Latest news with #GeorgeKamel
Yahoo
13-07-2025
- Business
- Yahoo
60-year-old-woman wants to own a home, but only makes $2,800/month
She's debt-free, has some savings and no major expenses. But at 60, Andrea still isn't sure she can buy a home or retire — and she called into The Ramsey Show to ask if it's even possible. 'I want to own a home and retire one day,' the Phoenix, Arizona resident told co-hosts George Kamel and Dr. John Delony. But with a modest monthly income of US$2,864 and no retirement strategy in place, she's unsure how — or if — she can make that dream a reality. Here's the skinny on her retirement plan and how it can help you. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich — and 'anyone' can do it The Canadian economy is showing signs of softening amid Trump's tariffs — protect your wallet with these 5 essential money moves (most of which you can complete in just minutes) I'm almost 50 and don't have enough retirement savings. What should I do? Don't panic. Here are 6 solid ways you can catch up Andrea lives with her son and his family and only pays for car insurance, gas and the occasional incidental. That leaves her with approximately US$2,154 each month to save. She has US$69,000 in a 401(k) — which is the American equivalent of an RRSP — and US$45,000 in a savings account. She's also considering relocating to Ohio, where her aging siblings live, to be closer to family and cut living costs. Andrea works in medical records and hopes to move to a remote role at her company that pays about US$40,000 annually. She's also certified in medical coding but hasn't worked in that role. The hosts quickly identified her biggest hurdle: boosting her income. 'What you're facing here, Andrea, is an income problem,' Kamel said. 'We've gotta get your income up because that's going to create more margin for you to save for that home.' Starting late doesn't mean it's too late. At 60, Andrea still has solid options to grow her retirement savings. 1. Put money away for a down payment The hosts recommended using her US$45,000 as both an emergency fund and a down payment reserve. They advised setting aside three to six months' worth of living expenses as a safety net, with the rest going toward a future home purchase. 2. Invest 15% of her income into retirement Andrea said she's currently investing only about 1%. The hosts stressed that saving alone isn't enough. They encouraged her to invest in mutual funds through her retirement account. If done consistently, she could see 10-12% average returns over time. 3. Pursue higher-paying roles With her experience and certification in medical coding, Andrea could land a better-paying remote job. While her starting salary is US$40,000, the field offers room to grow. ' Even if it's not the exact role you want, I would just try to get on a ladder,' Kamel said. 4. Continue living with family or find a roommate To keep saving aggressively, the hosts suggested Andrea stay with her son or consider moving in with her siblings once she's in Ohio. 'It might not be ideal,' Delony said, ' but I love the idea of you saving money over the next five or 10 or 15 years until somebody can help you." 5. Adjust expectations around retirement Andrea may need to work into her 70s to reach her goals. That's not uncommon — in 2022, one in five Canadian seniors aged 65 to 74 were working, almost half by necessity, according to Statistics Canada. ' You know you got US$69,000 in that retirement account,' Kamel said. '(If) you keep investing, let's say, a thousand bucks a month. If you can do that to 72, you'll have over half a million in that nest egg. ' He added that she could also get a reasonable mortgage to avoid paying rent forever. Andrea's situation underscores a growing concern for older North Americans: how to make a smooth and comfortable transition to retirement. The co-hosts stressed that with focus and a solid long-term plan, Andrea still has a real shot at a meaningful future. 1. The Ramsey Show Highlights: Is It Too Late For Me To Invest For My Future? (May 15, 2025) 2. Statistics Canada: Employment by choice and necessity among Canadian-born and immigrant seniors (April 24, 2024) Read more: Here are — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
11-07-2025
- Business
- Yahoo
California woman fed up with 'financially irresponsible' boyfriend — The Ramsey Show offers a path forward
Sarah, a 43-year-old from Anaheim, California, has finally had it with her partner of 20 years. 'He's financially irresponsible,' she told The Ramsey Show cohosts John Delony and George Kamel in a clip posted July 2. 'He's 56 and he's got maybe $8-10,000 in retirement savings.' Now, Sarah is seeking a path forward after admitting to both her partner and the cohosts she's unhappy with how things have turned out. 'He has shown you his cards,' Delony bluntly put it. 'You cannot do one single thing about anything that's come before this phone call. You're holding a pen and a blank piece of paper. You get to decide what story you write next.' I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it The pair had been living together for 18 years, but never combined finances. 'We've talked about money, we've argued about money, we've fought about money,' Sarah explained. 