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@texasskygirl7890

4 ай бұрын

What about putting that money in a Roth?

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

@ElijahOliver-t9u

Ай бұрын

I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.

@magen-b7n

Ай бұрын

@@ElijahOliver-t9u That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well

@ElijahOliver-t9u

Ай бұрын

@@magen-b7n My advisor is Victoria Carmen Santaella

@ElijahOliver-t9u

Ай бұрын

You can look her up online

@claircourtway

Ай бұрын

@@ElijahOliver-t9u The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?

it's not about how much money you make but how you manage it.

@blahblah1438

2 жыл бұрын

True

@RedRose0395

10 ай бұрын

Definitely true. My parents remind me and my sisters all the time to save our money, and spend it on what we really need.

@kevins5268

9 ай бұрын

​@RedRose0395 save it so when next year dollar is worth that much less. Buy assets, land silver, gold and hopefully retirement if dollar is still there

@RedRose0395

9 ай бұрын

@@kevins5268 I’m doing an envelope challenge. Once I reach my goal, I’m splitting it into other categories. 1. Future Retirement 2. Car 3. Emergency The rest will go into my bank account. And believe it or not, the savings challenge is not only fun, and addicting, but it also reminds me of just how hard it is to save money. Edit - Thanks for the advice!

@anthonyruiz-carvalho31

9 ай бұрын

It’s definitely both lol

Biggest thing to take away is child support is no joke! Be careful of who you have kids with.

His effective tax rate is likely in the neighborhood of 30% all in (SSI, Federal, State, Local, etc.), so he's netting around 70K and then paying 17K into his 401k and in child support, so the 53K post all of that makes way more sense. I was so confused when she first said that.

In a Savings Account connected to a Checking Account, where even on a weekend you can move the money in an instant, is the way to go for an Emergency Fund. Doesnt matter if you going to earn 0.04% on it. Is just how fast you can access that fund.

@ericolens3

3 ай бұрын

meh, i got a credit card and Id just need to repay (reimburse) that amount. 3 days is fast enough for me.

I'm old school, it's hidden in my home.

@user-mf4gz3sp1q

11 ай бұрын

...your money is unsecure is what you are... ...good luck when you get robbed/fire/rats eat it...

@shayemoore

2 ай бұрын

Under the mattess, LOL

“ high-yield” is generous 😅

@ericolens3

3 ай бұрын

some banks do have higher rates like betweem 3 to 5%.

@Acontador13

Ай бұрын

@@ericolens3 we have that now because the federal reserve is trying to fight off inflation. It will eventually go back to 0.6% like it was in 2021.

A High Yield Savings Account (HYSA) is a great spot for your emergency fund.

@hollyb6885

2 жыл бұрын

Where do you find one of those?

@jacobpatterson9440

2 жыл бұрын

Its sad that the yield is so incredibly low.

@BrandonMinguez

2 жыл бұрын

@@hollyb6885 Discover, Amex, and Goldman Sachs are three companies that all offer an HYSA!

@hollyb6885

2 жыл бұрын

@@BrandonMinguez I’ll look into those. Thx.

@zackarystewart9214

2 жыл бұрын

@@hollyb6885 please don't do Goldman Sachs. They're a crooked company. I'm not sure what Sofi offers these days.

This guy could *easily* be paying 20k a year in child support, depending on how much his ex makes.

@smileygirl622

Жыл бұрын

17k at max after 30% taxes and if he's making out his 401k, and all medical insurance bills for the family it's super unlikely anything NEAR 20k is going to child support.

they probably only take home 53k from 100 gross cause he probably maxes out his 401k (19,500 pre tax) and then maybe pays for all his various insurances (medical, disability, life, dental etc) for the family through that company paycheck.

@eckankar7756

2 жыл бұрын

And the child support comes out first, too.

