Nursing school and being an RN is hard and he did it in his 60s! Wow! Very smart and hardworking, its a shame his didn't prioritize retirement.. chasing younger women and having kids late in life with no money...
Especially changing to a new career in 60's. Usually people retire at the age went for a second career. Also he can work 1-2days a week and subsidise his retirement.
Some people will never listen. I’ve tried to tell nieces and nephews to start a 401k and they just laugh. But, they have every new device and phone on the market. Priorities.
It's so hard to get some people to invest. I've also tried with family. For some reason it just doesn't register with some people. I think some people live in the present (which has pros and cons) and other people live in the future, which has a lot of cons - but the advantage is it's good for financial planning.
A 401(k) is an employer-sponsored retirement savings plan 😂…if you need to tell your niece and nephew to invest 401k that their HR department has already done..then they need more a pep talk
@@evanl889 That ends this month for him. But I think he can do better on rent; AirB tends to be more expensive. Or move to a city with a lower cost of living; I was recently browsing CraigsList for small rentals around the nation, and saw more than one 2 bedroom house for about $500 in small towns with low crime. A nurse should have no problem finding work anywhere.
4:36 When you buy a house, the mortgage is not "locked in." It will go up if your local school or other government entity passes a levy. You also have a LOT of other expenses when you buy a house: property tax, lawn maintenance, house insurance, repairs, replacements (roof alone is $10k+). If you can afford to buy a house, great. Just don't do it with the idea you're going to save money. If you're VERY lucky, you'll break even.
Buying a house does not guarantee that you will make money. There are ebbs and flows just like every other asset. It only takes one disaster before you’re on the street (unemployment, divorce, medical emergency, etc).
@@superblump87 how do you realize the appreciated value? Meaning how does that put ACTUAL money in your pocket? The only way is if you refinance, but there has to be significant equity in the house in order for lenders to approve the new loan.
At his age he needs to stay away from home ownership and all the extra expenses that entails, and get his name on a waiting list for subsidized housing for seniors.
I agree. At today's insane property prices, there is no way any of this works unless he does his best to rent cheap for the rest of his life. Maybe if his kids do well financially they can develop a multigenerational family compound somewhere, but if not that, then renting would be my recommendation if I was him.
Managing Money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times, while orders tend to avoid them. Well, at least my advisor does too.
I'd also be retiring or working less in 8 years, and considering this financial recession, Im deciding to begin taking up skilled trades. I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, learn around $130K per year but nothing to show for it yet.
You should contribute to your retirement diligently, or better still look into financial planning don't come to youtube for advise, consult a Local or trusted online broker/planner.
On your own you could seek out several of these financial advisors, make sure the one you settle on is a fiduciary and not a fake. Know what you're getting out of it and see if your targets can be met.
I started out with Eric Paul Elmer,great advisor. I got very lucky to have found him especially after my marriage crisis & consider him a good friend now.
Agreed. And by the way, Dave's take on long term care planning is to buy long term care insurance at age 60. Many of us disagree with this....LTC insurance is very costly, you likely won't need it, and if you do, you have to fight them to get them to pay, along with you will have deductibles to pay. It's a rip off. Yiu are better off saving for it in your nest egg
@jldenn Well, what he's talking about is a *govt-sponsored* nursing home. And those suck. The wakeup call for him is that he's got at least 10 years before they'll consider him for even that.
@@roadrunner9622 ALL regular nursing homes and with someone on Medicare follow certain rules and it doesn't matter what type of nursing home if you don't have certain medical conditions, etc. you won't be going into a nursing home unless you can afford $6-10K/month! My stepdad was paying over $6000 for my mom for close to 5 months and she didn't qualify for any government help at that point when she was admitted not that she wasn't sicker than a dog. As a nurse I would think he would be aware of some of this already, unless he works in Pediatrics, OB/GYN, etc. Mom died on the 7th of March and he had to pay up front for the whole month of March and he is STILL trying to get back what what he paid for the 8th through the 31 of March. We are talking thousands of dollars here.
@@alexluthor7215”in the right neighborhood” is doing a lot of heavy lifting in that recommendation. In a lot of areas housing prices have been flat for two years. The major boom is over for now. And a $300,000 mortgage with $0 down is going to be a $3K nut every month. Compared to $1000 he’s paying rent now. It’s far from a safe bet to move
Condo = condo board which is even worse than a HOA with HOA board. Why buy an apartment where your only guarantee is you'll be paying rent to someone who gets to tell you what you can't do in your own home?
$1000/month rent on a $90k annual income is VERY cheap. It sounds like he has serious spending issues that he didn't reveal, probably related to depression from the divorce. I don't he's personally responsible enough to buy any type of home. Probably needs counseling too more than anything.
In 2020 at aged 56, divorced, I was 20k in debt with zero savings, paying child support and I am now doing baby steps 5 & 6 (helping my daughter wtih college and saving for a home downpayment). No debts, 6 mo emergency fund, 15% going to retirement each month. My daughter graduates next year and I will be saving even more that I am right now. It can be done, have a plan, be intentional be focused and you can get there. My motto has been I am at where I am at lets do the best we can with where we are.
@@emmawainwright5527 Yea, what the hell is he doing? Ok takes home maybe 60K after ins and taxes. 30k for support and rent, 10K for living expenses. Where did the extra 20K go?
What this guy went through during his 60s, I went through all of that in my 30s. I'm 49 and back on financial track. I feel for this guy though. Divorce is an emotional and financial killer.
He only had $100k saved by age 59 when he divorced. In over 10 years since then he's only been able to save $10k even though he's making $90k/yr. The divorce isn't the problem.
My property tax went from $1,050 per year back in 2014 to $1,210 a year in 2023, over 10 years that’s an increase of less than $200 a year. These things are very area dependent.
You do lock it in. If you want to go down the pedantic road it can easily be argued that property taxes and insurance are separate expenses to your home payment. The home payment (principal + interest) are locked in though. Most people consider their property taxes increasing by like a whopping 5 dollars a month each year to be negligible.
Over 10 years ago he was on track financially. He's been surviving pay to pay check the last 10 years due to child support payments. Those payments are about to end. Cut him some slack.
Well he does get a $20k/pension…with social security and let’s say he can save up $100,000 in the next 5 years (that’s $20k/year he’s already paying $18k child support that’s about to end) it might not be so bad.
I work in healthcare for 18 yrs now. It doesn't matter if you have a lot of savings or not. Once you get sick and your family can't take care of you, you'll wind up in a nursing home. Here's the breakdown: You having a lot of money will first wind up in an: 1. Independent Living (When you are still Independent but needs some assistance, you'll go to the next level) 2. Assisted living ( when you have cognition issues) 3. Memory Care After MC is 4. Long Term Unless you have a lot of money, you can avoid it by paying from your personal money a caregiver ( and I know that most caregivers are only good for companion and doing basic needs they don't do anything for rest of the day do nothing) Medicare doesn't pay for caregiver.
