I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

@Elliot-Ivan

Ай бұрын

Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!

@claircourtway

Ай бұрын

@@Elliot-Ivan That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!

@ArabellaBeatrice-099

Ай бұрын

@@claircourtway Mind if I ask you to recommend this particular coach you using their service?

@claircourtway

Ай бұрын

@@ArabellaBeatrice-099 Victoria Carmen Santaella Constable 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..

@GabrielAnthony-09

Ай бұрын

@@claircourtway 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.

Insane from an investor’s standpoint. Genius from the lender’s. Retirement payday loans 😂

@juniordavis168

Жыл бұрын

Ikr

@joshuathompson2864

Жыл бұрын

"Retirement payday loans" is a great term for this. Shocking.

@SDALLE99

Жыл бұрын

Genius from the investor of the lender 😂

@MoltenSamurai

Жыл бұрын

Yeah, this was genius from the company, but diabolical

It's just so sad when people are surrounded by sharks who are ever ready to rip them off. It's so important to teach financial lessons to children while they are in middle school.

@stephenshelton4267

Жыл бұрын

They do. When I was in elementary and middle school we were taugh basic math.

@Cicero82

Жыл бұрын

I’d start earlier than that. Maybe start by the 3rd or 4th Grade.

@MP-xk8kd

Жыл бұрын

Good luck in public education - 15% of the kids would care enough to pay attention at best. Most kids can't do times tables, how are they gonna calculate compound interest and internalize what it really means/how it applies to their future?

@simonpegg1196

Жыл бұрын

@@MP-xk8kd I hear you. Parents can be the best teachers - that is if they themselves lead by example.

@Michael-se5yv

Жыл бұрын

Can't have our future generation figuring it out and becoming financially free. Someone has to work those manufacturing jobs living paycheck to paycheck

Dave has found his PERFECT co-host here with Jade. She's a younger, female version of him. She fits incredibly well and is doing a fantastic job on the shows.

@xWheeler50x

Жыл бұрын

Jade is my least favorite personality with no empathy and thinks she is all that.

@Mike-zf7lo

Жыл бұрын

Every personality is a carbon copy of Dave. That's the whole point. They aren't permitted to deviate from Dave's baby steps at all.

@lylibu

Жыл бұрын

My fav co-host

@Cookieboy70

Жыл бұрын

She seems friendly enough, but she but all her advice is copy/paste from Dave and the same teachings unchanged for years now. I would have hoped that her being younger, she would offer more updated/tailored advice to what the current financial environment is and appeal to the mindset of the younger generation.

@semosancus5506

Жыл бұрын

@@Cookieboy70 What??? the advice works and the fundamentals haven't changed. It sounds like you want them to coddle the new, softer, feelings-based generations. F that. Time for the softies to sack up.

Jade is a real win. She has the same huge personality as Dave and is a gifted communicator. He's so good at bringing in talent.

Jade is the best host they have ever had. She has a razor-sharp wit and is fun to listen to.

@thankswillie

Жыл бұрын

and hot!!!!!!!!!!!!!

This show is so much better when Dave lets the co hosts talk.

@livingaboard

Жыл бұрын

I find all the people except Dave so irritating that I usually won’t even listen to a podcast that shows he isn’t hosting

@austintomkewitz3981

Жыл бұрын

​@@livingaboard that one guy is a total scrub John is alright Ken is like a life coach for people that don't need one jade is funny with Dave (still need Dave) and that other girl just agrees with everything and never has anything to add

@actsda1357

Жыл бұрын

Actually, this lady is the most annoying co-host he has ever had. I'm really not sure why she was hired or brought on but from the beginning just absolutely distracting and annoying. She doesn't appear to have any bona fides as far as the subject matter of the show? Her conversational style is horrible and she obviously has a gigantic ego as she just cannot stop interrupting him or talking or directing the conversation back to herself or some personal story of hers. She is very immature and just plane out of her league. It almost appears that Dave just barely tolerates her? She is obviously very under aged and inexperienced for this position. Dave is from his experience, knowledge, and faith a very wise man but have to really question the decision to bring her on the show. If I notice that she is co-hosting, I just skip the video. Here, the subject matter drew my attention.

