I Asked People How Much They Have Saved for Retirement

Summary

Podcast Summary: "I Asked People How Much They Have Saved for Retirement"

Host: George Kamel (Ramsey Network)
Date: March 16, 2026

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Overview

In this episode, George Kamel, personal finance expert and co-host of The Ramsey Show, hits the streets of Nashville to ask strangers a disarmingly simple yet profound question: “How much do you have saved for retirement?” George blends straight talk with a little snark, playful banter, and hands-on math, helping real people see the powerful impact of consistent investing—and where common money traps (like car payments and lifestyle drift) can quietly erode wealth. The episode is packed with actionable wisdom and eye-opening moments that underscore the importance of having a retirement game plan, no matter your age or current net worth.

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Key Discussion Points & Insights

1. The State of Retirement Savings

• Opening Statistic: “42% of Americans with a 401k have less than 10 grand saved in it, aka not nearly enough.” (00:06, Financial Advisor)
• Many participants are behind on retirement savings, echoing the national trend.

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2. Exploring Real People's Retirement Readiness

A. The Young Investor (Age 26)

• Retirement Status: Company 401k, invests up to the match, “not necessarily” wealthy, uncertain about specific goals, some minor credit card debt.*
• Eye-Opening Calculation: George shows with $10,000 starting, $500/month invested, and a 10% return from age 26 to 65, results in $3.3 million.
  • “That’s significant.” (02:36, Young Investor 1)
  • “Like a train.” (02:39, Young Investor 1, on learning the final number)
• Lesson: A modest monthly investment, started early, compounds to a small fortune.

B. Couple in Their Early 30s (Age 31)

• Savings: Joint investments of $91,000, contributing $1,300/month, but $200,000 in medical school debt remains.
• Advisor’s Recommendation: Consider pausing investing to knock out high-interest debt aggressively.
  • Projection: Investing $1,300/month from 31 to 55, starting at $91,000, could grow to $2.5 million by 55 or over $4 million by 64.
  • “You’re so wrong. I’m sorry. You’ve lost the game. It’s $2.5 million.” (05:10, Financial Advisor, after couple guesses $1 million)
• Sidenote: Humorous “Sakatomi” sock-roasting segment adds levity (05:29-06:20).

C. Young Worker, Age 19

• Retirement Saved: Under $1,000.
• Savings Rate: $25/week via employer plan (~$100/month).
• Financial Challenges: High expenses, $400/month car payment, makes $40–45k, and some credit card debt.
• Advisor’s Calculation: Foregoing the car payment and investing that $400/month from 19 to 60 could yield $2.8 million:
  • “[If] you continuously have a $400 car payment...that’s what you’re giving up. Not $4,800 a year. $2.8 million in retirement.” (08:54, Financial Advisor)
• Takeaway: Car payments are a silent wealth killer; paying cash or buying used can redirect huge sums toward retirement.

D. Experienced Canadian Investor (Early 40s–50s)

• Retirement Saved: $500,000 in RRSPs and TFSAs (the Canadian equivalent of IRAs), plus business ownership.
• Approach: Started at 18, invested consistently with an average return of 10%.
• Advice to Young People:
  • “You got to start right when you’re 18 and put it into something that has compound interest. If you start, then you can put very little away and be very well off when you’re older.” (12:08, Experienced Investor)

E. Mid-Life Couple (Age 37)

• Retirement Saved: $220,000 in 401k.
• Habits: Investing 14% of income, frugal lifestyle, avoided car loans by paying cash.
• Debt: Only $104,000 left on their mortgage.
• Financial Teamwork:
  • “We’re also both pretty frugal, so that helps too.” (13:51, Couple Member 1)
  • They discuss detailed long-term financial plans as a couple.
• Motivation: Inspired to track net worth by watching George’s YouTube videos.

