This Is A $1,000,000 Mistake!
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@financiallife3696 Жыл бұрын
The fact this caller had a $1 Million dollars should give everyone hope
@iusedtobehuman3608 Жыл бұрын
🤣 so true
@choicemeatrandy6572 Жыл бұрын
He sounded so optimistic 😭
@captainkrunch6372 Жыл бұрын
😆 🤣 😂 😹 😆 🤣 😂 😹 😆 🤣
@alpha_male_s Жыл бұрын
After the FTX debacle I have so much more respect for Dave Ramsey. That situation made me realize how easy it is for an influencer with a large following or respected financial guru can easily sell his/ her audience out for a large monthly commission. If you don’t think Dave has been offered a large pay off commission to promote life insurance policies then you don’t understand how these things work. They know his audience has a lot of older people relying on his advice and could easily sell them on life insurance if he promoted it. Thanks Dave for not selling us out for money.
@demetriusroper46 Жыл бұрын
I saw MTR in the comments of an older Dave Ramsey video. Shout out to you guys.
@sashavenka Жыл бұрын
Ams da goat
@BTrain-is8ch Жыл бұрын
The issue isn't whether or not influencers sell out. They're all entertainers. If people take their word for it without verifying it independently people kinda deserve what they get from there. Whether or not some maybe have integrity is not the point. Ever heard the saying "In God we trust, all others must bring data"?
@imveryhungry112 Жыл бұрын
yeah everyones trying to get rich quick its just not something that happens often.
@kylesizemore2751 Жыл бұрын
To be fair FTX had a veneer of legitimacy granted to it by some of the biggest VC firms in the world shelling billions of dollars at them. It would have been nearly impossible for someone to tell the difference between FTX which was stealing everyone's money under the hood and a legit brokerage like webull or robinhood which both relied heavily on influencer marketing at the time.
@jxecho1192 Жыл бұрын
If this guy can save a million, anyone can
@James-Lifts Жыл бұрын
You can’t
@stephenculcasi Жыл бұрын
I was thinking the exact same thing. That guy is a millionaire. Let that sink in.
@furryplantsandcoins9070 Жыл бұрын
Not everyone can. I am disabled and can't. So no not everyone but it would be nice!
@terpenator93 Жыл бұрын
😂
@s5101984 Жыл бұрын
No.
@lyndaslocs Жыл бұрын
I'm glad he asked this question. He probably saved a lot of people a lot of money.
@dmitry9435 Жыл бұрын
He is a salesman, not a consumer. He does not sound one bit like he has his money on the line.
@Wachary1 Жыл бұрын
Not a very smart one either 😂
@ralphholiman7401 Жыл бұрын
Yeah he sounds more like he works for these scammers then he's considering making a deal with them.
@whatmakesyourday Жыл бұрын
He does. He’s defending the idea instead of being upset.
@EmpressMermaid Жыл бұрын
As a general rule, if a salesperson is approaching you and working REALLY hard to sell you something, it is not to your advantage. I've learned to not buy what the salesperson is pushing.
@roshunepp Жыл бұрын
This company takes the $1M and get 10%+ returns, pays you 4.8% and keep everything when you die. Geeezzz!!
@I_like_turtles_67 Жыл бұрын
And the guy isn't comprehending that lol.
@MAMP Жыл бұрын
10% average. Look at what the S&P 500 did between 2000 and 2010. Hint: ZERO.
@willmichael4033 Жыл бұрын
@@MAMP they still would’ve been $520k ahead!
@eggsinsideme Жыл бұрын
@@MAMP The 11.8% average includes that period. That’s why it’s an AVERAGE.
@MrJimmy3459 Жыл бұрын
@@MAMP two years LOL!!!!
@DebtFreeDad Жыл бұрын
Lol Dave laugh had me rollin....😂🤣he read it like they are doing him a favor. Dude ain't gonna listen.
