7k a month retirement. Man, that's a dream. Sure, some are fortunate to be well above that, but many people wish they were in that situation.

@johnSmith-uz8nl

2 жыл бұрын

I'm trying to aim for $20k a month during retirement.

@mirabella2154

2 жыл бұрын

@@johnSmith-uz8nl 🙄

@jamesbyerly766

2 жыл бұрын

@john Smith Gotta have a goal. Good luck to you.

@johnSmith-uz8nl

2 жыл бұрын

@@mirabella2154 You need to start young and be dedicated and invest your savings wisely and most important is to live below your means. It is a long road but doable.

@mirabella2154

2 жыл бұрын

@@johnSmith-uz8nl Don't forget to live meanwhile, John. You never know when death is going to knock on your door.

This is a problem I've heard about a half dozen times. With rising house prizes, selling a home to go RV'ing is very risky. I've known of other people who get tired of RV'ing and can't even get back into home ownership.

@creolelady182

2 жыл бұрын

and it is especially problematic when you are their age

@52CA

2 жыл бұрын

@@creolelady182 It was that pension safety net that let them attempt the high wire.

@jessa9877

2 жыл бұрын

They should have tried it before going full into it.

@johnnyhoang4444

2 жыл бұрын

This happens to a lot of people.

They will have to scrape my home out of my cold dead hands. Never selling my sanctuary for a depreciating bucket of bolts.

At this point in their Lives… they do not need anything more than a Manufactured or tiny house.

@johnmitchell2741

2 жыл бұрын

Maybe just a tent under a bridge

Track suit Dave is back!

@mirabella2154

2 жыл бұрын

Love the track suit.🤣

@Sevkingblade

2 жыл бұрын

Dave almost looks like a Eastern European hitman lol

I don't think I would want a house payment at 75 years of age

@ashleyjones5396

2 жыл бұрын

Exactly! They should have purchased outside of Raleigh or in a different area of NC. No way would I purchase and finance a house for $400k at that age!!! My husband and I already have a game plan for our forever home in our 40s to be purchased with cash in Florida and that’s bc we want to retire early. Well I will probably continue to work bc I love working but we won’t be working bc we have to.

@lynnebucher6537

2 жыл бұрын

I think they need to put more money back so that when one dies the other has a nest egg. Their income will likely be but in half or worse. Also home maintenance gets harder with age

@gypseenomad3956

2 жыл бұрын

Not to mention up keep.

Thank you for Dave being back on!! haha Some people NEED Dave...oh, brother 🙃

There is nothing cheap about RVing any more with the price of gas and park fees, never mind food, etc.

Why even buy a home at this age. Imagine the up keep. Big headache

I don't think Dave asked if the surviving spouse would still get the full 7k per month if one of them died. Some couples will set it up to get the max while they're alive, but then when one dies, the other gets only 1/2 or zero of what the deceased spouse got. I've seen wives who had to go back to work two years after retirement as the husband's retirement stopped when he died two years into retirement.

Public employment is the best kept secret. They are basically multimillionaires with that monthly income.

@aolvaar8792

2 жыл бұрын

And I get Lifetime Family Healthcare, protects against the 20% that Medicare doesn't pay. $500K medical bill means $100K out of pocket

@matt75hooper

2 жыл бұрын

Hackatopia. That's why we have no engineering students. They're all in college getting ready for their govt hack job.

They should've never sold the paid off house

@kenethsoberano

2 жыл бұрын

Yep. A house is an asset. An RV is a money pit.

@aaront936

2 жыл бұрын

@@kenethsoberano your primary house is a liability not an asset.

@aolvaar8792

2 жыл бұрын

@@aaront936 Please explain, Assets represent value of ownership that can be converted into cash. By definition, if it has equity, it is an asset.

@kenethsoberano

2 жыл бұрын

@@aolvaar8792 It's also an asset that appreciates in value. Even the best RV depreciates and most insurance companies won't even insure an RV that is over ten years old.

@aolvaar8792

2 жыл бұрын

@@kenethsoberano My RV is ~30 yrs old, it's insured Just got a new windshield.

This couple is going to be JUST fine.

@hollyb6885

2 жыл бұрын

Until one of them dies and the income drops.

@cathyl7944

2 жыл бұрын

If she passes away, both her pensions and her social security go away. Rough on the husband.

@gypseenomad3956

2 жыл бұрын

@@cathyl7944 I thought you got your spouse's pension for life and SS if they pass.

I understand prices are crazy, but couldn't imagine dropping $400k on a retirement house. I had a hard time paying $115k for my house three years ago. Good luck to them.

