I Asked People at Dollywood How Much They Have in Retirement

Summary

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Podcast Summary: "I Asked People at Dollywood How Much They Have in Retirement"

Podcast: George Kamel (Ramsey Network)
Episode Date: April 13, 2026
Theme: George Kamel travels to Dollywood to ask everyday Americans candid questions about their retirement savings, breaking down the numbers, confronting financial realities, and illustrating the power of intentional investing and debt freedom.

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Episode Overview

George Kamel, personal finance expert and co-host of The Ramsey Show, takes his microphone to Dollywood to talk with real people about how much they've saved for retirement, what their plans are, what’s holding them back, and how much simple investing could eventually be worth. The conversation is full of practical math, honest reflections, lighthearted banter, and financial “aha!” moments. George aims to demystify retirement savings and encourage listeners to take control of their financial future through intentional, consistent investing.

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Key Discussion Points & Insights

1. The State of American Retirement (00:05)

• Opening Statistic: “42% of Americans with a 401k have less than 10 grand saved up. And about a third of working Americans have zero in retirement.”
• Theme Setup: George frames the episode as a journey across a broad cross-section of everyday financial lives.

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2. Interviews with Dollywood Attendees

A. The Educator & Spouse (00:27)

• Current Retirement Savings: "Upwards of 40, 50,000 maybe." (Educator, 00:27)
• Investing Since: Military days (since age 14).
• Contribution Rate: About 10–15% of salary.
• Age: 34, aiming to retire at 65.
• Future Projection: At $900/month invested and 10% return, could reach $3.3 million. Doubling with wife’s investments: over $6 million.
  • Memorable Moment: “It's not even household. You're solo. Nest egg is going to be impressive.” (Financial Advisor, 01:53)
  • Quote: “Did you ever think you'd have that much money?”
    “No, no. But that makes me happy, though.” (02:54)

B. The Parents Getting a Late Start (04:15)

• Retirement Savings: ~$3,000 between both.
• Debt: ~$2,000 (mostly car loan).
• Retirement Goal: “At least to set up my kids and make sure that my girls are all right.” (05:00)
• Monthly Investment: Currently $100; shown how $1,000/month could nearly reach $1 million by age 58.
  • Eye-Opening Moment: “Are you going to make any changes based on our conversation today?”
    “I mean, you just opened my eyes a little bit. Yeah. I think I need to start saving a little bit more.” (07:16)

C. The “Debt-Free Except…” Spouse (07:33)

• Credit Card Paid Off: “None, because I just paid off all my credit card.” (07:33)
• But: Still has a $40,000 car loan.
• Dynamics: Household finances are separate (“He has all that. Not me.” 08:10)
• Dream: Want to build a house.
• Eye-Opening Calculation: If $900/mo car payment was invested for 40 years, could become $5.7 million.
  • Memorable Snark: “So he gave you debt for Christmas?” - “Yeah, pretty much.” (11:43–11:46)

D. The Corporate Couple with a Quarter-Million Nest Egg (12:03)

• Retirement Savings: ~$260,000
• Careers: Procurement & HR.
• Monthly Investment: $1,000/mo (about 5–9% each).
• Debt: Only mortgage—no consumer debt.
• Strategy: Paid cash for cars, purposely avoiding debt to free up for investments.
  • Takeaway: “If you had a car payment, credit card debt, would you be able to still invest that amount?”
    “No.” (14:06)

E. The Church Employee & Self-Employed Household (16:09)

• Retirement Saved: ~$200,000 at age 52.
• Monthly Investment: $350 (through work’s plan).
• Debt: $13,000 left (car, credit card), will be debt free next year.
• Calculation: Continuing current investments, could reach $841,000 by age 65. If $600/month freed up after debt payoff is invested, could surpass $1 million.
  • Perspective: “It's a lot of money if you know you're not doing anything to get it.” (Self-Employed Spouse, 18:37)
  • Kids’ College: Paying cash, avoiding loans for children.

F. The 43-Year-Old Household Millionaires (20:17)

• Retirement Savings: $650,000
• Home Equity: $550–600k, mortgage almost paid off.
• Started Investing: Age 15, learned from family.
• Attribute Success: “All the Dave Ramsey stuff. … No, it’s not [a joke].” (20:56)
• Advice for Young People: “Just follow Y’alls plan...get to baby step seven and save 15%.” (21:30)

G. The Stretched Family (21:47)

• Retirement Status: None—focused on debt payoff, living paycheck-to-paycheck.
• Goal: Wants to leave something for kids, break generational patterns.
• Monthly Free-Up If Debt Paid: $200–300.
• Calculation: Investing $300/mo from age 35–65 grows to ~$670,000. Doubling to $600/mo, would surpass $1 million.
  • Aha Moment: “I might as well, like six times the amount.” (Participant, 23:35)
  • Gift: Receives 1-year subscription to EveryDollar budgeting app.