@derekribbeck9447 Жыл бұрын
That was so funny 😂😂
@DebtFreeDad Жыл бұрын
@@derekribbeck9447 right
@robertkrumm2470 Жыл бұрын
He's gonna do whatever he wants
@grandpatzer Жыл бұрын
This guy sounds like he sells this product to people, and he wanted to see how Dave would respond to it. You can tell in the caller's voice how defensive he is about Dave's opinion on it. Caller's mind was already made up before the call.
@Dark_Souls_3 Жыл бұрын
Also he had to put his dog down, and his brother broke his arm as a kid.
@jeffreysmith8977 Жыл бұрын
Absolutely agree -- doesn't sound like he's looking for advice. Sounds like he's practicing his "pitch" that he's going to ply on some unsuspecting senior citizens.
@ralphholiman7401 Жыл бұрын
I was thinking the exact same thing, matter of. fact I posted it before I read your comment
@financiallife3696 Жыл бұрын
The fact that this caller had a $1 Million dollars should give everyone hope
@britneyog9537 Жыл бұрын
Hmm. Good point.
@aurasphere87 Жыл бұрын
This guy is gonna blow a million really soon here.
@ryanloomis3033 Жыл бұрын
If you don't want your money, I'll take it.
@epicgaming4946 Жыл бұрын
Idk what this guy doesn't understand, he kept coming back trying to say why it's a better idea to take the 4k a month, it's a FREAKING RIP OFF! Anyway you slice it!!
@stephenpitner7369 Жыл бұрын
The fact that this being a bad decision had to be explained to him just blows me away. How do people like this ever amass a million dollars in the first place.
@tanksherman9875 Жыл бұрын
That caller sums up the fiscal acumen of the entire State of California.
@jayquelen Жыл бұрын
More like Texas and their fiscal mismanagement and stupid power grid haha.
@amireallythatgrumpy6508 Жыл бұрын
I love how Americans pretend the rest of the country is any better!
@tanksherman9875 Жыл бұрын
@@amireallythatgrumpy6508 It’s better than whatever 3rd World hole you live
@amireallythatgrumpy6508 Жыл бұрын
@@tanksherman9875Anywhere's better than the USA.
@MrTmenzo Жыл бұрын
Poor dude "defending" this dumb plan
@lovethemflowers Жыл бұрын
@the doge - I was expecting Dave to run out of patience each time the guy would say, “here’s the thing . . .”
@froggore52 Жыл бұрын
"Well but here's the thing, I'm an idiot who can't recognize when someone is trying to sell me something, so"
@front331 Жыл бұрын
I wish the call was longer. Too funny how he went back and forth with Dave 🤣.
@untouchable360x Жыл бұрын
I thought he was going to say "Getting married."
@joechang8696 Жыл бұрын
Marry a young woman
@bulls-nation5783 Жыл бұрын
He can literally just toss the 1M in dividend growth stocks if he wants a monthly income. Would still have his 1M and the growth on top of his dividend payments.
@rickallen9099 Жыл бұрын
Who wants to be heavily in stocks in old age, though? Having a portion of your portfolio guaranteed isn't such a bad idea.
@socketyellow3 Жыл бұрын
@@rickallen9099 bonds for old age
@bulls-nation5783 Жыл бұрын
@@rickallen9099 someone with family/kids/grandkids. He worked to save this money, why give it away.
@10r80Coyote Жыл бұрын
Dividends would be perfect for him, then his kids could keep living off that or just reinvest and let it compound more
@Thehharrison Жыл бұрын
@@rickallen9099 your missing the point. There are dividend ETF’s with 3.99-4% yield. To give your money away and if you die sooner than expected it’s gone is a very poor financial decision, especially considering his spouse.
@djpuplex Жыл бұрын
And if the company goes bust or he dies early nothing.
@Jajaky Жыл бұрын
So funny how a lot of people in the comments easily sniffed out that this dude is an annuity salesman hahaha
@victors16811 Жыл бұрын
That guys is so convinced by his financial advisor who works for the company and his about to mess up
@ericleander6048 Жыл бұрын
"See, the thing is..." why do people call for advice if they're just going to argue with it? I'm a lawyer and clients do this with me too... sometimes you just want to slap them.