@ryankiel4895

2 жыл бұрын

One could almost retire on 400k ...

@gypseenomad3956

2 жыл бұрын

I was thinking the same thing and so was Dave.

Funny that they have listened for 10 years but evidently did not "hear" much. Unfortunate.

Living in an RV is not for everyone. Very true. We're doing okay though, have been for a year.

“We’ve been following you for 10 years 🙂🙂🙂” Dave: 😐 yeah

@DavidRamseyIII

2 жыл бұрын

Perhaps they meant following on Instagram

The problem with new construction is that you will usually spend way more than the original contract price.

@canadianjatti

2 жыл бұрын

is that common in the states? in Canada you pay the contract price always

@johnSmith-uz8nl

2 жыл бұрын

@@canadianjatti Bull. When you build a home from scratch things may come up. I know of two people that have built a home and both ended up over budget.

@karimbennett5651

2 жыл бұрын

That’s a very real possibility.

@johnSmith-uz8nl

2 жыл бұрын

@@canadianjatti Also, it all depends on your contract.

@nonya13

2 жыл бұрын

just built a home and moved in a month ago. signed our contract in dec 2020. took them 14 months. We didnt pay anything over what the contract said. I have heard of other builders pulling out of the contract when homes were sky rocketing and leaving the buyer high and dry. I've also heard of some builders during the peak telling buyer they need to put many thousands down but wont give them a final price until the drywall went up.

Boomers have $7K income a month and a couple hundred grand in investments and they still can't figure their way out of this simple scenario.

@blackworldtraveler3711

2 жыл бұрын

Heck many younger people can't figure their way into this scenario.

@marklabonte2925

2 жыл бұрын

@@blackworldtraveler3711 that's because it often requires a time machine

@blackworldtraveler3711

2 жыл бұрын

@@marklabonte2925 Too late for that. They started debt early.

Dave rocking the Pebble Beach shirt. Heaven on earth right there.

Interesting for sure. I wouldve just rented or bought an RV, vacationed in it every other month so I wouldnt get sick of the being on the road, went home and planned my next trip, air bnbd the house while I was away and or just rented a bomb condo \ apartment for the remaining years of retirement. No use having a full house when nobody is in it.

living in a rv full time. I can't wrap my head around that one but that's just me.

@johnmitchell2741

2 жыл бұрын

And me

We need Dave roasting bad TikTok advice 🔥🔥🔥🔥✊✊✊

I would like to know if their pensions are straight life annuities or have survivor benefits. If they are straight life annuities, and one of them passes away, the other will lose the deceased person’s income. That $7K a month income may not be as stable as we think it is.

@johnSmith-uz8nl

2 жыл бұрын

You usually have a choice... and a single guy with a pension can always marry someone half their age. :)

@bobbyb7672

2 жыл бұрын

@@johnSmith-uz8nl And live off the $300k they have plus the individual pension and social security.

@aolvaar8792

2 жыл бұрын

@@johnSmith-uz8nl With mine more than 25 years younger>>only 50% SSA rule, if you have a minor child, that child gets 50% of what you would have gotten at FRA, and your wife would get 30% regardless of her age. you could start a family with your 25 year old wife at 62.

7k a month is pretty good as a retirement She doesnt need to pay her house If they pass they just pass. Debt write off who cares Just keep the cash keep the investment

@cutehumor

2 жыл бұрын

Debt doesn't go away when you die. Debt collectors go after your estate assets.

@Brucev7

2 жыл бұрын

@@cutehumor You Will Never Own Anything

@cutehumor

2 жыл бұрын

@@Brucev7 you mad bro? Don't be mad at me bc I told the truth

@cutehumor

2 жыл бұрын

@@saulgoodman2018 i was correcting the false statement that debt goes away when you die. Like how you are corrected in every thread. 🤡

@Brucev7

2 жыл бұрын

@@cutehumor Huh?

at least they didn't buy a $150k RV!

Kinda crazy they went straight to selling the house before getting on the road and being sure, they didnt need to with that monthly income.

Why at that age do that? I mean odds are they got maybe 10 years at best. Seems crazy.

Dont buy a house, buy a lower build, 3-4 floors max, appartment with w garden on ground floor, or higher if there is a elevator

@KC-dr3cg

2 жыл бұрын

Price increases

I also am retired. What I would be concerned about in this scenario is one of them becoming I'll and passing. The other will be left with reduced income (sounds like she has a couple of pensions coming in that would end if something happened to her and the social security ends at death also). I know, as I am a widow. They could purchase life insurance to cover this possibility.

