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Snippet of the Dave Ramsey Show: Where Should I Invest My Savings?

From Audio: Where Should I Invest My Savings? (Hour 3)

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Duration: 06:55
In this clip from the Dave Ramsey Show, John and Anthony answer a call from someone who wonders what to do with extra money they're about to receive. Suggestions include, finishing paying off the house, opening a Roth IRA account, and more.
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In this clip from the Dave Ramsey Show, John and Anthony answer a call from someone who wonders what to do with extra money they're about to receive. Suggestions include, finishing paying off the house, opening a Roth IRA account, and more.
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Anthony myself. Everyone listening has had people in our life who invested us in ways that we never could have imagined it for ourselves. I want you to reach out to him. Be grateful for him. All right, let's go to Alicia in Colorado Springs, Colorado. Alicia, how are we doing? Good. How are you guys? Outstanding. How can we help? I am so happy to be talking to you because I really want to be intentional. Um, I am 34 my husband is 35. And when I turned 35 next year, I will be getting a settlement that I know. I've been, um, waiting to get for many, many years now. And it's about $85,000. Eso um just just a thing that happened many, many years ago when I was younger. And so my mom put it, put it away for us and let it grow and didn't let us touch it until we turned 35. And so with that, right around the corner, then I just want to be intentional with it. We do on the home, and we're about to be debt free. We only owe about $5000 left on our baby steps to so knowing that that that will happen, probably by December. So from January till August, I'm hoping to be debt free. And then I turned 35 in August, and at this check is going to come in the mail or the settlement will come in the mail. And I'm wondering, do I put it all towards the house, or do I do something else with it? How much do you own? The house? So we all 145,000? OK, All right. And what's your annual income right now? Um, roughly about 70. Is that a combined income? 70 k? Okay. All right. Sounds good. So here's what I'm going to recommend. We had to call it like this, me and Dave a couple of days ago, and what I want to advise you to do is jump on the phone with a smart vest, a pro? Um, because there's a lot of different routes that you can go and we don't have enough time to really break down all of your numbers on this show. Uh, and I also as well want you to be wise and be intentional with this income that you're blessed Thio walk into, Um I definitely do believe that you should be. If when you get the 85,000, you need to immediately fund your 3 to 6 months of emergencies. Okay, Immediately fund the rest of that. Then from there, you're also gonna go ahead and start investing into your 401 K. start investing into your Roth ira, and then you're gonna jump on the phone with a smart vessel Pearl, which is a financial adviser, and you go ahead and Max out to Roth IRAs, which is investing to a growth stock mutual fund. But there could be some other things that you could do. Maybe open up A S and P maybe open up the index fund. I don't know. I don't know what all the options are available for you and the Colorado Springs and with you all situation. So I would definitely say as soon as you get the money. Uh, I'm gonna tell you what I would do. So I'm not gonna tell you to do this. This is what I would do if it was me and your shoes. I'm tithing. I'm giving 10% to my local church. I am funding my fully funded emergency fund. I'm going to jump on the phone with smart vessel Pro and tell them Hey, I wanna open up a Roth Ira. Can you tell me what's the best way to do that and how to invest? I have 50,000. I have this amount of money left and then also, Alicia, maybe set aside some something you can enjoy yourself If you've been saving up for a new car, if maybe if you and your family want to go on a nice vacation, man. Set aside, you know, $10,000 to to do something enjoyable with it. Because, hey, you're about to be debt free. You've been working the plan. So that's what I would do from the very beginning. Yeah, I think the plan has always been to pay off my house early, and I would feel guilty using it for any other purpose. Um, but I I don't know. I just wanted to get your guys his opinion on it because it is a big responsibility. And Alicia, can I can I pitch in here when you get Whenever I hear the word settlement. There's two things that come to mind. One is financial. One is you're holding a check and usually not always, but usually a settlement comes out of some sort of pain. And if it's something that happened in your childhood, if it's something that comes out of a separation, something out of some sort of loss. And so I want you to be prepared, whether it's with your husband, whether it's with somebody that you love and care about. When that check comes in the mail and you open it, you may experience things you haven't felt in years and years and years and be ready for that. And that's not a weird thing, doesn't mean you're broken. That doesn't mean something's wrong, but be prepared for that. And sometimes folks have plans for this settlement money, whatever that may be. My granddad passed away and they go to the funeral and they grieve it, and then they get this check and then all of a sudden it's beautiful, and but what their plans were gonna be with something about it all changes right. It's about making meaning. And what did this money mean to my granddad? and me, Or sometimes it comes out of a divorce, settlement or abuse settlement or whatever they may be. So be ready for some sort of emotional response to this money to. Okay, So what I'm telling you, be graceful with yourself, right? Have a good plan. Have people with you. But be graceful with yourself to Alicia. Why do you I I appreciate that. That's that's really good. I appreciate that to John. You help me out to, um Why do you say that you would feel guilty not paying off the house? Because Because go ahead. I'm sorry, Because Because it does come from a painful event. Okay. All right. And then which I agree. And I think that that painful event happened, but it would make that person proud. Uh, if you paid off the house. Yeah. Okay. Okay. And if you if you strongly feel that way, uh, then I say you need to do that feeling. Um, I say still, um, fund your fully funded emergency fund because I think that's what I'm wondering. Is joining to catch up on that stuff? Todo I owe that to my future self. You yourself and then that individual will be pleased with the decision that you made because and now you've you've been a good Stuart. You've prepared yourself. So if emergency does happen, it just turns into an inconvenience, you know? And then from there, you still need to fund your future. Because you remember, we're talking about your future. You wanna make the individual proud. And so the individual will be proud knowing that those funds went to your present building a solid, and then it helped you out with your future. And then once you take care of those two things, then yeah, by all means, go pay the rest of this house or go pay as much of it down as you possibly can. Um, but I don't want you to feel to To To To convicted. Um, if you can't put all
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