I really don’t understand. Is that the goal for some people?! I’m 30 years old, me and my wife own 3 rental homes bringing in about $3200 excess cashflow a month… but why would anyone wanna have money and never ever spend it?

I want to get two more rental homes by age 32, (total of 5), and then once we have like $5500 excess cash flow a month, we’re gonna start going on a lot of really nice fun vacations and buy a nicer car with cash. (We already do about 2 or 3 a year).

@@charlesg7926 I like a blend of the two of your situations. I agree you can be retirement rich and cash flow poor, but dependency on rental income is not without risk. I have a commercial property and residential properties, and you can get smacked with large unexpected expenses from time to time. I hear what you're saying though. This guy seems to be squirreling money away, and at 72 yo is still reluctant to enjoy the fruits of his labor. There has to be a balance for sure, but I understand the difficulty of transitioning from a saver/investor to spender. I just paid off my 1.1M mortgage (now valued at 2+ after 11 yrs in this crazy market), have a net worth of ~6M, and am still reluctant to buy a third "toy" car because it doesn't feel responsible...don't get me wrong, we live well and don't feel like we can't spend the money, but I believe some people that are diligent at delayed gratification have an issue of deciding when "now is the time." This guy is an extreme example, and much like you, I value experiences in vacations etc over potential gains, but I certainly see how the transition is difficult. You don't start from humble beginnings and accumulate 10M by going on spending sprees and throwing caution to the wind.

@@charlesg7926 maybe they just don’t care about materialism and consumerism as others

@@TylersRapPromo Then what is the purpose of the money? It is there to make your life better/more comfortable or give it to charity or whatever else. Just dying with millions and never spending/enjoying at least part of them makes no sense at all

Yes we are the same way

I agree future wife

@@musicpro7278 😂

I know how that feels. I've tried to fix by having specific vacation accounts, generic larger purchase accounts (think TV, computer) and I STILL have trouble spending that money.

Or maybe try giving?

He just wanted to brag and to talk to.

@@evasanz3466 So true 🤣

Lots of people like this in SF. He’s not bragging he’s just cheap and too focused on money. If his 133k lost 10% he’d be having nightmares about it. I bet he has a $15/month phone plan. He’s never going to enjoy that money.

@@jasonwill5949 Chinese.

​@@jasonwill5949 Yea, I have a friend that is a multi-millionaire and has made comments that they have more money than they'll ever spend....yet he will still spend hours trying to find the best deal on something just to save $10.

I feel bad for people that save their entire life but never ever get to enjoy it or pass it on to their kids even. It seems so depressing to think about. I’m 30 years old, I have three rental properties so far, and about $300,000 net worth. After I get two more rental properties at age 32, I’m going to start living it up… Scuba diving a lot, traveling more, then when I have 7 rentals at age 34 I will buy a nicer car, get a super nice house, the whole 9 yards. Once my investments passive income can pay for a better lifestyle, why would I not do it? Me and my wife wants to be smart but actually enjoy our life, not sit on a pile of money that’s doing nothing. It’s really sad when people work so hard and they don’t do anything with it.

Dave is cheaper

@@simontaylor8256 haha

@@simontaylor8256 lol so true. If this guy has a $2000 car whats makes you think he would let a financial advisor take 1% of his money?

@@michaelhan4400 Good point. Maybe just find an advisor who charges an hourly rate to give advice. This seems much more cost effective.

🤣🤣🤣

Yes, he said it’s his first year RMD @1:10.

cry me a river!

@@webfreakz b.c is exaggerating....some but still telling the truth. California is such an over priced over insurances ready-to-literally-sink into the ocean state...it's just not worth the cost of living

Best laugh I've had in several days.

A good cause

Mostly true. Unless you investing 100K a year over 20 years.

Not exactly true. It depends on how much you are contributing each month and how much time you still have. 1 million invested with 10% compounding will be 17.5 million in 30 years. If you also invest $6500/month (which I do currently) it would bring the total money to 30 million dollars in 30 years.

No he isn't. Most people just re-invest their RMDs in a brokerage account.