@fendiboots4481 Жыл бұрын
Anytime you respond to Dave with "yes but" "ok, see the thing is" you do not accept his advice you asked for.
@9liveslisa Жыл бұрын
I have a trust fund from my father who passed away in 2006. I live on the money distributed to me each year and the money that was put in the trust fund is still there. The money is managed well by a company who has a fiduciary responsibility for the account. They've done a great job. They are doing so well, I have several IRA's being managed by them as well. Follow Dave's advice on getting your money invested and you should be fine. Life is a crapshoot, be brave and ride the wave.
@webfreakz Жыл бұрын
How did you father succeed with the money? Did he work+save+invest or sold a business?
@d_all_in Жыл бұрын
What do you do all day?
@willmichael4033 Жыл бұрын
@@d_all_in probably have more fun than you
@helloken Жыл бұрын
The key to this is that you lose the million when you pass away. What a terrible deal! A million bucks at ZERO interest will pay $4300 a month for TWENTY YEARS. Edit: Not to mention inflation. $4300 will buy a lot less in the future than it does today.
@RomilCPatel Жыл бұрын
This was a great call 😂 He could literally get a higher interest rate on a risk free US treasury note. I’m surprised that he was even able to get the million in the first place.
@jdjose3268 Жыл бұрын
Uncle Dave: You know, the knife is gonna cut you because knives are sharp and they cut meat. Caller: I know, I know.. but, this is a good quality knife 😂
@beverlyfoster4836 Жыл бұрын
Great, truthful advice
@HMMELD Жыл бұрын
Truthful is so right - annuities are a raw deal.
@natturner8446 Жыл бұрын
Hey Dave. Could you do a show on how to draw down investments late into retirement? I suspect the appeal of annuities is the simplicity that the money shows up every month. I think there would be a lot of interest in strategies to manually (but easily) sell down mutual funds for monthly income. Thanks.
@kaizenborntowin Жыл бұрын
Thank you Dave!
@trailerhaul8200 Жыл бұрын
Matthew still goes with the mistake. :))
@sawboneiomc8809 Жыл бұрын
First question I ask in any financial proposal...”why are you giving ME such a good deal?”
@britneyog9537 Жыл бұрын
Was this guy... serious? With such a question, I question how he has 1M. 😦
@jamaicaninthekitchen4358 Жыл бұрын
Maybe he won the lotto
@BaconMountainMan Жыл бұрын
Even if you don't calculate 10%, there's no way that I'm losing control over $1 million.
@TheDjcarter1966 Жыл бұрын
The guy still doesn't understand they are stealing his million dollars ????? He could literally buy an I bond 100% guaranteed and get as much money and still have the million dollars.
@eggsinsideme Жыл бұрын
There are annual limits to iBonds.
@Lucky008aau Жыл бұрын
@@eggsinsideme and the rate will adjust from time to time.
@captainkrunch6372 Жыл бұрын
I love watching Dave, and the callers, as a high school dropout how can alleged smart people be so dumb.
@imveryhungry112 Жыл бұрын
there are some relatively safe ways to get a 4 percent return on your investment when you retire. maybe not as safe as this insurance plan but its not really that safe because when you pass away they take that money and your family wont have it in case they need it.
@scottnisbet5991 Жыл бұрын
you can put a million in a CD or T Bill right now and get about the same (4.8%) and keep the principle
@SD-ip2wb Жыл бұрын
Governments in Australia often do help. People don’t know and are suspicious of all the subsidies. And miss out, sadly
@Kysen10 Жыл бұрын
These disaster calls are the best, this guy was just not listening.
@webfreakz Жыл бұрын
and Dave kept interrupting
@billywilds1779 Жыл бұрын
First problem, Annuity.