I'm a 59 year-old nurse working in Kansas. I rent a decent 1 bedroom in an older building for $550/mo all bills paid. I also own a home, have a 401k, IRA and individual stocks. I'm at a point where I can save/invest 50% of my take home pay every month. I got divorced in 2017 because my husband was ill and planned to spend every penny we had on HIS dream life before he died. He had zero concern for me and my future. He is indeed dead now and someone else is living in his dream home.
1. Need state that is not a community property state. 2. Look for a woman that already has a good career she loves. 3. Stop chasing all the "good looks," look for substinence. 4. PRENUP! 5. Don't marry, work, save, date. And absolutely dont have kids in your 50s!
I'm dead broke and I'm 56 years old. Nothing saved spent everything on trying to get a degree. I made bad financial choices. I'm single, with no kids, ex-wife, or girlfriend. I have worked a job for 18 years and am burnt out. I'm looking for a new career to save money. I'm in good health and stay in shape. I live in a one-bedroom apartment for $1300 a month, a car for $380 a month, and credit card and, payday loan debts. I'm a total mess and at times cry at night thinking how am I gonna get out of this hole.
Cut up your credit card. After you have your emergency fund. How long before the car is paid? I didn't start to get ahead until I no longer relied on a credit card. Little bit everyday. It is stressful. What else can you spend less on?
@@emmawainwright5527 I don't use my CCs anymore. I still have 4 years on my car to be paid off. I thought about turning in my car and getting a small car that's paid off so that I don't have any monthly payment only insurance. I consolidated my CC so that I can make one payment a month. I just couldn't keep up with my CCs. I had to get a few of them to pay for classes so that I could finish school and earn my BS. I've just been struggling. I need a part-time along withe my full time. I don't want to work an extra shift at my job too burnt out and tired of it.
Why pay off the student loan right away instead of continuing the monthly payments? Caller said it's a federal loan so it's probably very low interest, even more so if he's nearing the end of the amortization period. He'd be better off earning interest on the 10k instead of paying off what could be a nearly zero percent loan. They didn't ask if he was collecting social security. Unless he didn't contribute to the system when he had the ministry job, he should collect something when he turns 70 and the benefits are maximized.
Sounds like he was "living the life" with a younger woman. Failure to plan has caught up to his earlier decisions. YOLO has a lot of costs that people do not account for.
I mean other then not having a property to live in, he's not in a terrible situation in June his child support ends, then he will make 90K he saves 50k for 2 years, then he has his 20K a year pension. Plus another 5-6K in money from the 100K then social sercurity etc. He should be able to bring in 30-35K a year quite easily. Then he can try and work part time, 10 hours a week nursing somewhere on call or something. That might bring in another 10-15K a year. So he'd be looking at 45-50K. Thats not a TON of money, and he will have to live modestly. But thats what happens in these situations
He absolutely doesn't need to buy a house. He's already in temporary living conditions. He needs to be seeking out high paying travel nurse gigs and just stack up for the next 4 years or however many years he has left that he could survive the workforce. Some of the recruiters I've seen are posting travel jobs that aren't too long distance for at 2-4k/ week!
Travel nursing isn’t the mega dollar gig every one thinks it is…it’s goos …10 years ago it was great…but comes with costs. Money depends on specialty’s and locations…don’t assume you know what the money is until you have done it…
@virginialangford6257 as an ultrasound tech, I get travel offers daily in the amount range that I quoted. As a parent wirh husband , kids and dogs at home, I can't do it, but at the caller's age in his situation without physical dependents he could ABSOLUTELY find and negotiate some amazing contracts and stack his money. Multiple medical recruiters contact me weekly. Nurses make a similar pay or sometimes better that u/s technologists in some areas. It's worth looking into. Buying a house had no immediate benefit in his lifetime.
Reminds me.of my dad. He depended on the govt social security. Apartment houses were moving.up faster than what they were paying him. He was washing his clothes in the bathroom tub
A young couple wants to buy a house. They say a house is not for everyone. An older person, they tell them to go and buy a house? AT his age, I would not worry about a house.
His new reality is to work until he dies. He can't afford to retire in the USA. He could move to Mexico and collect social security. I hope he won't break a hip or his back while doing nursing. Bedside nursing is physically demanding and mentally draining.
If he's a RN, there are a plethora of income streams. He's going to have to work a lot, but he could be fine in 15 years granted he keeps his health in shape and be discipline. Wishing him alot of luck as I know what's it's like for a relationship to end not expected.
He should be looking into a 55 adult retire commuity than getting mortgage at his age ,,dealing with up keep of house at 69 ..”” really Dave “” beside that ,,what bank is going to give him a mortgage with very little money.. Dave never thinks about circumstances for someone his age.. Do the research on senior living Dave before you give advice..
And another thing… if he was paying $18k/ year in CS then at best he was earning $105k/ year as a salary. So not only did he go into debt for nursing school he took a huge pay cut in his income 🤷🏾♂️✊🏾
@shola7987 not 100% true. My GF has been a nurse about 4yrs and a good friend of hers is a travel nurse and the travel nurse isn't making anymore than my gf is.
This guy has just coasted through the last 10 years without any intensity or drive to get his ish together. Now he's going to be working until he dies.
Exactly. Property taxes, mortgage, repairs, etc., are as expensive as renting. Much more than the 1,000 per month he's paying. It's too late to buy, and not necessary.
But he already has emergency fund. Is it best to wipe that out and start that over again? Why not pay half the loan and then pay $1000 a month on the loan until it's gone and then keep some emergency fund?
Not sure i agree with their advice here. He can make very good money as a travel nurse. If he wanted to live as a Nomad for a few years, and do travel nursing, he could save so much money. I hope he looks into it. Props to him for getting through nursing school debt free and paying your child support. I am rooting for this man.
I agree! My niece did. Took breaks and lived with her mom for month or so. Then traveled again! Buying a home is more than a mortgage. It’s repairs . Upkeep. Property taxes… lawn care…. $$$$$$$$$$$$$$$$
In Nashville of all places. Unless it’s a dump that’s a great price. I live in Nashville and was a landlord, so I do know what rent should be. It’s got to be some cheapo place or he knows the owner.
@@TheSoulCrisisnot always. Dave talked about that once. Sometimes she will get the house but the loan is not redone so he is still tied to it financially. You have to force a sale or refinance it.
Oh Dave why buy a house at this point? Sure he can lock in his payments but he’s forgetting about maintenance,insurance, and property tax which all go up. Not to mention locking up cash for a down payment. Whereas rents average about 3% increase. And just throw everything but the basic needs into investments. It’ll take him 15-20 years by the time his home turns into an investment instead he could be getting at least a 7% return in the market.
