Mark from North Carolina is 65 — but he’s not retiring any time soon because he’s made “absolutely horrible decisions with money all my life.”
He called into the The Ramsey Show and told the hosts that his wife has about US$10,000 (C$14,000) in a 401(k) — the American equivalent of a RRSP — and he has “maybe a couple thousand (1).” Their total debt includes a US$115,000 (C$162,000) mortgage, about US$22,000 (C$31,000) in credit card debt and a car loan.
While retirement may seem impossible, show host Dave Ramsey told Mark he can still enter retirement debt-free with savings — but it will take some sacrifice.
“The house will be paid for and you’ll be debt-free,” Ramsey explained. “But you’re…