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Notable Quotes & Memorable Moments

• Educator:
  “Honestly, I make the money, give it to the wife, the wife does the money.” (01:06)
• Financial Advisor to Parent:
  “Are you going to make any changes based on our conversation today?” (07:16)
• Spouse on Debt:
  “None, because I just paid off all my credit card.” (07:33)
  “Your car has debt, but it’s not your problem.” (08:40)
• Eye-Opening Math:
  “If you invested that car payment instead of constantly getting a new fancy car ... you would have $5.7 million.” (11:10)
• Corporate Couple:
  “How do you buy a car then?”
  “I mean, we paid cash for it.” (14:12)
• 43-Year-Old Investor:
  “That Dave Ramsey stuff. It’s no joke if you follow it.” (20:58)
• Perspective on Compound Interest:
  “Your money makes money. That new pile of money makes even more money. That's how compound growth works.” (24:00)
• Host Reflection:
  “From $0 saved, [to] 3/4 of a million dollars saved. … They were intentional. Instead of making debt payments, they made investments into their future.” (25:15–25:22)

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Key Takeaways and Lessons

• It’s Never Too Late: Even small, consistent monthly investments can become hundreds of thousands, or even millions, through the power of compound growth.
• Debt Is the Primary Barrier: Those who eliminated consumer debt have more flexibility to invest and build wealth.
• Early Start Compounds Results: Starting early and investing steadily is key to building substantial retirement wealth.
• Intentionality Matters: Those with a plan, discipline, and a clear goal (even if modest) significantly outpace those without one.
• Generational Impact: Many participants were motivated not just by their own retirement, but by the desire to set up financial security for their children and break cycles of financial struggle.

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Timestamps of Important Segments

• 00:05–00:22: George sets the stage with national retirement statistics.
• 00:27–03:04: Deep-dive interview with the educator on long-term investing.
• 04:15–07:29: Parents discuss late start, setting goals, and realize potential.
• 07:33–12:03: Debt, car payments, and the true cost of “fancy” vehicles.
• 12:03–14:50: Corporate couple describes their debt-free strategy and investment approach.
• 16:09–20:13: Self-employed household works through the math to millionaire status.
• 20:17–21:38: Household millionaires share their recipe for financial success.
• 21:47–25:15: Families stretched by debt see hope through budgeting and investing.

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Conclusion: The Dollywood Wealth Spectrum

George summarizes with the powerful reminder that intentionality, discipline—and time—are the key drivers behind building wealth, regardless of starting point. Whether at zero or hundreds of thousands, consistent investing and eliminating debt give ordinary Americans a real shot at financial freedom.

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For more practical money advice, watch the next episode where George continues his retirement deep-dive in Nashville.

Transcript

[Host]

42% of Americans with a 401k have less than 10 grand saved up. And about a third of working Americans have zero in retirement. So today I'm going full Americana, baby. I'm here at Dollywood to ask people how much they have saved for retirement. And huge shout out to deleteme for helping this channel work.

[Financial Advisor]

Nine to five. Let's go. Alright, let's talk money. How much do you currently have in retirement?

[Educator]

I'd probably say upwards of 40, 50,000 maybe.

[Financial Advisor]

Okay, nice. How long you been investing for?

[Educator]

Since I got a military. Well, since I was in the military and since, you know, since then. Since 14.

[Financial Advisor]

Wow. Thank you for your service.

[Educator]

Oh, thank you.

[Financial Advisor]

What are you doing now?

[Educator]

I'm an educator. I teach English and I enjoy that a lot.

[Financial Advisor]

Yeah, fantastic. So are you here like school field trip?

[Educator]

Yes, sir. Yes, sir, I am. It is.

[Financial Advisor]

I like that. Okay. Do you know how much you invest per month right now?

[Educator]

I would probably say maybe 10 to 15%.

[Financial Advisor]

Nice.

[Young Investor]

Yeah.

[Financial Advisor]

Okay, so what does that add up to as far as dollars? I'm gonna do some calculations with you for that.

[Educator]

Listen, I teach English, so I don't know much about math.

[Host]

I do words, not numbers.

[Educator]

Honestly, I make the money, give it to the wife, the wife does the money.

[Financial Advisor]

Okay, so the brains, you're the bronze? Yes, yes, yes. All right, so let's do some calculation here. You tell me, you pop in, you type in your income, then I'll times it by 15% to give you your number. Okay?

[Educator]

Okay.

[Financial Advisor]

All right. So, so times you said 15%, you think?

[Young Investor]

Oh, yeah.

[Financial Advisor]

Okay, that's a year. Divide by 12. 900amonth.

[Educator]

Okay.

[Financial Advisor]

You ready for this? Does that sound about right? Yeah. And you got a retirement plan through the school, like a 403B plan or something?

[Educator]

Yes, sir.

[Financial Advisor]

Okay, cool. And you currently have how much saved? You said 40 to 50. And how old are you?

[Educator]

I'm 34.

[Financial Advisor]

34, that's amazing. And what age do you think you'll retire? 65. Okay, 34 to 65. You currently have, let's say, $50,000 in there. And that's just you, that's without your wife?

