Josh Scandlen Podcast

Dave Ramsey is asked a question "Is a million dollars enough to retire on?"  Here's the link for that episode...https://youtu.be/B3Jt6jb46XQ Unfortunately, his answer is HORRIBLE!  Absolutely HORRIBLE!  He asks the caller, "can you live on $70,000 a year?"  Because the market returns 10%, or something like that, and if you're only pulling out 7% you're actually ADDING to your principal, is his insinuation.  NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!!!!!! I can not state this loudly enough NOOOOOOOOOOOOOOOOOOOOOOOO! This is stunning and absolutely horrible advice.  There is something called "Sequence of Return Risk" and if you don't understand it, you could be doomed.  As I wrote in the comments section of his video: If you are pulling out 7% a year on a million. That's $70k.  Now let's say it's 2000 and the markets dropped 9%. Your account value dropped to $910,000.  $70k on that  is...7.6%. After taking out the 70k you're portfolio is $840. The markets drop