From the headquarters of Ramsay Solution Casting Madonna Car Rental studios. It's that day, Ramsay Show where that is the task of taking the place of the w status symbol controls at the Rio male Ramsay personality is mighty cohorts today, open phones, Tripoli, eight to five five, two to five, that's AAA eight to five five, two to five David is: started off this hour in LAS Vegas High David, how you love

thank you for taking my car sure. What's up so of your new listener. When we started doing our budget Curiosity, we also do their networks realized, there were worked over a million, but we are still in that. four hundred thousand dollars. So I was wondering if I should solve some of my EU investments in order to pay off that, though, we have more kind of motion Morgana Debt, the daddy twenty four thousand dollar parfaitement a hundred and ten thousand dollar donor went up, and then we had about two. Eighty, on our own house. What smoking with idling, but I would Just talk just come unstuck: so another way of asking. The question, then, is what I rather have one million five hundred thousand dollars and assets with foreigners

more than that. I would rather have a million dollars and assets and zero dead. Yet My worry not my worry about, obviously, the investment is making me they're good returns. by selling the reimbursement, I'm not gonna. Have you not those words anymore, was wandering gives, but that we have it smaller What I can work it into their, that is, that it is better to just pay off hearing, what thousand a year to an well to just our elder, you Eddie, five, we'll congratulations, you have done very, very well with money, so there are not an answer on this. Quite clearly that says your stuff. But the measure we ve already established that you're smart right, ok, you're already doing really? Well, congratulations! The answer

have is at six. Years old, having lived through losing everything, because I had a bunch of investments and real estate in my twenties and had the opportunity to start again? Are you like? The peace of mind is coming out of a dumpster fire of a year like twenty twenty. I like the peace of mind or not a single dad and that lower risk also is gonna. Call me too. Greece. My rates of return elsewhere, the autonomy risk? So if I woke up in your shoes, I'd be dead free by Friday, at Sea and David you, when you're young into me, man and so on, is keep a wind you with your honor millennial age, I'm doings cool Dave said because once it farming your shoes on paying off all of my debt and because we're young women actually now being smart. Getting so wise counsel, aggressive may invest deliberate more aggressively.

Now you rewards could be actually very well a little bit more than what you use a scene today exactly, and so you now have no payments. How does it take to recoup that four hundred gay, not There are no longer, and so you then you'll be it a million and a half dollar network energy wrote that all along so done and will lower the risk increase the peace. And then that allows you to make investments, because its now that now I don't have anything hold me back also not a risky more. Were my kids sleep, my wife sleeps, my dog sleep there that the house is not at risk and so and, as you know, we ve done detailed research. One hundred percent foreclosure, the curl homer the mortgage. There's risks I know it's not much in your case because you ve got the money, but let us say that investment went Caput, because we had this weird thing: called a pandemic come up,

and then all sudden you can't pay off the house, then it's like ok. Now I got up So if I'm in your shoes on the liquidate enough investments to be dead free by Friday. In your case, good question very day, I recall, Mario Man absolutely managed killed it very well done militias in Birmingham. I Melissa, how're, you hate Dave, I'm guy got. How can I help but I m thankful making financial peace simple in reporting anymore celebrating we have been that free since two thousand and thirteen, and that was paying off the house so just its exciting in its fun right. They were looking for. our dream home. I just wanted to know in your car before trying to answer my question. I think, but I wanted to know if he thought it was ok. If we take out a mortgage,

just for a little bit cover the different or whatever to the woman. I was talking to a minute ago life than cure. Any I get it. I love financial police are like being out of their cargo bargain there. Who is this why I've might have been just got a really good promotion? and salary structure through me, a little different in he is gonna, be on executive bonus plan now and really know what that's gonna look like if it's gonna be ten thousand dollars or fifty thousand Arthur, or what that he also got a sizeable salary trees. So literally in just the salary increase alone, he'd make the mortgage payment until we got the first bonus, aluminum literally at all, just got a sizeable salary increase in your more worried about security instead of less work. Regarding my dad,

