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Welcome back -- the Dave Ramsey show this -- your show America we're glad you're with us thank you for joining us.
In California is Jeff calling Jeff welcome of the Dave -- show are you tonight.
I -- I'm doing well good evening to you -- to how can help.
Well my have a very simple question -- the question is how much is enough.
I'm 55 years old I'm -- worked for about thirty years I've.
-- done pretty well financially.
My question is more -- stop working and start start enjoying.
Taking a 100%.
Free time as opposed to.
Keep trying to earn money.
Well that's a matter of personal preference.
For one thing.
The second there's a couple issues on the table when you asked that financially speaking mathematically.
A good rule of thumb -- make sure you have a nest -- that you can live off of 8%.
If you are willing to invest in and good growth stock mutual funds and it where average with the stock market and average since it began.
From eleven to 12% somewhere in that range and you're pulling eight off -- be leaving three or 4% in there every year.
To cover for increased cost of living.
And so if you can -- of off of 40000 dollars a year and you have a half a million dollars that's 8%.
You'd be fine if you have a million dollars in the -- -- percent of the 80000.
Now that that million of that half million will be going up and down in value as like pressure went down now it's on the way back up.
And you know you're gonna see those -- -- -- and value and so some years it might not make 11% some years it might make 4%.
And you pull off eight so you little bit of the principle and in some -- in my make 18% annually pull -- -- and so you'll recoup some of that principle right here and so that.
If you stay steady on eight of the original -- -- and you should be pretty close to front -- fine.
And perpetually live out of that and never really dip into the principal permanently.
So much and we got saved.
But you million dollars young to retire on -- 160000 odd thing and have free time the second probably don't I'm -- You don't you don't see any thing in the next.
Had a torn here thirty years that will dramatically change that recommendation.
Now -- -- poll was huge hyper inflation.
Or four other.
Other surprises like we have in the stock market this sure that would change that.
Like it -- I think the things that happen in the stock market this year don't change it because I think those are temporary.
And hyper inflation is when the economy collapses.
Due to extended.
Extreme inflation it's not 10% inflation hyperinflation is fifty and a 100% inflation.
And I am I'm willing to predict in the next 220 years league the collapse of our economy due to the Obama administration borrowing us into old Bolivian no.
Think it's horrible what they've done.
But I don't think it will collapse the economy.
And I am personally investing.
Just exactly like I just describe to you and paid for real estate and in -- mutual funds so if I'm wrong along with your brother who.
But I don't know what is the truth but I I don't I don't see the end of the world coming.
I do see some inflation coming but good growth stock mutual funds and paid -- -- -- will help -- -- that because those are.
Components of inflation so they'll inflate with the what -- you know normal inflation like like we're back in the seventies and -- -- early eighties will probably see that kind of thing again before we course correct again.
But the other part of the thing on the table here before you Jeff is this your only 55.
I mean you know you rock you you're gonna find out -- -- in my retired at 32 it's six million dollars and quit he went fishing for two years.
And he -- fishing now.
You know anyone efficient whole life now he -- fishing so you went back in the business.
And many retired again and play golf for two years.
And and then think you know I went back in the business -- you know so the thing is this maybe you don't want -- do what you're doing.
But you probably ought to find something that gives meaning -- your life and a lot of times there's no shame in that earning some money while you're doing that.
When you serve others typically you get page as my friend rabbi rabbi lapin says he says you get certificates of appreciation given to you when you serve -- people usually.
In our wonderful capitalistic economy so.
You're a person who knows how to earn money.
And do you wanna keep the job you hater do you want some more free time and restructured -- career I don't know.
If you like what you're -- to restructure the way you're doing -- in a way that let you play a little more.
And give a little more and those kinds of things if you hate what you're doing then completely -- correction -- go do something -- just.
You know -- really sitting on about not only fun if you got 45 years of -- to do.
I mean just I wouldn't do it up next we'll check out your email comments and find out what's on your mind don't go anywhere of this is that Dave Ramsey show on the Fox Business.
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