I am definitely learning you need to take more calculated risks in life haha, key word calculated.

@aaront936

2 жыл бұрын

Ie not prepaying the cheapest mortgages in history and invest the extra instead.

When you full time your home base is where you park.

Why not just buy a house up near the grandkids instead?

@alyssas2269

2 жыл бұрын

That was my thought

@bobbyb7672

2 жыл бұрын

They are a lot more expensive up there.

My brother's wife wanted to do this. He did lots of research, showed her. They decided too much work:)

"We came and saw you in 2013..." But you didn't learn that much since then did you?

100k to 94k sickens them?! They need a financial advisor.

@johnSmith-uz8nl

2 жыл бұрын

They need an attitude adjustment. I think a shrink would do a better job then a financial advisor.

Thank you

I would park the RV and live in it to save money to pay cash for the house.

RV---yes cool idea, but not for everyone, just ask Lucy and Ricky Ricardo in their RV movie adventure lugging their trailer across country! Anybody heard of those two? Probably can find that movie somewhere on youtube or AMC maybe. Hilarious!

Have you ever heard Dave say... CHANGE YOUR FAMILY TREE. This is what I want to do.

Sounds like she may be regretting some of the wrong things. And she may have been listening to Dave, but not really listening. Good glory!

Houses 60k over asking price unbelievable

7k monthly income. Gramps and Grammy are pimpin

@blackworldtraveler3711

2 жыл бұрын

They don't have any savings cushion to fall back on. Good to have savings and cash on standby if needed.

They have a guaranteed income for life, a mortgage is NOT a big issue

@blackworldtraveler3711

2 жыл бұрын

May be guaranteed but may not be enough.

@ashleyjones5396

2 жыл бұрын

Yeah but what if one of them passes away? Do they have survivor benefits and if so is it just half?

@adamseidel9780

2 жыл бұрын

@@ashleyjones5396 typically they would have full survivor benefits for a state pension, but yes, these are important fundamental question that should be the very first to ask before giving any financial advice rather than going right to PAY OFF THE MORTGAGE reflexively.

@ashleyjones5396

2 жыл бұрын

@@adamseidel9780 yes but it may be a percentage of the current income. Also, I assume a portion of this is social security.

@adamseidel9780

2 жыл бұрын

@@ashleyjones5396 all good questions… that anybody giving serious financial advice should be asking

New Yorkers invading once wonderful areas like Raleigh. Gross

@johnmitchell2741

2 жыл бұрын

She did have quite the accent

If it is just the two of them why do they need a $400K house....that is their biggest problem, they just wouldn't settle for a nice little house and want something big...maybe so kids could come visit but that is only maybe once a year, a hotel for a week is a lot cheaper than paying an extra $150K on a house. Just semi retired myself I have $600K in investment but I didn't even touch it yes I have a mortgage but it's only a little $140K house that is just fine for us and has enough room for grandkids to visit as well.

Never sell your house to get an RV. Hope they have children that can support them.

Why a new house? Why not build a home under 1,000 feet in a smaller town near by Raleigh?

@JohnDoe-gc1kt

2 жыл бұрын

Where exactly?? Its all high lol

@ashleyjones5396

2 жыл бұрын

Exactly!!! I don’t know what they were thinking 🤦🏽‍♀️

@sobeliever1638

2 жыл бұрын

They could not find one,they initally were looking for a cheaper house but things were too expensive

Try the shoes on and see that they fit🤣

Why do you need a house at this age, not in that price range.

@bellasue02

2 жыл бұрын

To live in. Why does anyone need a house the lady not that old. The husband was older.

@suen5006

2 жыл бұрын

That's a tear-down in my area, if you can find one.

Dave forgot to warn her that a contractor can raise the price of the home if the cost of the building materials go up.... which it appears that they will. There's actually a clause in the contract that says they can. Also, they can decide to cancel you contract and sell it at a much higher price to someone else.

@bellasue02

2 жыл бұрын

So the cheapest house they could build was 400k?

Selling your house for a RV is an extremely stupid move. Keep the house and rent it out while you travel...once you get tired living in an RV and you will sell and get back into your house. Or atleast if you dont want that hassle sell it and invest all the money from sale. Dont use the house capital on a RV....that's money flushed down the drain.

85 and stil road tripping

I will sell my house and go live in a trailer DOWN BY THE RIVER!!!

Don’t sell the house if you decide to RV. Airbnb your house if anything

Who says you have to live in Raleigh? There are cheaper houses elsewhere.