Great new joke! 🤣🤣🤣

Unlike your 10 dollar net worth, Saul. And foolish advice

He is asking Dave not you what to do. Dave is considered a wise man and super rich

@@grantguy8933 Saul is full of awesome advice, most of it completely wrong. I have offered him 100 to call in and take Dave to task, but atlas, he is a no show.

@@grantguy8933 Wise? Are you high?

@@saulgoodman2018 at least he has the money and platform for you and me to listen and appreciate. If you believe he is not wise why you even waste your time here.

Really, Saul. Please enlighten us with your awesome world knowledge.

Saul has taught me everything. Who needs Ramsey when you got Saul?

@@alinatamashevich3354 Who let you leave your bridge?

You are not wrong.

@@user-jy7yw5kw3w Feel free to move to Paterson NJ and share the love

If I was him i'd be laughing in that situation.

🤣

Mr Beast, is that you?

LOL!!!!!!!!!!!!!!!!!!

Same!

Even if he did it worked for him.

@@kylehackett162 that's his point.

@@kylehackett162 I'm just saying that you don't need to pay all cash for houses/ As Dave want's you to.

@@saulgoodman2018 And you would be stupid and broke, Saul. Oh wait, you already are!

@@saulgoodman2018 he's 72 he probably payed off his debt over the course on 30 years

The IRS requires you to take a minimum distribution at age 72 from your retirement accounts and social security because your in your final years of life and the government ultimately doesn’t want you to keep investing all that money. They want you to spend some of it to stimulate the economy and so they can also have their piece of the pie.

@@theflightsimulationexperie6894 But not all of it.

@@saulgoodman2018 It is based on how much you have in your IRA accounts (non Roth) and your age. And no, you don't have to spend it....but they will tax whatever you withdrawal....and then if you are lucky enough...tax your SS too!

@@daveharness70 I know that. But he is talking about taking all of it out.

RMD

How do you know he’s Asians?😊

Yeah...but one could reasonably assume that a $2k car is on borrowed time.....and perhaps more of a liability. I get that it may his badge of honor....maybe drive it until it gives out then buy a $20k vehicle?.....

He could have gotten it cheap at an estate sale or something. Or maybe he works on cars for fun. I have a 16 year old Corolla and I'm driving it until one of us kicks the bucket. If you maintain your stuff it tends to last longer.

@@dragoncat5836 17 year old truck here...well maintained....by me. 😉

Turn off the right wing media.

Bering yacht, see how many new friends he gets.

The vehicle to get in Hawaii is a Tacoma 😅✌🏼

Sounds like English may not be his native language so I wouldn’t read a lot into choice if words

@@googleuser8660 I never said it pays for everything. At home care will still be covered by long term care insurance. It does not matter how much money he has.

That's 6k a year for the rest of his life, vs a possible 250k at the end. He could pay it into his 90s and then die in his sleep. The point is that he's going to be fine either way. Odds are he could come out ahead by investing that 6k per year but with his net worth it's a pointless question. The only people who need long term care insurance are those who wouldn't have the money to pay for their care themselves.

I have heard a lot about investments with Adams and how good he is, please how safe are the profits?

Woooo that man his good work has been everywhere. Been seeing a lot of good comments about him on several places. I feel more confident investing with him, I've been on the train for over two weeks now... best Broker for life

Wow I can't believe you guys are discussing about Mr Nick Adams he is now currently managing my account I just made my second withdrawal trading with him. I can't wait another two weeks to cashout again.

I'm also a proud beneficiary! I've built my portfolio massively and still building. Started with a KZfaq referral just like this and a few thousands. I'm way up to the profits now...

Hey you're not far from making profits, he has taken care of my account for months. I have 12 wins so far

I don't know who's flexing more: him having too much money or u being the first to comment 💪 Congrats on your achievements, u big good boys

I'm your big fan haha

You win a cookie! 🍪

@@JustinCase780 What kinda cookie? Asking for a friend.

@@alinatamashevich3354 Today it's chocolate chip with heart shaped "m&m type" pieces on top.