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Stop Funding My 401(k) When I'm In Debt?!

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Stop Funding My 401(k) When I'm In Debt?!
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Опубликовано:

21 авг 2024

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Комментарии : 173

@mleezy930 3 года назад

This is one of the only places I deviate. I’m getting that match

@perotal 3 года назад

Just basic math

@rbellamy804 3 года назад

Same here.

@Primitive_Code 3 года назад

I'm a mathematics major but emotions, behavior and philosophy > math. The roots of math come from philosophy. Rene Descartes and Blaise Pascal were natural philosophers and not mathematicians.

@eatpigsnot 3 года назад

@@perotal Dave teaches financial peace, and there is so much more to money and financial peace than just basic math

@jimroscovius 3 года назад

I agree. I would get the match, but that's it. The rest goes to debt.

@dcbtxk 3 года назад

I finally went full Dave instead of Davish Feb. 2020. Stopping the 401k match was tough, but I was debt free in a year, now my emergency fund is fully funded and I am investing 15% and working on paying off the house.

@MCgrease08 3 года назад

Good job.

@dipsomaniac124 3 года назад

You are headed to millionaire next door. The plan has worked for millions of Americans. Keep going

@MrOfficer235 3 года назад

We completed baby step 1-3 all while continuing to contribute to our 401k. No doubt it was the best plan.

@RRK1 3 года назад

While I agree, I understand his logic. Paying more interest in long run as it takes you longer to get out of debt while still contributing. I just do what they match and will increase it when I’m out of debt.

@hzuiel 3 года назад

Do you want a trophy or something?

@pojack9979 3 года назад

Dave wanted to tell this guy to continue investing in his 401k. But he can’t. Because it goes against his basic, blanket principle’s that he preaches to the masses. Finance isn’t one size fits all.

@SoggyBagelz 3 года назад

or abiding by the principle that owing people money is bad, but interpret as you wish

@asymptomatic84 3 года назад

You should try listening. He literally told him he would be fine either way.

@justicegaming1412 3 года назад

Yeah, pretty much. He doesn't want to deviate from his basic message on the radio show with everyone listening but I wouldn't be surprised if in a 1-on-1 consultation he'd tell this couple to max out the 401(k) no matter what. The math is just so overwhelmingly in favor of doing so.

@edwinl423 3 года назад

You can't bend your rules for an exceptional case which is high income. He still admitted that he is gonna be fine either way.

@eatpigsnot 3 года назад

debt being an anchor and not allowing someone to have financial peace is one size fits all

@kayodegrimes4287 3 года назад

Dave really dressed like an everyday millionaire 😂

@CPMom83 3 года назад

I like his shirt today! :)

@Cookieboy70 3 года назад

One thing I will never agree with Dave on. It's literally turning down free money if your company matches it.

@stevenporter863 3 года назад

Agreed, unless the debt is 100% interest it doesn't make sense to stop and lose the match.

@hzuiel 3 года назад

So here is the thing.....you're a big boy, you can choose to pay off your debt and do 401k up to match at the same time. Nobody is stopping you. You don't have to do what dave says, or you can follow some of his advice but not all of it. Dave's advice is generalized for people who lack self control and make bad choices, so his advice is designed to give those kind of people the best chance of getting out of debt and staying out of it. The psychological approach he is attempting, is similar to some weight loss programs. You don't design a weight loss program for someone who has no problems losing weight and maintaining a healthy body weight, you design it for people who have no self control and that's how they got to 2-3x their healthy body weight. So they try to fix the broken thinking or at least adjust for it. Dave's audience clearly isn't helping multi millionaires manage their money, which for some reason seems to be the kind of advice people expect him to give. A lot of people also seem to think in absolutes as if it's all dave or all something else. You can just watch someone who gives advice, and pick and choose which advice to take, and which advice not to take.

@stevenporter863 3 года назад

@@hzuiel 😆

@eatpigsnot 3 года назад

you need to listen again. or RU-vid search "Dave Ramsey why give up 401K match" and listen to those

@blackworldtraveler3711 3 года назад

It’s not free money. It will be taxed. I have over $450k from years of company matches that proves this and I’m not even 60 yet.