Left the ministry, younger “wife”, has to pay “child support” = I HOPE I’m crazy, but my gut was screaming “inappropriate behavior with a minor, had to leave the church and start over to pay damages to the victim”
My buddy is in the same boat. He is 54 and without a retirement. Suck for him.😢 but some people want to learn the hard way. Cuz they don't listen to good advice. Oh, and he just quit his job 🙄
I decided to leave the country for South America. It’s costing me only $525 dollars a month in a beautiful assisted living facility. This includes everything including food - internet- private room . Best move I ever made !
My advice.. he'll soon not have a Child Support Payment start rolling that in to paying off his debt and then start banking that money towards buying a house. I would not buy a Condo they HOA fee's are unstable and can go up as much as they want to, same thing as buying a trailer in a mobile home park we see how well that is working out around the country. Anna In Ohio
If he's 69 1/2 he can start to collect max Social Security in 6 months with no income cap and raise his income even more. That's assuming he paid into SS before.
We once belonged to a small church, where the pastor, a wonderful man, was financially self sufficient, and he tithed 100% of his salary back to the church. Would you believe that some of the members were very sensitive to a modest annual salary increase to his modest salary?
This guy sounds better off retiring in a different country where its substantially cheaper than the US. Save what you can now and then dip when you are done working
If he can find a super cheap condo, he would be paying for a place to live that he will never own but his mortgage is a fixed monthly cost. Which is fine. When he dies, it gets sold to pay off the bank. Dave's point is he will be locking in a fixed rate for a bed, kitchen, bathroom and TV. He is paying $1000 now for Air BNB. In 10 years, that same Air BNB could cost $2000 per month. If he can find $150k one bedroom condo on 30 year mortgage he will be paying $1000 per month and never have to worry about the rent doubling in 10 years. His Social Security check for $1700(?) per month would keep a roof over his head, utilities and perhaps insurance. He still needs to figure out food. A part time job could help with that when he retires. Think Walmart Greeter, or if he was a hobby like fishing he could work at a bait shop. If he likes golfing he could work in a golf course pro shop. Heck, he was a minister, he could also do weddings.
I hate how Dave came at this man. Everything he lossed in divorce, and the child support he had to pay and the man still got up for pushed forward, and is doing extremely well for himself at his older age. Dave being like you only have this saved over the years?, is wild. I love how when a woman calls in, they put the baby gloves on and pamper her. This is getting ridiculous
You're projecting. The divorce was 10 years ago. They had accumulated 100k up to that point. 100k is NOTHING, at 49. 10 years later he has not accumulated any wealth. What this man needs, is to WORK! Child support is a good thing. It means he is contributing to the upbringing of the child he decided to bring upon this earth. He is not a victim. Stop with your victim mentality. Stop projecting.
@@kiki11974 the man pays child support and was most likely paying alimony. Plus lawyer fees, court costs, etc. most men this are living in their cars or back home with their parents. The man is doing great in the circumstances he’s in. Love how when a woman calls and complains and does nothing she’s praised. But when a man actually going through it financially calls , the ride him.
@@PInk77W1 ymax is a high income fund. It generates nearly 50% of income on your capital yearly via monthly distributions from simulating selling cover calls on their underlying assets. Imo the hundreds of etfs using this strategy are perfect for folks out there in this mans position. Some are more aggressive then others yielding over 100% but a lot of people would agree this particular fund is a good middle ground. He needs to prioritize snowballing his retirement income. He doesn’t have the time for a growth focused portfolio.
if he pay off the student loan ... that leaves him with zero in savings... no money in the bank.. thats not very smart thinking"" ... at 69 with zero savings for a emergency.."" just continue making the student payments.. with 10k in the bank"" it be no different if was paying any other bill at the end of the month"" .. Once again Dave ,, is Not thinking about a senior in his situations""
never been married but could have once also once a bolt of lightening blasted off the back of my fishing boat by about 50 feet -thats 2 whew!!!! close calls both extremely deadly
Women DO NOT get married if you have assets, an education & high paying career unless that man has equal or more to bring to the table !!! Nothing to gain, everything to lose. I see these comments from men regarding marriage and laugh 😂 it goes both ways in modern times ...
You better off that many who saved now i can get free housing from state, have food stamps, free Medicare and paid utility. So what my grandma saved it all went to private nursing home any way and when all her money were drained she got government benefits any way.
Marriage is a disgusting money making machine here in the states. I’ve seen WAY too many ugly divorces in my life to even THINK about signing that piece of paper - you are BEGGING for problems.
Or did a mature "gentleman" who took good care of himself slither his way up into a young woman's life uplifting her while promising to give her a family of which he actually never even wanted to begin with suddenly stop being so gentleman like, begin to abuse her, turn into a slob, and become an absent "present" father? Sounds like he's the one who had the plan.
You got it wrong because you are too busy projecting. His wife and him had only accumulated 100k prior to the divorce. That is nowhere near a retirement fund. He was always broke.
I can't stand when people talk about what they used to have. "How much money do you have?" "Well, I USED to have 100k." Wut??? Answer the darn question.
get married and have kids, they say. people need to learn to be alone, only people afraid to be alone or prioritize others' happiness would gamble with a marriage
Sounds like the kind of advice some zit faced nerdy high school kid would give because that goes against human nature. Humans are social creatures, very, very, very few people genuinely want to be alone for life.
There are many Americans living abroad in much cheaper countries. With Social Security (which he should be able to get when he is 70) and his pension, he would be living well. We live abroad and amongst many such retirees. There are many options.
We live in Ecuador and love it. However the stability of the country had changed since we moved here. We love it too much to move, but for some just starting a search there are many many options. Don't just take one person's word. Google best countries for expats on you tube and you will be watching videos for days. It is a whole thing. Close to half million SS recipients from the USA live abroad and the number is growing. And that doesn't count people like us too young for SS.
Dave, your bias to real estate is ridiculous. He should not buy a house. Credit Suisse long term study, covering 1900 thru 2011, found that owning a single family home had an annual average return of 1.3% over inflation. That return is not net of the upkeep on a home. An stock index fund averages 4 times that return.
My father was 52 when I was born. Luckily, we was able ro afford alimony for 30+ years as my mother divorced him 8 years last and he was ordered to pay alimony until he died.
This guy is screwed. He put off retirement too long to the point where the money that he does invest won't have enough time to compund before he needs it. Let this mans story be a lesson to invest for retirement today and don't put it off. You will need it!
I am not giving up my last $10,000 to pay off any loan at 69 years of age. That is ludicrous. That would make complete sense for someone who is 30 or 40 years old with time on their side. Not this guy. That's bad advice. Anything can happen...smh
Shouldn't he be able to withdraw social security? With his pension and savings for 5 years, I think he'll be able to retire. Just needs to save aggressively.
He only had $100k when he divorced, in over 10 years making $90k/yr he was able to save up $10k total. It's not his ex that is the source of his financial problems.
