freedom and are bragging about how frugal they were so they could retire well before the typical retirement age.
Planning for retirement, or even financial freedom, is a marathon and not a sprint, as the saying goes. Breaking up your financial independence goals into small chunks can help keep you on track while making the process a bit more manageable and, hopefully, a little less stressful. Even if you are starting small, the important thing is to get started. Investment creates a safe haven for the future, Everyone needs it so you don't go bankrupt when you stop working
Would be nice if 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.
I really don't do recommendations, I only invest make my profit and mind my business but i would do it for one reason and that's for the betterment of everyone.
Just max out 401k and Roth IRA. Don’t be like millions of Americans with pitiful retirement savings for their age. Live below your means at any income level.
The markets are looking favorable, after so much deliberation with my wife, I feel this is a good time to invest a lump sum of $700k ahead of retirement. What stock should I Look into to safely grow my money?
I do not disagree, there are strategies that could be put in place for solid gains regardless of economy or market condition, but such execution are usually carried out by investment experts or advisors with experience since the 08' crash.
True. Having the right financial planner is invaluable. My portfolio is well-matched for every season of the market and recently hit 90% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, though this could take till Q3 2024.
based on my current yearly expenses I would need at a minimum $1 million to retire comfortably... my parents retired in their early 60's with only 700k and travelled the world, went on cruises, and built a big house in florida... now they only have 100k left and aren't even 70 yet
Exactly. Instead of burning this money they should use it to generate incomes...(mutual funds for ex but not only. all depends on the people's risk adversity rate)
@@acruzro95 Aha, they shot, plucked, fried, and devoured their goose. And at $700k at retirement it sounds like only one of them was working. Good thing they have a nice house in Florida but I think the commenter will be fronting their parents' lifestyle when they go broke in a few years and/or one of them will have to get back to work
I did the RIQ and honestly felt it to be a little under on questions. Like it told me to pick one, travel, or relaxation, or giving. Etc. but I want to relax and travel 2 or 3 times a year. Not every month. So it’s a little hard to make that adjustment but it is a good tool to start out with.
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
@@Lourd-Bab 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.
Agreed. You can only make that much interest if you're in riskier investments. By that age you want more of a safe fixed income through bonds. 4% is a much safer number to avoid ever running out of money.
@Austin Duke I don't know but heck, even the good ol S&P will get you at least 8% usually. Dave doesn't even pick his mutual funds, he has a mutual fund guy pick from the 4 big categories. Nothing's stopping anyone else from doing the same
@@JoeGarofaloII I wouldn't have wanted to live off of interest of the S&P or a mutual fund during 2020. Odds are too great of one bad year destroying all of your savings. That's fine when you are investing since you have time to wait for recovery, but not when you need the money to live.
@@jacobg8640 If you have millions in your investments and you're living off a couple hundred a year and the market takes a dip for a few months, you're not gonna die
Planning on using the 4% rule principles but taking it more conservatively to the 3.3-3.5% rule. It is more conservative than what Dave specifies here because he’s talking about spending the entirety of the annual return.
Most people don't realize it, but the secret to a comfortable retirement is earning returns while your money works for you. My dad started saving late but made over $10k monthly in passive investment returns.
Not really. Approximately four years before to my dad's retirement, our family was introduced to a financial advisor. That was the catalyst for the transformation. I believe my retirement income would be on the right track because I've been using the same advisor.
Amber Michelle Smith has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Thank you for sharing, I must say she appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled
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
@@Kendrawebb-m2f However, if you do not have access to a professional like Suzanne Gladys Xander, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.
I used to think that until I started to get educated on social security, RMD, taxes and Medicare. Dave Ramsey doesn’t talk about these topics. The more money you earn in retirement the more your tax consequences change. If you stay in a certain tax bracket (12%) the government barely taxes you but if you earn more your funds take a hit. Ramsey is good for beginner level topics but seek out the nitty gritty of retirement elsewhere. “Heritage Wealth Planning” channel on TH-cam is good.
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@@Mitzi73 true. That's why I didn't fall for hte "climb the corporate ladder" trick; yeah you earn more but you're also taxed more and you have more responsibilities
The rich are money minded. That is one thing I learnt from the start. I have always wanted to build wealth. I have set out $167k that I had been saving since 2020, and I want to put it in the stock market so I can grow my wealth. Any recommendations?
It is really good that you do. I know a lot of people who have made a lot from the stock market. But you need to spend a lot of time studying the market if you want to be a pro, or you use a stock broker who really knows what they are doing.
For real, people underestimate how much they can rake in from the stock market. Started with $87k just before the pandemic hit. Many people's portfolios tanked, but I rode through with my financial advisor, and even made more than $150k within just five months of starting, and it's been an awesome ride since then.
@@CynthiaByrd648 This is something I've heard of severally, but I just don't know how to find an advisor. If you'll be kind enough, can I ask who your financial advisor is?
The thing is that I really don't like making such recommendations. But there are many independent financial advisors you could check out. I have been working with ''Jill Marie Carroll'' for about three years now, and she's made decent returns. If she meets your discretion, then you could go ahead.
Stock market gives on average 7% annual return. So that is your yearly spending. Check how much expenses you have in a year and out of it you will get how big the goose needs to be. If you want to be on safe side, leave 3% towards inflation. That gets 4% of the goose growth than can be considered as your expenses.
I’ve done what he’s said and have no where near 8 million. Granted, I’m only 52, but in next 18 years, I’ll still have no where near 8 million dollars. He needs to live in reality.
My husband has a hard time enjoying life because he worries to much about if we have enough to live on when he retires. We have zero debt. All we talk about is ssi, health insurance and investments. I'm happy we're going to be okay in retirement but when do we get to enjoy life instead of worrying about life?
I assume you don't work from the statement "when *he* retires". I'd say be grateful you have a partner that is considerate enough to be thinking of ways for you both to be comfortable later in life. If his lack of life enjoyment worries you, then perhaps you should get a job to lessen his burden of caring for the both of you.
You can retire when you can sustain all your bills plus some with just interest off your retirement. Goal is to live off the interest of your retirements.
The amount most financial advisers recommend you pull out is anywhere from 3.5% to 5% depending on your age. I've never seen anyone financial advisor suggest 8-10% withdrawals less you deplete your principle and you don't leave any room to account for inflation.
@@BadMannerKorea I make lot more than that off mine, but I keep most in aggressive and growth. You are of the mindset that you pull off every month or quarter and you should have a cash buffer of 2 to 3+ years so you only take off on market upswings and gains. And those gains have been tremendous over the past 10 years and allow you to backfeed your cash for another 3 to 4 years or more... :)
Bob You will most likely dip into your principle over the years if you continue to withdraw that much. The Trinity study goes over this. And also high wealth accounts that are managed by brokerages like Morgan Stanley also suggest a 3.5-4.5% rate. The reason it is 4% is due to inflation, the years in which you will be withdrawing, and market fluctuations.