The 401k is good, because retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k. My mom retired with about 4.2 million, but my dad retired with roughly 1.8 million. So it really does.

@CynthiaByrd648

Жыл бұрын

@Trevor Ogden I completely agree; I am 60 years old, recently retired, and have approximately $1,250,000 in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.

@Americanpatriot723

Жыл бұрын

@@CynthiaByrd648 This is exactly how i wish to get my finances coordinated ahead or retirement. Can I get access to your advisor?

@CynthiaByrd648

Жыл бұрын

Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "JILL MARIE CARROLL" is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.

@Americanpatriot723

Жыл бұрын

@@CynthiaByrd648 This is useful information; I copied her full name and pasted it into my browser; her website popped up immediately and her qualifications are excellent; thanks for sharing.

@Buttlather

Жыл бұрын

I'm trying to follow you here. Your mom more than doubled your dad's 401k wealth? I'd find it hard to believe that she didn't invest more then. All things equal, 401k should have minimal expenses, extra money from matching, and no capital gains tax. So your mom's wealth manager must have absolutely crushed the s and p 500 over a long term, which is very very rare.

Jade and Dave are hilarious 😂.

Love that connection Dave made to the John Wick movies. That's the first thing I thought of when Jade mentioned the company's name and started describing this financial scheme. These sound pretty much like title loans and payday loans, and just as bad.

Imagine getting to the end of the race and losing 20% 😂😂😂

Never thought I'd see the day Dave Ramsey makes a John Wick reference

Thinking of Dave watching John Wick just makes him more relatable and makes me happy.

@Pipe_Espa11

Жыл бұрын

🤣😂🤣

How is this legal? Predatory lending?

@colemetcalf6321

Жыл бұрын

That’s how are whole monetary system is, lend out money that didn’t exist and charge us interest on that make believe money while making us come up with 20% and also charge mortgage insurance just in case we can take said property that we take control of and we aren’t out anythjng.

@CrossForum

Жыл бұрын

Actually there are plenty of schemes like this out there in "lending-land." Read all your contracts before signing, and if you don't get answers to your question simply walk away.

@galileykwong7017

Жыл бұрын

It's call capitalism.

@moa9640

Жыл бұрын

It's legal because they're not forcing you to do anything, you're doing it out of your dumb free will

@dizaciousz4910

Жыл бұрын

Almost all lending is predatory.

Awesome chemistry between these two… She’s an great co-host.

I left college early and worked for the school. I was expecting my final check and I actually got a bill for all the taxes they waived as a student worker for the entire academic year. I was so mad haha it was like $450 but as a kid that's a lot

Please Lord, protect people from this company by giving them understanding of how bad this for them🙏

There is ALWAYS a catch! Anything that sounds too good to be true usually is!

There is upside for the buyer (100 percent return via the match, participating in the plan vs. not participating), but it's still not necessarily a good idea.

@KingRatt

Жыл бұрын

I was going to say this. People aren’t getting the match. Even worse if they are in the plan they take out a loan as soon as they see some money building up. Like claiming zero on your income taxes people think the money they get back as over payment is a gift.

Employers should not allow this. 401ks I have been in you funded them with a payroll deduction. Even if you got a loan it’s paid back with a payroll deduction. I thought the only way you can fund a 401k and get the employer’s match is by payroll deduction. Am I missing something?

@tjls123

Жыл бұрын

They lend you the amount of money that you contributed through payroll. I had to check the website myself because this didn't make sense to me at first either.

@toby7291

Жыл бұрын

I guess you can’t fix stupid. 😂

I absolutely Love Jade. She’s a great Addition to the show. Great Job on y’all to add her on

@gratefultrucker7781

Жыл бұрын

Her and Racheal are the only cohosts that match Dave's energy.

Jade: "Who stays at the same job their whole life"? I'm on course to doing that and a lot of people are. Been working for the same retailer for 29 years. They were my first job from my high school years, I still work there obviously doing something else in the company that pays a lot more. As long as my life doesn't drastically change and the company is still in business, I plan to take this job all the way to retirement.