@@Jakkaribik1 Nursing education doesn't take 10 years. Child support would've been based off his income at the time. Plenty of people pay for their children and have more than $10k by age 69
Small condo or even a trailer may be a better option than a home. He may want to consider a LtC insurance policy. Other than that , live on less than you make and save save save
Nursing school and being an RN is hard and he did it in his 60s! Wow! Very smart and hardworking, its a shame his didn't prioritize retirement.. chasing younger women and having kids late in life with no money...
Yup a woman and divorce will do it to you
Especially changing to a new career in 60's. Usually people retire at the age went for a second career. Also he can work 1-2days a week and subsidise his retirement.
I believe he said 59 years old, that’s also what the thumbnail says…
65 when he graduated
Im confused now with his zge.@@fastdude2002
Some people will never listen. I’ve tried to tell nieces and nephews to start a 401k and they just laugh. But, they have every new device and phone on the market. Priorities.
After you told them and they laughed, at this point, F them! Let um fail! They will remember your conversation at the very end when it’s to late
Yup. Fortunately, my kids follow my advice. They're in their 30s. I retired this week at the age of 56 so they have an example of how it's done.
It's so hard to get some people to invest. I've also tried with family. For some reason it just doesn't register with some people. I think some people live in the present (which has pros and cons) and other people live in the future, which has a lot of cons - but the advantage is it's good for financial planning.
The government can't handle taking care of all these stupid people when they are elderly 🥴
A 401(k) is an employer-sponsored retirement savings plan 😂…if you need to tell your niece and nephew to invest 401k that their HR department has already done..then they need more a pep talk
$18K/year child support ends in June, so that's $9K he gets in the remainder of 2024 without even trying.
Excellent point. They should have put more emphasis on that. He can save a lot in 2-3 years if he tries.
And I would through all that to investing
A thousand a month rent, you can put A LOT away.
He makes 90K too…..he can stack investments EASILY!!
For sure!!
Not when he has had to pay $1500/month in child support.
@@evanl889 That ends this month for him. But I think he can do better on rent; AirB tends to be more expensive. Or move to a city with a lower cost of living; I was recently browsing CraigsList for small rentals around the nation, and saw more than one 2 bedroom house for about $500 in small towns with low crime. A nurse should have no problem finding work anywhere.
@@evanl889which is gonna end at the end of June, so he should be saving extra
I slept in my car from 2000-08 in Los Angeles to pay child support. Doing great now
Sorry to hear that, you are amazing
Impossible, MAGA claims nobody can live in LA.
@@kbanghartliving in a car for 9 years in LA is hardly living. The OP is one tough SOB if they managed to do that and is doing well now.
@@ku3325ku living in a car anywhere is hardly living
Uh judging by the emigration numbers it sounds like LA residents say nobody can live in LA.
4:36 When you buy a house, the mortgage is not "locked in." It will go up if your local school or other government entity passes a levy. You also have a LOT of other expenses when you buy a house: property tax, lawn maintenance, house insurance, repairs, replacements (roof alone is $10k+). If you can afford to buy a house, great. Just don't do it with the idea you're going to save money. If you're VERY lucky, you'll break even.
Buying a house does not guarantee that you will make money. There are ebbs and flows just like every other asset. It only takes one disaster before you’re on the street (unemployment, divorce, medical emergency, etc).
You're not accounting for the value of the home appreciating.
@@superblump87 how do you realize the appreciated value? Meaning how does that put ACTUAL money in your pocket? The only way is if you refinance, but there has to be significant equity in the house in order for lenders to approve the new loan.
@frawdulent downsize after kids move out/you get to old to keep up with landscaping/cleaning.
@@superblump87yep, I'm downsizing
Working until you die, should be the title of this.
At his age he needs to stay away from home ownership and all the extra expenses that entails, and get his name on a waiting list for subsidized housing for seniors.
I agree. At today's insane property prices, there is no way any of this works unless he does his best to rent cheap for the rest of his life. Maybe if his kids do well financially they can develop a multigenerational family compound somewhere, but if not that, then renting would be my recommendation if I was him.
Or buy a new mobile home or RV.
With his income, he won't qualify.
I've been thinking about doing the same thing. 59 here still working full time.
👏 👏 👏 exactly!
Managing Money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times, while orders tend to avoid them. Well, at least my advisor does too.
I'd also be retiring or working less in 8 years, and considering this financial recession, Im deciding to begin taking up skilled trades. I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, learn around $130K per year but nothing to show for it yet.
You should contribute to your retirement diligently, or better still look into financial planning don't come to youtube for advise, consult a Local or trusted online broker/planner.
On your own you could seek out several of these financial advisors, make sure the one you settle on is a fiduciary and not a fake.
Know what you're getting out of it and see if your targets can be met.
This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?
I started out with Eric Paul Elmer,great advisor. I got very lucky to have found him especially after my marriage crisis & consider him a good friend now.
The video title lied to me again! I expected to hear some Ramsey advice about long-term care planning.
Agreed. And by the way, Dave's take on long term care planning is to buy long term care insurance at age 60. Many of us disagree with this....LTC insurance is very costly, you likely won't need it, and if you do, you have to fight them to get them to pay, along with you will have deductibles to pay. It's a rip off. Yiu are better off saving for it in your nest egg
Why? Any advice is about 20 years too late for this guy.
Exactly!
all the money in the world can't guarantee you won't end your years in a nursing home.
Well maybe you can end up in a nicer nursing home or retirement home if you have a lot of money.
Really, the question was strange to me. If you have no money...how would you afford a nursing home! Lol
@jldenn Well, what he's talking about is a *govt-sponsored* nursing home. And those suck. The wakeup call for him is that he's got at least 10 years before they'll consider him for even that.
@@jldenn First thing I though t of as a retired RN. Nursing homes, even the crap ones cost a lot.
@@roadrunner9622 ALL regular nursing homes and with someone on Medicare follow certain rules and it doesn't matter what type of nursing home if you don't have certain medical conditions, etc. you won't be going into a nursing home unless you can afford $6-10K/month! My stepdad was paying over $6000 for my mom for close to 5 months and she didn't qualify for any government help at that point when she was admitted not that she wasn't sicker than a dog. As a nurse I would think he would be aware of some of this already, unless he works in Pediatrics, OB/GYN, etc. Mom died on the 7th of March and he had to pay up front for the whole month of March and he is STILL trying to get back what what he paid for the 8th through the 31 of March. We are talking thousands of dollars here.
This guy needs to buy the cheapest thing possible! Condo, trailer home, etc.
He definitely does not need to buy a home at his age!
Van
Disagree, in the right neighborhood the house is an investment it self . Example = a 300,000 home can easily be sold for 400,000 in 5 years
@@alexluthor7215”in the right neighborhood” is doing a lot of heavy lifting in that recommendation. In a lot of areas housing prices have been flat for two years. The major boom is over for now. And a $300,000 mortgage with $0 down is going to be a $3K nut every month. Compared to $1000 he’s paying rent now. It’s far from a safe bet to move
Condo = condo board which is even worse than a HOA with HOA board.