@monicarenee7949

2 жыл бұрын

Don’t forget she explicitly mentioned his child support

@DJ2YTonly

2 жыл бұрын

It's the child support probably. He's netting around 70-75 I would bet, and is probably paying 15K in child support and then another 10K to his 401k. Something like that.

It’s not the taxes ,it is the child support that is cutting that yearly income in half. 🤦🏽‍♂️

@kauztik2595

2 жыл бұрын

@@crash5225 probably taking back pay on top of the regular monthly support.

@ness0388

2 жыл бұрын

@@crash5225 right? How many kids is this for? Child support is not 50%. Especially not at 100k. Maybe he has multiple kids and is behind? Idk that sounds awful. I'm a divorced mom and while I think both parents need to contribute, it would make me sick to think my ex was paying 50% in child support. That's a lot. I've never seen those percentages. It's gotta be a combination of stuff.

@lizamarie3472

2 жыл бұрын

@@ness0388 it’s not 50%. She said he makes 100k but brings home 53k AFTER taxes, health insurance, 401K, and child support.

@robertwalker5521

11 ай бұрын

You scruze, you luze.

@ericolens3

3 ай бұрын

you screws you lose. 😂

2200 twice a month is 4400 a month or 52800 in child support per year, that half his pay going to child support, that assuming her husband is only making about 100k per year...the typical child support payment is between 16 to 19% of income so she may want to look in to that...and whoever is doing your taxes, theres a glitch in that matrix

@eckankar7756

2 жыл бұрын

Not exclusively child support but also his insurance, 401k etc...combined taking about 50%.

@davz203

2 жыл бұрын

@@eckankar7756 that makes more sense, from the way she spoke I thought 2200 biweekly was going solely to child support

@cornellcornell1

Жыл бұрын

@@davz203she did not imply that at all. You’re listening comprehension is terrible

I would invest it in a low risk etf like IVV or VOO. Sell whenever it's needed.

@DisconnectedUser

2 жыл бұрын

Brokerage account, invested in VOO.

I am going to build up a $50k emergency fund over the years. Gonna put $10k per year into I-Bonds since the interest rate is so high right now -- tied to inflation :) Also relative to other savigns accounts, I-Bonds haven't done all that bad in the past 10 years.

@user-mf4gz3sp1q

11 ай бұрын

...tell us you don't listen to Dave or any financial expert without telling us... ...or your expenses are such to justify...

In a DIFFERENT bank that you use for your everyday bills…………..a bank that you don’t pass by everyday…….and forget about it ! Tell yourself you don’t have that $$ ……… because you don’t. It’s only for emergency PS. There is no such thing as high yield savings account in 2021

@matthewgardner2144

2 жыл бұрын

Looks like you've fallen into the trap of all the Ramsey emotional money gymnastics to try to trick yourself. People, just develop a healthy relationship with your finances. It's that easy and that hard.

@thetruths7389

2 жыл бұрын

Ally Bank Online pay 0.5%. :P

@tyson1chicken

2 жыл бұрын

I actually put my savings in a different bank by coincidence and it works well for all the reasons you mentioned.

My emergencies are endless

its odd, just go onto ADP or accountant at work and look at your break down. It will be clear exactly where all the money goes pre tax.

You have to have some money in a savings account that’s easily accessible. Some money to spend, and have a good chunk of change in retirement savings and a few other things that make money. God is the provider of all things and He will provide for all our needs according to His mercies. We just need to figure out how to harness and use what He has given us.

@rios614

2 жыл бұрын

Facts

@xperian4854

2 жыл бұрын

God doesn't set interest rates or debt payments. Stop waiting for God to give you what you think you deserve and start working towards your goals TODAY.

I really like this new guy. I'm assuming he is Hogan's replacement, but what happened to Anthony? I haven't seen him in at least a couple months

@bernieveillard939

2 жыл бұрын

AO left Unfortunately. I saw the post on his instagram.