@sangriabiscus2856 Жыл бұрын
Insurance companies want to sell a 65 year old, a 20 year annuity, that they can start collecting a monthly payment, at 85 years old. Most people don't live past 85.
@LyonsArcade Жыл бұрын
Charities do this exact thing but it makes more sense because when you die the charity gets the donation of the million dollars. For a bank to be doing it is incredibly unscrupulous
@SteveC484 Жыл бұрын
People try to complicate their lives and then justify it later on.
@carlosespinoza7635 Жыл бұрын
This sounds like something my dad would do. 😂
@kamronkhan Жыл бұрын
Sounds like he already did it and was calling to get some reassurance…..
@Rae_eLLe Жыл бұрын
It's sad that anyone would think that's a good idea. Ppl have to stop blindly trusting things instead of using their brain to reason.
@christie4336 Жыл бұрын
First Sentence: " I have an annuity -slash- 401k plan worth about one million dollars." He is already buying insurance company products. I wonder what the actual value is. What is the cash out value ?
@christianjensen3182 Жыл бұрын
A straight pull down of 1M is $4,167 a month for 20 years.
@rickallen9099 Жыл бұрын
Depends on the annuity. A lifetime payout annuity would be guaranteed for life.
@sstrongman1667 Жыл бұрын
@@rickallen9099, do you deal annuities? Just wondering because your comments make no sense.
@megalodon1726 Жыл бұрын
@@rickallen9099 "Straight pulldown" here is referring to just withdrawing from the million over 20 years without any earnings. That's $50K/year or $4166.67 per month and doesn't depend on anything except having somewhere to park the million safely for 20 years.
@InternetUser._ Жыл бұрын
Every single banking “product” is just that, a product that guarantees profit for the bank. It’s designed to benefit them, not you.
@trailerhaul8200 Жыл бұрын
This is like Micheal Scott defending the pyramid scheme
@ThomasFerrugia Жыл бұрын
This sounds like he's already made the investment (or maybe works for the company). He was just hoping he could get a clip of Ramsey saying - on air - that this product is a good investment.
@302ec Жыл бұрын
If he gives them $1m, they will invest it and pay him some of the returns. 😀
@eggsinsideme Жыл бұрын
Yes. That’s how it works.
@Only1Winner729 Жыл бұрын
Is New York Life Insurance Company a good Life Insurance company ?
@lukecooper2372 Жыл бұрын
Definitely from LA.
@Kalvain14 Жыл бұрын
It's shocking how much this caller is missing the point. Wow.
@davidjones4130 Жыл бұрын
Hahahhaha did Dave just disconnect him ?!?
@divemanred Жыл бұрын
Who ever he talked to was a great salesman
@joycelam3298 Жыл бұрын
I don't trust insurance company when they give that kind of offer. Trust yourself is better. I like Ramsey advice on money.
@danielsoosay1772 Жыл бұрын
The guy is like waiting for Dave to say go for it. Wont be surprised after the call he didn’t burn that offer letter….
@RussellTurman Жыл бұрын
I bet he's already signed up and didn't want to say it on the call
@brooklynzoo81 Жыл бұрын
That's insane.
@nvrdwn3140 Жыл бұрын
How does someone like this save that much money and be this uh, yeah.
@theparrotchannel2625 Жыл бұрын
I don't understand how somebody who can't even see through that can save that kind of money I notice some people are really good at making it but bad at handling it
@FrankS111 Жыл бұрын
The same people that fall for this also fall for reverse mortgages and extended warranties
@jeffreysmith8977 Жыл бұрын
An investment company can sell whatever junk they can package together to willing buyers. That is the reason why banks and investment companies usually have the tallest buildings in cities.
@josephinegrech8438 Жыл бұрын
Where do you get these investments with these percentages?
@wadesuhr Жыл бұрын
Buy QYLD
@mtnmann72 Жыл бұрын
This couldn’t be more of a bigger NO.