@dingdongdaddy589 3 года назад

If I stopped investing for a year, I’d lose out on a ish ton of money.

@chriscrawl3732 3 года назад

@@saulgoodman2018 Multi millionaire financial guru, that has written books and had a radio show for 30 years, vs. some random pseudonym on youtube....hahaha

@hzuiel 3 года назад

@@saulgoodman2018 He literally said it's mathematically wrong. You aren't making any great revelations.

@untouchable360x 3 года назад

@@saulgoodman2018 You are correct. Math is wrong. Dave even admits it. It's a behavior problem. Not a number problem.

@TheValiantLion 3 года назад

@@untouchable360x spot on. Dave teaches that adjusting behavior impacts the math more than math impacts the math. The Dave-ish crowd can do what they want, but if everyone in trouble with money went Dave-ish, then the majority wouldn't make it.

@EDUAROSOLAS 3 года назад

@@chriscrawl3732 Instead of investigating to find the truth of a claim, you look for substantiation in the persons wealth, status, and how many books they've written? You need to learn about epistemology. You probably have a lot of bad opinions.

@mariea.1015 3 года назад

I truly believe even without stopping funding their 401ks they can still get out of debt in 6months to a year.

@ew2645 3 года назад

Agreed. They probably have a budget issue.

@TheDjcarter1966 3 года назад

NO....people don't realize unless you are there what that $400K actually means it means he takes home $275K after taxes minus health care and the 401K and he is down to about $230K take home if he is lucky

@roolyfe 3 года назад

Fake news I am 💯 k in debt 💸

@deanalbertson7203 3 года назад

Probably not. Apparently he went into debt to buy an RV and a car. He could easily continue to spend more money than he is earning, and continue to go more and more in debt. Dave's advice to get out of debt is a change in mindset.

@ErinWilke 3 года назад

@@TheDjcarter1966 And they can't live on

@robertkrumm2470 3 года назад

i would venture to guess he could pay off his debt today

@CaseyBurnsInvesting 3 года назад

At least get the match.

@appleforever6664 3 года назад

Casey the Spammer!

@victoriafhicks 3 года назад

I agree completely! If you don’t contribute what your company is matching, you’re just turning down free money.

@calebgibson55 9 дней назад

@@victoriafhicks it’s about focus and freedom.

@tsx0013 3 года назад

It's a behavior thing not a math thing. I loved that Dave acknowledged that the caller would be alright either way, but could be even better off if there is sacrifice, and shifting comfort.

@edwinl423 3 года назад

As a man from Asia watching the western part of the world through Internet I have never seen anyone who is sticking to his principles as Dave. Salute to him.

@lunallena5594 10 месяцев назад

At 400k, that guy has a lot of money to do both. There are limits to how much he can contribute to his 401k. The rest is to pay off debt.

@Sable1837 3 года назад

I wished he would have asked them where the rest of their money is going! Must be an insane mortgage.

@davidcox3076 3 года назад

I'd like to see their budget. It does seem like a lot of cash is leaking out somewhere.

@Sable1837 3 года назад

@Csab what are you yelling about? Nowhere in the call does it indicate they’re being wiped out in taxes.

@justicegaming1412 3 года назад

@@davidcox3076 They mentioned a vehicle and an RV, that's probably the bulk of it (on top of the mortgage).

@blackworldtraveler3711 3 года назад

@Csab No. Even at $160k/year I didn’t worry about taxes.

@marktheshark2569 3 года назад

@@blackworldtraveler3711 what was your take home on that

@Lianne459 3 года назад

If you are earning 400K a year you dont have to alter your behavior that much.

@MansonMachineWorks 3 года назад

What about SELLING THE RV AND THE CAR?!?!

@too-da-loo 3 года назад

As others have said, and as I have said in previous calls on this subject, I would never drop below the company match to 401k. Over 20,30 years, that amounts to a lot of money.

@blackworldtraveler3711 3 года назад

It amounts to a lot of taxable money.

@amorestperpe 3 года назад

Dave's like it doesn't really matter but I can't say that lol 😂

@ChrisMFlorida 3 года назад

if you make 400k a year why do you even have debt? I make 50k and manage to stay debt free and still contribute to my retirement.