and I was very young- and I worry about having money in the bank- has been an unlawful, just unusual emergency fund now, one sexually investment. Now I'm sorry resting you dont, bother house, ok, do not bother dream house as I think you want money in the back more than you want the dream house, I want to sunset either because it is water to my soul. See that every night and pay for it was then pay for it. Not willing to pay for it, you're not right by the new. That's what you're gonna say. I wanted to hear you show is really can't boring because we're so predictable, you're gonna love the sunset view more because its paid for pay for it. We have a mortgage on it. That's got there's little needle under your back. Why you leaned back you try to relax. I can't figure out. What's Goin spoken me back, I personally, absolutely I'm gonna sunset view too, like em

she eighteen miles runway twelve miles away my back deck and sweet. I love it, but I leave it to its peaceful, very because there I mean that gun down on that day. I love it on Asylum ACT of love, your view, its worth No, you can't move in her eyes, but ass. The alleged anyway, you you move poorly gypsy. I've met, my may move all the time and I have a nice for you to be. Your view is better. You gotta move view offer that roof downtown national looks like a toy bought up. Your rule is not like your backyard, though your backyard,

is to sit up at an hour an hour now now it's all. This is the day, Ramses people,

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your problem here probably gonna want Let me now you probably loaded we have a big month old, baby and mightier than I was both get married choice, but I know, but because of the pillar, it's gotten pushed back though we have. Eight thousand dollars in that We have the to move in with my mom, which was debated at first, But my aunt also there's with Canada, the monotonous she had financial problems by law is we would like someone like me out even there or fears that cover Dave Dave's. Luckily, elegy, I'm not gonna. Let you parameters potato inheres why

How are you going to answer your first question? Dave may come back and ears that, but its help walk me through this process is a pandemic pushing off the wedding night. We can go down to the courthouse you're already living together You know you're already. I hear a lot of we so just go to the court house. Get me and then, if I would have a bigger betting, do that whenever you feel comfortable doing, but they help meet convince me, why you cannot get married to day. Yeah. We thought about that. But I guess is one of our families there. Now you found me candidate, invite them to the corner of the institution all they live like a vast country. They can come to the celebration in future,

where'd? You learn everything. The very people do you might as well be married the Moslem. It's just a formality heritage, the game we now who owns the house? Did you learn? We leave weaker honest. Please get married this week, the understand what happens if he Dodge, because he doesn't have a will

You do understand what happens if we don T really you and your baby are now pardoners with these errors in the house that you live in. This is our dumbness. If he doesn't have a will- and you are in a partnership- and so I assume like his mom and dad or probably his heirs write. His child is one of his ears in the state, will give the other half of the house that you live in to his mom and dad in his kid, which happens. No longer kit messy messy messy messy thing that happens, and then you get me up and be a broken hearted young lady that please please get these things in order and go.

this immediately now you don't need to move in with your parents now. What is it? What is his income on? Suddenly? What is your income? Ah, yes, the hours that someone like me about five. I am busy and five thousand dollars a year, yeah like two four hundred a month, so you gotta get a different jobs. Shocks. You don't have a job, it's a joke! You very much, MRS De Mortgage payment. Britain came just me, didn't show Here's the thing I'm gonna give you Ramsay plus for a year as a wedding gift, right yeah, because I'm afraid for you, young lady you're, in a very precarious situation, legally and relational,

now and on you, you don't even know what you dont know about how badly this can go for you show you got me to get married and into a celebration later on when the family can come to town that being delayed for pandemic. I understand, but I'm with Anthony in touch with local pastor and on much step out on the front porch and have whoever lives in town come by and will have a little miniature celebration tonight. You give any garriga blood tests, get paperwork, but my private in the week, but you you're really in a dangerous situation, there's no will and you're in a general partnership and there's a baby. You guys are going to be more responsible in this and so I'm not yelling at you. I didn't raise my voice, I'm just worried about you, open phones at eight hundred and eighty eight, eight hundred and twenty five five thousand two hundred and twenty five Brandon is with us in SALT Lake City by Brandon. How are you,