@JohnDoe-gc1kt

2 жыл бұрын

Where?? Lol

@jimroscovius

2 жыл бұрын

@@JohnDoe-gc1kt In the Midwest and Plains states you can buy a nice house for half of that price. Heck, I'm sure you can buy a cheaper house in other areas of North Carolina. Raleigh is not the only city in the U.S.

VRBO the house in the summer when you are in NY.

@blackworldtraveler3711

2 жыл бұрын

I don't think a retired couple in their 60s and 70s want to deal with that. I'm retired in my 50s and and rather leave my primary and beach home empty when I'm away for months.

65 and 75, tough call.. really is, simply because you don’t know the health, he could croak tomorrow and she could be very limited in years. I say live a little bc if not now then when, but then again you don’t know if they lived it up touring the country, or if they’re frugal. Honestly I’d rent a home and live it up unless I had children who are going to get the house 😂

Should they not have tried rving before buying

I'm not trying to be smart, but can someone help me understand why it's important for them to pay this house off so quickly if they are doing 7k a month on pensions and retirement given that they are old?

@jimroscovius

2 жыл бұрын

So the family doesn't have to pay for it if they die before it's paid off. They should just rent an apartment. Why build a $400,000+ house when you're gone all summer? They aren't millionaires.

@bobbyb7672

2 жыл бұрын

Exactly! They should just rent at that age.

@johnSmith-uz8nl

2 жыл бұрын

@@bobbyb7672 Nothing is wrong with renting.

@cathyl7944

2 жыл бұрын

Because her pensions and social security go away when she dies. If he’s still alive, a paid off house will be crucial.

@aolvaar8792

2 жыл бұрын

@@jimroscovius The house is in a trust, the trustee pays off the house with funds inside of the trust, converts the title.

Their going to be shocked at the end of all this and it’s a lot more than 480k$

When you are that age- you need a paid house

@johnSmith-uz8nl

2 жыл бұрын

You don't need your own home but you do need millions in investments.

@creolelady182

2 жыл бұрын

@@johnSmith-uz8nl which they do not have. at their age they need shelter

@johnSmith-uz8nl

2 жыл бұрын

@@creolelady182 Renting a place is considered shelter.

@creolelady182

2 жыл бұрын

@@johnSmith-uz8nl yes but it is not your space

@aolvaar8792

2 жыл бұрын

@@creolelady182 In the mid 1980's, I signed an iron-clad, lawyer reviewed 30-year lease in the Bay Area. It can be you space till you die.

I think this caller is my wife's great aunt.

Or… they could look for a mobile home retirement community… it would give them enough house they need to make more serious moves.

@johnmitchell2741

2 жыл бұрын

They would have to move to Florida for that

Buy a condo.....who is going to maintain that house in the summers while you are not there?

Honestly I'm pretty sure I could easily live on 7k a month

@johnSmith-uz8nl

2 жыл бұрын

You do know that they get $7k per month and they still need to pay taxes.

@imveryhungry112

2 жыл бұрын

@@johnSmith-uz8nl yeah that's true I guess the 7k is pre tax that sucks

Just remember, we won't be getting that in our future social security.

@johnSmith-uz8nl

2 жыл бұрын

Not unless the filthy rich start paying their fare share. We pay into social security and the gov't gives handouts to the filthy rich... it makes me sick.

@blackworldtraveler3711

2 жыл бұрын

Heck don't worry about it. It's only around 25-30% supplemental income at retirement. I didn't plan my retirement with my social security and pension. Still retired at 49. I didn't allow pension and SS dictate when I retire.

@shawmeck9323

2 жыл бұрын

@@blackworldtraveler3711 I just hate the fact that younger generations are forced to pay into something that is being mismanaged and won't yield a competitive rate of return.

@blackworldtraveler3711

2 жыл бұрын

@@shawmeck9323 They can save/invest,manage,and create their own rate of return. No need complaining about something they have no control.

@aolvaar8792

2 жыл бұрын

@@blackworldtraveler3711 I retired at 62, so my minor children would get a SSA check

Housing crash very soon.. rates heading much higher.

Wait a minute, how do they go from $140k debt to half a million dollars in a few years Dave? Please someone explain

@markg999

2 жыл бұрын

Well that includes value of house I'm guessing so most of it be tied up the the house.