@ChrisMFlorida 3 года назад

@J W thanks Dad

@Mikey90210 Год назад

I make 60k. A I've got into some debt. I'm stopping mine for maybe a year. But boy have I learned a vital lesson.... After I'll never go into debt lord will'n

@kowshiksriman2051 2 месяца назад

Ya there are financially savvy ppl who will take the match, I certainly will. I just watch the show for the entertainment I get his concepts But if someone is a “poor dad” thinker then Dave’s advice is good, it’s about breaking the pattern that keeps you poor

@droolalot5795 3 года назад

They make $400k, they can do lots of things. The debt is not ruining their lifestyle or impeding their living situation.

@eatpigsnot 3 года назад

it's still bad to have debt

@droolalot5795 3 года назад

@@eatpigsnot it's bad to have debt when you're broke. They make enough to pay off pretty much any debt any time. $35k a month will do that

@eatpigsnot 3 года назад

@@droolalot5795 it is always bad to have debt. it is just worse when you are broke

@blackworldtraveler3711 3 года назад

@@droolalot5795 The more many people make the more spending and debt. Never enough money for some.

@Thebootyrater 3 года назад

Dave’s face when he said he wasn’t completely following the steps 😭

@Mr.Rogers91 3 года назад

🤣🤣🤣🤣🤣🤣

@edwinl423 3 года назад

He doesn't need to he's making stinking money that he can retire in 10 years even with screwing up things. We can say high income doesn't matter but it really is..

@SavingsMinusDebt Год назад

It's 100% mathematically impossible to save for retirement while in debt.

@patton9696 3 года назад

Love the plaid shirt. Hope it’s pearl snaps

@willelliott5052 3 года назад

I will always be thankful to Dave for helping me to win. However, I did not follow this one point. When we were at this crossroads, we were not earning $400k, but we nonetheless had a high enough top marginal tax rate to warrant continued tax-deferred investing. Then consider the company matches and the math is just overwhelmingly in that favor.

@AnnMitt 3 года назад

I would never stop investing in your retirement. I'd rather cut out vacations, going to restaurants and buying gifts. Fund your retirement and pay off debt.

@blackworldtraveler3711 3 года назад

If people would just live within means, avoid debt,less kids,buy home and used car they could afford,etc..they wouldn’t need to cut those things and even retire early.

@MR3DDev 3 года назад

TBH is not 400k, they probably get much less after taxes, that being said they can pay that pretty quick

@MrDwaynePoff 3 года назад

Wow....I honestly wouldn't have never thought about it myself

@user-zi9td7uc8p 3 года назад

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@truckingmoney485 3 года назад

One of the worst parts of his plan

@MillionaireMindsetClub 3 года назад

The baby steps work!

@jakeaaron1625 3 года назад

This is mind blowing advice. Wow.

@Ash-qr3vy 2 года назад

I spent years paying off debt while NOT investing. I wish I would've continued to invest. Now I'm behind in my retirement. I disagree with Dave on this.

@eatpigsnot 3 года назад

investing while in debt is like brushing your teeth while eating

@blackworldtraveler3711 3 года назад

Not with just a mortgage.

@randallanimal 3 года назад

A rising tide lifts all boats.

@dimiprophete1712 3 года назад

It does not make any sense at all; how much does it put in the 401k?

@Garebare1 3 года назад

It’s not even about his income, it’s his income to debt ratio

@lkj0822g 3 года назад

Questions not asked: Do you get a company match on your 401k contributions? What are the interest rates on your debt? How much are you contributing to your 401k? Most likely, interest rate on the vehicle is low (0% - 2.5%). S&P is up about 17% year-to-date. A company match is 50% - 100%. You do the math. Dave is joined at the hip to his "baby steps" and anti-debt dogma. He twists himself into a pretzel trying to come up with a reason to discontinue the 401k contributions and finally comes up with "you need to experience pain". LOLOLOLOL

@hzuiel 3 года назад

well 400k, minus taxes on someone that high income, probably 250k net, people who make 400k usually buy expensive houses, so their mortgage could be 3k a month.