@coleworld904 Жыл бұрын
He sounds interesting. He can just pull that amount out each month himself and still be able to pass it on to his heirs…something is off
@whatmakesyourday Жыл бұрын
It sounded like some annuity salesman is about to go out and buy a bigger house. Poor guy. Or, at least he will be.
@mikesmith-wk7vy Жыл бұрын
I really hope he just wanted to see Dave’s reaction and wasn’t really considering that plan , it’s so stupid even I can see how bad of a deal it is
@alastairdickson5131 Жыл бұрын
He’s going to do it! What a bad deal.
@Teamshmo Жыл бұрын
The fact you lose all your money in the end makes no sense lol
@Seromontis Жыл бұрын
Annuities are only worth it if they have 10% payments and transfer to a spouse or family member.
@jimmymcgill6778 Жыл бұрын
Just keep it in the 401k part.
@DudeDude491 Жыл бұрын
This Dude forgot who Dave is…. Dave is the man 👍
@darex0827 Жыл бұрын
How did this guy get a million in the first place?
@kunalsab7805 Жыл бұрын
Did this exact deal with someone like him and the person Died
@I_like_turtles_67 Жыл бұрын
@@kunalsab7805 You probably got a bonus lol.
@ralphholiman7401 Жыл бұрын
If he wasn't actually working for the company selling these things, then yeah he probably inherited it.
@JosiahK555 Жыл бұрын
The biggest problem I see is 4k a month means nothing in hyperinflation.
@amireallythatgrumpy6508 Жыл бұрын
America is nowhere near hyperinflation.
@drhoughton5481 Жыл бұрын
caller is gonna do this.....OMG. very sad.
@njfinests Жыл бұрын
I hate life insurance policies, their worthless!!!
@jimroscovius Жыл бұрын
This guy sells this product. Why would you just give away a million dollars. And yet this guy defends it. But he's from California, so that explains the intelligence level.
@johnnyhoang4444 Жыл бұрын
Wow dude, they say there are no dumb questions…
@wadesuhr Жыл бұрын
Matthew is a life insurance salesman posing as a person with a fake question. Dude's voice sounds like a total salesman.
@kevinkidneyy Жыл бұрын
His money let him be dumb with it
@desistang8794 Жыл бұрын
start of the call i was like not that bad to get $4300 a month , then doing the math, you have to live 30 years to get that million dollar bac (little more than million), assuming this guy is 50-60, not great odds and assuming his spouse is similar in age also.
@sstrongman1667 Жыл бұрын
You could put it in a high yield savings account right now at 3.5% apr. Which is $35k per year, and zero risk
@FrankS111 Жыл бұрын
Do people seriously fall for these scams???
@jodyvanliew2514 Жыл бұрын
This caller keeps agreeing with Dave but we all know he will go balls deep with the life insurance company on an annuity . Caveat emptor .
@Anthny1 Жыл бұрын
"Weeeeellll....."
@mattenderle1766 Жыл бұрын
Give me the money, I’ll guarantee you get $3600/mo forever. 😂
@cw9515 Жыл бұрын
Is this caller almost sounds like he’s still interested even after being told how much of a rip off this is 😂
@chickencharlie4539 Жыл бұрын
Seems like he's not understanding.
@ricks-ter5736 Жыл бұрын
I feel like that guy is still going to do it 😅
@OSRSGuides Жыл бұрын
same
@jh1328 Жыл бұрын
“I have a couple of quick questions.” The evidence shows that this is a lie.
@rogerhoward1900 Жыл бұрын
If Dave says don't do it then don't pretty simple huh
@TheAhmedvienna Жыл бұрын
I never believed in annuities.
@steviejd5803 Жыл бұрын
Dave should have just cut this goober off....no amount of clear advise was going to help him. He puts the phone down and does it anyway.
@mikesawyer4707 Жыл бұрын
This guy sounds like he had already done the deed. I hope not.
@lightbrightconnect Жыл бұрын
Fear and Greed man. If you are operating out of either you will get taken advantage of.
@marshallforeman2051 Жыл бұрын
How did this guy get $1 million to start with?
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