A 62-year-old Dave Ramsey Caller has no retirement savings but wants to buy a first home. Is it ‘silly and ridiculous’ or somehow possible?

Antoinette, a 62-year-old truck driver from Fort Worth, Texas, recently called into “The Ramsey Show” with a live question: “I don’t have anything saved for retirement and I want to be a first-time homeowner. I don’t know if it’s stupid and ridiculous or if it’s possible.”

He is not alone

Millions of Americans are facing retirement with little or no savings, and many are still pursuing major life goals such as home ownership. For Antoinette, the situation is more complicated: She has about $8,000 in debt, about $1,000 in monthly car payments, and no clear idea of ​​how much she owes on her recently purchased 2023 minivan.

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hosts Ken Coleman and Rachel Cruz was direct. “Let’s focus on the potential part,” Coleman said. “Given that you have zero retirement or very little retirement.”

Antoinette admits that she struggles with memory and numbers, saying, “I’m really bad with money. I mean, numbers.” While she tracks her bills every month, she said she’s not ready with the details. “If I had known you were asking me these questions, I would have had this stuff.”

“You called the money show, my friend,” Cruz fired back, insisting that lack of knowledge was the biggest problem: “The excuse of ‘I’m bad with numbers’ is no longer an excuse. You’re an adult. You’re smart. You’re capable. And we’ve got to get it under control.”

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Making plans in the face of reality

Cruz then laid out a precise set of instructions: call the dealership, get the correct loan amount, pull up Credit Karma, list all the loans, and take a picture of the list to put it to work. The message is: Don’t wing it any further.

Antoinette earns about $7,500 a month but spends about $1,000 on the minivan loan. Coleman had some problems with that fact and asked him, “Why do you need a minivan if you’re driving a truck all the time?” Antoinette had the answer ready: “Because I sometimes go home.”

“You’re more likely to sell the minivan and get a $2,000 beater car,” Cruz told her. “I want you to get out of this debt so you can start saving for retirement.”

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Antoinette pushed back: “Why would I want a $2,000 beater car that always breaks down?” Cruz responded with the story of another truck driver, Christopher, who did the same. He bought a $2,000 car and it “runs great.”

They encouraged her to check whether her employer offers a 401(k) or retirement plan. Antoinette says they do, but she hasn’t contributed. “What does that mean at my age?” she asked.

“Because you don’t have anything,” Coleman replied bluntly. “If I want to retire with dignity, I have to start saving money. And I can’t save money if I’m in debt.”

Organizers told her that home ownership could still be a goal, but only after stabilizing her financial footing. Meanwhile, Cruz suggested that Antoinette listen to the show every day for the next six months. “I want to soak up this knowledge,” she said.

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