Part 2/7:
Dave, who is 65 years old, provided insight into his family's financial health. He discussed how he has successfully implemented financial literacy in his life and that of his family. He proudly noted that he has read every book authored by the show's host, utilized educational materials, and instilled valuable financial principles in his children, who are now in their thirties.
Following a disciplined approach to finances, Dave and his wife, aged 62, managed to pay off their mortgage during the previous year. After 40 years of dedicated work, his wife recently started receiving Social Security, allowing her to retire from her job—a decision that Dave fully supported. Their financial assets include approximately $600,000 in 401(k) plans, which sparks their discussion about Roth conversions.