I'm 65 And Made Horrible Decisions With Money My Whole Life (This Is Your Wake-up Call)

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Ramsey Network

Investing, Self-improvement, Education, Business

4.5 • 840 Ratings

🗓️ 10 September 2025

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	Brought to you by the Every Dollar app.
0:04.3	Start budgeting for free today.
0:06.5	I am 65 years old.
0:09.2	I have made absolutely horrible decisions with money all my life.
0:14.7	I have no nest egg.
0:17.2	My wife has maybe 10,000 or 401K, and I've got maybe a couple thousand.
0:25.4	And we have started the steps.
0:31.7	Just last payday, we got our $1,000 emergency fund paid, and we also got $200 paid down on our smallest
0:42.3	unsecured debt, so now it's only $150 left.
0:48.3	I've got two other credit cards and a car loan and a mortgage total debt including mortgage is
0:58.0	$137,000 the mortgage is a 15-year fixed rate it's set up to be paid half a
1:09.6	payment every two weeks so in months, I've actually paid 13
1:13.6	payments instead of 12.
1:16.6	And since my wife, since we don't have anything lined up for retirement, I'm trying to figure
1:26.6	out what would be the best way for me to go.
1:30.3	Make sure I get out of all debt with everything I've got.
1:37.3	I found out that if I pay just $425 towards my principal each month on my home,
1:48.6	I can have it paid off in five years.
1:51.8	What's the balance on your mortgage?
1:55.3	$1.15.
1:57.3	Okay.
1:58.5	Well, you're scheduled to, how long are you into the 15 year? Okay. Well, you're scheduled to, how long are you into the 15 year?
	...

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