‘I have nothing saved for retirement’ Dave Ramsey suggests how man, 55, can get by

https://www.youtube.com/embed/JpySSBcKxHY?start=5

On The Ramsey Show – Highlights YouTube, Paul, 55 called in because he “had no idea” what to do. He has no debts, but also “nothing saved for retirement”. The American finance personality offered his guidance on options he could consider moving forward.

Paul wanted to know what would be the best thing for him to do.

What Mr Ramsey teaches is that people should first become debt free before anything else.

After this they should start saving three to six months worth of expenses.

Once people have done this, they can start investing 15 percent of their income into retirement.

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For both of them, it was their second marriage, so because of caution Paul agreed to sign a prenup.

The money guru explained that this should not prohibit them from working together to “live their dreams”.

Paul explained that she wanted to keep things separate as she earns a lot more money than him.

Paul is self employed so his income fluctuates.

Mr Ramsey said: “I think you’re going to struggle to build wealth.

“Not working together is essential. It’s one of the data points we see with families that become wealthy.

“It’s because they work together. They overcome the wounds and hurts of the past in order to do that.”

Mr Ramsey explained that it is up to Paul, but his research shows couples have a higher chance of living their dreams, because they are sharing their dreams.

If people can’t be a team in their marriage, they won’t be a team in their finances.

Mr Ramsey continued: “If you start investing – since you don’t have a house payment – then all you can do is max out all retirement.

“You have taken the shortest path to building your own nest egg.

“Once you get your emergency fund in place, you can max out all retirement – max out work place pensions and private pensions.

“Depending on your income you could put a chunk away.”

Mr Ramsey explained that he studied over 10,000 millionaires and he found that those who work together have a higher chance at making it.

With investing, there is risk. 

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