F. Middle-Aged Individual (Age 41)

• Retirement Saved: $15,000, wants to at least “quadruple” it before dying.
• Contributions: $400/month into retirement.
• Debt: $45,000 lease vehicle with $1,100/month payment, plus a camper.
• Mathematical Wake-Up:
  • Investing $1,500/month (if no lease) for 20 years grows to $1.2 million; current pace gives ~$413,000.
  • “Did that just prove to you that your lease car is costing you $800,000?” (16:49, Financial Advisor)
• Moral: Big lifestyle choices—including expensive vehicles—may cost far more than they seem, shrinking your retirement nest egg.

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Notable Quotes & Memorable Moments

• On lacking goals:
  • “Nobody ever told me to have wealth goals.” (01:14, Young Investor 1)
• On the power of time:
  • “Most people watching, they go, man, I wish I was 19 and learned this stuff.” (10:00, Financial Advisor)
• On irrational car purchases:
  • “That’s not $4,800 a year. $2.8 million in retirement.” (08:54, Financial Advisor)
• On getting started:
  • “You got to start right when you’re 18 and you got to put it into something that has compound interest.” (12:08, Experienced Investor)
• On frugality in marriage:
  • “Is that a marriage hack? Marry somebody as frugal as you. Probably not much more frugal.” (13:55, Financial Advisor)
• On big financial “aha” moments:
  • “I think you work too hard to stay broke. And you’re not broke right now, but you will be if you continue at this pace.” (17:03, Financial Advisor)

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Important Timestamps

• 00:06: Opening statistic, “42% of Americans with a 401k have less than 10 grand saved...”
• 01:26: First compound growth calculation ($3.3M by 65 with $500/mo).
• 05:09: Couple’s realistic versus actual compound growth projection (“You’re so wrong...$2.5 million”).
• 08:54: The cost of a lifetime of car payments: $2.8 million lost wealth.
• 12:08: Advice from the experienced Canadian investor: start young, use compound interest.
• 13:36: Couple’s teamwork and frugal approach.
• 16:49: The true cost of a luxury vehicle lease: $800k in missed investments.
• 17:03: Motivation: “You work too hard to stay broke.”

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Overarching Tone & Takeaways

• Tone: Direct yet motivating, with plenty of humor and reality checks. George relates well to participants and delivers sometimes-difficult truths with encouragement, rather than shame.
• Main Message:
  • It’s never too late (or too early) to get intentional about wealth-building.
  • Consistent, reasonable investing plus cutting lifestyle inflation can yield astounding results—even for late starters.
  • Re-directing even one big expense (like a car payment) creates significant financial margin over decades.
  • Couples who talk openly about money and align their values are set up for success.
  • Use free tools (like an investment calculator) to demystify your personal projections.

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Action Steps Suggested

• Start Early: Begin investing now, even if it’s a small amount.
• Automate: Use workplace plans, automate contributions.
• Avoid Low-Return “Traps”: Especially car payments and leasing.
• Have a Plan: Figure out your “retirement number” and work back from there.
• Track Progress: Use calculators and net worth tracking tools.
• Communicate: Couples should discuss financial goals and align on frugality.
• Get Help: Consider financial tools or a financial advisor to help stay the course.

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This episode is a motivational, practical reminder that your retirement outcome hinges not on luck or impossible discipline, but a few smart, steady choices and the courage to make a change now.

Transcript

[Financial Advisor]

42% of Americans with a 401k have less than 10 grand saved in it, aka not nearly enough. And that's why I'm on a mission today in the streets of Nashville to ask people one simple question. How much do you have saved in retirement? Now, before we get to it, hit the like button. Subscribe to this channel and shout out to deleteme for sponsoring this channel, which allows me to bother tourists on. On their vacation. Let's get to it. At 26, how much do you have saved for retirement?

[Young Investor 1]

I don't know. Off the top of my head, I definitely have some.

[Financial Advisor]

What you're investing in or how much?

[Young Investor 1]

However much my company matches. I don't know exactly.

[Financial Advisor]

So you're investing up to a company match but no more?

