Is It Too Late To Start Investing For Retirement?

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 8 November 2024

⏱️ 5 minutes

🔗️ Recording | iTunes | RSS

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Summary

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Transcript

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0:00.0	This episode is sponsored by SmartVestor.
0:07.2	Connect with an investing pro for free at ramsysolutions.com slash invest.
0:14.7	You're listening to Ramsey Everyday Millionaires,
0:17.4	where we talk investing, retirement, building wealth, and outrageous generosity.
0:22.4	All right. Up next, we got Mike in Dayton, Ohio. Hi, Mike. Welcome to the show. Hello. How are you?
0:28.6	We're doing great. How can we help? Okay, I'm 42 years old, and I made some bad financial decisions
0:35.0	of my life regarding 401K and stuff like that.
0:40.3	Got divorced.
0:41.7	X-wife took half the 401K, and I've catched in a few times.
0:45.3	And I'm basically starting over at 42.
0:47.3	I have like 21,000 in my 401k now.
0:51.3	And I'm only putting in like 6% because we're on baby step number two. And I was
0:56.8	going to see, is it too late? No. Not at all. Not at all. Not by a long shot. No. And if anything,
1:04.4	this will probably scare you more, Mike. I would advise you to even pause that 6% while you're getting
1:09.8	out of debt. Because here's the deal. When you free up so much that 6% while you're getting out of debt because here's the deal.
1:11.6	When you free up so much of your payments, you're able to throw then 15% of your income
1:18.4	at retirement and be able to catch up. So how much debt do you guys have?
1:23.8	The house, we got like $83,000 on, the truck we're trying to get paid off.
1:29.5	Um, we should have paid off by the end of this year.
1:32.5	How much is it?
1:33.1	Um, um, um, I got like 10, almost 11,000 left in a minute.
1:38.5	Okay.
	...

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