@@BadMannerKorea I understand where you are coming from and the conventional wisdom on this, but we choose to do differently than the "status quo". I will not need to pull money off the accounts for long periods of time. With 4 + years of household expenses in cash, We will withdraw only when there are gains and backfeed the cash accounts during those nice little upticks in the markets, which as of now and certainly in the future as those portfolios grow to new heights, will be even more gains than what I have been seeing. Our yearly household expenses in retirement will be around 37,000 without trips. 47 to 50 with multiple cruises or international trips. So in any given quarter or year when gains will be 200K, 300K. Pull 100K or 150K off, Voila. 2 to 3 years more living expenses in cash. Also, when we get to claim SS and most likely a bit early, it will be icing on the cake !! Pocket change for anything we want to do and will cover about 70% of our household expenses ( minus the big trips ) . That will then mean we need to pull even less of the gains when we do. People who try to live off the 4 or 5 % return yearly without any cash to cover the downturns just seems like flawed thinking to me. I have been running this scenario side by side with our current budget and tracking the investments monthly over 20 years to "mock Play" what that would be like in retirement and at some point in our mid 60s or so, I will not be able to spend all the money we will me making. I mean, We can and probably will want to start and pull down on some principle in the larger accounts before getting to the 72 RMDs because then, we will be forced to pull out way more than we need and pay the extra taxes, etc.
Awesome. Im 35 I want to retire at 55. I started at 34 saving 20% of $100k salary.401k maxed and roth maxed and personal brokerage. Good to hear I will have more than enough.
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......,
Stupid question. What format do you leave “the goose” in as an inheritance? Like how do you actually pass it down and what can the beneficiary do with it?
What if you have a hubby who doesn’t want to save because we will have 3 pensions to live on in retirement? One is military that will be 2,000. The other two will be almost 4,000 combined. We have no debt and 100,000 in the bank. About 7 years from retirement, but will be drawing the military pension in a year.
Do like I did....walk in and say to yourself....”self, I’m done” and turn right around and walkout, going to the liquor store at 9:00AM like I did is completely optional and totally up to you!
My wife and I are 29. We’ve got over $130k in our Roth IRA’s plus I’m giving to a Roth 457. I’m also going to get a pension at 54 covering 60% of my top three years of pay. Really hoping for a great retirement!
"And he spake a parable unto them, saying, The ground of a certain rich man brought forth plentifully: And he thought within himself, saying, What shall I do, because I have no room where to bestow my fruits? And he said, This will I do: I will pull down my barns, and build greater; and there will I bestow all my fruits and my goods. And I will say to my soul, Soul, thou hast much goods laid up for many years; take thine ease, eat, drink, and be merry. But God said unto him, Thou fool, this night thy soul shall be required of thee: then whose shall those things be, which thou hast provided? So is he that layeth up treasure for himself, and is not rich toward God. And he said unto his disciples, Therefore I say unto you, Take no thought for your life, what ye shall eat; neither for the body, what ye shall put on. The life is more than meat, and the body is more than raiment. Consider the ravens: for they neither sow nor reap; which neither have storehouse nor barn; and God feedeth them: how much more are ye better than the fowls? And which of you with taking thought can add to his stature one cubit? If ye then be not able to do that thing which is least, why take ye thought for the rest? Consider the lilies how they grow: they toil not, they spin not; and yet I say unto you, that Solomon in all his glory was not arrayed like one of these. If then God so clothe the grass, which is today in the field, and tomorrow is cast into the oven; how much more will he clothe you, O ye of little faith? And seek not ye what ye shall eat, or what ye shall drink, neither be ye of doubtful mind. For all these things do the nations of the world seek after: and your Father knoweth that ye have need of these things. But rather seek ye the kingdom of God; and all these things shall be added unto you. " - Luke 12:16-31 KJV
Simply put, enough money for retirement is enough to withdraw earnings to support your current life style without touching the principle. This is true for everyone. If you decide to dilute the principle, then the 2 - 4% rule would apply over a 30 - 40 year period.
you know you can retire more than comfortably when your investments at SPY is generating more than your salary just from 3.5% off interest. If you are in 30s and 40s, 3.5% is tried and proven absolute safety line without touching your principal ever and still grow inflation adjusted 3.5%. Also, biggest deciding factor is kids and partner who doesn't work. No kids= faster retirement . If your partner works as well = faster retirement. If not= slower retirement . SImple as that
Medicare covers 80% of major expenses. Even if you had a half million dollar medical bill, you would only pay $100k out of pocket. That's easily affordable if you have $3M.
@@KP-us1ld Health care isn't guaranteed anywhere. You're referring to medical insurance, which isn't the same thing. Having insurance doesn't mean you have access to care. Price controlled systems always have shortages and rationing.
Honestly, if you do what they say and save 15% of your income into retirement funds you will retire 10 years early, debt free, and live financially stress-free the rest of your days. They can't say that in a big public forum like this, but that's what it really means. Now, you have to do the rest of the program to protect yourself from LIFE but if you do that, you're golden.
Thanks for the great content im 13 Years Old and you inspired me to create a channel on finance and entrepreneurship as a teen. Thank You so much and thanks for always giving me inspiration and knowledge to secure and fulfill my dreams as a Teenager.
It's going to depend on alot of factors (lifestyle for one as Chris says) but i think in general people underestimate how much it takes to retire. Good to max out all retirement accounts for starters, but should have more in other investment accounts. Also depends when they want to retire - if it's many decades from now, have to consider inflation so that the final amount needed is very different from those retiring today.
Absolutely! I agree entirely. It’s fine to have a ball park figure, but it’s assuming your situation doesn’t change very much until you retire. I think the pandemic has shown that nothing is guaranteed and you could find yourself in a pickle through no fault of your own.
DIvidend paying stocks can also provide an income that could be used. It does not have to be an extremely large number a couple of thousand dollars every quarter could go a long way.
When your monthly cash flow exceeds your living expenses, you can leave the rat race. I don't like the word "retire". I'm 35 and I will finish up an 8 unit apartment building which will produce about 5k/month. That will be 7k/month total for me with other rentals. I have no mortgages on them. I can then stop driving for Uber and doordash. I won't be sitting home at 35 but will find other things to do.
If you are unable to save enough, calculate the fact that you'll need to spend the principle as well. Thereafter, apply for welfare, fuel assistance, food stamps, rental assistance, property tax relief, a reverse mortgage, etc. Some people have no choice. It's very difficult to keep up with inflation. Learn to go without.
I have been retired for five years now. Although I've been adhering to the 4% rule, things are challenging as I did not anticipated. I have another $460K to put into st0cks. How can I profit from the market's resurgence.
Now you are retired and depend on your investment, it’s best you redistribute your capital. To simplify the process, you could allocate your resources with the help of a financial advisor.
This is really nice. I worry that I have a couple more years before retirement, and I want to switch to using a financial advisor, I could really use the expertise of this advsors.
I just googled her name and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.
@@CarbsLVR Ah ok, I see. $50k head start is not insignificant, as that would take a few years to save up at the same rate. Starting with 0 and saving $750/mo would only get you $4.1 mil 40 years later. And I guess 10% return is Dave's go-to, but perhaps a tad optimistic for such a long time horizon.