[Young Investor 1]

Yeah, pretty much, yeah.

[Financial Advisor]

Do you have any goals around wealth?

[Young Investor 1]

Not necessarily. It'd be nice to be wealthy. I don't have to be wealthy. It is what it is, you know.

[Financial Advisor]

Do you have any debt?

[Young Investor 1]

A little bit of credit card debt, but nothing like insurmountable. Like normal amount of working debt, not

[Financial Advisor]

really normal amount in today's America, is it 5,000, 10,000?

[Young Investor 1]

It's like a couple thousand, but, like, I could probably pay it off in like a couple of weeks. I really tried. It's nothing insane. Yeah.

[Financial Advisor]

Do you have a wealth goal as far as, like, if I had this much, I could retire. What's that number for you?

[Young Investor 1]

I've never thought about that. No, I don't. No. Yeah. Nobody ever told me to have wealth goals.

[Financial Advisor]

It's more like you don't want to be broke later on, you know, at some point you're not going to be able to work anymore, so you want to be able to cover your expenses.

[Young Investor 1]

That is true. No, I mean, you make great points. I probably should look into that at some point. Yeah. But I'm not broke right now, which is good.

[Financial Advisor]

Well, can I show you what your life could look like if you invested what I think you should be investing?

[Young Investor 1]

Yep.

[Financial Advisor]

Okay, you ready for this? I'm going to pull up my handy dandy calculator. This is a free investment calculator. I'm going to enter your current age, which is 26. And when do you want to retire? Give me a number that's realistic, I guess. Like you want to work until you're 60?

[Young Investor 1]

Yeah.

[Couple Member 1]

60.

[Young Investor 1]

65.

[Financial Advisor]

65. All right, 26 to 65. And you currently have an unknown amount of money. Are we talking a few thousand? 10,001.

[Young Investor 1]

At least 10,000, yeah.

[Financial Advisor]

Okay, so we're going to say you have $10,000 currently. So I want to pop that in here and then give me what's 15% of your gross income per month?

[Young Investor 1]

I guess around like 500 bucks.

[Financial Advisor]

500 bucks. All right, so we're do 500 bucks a month from here on out, from 26 to 65. Can you promise me you'll do that consistently and never stop?

[Young Investor 1]

Yes. Yes, I can. Yeah.

[Financial Advisor]

All right, here we go. I'm going to go with a 10% rate of return, which is what we've seen in the stock market over several decades. That's fairly conservative. $3.3 million.

[Young Investor 1]

That's significant.

[Couple Member 1]

That's insane.

[Financial Advisor]

How does that hit you?

[Young Investor 1]

Like a train.

[Financial Advisor]

So that's it. I mean, will you do that spit shake with me and everybody watching that you will continue investing and become a multi millionaire in your 60s?

[Young Investor 1]

Yeah, yeah, I will. Smarts. Good idea.

[Financial Advisor]

You're the easiest guy to convince. Like. No, no, that sounds great. Yeah, I'm in, dude. I'm in. I love it. Well, thanks for talking with us. Congrats on being a future millionaire.

[Young Investor 1]

Thanks, man. I appreciate it. Yeah.

[Financial Advisor]

All right, tell us, how much do you have saved for retirement?

[Couple Member 2]

Our combined Roth right now is like 24,000.

[Financial Advisor]

Nice. How old are you guys?

[Couple Member 2]

31.

[Financial Advisor]

31 years old. And how much are you investing currently?

[Couple Member 2]

Like 325 per paycheck.

[Financial Advisor]

And you get two paychecks a month or what? So we're talking 650amonth, roughly. That's impressive. And then your husband is also investing. Yes, and he invests another. Another 650amonth. So we're talking about you getting this $1,300 a month going into investments.

[Couple Member 2]

We're on a journey for investing right now, actually.

[Financial Advisor]

Okay, what was happening before? What got you on the investing journey?