a surrender while the you better than I deserve. What's up, so I'm calling my wife, and I have just started to think you guys a few months ago. We ve been married for three years and big convened lay before we started looking here. We are I don't believe you gotta get! So will you started drew enemy who started looking here. We got really close to where we were in line with your track so long story short were now on baby steps for girls get off the last winter student loans last month and right look completely that free! Thank you I'm. So my question is a big step for Gotta escaping household income in retirement, though I use your mark. That's your problem reached out. I'm talking to someone for a war irae, but he's

help me with one case for some legal reason. She says, but I respect so pure question is my work. I am currently doing ten percent of my income in my work as matching that it cannot have percent which is can't have it. Yes, it is about, very generous company oblige. The question I have is up to this point for the past two years or so I ve been doing it in a scattered forlorn k and I'm now digging around in trying to make sure make this more confusion than I found out that they have a walk for one can go about twenty thousand, I have about thousand dollars in the account. My you call my: why can I make a combined about a hundred and twenty thousand dollars a year? Basically- We get a smart idea too, our very. He moved that money from the traditional to the wrong. Do I will leave it

the traditional and start just switch the fund allocation of off looking at the second one because ridden activate the taxes on the twenty thousand and rolling it over to about for five thousand dollars in taxes. do that and take a trash paid off right. Ok, silent! Let me doesn't it be also just from this point forward. Everything's Roth, that's wonderful with it! match. Now. The turnout match you need to know is not going to be wrought. That's gonna be traditional. Well, so you're always gonna have some traditional unless your disk dickie tacky like in my case, I match myself on the company right so at the end of the year, I roll the it's always a traditional on the match, Two Roma traditional at the other end or wrath and pay the taxes on keep it all in Wroth and you do that, but I wouldn't Otto. I will just let it build right now, traditional answer and to get the house paid off, ok perpetually

just got headed switch over to those rob and divided into those four categories. You're talking right growth, growth, investment, progressive in international, your own, it maybe ran on it. What do you do when you do want? Other foreign have meant that the five percent are. You do an end to a Roth era Yes, I really just open that up with much more. That's your crops are right, so you there! That's perfect man very well done very well, then you know this whole thing about money having the people in your corner to help your stuff is a big deal. You're insurance come nearer, buncher car insurance for no apparent reason. No freaking reason I just bump it. It's me meaning and awaits you up, you dont have southern, take it jump online and they Ramsay DOT. Com is one of our endorse. Local providers for insurance, and these guys are great because they actually fight for you. There, independent insurance brokers in a shop among us, gazillion different countries, get you the best possible ray

and most people work on one of our your piece, the average savings they do and done costing them to get an estimate, but they average saving seven dollars here, that's pretty cool because they have the freedom to shop among hundreds of different companies and get the one that's right for you shall never again turn watch rates, go up text provider, two hundred and thirty, three seven hundred and eighty nine get started provider to thirty, three thousand, seven hundred and eighty nine, TED voting time, yeah

where are? We all have enough on our plates right? The last thing we need is to not get a good night's sleep think about how effect you're gonna, be during the day, if you can't even think clearly because you didn't actually arrest. That's one of the regions. I've been recommending, tuft and needle my family has their mattresses and they start as low as three hundred fifty dollars blush. Try it out. One hundred nights risk free, go to tee and not gone to pick years out they ship to your door for free that tea in dot com? Anthony O'Neal Ramsey personality is my co host on the air, open phones at eight hundred and eighty eight, eight hundred and twenty five five thousand two hundred and twenty five an example zone? I can't how are you I am worried about yourself better than I deserve. What's up,