He is calculating it as contributing $750/month with 12% annual returns and monthly compounding. That gives about $8.8M. Annual compounding only gives $6.5M. Long-term historical annual returns of the S&P500 is 10%-11%. Annual compounding at 10% only gives about $4M.
Dave’s return estimates are consistently too aggressive. 10% per annum? Too aggressive for an average. Also leaves nothing extra to account for inflation.
8-10% is NOT aggressive. That is proven to be sustainable. What he doesn't say here is there will be a few times where you won't have 10%. If you limit yourself to 10%, and not spend it all, then you'll have some in savings to use when you can't withdraw that 10% on those few occasions.
@@Teamshmo ahh ole uncle Sam. The idea when one retires is your income goes to zero! And only take out minimum amounts to live on, not go crazy. So ones tax rate will drop significantly.
Don't Worry I’ve been up more than 30% annually in some recent years. I’m talking about an average return over a lifetime. This includes recessions and depressions. 8% is conservative, at best. 10% is aggressive. You cannot responsibly plan your retirement on a 10% assumption. Assume 8% and consider any excess of that to be gravy.
@@paulacelusta4207 It is not the marriage/divorce but a very poor choice in choosing a life partner and that is called personal responsibility. People should self reflect more instead of blaming others for their choices.
Please Google "Safe Withdrawal Rate Series" by ERN. The 4% Rule is NOT a rule but rather a rule of thumb. Historical simulations point to a fail-safe withdrawal rate closer to 3.25% (30.8x annual expenses).
@reshi p I don't care what you do. By all means, withdraw 4% or even 8% as suggested in this video. If you read the series I suggested then you may change your tune. But you're not going to do that and I'm not going to withdraw 4%.
I didn't find your RIQ helpful. So often, these offered tools are of little value for calculations when someone is going to have a lifetime annuity as government employee. Your calculator should ask about this.
Yes absolutely for me also. I usually take their overall number and subtract what my pension should be paying at that time. Come in through the back door with math.
@@GarageDwellerPat Dave is rich, but it's important to remember that his wealth isn't because of his investments, it's because of his business. He is rich off selling advice and investment products.
$750/mo x 40 years @ 12.5% annual growth rate compounded. A lot of assumptions go into that 12.5% and continue saving past 30 years at $2.3M is just absurd
At 55, you'll need to have a non qualified account to span the time between retiring age and withdrawal age, unless you intend to take the penalty for early withdrawal.
I'm 48, sad to say I made terrible money decisions growing up which I'm presently paying for, been dedicating every waking hours towards my retirement and I'd really love to retire to Portugal with atleast $3million by, the market up and down is not helping at all.
He is using 12% annual returns compounded monthly. Annual compounding drops this down to about $6.9M. Long-term historical returns of the S&P500 is 10%-11%. $9,000/yr at 10% returns compounded annually drops it down to about $4M.
Currently, many retired Americans don't have much money in retirement accounts. Social Security is the largest source of income for most retirees. In fact, 58% of retired Americans say Social Security is a major source of their retirement income, which is higher than pension plans (34%) and 401(k) and retirement plans (29%).
i hear these crazy numbers, 3 mil. Most don't need more than 500k to live a good retirement. i'm hoping to have 1 mil. , house paid. bills paid . travel a little , and just live a simple life. no big boat, fancy car , giant house. just not needed.
You can actually get that when you work with an expert trader in forex and Stock who would guarantee your Profit when he handles your trades. By that you can attain a great height towards achieving you dream. I recommend you try
I retired at age 53, so I am in my early 60s. Many of them resisted me because they couldn't understand the idea of not working if it wasn't necessary. I considered the phases of my life. I worked very hard to achieve what I have now, but in my last years, I owe it to myself to "stop and smell the roses." In my instance, I departed the nation after retiring and currently reside in Latin America. It made it possible for me to appreciate my new surroundings while escaping all the bad things that were going on in America. Nobody that I know of regrets retiring has yet to come to me.
Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement fund has grown way more than it would have with just the 401(k). Haha
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation
I definitely share your sentiment about these firms. Finding financial advisors like Joseph Nick Cahill who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them
I have heard numerous stories of people earning up to $500k-$1m working with this particular real-time portfolio manager
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.
My CFA ’Melissa Terri Swayne’ , 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.
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.
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
I’m 77 and still working full time. I do enjoy my work, it provides me with purpose and has secured my financial future. Most people are too eager to retire as early as possible. Even if you do retire early, best to get a part time job for the reasons cited above, as well as following many if not all of the suggestions in this video.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
Mind if I ask you to recommend this particular coach you using their service?
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Rebecca Nassar Dunne turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
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
10% can be pretty high risk when retired.
With my retirement funds of $980k, l've started exploring catch up contributions and automated my transfers to make saving easier
You guys look like you know what you are doing.
Please l'm plan on retiring next year with $800K.
Any advice on how to implement your strategies to maximize it on retirement ?
I have been advised on that. Finding one who understands what I want and can work with me to achieve it is essential, although I'm yet to find one.
Any recommendations, please?
I'm surprised that you just mentioned and recommended Eric, I met him at a conference in 2018 and we have been working together ever since. Best financial decision of my life
I am 62, approaching retirement, with over a million in assets beyond my retirement funds, thanks in large part to my expert financial advisor's guide. His expertise has substantially boosted my portfolio's value and performance. If you're seeking similar success, consider speaking with a fiduciary advisor. I am with *Eric Paul Elmer *, a CFA. Check online if he meets your requirements
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
Certain Ai companies are rumoured to be overvalued and might cause a market correction, I’d suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I.
@@mikegarvey17 this is all new to me, where do I find a fiduciary, can you recommend any?
Izella Annette Anderson, 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.
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.
A Financial Planner told me Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. How can one take advantage of compound interest and potentially grow your retirement savings/net-worth to about $3M over time?
Just try to diversify your portfolio to other market sectors, that way your investment is balanced and you don’t get to make so much losses.
I stopped listening and taking financial advise from these TH-camrs, because at the end of the day, I end up with a bunch of confusing stocks without knowing when to take profit, In reality, all I needed was professional advice.
How do I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
Google SONYA LEE MITCHELL then do your own research. She has portfolio management down to a science
Google SONYA LEE MITCHELL and do your own research. She has portfolio management down to a science
As encouragement for youngsters. I started late to get serious about my future. After a first marriage where my ex spent 10% more than I earned every year. I put blinders on to it. I married again, this time to a person who had the same goals as I. We stayed focused, lived below our means, found savings where we could like growing a huge garden and preserving the food, worked nights and weekends on small homes we built on the side with our labor, bought and sold small items because the return percentage wise was much larger that 10% which supposedly is real good etc.
My message, marry smart, stay committed, find humility be happy for the Joneses, don’t be like them. Result: we retired at 60 and have income that exceeds the average working household’s yearly intake. Dave Ramsey approach is solid. We support his message.
Interesting. That's kind of like the "hard work" version of retirement, versus the "long term build up", I like it.