[Educator]

That's right.

[Financial Advisor]

It's not even household. You're so low. Nest egg is going to be impressive. All right, we're doing 900amonth and we're going to assume a 10% annual rate of return. So the stock market, if you look at from, you know, 1950 to today, it's returned over 11%.

[Educator]

Okay, wow.

[Financial Advisor]

So we'll go 10%.

[Host]

Okay, hit.

[Financial Advisor]

Calculate for me. 3.3 million. That's just you. How does that hit you?

[Educator]

Hey, I need to. Hey. Yes.

[Financial Advisor]

Like I said, I'm a teacher, so.

[Educator]

Yeah, absolutely.

[Financial Advisor]

Does that excite you?

[Educator]

Yes, it does.

[Financial Advisor]

Is it more than you thought you'd have?

[Educator]

Yes, absolutely.

[Financial Advisor]

Now, that's. If you never get a raise and never invest more. That's good. And you're a talented fella, you're probably going to be making more over the course of your career, right? I will not less.

[Educator]

Nah, definitely more.

[Financial Advisor]

I love that. And your wife is investing too? Yes, she must be if she's the brains here. Yes, yes, yes. Okay, so let's double that. Let's say she's probably doing as good as you, if not better.

[Educator]

If not better.

[Financial Advisor]

As far as the investing side.

[Educator]

Yes, sir.

[Financial Advisor]

Which means you guys will likely over $6 million in your 60s.

[Educator]

Hey, I love that. I will claim that. Yes.

[Financial Advisor]

You ever think you'd have that much money?

[Educator]

No, no. But that makes me happy, though.

[Financial Advisor]

Do you know people who have $6 million in retirement?

[Educator]

I might. Maybe me and my wife, we might be the first. But maybe somebody.

[Financial Advisor]

You might be the first generationally to have that kind of wealth. Yeah, that's pretty incredible.

[Educator]

Yeah, it is.

[Financial Advisor]

Now, let's say you started doing $1,000. Let's see what that would be. Just out of curiosity, what an extra 100 bucks might do a month over the course of that time. 3.6.

[Educator]

Nice.

[Financial Advisor]

We should add another 300 grand.

[Educator]

Exactly.

[Financial Advisor]

And what's really cool, check this out. You only contributed $372,000. You didn't actually put away 3 million bucks. You put away 372 grand. And compound growth took it from there.

[Educator]

That's amazing.

[Financial Advisor]

Pretty cool. So what happens is you. Your money makes money. That pile of money makes more money because you own little pieces of companies in the stock market.

[Educator]

Yeah.

[Financial Advisor]

Okay. The companies make more money, more revenue. The share price goes up, which means your pile went up, too.

[Participant]

Yeah.

[Financial Advisor]

That's pretty cool. It is. So it's not that complicated, but why don't you think people do this? Why don't they invest as much as they should?

[Educator]

Because sometimes I don't think people stop to. Kind of like they don't stop to see what other people got going on. I could have kept going here. I figured, let's see what they're, you know, enough. People don't stop to see what's going on for real.

[Financial Advisor]

Well, thank you, man. Appreciate it. I'll give you this.

[Educator]

Yes, sir. Yes, sir.

[Financial Advisor]

Thank you. I'm all tied up with this corn dog. How much do you guys have saved in retirement?

[Parent]

About Bill 1700.

[Financial Advisor]

How about you? Yes, about the same, give or take. Yeah. Okay, so about 3,000 total between the two here. If you're both working, something like that. All right, how much debt do you guys currently have? If you added up all the consumer debt, everything but the mortgage, what would it add up to? 2,000. What's that on like credit cards or car loan? Car loan. 2,000 left. Ford's paid off. What are you driving? A little Nissan Sentra. Okay. How about you?

[Parent]

We drive the same car.

[Financial Advisor]

Oh, nice one car family?

[Parent]

Well, right now, yeah.

[Financial Advisor]

Now what's the car payment? About two something. 200 something bucks? Yeah. Okay. And how old are you two?

[Parent]

I'm 36.

[Financial Advisor]

She's younger. I can tell. So at 36, what's your game plan for retirement?

[Parent]

At least to set up my kids and make sure that my girls are all right.

[Financial Advisor]

And what's your game plan for investing? Are you doing any investing right now? Are you putting money into a retirement account? A little bit, yeah. Yeah. Which is how. Which is why we're starting up now.

[Participant]

Yeah.

[Financial Advisor]

Okay, so you're getting started now? Yeah. Do you feel like you got a late start? Like, do you feel like you wish you got this stuff earlier? Most definitely.

[Parent]

Sometimes, yeah.

[Financial Advisor]

Okay. Where'd you guys learn about personal finances? Yeah, self taught school of hard knocks.

[Parent]

It's been out here working.

[Financial Advisor]

You want to show you what you could have in retirement? I'll show you have your current rate. Okay, so you tell me how much you're investing per month, whether it's a dollar or $1,000, you tell me. Yeah, about 100.

[Host]

Okay.