Why buy an apartment where your only guarantee is you'll be paying rent to someone who gets to tell you what you can't do in your own home?
$1000/month rent on a $90k annual income is VERY cheap. It sounds like he has serious spending issues that he didn't reveal, probably related to depression from the divorce. I don't he's personally responsible enough to buy any type of home. Probably needs counseling too more than anything.
In 2020 at aged 56, divorced, I was 20k in debt with zero savings, paying child support and I am now doing baby steps 5 & 6 (helping my daughter wtih college and saving for a home downpayment). No debts, 6 mo emergency fund, 15% going to retirement each month. My daughter graduates next year and I will be saving even more that I am right now. It can be done, have a plan, be intentional be focused and you can get there. My motto has been I am at where I am at lets do the best we can with where we are.
How do you have 0 savings in your 50s? How is that possible?
good on you! We all do the best we can once we learn!
@@melinda67 Divorce, job loss, illness. Life Happens. For what it’s worth In my 40s I was a homeowner and had $ 80 k in a 401k
I agree to your words of encouragement and positivity
@@RyansuBikethings happen you will recover!
Wish I made $90,000 a year and paid $1000 a month in rent.
Still has no $
@@emmawainwright5527 Yea, what the hell is he doing? Ok takes home maybe 60K after ins and taxes. 30k for support and rent, 10K for living expenses. Where did the extra 20K go?
What this guy went through during his 60s, I went through all of that in my 30s. I'm 49 and back on financial track. I feel for this guy though. Divorce is an emotional and financial killer.
Divorce will break men
Thats why be careful on marrying women or dont marry at all
Just say no to marriage. I'm this guy's age when he meet that young wife and had kids . Avoid that.
He only had $100k saved by age 59 when he divorced. In over 10 years since then he's only been able to save $10k even though he's making $90k/yr. The divorce isn't the problem.
Just men? My ex has been dodging child support for a decade. Tell me how that doesn't break women
@@djpuplexI love my marriage
You don’t lock in your home payment damn it. Stop that illusion! There’re property taxes and homeowners insurance.
My property tax went from $1,050 per year back in 2014 to $1,210 a year in 2023, over 10 years that’s an increase of less than $200 a year. These things are very area dependent.
You do lock it in. If you want to go down the pedantic road it can easily be argued that property taxes and insurance are separate expenses to your home payment. The home payment (principal + interest) are locked in though. Most people consider their property taxes increasing by like a whopping 5 dollars a month each year to be negligible.
I'm only 8 months into my mortgage and nothing has gone up...yet.
@@BREEZYM6015 I believe homeowners insurance and taxes rates are annual
@@AmericanWears
Yup. Even better with single/dual homestead exemptions and senior freeze among other things.
69 and now thinking retirement? Wow never …
69, and a half.
I guess he thought the Lord will provide instead of God helps those who help themselves.
59
Over 10 years ago he was on track financially. He's been surviving pay to pay check the last 10 years due to child support payments. Those payments are about to end. Cut him some slack.
Well he does get a $20k/pension…with social security and let’s say he can save up $100,000 in the next 5 years (that’s $20k/year he’s already paying $18k child support that’s about to end) it might not be so bad.
I work in healthcare for 18 yrs now. It doesn't matter if you have a lot of savings or not. Once you get sick and your family can't take care of you, you'll wind up in a nursing home. Here's the breakdown:
You having a lot of money will first wind up in an:
1. Independent Living
(When you are still Independent but needs some assistance, you'll go to the next level)
2. Assisted living
( when you have cognition issues)
3. Memory Care
After MC is
4. Long Term
Unless you have a lot of money, you can avoid it by paying from your personal money a caregiver ( and I know that most caregivers are only good for companion and doing basic needs they don't do anything for rest of the day do nothing)
Medicare doesn't pay for caregiver.
Medicaid does though, at least in my state.
I'm a 59 year-old nurse working in Kansas. I rent a decent 1 bedroom in an older building for $550/mo all bills paid. I also own a home, have a 401k, IRA and individual stocks. I'm at a point where I can save/invest 50% of my take home pay every month. I got divorced in 2017 because my husband was ill and planned to spend every penny we had on HIS dream life before he died. He had zero concern for me and my future. He is indeed dead now and someone else is living in his dream home.
He’s 69 not 59. He’s gonna have to work until 80 in order to see any type of progress 🤷🏾♂️✊🏾
More like 100 but 100 is the new 80 anyways
@@as2223quite the opposite, life expectancy has been dropping in the US as of late
Divorce is the real wealth killer.
Depends what you think is wealth. How may prayers hav you prayed.
@@tombkk1322yep, that's why it's silly. My wife and I have decided if we break up, we'll just stop living together, probably.
Im glad I found your show over 10 years ago. I listen to you every night ❤
Love Dave's empathy
$18k a year goes from child support to a 401k. IF he works until 85 he can have north of $700k in that account. His retirement is going to be working.
@@robedmund9948assuming he will be able to work until 85 is hilarious
@@robedmund9948 you mean if he lives till 85
@@robedmund9948 problem is who is going to hire a nurse in their 70s let alone 80s? You ever seen a nurse pushing a walker lol?
@@reesercliff Fair point, but he will have to do something. Walmart greeter doesn't quite pay as much, though.
From the way Dave asked him how much money he had saved up, you could tell Dave somehow knew this guy had nothing.
Because it's the same story over and over again and it never changes
1. Need state that is not a community property state.
2. Look for a woman that already has a good career she loves.
3. Stop chasing all the "good looks," look for substinence.
4. PRENUP!
5. Don't marry, work, save, date.
And absolutely dont have kids in your 50s!
I'm dead broke and I'm 56 years old. Nothing saved spent everything on trying to get a degree. I made bad financial choices. I'm single, with no kids, ex-wife, or girlfriend. I have worked a job for 18 years and am burnt out. I'm looking for a new career to save money. I'm in good health and stay in shape. I live in a one-bedroom apartment for $1300 a month, a car for $380 a month, and credit card and, payday loan debts. I'm a total mess and at times cry at night thinking how am I gonna get out of this hole.
Pray
Cut up your credit card. After you have your emergency fund. How long before the car is paid? I didn't start to get ahead until I no longer relied on a credit card. Little bit everyday. It is stressful. What else can you spend less on?
@@emmawainwright5527 I don't use my CCs anymore. I still have 4 years on my car to be paid off. I thought about turning in my car and getting a small car that's paid off so that I don't have any monthly payment only insurance. I consolidated my CC so that I can make one payment a month. I just couldn't keep up with my CCs. I had to get a few of them to pay for classes so that I could finish school and earn my BS. I've just been struggling. I need a part-time along withe my full time. I don't want to work an extra shift at my job too burnt out and tired of it.