As we witness the current economic landscape, it's becoming increasingly clear that we're entering a recession. Diversification can mitigate risk and increase the chance of success.
For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.
Keep it simple, buy things you understand, take some risk but don't try to shoot the lights out. I currently have 75% SCHD and 25% ROTH IRA. Brokerage account is 40% VOO, 35% SCHD, 25% XLK. Combine balance ~$3.3m Less than 3 years until retirement.... I have about 400k in cash. My portfolio has yielded far more than I expected for my retirement. Kudos to my advisor.
@@ConradsViveiroses May I know the names of the advisors who has been assisting you in navigating these financial challenges?
CATHERINE DIANE PELICAN
LOOK HER UP ONLINE
Better to overestimate then underestimate your goal. I have never heard someone say they wish they have saved less for retirement.
Yes.. but you have to balance retirement vs. enjoying life when you can. Don't want to cut back during the best years of your life waiting to travel when you retire, only to either drop dead at 66 or struggle to move around due to other issues.
@@too-da-loo I agree there should be a balance. Unfortunately many people dont save for their future. Then when retirement comes around they are living off what Social Security pays.
D T
I known and met a lot of people that enjoyed life but on borrowed money and spending every cent they make on things like credit card vacations, including trading houses,spouses, and cars for 30 years.....those best years.
They had their fun I guess.
The problem now is they are over 50 and still alive unfortunately.
Those best years forgotten and if not many regrets.
@sage With my career the majority of our customer base ages between 60 and 70. Many of them rely on Social Security for their income in retirement. Yes you can over save, but their are a small percentage that fit into that category.
@sage , I lived in a 55+ community, in my condo block of 24 units, 5 has a mortgage at 65 years old still working, 1 renting, 4 inherited condos, 4 social security, and the rest 2nd home owners.
I’ve watched hundreds of Dave Ramsey‘s videos and I got to say that this is probably the best explanation for how to retire a millionaire that he’s ever said 👍
THAT IS RIGHT. I have been looking for this type of explanation from him. It gave me hope!
Chris Hogan... what a voice!
he is gone now. lol
Geez his baritone voice! He was born to be on radio with that fetching tone.
he got fired
The ladies liked too much.
@@Deadflush sadly 😥
@@luccianoblock5127 agreed, I really enjoyed him on the show
@@Deadflush what was he fired for?
Retirement is no longer simply a time to enjoy life. For the middle class, it often means finding ways to make ends meet, possibly through investing in stocks. But when is the right time to invest? Some argue it can be highly profitable, while others caution against the risks. What do you recommend?
It appears there could be potential, but it's important to proceed with caution. I recommend consulting a financial advisor who can guide you on the best entry and exit strategies.
Having an investment advisor is the best way to go about the stock market right now. I used to depend on TH-cam videos 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.
Could you recommend your advisor? I'll be happy to use some help.
Her name is ' Diana Casteel Lynch ” Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
Thanks!
Get Rid of the stupidity and the brokenness in one family tree. Respect
@2:39, planning for an 7-8% draw from your principal in retirement is completely misguided. Look up monte carlo simulators and plug in the numbers, save is 4% draw down. That means even if you make 10% in a year, you only take 4%, because another year you will be down, so if you took the 8% the year before, you are way over budget
After our financial advisor told us we had enough to retire on, I retired. Then upon reaching social security age for my husband and myself they sent us a list of other assets from previous employers we didn't know existed. That amount was equal to 40% of what we knew we had. Our financial advisor as well as ourselves were delighted with the news.
It depends on how you live through your retirement. Some people have been able to live off $500k retiring at 45 yrs old. Some only had $300k at 70 and have been able to live off their social security checks. While others gave trouble living with $10k per month! The amount is different for every individual.
500k but you'll be in a 37% tax bracket. And if you don't spend it and your kids get it in their highest earning years, they have to withdraw every penny in 10 years. Blowing up their finances.
yes, that avoids reality... burn rate... I've done at least 300 financial plans with people... about 1% clearly know what they spend and waste money on
@@chadd587500k cash would be sitting in your bank account already taxed from pay checks... not 37% youd be making 4-6% a year off the 500k sitting thats not gona be taxed very hard lol
I don't see how anyone could retire on $500K at 45 years old. You'd be living on less than a thousand dollars a month for the rest of your life.
@@chadd587 $2080.00 -145$ 7% taxed and you still have the 500k cash in bank, but earning 5% ayear with a paid for house this is absolutely a good retirement .... not every one lives in a 700k suburb house and burns 10k a month on lifestyle .. rediculous were talking about simple working class people.
Some people can't be satisfied until they are the richest person in the graveyard.
“Some people are so poor, all they have is money.”
Bob Marley
@@PInk77W1 That is such an amazing quote. Never gets old
@@InvestToLive I’m guilty
@@PInk77W1 Aren't we all sometimes.
Lol
The Dave Ramsey show literally changed my life, great channel!
@Beelzebot 28 years of wasted time working for someone else great job lol
me, too
Yes!
So different than 20 years ago, when you were supposed to be out of the stock market by age 60 & making money on interest. Now, the stock market is your golden goose.
This can't keep going on. The growth of 12% every year is insane if you compound it.
@@baxakk7374 You are so right. This house of cards will come down and lot of people will lose a lot of money.
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
Hmmm this is quite interesting, Please can you leave the info of your investment advisor here? I’m in dire need for one.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
I used to work at a nursing home. Rich and poor people stayed in the same exact room and attended by the same nurse 🤷♂️ with that being said enjoy your hard earned money if not someone else will.
Dont wait to late to slow down
Are you saying that it might all come to naught because you might find yourself in a nursing home at the final stage of your life?
Strange nursing home you worked at.
It's all about the journey not a few months or days before end of life.
I use to work at a nursing home as well. I'd say the nursing home I worked at were the middle income. There are rich people nursing homes as well which were much nicer!
Retirement could be no joy if you didn't save enough before retiring.I retired at 56 and have saved $ 1.11 million over the years of my investment. and I'm grateful to God that at least I retired in good health
I think the people that should be worried are those of us who may be retiring with way less than a million because we started late. I have only 350k in my Roth and I'm 53. Is there a way I could grow it fast?
I was in this same position a couple years ago. I was always anxious. I decided to start working with a financial advisor, and I started making a lot of monthly dividends that my anxiety disappeared.
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.
That's really great. I've tried doing some research myself to hire a financial advisor, but it's really overwhelming. Could you recommend who you work with please?
*Sharon Lynne Hart* is the licensed advisor I use. Just research her name on the internet. You’ll find necessary details to work with her to set up an appointment.
*Sharon Lynne Hart* has always been on the top of my list. She is regarded as a genius in her area and she is well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Anyone else just want to hear this Chris Hogan tell you a bunch of advice? Dude speaks with authority.
Simplest rule of thumb, when you have twenty times your forecast annual expenses saved. That allows you to pull out a pretty safe 5% per annum without touching the capital. So if you are a minimalist spend thrift who can live on 20K then you need ~$400,000 saved, if you want to match the average annual income of $60k then you need a $1.2 million dollar nest egg and if you want to live it up on $200k/year then you'll need to put away ~$4 million for retirement. Of course that's not your net worth, its nest egg invested in income and capital growth assets.