[Financial Advisor]

So I'm going to show you the difference between investing 100 bucks a month versus 1,000. Let's say from you said 36. And what age you want to retire.

[Parent]

Realistically, at least 54, 55.

[Financial Advisor]

We'll say 56. Let's give you a 20 year horizon, 36 to 56. And we're going to start you at that $3,000 investment mark. That's what you said you're at right now. Every month we're going to put in 100 bucks. I'll do an annual rate of return of 10% to what we see in the stock market. If you're invested wisely, hit calculate for me, you would have a whopping $97,000 at 56 years old. Is that enough to retire?

[Parent]

No, I don't think so. But I need at least need them. I want to have a million. That's my goal.

[Financial Advisor]

A million to go. Okay. What if I told. I'll show you what it would take to get to a million by 56. How about that? Okay, so let's see if we do a thousand dollars instead of a hundred, where we'd be. That put you at 781. That's dang close. So now let's say. Let's say you brought it to 58. Could you work two extra years?

[Parent]

I can.

[Financial Advisor]

That's still early retirement.

[Parent]

It's still early retirement.

[Participant]

65, right?

[Financial Advisor]

Yeah. Yeah.

[Parent]

Okay.

[Financial Advisor]

Okay. So 58. Let's see what that extra two years does of investing that thousand bucks a month. Now we're at 980.

[Parent]

That's a little more.

[Financial Advisor]

Now we're talking. Now let's say you did 1200amonth instead of 1000 between the two of you.

[Spouse]

Yeah.

[Financial Advisor]

Okay, let's see what that does. 1.17 million. See how we just set a real goal instead of going like, well, we'll see. I'm doing a little bit. Instead of said, hey, we're put 1200 bucks away every single month and not fail. That's how you get to a million.

[Parent]

Okay.

[Financial Advisor]

Are you going to make any changes based on our conversation today?

[Parent]

I mean, you just opened my eyes a little bit. Yeah. I think I need to start saving a little bit more.

[Participant]

Yo.

[Financial Advisor]

That's what I'm out here to do is encourage and motivate people to build some wealth for their families and pass it on.

[Parent]

You definitely did that.

[Financial Advisor]

Well, thanks for talking with us, guys. That was fun. How much debt do you have currently?

[Spouse]

None, because I just paid off all my credit card.

[Financial Advisor]

Way to go. Wait, you still have the credit card, though?

[Spouse]

Yes.

[Financial Advisor]

What's to say you're not going to go back into credit card debt?

[Spouse]

I'm probably going to tomorrow when we go shopping, so it's fine.

[Financial Advisor]

So you're like, I don't do drugs. I'll do drugs tomorrow. But right now I'm off drugs.

[Spouse]

Yeah.

[Financial Advisor]

Why are you using a credit card if you don't have the money to pay for it? To build your credit to do what?

[Spouse]

I do have the money to pay for it. I just put it on the credit card and then pay it off.

[Financial Advisor]

So you've never carried a balance in your whole life? Okay, so you always pay it off. All right. And you have no other debt, no car loan? Well. And you're married?

[Spouse]

Yeah, He. He has all that. Not me.

[Financial Advisor]

I'm sorry. What? So you all have very separate finances?

[Spouse]

Yes.

[Financial Advisor]

So you're like, that's his mess to clean up. I ain't touching it. Yeah. So what happens if you go into a bunch of debt? He's like, I'm not helping you. That's on you.

[Spouse]

I wouldn't.

[Financial Advisor]

I'm smart, and he is a man. Mic drop. Good answer, Daily Devil. Okay. What kind of debt is he in?

[Spouse]

We have my car, and I'm sorry.

[Financial Advisor]

Your car has debt, but it's not your problem.

[Spouse]

Yeah, it's not his problem. He married me.

[Financial Advisor]

Whose name is on the loan?

[Spouse]

Mine.

[Financial Advisor]

It's your debt, but he pays it. Just cause he pays the bill doesn't mean it's not your debt.

[Spouse]

It's in my name, but it's in his name, too, so.

[Financial Advisor]

Okay. Both of your names are on it? Yeah. How much is left on the balance?

[Spouse]

40,000.

[Financial Advisor]

So you straight up lied to me at the beginning when you said, I don't have debt, and then you just told me your name is on a $40,000 car loan.

[Spouse]

True. True.

[Financial Advisor]

What kind of car is this?

[Spouse]

It's a 2024 Palisade. Corndog is way too close to my mouth.

[Financial Advisor]

I don't think it's close enough, to be honest. Do you have anything in retirement or do y'? All.

[Spouse]

He does. Yeah.

[Financial Advisor]

He has money. Okay. How much does he have?

[Spouse]

I don't know. That'd be a question for him.

[Financial Advisor]

Does he have $40,000?

[Spouse]

Yes.

[Financial Advisor]

Okay. least that. Yes. I was hoping we have more in retirement than we do in car debt.

[Spouse]

Yes.

[Financial Advisor]

Yes, yes. Okay. Are you looking for the husband?

[Spouse]

Yeah. He's in there. He probably won't come.