Why pay off the student loan right away instead of continuing the monthly payments? Caller said it's a federal loan so it's probably very low interest, even more so if he's nearing the end of the amortization period. He'd be better off earning interest on the 10k instead of paying off what could be a nearly zero percent loan.
They didn't ask if he was collecting social security. Unless he didn't contribute to the system when he had the ministry job, he should collect something when he turns 70 and the benefits are maximized.
I doubt he can ever retire at this point, super unfortunate 😕
I said the same thing
Sounds like he was "living the life" with a younger woman. Failure to plan has caught up to his earlier decisions. YOLO has a lot of costs that people do not account for.
At least he’ll be close to medical care when he keels over at work.
@@robedmund9948 Women especially Younger ones take and leave
@@Jakkaribik1A fair price to stomach an older penniless dude.
I mean other then not having a property to live in, he's not in a terrible situation in June his child support ends, then he will make 90K he saves 50k for 2 years, then he has his 20K a year pension. Plus another 5-6K in money from the 100K then social sercurity etc. He should be able to bring in 30-35K a year quite easily. Then he can try and work part time, 10 hours a week nursing somewhere on call or something. That might bring in another 10-15K a year. So he'd be looking at 45-50K. Thats not a TON of money, and he will have to live modestly. But thats what happens in these situations
Good for him for moving on from and starting something new, no matter the age. It take alot of guys to do that
1:40 Dave: what is 1+1?
Mark: okay, let me give you my life story…
Nursing school in your 60's? Hope he is in amazing health. Nursing is brutally physical bedside. He needs to figure out how to STILL be a nurse at 75.
He absolutely doesn't need to buy a house. He's already in temporary living conditions. He needs to be seeking out high paying travel nurse gigs and just stack up for the next 4 years or however many years he has left that he could survive the workforce. Some of the recruiters I've seen are posting travel jobs that aren't too long distance for at 2-4k/ week!
Great idea, especially since his kids are all grown up!
Travel nursing isn’t the mega dollar gig every one thinks it is…it’s goos …10 years ago it was great…but comes with costs. Money depends on specialty’s and locations…don’t assume you know what the money is until you have done it…
@virginialangford6257 as an ultrasound tech, I get travel offers daily in the amount range that I quoted. As a parent wirh husband , kids and dogs at home, I can't do it, but at the caller's age in his situation without physical dependents he could ABSOLUTELY find and negotiate some amazing contracts and stack his money. Multiple medical recruiters contact me weekly. Nurses make a similar pay or sometimes better that u/s technologists in some areas. It's worth looking into. Buying a house had no immediate benefit in his lifetime.
With the pandemic being over and him being a new nurse, it will be hard to come by. His situation is not dire and can be alleviated within 4-6 months
travelling nurse could make some good money, you don't need a permanent home if you're on the move.
Good news for him. Nursing homes are super expensive, so if you're broke you won't end up in one if you want to or not.
Reminds me.of my dad. He depended on the govt social security. Apartment houses were moving.up faster than what they were paying him. He was washing his clothes in the bathroom tub
A young couple wants to buy a house. They say a house is not for everyone.
An older person, they tell them to go and buy a house?
AT his age, I would not worry about a house.
Buy a house your payments get locked in. You’re not subject to rent increases.
@@rayhill5767 AT his age, he should focus on retirement.
@@jimmymcgill6778100% agree. No house go all in on investing fast!
@@rayhill5767That's what I did. Bought a townhome.
@@jimmymcgill6778the two things are one in the same. He needs a Roth and a house. The rest is pointless. But he’s basically screwed.
His new reality is to work until he dies. He can't afford to retire in the USA. He could move to Mexico and collect social security. I hope he won't break a hip or his back while doing nursing. Bedside nursing is physically demanding and mentally draining.
Sure moving to a failed, corrupt, violent narco state makes a lot of sense. Give me a break!
So just WTF does this have to do with ending up in a nursing home⁉️
Everyone out there. Pay off debt and save money. Don’t be this guy at 69 years old.
I can relate. I have to stash more than usual at 54. Having nothing left after bills will cause you to hate life.
I won’t I’m learning poor thing
He did, but a divorce took all of that away from him.
I'm 51 and don't want to be that guy.
You laso have to keep in mind thar he he has a debt because of the divorce
If he's a RN, there are a plethora of income streams. He's going to have to work a lot, but he could be fine in 15 years granted he keeps his health in shape and be discipline. Wishing him alot of luck as I know what's it's like for a relationship to end not expected.
He is 69
He should be looking into a 55 adult retire commuity than getting mortgage at his age ,,dealing with up keep of house at 69 ..”” really Dave “” beside that ,,what bank is going to give him a mortgage with very little money.. Dave never thinks about circumstances for someone his age.. Do the research on senior living Dave before you give advice..
I'm 42 a LPN and my ROI for going back to school to get my RN barely makes sense.
I don't understand why Ramsey would say buy a house at 69yrs old. He's at end of life kinda. So he'll never pay it off
Super too late! This guy will be working until the very end!
Certainly if he buys a house.
@@tombkk1322mmm hmm yup
Never too late to make that change🤗 If you want to stay healthy it's best to work to the end in a job you love
@@shaneannconnell8022 Work until 90?
@@shaneannconnell8022 Work until 90?
Buy a small, used camper in very good condition. Live in it. Invest in your future.
And another thing… if he was paying $18k/ year in CS then at best he was earning $105k/ year as a salary. So not only did he go into debt for nursing school he took a huge pay cut in his income 🤷🏾♂️✊🏾
He can be a travel nurse and make more money
At 69? LOL
@@tonytoni1150 I mean ...the fact that he's a nurse period is impressive.
@@tonytoni1150
I’m sure some laughed when he said he wanted to be a nurse.
He makes more than enough; he is obviously not wise with his money.
@shola7987 not 100% true. My GF has been a nurse about 4yrs and a good friend of hers is a travel nurse and the travel nurse isn't making anymore than my gf is.
This guy has just coasted through the last 10 years without any intensity or drive to get his ish together. Now he's going to be working until he dies.
Do you think because he was paying child support?
@@emmawainwright5527 There's always an excuse. He's been divorced for 10 years.
At 69, DO NOT go buy a place. Keep renting. Because a house isn't going to pay you a dime in retirement.
Exactly. Property taxes, mortgage, repairs, etc., are as expensive as renting. Much more than the 1,000 per month he's paying. It's too late to buy, and not necessary.
States he's 59.
Dude needs to work and save for 5-10 then retire to Philippines.
@@joesmith3590or Costa Rica
@@joesmith3590or Costa Rica
But he already has emergency fund. Is it best to wipe that out and start that over again? Why not pay half the loan and then pay $1000 a month on the loan until it's gone and then keep some emergency fund?
Not sure i agree with their advice here. He can make very good money as a travel nurse. If he wanted to live as a Nomad for a few years, and do travel nursing, he could save so much money. I hope he looks into it.
Props to him for getting through nursing school debt free and paying your child support. I am rooting for this man.