The retirement money needed is always dependent upon your expenses. So there is no magic number until you can estimate your yearly expenses.
There are many variables.
I totally agree! And the moment someone asks how much do I need, the next question should be well how much do you need to live on? Sound pretty elementary but they conveniently leave that out and try to make it all complicated. It isn't that complicated.
Add up your current expenses while working and then subtract the additional cost of driving to work, lunches and clothing to estimate what you will need to retire. If you are near retirement this is easier to do. We do not have 500k and we have enough sources of income from social security and pension to make ends meet.
Chris Hogans's voice is like smooth caramel and chocolate syrup. Rich and strong......I have got to get working on retirement.....
Chris has an awesome voice for radio. Deep and clear.
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.
@Dan Leahfort I've been thinking of going this route of using an advisor. Could you recommend yours? And also, how do you prevent capital gain tax?
@Dan Leahfort Thank you for this amazing tip. I just looked the name up, wrote her and scheduled a call
Focus on becoming a minimalist, you really don’t need much. Physical & Mental Health are much more important.
chicken and egg ....poor mental and physical health is largely linked to low socioeconomic income. Money is darn important.
JAMANI I would argue that it’s more frame of mind & relying on less. I know plenty of well off people who are miserable & unhealthy
yup
@@Ez_Ukulele Ouch on the 'frame of mind' comment. Food deserts, stress, damp living conditions, child poverty...the endless list of actual health inequalities is not 'in the mind'. Yes rich people can be ill but low income is statistically linked to poor health outcomes. Sorry for long ans but this is close to my heart. Anyway here's to Health and Wealth!!!
JAMANI my initial comment said “minimalist” not “destitute”
As a soon retiree, keeping my 401k on course is my top priority. I have been reading of investors making up to 250k ROI in this current crashing market, any recommendations to scale up my ROI before retirement will be highly appreciated.
The current market might give opportunities to maximize profit within the short term but to execute such a strategy, you must be a skilled practitioner or be working with one.
@@NebiheVergara The issue is people have the "I want to do it myself mentality" but are not equipped enough for a crash and, hence get burnt. Ideally, advisors are reps for investing jobs, and at the first-hand encounter, my portfolio has yielded over 300% since 2020 just after the pandemic to date.
@@TimothysScotts I'm actually interested in investing through an analyst. It sounds like the most sensible thing to do in the market. Could you please give me a pointer about who you work with?
@@WaldronsSousas The beauty of MARGARET MOLLI ALVEY approach is her dual focus: while aggressively pursuing profit opportunities, she's equally tenacious about shielding investors from potential pitfalls. It's a balance few can achieve.
@@TimothysScotts Thank you for the lead. I searched for her, and I have sent her an email. I hope she gets back to me soon.
>When you read articles about financial freedom, you may hear people drone on and on about how they are spending practically nothing so they can retire at a younger age, like 30. Conversely, they may have already achieved financial freedom and are bragging about how frugal they were so they could retire well before the typical retirement age.
Planning for retirement, or even financial freedom, is a marathon and not a sprint, as the saying goes. Breaking up your financial independence goals into small chunks can help keep you on track while making the process a bit more manageable and, hopefully, a little less stressful. Even if you are starting small, the important thing is to get started.
Investment creates a safe haven for the future, Everyone needs it so you don't go bankrupt when you stop working
investing is a perlimary decision to be made for the future.
Would be nice if 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.
I really don't do recommendations, I only invest make my profit and mind my business but i would do it for one reason and that's for the betterment of everyone.
>< Sherman Williams Trading
Just max out 401k and Roth IRA. Don’t be like millions of Americans with pitiful retirement savings for their age. Live below your means at any income level.
I’m eyeing a luxury assisted living facility which costs $6,000. I’m saving into three retirement accounts to hopefully afford the place when I’m old.
For the vast vast majority of people who start saving early enough that will be enough.
Agreed. Pay yourself a % of your income and cap out your retirement accounts for life and you will be fine
The Cat Next Door just $6000?
Convert 401k to Roth.
one account will grow faster than two
The markets are looking favorable, after so much deliberation with my wife, I feel this is a good time to invest a lump sum of $700k ahead of retirement. What stock should I Look into to safely grow my money?
I do not disagree, there are strategies that could be put in place for solid gains regardless of economy or market condition, but such execution are usually carried out by investment experts or advisors with experience since the 08' crash.
True. Having the right financial planner is invaluable. My portfolio is well-matched for every season of the market and recently hit 90% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, though this could take till Q3 2024.
I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser that guides you
Her name is “Diana Casteel Lynch” Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
based on my current yearly expenses I would need at a minimum $1 million to retire comfortably... my parents retired in their early 60's with only 700k and travelled the world, went on cruises, and built a big house in florida... now they only have 100k left and aren't even 70 yet
Thats because they didnt use the income generated by the mutual fund but the base itself.
They shot the goose laying the golden eggs
Exactly. Instead of burning this money they should use it to generate incomes...(mutual funds for ex but not only. all depends on the people's risk adversity rate)
@@acruzro95 Aha, they shot, plucked, fried, and devoured their goose. And at $700k at retirement it sounds like only one of them was working. Good thing they have a nice house in Florida but I think the commenter will be fronting their parents' lifestyle when they go broke in a few years and/or one of them will have to get back to work
I did the RIQ and honestly felt it to be a little under on questions. Like it told me to pick one, travel, or relaxation, or giving. Etc. but I want to relax and travel 2 or 3 times a year. Not every month. So it’s a little hard to make that adjustment but it is a good tool to start out with.
I did wonder about that too. There should be a way to select more than one. I want them all! 😊
R IQ tool is just about collecting personal information to sell you something
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
@@Lourd-Bab 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.
@@caseycantrell-gh6fg Oh please I’d love that. Thanks!.
@@Lourd-Bab Clementina Abate Russo is her name.
Lookup with her name on the webpage.
These withdrawal rates are insane! You need to be thinking 2.5% to 4% not 10%!!!!
Agreed. You can only make that much interest if you're in riskier investments. By that age you want more of a safe fixed income through bonds. 4% is a much safer number to avoid ever running out of money.
@@jacobg8640 Dave's mutual funds average about 12-13% return, minus your inflation gives you 10%...
@Austin Duke I don't know but heck, even the good ol S&P will get you at least 8% usually. Dave doesn't even pick his mutual funds, he has a mutual fund guy pick from the 4 big categories. Nothing's stopping anyone else from doing the same
@@JoeGarofaloII I wouldn't have wanted to live off of interest of the S&P or a mutual fund during 2020. Odds are too great of one bad year destroying all of your savings. That's fine when you are investing since you have time to wait for recovery, but not when you need the money to live.
@@jacobg8640 If you have millions in your investments and you're living off a couple hundred a year and the market takes a dip for a few months, you're not gonna die
I dearly want a copy of that sticker on Chris's computer..."Focused and not finished!!"