@crashtestdummy1972

Жыл бұрын

I dont think its too normal anymore. But hey good to hear! Just dont take one of these loans out 😅

@eeebee6166

Жыл бұрын

You're in an incredibly small minority.

@KathyM1611

Жыл бұрын

I’ve been at my job for 20+ years but I’m not going to borrow money to fund my 401K.

@noree5807

Жыл бұрын

Most younger ppl don’t stay at the same job….it’s rare.

@amendaalmonte2236

Жыл бұрын

The younger folks who have been in the work field for less than ten years definitely are not. 😅

I enjoyed hearing Jade and Dave laugh about this. I think Jade will be a Ramsey Personality for a while

Love all of the Co hosts

Jade and Dave are having too much fun! 😂

Use the money you pay them per month to put in the 401k

That is WAY too much risk and plays on the emotion of “I want it NOW!”

@tjls123

Жыл бұрын

Did u comment on the wrong video? This was about a loan for a 401k match. Completely the opposite of "I want it now" money.

Love this hosting duo! Dave wasn't quoting John Wick movies before Jade lol

They really need to make these type of things illegal.

@evelyndaisy9722

Жыл бұрын

For real

@jimroscovius

Жыл бұрын

No, people need to be smarter. Don't fall for stupid stuff!!

@scarpfish

Жыл бұрын

@@jimroscovius That'd be nice wouldn't it. Unfortunately in the real world, people who fall for stupid stuff have loved ones who don't fall for stupid stuff but get caught in the crossfire of their actions.

@XFizzlepop-Berrytwist

Жыл бұрын

@@scarpfish Yes.

@XFizzlepop-Berrytwist

Жыл бұрын

@@jimroscovius Yes, people should try to be smarter, but things like this should be illegal. It takes advantage of people that may not be financially literate, or even people with mental illnesses, or people that maybe older, or any number of things.

Wow the middle one. Amazing sequence of words.

In the end it was asked who stays at their job for their whole life. I can think of a lot of people that have worked at our hospital system their entire career. I have been here over 25 years and plan on staying another 20 years. LOL

Sounds great! I am broke and borrow more money seems logical.

This… will not end well.

Jade is awesome and quickly becoming a personal favorite of mine on this show I HATE products like this too. Screwing people over to this level should be illegal in the US t

@jimroscovius

Жыл бұрын

People shouldn't be stupid.

@jeffbandy7065

Жыл бұрын

@@jimroscovius sadly many are

Oh my goodnesss, terrible idea! Terrible! Great job Ramsey show!

You give up a finger, but at the end they take your ✋️ 😂

Correct me if I’m wrong, but if you leave your job and you use the 401(k) to pay off the loan, you owe IRS penalties and tax, right? This should be called BendingTable, because this is bending you over the table.

@raiden031

Жыл бұрын

I believe you can only take out a new 401k loan if you are still employed with them, and it's up to the employer whether you can continue making payments or if the loan is called upon leaving them. Once terminated then it would need to be a withdrawal with 10% penalty and applicable taxes.

That's how a lot of these jobs get people with the tuition assistance program. They make you stay at your job for as certain amount of time after graduating or you owe them all that money back. I don't like the idea of promising to stay at a job because you never know what the future holds.

I just heard that this an "insurance" policy to pay your co pays and deductibles in a Medicare Advantage policy. You can even buy a Cancer Rider, which I thought was sold in the back of Parade magazine.

You put in $6000 from the lender. The company matches with $6000. The lender takes 20%, plus monthly fees? My understanding is $12000 is put in. $6000+2400 = goes to the lender plus the monthly fees. The person nets $12000 - 8400 = $3600? Is this about right?

@tjls123

Жыл бұрын

Exactly! I don't know why they are pretending the person doesn't make money, just because the lender is making money also.

@spcysos

Жыл бұрын

I was thinking the same thing, still a win, but how to repay that $8400 if you don’t have it! 401k punishes 10% for pulling out early and adds to your income so the profit is less, but still more than $0, right?

Lol good segment

You can’t give money to your employer to contribute to your 401k. That’s not how it works. Contributions HAVE to come directly from your paycheck.