I retired last spring, my wife is still working and so we are living basically on it, Joe Biden, what she legs, but about a year, have she's retired at that point? We may or may not need to take some money out of a retirement accounts, and I I'm just looking for commendation on the percent that you bite recommended take out of retirement account stood to guarantee that you won't run out of money. I guess I have always heard the four percent will, but just one year your recommendation on ass. Well, it it's a fairly simple formula: you need to take out less. Then it is making locate Savona what its invested in making far prior and you pull out, for you will never fully depleted now, you're, not account. for inflation, when you do that, and so for years from forty years from now

be as much money as it is now to be the same dollar amount, but it will have the same purchasing power, but if it but math play. If you simply take out less, then it makes its going to continue to grow by the differences, and it might lay down and if the inflation rate has been four point, two percent for seventy years. If you take four percent, less, then it makes out of it. Then you're gonna keep up inflation and break even right. Yes, so there's a good about. What's it wasn't invested in mostly in the sun and what it can be five hundred in Athens. Five hundred and twelve stock market index punch, ok and you you know, if you look back at a long track record on that afforded fifty year, you're gonna, see between eleven and twelve percent, depending on what those other indexes are. But the essence

like eleven point, eight since its inception per year, average. Ok right, that does not always done last ten and you can use whatever figure you want to use. The bottom line is that his what it did in the past is isn't way for you to ask, They are you ok, but use if it does more in the future or less in the future, you have to take less than that amount out agreed, so how much we have in this mystic. Oh well over two million excellent job, so I mean said: okay, the indexes that I have of average not just make up a number ten percent: ok, an improbable average better than that, but if it makes temper this coming year, and I want to leave for in there for inflation that the formula gives me six done it. Yes, sir,

we're hundred twenty thousand dollars s entire pension too, and thou art a month, and you really worth thinking about that much. Where are you. No is nobler with decades these networks you did great man how much of the two million dollars that you inherit all maybe two thousand. So you did this. Yeah, yeah everyday millionaire. Now, yes, I am. I love it out can't when did you start investing? You know I like one eighty two trying to pull out twenty five dollars a month five put into month to be under my ball was my goal: slowly to get rich slowly,.

Sixty years ago she was I'm age and your two million dollars giving dead. Now your house what real estate worth, how the how the house is dead. I warn that emerged on my ass Nokia show you your work you now, two million plus whatever the equity and the challenges before us and at worst goes again job, I'm fifty thousand on the house here's the thing when we're sitting there and work thirty five were Anthony and we're Directing how much we need for retirement, you say I want to live off of the right return, Monash inflation and, if you're looking at the airport, our investment in its averaging eleven then you would say I've gotta live off a seven. I gotta billionaire staggering live off some percent. If its averaging twice got, build an estate work and live off of eight, but one get to where you really are now this is. over theory no longer

direction, so the four percent rule you brought up includes Conservative investment rate of return and of inflation and that the four percent rule comes from, but sitting there when you're thirty five going Do I need to invite? I'm gonna, run my calculations, but to day This is no longer theory. We have two million real dollar sitting here, real way to go. So you can really look at it and say. Darwin that you know have your investment professional or, if you do so yourself. If you ve got, these will just simple, no load funds. you can download up and just say this watch them the return and say dollars thing up at four percent below what the average has been it's a slower year towards in that area, back it down to four. You don't take any right, yeah yeah, but

