On The Ramsey Show - Highlights YouTube channel this week, a 50-year-old man told the money expert he was “afraid to retire”. Max knew that with hi
On The Ramsey Show – Highlights YouTube channel this week, a 50-year-old man told the money expert he was “afraid to retire”. Max knew that with his assets he could retire but he was not sure if he should.
Max and his wife have “played the rules” and tried to make smart moves for retirement.
They have a few rental homes and one pension that has already been secured that they will receive each month. Both him and his wife have their own careers.
Max explained that when he turns 55 he will be able to access his private pension from the military so that will become another stream of income as well as the rental properties.
All the homes he has are paid off so he can be making profit from the income that comes in from them.
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He estimated that his net worth is $650,000 (around £542,000).
Max explained to Mr Ramsey that his “biggest concern” is that he has no goal. He does not know when is the right time for him to retire.
He said: “I’ve always woken up and had a goal or had something that I wanted to achieve or a medal I wanted to put on my chest.
“I never thought at 50 years old I would be lost because I don’t know if we should go for another home or should we just call it good now?”
Max wanted to complete a pilot course that would cost him $35,000 (around £29,000) but he wasn’t sure if he should go through with it as he may not get back the return on his investment.
“I’m looking for something to wake up in the morning for,” he said.
Mr Ramsey explained that Max needed to “change gears”. All his life he has been doing his duty but Dave wanted him to change his mindset and make money doing something he enjoys.
He said: “What’s missing here is purpose.
The money expert expressed that Max has lived a life of service and he should try and do something for others to find purpose.
Service can look like many things but it is about meeting a need and brining joy doing it, he said.
Mr Ramsey continued: “Mathematically you can do a lot of stuff.
“You’ve got some pensions and some margin and you have some net worth and you have time.
“I do think you need to change gears. Look for an adventure. What is your next adventure of service?”
Full video’s can be watched on The Ramsey Show – Highlights Youtube channel.