On The Ramsey Show – Highlights YouTube, Mark, 60 called in because he was not sure what he could do. He wants to be retired or semi retired in five years.
Mark explained he has “no pension to so called retirement fund”.The American finance personality offered his guidance on options he could consider moving forward.
Mark manages rental properties as his day to day job. Fortunately he has been able to accumulate 32 rental properties of his own, and live off this.
However he has started the process of trying to sell his properties as he cannot maintain them himself and it’s getting tougher in his later year.
He recently sold a property and used the money to pay off three mortgages for his other properties.
He had around $70,000 (around £56,000) sitting in the bank. He’s always been confident in the property space but he wants to start investing.
Mark said: “I want to start buying mutual funds but that’s out of my comfort zone and I guess I’m terrified to put the money there.
He explained that he wants to start investing his money in the stock market and get out of property because he’s tired of the upkeep.
He explained that Mark can invest into mutual funds but that it is a process.
Mr Ramsey said: “The more you do it, the more you will become familiar with it and more confident you become.”
He suggested that Mark finds an investing tutor who has the heart of a teacher.
“I don’t want people putting money in something they do not understand because you are scared,” he said.
He continued: “You need to learn the process of a whole new type of investing and just work on it.
“You don’t have to go in at all time. There’s nothing driving this except you’re tired with rental property.
“You have to get out of the business of doing the maintenance yourself. That’s not a good long term plan, it steals the joy.”