"20 percent Tango that's my profit if I give you that I got nothing, not even Bumpy took 20%." - Frank Lucas (Denzel Washington) American Gangster

@txkid92

Жыл бұрын

Spot on 😂😂😂

That business is so smart!!!!

People blaming the crooks. Why not blame the parents that do NOT educate their kids.

Things like this are the reason they should teach finance in k-12.

I didn’t see that comment about the middle finger comment coming Jade lol 😂😂

Products that depend on people's bondage? Aka house, car, etc. lol.

I wonder if this whole thing is illegal since it deals with securities and the IRS backed personal pension...

How can people sleep at night knowing they are screwing over people

401K is the best program ever. These are scams trying to mess with you. Do your 401K the regular way.

Yeah thats crazy. But really people you will easily adjust to putting in 3%. Do at least that as early as possible

A version of PAYDAY loans? 💰

THATS HIGHWAY ROBBERY !!

I know a guy that cashed out 200k of his 401k near the bottom in 2022. He said he was tired of his account losing money and wanted to get more into real estate for better returns.

Lended is an incorrect conjugation of the verb lent

When it sounds too good to be true.🙅‍♀️

This is disgusting and predatory. How is this type of thing not regulated???

I don't know how this would work. My employer requires that the contributions come directly from my paycheck. I can't just write a check to add a contribution to my 401k. I think most companies work that way as well. Not that I would ever use this service.

@ZaneDouglas1

Жыл бұрын

They either lend you the money to contribute if it is post tax dollars, like to a ROTH 401K, or in your case they calculate how much you need to contribute to get your full employer match, and then they give you the money to replace your deducted monthly contributions so that your final paycheck amount isn't impacted by what you contributed. Of course, as Dave pointed out, then they getcha later by exorbitant fees and interest.

@tjls123

Жыл бұрын

They lend you the amount of money that you contributed through payroll. I'm not sure why Dave is saying you aren't gaining profit from this. Despite the fees, if you do the math, you're still making money.

Sounds like one of the things my ex mother in law would say is a great idea just like a reverse mortgage as she doesn't know anyone that's ever retired with more than $100k in a 401k. Ironically I don't know anyone that's ever retired with $100k in a 401k but for completely different reasons!

@geton411

Жыл бұрын

My dad has like 700k he had 1.2 before pandemic i don’t think people invest in it like they should

@Marc-js8rx

Жыл бұрын

Either you don't know many people...or you don't know many who religiously contribute to their 401K. I did so every paycheck from age 35 on, never took any withdrawals, and ended up with over $400K. I converted $350K of it into an Annuity in 2011. With inevitable market ups & downs, it provides ~$2,000/month for the entire life of my spouse & I. It's a nice financial add-on to our other nest egg finances as well as our combined SS checks.

I've been at my job for 37 years. Got five more.

@tjls123

Жыл бұрын

Yall hiring?

@randymillhouse791

Жыл бұрын

@@tjls123 Yes, in five years.

@tjls123

Жыл бұрын

@@randymillhouse791 🤣👍 for sure

You can’t contribute out of pocket to your 401(k). It has to come out of your paycheck directly.

I don’t know the details but it sounds like these people would never have a 401k anyway because they don’t have the money to contribute. Company steps in with predatory loan to give to person. Said person then gets matched 50 percent to 100 percent on the deposits in the 401k that they normally would be punting to the company they work for. Even when they leave the company and pay off the lender they still will have more money in their pocket for doing this program? What am I missing here? Seems like the only one truly losing out is the employer who is having to match on someone that they normally would not have been matching on.

@jeffj7608

Жыл бұрын

Your right. Doing this is better than doing nothing. But it's not better than finding a way to save the match yourself, and Dave always assumes you can find a way on your own if you just try. Which is a mostly fair assumption, but he's not being very clear in this instance.

This is another loan. You have to pay it back plus interest. Too many ways it can go sideways.

Basically it's just a loan.

@linuxsurfer2002

Жыл бұрын

With a high interest rate.

Yet another way to separate a fool from his money. Sadly, I bet more than a few folks are falling for it.

I didn't know this was even a thing. Folks would be better off NOT saving rather than dealing with Lendtable. I googled them while listening.