@twocantan

2 жыл бұрын

@@bernieveillard939 Hmmm interesting. Thanks for the update

@darrenruben4108

2 жыл бұрын

Why ao left

@tall14dude

2 жыл бұрын

George has been around for awhile now but as a secondary role. He used to host the Lives during radio commercial breaks.

@MsMaxinejoy

2 жыл бұрын

@@bernieveillard939 🤔🤔🤔🤔🤔

What happens when banks shut down?

@RichV20

Ай бұрын

How?

I dig this new dude.

All money isn't good money. Its ok to turn down opportunities that don't align with your goals, ethics, and values.

Wait...so under my mattresses is not right?

@mphocollenmaaboyi4215

2 жыл бұрын

If you are discipline, otherwise it's gonna be pizza money instead of emergency fund

Child support RIP

@matthewgardner2144

2 жыл бұрын

The next wife will be whining that the husband has to pay support to two ex-wives.

I get a kick out of having a 1,000 dollar emergency fund.....maybe when 1k was worth something back in the mid 40's......

@JMar671

2 жыл бұрын

Well it's a baby emergency fund for while you are paying off debt. As soon as you are debt free you are supposed to save 3-6 months of expenses

@blackworldtraveler3711

2 жыл бұрын

@@JMar671 I prefer 20 years of monthly living expenses. Passed 3-6 months in my early 20s.

There’s high yield savings accounts that are 4% and 5% now

I just use my roth as an emergency fund, I can withdraw the contribution whenever...

@BreMue

4 ай бұрын

Isnt there a tax penalty??

@SB-rn4fy

Ай бұрын

@@BreMue No, your contributions in a Roth IRA are post tax. You've already paid tax on it. You can take out your contributions at any time for any reason at any age. You can't touch your earnings until you are 59 1/2 years old AND the account is 5 years old (first contribution was made 5+ years ago). At that point, your earnings will also be tax free.

@BreMue

Ай бұрын

@@SB-rn4fy so only the "interest" is locked?

@SB-rn4fy

Ай бұрын

@@BreMue I wouldn't call it "interest," but yes, you are not allowed to touch your earnings until you are 59 1/2 AND the account is 5 years old. If you do pull out your earnings before you've met that requirement, then you will be taxed on that money and hit with a 10% penalty. Just remember that your original contributions are available as an emergency fund at any time. BUT, that is really not the purpose of a Roth IRA. It is designed for retirement savings.

Keep around 10k in a money market or high yield account. The rest I would stack precious metals (silver) a few ounces at a time. In an emergency you can offload it to a bullion dealer or pawn shop.

@Travelingforlife

8 ай бұрын

Great advice.

@RichV20

Ай бұрын

Bad advice

In a true emergency you have no access to funds in banks when you need quickly, as I discovered after a hurricane. I keep cash in house but I’ve told a couple of trusted family members in case I forget where I hid it😳

@shayemoore

2 ай бұрын

LOL, I don't mean to laugh, but I get it. I've hid money from myself and forgot, and when I found it, it was like Christmas 😊

I have mine in a high interest savings account, getting 4.6 percent.

@NewAgeNewLife

Ай бұрын

Yeah dude, this was 2 years ago when interest rates were much much lower…

The problem here is that you’re not talking to the decision-maker in the family when it comes to money she has no idea where the money goes or anything like that

The potential compounding gains lost by young people opting out of investments in order to pay off debt is terrible. If a young person spends years paying off cars and cc and other toys, they will likely never recoup that by putting in more later.

@a.s.w.508

2 жыл бұрын

Hmmm. It seems to me that Ramsey has seen enough of the financial world and enough of what he is suggesting to see that it works.

@tyson1chicken

2 жыл бұрын

The interest on most debts is much worse than compound gains.

@caribbeanbound8357

2 жыл бұрын

@@a.s.w.508 not saying his plan doesn't work. Just saying I'm some situations his method is more expensive in the end

What about a money market fund through a brokerage firm.