Why do they need a 400 thousand house just for the two of them

@ashleyjones5396

2 жыл бұрын

My thoughts exactly!!! They are building their dream house at this point smh

@aolvaar8792

2 жыл бұрын

My 1960 house in the hood, (cheap) is $420K a 1985 house in a nice "hood" is $650K $1.2MM-$1.5MM will get you nice. Oh, that $420K home was $50K in 2011

@ashleyjones5396

2 жыл бұрын

@@aolvaar8792 in NC though?

@aolvaar8792

2 жыл бұрын

@@ashleyjones5396 No, but the average home is ~$400K nationally

they are older folks, they don't need to worry about money, they don't need to buy a house, just airBNB or luxury rental.

@blackworldtraveler3711

2 жыл бұрын

They said $7k/mo. not $21k a month.

These Boomers are sickened over their 100k investment going down to 94k. LOL No wonder they still do CD's.

Ya know

You know

Can't they buy a cheaper, slightly older home? Why a new build?

@DoctorSmartyPants

2 жыл бұрын

Cant find a used one. High demand, low supply.

Put me in coach!!

I wish I would've got an rv instead of a house after my divorce personally.

@sobeliever1638

2 жыл бұрын

Did you not losten to the whole video?

@MrDwaynePoff

2 жыл бұрын

@@sobeliever1638 I did... and?

Your close to your spouce 24-7....🙄

In the equation of financial freedom, it is critical to have a paid off house.

@Lon1001

2 жыл бұрын

only so that mortgage payments don't eat away their retirement income... however their retirement income is pretty healthy and a mortgage payment will be a small portion of their budget.

@johnSmith-uz8nl

2 жыл бұрын

Yah, I completely disagree. What is critical is having a retirement fund in the millions... that is critical.

@thedopplereffect00

2 жыл бұрын

CDs pay more than my mortgage rate

@jimroscovius

2 жыл бұрын

@@thedopplereffect00 So? Get the house paid off FAST and invest what would be the house payment along with any other investments you make. That's what we do - no debt, no house payment, and we invest like crazy.

@thedopplereffect00

2 жыл бұрын

@@jimroscovius that's dumb, I can make more money with little to zero risk. Made significantly more money in index funds instead of paying off my home.

Why can’t they rent??

move to Georgia you can get a home outside of the Metro for like 300k 2000 sq ft home w/ pool

@johnSmith-uz8nl

2 жыл бұрын

And be MTG neighbor, not thanks.

@ihadlunch8575

2 жыл бұрын

@@johnSmith-uz8nl MTG?

@blackworldtraveler3711

2 жыл бұрын

They can do the same thing where they are now. Very nice homes. They just have high taste I guess Don't need a pool. This is a retired couple with $7k/mo. and nothing else.

@johnSmith-uz8nl

2 жыл бұрын

@@blackworldtraveler3711 $7k per month and a mortgage of $100k. What happens if one of them need rehab due to falling? You must be young... there is no right answer but I always believe you need to be prepared for the worst but hope for the best.

@blackworldtraveler3711

2 жыл бұрын

@@johnSmith-uz8nl I agree totally. Just said there are cheaper homes where they are now and moving to Georgia isn't necessary.

Get a cheaper house

There not telling the whole story 🤔

@motoryzen

2 жыл бұрын

They're..not there There is a destination/direction.😁

@stewbugz5213

2 жыл бұрын

I think many people saw the $$$ when home prices shot up! Now we are seeing sellers remorse!

@johnSmith-uz8nl

2 жыл бұрын

@@stewbugz5213 absolutely. My co worker sold her home for what she wanted, was very happy.... one year ago and decided to rent something for $3k per month. Today her home is worth $50k more and she is out $36K.

So many first world problem calls on this channel 🤦‍♂️ If you all only knew real world problems smh

She could get a mobile home.

This best ever advice helped me out, too! Thanks

Toxic comments in this community! Very interesting. 🤔

2nd

First comment

@stokes2672

2 жыл бұрын

Get a job

Hang onto your house for dear life in this time that large investment companies are buying up houses and trying to turn us all into serfs…whoops I meant renters.

@stewbugz5213

2 жыл бұрын

Truth!

@alladreamwedreamed

2 жыл бұрын

This is why I don't always think the Ramsey advice of "sell the house" when the debt is considerable. I only became a homeowner recently and I am hanging on to that status for dear life. My house has increased in estimated value by 40K in less than a year.

@gabemondry

2 жыл бұрын

Large investment companies like Dave’s…

@johnSmith-uz8nl

2 жыл бұрын

@@alladreamwedreamed don't worry about how much your home is worth... just work on building wealth besides your home.

@cataranneth8517

2 жыл бұрын

So TRUE!