@blackworldtraveler3711 3 года назад

@Lone Wolf You must be getting scammed. Can get around $1500/mo. mortgage on up to $450k home there. Even new homes.

@igorseprak6177 3 года назад

Legend says that the Romans kept investing in their 401K (Caesar Romulus matched their contributions) right up to the collapse of the Roman Empire. It’s about compounding interest after all.

@July.4.1776 3 года назад

He needs to eat beans and rice and deliver pizza. He should not be eating in a restaurant he should be working in one. 😂😂😂😂😂😂😂

@johndone8045 3 года назад

He just called to flex,...

@steve99912 3 года назад

Lol exactly.

@crystalhull1677 3 года назад

What makes you say that

@steve99912 3 года назад

@@crystalhull1677 grossing 8000 a week and calling in talking about a car payment. Come on.

@todd2456 3 года назад

People who say that all the time are just jealous. It was a legitimate question.

@johndone8045 3 года назад

@@todd2456 its a legit stupid question

@taylorbrione 2 года назад

No. I'm going to get my match Dave.

@goofygirl1311 3 года назад

If they don't want to sell some of their expensive toys to cover this debt, then maybe they can get a PT job driving Uber or Lyft, delivering pizzas, dog walking or baby sitting. What they should not do is stop contributing to their retirement accounts.

@jroark101 5 месяцев назад

400k a year, my goodness bro

@VegasAlien1 10 месяцев назад

I wonder how often and where this couple eats out for meals, how often they are buying new clothes and what brands they are shopping. A look at their budget would likely find quick win solutions for them.

@th3p00r5 3 года назад

What about the taxes?

@Stewthecheesemiester 3 года назад

What do they do for a living? WOW!

@deanalbertson7203 3 года назад

Sell the RV.

@hzuiel 3 года назад

Definitely, unless it's already so old it's done all it's depreciating.

@RJRussoVids 3 года назад

Welcome to the Maybe Steps. Dude should just get the heck out of debt and be done with it.

@cheeseburger5555 3 года назад

Dave 🙄the shirt …

@jac_builtWoodworks 3 года назад

My question is, why does this guy have debt with such a high salary, does not make sense.

@edwinl423 3 года назад

I guess just to make call to Dave for bragging about his high income in radio.

@flexusanm 3 года назад

How can I listen to the show live?

@VideoClipsNow- 3 года назад

Search Ramsey show - full episodes

@macneoh7418 3 года назад

Amazon music

@flexusanm 3 года назад

@@macneoh7418 sounds lik a paid subscription

@macneoh7418 3 года назад

@@flexusanm it is

@macneoh7418 3 года назад

@@flexusanm idk, maybe you can listen to podcasts for free.

@user-jy7yw5kw3w 3 года назад

Nope, can't stop wont stop

@theunknown5331 3 года назад

What’s a 401K ?

@cartman19892 3 года назад

400k? Dude what are you doing, well you're cars and house go drive for uber or deliver pizzas :D

@ew2645 3 года назад

This was a tough one for me but when I saw how much more I could save into my 401 without debt, I was on board.

@TheDjcarter1966 3 года назад

but opportunity cost of money says you lost hundreds of thousands of dollars at retirement....even Dave admits the math doesn't work out

@anthonyc7900 3 года назад

You can tell Dave really wants to tell him to keep funding the 401k but it doesnt match the formula he tells ppl to follow. I appreciate his consistency but dang...

@aJ.13 3 года назад

Ramsey advice is kind of stupid, his question should be: what the rate of interest on car and rate of interest on heloc, which one has higher interest paid that one first aggressively. His saying to stop putting in 401K, that’s not good. There’s are way better option than 401K but in this case, keep investing in 401K, and pay min on lower apr and paid way more on higher interest item.

@justicegaming1412 3 года назад

At that income level they're actually past the maximum income level for contributing to an IRA.

@blackworldtraveler3711 3 года назад

My 401k gave me 1.6 million Roth to retire with at 50 that will keep reinvesting interests/dividends until it’s needed. Seem like “way” better option to me with zero debt.