I love that Dave has seen John Wick

Any 401k contribution has to come from your employer out of your paycheck. Dont see how another party can get involved.

I would assume a good majority are basically forced to be economic "nomads." I wonder if someone has done a study on the amount of people staying at a job for 30+ years, 20+, 10+ etc. It has to be falling for sure in the 30+ years, probably 20+ is falling as well I would guess.

the scheming and scamming is amazing lol 🤦💩☠️☣️

I thought Jade at first said "lint table".

This is insane! Buy less stuff! Sell stuff. Put money in the 401k.

That sounds like quite a frustrating experience with these guys! Have you come across any other alternative savings strategies or platforms that seem more promising and reliable? I'm curious to hear your thoughts and any recommendations you might have for fellow viewers who are seeking safer ways to save and invest.

Yep, I agree with Jade: don't let them cut off your middle fingers! You will need them later to express your own stupidity! LOL!

20% on loan fee on top 20% tax plus a 10% fee when you have to withdraw since you aren’t going to stay with your company until you retire. Sure you can rollover but they take 20% when you move to a new account I bet

@tjls123

Жыл бұрын

Okay so even with all these numbers added, u still end up with more than 30% more than you would have originally

Jade is a keeper!

Jade: "if you leave your job..." Dave correction: "When you leave your job..."

Thanks!

I am a financial idiot and there is no way in hades I would do anything like this with my 401k. This seems like it should be considered predatory lending but I’m sure it is legal. That is the problem with the “system”.

Most 401ks just make 10-15% but they want to charge 20% plus a fee so how are you making anything on this

That is crazy.

Very clever really. They know many people leave money on the table and this is how to get it. To be clear it’s all silly and nobody should use it but I can see why some would.

Hey guys their is people that does stay at the same job my husband has been with his company for 47 years in June. Maybe not the smartest thing to do. And my son has been with the same company for 28 years.

I don't see the problem with that offer. Even if you're on the hook for all they loaned you, you still have the match the company put in. You will still end up above water.

100% it was only a matter of time this got picked up by the Ramsey team. This is the worst thing - most predatory loan ever. It’s basically an unlimited interest rate. The fee is 20% of profits on your 401k. That could be $20k if you have a $200k balance and it grows by 10%

@ronloftis9080

Жыл бұрын

Please go back to middle school and learn to do math. 10% profit on 200k is 20k. Twenty percent of 20k is 4k.

I can kind of understand people clicking phishing attempts on websites. But this one I don’t understand how can anyone fall for it. “Oh yes! Free money for me because they like me”

I’m speechless!

Wow, that's really bad

Ok.. if you need money for a company match, now we all know...thank you dave.... take out a personal loan and don't use any other means.

This shouldn't even be legal

Hold on. This company is saying they will provide you funds to invest into your 401k. When you leave your job, they require the premium back plus 20% of the PROFITS, not the premium itself. So for the sake of argument, if you took the money and used it to find your 401k, and use the money that you would have otherwise been putting in the 401k and instead put it in an index fund or some other type of investment, haven't you come out ahead? Sure you have the pay the premium back and 20% of the profits, but that's extra money you didn't originally have. So you get to keep 80% profit on money that was invested on your behalf that you didn't originally have access to. Am I missing something? Could this not be used to your benefit if executed correctly?

@MrEscape314

Жыл бұрын

Minus ten percent early withdrawal, but yea I agree. This sounds like a good deal to make money, just not if you plan to retire on the 401k funds. The lender even comes out and says to use your strategy on their sales marketing.

@samuraikatana1

Жыл бұрын

@@MrEscape314 Well you don't have to take early withdrawal if you have the cash to pay them back, or just cash out some index funds.

@MrEscape314

Жыл бұрын

@@samuraikatana1 You're right. I just assumed someone who'd take this strategy did not have the funds available. Either way it seems like free money.

The worse thing you can do is to NOT cash it in.

What happened to Kristina Ellis? Is she out?

My pension is giving out credit cards with high interest rates. I am thinking broke people will fall for this.

Where’s Christina??

Borrowing $ to invest into a 401k isn't investing. SMH

I tired going to their website and its down. Scammers lol.

Who would do this though??

Dave is brutal 😂😂😂