[Couple Member 2]

My husband was in residency for medical school, so a lot of medical school debt that we have to pay and then just planning for.

[Financial Advisor]

Oh, so you still have the debt future.

[Couple Member 2]

Yes.

[Financial Advisor]

So we're mixing and matching. We're trying to pay off debt. Trying to invest.

[Couple Member 2]

Yes.

[Financial Advisor]

Okay. But it sounds like you guys are doing pretty well financially overall. How much debt does he have?

[Couple Member 2]

200,000. Hey.

[Young Investor 2]

No.

[Financial Advisor]

Well, I hope you guys can aggressively pay down those student loans.

[Couple Member 2]

Me too.

[Financial Advisor]

Do you want me to crunch some numbers for you and see where you guys will be in retirement?

[Couple Member 1]

Sure.

[Financial Advisor]

Okay. Now, I will say I would recommend pausing, investing and just going hard at the debt for like a year or two.

[Couple Member 2]

Okay. Yep.

[Financial Advisor]

Right. If you guys make a couple hundred grand, you can knock out 100 grand a year on the debt. It's gone in two years without sacrificing too much. But let's talk about where you're at. So you're 31 years old. Is your husband about that age, too? Yep. Okay, you want to. When do you want to retire? Give me an age.

[Experienced Investor]

55.

[Financial Advisor]

55. Early retirement. All right, let's see. And you said you have 24,000 currently?

[Couple Member 2]

I think so. We think my Fidelity app, if you want to see everything.

[Financial Advisor]

I want to see the Fidelity app so badly. Nobody ever shows me their Fidelity app. Such a shame.

[Couple Member 2]

Okay, I just have to go.

[Financial Advisor]

Wait, wait, wait, wait. This is a lot more than 24,000. What's in here?

[Couple Member 2]

Maybe I was just thinking mine.

[Financial Advisor]

Joint brokerage. You got a rollover. Okay, so altogether, you guys have $91,000 in across all. All investment accounts. 1300amonth. You have 91,000 across all investment accounts. You guys are 31. Let's say you're done at 55. No more work. We're going to live off these retirement accounts. How much do you think it'll be?

[Couple Member 2]

1 million.

[Financial Advisor]

You're so wrong. I'm sorry. You've lost the game. It's $2.5 million. Hey, now, let's ride this out. What if we ride it out to 64.2 million?

[Couple Member 2]

I could probably make that work.

[Financial Advisor]

She's like, maybe he can work a few more years. That's incredible. That's at a 10% rate of return.

[Couple Member 2]

Yeah.

[Financial Advisor]

So I'm proud of you.

[Couple Member 2]

Thank you.

[Financial Advisor]

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[Couple Member 2]

I'm too nice to roast you.

[Financial Advisor]

That's what makes it fun. If you were mean, I wouldn't want you to roast me.

[Couple Member 2]

I would just tell you you're a short king. But that's okay. I like short king.

[Financial Advisor]

Did you have to pat my head? I felt a little patronizing. How tall is your husband?

[Couple Member 2]

Same height as you.

[Financial Advisor]

Well, she has a type, at least. Do you call him a short king? All the time. Does he find that emasculating? No.

[Couple Member 2]

I love a short king.

[Financial Advisor]

I guess you win. Here's your pair of Socks. Is this your color?

[Couple Member 2]

Sure it is now.

[Financial Advisor]

Congratulations. You can't. You can't win socks. But you can get 20% off. Go to cozyearth.com george and you can get a sweet discount thanks to Cozy Earth. I'll be honest, it hurts to get roasted. But you know what hurts even more? Overpaying for your phone plan. And that's why I love Boost Mobile, a sponsor of today's episode. Listen. With their forever plan, it's 25 bucks a month forever for unlimited data, talk and text. And the best news is there's no hidden fees, no price increases. Let me remind you ever. So go sign up and save up to 600 bucks compared to the other big name carriers. Just go to boostmobile.comramsey to make the switch today. Based on average annual single line payment of AT&T Verizon T Mobile customers compared to 12 months on the Boost Mobile Unlimited plan as of January 2020. Website for full offer details. How much do you have saved in retirement?