'He didn't even put money into his 401(k) at work until I finally put my foot down.' On the other hand, Sarah is debt-free, with over $50,000 in savings, and has contributed to a 401(k) at every step of her career. Her partner is well off the pace of his peers in terms of retirement savings. According to Federal Reserve data, as of 2022, the median retirement account balance among those aged 55-64 in the U.S. was $185,000. Sarah admitted she'd previously thought about leaving him, but wound up feeling guilty he might end up in financial peril. 'You're going to have to choose guilt over resentment, and there's a lot of resentment that's built up over 20 years of you carrying the load,' Kamel said. 'Sit down with a friend, maybe a local counselor, and just get all this stuff out,' Delony added. 'Go towards something. Don't just run into the night screaming, because you're going to end up right back in the same situation.' Read more: Americans are 'revenge saving' to survive — but millions only get a measly 1% on their savings. In any long-term relationship, money issues can spark tension, but persistent financial irresponsibility is a different story. Refusing to change or take accountability or repeatedly draining shared resources causes stress, erodes trust and can place an unfair financial burden on one person. If some of these things occur and you find you're often the one cleaning up the mess — whether that means tackling debt or managing all the long-term planning — it's worth assessing whether the dynamic is sustainable. It's key for everyone in a relationship to be financially aligned. Ask yourself questions like: Are our goals the same? Can I trust them to make the right decisions for our future? Do I feel more like a parent or a partner? A 2025 survey commissioned by LendingTree found that 23% of Americans in relationships had ended one in the past due to financial incompatibility. An additional 34% said they'd consider ending a relationship for this reason. Of those who reported being in a financially incompatible relationship, many blamed their partners for overspending (34%), poorly managing their finances (30%) and not earning enough (27%). However, some admitted they don't save enough (27%) and they overspend (21%). There may be disagreements between people about money — that isn't necessarily a bad thing — but the point is to move forward together. This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Here are the 6 levels of wealth for retirement-age Americans — are you near the top or bottom of the pyramid? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Money doesn't have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
06-07-2025
- Business
- Yahoo
Nashville man, 22, makes up to $90K/month day trading — now he tells Ramsey Show he's ready to try real estate
After leaving college with a finance degree, Zack, from Nashville, Tennessee, started day trading professionally. He's excellent at his chosen profession, netting between $30,000 and $90,000 every month. But day trading doesn't take up all of his time and he wants to branch out into the world of real estate investing. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it 'I am trying to figure out when to make the jump into real estate because, that's kind of where I want to take my end goal,' Zack told Ramsey Show hosts, George Kamel and Rachel Cruze. But both Kamel and Cruze think there's a step in between that Zack should take before diving straight in. Although Zack wants to jump into real estate, the Ramsey hosts needed to gather more information about his current income. Zach explained that he had practiced for over three years before deciding to make an initial investment of $3,000 of his own money to start day trading. After doing well, he shared his results with several proprietary (prop) trading firms, which offered him a chance to work for them. Essentially, a prop trading firm allows him to trade using 'other people's money.' When he makes a profit, he can keep between 70% to 90% of the profits. But if he makes too many bad trades, the prop firm will boot him out of their system. 'I was able to pay my student loans off by doing it,' said Zack. 'If you're so good at this, why not use your own money?' asked Kamel. Although Zack is good at trading, he doesn't always have the large lump sums required to make it worthwhile. With that, he prefers to lean on the funds provided by prop trading firms and split part of the profits. 'I was raised a Ramsey kid, so the less risk and the more success, then that's kind of where I was going with it,' Zack told the hosts. As he's earned this money, he's put the Ramsey principles to work. He started by paying off his student loans, building up a substantial emergency fund and setting aside a large portion to cover his income taxes. Currently, he is debt-free and has around $50,000 in liquid cash. His end goal is to use the funds to invest in real estate. 'I've always wanted to get into real estate. And so, I'm trying to figure out when the best time would be to make that move and start investing in real estate as well,' said Zack. The Ramsey hosts urge caution, especially against taking out loans to purchase rental properties or flipping projects. Instead, they suggested he first get into real estate by purchasing his own home to live in. After that, he could consider purchasing rentals as he has the cash available. 