I agree! My niece did. Took breaks and lived with her mom for month or so. Then traveled again! Buying a home is more than a mortgage. It’s repairs . Upkeep. Property taxes… lawn care…. $$$$$$$$$$$$$$$$
That's what I was thinking....travel nursing to rack up the income.
Traveling, doing odd hours at 70 is insane, at any moment his body might give out.
Traing as a nurse in his 60s is nuts ....its very hard work
@@Ja50nkAt some people are ok at 70. My mom quit then but dad could have worked to 80
Why would this guy buy a home when he’s basically at the end of his chapter any day now! The clock is ticking
Aanhouden gives stability, he won’t have to move to much anymore then unlike if you rent
He could easily live another 20+ years but he probably isn't going to be able to work much longer.
😂
Maybe he will live forever
airbnb 1000/month? means landlord need to pay wifi, utility and maintenance. Some math is not adds up
In Nashville of all places. Unless it’s a dump that’s a great price. I live in Nashville and was a landlord, so I do know what rent should be. It’s got to be some cheapo place or he knows the owner.
It's probably just a room in someone's house
1000 a month must be a cardboard box with nice paint on it
Caller: Wife took the house.
Show: You should go buy a new one.
I thought legally the sale of the house was forced between both parties in these cases? 🤔
@@TheSoulCrisisnot always. Dave talked about that once. Sometimes she will get the house but the loan is not redone so he is still tied to it financially. You have to force a sale or refinance it.
Oh Dave why buy a house at this point? Sure he can lock in his payments but he’s forgetting about maintenance,insurance, and property tax which all go up. Not to mention locking up cash for a down payment. Whereas rents average about 3% increase. And just throw everything but the basic needs into investments. It’ll take him 15-20 years by the time his home turns into an investment instead he could be getting at least a 7% return in the market.
Something about this call didn't sit exactly right with me. 🤔
Yeah. I guarantee this guy is hiding some big element of the story.
Left the ministry, younger “wife”, has to pay “child support” = I HOPE I’m crazy, but my gut was screaming “inappropriate behavior with a minor, had to leave the church and start over to pay damages to the victim”
The Dave Ramsey social media guy needs to be fired. He is 69 and not 59. He is making mistakes all the time
There's almost no way it's a guy. Most of these sicial media jobs are millennial girls with purple hair and "fight the patriarchy" tattoos.
They didnt want to write 69
This is one of my greatest fears 😬
My buddy is in the same boat. He is 54 and without a retirement. Suck for him.😢 but some people want to learn the hard way. Cuz they don't listen to good advice. Oh, and he just quit his job 🙄
It’s too late bro
Super too late! This guy will be working until the very end!
I decided to leave the country for South America. It’s costing me only $525 dollars a month in a beautiful assisted living facility. This includes everything including food - internet- private room . Best move I ever made !
What country is that? I can speak Spanish
@@mimi1o8 Colombia ! It’s really nothing like most people read about in the news. Nice people - culture and the best weather on the planet.
You might want to include what country next time. Gee, I moved to southern hemisphere….
My advice.. he'll soon not have a Child Support Payment start rolling that in to paying off his debt and then start banking that money towards buying a house. I would not buy a Condo they HOA fee's are unstable and can go up as much as they want to, same thing as buying a trailer in a mobile home park we see how well that is working out around the country. Anna In Ohio
If he's 69 1/2 he can start to collect max Social Security in 6 months with no income cap and raise his income even more. That's assuming he paid into SS before.
Of course he have no money. Ministry does not pay.
As a former church musician I can confirm church people love not paying people
Also, those in the medical profession are statistically not great with money.
Our pastor had a very modest life. Retired to a very nice place. He was wise with his money
We once belonged to a small church, where the pastor, a wonderful man, was financially self sufficient, and he tithed 100% of his salary back to the church. Would you believe that some of the members were very sensitive to a modest annual salary increase to his modest salary?
Ministry never pays, neither financially or spiritually. Atheism is the only way to go
This guy sounds better off retiring in a different country where its substantially cheaper than the US. Save what you can now and then dip when you are done working
Why would someone take on a fifteen or thirty year mortgage when there are sixty Yours old. Can someone explain to me how this makes sense
If he can find a super cheap condo, he would be paying for a place to live that he will never own but his mortgage is a fixed monthly cost. Which is fine. When he dies, it gets sold to pay off the bank. Dave's point is he will be locking in a fixed rate for a bed, kitchen, bathroom and TV. He is paying $1000 now for Air BNB. In 10 years, that same Air BNB could cost $2000 per month. If he can find $150k one bedroom condo on 30 year mortgage he will be paying $1000 per month and never have to worry about the rent doubling in 10 years. His Social Security check for $1700(?) per month would keep a roof over his head, utilities and perhaps insurance. He still needs to figure out food. A part time job could help with that when he retires. Think Walmart Greeter, or if he was a hobby like fishing he could work at a bait shop. If he likes golfing he could work in a golf course pro shop. Heck, he was a minister, he could also do weddings.
His opening started off like the Matt Foley sketch
1000/mo in Nashville is nothing right now. It’s become insane in the last five years.
You gotta! MAKE MONEY first before you can save it.
I like how positve they are but he will never retire
Go to work for the Indian Health Service on a reservation. They will give you very cheap housing. Work OT and save every penny.
Have you ever lived on one? I did , and wouldn't choose to return.
I hate how Dave came at this man. Everything he lossed in divorce, and the child support he had to pay and the man still got up for pushed forward, and is doing extremely well for himself at his older age. Dave being like you only have this saved over the years?, is wild. I love how when a woman calls in, they put the baby gloves on and pamper her. This is getting ridiculous
You're projecting. The divorce was 10 years ago. They had accumulated 100k up to that point. 100k is NOTHING, at 49. 10 years later he has not accumulated any wealth. What this man needs, is to WORK!
Child support is a good thing. It means he is contributing to the upbringing of the child he decided to bring upon this earth. He is not a victim. Stop with your victim mentality. Stop projecting.
Nah, the man was divorced 10 years ago. He’s been slacking and Dave just called him out on his BS
@@kiki11974 the man pays child support and was most likely paying alimony. Plus lawyer fees, court costs, etc. most men this are living in their cars or back home with their parents. The man is doing great in the circumstances he’s in. Love how when a woman calls and complains and does nothing she’s praised. But when a man actually going through it financially calls , the ride him.
@@nananinanana656 100k is nothing? Do you even listen to the shows. Where people call in making well over 200k a yr and are over a 100k in sent debt.
This guy makes about $7,500 a mi month and only $2,500 goes to child support and rent. He didn’t even mention alimony. He sounds like an addict.