[Young Investor 2]

Under $1,000.

[Financial Advisor]

Do you have a retirement account through your employer or what?

[Young Investor 2]

Yeah, through my employer. I think it's like $25 a check.

[Financial Advisor]

25 bucks a check. And how, how often do you get paid?

[Young Investor 2]

Weekly.

[Financial Advisor]

Weekly. So you're putting about 100 bucks away every month? Yeah, $1,200 a year. Okay. How about you?

[Couple Member 2]

Under $1,000 for sure.

[Financial Advisor]

Okay. Who's doing better, you think, financially at this point between the two of you?

[Young Investor 2]

Yeah, I think it's me.

[Financial Advisor]

Higher income?

[Young Investor 2]

Yeah.

[Financial Advisor]

Okay, so what's holding you back from investing more at this point?

[Young Investor 2]

It's the monthly finances, like the, that food, like the rent, bills, all those things.

[Financial Advisor]

Like I got high expenses. Not a lot left at the end of the month. Do you have any debt?

[Young Investor 2]

Not too much. Like I just have a car and then like a little bit of credit card, but under a thousand for the credit card.

[Financial Advisor]

What's the payment on the car?

[Young Investor 2]

The payment on the car, it's about $400 a month.

[Financial Advisor]

So you're telling me. Go with me here. If you paid off the car or sold it, you could be investing 500 bucks a month if you had a different car that was paid for in cash?

[Young Investor 2]

Essentially, yeah.

[Financial Advisor]

That's pretty impressive. You think that's costing you a lot as far as wealth building?

[Young Investor 2]

Yeah.

[Financial Advisor]

Do you love this car?

[Young Investor 2]

It gets me from point A to point B.

[Financial Advisor]

And if I told you that car was worth a million dollars, would you sell it? If you could get a million dollars

[Young Investor 2]

out of it, of course.

[Financial Advisor]

You want to play this out. I can show you how that's true.

[Young Investor 1]

Yeah.

[Financial Advisor]

Okay, you ready for it? How old are you?

[Young Investor 2]

I'm 19.

[Financial Advisor]

Okay, you're 19 years old. Young guy, sharp guy. Here we go. From 19 to 60, right around retirement age. If you just invested, you had nothing in retirement at that point. Right. You have less than a thousand bucks. You said you just invest that $400 car payment. Here's how much you'd have. $2.8 million.

[Young Investor 2]

Part of my language.

[Financial Advisor]

That's a lot. That's wild. Right?

[Young Investor 2]

Yeah.

[Financial Advisor]

So if you continuously have a $400 car payment, you trade in the car, get another $400 car payment. Your whole life, that's what you're giving up. Not 4800 bucks a year. $2.8 million in retirement. Now are you convinced to maybe get rid of the car or. Or pay it off aggressively?

[Young Investor 2]

Yeah, definitely.

[Financial Advisor]

How fast could you pay it off? What's left on the balance?

[Young Investor 2]

It was about like 22, 23 grand on the loan. Yeah.

[Financial Advisor]

All right. Is your income at least double that?

[Young Investor 2]

Yeah.

[Financial Advisor]

You making over 50k?

[Young Investor 2]

Not 50. I'm like around the 40 to 45 mark.

[Financial Advisor]

That's a lot. That's over half your income tied up in that car loan.

[Young Investor 2]

Yeah.

[Financial Advisor]

He's starting to read. He's. I can tell. His brain is like matrix math over here. Okay. How about you?

[Couple Member 2]

My car is paid off.

[Financial Advisor]

Okay. Do you have any debt?

[Spouse of Couple Member]

No.

[Financial Advisor]

Great. And are you able to invest more than 100 bucks a month at this point?

[Couple Member 1]

For sure.