'With real estate, we say, if you're going to go beyond your primary residence, you want to do it with cash,' Cruze told him. Since he just signed a year-long lease, the Ramsey hosts suggest he save up for a home during this upcoming year. From there, the time to branch into rental real estate is whenever he has the cash available, according to the Ramsey principles. Read more: No millions? No problem. With as little as $10, here's of diversified assets usually only available to major players So far, day trading is working out well for Zack. But he's only been doing this for a couple of months. The appeal of the type of day trading he's doing is undeniable. After all, who wouldn't like the possibility of quick profits without any major overnight market risks. 'A bad day would be me breaking even or only losing about a thousand or two,' Zack said. Plus, day traders enjoy a more flexible schedule with increased independence to do other things throughout the day. For example, Zack mentioned he only spends about three to four hours a day trading, leaving plenty of space in the day for other activities. Although enticing, day trading comes with some serious risks. For starters, there is a steep learning curve. It can take years of practice to become proficient in trading. Zack mentioned that he practiced for several years before trading with real dollars. Even with experience, traders can face a high risk of financial loss and must account for the high fees tied to every trade. Many think they can beat the odds. But the vast majority of day traders lose money. According to recent research by Tradeciety, only 1% of traders earn a profit after the fees are taken into account. If you're serious about day trading, consider learning with play money. You can find online simulators to practice day trading without running the risk of losing real money. Depending on how that goes, you may or may not want to jump into the market with your hard-earned savings. This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Money doesn't have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
06-07-2025
- Business
- Yahoo
Utah man tells Ramsey Show his girlfriend, 26, doesn't want to work because her parents cover all her bills
It's not all that uncommon to focus on full-time studies while attending college. After all, many college students are often fresh out of high school and are still teenagers when their college studies begin. Focusing on work and building a career isn't exactly something these students need to prioritize, at least not for a few years. But unfortunately for Derek from Salt Lake City, his girlfriend is not one of these students. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Derek recently called into The Ramsey Show to talk about his girlfriend, who's 26 years old and has been in college for eight years completing her bachelor's degree. Derek's girlfriend has an interesting arrangement with her parents where they pay for her living expenses as long as she's in school. This, as you might imagine, has Derek very concerned. Ramsey Show co-hosts George Kamel and Rachel Cruze told Derek he has every right to be concerned about his relationship, given his girlfriend's apparent reluctance to get out into the real world and hold down a job. Not only do the girlfriend's parents pay all of her bills, they also have the same deal with her two older brothers, who are 29 and 31 years old and still in school. Derek recently learned that the brothers have never worked, which is what drove him to call in asking for help. Derek's been with his girlfriend for about a year and they're starting to talk about marriage and finances, but he doesn't have high hopes given her attitude toward working. When Kamel heard about the girlfriend's arrangement with her parents, he was shocked. "Hey parents, let this be your memo: don't do this, ever," he said. Meanwhile, Cruze asked Derek point blank, "does she feel like a winner to you?" Derek had no choice but to admit to his worries — that his girlfriend will stay in school indefinitely so her parents can continue to cover her lifestyle, and that she won't be willing to work once they're married. Derek, meanwhile, works full-time, has a stable job and is debt-free, so he's presumably in a good place financially. He did ask his girlfriend to get a part-time job to see if she was willing to put in some effort, but it didn't seem like she was. "There's no initiative at all in who she is," said Cruze in response. "It's not a lot of attractive qualities." Kamel, on the other hand, was still shocked by what he was hearing from Derek. "I don't even know how you drag out a bachelor's degree for eight years," said Kamel. In the end, both Kamel and Cruze told Derek to consider ending the relationship if his girlfriend refuses to grow up. "There's a level of resilience you want in a partner," said Cruze. Derek said he's willing to give his girlfriend one final opportunity to get a job. If she's willing, the relationship may be salvageable. Otherwise, he'll likely seek to end the relationship. Read more: No millions? No problem. With as little as $10, here's of diversified assets usually only available to major players A 2023 survey by Bread Financial found that 44% of coupled respondents wish they had more similar mindsets on financial matters as their partners. Meanwhile, a more recent Lending Tree survey found that 23% of people have ended a relationship due to being financially incompatible with their partners. At its core, financial incompatibility is when you and your partner see money differently. It could be that one of you is a spender and one is a saver. Or, it could mean that you're both spenders but have different priorities. For example, it may be that one of you values spending money on things, like nice cars, while the