Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Ramsey: You Can’t Afford Not to Be Investing Long Term

Details

  • Description

    Radio host Dave Ramsey on the need for increased retirement funding.

  • Duration 5:25
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Everybody more than half of you are uneasy about your retirement that's according to the national institute on retirement security.

55%.

Of us all quote very concerned that the current economic conditions are harming that retirement prospects.

Who -- -- last about this band Dave Ramsey.

-- that's a recent Fidelity study.

Seven the average atomic got a 401K has 77000.

Dollars Phoenix.

Now when I first heard that I thought you know that's an average.

Including twenty somethings study some things and sixty somethings.

-- 7000 dollars isn't so bad and easiest.

Well if you consider that that does not include the number of people saving nothing.

Then yes it's bad because that's only the people that have an account with Fidelity.

And then a large number of them American public -- zero and so that makes that 77000 as an average very mathematically alarming.

You want everybody who has access to a 401K.

To put in as much as they can to get as much from their employer as they can that's your point isn't.

Well obviously yeah I mean that we ought to save and invest so that we can retire with dignity.

When we watch the circus running around -- done in Washington DC we know we're gonna have to take care of ourselves.

And so you need to be funding your Roth IRA you need to be funding your Roth 401K.

You need to be taking the employer match from your -- need to be investing in good mutual funds that have long track records this is the same song and dance have been doing for twenty years.

But it matters more now than ever.

What about the counterargument to -- 88 you hear this a lost look my Social Security taxes going up my paycheck has come down.

I'm paying more for gas I am squinting and saving I'm barely getting by I cannot a full.

To take more money out of my paycheck and put it into my 401K.

How do you answer that.

Well it's kinda like saying I can't afford to pay the light bill -- -- gonna have electricity.

I can't afford to eat.

I'm not going to have food both of these need to occur when you retire and both of them are going to take money.

And so you can't afford not to be investing long term.

-- -- we hear you but I've got one more item before you go I think you gonna like this one.

A university of Minnesota study.

Says that the number of 26 year -- living with that -- has jumped 46%.

Since 2007.

Do you stick to you I -- the -- He hit the -- from my childhood eighteen.

Hour to.

All the time I Hashemi what do you say -- -- excuse -- You know this is not a financial or an economic statement this is associate -- economic parenting statement.

Were raising a generation of what does get -- -- of your basement parents seriously.

Now we used to send young men off to the empire now and I was a lab and can't do that -- law.

Act -- you do you think maybe that's a little harsh.

Day I mean you know it's not hard -- I have.

It's it's not harsh what's harsh is to raise children and their only skill set at 32 years old is playing Nintendo that's harsh.

It's good parenting to teach children -- have a backbone stand on their -- have the dignity of paying their own light bill and teach him to work WORK.

It is not a -- as a matter fact not doing it is as I've got three grown kids and I don't know the program for years and school after that you pay for -- After that you pay for everything.

A subject so I I'm with the on this spot I make the -- I've got six kids and my commitment is.

I'll pay for college -- able to I will pay for -- you -- -- with an education and no debt but that's as far as -- goes until the same.

Absolutely we allow one of the one of the kids are two of the kids to come back home for ninety days or something.

Maybe you know maybe a 140 days after college to get organized.

And get another big girl job they're big -- job and get on with their life.

But being 32 and in your parents' basement should only occur if there's an absolute emergency.

And it should only be for a short period of time and sadly -- socially economically demographically.

We're seeing this as a major trend so we've got as a generation here that has not grown up.

-- that sounds harsh I'm sorry but the problem is is that we're growing a generation of people who don't know how to produce and they don't have any emotional dignity.

But -- would you hold on for 12 because you've opened up a pandora's box here I mean I don't reaction coming eleven up like I'm -- get into the.

Thank David -- -- here Wayne's world meets the golden girls is what you're talking about does help farm in anyway change the picture here because of you know.

Kids can stay in their parents' health insurance until age 26.

You know I health insurance can be bought if you go get a job you know you can afford health and trying to help our -- -- off.

Well even even after health reform doesn't matter you can buy health insurance you can buy health insurers -- need is money.

And so where do you get money you get that from a job now again is their if someone's got a health problem they got a preexisting condition that's really really serious.

You know we're gonna kick up 43 year old -- -- with leukemia out mystery that's not what I'm talking about.

But this over arching macro concept of our kids are living in our basement is honestly disgusting.

Disgusting that's the final blow from our own friend Dave Ramsey -- I'm just little hawks I think not -- date that would really great thank you so much -- -- again anytime okay thank you.

Good good to see you guys want to go to -- call.

Load More