Is It Too Late To Start Investing For Retirement?
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Generosity are up. Next we got mike and date ohio. Hi mike.

Welcome to the show. How are you? We are doing great. How can we help?

OK i'm forty old bar one k and stuff like that that the box like to have the ball one k and I just in a few times basically starting over forty two. I have like twenty one thousand in my four one k now and I only put me like six percent of our own baby step number two and I want to see is IT too late?

No not at all, not at all, not by long shot. No um as if anything the supply scary you more mike, I would advise you to even POS that six percent while you're getting out of that because here's the deal, when you free up so much of your payments, you're able to throw the fifteen percent of your income and retirement i'd be able to catch up. So how much that do you guys have?

Um the house we got like eighty three thousand and and uh the truck were trying to get paid off. Um 你 should have 配套。 本 应该。

是 i .

like。 Almost thousand years. Okay, where you .

keep we? Who's we? And you were before I thought you're okay. So you got to four theory. Mary.

yeah, okay, I got remarried.

okay? Person, perfect. So seven thousand on the truck. Yeah, that's great. okay. So five thousand on the track, what else you guys have?

Okay, so the eleven thousand.

okay, yes. So the mortgage goes obviously in baby step six. So we're not worried about that right now. So yeah, I would get this eleven thousand. How much you guys make .

combining income? I make thirty seven, four now, and he makes about thirty OK.

What's that amount to every month? Do I know what's that amount to every month? What do you see monthly on your budget?

Oh, around five, six thousand a months. OK. Just.

just for me, just for you. yes. And then what does SHE bring in a month?

It's close to five thousand. Okay, okay.

So you guys are making one hundred and twenty thousand a year.

Yeah.

close to, okay.

before. Yeah, I would pause that six percent. Mike onest. Ly, until the trucks paid off.

And then you guys get a fully funded emergency funds and then press play and then you've got fifteen percent. Jade got her fancy calculator out. So we're going to be, are you able to yeah.

I got IT in there say so you were worried earlier. You're like forty two have made these mistakes. And here's a thing, this is just the picture you paint IT today.

Let's pretend you clear out this car. You clear out this step pretty quickly. And you said you make a around one hundred and twenty thousand a year.

You know, if you're putting around fifteen percent into investments that about fifty hundred dollars a month, let's say you do that from the time you're forty two to the to the time your sixty five. And i'm just using the rainy solutions investment calculator. You already had twenty one thousand in there, which is great.

So if every month you contribute fifteen hundred at a ten percent rate of return, which is um average contrary to popular belief. I mean that's almost two million dollars at one point eight million dollars and that's a big deal. That's plenty events .

on the current income you have my that's right. That's not you getting raises in your wife changing jobs. I mean, IT will continue usually for most people for their income continues to go up in their lifetime.

So two, nine dollars, mike, your own track, don't you worry? It's a good little like, you know we talk about how fear can be a gift. There's a great book called fear as a gift and there is a gift of fear.

And there is there is A A beauty in IT because that kind of does shake you up a little bit. Oh, my god, so you late. Oh, and then you're able to say, okay, what changes do we need to make for this not to be a reality? So you're doing great, mike. I appreciate you calling and good luck to you and your wife. Yeah, you guys are on track.

Thanks for listening to ramsey everyday millionaire need help with your investments connect with a smart vesta pro at razi solutions don't com slash invest or click the link in the show notes range solutions is a paid non climb promoter participating pros learn more razi solutions dot com slash smart vester.