Oh, it's about income. As in you have to have some income.

Id never pause investing.

Go with a high yield savings account

@caribbeanbound8357

2 жыл бұрын

the "high yield" is anything but though

$100,000 a year and your husband’s net is in the 50s is CRAZY, even after child support.

My biggest issue is less whatever the payments are between taxes and child support and insurance and more that she has no idea where any of these things are even going. Not great financial communication for a family.

I really wanna call in to see if I'm on track.

The 'high yield' is about 0.45% these days

@stevenporter863

2 жыл бұрын

Emergency fund isn't for the interest, that is missing the whole point. Any interest is just the cherry on top.

@reaalitykinggs

2 жыл бұрын

Agree. Will increase once interest rates go back up. Slim pickings for now, I keep some cash in Yotta Savings.

@bm421

2 жыл бұрын

Rates never went up after the crash

@matthewgardner2144

2 жыл бұрын

@@stevenporter863 Exactly. Pay off debt, invest while also keeping some cash in a safe bucket for emergencies. It's not about high interest returns on that particular money.

@beckygeer6480

2 жыл бұрын

Smarty Pig online is advertising .70% up to $10000. Has anyone used them ?

I have mine in a 4.75 apy bank account.

Where do you find a high yield savings account

@aitornavarro6597

2 жыл бұрын

Currently, online banks.

She gets $2,200 every two weeks that is stull $57,200 a year. Im at 65k, and i make $103,409. But im doing 15 percent to my retirement. With the child support that makes since.

How much does she have coming in?

Jenna??!! Where's Kelley?? 🤔🤔🤔

@kara2162

2 жыл бұрын

They're dropping like flies at Ramsey. Hope Kelly is on vacation (?)

HYSAs pay around 5%

Safety deposit box

Did everybody start with everything I can't believe this many people are this upside down in their life this young

@blackworldtraveler3711

2 жыл бұрын

It's like they signed a loan agreement right after birth.

@eckankar7756

2 жыл бұрын

@@blackworldtraveler3711 I did it the other way. Lived in a car making minimum wage, went to school and got an apartment went back to school bought a house and now I'm a landlord with multiple properties. After all of that THEN I discovered Dave Ramsey!!!!

1-month rolling treasuries also look pretty appealing at the moment.

Don’t forget to add 2-4% every year because you’re losing money from inflation

@matthewgardner2144

2 жыл бұрын

An emergency fund is not an investment fund.

@canadianjatti

2 жыл бұрын

@@matthewgardner2144 you missed the point. A $1000 today is not the same as $1000 next year so you do need to keep adding a bit to it every year so you can actually have enough for an emergency in the future. An emergency today may cost you $1000. The exact same emergency in 2025 may cost you $1200.

@matthewgardner2144

2 жыл бұрын

@@canadianjatti I hear what you're saying and don't disagree. I keep a lot more in cash, while still having robust investments. Dave has kept the $1000 EF figure for years.

@blazinjaye45

2 жыл бұрын

Just keep it cash so it wont be no inflation

@blazinjaye45

2 жыл бұрын

@@matthewgardner2144 exactly what i was thinkin keep it cash

And for Christ sake, stop treating people like they’re stupid

Right

THis is why you dont marry someone paying child support.

@ChrisMFlorida

2 жыл бұрын

But it's ok to marry a guy who will take care of a woman's children? I'm confused.

@reaalitykinggs

2 жыл бұрын

Exactly.

@itsSilviaDuh

2 жыл бұрын

That's pretty dumb. So don't let him support the children he had before you? If you were a single mother, you'd be okay with him not paying child support anymore because he married another woman? 🤦🏻‍♀️

@alexandria2706

2 жыл бұрын

@@itsSilviaDuh I hope she means a guy with a kid beforehand I personally couldn’t. She didn’t even mention her own income so I’m lost

@SB-rn4fy

Ай бұрын

@@ChrisMFlorida You are exactly right! Such a double standard in our society.

