Dave Ramsey suggests how woman, 70, with £750 in savings can get by in retirement | Personal Finance | Finance
On The Ramsey Show – Highlights YouTube channel, Sandy, 70, called in to get advice from the American finance personality. Mr Ramsey stressed to her the importance of living a debt free life, especially in her situation.
Sandy wanted to build a detached garage on her property.
Her house is worth $190,000 (around £157,000) and she still owes $136,000 (around £112,000).
However to be able to build her garage, she would need to refinance her house and take $20,000 (around £16,000) out of the equity.
She wasn’t sure if it would be a good move as she is retired.
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When Dave asked about her money situation she said: “I don’t have any money, except for a little bit in savings right now, not much.
“I have $900 (around £750) in savings.”
Sandy explained she lives on social security and her teacher pension fund.
Social Security is a federal program in the U.S. that provides retirement benefits and disability income to qualified people and their spouses, children, and survivors.
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“I love that you are a frugal common sense lady and you have a little bit of garage fever going here and usually a good cold shower can fix the fevers.”
Him and Sandy laughed. He confirmed to her that he would send survival guides to her grandchildren as gifts for graduation.After Dave and Sandy shared a laugh, he confirmed he would send survival guides to her grandchildren as gifts for graduation.
He added: “That last thing you need is more debt.
“You don’t have any money, you’re living carefully on the pension and social security that you have, you’re 70 and you still have a mortgage.
“I don’t need you to have a bigger mortgage that will further destabilise your life so not worth the extra risk and stress it could on you.”