[Couple Member 2]

I just have spending issues.

[Financial Advisor]

At least you're honest about it. Now we're getting somewhere. Because here's the thing. If you get this stuff now at 19.

[Young Investor 2]

Yeah.

[Financial Advisor]

You're going to be a multi, multi, multi millionaire.

[Young Investor 2]

Definitely.

[Financial Advisor]

But most people watching, they go, man, I Wish I was 19 and learned this stuff.

[Young Investor 2]

Definitely. I hear that all the time.

[Financial Advisor]

Right?

[Young Investor 2]

Yeah.

[Financial Advisor]

So what's stopping you from making some changes with your spending, with your saving? All of that, like the thrill of

[Young Investor 2]

spending money and doing stuff, you know,

[Financial Advisor]

wears off pretty quick. Doesn't it, though?

[Young Investor 2]

It does. It does, man.

[Financial Advisor]

And investing. You see that number go up and up and up? That's continuous joy right there.

[Young Investor 2]

That's true.

[Financial Advisor]

I think I've convinced them enough. Right. Are you ready to make some changes, too?

[Couple Member 2]

Yes, sir.

[Financial Advisor]

Less spending, more saving.

[Couple Member 2]

Yes. Yes.

[Financial Advisor]

Good luck on wealth building. I'm rooting for you. Where are you from? Moose.

[Experienced Investor]

Shaw. Saskatchewan.

[Financial Advisor]

Saskatchewan. Wonderful. Well, let's talk money. How much do you have saved in retirement?

[Experienced Investor]

500,000. Yeah.

[Financial Advisor]

That's great. I thought it was going to be a real low number, like you were going to scare me.

[Experienced Investor]

No, no.

[Financial Advisor]

Okay. How long have you been investing?

[Experienced Investor]

Since I was 18.

[Financial Advisor]

Wow. Have you been investing for a couple decades then?

[Experienced Investor]

Yes.

[Couple Member 1]

Yeah.

[Financial Advisor]

What have you been investing in?

[Experienced Investor]

Well, I do own businesses that I also didn't talk about in my retirement.

[Financial Advisor]

Oh, nice.

[Experienced Investor]

But I've been investing just in like RSPs and TFSAs because it's a little different in Canada.

[Financial Advisor]

Yes. So similar to like an IRA in the States.

[Experienced Investor]

Yes.

[Financial Advisor]

Okay. And what do you invest inside of those accounts? Like, can you tell us?

[Experienced Investor]

I have a guy who does it. I don't exactly.

[Financial Advisor]

Mutual funds? Yeah. Yeah. That's amazing. Do you know, like the returns you've gotten over the years?

[Experienced Investor]

I average about 10%.

[Couple Member 2]

Yeah.

[Experienced Investor]

Like, when you look at a 10 year span, that's amazing.

[Financial Advisor]

Do you have like a retirement goal or number in your mind? I do.

[Experienced Investor]

Well, I'm going to retire in four years, four and a half years maybe,

[Financial Advisor]

which is an early retirement. Yeah. That's awesome. Yeah. So is there a number in your mind like once it hits a million? I'm good. How do you know you have enough?

[Experienced Investor]

I think when you just can figure out what your monthly expense expenses are and if those kind of match up, I have an investment guy who does it.

[Financial Advisor]

So he's going to crunch the numbers and go, yeah, you're good. Because you have other things as well. This is not. That's not your only piece of your net worth. No, no. That's fantastic. Congratulations. What would you tell a younger person out there who feels like there's no point in even trying? The economy's crazy, the housing market's out of control. Why even invest?

[Experienced Investor]

Well, you got to start right when you're 18 and you got to put it into something that has compound interest. And if you start, then you can put very little away and be very well off when you're older.

[Financial Advisor]

That's amazing. Well, thank you so much for your time. Thank you. That was awesome. How much do you guys have saved in retirement?

[Couple Member 1]

It's about 220,000 of 401k.