HYSA. I have one with 0.5%

@reaalitykinggs

2 жыл бұрын

Probably the promo rate. Read the fine print.

@Penguin-kr9do

2 жыл бұрын

@@reaalitykinggs Nah, that's pretty typical for an HYSA.

High yield lol thats funny

another sales pitch

Well Lena I hate to break it to you but yer just not the sharpest tool in the shed

@matthewgardner2144

2 жыл бұрын

She can tell you all the details you want to know about every Real Housewife no doubt! LOL.

Underwear drawer is a great spot😊

Child support is a killer.

How do you get the baby steps?

@KevinBrownTV.

2 ай бұрын

It’s in Dave’s book

@KevinBrownTV.

2 ай бұрын

But I’m sure there’s a video on it

You cannot continue to promote that income is your biggest wealth building tool and then tell people that make $30,000 a year that they can pay off debt quit drinking the Kool-Aid if you are not making $100,000 a year in our current society, you are living below the poverty level Update your views you cannot live like that anymore fool I love Dave I really do. You guys are a soft shell of that man first of all and I wish he would quit putting y’all on his show because the Ramsey Legacy dies with Dave those are just facts. My ultimate point is if you make $30,000 a year you can’t pay for food and rent much less save or pay off debt, be realistic with people you are breaking peoples dreams by giving them unrealistic goals stop

Ally bank

Put it where the sun doesn't shine.

@ChrisMFlorida

2 жыл бұрын

Gives a whole new meaning to money being dirty.

Send it to me. I’ll take care of it lol

@cynthia6771

2 жыл бұрын

😂

Love the way she explains it more than Dave sorry but she just does.

@robertwalker5521

11 ай бұрын

I don't understand you apologizing for your opinion..?

@beckygeer6480

8 ай бұрын

I too always wonder why people say sorry when stating an opinion( or even a fact)@@robertwalker5521

What this? First emergency fund and second emergency fund?

the outro music sounds like kashmir by Led Zeppelin

@freebird7284

2 жыл бұрын

aka the greatest of all time

Lina you got this !!!!!!

Why is she spending so much time talking about her mans income? What about her income?

@perotal

2 жыл бұрын

Well people around here will say that it's "their" income since they are married.

Yolo it all into out of the money calls on robinhood

Love this new guys style. Gonna miss Dave when he leaves

@eckankar7756

2 жыл бұрын

George has been around Ramsey for YEARS. Why call him a new guy?

@KarlDag

2 жыл бұрын

@@eckankar7756 I've been watching for 3-4 years and never heard of him before weeks ago. And compared to the other personalities, I find him bland and useless.

@eckankar7756

2 жыл бұрын

@@KarlDag I've watched Georg's show for years, not sure why you missed it. Guess too busy being bland and useless yourself.

@BYOB561

2 жыл бұрын

@@eckankar7756 some people don’t know that

@anneshirley9560

2 жыл бұрын

@@KarlDag Same!

Under the mattress

I prefer to pay down my mortgage rather than a savings account and have a HELOC ready for emergencies. You save much more money

@canadianjatti

2 жыл бұрын

THis is what I do as well

A emergency fund should always be reachable in case of a “Emergency” I don’t think having it in a bank is a good idea what if there’s a black out and no atms are working?

@thetruths7389

2 жыл бұрын

Where do you live so I can visit your house when you're working to look for your $1K in cash? LOL

@jimhandler1129

2 жыл бұрын

One should always have a portion of immediate available cash, in your wallet & in your house (safely tucked away) Then an EF

@dericanslum1696

2 жыл бұрын

...exactly...one instance where cash means cash...

@dericanslum1696

2 жыл бұрын

@@thetruths7389 ...you think you have a point...LOL...

@shayemoore

Жыл бұрын

@@thetruths7389 LOL 😆

In a valt in Iceland.

I have a Synchrony High Yield savings with .50%apy and it is great!