One word for this gentleman. YMAX
What does that mean
@@PInk77W1 ymax is a high income fund. It generates nearly 50% of income on your capital yearly via monthly distributions from simulating selling cover calls on their underlying assets. Imo the hundreds of etfs using this strategy are perfect for folks out there in this mans position. Some are more aggressive then others yielding over 100% but a lot of people would agree this particular fund is a good middle ground. He needs to prioritize snowballing his retirement income. He doesn’t have the time for a growth focused portfolio.
@@PInk77W1 ETF SPAM!
@@PInk77W1 give it a google. I just wrote a 2 paragraph explanation and the Ramsey marketing team deleted my comment.
@@PInk77W1 my comment gets deleted when I try to answer that question
if he pay off the student loan ... that leaves him with zero in savings... no money in the bank..
thats not very smart thinking"" ... at 69 with zero savings for a emergency.."" just continue making
the student payments.. with 10k in the bank"" it be no different if was paying any other bill at the end of the month"" .. Once again Dave ,, is Not thinking about a senior in his situations""
never been married but could have once also once a bolt of lightening blasted off the back of my fishing boat by about 50 feet -thats 2 whew!!!! close calls both extremely deadly
Women DO NOT get married if you have assets, an education & high paying career unless that man has equal or more to bring to the table !!!
Nothing to gain, everything to lose.
I see these comments from men regarding marriage and laugh 😂 it goes both ways in modern times ...
If you are financially independent, have your own assets and a good salary, then your man has to have at least 25-50% more than what you have. Period.
🔔🔔🔔🔔🔔
I wonder why she divorced him. It's so sad this happened so close to retirement.
You better off that many who saved now i can get free housing from state, have food stamps, free Medicare and paid utility. So what my grandma saved it all went to private nursing home any way and when all her money were drained she got government benefits any way.
I like that: “lean into the future”
People lose everything when they get divorced???? Wow! In Canada everything gets split down the centre regardless of anything that happens
Marriage is a disgusting money making machine here in the states. I’ve seen WAY too many ugly divorces in my life to even THINK about signing that piece of paper - you are BEGGING for problems.
Anyone who gets married is a fool.
@@Omar_Zazzle get married in Canada
@@Mancer1980I think you mean the divorce lawyers are the disgusting ones.
Canada is a mess
Jada gets to the point!!!
A young tenderoni came tru his life and took everything. I guess he was in love, and she had a plan.
His retirement became her retirement! It’s a lot of scammy women out here like that! Us men, have to be very careful!
@@hennessyblack5891If you want to play, you gotta pay!!
Or did a mature "gentleman" who took good care of himself slither his way up into a young woman's life uplifting her while promising to give her a family of which he actually never even wanted to begin with suddenly stop being so gentleman like, begin to abuse her, turn into a slob, and become an absent "present" father? Sounds like he's the one who had the plan.
@@abbyc.4215 naw, I think it was the other way around
You got it wrong because you are too busy projecting. His wife and him had only accumulated 100k prior to the divorce. That is nowhere near a retirement fund. He was always broke.
This guy will have to work until he dies or until he's physically unable to work. Hope his kids are there to help him somewhere down the road.
I can't stand when people talk about what they used to have. "How much money do you have?" "Well, I USED to have 100k." Wut??? Answer the darn question.
I think he was embarrassed and hoping to impress based on what he once accomplished. But yeah, it's irrelevant now.
get married and have kids, they say. people need to learn to be alone, only people afraid to be alone or prioritize others' happiness would gamble with a marriage
Sounds like the kind of advice some zit faced nerdy high school kid would give because that goes against human nature. Humans are social creatures, very, very, very few people genuinely want to be alone for life.
It's worked for the entire human species until now
@@janelleg597 yea I agree. Before all this BS, passing on generation is common and doable
All about simply being happy in the end honestly
well said.
If his car breaks down tomorrow that emergency fund will be gone
Then the debt pay off pauses until the emergency fund is back up
And?
That’s what emergency funds are for.
To the show editors: please remove the title How Do I Not End Up In a Nursing Home. This call has nothing to do with that! Poor taste!
Definition of clickbait
@@yuryev1ch940 it doesn't even entice you to click on it, in my opinion.
Yeah, no money - no nursing home. They are very expensive.
@@flowerpower3618 Broke people get nursing home care all the time via Medicaid.
There are many Americans living abroad in much cheaper countries. With Social Security (which he should be able to get when he is 70) and his pension, he would be living well. We live abroad and amongst many such retirees. There are many options.
Where abroad if you don’t mind me asking
We live in Ecuador and love it. However the stability of the country had changed since we moved here. We love it too much to move, but for some just starting a search there are many many options. Don't just take one person's word. Google best countries for expats on you tube and you will be watching videos for days. It is a whole thing. Close to half million SS recipients from the USA live abroad and the number is growing. And that doesn't count people like us too young for SS.
This title has nothing to do with the subject. I'm glad that this guy is in such good health.
Dave, your bias to real estate is ridiculous. He should not buy a house. Credit Suisse long term study, covering 1900 thru 2011, found that owning a single family home had an annual average return of 1.3% over inflation. That return is not net of the upkeep on a home. An stock index fund averages 4 times that return.
My father was 52 when I was born. Luckily, we was able ro afford alimony for 30+ years as my mother divorced him 8 years last and he was ordered to pay alimony until he died.
I hope you have great health! You are going to need to work a LONG time.
This guy is screwed. He put off retirement too long to the point where the money that he does invest won't have enough time to compund before he needs it. Let this mans story be a lesson to invest for retirement today and don't put it off. You will need it!
I'm gen x too. I partied my money away until I was in my mid 30's and have a helluva lot more that he does. Maybe I'm lucky.
Don’t get into a nasty divorce or your whole life will be a different story.
I am not giving up my last $10,000 to pay off any loan at 69 years of age. That is ludicrous. That would make complete sense for someone who is 30 or 40 years old with time on their side. Not this guy. That's bad advice. Anything can happen...smh
Yep people need to learn to eat the meat and spit out the bones from Ramsey
Fact
Shouldn't he be able to withdraw social security? With his pension and savings for 5 years, I think he'll be able to retire. Just needs to save aggressively.
He needs to save what he can and go to a country that is more affordable the Philippines or Brazil are a few
Eww
His ex cleaned him out. So sad. Stay strong 💪 Mark.
He only had $100k when he divorced, in over 10 years making $90k/yr he was able to save up $10k total. It's not his ex that is the source of his financial problems.
@@cooleobrad Child Support and Nurse Education..
@@Jakkaribik1 Nursing education doesn't take 10 years. Child support would've been based off his income at the time. Plenty of people pay for their children and have more than $10k by age 69
@@cooleobrad Child support can be high or low if it is high and you lost your work then you still pay like you have a high income
@@Jakkaribik1 his income got higher bc he finished nursing school. His income would’ve been lower at the time child support started
She acts like 1k in a living expenses is so high. Try living in Oregon, California Washington or anywhere else right now!
Small condo or even a trailer may be a better option than a home. He may want to consider a LtC insurance policy. Other than that , live on less than you make and save save save