It's a fact year. You can you get over Paul or you can let the investment continue to grow. Let's say one of these barriers in the stock market, and it did sixteen percent. Well, you don't have to pull. Twelve metaphor right. You could just pull ate it did that and leave aid in red and yellow growth for one of those other down near she? What I'm doing here so you just manage just manage the withdrawals to wear their less than the returns and at, and I thought about taken out a little more in that It really well, so I will be a year ahead and but leaving it in. There also builds up the amount you're gonna get the next year. The outlets too. We fattened shut up a little bit so he's gonna put is gonna put out more eggs, I live sounded out so, it's ok I'll leave it in there and then that off

and then you can say I'm gonna cheat and actually burn back into the goose the next year when it's down a little right. So you you can read. The average is a little bit over time as long as you don't just start burning through the two million. That's the whole point. You ve done a great job in that's how I would do it if I were in your shoes exactly what I do and the way I look at it, except in my case, I'm a little different situation on the touch of the mutual funds at all. What the income out, I'm still working and and I've got real estate income that would easily supporters were, are not working, not counting. The investments are probably mutual funds, completely lonely case, but it were I in your shoes, that's what I would do. so Anthony. We got a lot of, shall we say, criticism from people community because years ago, in financial peace book and in the whole financial piecework books. I said: ok, stock markets, average, twelve percent,

love of eight percent that four percent for inflation and they kept among a wiser average that would have it has average that, but I know that it's gonna do that in future. So what you know everyone to have a connection fit and argue about how to do these projects actions like a bunch of merge without a hobby, instant, actually going can't. freak and two million dollars in a right. I think we can We live off the absolutely without having some car theoretical melt down. Inert veil naps, absolutely Dave, I'm right there, which are now in. So if he wants to invest it, something different that doesn't pay as much. He needs to plan on taking out less if he wants to invest.

and something that does a little bit better than those like a good mix of mutual funds versus index funds. He probably cannot perform those index funds, but by a point, maybe two points. Something like that. My personal mutual foreign portfolios, outperformed indexes by point, have two points every year and it's just as the four types we talk about. This growth growth in income. Aggressive growth in international is so the market did eleven and a half. I'm pretty well making thirteen and that if the market does eight in arms should not nine or whatever somethin like that I've. Never made less than the indexes well but not a genius. I just pick mutual funds at a good track where it was working with our small investors from an answer, but people just Belinda melt down mode of theory

get two million dollars. You know it. You got no longer a theory, but you got two million. This is the diversion scripture the day, James Truth a chain, but someone will show you have faith and I have works. Show me your faith apart from your words, and I will show you my faith. By my words and ran said the latter of success is best climbed by stepping on the wrongs of opportunity We that you don't like it.

Rather, the only around your personality is my co host. Today, open phones AAA eight to five five. True too, I've Brad is with us in Atlanta, Georgia, a brain power. You I'm good. the day value better than I deserve, sir. How can anthony- and I hope so alive now thinking how could make the fishing year should reach day where we are Mama or kid gilolo tight. compromise on afore plan, moved its suburbia somewhere with a major way find a lot o k, shut up the question of stay where you are or build a house, was there a third option yesterday third option. You move compromise on based on back yard or compromise and getting a joy.

Some movement or more traditional subdivision, where there's an existing house, yes versus build, and if you bill he would build on land. There was not a subdivision: yes, it ok now, but she was your average household income between two and three hundred. You haven't dead right now outside of your current market. Yeah, but a hundred and thirty doubt, but I turned my body to be done next year. What's the housework treated so you're a couple hundred grand from that you can throw at the programme right any other money saved you're gonna, throw the problem eighty seven thousand for dollar. Three hundred for random numbers and so watch the budget on these two options.

one budget was twenty five percent of a common policy with five hundred thousand ram. I'm thinking we may be able to be better match that, but get exactly what we want in the floor. Planet we gotta find depending on the cards, are even go outside the city of then, like anyone account area or somewhere out DD. Can you not planning on it right now? It's great you denied it give me more time at all. Then. Obviously, we moved further out that did you get to sit in the car, older, okay? So what I'm trying to figure out is, if you bought the used house, what would you spend on it and if you bought a piece of land, I guess this is not a lot. It's not eyes this, not large tracts of land with what you're describing and you built a house. What,

the proof, the turnkey price, on each of those two options, we moved to half its pre are already, although they gotta be between five hundred thousand with three hundred down gatling, ok and the other one would be, it probably would be closed down, but yes, and the other would be dependent on the lot value, the brow two hundred and forty thousand or acre area that were in an hour,