[Financial Advisor]

That'll do. How old are you guys?

[Couple Member 1]

37. We're both 37.

[Financial Advisor]

37 with 220 grand saved, which tells me with compound growth, we're talking multiple millions in retirement. Hopefully the goal.

[Couple Member 1]

Yeah, that's the goal.

[Financial Advisor]

See the financial whiz in the marriage, like, you're like, I trust him. He knows what he's doing.

[Spouse of Couple Member]

Well, yeah.

[Couple Member 2]

Really?

[Spouse of Couple Member]

I pay all the bills and do all that stuff. But he does brings in the money. I stay home with the kids, so I don't.

[Financial Advisor]

Oh, wonderful. Well, you're doing the most. How much are you investing currently? Do you know the percentage or number?

[Couple Member 1]

I'm at 14%.

[Financial Advisor]

Nice. Well, do you guys have debt?

[Couple Member 1]

We have like 104,000 on our house.

[Financial Advisor]

Nice. So it's all mortgage, you know, investment property in your primary home. I'll take it. No consumer debt.

[Couple Member 1]

We were super tempted to get a car loan last spring and then we decided not to.

[Financial Advisor]

So what did you do instead?

[Couple Member 1]

Just bought it in cash.

[Financial Advisor]

So you saved up like a grown man and went, we can just save up. It's less fun but also less stress later on monthly. Yes. That money stays with you and you can invest it.

[Couple Member 1]

Yeah, that's exactly right.

[Financial Advisor]

Do you guys talk about investing or wealth or your financial goals as a couple?

[Spouse of Couple Member]

Not investing, but we will talk about like plan, like long term plan as far as like build a house, don't build a house. How much we know what if we added on and then we wouldn't owe as much and things like that. So yeah, we talk about it all.

[Financial Advisor]

You're pretty in tune as a couple of what's going on with the finances.

[Couple Member 2]

I would say yes.

[Couple Member 1]

We're also both pretty frugal, so that helps too.

[Financial Advisor]

Is that. Is that a like a marriage hack is marry somebody as frugal as you? Probably not much more frugal. They've got to be on the same wavelength of frugality.

[Spouse of Couple Member]

Then it becomes controlling.

[Financial Advisor]

Wow.

[Couple Member 2]

Yeah.

[Financial Advisor]

Well, that's great news, guys. I'm very encouraged meeting a couple in their 30s who have a couple hundred grand saved up in retirement. What got you on this path to investing?

[Couple Member 1]

Earlier on I just heard somebody say to invest early and often. And so I just started. And then just recently. The only reason I know my numbers is because I watch your YouTube videos. The only reason a fan.

[Financial Advisor]

That's amazing. So I encourage you to go, maybe I should pay attention to this stuff and get on it.

[Couple Member 1]

Yes. I saw the net worth videos and so I calculated that all out and started figuring it out.

[Financial Advisor]

Yeah. So are you thanking me for all this?

[Couple Member 2]

I really appreciate you.

[Financial Advisor]

Put me in the will, guys. Put me in the. Well, let's talk money. How much do you have saved for retirement?

[Couple Member 2]

I think I have around now about 15k. Not a lot.

[Financial Advisor]

Nice. What is your wealth plan? What's your investing goal?

[Couple Member 2]

Well, I mean, I would hope to at least quadruple that before I die.

[Financial Advisor]

So we're going to quadruple it, we're talking 60 grand. If you have 60 grand before you die, you're like, I made it. I'm good.

[Couple Member 2]

I think that should be enough.

[Financial Advisor]

No, probably not. Get through retirement.

[Couple Member 2]

Probably not.

[Financial Advisor]

Okay, so how much are you currently contributing to retirement? Each month?

[Couple Member 2]

It comes out of my check. I think it's like 200 every other week.

[Financial Advisor]

Okay, so 400 bucks a month?

[Couple Member 2]

I think so.