other values spending money on experiences, like vacations. In Derek's case, it's clear that he believes in working for your money, whereas his girlfriend has no problem letting others pay for her lifestyle. With this in mind, it's easy to see why this relationship likely won't work out for Derek in the long run. He's done a good job of covering his expenses and avoiding debt thus far. If he were to marry his girlfriend, who knows what sort of debt she might rack up. She clearly feels entitled to have someone pay for her lifestyle, and that person could easily be Derek. Even if she doesn't land both of them in debt, chances are Derek will feel resentful of having to fund her lifestyle when she's completely capable of working. All told, being in a relationship with someone you're not financially compatible with could lead to disaster. Financial problems are the driver of 20-40% of all divorces, according to the Jimenez Law Firm. The Institute for Divorce Financial Analysts, meanwhile, cites money issues as the primary reason behind 22% of divorces. For Derek's relationship to be saved, he needs to have an honest conversation with his girlfriend and set some ground rules. For example, he could suggest that she hold down a job unless there's a reason not to, like caring for children. If those rules don't work for her, the two may be better off splitting up. If you're in a similar boat, it's important to have an open discussion about how you view money, what your financial goals are, and what your expectations entail. It may be that your partner wants to work until you have children and then become a stay-at-home parent. That's a very different thing from not wanting to work, period. Talk to your partner and, if you think it'll be helpful, consider getting a counselor involved who can serve as a neutral third party to get you two on the same page. But if you and your partner can't find a way to see eye to eye on financial matters, you may be better off parting ways as amicably as possible before taking the plunge into marriage. This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Money doesn't have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Yahoo
05-07-2025
- Business
- Yahoo
A Dave Ramsey Caller Skipped Her Car Payments To Gamble And Double The Money. The Plan Failed, And Now She's $19,000 In Debt With No Car
A caller to 'The Ramsey Show' recently shared a hard lesson learned about gambling and debt with hosts George Kamel and Jade Warshaw. Her decision to skip car payments and try her luck at the casino backfired in a big way, resulting in a repossession and a remaining debt of over $19,000. 'Instead of making my payments, I was thinking I can go to the casino and double it to make payments and things like that,' the caller said. But it didn't work out. The car was repossessed and later sold for about $3,500, leaving her responsible for the large remaining balance on the loan. Don't Miss: Maximize saving for your retirement and cut down on taxes: Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. Adding to the confusion, she began receiving toll road bills tied to the vehicle even after it was sold. 'I did reach out to toll road. They did get confirmation that the car was sold,' she explained, noting she never received advance notice of the sale. The woman, who is in Dave Ramsey's Baby Step 1 with $1,000 saved, said the gambling addiction played a central role in the situation. She's taken steps to address it, including cutting off online ads and distractions, but admitted, she hasn't been to Gamblers Anonymous. Kamel emphasized that fixing the financial issue won't matter if the gambling problem isn't resolved: 'I just want to make sure that we've resolved the root problem here before we just fix the repo.' Trending: Tired of Grid Failures and Charging Deserts? This Startup Has a Solar Fix and $25M+ in Sales — When asked how much she owed in total debt, she replied, 'That's all I have for now.' Her income is $4,000 a month, and her only major monthly expense is $1,300 for rent, which includes utilities. With minimal transportation costs and no dependents, she believes she can save up enough to offer a lump-sum settlement. Kamel recommended that she negotiate a payoff amount, such as $7,000, and get the terms in writing. 'This is everything I have. Would you be willing to settle in full for this amount?' he suggested she say when reaching out to the lender. He also warned, 'Don't give them access to your checking account. Get it all in writing, and instead do like a cashier's check or a money order.'Warshaw reminded her to make sure the debt is officially marked as paid in full in writing to avoid future issues. If successful, this would leave her completely debt-free. 'I figured I can do it,' the caller said, adding that with her children now adults, she doesn't have the same financial responsibilities she once did. While the financial loss is steep, Kamel and Warshaw pointed out the emotional cost as well. 'It's heartbreaking to watch,' Kamel said of car repossession videos. 'I feel like the emotional toll on that is just as painful as the financial toll,' Warshaw added. Read Next: Many are using retirement income calculators to check if they're on pace —Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article A Dave Ramsey Caller Skipped Her Car Payments To Gamble And Double The Money. The Plan Failed, And Now She's $19,000 In Debt With No Car originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