Underwear drawer🤔 you would think you’re being sneaky by putting it there but no, everybody knows that now😅

I think I get about $220/mo. with my my emergency fund in high yield savings and .80%. Can't complain.

@callmeosho7792

2 жыл бұрын

Why is your emergency fund so high?

@callmeosho7792

2 жыл бұрын

Thats in the hundreds of thousands

@davecopp9356

2 жыл бұрын

@BWT Why is your emergency fund for six months almost 200K?

@bradturner7678

2 жыл бұрын

he must drive a private jet as his daily, if it crashes he needs that 200k emergency fund.

@davecopp9356

2 жыл бұрын

@@bradturner7678 It seems his jet may have crashed because he does not bother to answer. Now he probably spend the whole emergency fund of almost 200K on a new jet and can´t afford an internet connection to read our comments any more. Poor guy.

angel eyes..

If you make a 100k and only get 53 you’re in the wrong state.

VTI

Your husband gets a lot of stuff out of his check. If you married a man with other children sorry you need to get a job too.

So when the banks get shut down what do you do?

@ZippyDooDa435

2 жыл бұрын

You should make sure they are FDIC/NCUA insured

@mescetacy

2 жыл бұрын

If banks 'get shut down' then the concept of Federal Reserve Notes (US Dollars) is nullified.

a private ledger

I’m getting 15% apy on Coinbase just saving on usdc.

@CryptoDave17

2 жыл бұрын

Lol Coinbase is not paying 15%. Not sure where you got that number.

It’s hilarious to me that everyone has put on Dave’s show thinks they are him. You guys are half of a show. He is trying so hard to give his legacy and pay it forward but none of you are Dave Ramsey and you never will be stop trying the legacy dies with him, those are just the facts. We encounter certain human beings in our lives that completely changed the world. Dave was one of those you people are not Dave quit trying people want to listen to you not them no one listens to them.

Underneath your mattress

Not buried underground in your backyard 🙂

Put it in defi stablecoins and stake

Sounds like this guy is on his way to having another ex.

SPY ETF

Who's the new guy?

Where is Dave? I came to Dave Ramsey show to see Dave not these other people.

@perotal

2 жыл бұрын

It's no longer called the Dave Ramsey Show

I’m 37 just trying to pay off 1 student loan of 15,000 and 4 personal loans that are 4,000. I want to put 1,000 In yield savings account to save 18,000 for a car. If I can convince my boy boyfriend to buy me a less expensive car or help me with a small loan towards a car I can drive to get my license to get a job working as phlebotomist and work for Amazon flex a couple days a week. I just don’t know how to navigate this before we get married next October 2024 and have our first child in January 2024. It’s just hard in California

@meghanmurphy5483

Жыл бұрын

We just doing court house wedding and Mexican party hiring a 90’s roller skating music DJ

Nike shoe box. All liquid.

The safest place I've found for emergency fund money is Tesla Stock. It is as stable as a T Bill. Moreover, at these ultra low prices, they are practically giving away shares.

@Ace2021

2 жыл бұрын

😂😂 still feel that way ?

Who’s the new gabuuu

@jimhandler1129

2 жыл бұрын

George is not new

Sounds like she was embarrassed to say her husband is paying child support to another woman. lol

@MooMoo69556

2 жыл бұрын

Should be

Dude has child support payment and got married again? What a simp. Hope this one doesnt divorce him and stick him with more 'child support." The gentlemen will never learn will they? L8

@devoywilliams3956

2 жыл бұрын

The fact that he married a housewife, lifetime alimony activated.

@rhall772

2 жыл бұрын

Agreed

@meymay11

2 жыл бұрын

Did you know you don’t have to have children? If you don’t have any, you won’t have to pay for any children.

@hikerhobby1204

2 жыл бұрын

Perhaps he should figure out not to have children. It takes two people. Or even better, love the children he has. That requires money.