[Financial Advisor]

He's not here to defend himself.

[Spouse]

He probably wouldn't.

[Financial Advisor]

Okay.

[Spouse]

He knows who the boss.

[Financial Advisor]

Do you have any financial goals as a family?

[Spouse]

Build a home.

[Financial Advisor]

Okay.

[Spouse]

And probably pay off all our debt.

[Financial Advisor]

So all we have is our house, all debt, meaning the car, nothing else. Okay. Do you have a house right now?

[Spouse]

Yes.

[Financial Advisor]

You own a home, but you want to build one from scratch?

[Spouse]

Yes.

[Financial Advisor]

On some land. Is that the Southern dream?

[Spouse]

Yes.

[Financial Advisor]

What is the female urge to own land and build a house on it?

[Spouse]

Because my dad just did it and his is really nice.

[Financial Advisor]

How old is he?

[Spouse]

49.

[Financial Advisor]

Okay. So it took him until his 49th birthday to get this dream. And you want it how soon?

[Spouse]

I'm 26.

[Financial Advisor]

So you want it now?

[Spouse]

Yeah.

[Educator]

You don't want.

[Financial Advisor]

You don't want to wait like Papa did?

[Spouse]

No.

[Financial Advisor]

Yeah. Okay. We're going to play a game here. All Right. You said you're how old?

[Spouse]

26.

[Financial Advisor]

26. All right, so we're going 26 to 66. If you invested that car payment instead of constantly getting a new fancy car with your payment, that is how much?

[Spouse]

Yeah. 900.

[Financial Advisor]

900. How much do you think you would have after 40 years of doing that?

[Spouse]

I don't know.

[Financial Advisor]

You want to hit calculate?

[Spouse]

Sure.

[Financial Advisor]

Read that number.

[Spouse]

Oh, that's a lot. I don't.

[Financial Advisor]

$5.7 million.

[Spouse]

That's disappointing.

[Financial Advisor]

That's when you're giving up driving.

[Spouse]

What'd you say?

[Financial Advisor]

New Palisades your whole life.

[Spouse]

What'd you say I needed to do?

[Financial Advisor]

If you just invest that 900 instead of give it to a car lender every month, that's how much you're paying the lender every month, Right? You have the money to pay it. Why not have the money to build wealth instead?

[Spouse]

Well, I got to have a car to drive.

[Financial Advisor]

You could have paid cash for a lesser car. A 2018 Palisade could still get you around.

[Spouse]

Yeah.

[Financial Advisor]

Why'd it have to be a 20, 24?

[Spouse]

I don't know. It was a Christmas present.

[Financial Advisor]

From who?

[Spouse]

My husband.

[Financial Advisor]

So he gave you debt for Christmas?

[Spouse]

Yeah, pretty much.

[Parent]

What a guy.

[Financial Advisor]

I love it. That's true love. Well, good luck paying off the car and building wealth. Rooting for you.

[Spouse]

Thanks.

[Financial Advisor]

In your dream home. How much do you have saved in retirement? Probably about 260 quarter million dollars in there. That's impressive. How'd you do that?

[Corporate Couple]

Work hard.

[Financial Advisor]

Is this a 401k? What do you guys have?

[Corporate Couple]

401k.

[Financial Advisor]

Okay, what kind of careers do you guys have?

[Corporate Couple]

He's in procurement and I'm in HR.

[Financial Advisor]

Good. Fields very corporate. Lot of 401ks. Okay, how much do you invest every month and how long have you done that for?

[Corporate Couple]

Last 10 years. What are you, 5%, 9% and I'm about 6%.

[Financial Advisor]

Okay. So collectively, you know, you're doing nine and six. So it's not quite, you know, like a 15.

[Corporate Couple]

Five kids and one grandson.

[Host]

So.

[Financial Advisor]

Okay, so you're cash flowing? Yes. The kids lives, are they like are close to college age? How old are they? High school? Elementary.

[Corporate Couple]

12 to 22.

[Financial Advisor]

Wow, that's quite the spread. Now can I ask how old you two are?

[Corporate Couple]

I will be 45 and he is 46.

[Financial Advisor]

45. 46. How are you feeling about retirement? Do you guys have a retirement goal? Like a number do you want to hit or an age?

[Corporate Couple]

Just put in as much as we can.

[Financial Advisor]

Okay. Do you know what that amount Will be at this rate that you're investing. You want to find out in real time? Okay, I'm going to pull this up. This is our investment calculator. So you said 45?

[Corporate Couple]

Yes.

[Financial Advisor]

Okay, 45. Let's go 65. That's 20 more years. And you told me you've got how much? 260.

[Self-Employed Spouse]

Yes.

[Financial Advisor]

260, 000. And give me a ballpark of what you guys are. The number, the dollar amount you guys are investing monthly together.

[Corporate Couple]

Oh.

[Financial Advisor]

Combined amount. Is it a thousand bucks? Is it 500 bucks? Is it 2000 bucks?

[Corporate Couple]

Probably a thousand. Yeah.