Planning on using the 4% rule principles but taking it more conservatively to the 3.3-3.5% rule. It is more conservative than what Dave specifies here because he’s talking about spending the entirety of the annual return.
What does Dave recommend you spend in retirement when your investments lose money in a year?
How about using a 7% rule? The stock market goes up on average 10% per year, so only taking out 7% should be ok. For people that are scared, 4-5%.
I'll know I have enough money when I start considering getting married 😂😂
You will probably need twice that much. Just in case it doesn’t work out.😉
@@neveragainsam9786 LOL Yes so true
That’s the exact reason to never get married ... you’ll lose it all
You just doubled your requirements
Good luck not retiring early......
Most people don't realize it, but the secret to a comfortable retirement is earning returns while your money works for you. My dad started saving late but made over $10k monthly in passive investment returns.
This is really amazing though. I'm curious as to how he did it. Was it real estate? Or he was a market enthusiast?
Not really. Approximately four years before to my dad's retirement, our family was introduced to a financial advisor. That was the catalyst for the transformation. I believe my retirement income would be on the right track because I've been using the same advisor.
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.
Amber Michelle Smith has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Thank you for sharing, I must say she appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled
When your guaranteed income exceeds your desired retirement lifestyle costs.|That is when you have enough.
Yeah. Keep it simple.
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
@@Kendrawebb-m2f However, if you do not have access to a professional like Suzanne Gladys Xander, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.
@@AlexHunte98 Oh please I’d love that. Thanks!.
@@Kendrawebb-m2f Suzanne Gladys Xander is her name .
Lookup with her name on the webpage.
Remember to budget for healthcare cost. It’s insanely expensive to go into a long term care facility or hire help at home..
Yeah in America sure, but in Canada our Healthcare is free 😉
Holy I really need to learn which mutual funds Dave is talking about that keep beating the market year after year, those returns are insane....
Retirement just means you don't have to work a job you don't like. You can now work a job that pays little but you enjoy
I love my job but resent having to be reporting to the leadership.
Any examples? I've never had a job I enjoyed
I used to think that until I started to get educated on social security, RMD, taxes and Medicare. Dave Ramsey doesn’t talk about these topics. The more money you earn in retirement the more your tax consequences change. If you stay in a certain tax bracket (12%) the government barely taxes you but if you earn more your funds take a hit. Ramsey is good for beginner level topics but seek out the nitty gritty of retirement elsewhere. “Heritage Wealth Planning” channel on TH-cam is good.
@@Mitzi73 true. That's why I didn't fall for hte "climb the corporate ladder" trick; yeah you earn more but you're also taxed more and you have more responsibilities
The rich are money minded. That is one thing I learnt from the start. I have always wanted to build wealth. I have set out $167k that I had been saving since 2020, and I want to put it in the stock market so I can grow my wealth. Any recommendations?
It is really good that you do. I know a lot of people who have made a lot from the stock market. But you need to spend a lot of time studying the market if you want to be a pro, or you use a stock broker who really knows what they are doing.
For real, people underestimate how much they can rake in from the stock market. Started with $87k just before the pandemic hit. Many people's portfolios tanked, but I rode through with my financial advisor, and even made more than $150k within just five months of starting, and it's been an awesome ride since then.
@@CynthiaByrd648 This is something I've heard of severally, but I just don't know how to find an advisor. If you'll be kind enough, can I ask who your financial advisor is?
The thing is that I really don't like making such recommendations. But there are many independent financial advisors you could check out. I have been working with ''Jill Marie Carroll'' for about three years now, and she's made decent returns. If she meets your discretion, then you could go ahead.
@@CynthiaByrd648 Thanks for the info, found her website and its really impressive.
Stock market gives on average 7% annual return. So that is your yearly spending. Check how much expenses you have in a year and out of it you will get how big the goose needs to be. If you want to be on safe side, leave 3% towards inflation. That gets 4% of the goose growth than can be considered as your expenses.
I’ve done what he’s said and have no where near 8 million. Granted, I’m only 52, but in next 18 years, I’ll still have no where near 8 million dollars. He needs to live in reality.
Retirement is self choice. Don't look at age. Some people retire then go back to work after a few years off just cause they're bored.
@Evop Fx ye tgats y it would be great to do something u enjoy
My husband has a hard time enjoying life because he worries to much about if we have enough to live on when he retires. We have zero debt. All we talk about is ssi, health insurance and investments. I'm happy we're going to be okay in retirement but when do we get to enjoy life instead of worrying about life?
I assume you don't work from the statement "when *he* retires". I'd say be grateful you have a partner that is considerate enough to be thinking of ways for you both to be comfortable later in life. If his lack of life enjoyment worries you, then perhaps you should get a job to lessen his burden of caring for the both of you.
tell your husband to read dale carnegie
You can retire when you can sustain all your bills plus some with just interest off your retirement. Goal is to live off the interest of your retirements.
That's it right there, in a nutshell.
Staying healthy is more important than any thing else. Three million in the bank is meaningless to someone who died of heart disease at 65.
True, but that million could feed a lot of hawngry kids.
Health is wealth!!!!
You're 100% right on that one
Note to self : don't catch cancer
still better to die rich than to die broke. at least you leave something behind for your kids or for charity.
The amount most financial advisers recommend you pull out is anywhere from 3.5% to 5% depending on your age. I've never seen anyone financial advisor suggest 8-10% withdrawals less you deplete your principle and you don't leave any room to account for inflation.
Yeah I have no idea how he got 300k. You make around 35k off of 1 million without dipping into the 1 million.
@@BadMannerKorea I make lot more than that off mine, but I keep most in aggressive and growth. You are of the mindset that you pull off every month or quarter and you should have a cash buffer of 2 to 3+ years so you only take off on market upswings and gains. And those gains have been tremendous over the past 10 years and allow you to backfeed your cash for another 3 to 4 years or more... :)
Bob You will most likely dip into your principle over the years if you continue to withdraw that much. The Trinity study goes over this. And also high wealth accounts that are managed by brokerages like Morgan Stanley also suggest a 3.5-4.5% rate. The reason it is 4% is due to inflation, the years in which you will be withdrawing, and market fluctuations.
@@BadMannerKorea I understand where you are coming from and the conventional wisdom on this, but we choose to do differently than the "status quo". I will not need to pull money off the accounts for long periods of time. With 4 + years of household expenses in cash, We will withdraw only when there are gains and backfeed the cash accounts during those nice little upticks in the markets, which as of now and certainly in the future as those portfolios grow to new heights, will be even more gains than what I have been seeing. Our yearly household expenses in retirement will be around 37,000 without trips. 47 to 50 with multiple cruises or international trips. So in any given quarter or year when gains will be 200K, 300K. Pull 100K or 150K off, Voila. 2 to 3 years more living expenses in cash. Also, when we get to claim SS and most likely a bit early, it will be icing on the cake !! Pocket change for anything we want to do and will cover about 70% of our household expenses ( minus the big trips ) . That will then mean we need to pull even less of the gains when we do. People who try to live off the 4 or 5 % return yearly without any cash to cover the downturns just seems like flawed thinking to me. I have been running this scenario side by side with our current budget and tracking the investments monthly over 20 years to "mock Play" what that would be like in retirement and at some point in our mid 60s or so, I will not be able to spend all the money we will me making. I mean, We can and probably will want to start and pull down on some principle in the larger accounts before getting to the 72 RMDs because then, we will be forced to pull out way more than we need and pay the extra taxes, etc.
