At age 55, by the numbers, she *is* behind where somebody at that age should be. However, she still has a job, it just isn't paying much right now. It should be a concern, but *not* a reason to panic. If she were to give up on working altogether, *then* her numbers would be an issue (although as others have pointed out, we don't know the value of her house, and downsizing and moving to a cheap state/neighborhood could possibly even get her by for the rest of her life; we just don't have that information). At any rate, her situation is 3.6 Roentgen: not great, but not terrible.

She can invest so much of that 300k! Once she gets her income back up and she takes a breath, she can more accurately decide how much to keep in emergency fund. Maybe 12 months. Not 300k.

Truth

Ehhh…. Shes doing okay. She should move the 300k into a portfolio. Easily double her returns and will gain appreciation as well

@@bigd4366No, she isn’t. Most 55 year olds don’t own their own home.

And there it is ......

100%

exactly

Now she can pay those fees to a smartvestor pro instead

Bingo

I saw a post where people were flexing their low interest rate mortgages. They have no idea how being mortgage free feels. I paid off my home 7 years ago and will never go back.

@@user-zy6gw5bn7g I will never borrow money again for anything. It's amazing how much money one can save/invest by being debt-free.

​@@user-zy6gw5bn7g YES. TOTALLY LIBERATING!!!

Most definitely TRUE 🎉

@user-zy6gw5bn7g I paid off my house 7 years ago, too. That was the last bit of debt I had. Writing the final mortgage-payment check felt fantastic.

In order to break even with the returns on investments vs paying interest on the mortgage, one has to get an even higher return from the investments due to taxes. Paying off the house is a guarantee savings. Investing doesn't guarantee and has downside risk. One should choose what to do based on risk tolerance.

I am within 6months of paying off my mortgage but I keep forgetting that I will still have the expense of property taxes and insurance, forever afterward.

@@jason60chev Property tax yes. Insurance no. You don't have to have insurance, but you want to keep it just in case.

Great job Anna! Sorry for your loss.

Wish you the best of life and condolences to you and your family. That makes two of us with the same mindset. I did likewise when my wife passed 7 years. Now working full and time part jobs just to stay busy.

Consider reallocating from real estate to other reliable investments like stock, crypto or precious metals . Severe recessions offer market buying opportunities with caution, as volatility can yield short-term trading prospects. Not financial advice, but it may be wise to invest, as cash isn't ideal in this period.

@@EdmundEthan093 It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.

@@roxdietren Finding financial advisors like claire robert's durand who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

@@AlfredStephen127 Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.

Bingo!

Financial advisors only make money when you make money. And it's generally 1-3% of your gains. If your advisor is making commissions from stock trades, find another one. That's not typical.

He's not wrong though. Seems like her house is worth at least 3x her/her husbands investments.

Right on about the financial advisor. That is the very financial type that says you must have $500k to $1.2M to retire, that they will manage, for a fee.

@@teekay_1 Or she could just watch financial advisor channels that would tell her to skip the financial advisor, and just invest in SP500 index funds herself. I'm pretty sure doing all of that is not only cheaper, but faster than going to a financial advisor. A quick google search would recommend investing in index funds anyways.

This is not a joke.

I need a part that can only be purchased with Apple gift cards

Those scam fish episodes are good though 🤣

😂😂

​@TheR3alRyan but you'll be his queen!

Yeah she's in better shape than half of Americans her age. I'm jealous.

IKR🎉

She's doing pretty darn well

Yeah, everything looks good except that the retirement account could be a little larger. She has time still, depending on what kind of lifestyle she expects to live during retirement. having the home paid off is a big monthly bill that is now a non-issue so that helps.

Right? When she said he had a "small" insurance policy and she paid off $250K house with it, I'm thinking, that's not small!

It isn't the worst thing she could've done, but depending on the interest rate I think it could've been a poor decision.

❤

@@cooleobrad Couldn't agree more. I suspect her husband had a 2-3% mortgage. If she paid off her mortgage the president of the bank should have sent her on a cruise to thank her.

Remove the stress and you'll think more clearly.

Today’s show really made me lol......i mean, she’s panicking about ? That she’s debt free? lol

i hope not 😂

I’m thinking about retiring in the next 5years, any advise i can get from you?

i will strongly recommend you get a financial planner. There are true professionals at the top of their game; I had the pleasure of dealing with one, and it turned out to be really helpful as she assisted. Becky Lou Gordon, a well-known professional in her field.

i just looked her up on the internet and looked into her credentials. I wrote her a letter outlining my financial objectives and planned a call with her. Thank you for the info

300k , invest 200 of that. 100k is a very large nest egg. Put the 200 k into cds bonds or dividend stocks. Let your money work for you.😊😊😊😊

Certified financial planners are legally required to act in the best interest of their clients. Not sure if that is the type of advisor she went to, but Dave's smartvestor pro's have no such requirement.