[Financial Advisor]

Thousand feel good. All right, so we're gonna contribute a thousand with our 260 balance from 45 to 65 with a 10% annual return. That's on average hit calculate. Does that shock you?

[Corporate Couple]

Yeah. That's great. We can leave town, we can skip

[Financial Advisor]

down, flee the country. That's a pretty incredible number. Do you guys have any debt or a house? Just a house. No consumer debt?

[Corporate Couple]

No.

[Financial Advisor]

Do you think that's allowed you to invest the thousand bucks a month?

[Corporate Couple]

Yes.

[Financial Advisor]

Like if you had a car payment, credit card debt, would you be able to still invest that amount?

[Corporate Couple]

No.

[Financial Advisor]

Okay.

[Corporate Couple]

We worked hard to pay all of

[Financial Advisor]

our cars off and stay debt free. Yeah. So how do you buy a car then?

[Corporate Couple]

I mean, we paid cash for it.

[Financial Advisor]

You just save up.

[Corporate Couple]

Yeah.

[Financial Advisor]

You can't do that in America today. Have you seen how expensive cars are?

[Corporate Couple]

But you can.

[Financial Advisor]

What's your most expensive car worth?

[Corporate Couple]

My car.

[Financial Advisor]

What?

[Corporate Couple]

20. We pay 25,000 for it. That's the most we've ever paid for a car.

[Financial Advisor]

Okay, I just Talked to a 25 year old who's got a $45,000 Hyundai Palisade.

[Corporate Couple]

I'm not going to pay 45,000 for a car.

[Financial Advisor]

What would you say to her if she was watching right now?

[Corporate Couple]

Sell it. Me sell it?

[Financial Advisor]

Yeah, that girl right there. That's her.

[Corporate Couple]

Sell it.

[Financial Advisor]

She just told you? Sell it. Well, I'm proud of you guys. Way to be debt free. Way to be investing quarter million. You're on your way to be millionaires if you aren't already.

[Corporate Couple]

Yay.

[Financial Advisor]

Between your house, retirement, your cars. That's fantastic.

[Corporate Couple]

We hope so.

[Host]

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[Financial Advisor]

We're talking retirement today.

[Self-Employed Spouse]

Okay.

[Financial Advisor]

How much do you currently have saved in retirement?

[Self-Employed Spouse]

This is gonna be embarrassing.

[Financial Advisor]

You could not shock me, I'll tell you that much.

[Self-Employed Spouse]

Like 200,000?

[Host]

That's amazing.

[Financial Advisor]

I think you're gonna say, like, my

[Self-Employed Spouse]

age is probably not amazing.

[Financial Advisor]

Well, are you close to retirement? How many more years do you think you'll work?

[Self-Employed Spouse]

I'm 52, so if I work to

[Financial Advisor]

65, that's, you know, so let's say 13 more years. Do you want me to run the numbers and show you what you would have?

[Spouse]

Okay, great.

[Financial Advisor]

What are you, what are you hoping for at 65?

[Self-Employed Spouse]

You know, just, I don't need anything glamorous. I just want my house paid for. I don't want to be able to take care of my grandkids and not, you know, being in your debt.

[Financial Advisor]

Okay. Is it just you in the household?

[Self-Employed Spouse]

I, me and my husband and my youngest daughter. She's 16.

[Financial Advisor]

So. Is he working too?

[Spouse]

Yes.

[Financial Advisor]

And he's investing too.

[Self-Employed Spouse]

Well, that's total. He's self employed. It's a whole deal.

[Financial Advisor]

You know, there's some great options for self employed people to invest.

[Self-Employed Spouse]

Self employed and raises his own salary.

[Financial Advisor]

It's like chickens. What do you mean he Raises his own salary.

[Self-Employed Spouse]

He needs to raise his own funding.

[Financial Advisor]

Like a non profit?

[Self-Employed Spouse]

Yes.

[Financial Advisor]

Oh, okay. I was like, well, I mean, the business makes money, but it's a non profit.

[Self-Employed Spouse]

It's a non profit.

[Financial Advisor]

Okay, got it. So he's got, like, basically private donors that support him. Okay, very cool. Well, let's crunch the numbers. Do you know how much you're investing per month?

[Self-Employed Spouse]

Like a dollar amount right now? Like, probably like 350. $350.

[Financial Advisor]

Okay, so 350amonth. And where are you investing right now?

[Self-Employed Spouse]

So I work for a church and they invest through, like, Guidestone. It's like a company that they invest

[Financial Advisor]

in some kind of 401k situation.

[Self-Employed Spouse]

Yeah.

[Financial Advisor]

All right, so you're 52. We're going to go to 65. You currently have. You said how much saved, really?

[Self-Employed Spouse]

200,000.

[Financial Advisor]

200,000. That's great. All right. And you're contributing 350amonth. All right, how much do you think it will be at 65?

[Self-Employed Spouse]

I mean, 300,000. I honestly don't know. I probably know more about it.

[Financial Advisor]

We'll see. No, it's okay.