@@BadMannerKorea Need to get out of debt and build an emergency fund? Use Dave. Need to invest and plan for retirement? Don't use Dave.
Awesome. Im 35 I want to retire at 55. I started at 34 saving 20% of $100k salary.401k maxed and roth maxed and personal brokerage. Good to hear I will have more than enough.
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.....,,,
Stupid question. What format do you leave “the goose” in as an inheritance? Like how do you actually pass it down and what can the beneficiary do with it?
Depends on life style because someone might spend a million a year while someone might spend 100k a year
What if you have a hubby who doesn’t want to save because we will have 3 pensions to live on in retirement? One is military that will be 2,000. The other two will be almost 4,000 combined. We have no debt and 100,000 in the bank. About 7 years from retirement, but will be drawing the military pension in a year.
Y'all will be fine then..Most people won't have anywhere close to do that coming in monthly.
Do like I did....walk in and say to yourself....”self, I’m done” and turn right around and walkout, going to the liquor store at 9:00AM like I did is completely optional and totally up to you!
@Hello David how are you doing?
You should sprite a movie!
I have about 900k in assets. House and car are paid off, Max social security. Can I retire?
Dave: "Don't shoot the goose"
Me: Got it! *starts unloading 3" shells and taking camo off in the blind*
Well, you tried Joe, and that’s what counts.
My wife and I are 29. We’ve got over $130k in our Roth IRA’s plus I’m giving to a Roth 457. I’m also going to get a pension at 54 covering 60% of my top three years of pay. Really hoping for a great retirement!
"And he spake a parable unto them, saying, The ground of a certain rich man brought forth plentifully:
And he thought within himself, saying, What shall I do, because I have no room where to bestow my fruits?
And he said, This will I do: I will pull down my barns, and build greater; and there will I bestow all my fruits and my goods.
And I will say to my soul, Soul, thou hast much goods laid up for many years; take thine ease, eat, drink, and be merry.
But God said unto him, Thou fool, this night thy soul shall be required of thee: then whose shall those things be, which thou hast provided?
So is he that layeth up treasure for himself, and is not rich toward God.
And he said unto his disciples, Therefore I say unto you, Take no thought for your life, what ye shall eat; neither for the body, what ye shall put on.
The life is more than meat, and the body is more than raiment.
Consider the ravens: for they neither sow nor reap; which neither have storehouse nor barn; and God feedeth them: how much more are ye better than the fowls?
And which of you with taking thought can add to his stature one cubit?
If ye then be not able to do that thing which is least, why take ye thought for the rest?
Consider the lilies how they grow: they toil not, they spin not; and yet I say unto you, that Solomon in all his glory was not arrayed like one of these.
If then God so clothe the grass, which is today in the field, and tomorrow is cast into the oven; how much more will he clothe you, O ye of little faith?
And seek not ye what ye shall eat, or what ye shall drink, neither be ye of doubtful mind.
For all these things do the nations of the world seek after: and your Father knoweth that ye have need of these things.
But rather seek ye the kingdom of God; and all these things shall be added unto you. " - Luke 12:16-31 KJV
Accept Christ as your savior, THEN save responsibly.
Wow good to see Chris I still have the coin he gave me! 👍👍
Simply put, enough money for retirement is enough to withdraw earnings to support your current life style without touching the principle. This is true for everyone. If you decide to dilute the principle, then the 2 - 4% rule would apply over a 30 - 40 year period.
you know you can retire more than comfortably when your investments at SPY is generating more than your salary just from 3.5% off interest. If you are in 30s and 40s, 3.5% is tried and proven absolute safety line without touching your principal ever and still grow inflation adjusted 3.5%. Also, biggest deciding factor is kids and partner who doesn't work. No kids= faster retirement . If your partner works as well = faster retirement. If not= slower retirement . SImple as that
Depends on how you live and how badly your health becomes
Absolutely!
Medicare covers 80% of major expenses. Even if you had a half million dollar medical bill, you would only pay $100k out of pocket. That's easily affordable if you have $3M.
Only if you live in the US where health care is not guaranteed.
@@KP-us1ld Health care isn't guaranteed anywhere. You're referring to medical insurance, which isn't the same thing. Having insurance doesn't mean you have access to care. Price controlled systems always have shortages and rationing.
@@darylfoster7944 my relatives in Europe would beg to differ.
Thank you!
Honestly, if you do what they say and save 15% of your income into retirement funds you will retire 10 years early, debt free, and live financially stress-free the rest of your days. They can't say that in a big public forum like this, but that's what it really means. Now, you have to do the rest of the program to protect yourself from LIFE but if you do that, you're golden.
This is the best concept 👏
Thanks for the great content im 13 Years Old and you inspired me to create a channel on finance and entrepreneurship as a teen. Thank You so much and thanks for always giving me inspiration and knowledge to secure and fulfill my dreams as a Teenager.
Hard work brings prosperity
God bless you!!!
It's going to depend on alot of factors (lifestyle for one as Chris says) but i think in general people underestimate how much it takes to retire. Good to max out all retirement accounts for starters, but should have more in other investment accounts. Also depends when they want to retire - if it's many decades from now, have to consider inflation so that the final amount needed is very different from those retiring today.
Absolutely! I agree entirely. It’s fine to have a ball park figure, but it’s assuming your situation doesn’t change very much until you retire. I think the pandemic has shown that nothing is guaranteed and you could find yourself in a pickle through no fault of your own.
DIvidend paying stocks can also provide an income that could be used. It does not have to be an extremely large number a couple of thousand dollars every quarter could go a long way.
That RIQ website is useless... Just a ploy to get your email address
Of course, I knew that as soon as I heard Hogan saying to go to his website.
I've used it.. gave me a decent number but it's very vague on the information it provides.
Chris Vandernaald, exactly.... Useless.... I bet it took less than 5 hours to program....
I mean it provides VERY ballpark numbers. But for free thats a solid tool. Of course its an upsell. No shame in that game.
Sponge Bob, the issue isn't the email .... The issue is there are plenty of better ones online for free, that don't even require an email
The person that called in with this question knows they are doing just fine.
When your monthly cash flow exceeds your living expenses, you can leave the rat race. I don't like the word "retire".
I'm 35 and I will finish up an 8 unit apartment building which will produce about 5k/month. That will be 7k/month total for me with other rentals. I have no mortgages on them. I can then stop driving for Uber and doordash. I won't be sitting home at 35 but will find other things to do.
TheCoffeeNut711 True. All those FIRE TH-camrs claiming they are retired while doing TH-cam full time.