@@cooleobradbut “best interest of the client” is incredibly open ended. There’s no way to prove if the advisor intentionally screwed their client or just made a poor investment choice that ended up tanking.

@@ghfan2011 It really isn't open-ended though, you can look into the specifics. Still, would you rather work with an advisor where you have at least some legal recourse should they lie or give you bad advice, or would you rather work with someone who has no such legal obligation?

@@cooleobrad I’d rather not have an advisor at all and just use index funds because I don’t trust that that “best interest” law could be enforced. If they give bad advice, they can easily come up with an explanation for why they thought it was in my best interest.

@@ghfan2011 I also don't use an advisor, but if I needed one I'd certainly go with a licensed CFP over a smartvestor pro

She is a debt FREE, with over 400k.

She has 300K in cash and about to be struggling for awhile because the real estate market is in the tank. Unless she gets another job soon I would be worried that she is going to struggle down the road.

@@Yogastrong908she has a paid off house already, and she's single no need to financially support anyone(other than her pets), her monthly living cost is very low, don't see where the panic is

Perhaps 250,000 in Vanguard ballanced index fund 60 % stocks 40 % bonds. or Vanguard Life strategy moderate growth fund. . Both Low management free and no commision. Set it up to draw 3 % or 3.5 % a year to pay utilities ,car and house insurance. Etc. Nice to see fund grow and at same time regular bills paid. Dont know if smart investor pro with Dave would encourage no load index funds. I do this myself and not needed a job since 58. Have peace , paid off house, no debts, and enjoyed Dave's program on the radio and later you tube over the years. 66 allmost 67 and may start .SS or IRA draws in a year or two to help pay Medicare and Medicare supplement. The remaining 50,000 into a CD as an emergency fund to supplement starter emergency fund. My starter is 5000 rather than 1000. Need tires one of theses days and if a cruise deal or vacation opportunity comes along have a little slush in starter emergency fund. Needed new lawn mower i thought .450 bucks. But friend fixed it for under 30 dollars.. Bought him dinner too. Net worth 1.6 so always had to live frugal. House in small town not worth a lot but doubled in value since i bought it . Had 15 year mortgage but paid it off in 3 years. Interest rate was 2.75 but thought it cool to apply overtime to mortgage and tear off sheets and sheets of the credit union loan papers as i quickly paid down the principal and paid off the house. I waa investing ar the same time too. Seems to worked out ok..Never lived in an area that had a smart investor pro so did rhe best i could. .

😂😂​@@Yogastrong908

Lol i was just about to type this

😂😂😂

lol I wrote the same comment. He does this every other call

😂😂. Right.

This is either a subtle dig at Dave or a complete lack of awareness on her part.

It is beyond a blessing. You never know just how much of burden debt is until you don't have it anymore.

You have a nice smile.

I paid off my mortgage. I now pack the money away that I normally would pay toward my mortgage. So that I will have a pile of money when the bubble bursts. I am going to swoop in and buy these stupid, mortgaged suckers home for pennies on the dollar!!

@@betsyogle8224Dave says no bubble.

@@betsyogle8224 you seem nice

Admittedly, worrying about your finances is how people become millionaires in the first place. Panic, on the other hand, causes you to make bad decisions in haste.

She is not a millionaire.

If most of that is in her house, then that doesn't feel like a million dollars. Also, a million dollars (while better than nothing) isn't what it used to be.

​@jimmymcgill6778 it depends on how much her house is worth. She definitely could be.

she's wanting attention. I don't believe a word that comes out of her mouth

Not always. It depends on the individual's overall financial situation.

Not if you have catching up to do in your retirement accounts and missed out on years of compound growth

❤❤❤

@@30-Year_AccountantHow does freeing up your mortgage payment not equal freedom!

$214/month ????

sounds like he was new. I'm sure Dave's first and second advice was bad too. But hey call another one and they will try throw the other one under the bus and sell you their service. Slimy SmartVesterPro tactics, that are just going to do a similar investment anyway.

That financial guy wishe he was In her position with a paid off house, 300k in the bank. His comment was out of strate jealousy.

I’m actually surprised he didn’t try to sell her an annuity.

Not really. The comments here seem to be emotion based focusing on attacking the financial advisor as opposed to looking at her entire financial situation. Yes, his delivery of her actions may have been off putting according to her, but his observations were spot on. She mentioned her interest rate was low so she could have paid off a portion of the house and invested the remainder in a roth IRA and brokerage account, or downsized by selling the house and purchasing a smaller home or condo for cash and invest the remainder as indicated above. Some people interpret any advise as an attack. Focus on the goal and be objective.