[Host]

That's what calculators are for.

[Financial Advisor]

All right, I'm gonna go with a 10% average return over those 13 years.

[Host]

All right, you hit calculate.

[Financial Advisor]

I want you to see this for yourself. $841,000.

[Self-Employed Spouse]

I mean, I can live off that.

[Financial Advisor]

Does that impress you?

[Spouse]

Yeah.

[Financial Advisor]

Okay. You know, what do you say to the people who say, well, a million dollars, really? It's not even that much money.

[Self-Employed Spouse]

It's a lot of money if you know you're not doing anything to get it.

[Financial Advisor]

I mean, if you're not gonna blow through it, it's a lot of money.

[Self-Employed Spouse]

Yeah.

[Financial Advisor]

That's fantastic. Now let's say you guys increase your investment contribution. You think you could do that? Are you guys debt free other than the mortgage?

[Self-Employed Spouse]

Honestly, we will be debt free next year.

[Financial Advisor]

Okay, how much debt do you currently have?

[Self-Employed Spouse]

Like 13,000. Not much.

[Financial Advisor]

What kind of debt is that? 13?

[Self-Employed Spouse]

One is a car payment and a credit card.

[Financial Advisor]

Car payment and credit card add up to 13 grand. It'll be paid off. So what are the payments between those two?

[Self-Employed Spouse]

The minimum payment's probably 600.

[Spouse]

Okay.

[Financial Advisor]

Between those two? Car payment plus the credit card.

[Host]

All right, so what if we added

[Financial Advisor]

that to your investments once you're debt free? You want to see what that would be?

[Spouse]

Sure.

[Financial Advisor]

Okay, so we were at 841, investing 350amonth, but now let's make it 950 because we're adding in that 600 bucks in debt payments that we freed up. Now let's see what we have hit calculate. One million plus.

[Corporate Couple]

I know that's a lot.

[Financial Advisor]

That's got a ring to it.

[Self-Employed Spouse]

Yeah, it's way better than 200,000.

[Financial Advisor]

Does that make you want to become debt free even faster to free up that money?

[Self-Employed Spouse]

Yes. But then you calculate I have kids in college, so that's where a lot of our money is going.

[Financial Advisor]

Are you paying for that? You're cash flowing the kids college. Okay, so no student loans?

[Self-Employed Spouse]

No.

[Financial Advisor]

That's impressive. Those kids are lucky to have you guys.

[Self-Employed Spouse]

Yeah. I don't want them to be in loan have loans.

[Financial Advisor]

Yeah, well, I mean, you guys know being in debt isn't fun.

[Self-Employed Spouse]

No.

[Financial Advisor]

And starting out your adult life with a pile of debt for a degree? No thank you. Well, I am rooting for you guys to get out of debt and get to that million dollar nest egg mark. I think it's very much possible for you.

[Self-Employed Spouse]

Appreciate it.

[Financial Advisor]

Keep it up. Tell me, how much do you currently have saved in retirement?

[Young Investor]

Me and her price?

[Financial Advisor]

650. 650? As a household. $650,000. That's impressive. Yeah, yeah, yeah. Wow.

[Host]

Okay.

[Financial Advisor]

And how about your house? What's that thing worth?

[Young Investor]

Probably 550. 600 maybe.

[Financial Advisor]

Yeah. Okay. You got a mortgage on it?

[Young Investor]

Yeah, yeah.

[Financial Advisor]

What's left on that one?

[Young Investor]

40.

[Financial Advisor]

Wow. So you're net worth millionaire?

[Young Investor]

Yeah. Yeah.

[Financial Advisor]

That's impressive.

[Young Investor]

Yeah.

[Financial Advisor]

How long you been investing for? 15 years old. Who's that yelling at you? Mom. Your mom. Is that when you learn this stuff?

[Young Investor]

Yeah, yeah, yeah.

[Participant]

I love that.

[Young Investor]

All y' all stuff works though.

[Financial Advisor]

Who's y'?

[Participant]

All?

[Young Investor]

That Dave. All the Dave Ramsey stuff.

[Financial Advisor]

That Dave Ramsey stuff. It's no joke if you follow it.

[Young Investor]

No, it's not.

[Financial Advisor]

Would you attribute that, our plan to helping you become a millionaire? Yeah.

[Young Investor]

Yeah.

[Financial Advisor]

Wow. And how old are you?

[Young Investor]

I'm 43, so.

[Financial Advisor]

43. And you already have 650 grand saved. Have you done the math as to what you'll have in retirement once you're actually done working?

[Young Investor]

Yeah. Should be what, 2 million? 2 or 3 million? I guess. I don't know.

[Financial Advisor]

That'll do. You don't seem very worried about it. Tell you that much. Wow. Okay. So what would you tell someone who's 23 that's watching out there as to how to build wealth?

[Young Investor]

Just follow Yalls plan, get out of the baby steps. Try to get to baby step seven and save 15%.