I work at a Warehouse and I do Doordash on the weekends lol Making about 4k a month. Right behind you Jean ;)
Congratulations
@@Sinful_Survivor You need to start looking into cheap rentals so you can get out of the rat race.
When did u started investing in real estate?
If you are unable to save enough, calculate the fact that you'll need to spend the principle as well. Thereafter, apply for welfare, fuel assistance, food stamps, rental assistance, property tax relief, a reverse mortgage, etc. Some people have no choice. It's very difficult to keep up with inflation. Learn to go without.
I have been retired for five years now. Although I've been adhering to the 4% rule, things are challenging as I did not anticipated. I have another $460K to put into st0cks. How can I profit from the market's resurgence.
Now you are retired and depend on your investment, it’s best you redistribute your capital. To simplify the process, you could allocate your resources with the help of a financial advisor.
This is really nice. I worry that I have a couple more years before retirement, and I want to switch to using a financial advisor, I could really use the expertise of this advsors.
I just googled her name and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.
No idea what kind of math gets Dave to ~$8 million from saving 15% of $60k for 40 years.
Starting at $50k, saving $750/mo at 10% return for 40 years = $6.4M.
@@CarbsLVR Ah ok, I see. $50k head start is not insignificant, as that would take a few years to save up at the same rate. Starting with 0 and saving $750/mo would only get you $4.1 mil 40 years later.
And I guess 10% return is Dave's go-to, but perhaps a tad optimistic for such a long time horizon.
He is calculating it as contributing $750/month with 12% annual returns and monthly compounding. That gives about $8.8M. Annual compounding only gives $6.5M. Long-term historical annual returns of the S&P500 is 10%-11%. Annual compounding at 10% only gives about $4M.
10% return on your investment is way too too much!
I agree. I'm lucky to get 5%.
If you are lucky to get 5%, fire your advisor. Or if you don't have an advisor, get one.
Getting only 5% returns is horrible.
*Produce cashflowing assets*
Rather than
Thinking about a retirement lump sum
True, but it is good to have a goal to hit. Ie I want to have 6k/month of cash flowing assets when I hit retirement
Cringe
I want the lump sum. Besides....a huge lump sum invested in the market and other investments like REITs are cash flowing assets.
100 a month -> 8 million? Can someone explain this. Is this merely in 401k/RothIRA savings?
If the majority of people pull 10% out of their retirement nest egg each year they will quickly run out of money.
Pension.
That dude should go in to radio. What a voice
Dave’s return estimates are consistently too aggressive. 10% per annum? Too aggressive for an average. Also leaves nothing extra to account for inflation.
8-10% is NOT aggressive. That is proven to be sustainable.
What he doesn't say here is there will be a few times where you won't have 10%. If you limit yourself to 10%, and not spend it all, then you'll have some in savings to use when you can't withdraw that 10% on those few occasions.
Also he doesn't mention tax when you take the money out.
Im up 13% so far this year
@@Teamshmo ahh ole uncle Sam. The idea when one retires is your income goes to zero! And only take out minimum amounts to live on, not go crazy. So ones tax rate will drop significantly.
Don't Worry I’ve been up more than 30% annually in some recent years. I’m talking about an average return over a lifetime. This includes recessions and depressions. 8% is conservative, at best. 10% is aggressive. You cannot responsibly plan your retirement on a 10% assumption. Assume 8% and consider any excess of that to be gravy.
This is an excellent question.
Stay Single & Don't Have Kids.. You can retire early. 💯
I wish I could like your comment more than once!
Lol or at least don't get divorced. If you ever wanna know how to become a millionaire just become a billionaire and get a divorce.
🤣🤣🤣🤣🤣
i’m 20 and that’s always been my mindset. i’ve seen too many people go broke from that.
@@paulacelusta4207 It is not the marriage/divorce but a very poor choice in choosing a life partner and that is called personal responsibility. People should self reflect more instead of blaming others for their choices.
Please Google "Safe Withdrawal Rate Series" by ERN. The 4% Rule is NOT a rule but rather a rule of thumb. Historical simulations point to a fail-safe withdrawal rate closer to 3.25% (30.8x annual expenses).
@reshi p I don't care what you do. By all means, withdraw 4% or even 8% as suggested in this video. If you read the series I suggested then you may change your tune. But you're not going to do that and I'm not going to withdraw 4%.
I didn't find your RIQ helpful. So often, these offered tools are of little value for calculations when someone is going to have a lifetime annuity as government employee. Your calculator should ask about this.
Yes absolutely for me also. I usually take their overall number and subtract what my pension should be paying at that time. Come in through the back door with math.
I have 401k through fidelity with my company. What mutual funds should I invest in?
Blue chip fund
FXAIX, FSSNX, FSMDX
Dave is always quoting 10%. I don't know why he thinks a retired person should have a portfolio with that degree of risk.
Yeah...junk bond territory.
It's because he doesn't know much about investing.
@@GarageDwellerPat Dave is rich, but it's important to remember that his wealth isn't because of his investments, it's because of his business. He is rich off selling advice and investment products.
2:05 8 Million saving 9,000 a year ? That was on planet Mars 😂
Exactly where does this number come from?
@@Charjay5 Mars 😊
$750/mo x 40 years @ 12.5% annual growth rate compounded. A lot of assumptions go into that 12.5% and continue saving past 30 years at $2.3M is just absurd
I ain't waiting till 70, Im Done at no later than 55
i wish. 62 and i'm out
At 55, you'll need to have a non qualified account to span the time between retiring age and withdrawal age, unless you intend to take the penalty for early withdrawal.
Research 72t
Good for you
Charlie Odom Are you aware of the rule of 55?
I'm 48, sad to say I made terrible money decisions growing up which I'm presently paying for, been dedicating every waking hours towards my retirement and I'd really love to retire to Portugal with atleast $3million by, the market up and down is not helping at all.
I put his numbers in a compound interest calculator at 6% and only got $1.6M.
He’s using 12%
Honestly you should be using 8 or 9%
He is using 12% annual returns compounded monthly. Annual compounding drops this down to about $6.9M. Long-term historical returns of the S&P500 is 10%-11%. $9,000/yr at 10% returns compounded annually drops it down to about $4M.
Currently, many retired Americans don't have much money in retirement accounts. Social Security is the largest source of income for most retirees. In fact, 58% of retired Americans say Social Security is a major source of their retirement income, which is higher than pension plans (34%) and 401(k) and retirement plans (29%).
i hear these crazy numbers, 3 mil. Most don't need more than 500k to live a good retirement. i'm hoping to have 1 mil. , house paid. bills paid . travel a little , and just live a simple life. no big boat, fancy car , giant house. just not needed.
You can actually get that when you work with an expert trader in forex and Stock who would guarantee your Profit when he handles your trades. By that you can attain a great height towards achieving you dream. I recommend you try
Andycali924 @ yahoo. com
I want to have the ability tolive on more than 20k annually.. so I will definitely not stop at 500k..
You have to consider inflation. Don't forget that.
@@thehomeless_trucker are you forgetting the money you will be getting from SS?