[Financial Advisor]

You want to crunch some numbers with me? Sure. So I'm going to use our free investment calculator, and I'm going to type in your age here. You said you're 41. 41. And let's say you go till 60. How's that?

[Couple Member 2]

Yeah.

[Financial Advisor]

Or maybe 61. We'll make it an even 20 years. Okay. And you said you currently have $15,000 saved and you're going to invest. You said 400. 400amonth. Okay, let's see what that turns out to. Let's hit the calculate button. You want to do it for me to really get the full effect? Boop. $413,000. Is that more than you thought?

[Couple Member 2]

Yeah, it's a lot more than I thought.

[Financial Advisor]

Okay, let's play this out. What if you could invest more than 200 bucks a check?

[Couple Member 2]

Well, then it would probably be a lot more than that.

[Financial Advisor]

Could you do 800 instead of 400?

[Couple Member 2]

It would be tight, but, yeah.

[Financial Advisor]

Do you have any debt?

[Couple Member 2]

Well, yeah.

[Financial Advisor]

How much?

[Couple Member 2]

I have a lease vehicle, and I have a camper.

[Financial Advisor]

What's the lease vehicle? What's left on that? 45 grand. Oh, my goodness. I can't breathe. That's. What's the payment on that lease?

[Couple Member 2]

$1,100.

[Financial Advisor]

So you can't invest an extra $400 because it's tight? Because of your $1,100 leased vehicle?

[Couple Member 2]

Yes.

[Financial Advisor]

What if you got out of this lease and paid for something in cash and you invested 1100 bucks instead?

[Couple Member 2]

Well, that'd be amazing if I could.

[Financial Advisor]

Okay, well, let's just add it to your 400. Right. Okay. So instead of 400 bucks a month, you're adding 1100. That's $1500. Yeah. All right. Per month. So instead of 413 grand. Hit calculate. Let's see what you'd have. $1.2 million by the time I'm 61.

[Couple Member 2]

I like.

[Financial Advisor]

How does that hit you?

[Couple Member 2]

That's a lot better.

[Financial Advisor]

Did that just prove to you that your lease car is costing you $800,000?

[Couple Member 2]

Yeah.

[Financial Advisor]

Okay. So are you feeling better about your retirement based on this conversation, or worse?

[Couple Member 2]

Well, I mean, a little bit worse now because I know I make really bad decisions, but maybe a little bit

[Financial Advisor]

of courage to make better decisions. Yes, that's the goal. That's what I'm here for. I'm not here to shame you. I think you work too hard to stay broke. And you're not broke right now, but you will be if you continue at this pace. You're a teacher. You follow a process. You follow the curriculum, right?

[Couple Member 2]

Yeah, yeah, yeah.

[Financial Advisor]

You can follow a money plan, too.

[Couple Member 2]

I could definitely do that.

[Financial Advisor]

How about I help you out with the money plan part?

[Couple Member 2]

Well, that'd be really okay.

[Financial Advisor]

I'm going to gift you one year of every dollar. This is our financial app that helps you take control of every dollar you have coming in and make a plan for it before the month begins so that it doesn't float away. That's my gift to you. It'll connect to your bank account. It'll give you personalized recommendations on how to free up more margin. And I hope that this is our way to walk with you over the next year.

[Couple Member 2]

I really appreciate it. Thank you so much.

[Financial Advisor]

Absolutely. Thanks for talking with me. Well, let me tell you guys, I'm actually encouraged. After a day on the streets, which is pretty rare for me, I met a lot of young people in their 20s and 30s who have socked money away. They're consistently investing for their financial future, which tells me they have a game plan for retirement. And if you don't, it's not too late. Whether you're 20, 30, 40, 50, even 60, you can still retire with dignity. But you need a plan. So to get started to figure out where you are, go use that investment calculator and plug in your own numbers. I'll drop a link in the description below. And if you enjoyed this content, you want to see me bother more strangers on the street, check out this next video or click the link in the description. Thanks for watching. We'll see you next time.