[Financial Advisor]

So get out of debt, stay out of debt. Invest for the future. Get your house paid off. Yeah, yeah, that'll do. That's simple. Yeah. Well, thanks for talking with us. How much you guys have in retirement right now?

[Participant]

I'm like, that it'd be great to have something in retirement right now. Mostly everything is just going into paying off debts and trying to stay ahead.

[Financial Advisor]

Okay, how about you? Same, same. Said I had a retirement when I was younger, but no, now as an adult with kids, you're like, well, that's a thing of the past. So what's your game plan for retirement then?

[Participant]

I guess, like most average Americans, just work until I can be comfortable or feel comfortable. But I'm like, I'm really trying to just figure out something that I could leave behind for the kids. Not just making sure that they're good right now, making sure that they're good in the future. Generational.

[Financial Advisor]

Wow.

[Participant]

I want to set something up that I' good.

[Educator]

They're good.

[Participant]

And hopefully my kids. Kids are all good.

[Financial Advisor]

Okay, now, how much could you invest? Like, what's your debt payments? If we traded the debt payments for investing, let's say you guys are debt free and now you can use that money, what does it add up to those debt payments?

[Participant]

If I. If I didn't have any debts, that money would probably be. I might. I'd have roughly an extra like maybe 200, 300amonth to be putting towards something else.

[Financial Advisor]

Okay, how old are you?

[Participant]

35.

[Financial Advisor]

Okay, so let's do some fun math. I'm gonna pop in that 35 to 65, let's say. Is that fair? Since we're getting here? I hope you're still here.

[Participant]

I'm hoping so.

[Financial Advisor]

Okay, 35 to 65. You got nothing saved in retirement. We're going to contribute that 300 bucks a month. How much do you think you'll have after 30 years of doing that?

[Participant]

After 30 years, we're putting away 300 bucks?

[Spouse]

Yep.

[Participant]

I might add, probably think it had to at least be, like, if not tens of thousands, maybe hitting a good six figures.

[Financial Advisor]

Okay, let's see. If you got 100,000, you've got $678,000.

[Participant]

Okay. Okay.

[Financial Advisor]

But guess what? You only put in $100,000 in contributions. 108,000 to be exact.

[Participant]

Okay.

[Financial Advisor]

Does that shock you?

[Participant]

Yeah, Yeah. I might as well, like six times the amount.

[Financial Advisor]

Well, that's because of a 10% rate of return. So if you invest in the stock market, you own these little pieces of these companies, they all go up in value over time, and so do your shares. So Your money makes money. That new pile of money makes even more money. That's how compound growth works. Exactly. So a half million dollars over is just growth if you just put that money away. So now let's say you could double it. You think you could put away 600 if you really got tight?

[Participant]

I'm like, yeah, if I skip a couple of meals.

[Financial Advisor]

Yeah, we're not skipping meals. If we stopped eating out because she's always eating out, she could eat out.

[Participant]

But I'm like, I don't mind going,

[Financial Advisor]

I bet you spend 300 bucks in restaurants right now a month. Easily. Easily. OK, so let's double it. Let's see what would happen if you did 600amonth instead of 300. From 35 to 65, 10% rate of return, you would have $1.3 million. Okay, how does that hit you now? Now, is that like some retirement money?

[Participant]

Yeah, we got to stop eating out.

[Financial Advisor]

Yeah, it could help. That's all I'm saying. I've got a little gift for you.

[Host]

A little parting gift.

[Financial Advisor]

This is our budgeting app. Every dollar. This is good for a one year subscription. So what you do, you put your income, put all of your expenses, it'll connect to your bank account and it will give you personalized recommendations for what you can do to create more margin to get out faster and put more into retirement.

[Participant]

Okay, so this will basically get us in the.

[Financial Advisor]

Yeah, and you both can download on your phone and you can have a joint account on there. So she can have her own account. You have your own account, but it's tied to the same budget. So you guys both have accountability and transparency. Exactly what we need. It's exactly what you. That is exactly what we need. I was sent by an angel today.

[Participant]

I guess so.

[Financial Advisor]

I was sent by the corn dog angel. Yeah. Thanks for talking with me, guys.

[Spouse]

Thank you.

[Financial Advisor]

Have a good time in Dollywood.

[Participant]

Thank you.

[Host]

I got to say, we saw quite the Spectrum today.

[Financial Advisor]

From $0 saved, 2, 3/4 of a million dollars saved.

[Host]

And what's the difference between these people? They were intentional. Instead of making debt payments, they made investments into their future. And that compound growth took over. You saw it doesn't take much. 100 bucks, 200 bucks, 300 bucks, 1000 bucks a month will get you very far when it comes to retirement. And the earlier you start, the better. When you're 25, every dollar counts a lot more than when you're 45. So get out of debt, make a plan, keep investing no matter what. Ride the roller coaster, baby. Whether you're in Dollywood or in retirement, you got to stay the not jump off early. So if you enjoyed this video, you're going to love this next one where I ask people in Nashville how much they have saved for retirement. It's coming up next, so click here or use the link in the description. Thanks for watching. We'll see you next time.