Depends if she was locked in at 2.75. Thats 2.5% margin cause they paying 5.25 right now if her house was 300k thats 7500$ a year in profit a year she us losing and thats just if she left it in the bank

​@30-Year_Accountant at her age, you shouldn't have a mortgage. Even The Money Guys would absolutely have her pay off the home. As for downsizing this could be possible depending on the size of her home. But because she's 55, her home should be paid off no matter what being that close to retirement. That's just overall sound advice.

Kaching! So right - most of those financial advisors are selling something

Fabulous nice one

I was in the same situation about 2 years ago. It's an awesome feeling. And when that money that you used to use for the mortgage starts piling up, your head will spin. Great job!

Where do you live that you got a mortgage for only $86,000?

@@BREEZYM6015 that is what my balance was starting January 2024. The original loan was $365,000

You’re literally losing thousands of dollars by not investing

What a beautiful problem lol

I’ve actually met people like that. I think that’s part of the reason some people never get out of debt or get right back in after being debt free.

😂

debt withdrawal

😂

Unfortunately Dale was arrested with more than 50 people involved in a call-center scheme that lured victims into thinking their assets were being frozen as part of an elaborate drug investigation. The victims were convinced they had to transfer money to the scammers or risk going to jail.

It’s probably a survey they can lie on. But that speaks more about them than Dave. It’s wise to vet anyone, even someone highly recommended.

I’d also report those advisors for not following FPU.

Same with a used car place he endorsed here in Overland Park KS. The first thing they wanted to sell my Mom was an extended warranty on her vehicle purchase.

​@@BlueDauntlessDave probably knows the kind of people these are, otherwise he would only recommend fee only fiduciares

I have a lady friend. I asked her does she get SS? She said I get my late husbands because it was more. I said nice

@PInk77W1 Your friend had to reach retirement age in order to receive her hubby's Soc Sec. Or her hubby already applied for his retirement benefits. I was referring to widows benefits specifically because the caller is in her 50's. She can apply at age 60 for widows instead of waiting until 65+ for retirement benefits.

@@elizabethwolfgang4017 I have no clue. Yes I’m 63 and she is 63 also

Dale was recently arrested for fraud.

You and the other 99% of the world's population.

Dale (not his real name) unfortunately was arrested by the police in New Delhi as part of a a call-center scheme that lured victims into thinking their assets were being frozen as part of an elaborate drug investigation. The victims were convinced they had to transfer money to the scammers or risk going to jail.

I agree just reached my goal of $500k monthly trade earnings. Setting realistic goals is an essential part of trading ....

some times last week i tried trading all alon but ended up loosing $3k

How can someone know a professional broker when legit once are hard to find this days

celia dullpher. understanding of market indicators is impressive. She knows exactly when to enter and exit trades for maximum profit. her siignals are top notch

She's recognized as 'Mrs celia dullpher. One of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.

Stop spamming

I will take a 3 year break.

No. Dave tries to wake up people from Doing really bad stuff like having $100k in cc balance

Why are you spamming this channel?

No seriously, Dale is currently under arrest for losing his client's money.

While it's concerning, it's important to look at the broader economic context. A default cycle doesn't necessarily mean the housing market is completely finished; it might signal challenges, but markets are dynamic, and they can recover.

But if more people are defaulting on their mortgages, doesn't that mean home values could plummet?

Yes, that's a possibility. An increase in foreclosures can lead to an oversupply of homes in the market, putting downward pressure on prices. It's the basic principle of supply and demand.

How can people address concerns about their property values?❤❤❤

Now might be an ideal moment to reevaluate your financial status. If you're worried about your home's value, consulting a real estate professional or financial advisor could be beneficial.

I was thinking the same thing that's like Dave's shtick haha he kept it cool though 😂

It's because they hear people saying it is smarter to continue having low interest debts. I would say there are definitely times when low interest debt can be helpful depending on the long term goals but I personally think 0 debt helps too - especially when it comes to peace of mind.

Even with a paid off house. She cannot get time back.

She can just sit there and work at her leisure. Her house is paid for.

My first house that I bought was 9% interest and you're crying over 7%. I just refinanced my house a few years ago I don't know how long I don't quite remember I also refinance my present house a few years ago don't know how long really p

I refinanced house a couple years ago and I got 3.9% interest. And I try to always sound an extra towards principal about $70 $100 a month.

@@davideades160 whos crying? I have a 2.75% 15yr mortgage. I was just saying things will slow down when we were enjoying a really low interest rate and suddenly spike like we have now. Of course the real estate is affected. Im not an agent why would i cry? Idiot.

🎯

O.F. and (.)(.) Bars

Minus mortgage monthly payments and minus interest on mortgage plus weight of debt on your shoulders

@@pauljansen6650 Maybe like 5or 6k a year in interest.

@@pauljansen6650 So 100k.

She has $300k in HY savings on top of the $225k she paid the mortgage balance with.