Dont Mary would be between five honoured by the same token, show the unquestionable you wanna go to the building experience or not in order not to Vienna traditional Subdivision with nature way and to build blushed and a bill custom to get exactly which need for your family ever built. I've never go on when you do for a living interpretative enable ok. What do you do? In transportation? Aviation your pilot, yeah, ok, good. Ok, I'm trying to figure out how your brain works. Ok, because building on building a homeless project management issue is there's three pieces of paper. There's a budget schedule and a blueprint.

And every Friday we have to have that discussion with the general contractor and every time we talk to the decorator river, remind them there's a budget because they don't understand the work. They don't need this general contract gentle contract or does once you ve, driven into their has about four times right, we're not going over budget you're, gonna, freaking, stay on schedule and this house blueprint any changes you want to make. You need to make them while you're doing it on paper, rather than with wood wooden, Exchanges are super expensive, and so we build our first home for months. Your schedule two percent under budget and we made to changes, but we did all this work ahead of time before we broke ground to wear the team. The builder that decorator, my wife, is all on the same page Borg. Stay on schedule, the trains

long time. We're gonna be on budget and we're gonna build this house and we're not making this up all the way up. Now you get it, you get it up and You look at one or two things you may want to make a couple changes. We did make a couple changes. Both of them were good changes, and are but, but if these things that I'll kill you and drive you crazy, building, a house? If you knew it, luck. Rona budget on your own on your income right right, a few dollars in that way, you're gonna get a better product. same amount of money. Without I will deal with a freak and HIV, I hate age away, and now I will look out. No, my god, Freakin Paden place. I'm glad I left my and so they just I mean, had a dread it and show up and I'm in a bunch of Cologne mantra property, but if you're manage it that way, and you have the time to manage that when you and your wife get on the same page. This is the goal, and you get a builder

stands: you're gonna turn over Gabriel and I walk through this and the trim carpenter not their own march nineteenth, and you said he was gonna, be that was the day I'm gonna be asking where the flip the trim carpenter S, because I you're gonna, get off schedule and more effective, there have been. There are already a week early because I have the spreadsheet shows when he supposed to be there. Yes, we're supposed to put the life pictures and on this date, which pushes bright break ground on this day, and so you can run the schedule and you run the budget and you stick to that Without a bunch of changes, you'll have a good experience, building most Well, don't do that most people, are themselves their decorator, their spouses and their general contractor crazy, yes, and not a good experience right, but I built to and I'm really really good friends with both decorators and with both builders general contractors. To this after we finished, but we had a real should rule clear set of expectations. and also to when you go to build before you decide

Yes, we're going with this decision or contractor you needed meet with them, because they there's no there's a lot of general contracted out who you do not want to work with an hour doorway in it. So I went command. Everything. The Deva saying is great: if you go this route just meet with different builders, your honor, some one billion to spend a million dollars what yes, yes, A lot of means a lot of your hiring a consultant on a million dollar project, so yeah Unita Interview. Several several. You need to intervene. The same page about this, and if your decorate is an artist and doesn't do budgets, then you have the wrong decorator kimono, you need it. you need an artist that can do a budget. Yes- and I found several now serve on, they do good work and they are buying a business and crazy but but there's plenty a middle drive. You crazy, absolute and the other differences is resident you have the latest out, like I'm talking about very specific. When you get rebuild a beast,

sure we're both Mr Demille Project makes Neuro. You know what it's exactly. What we do we should do. We sit down with them and their taking a draw on that project. Next door. They go we're two point: six, seven percent through this piece of concrete and marine draw that much An engineer and architectural firm verifies that we put fifty four point: four percent. The steel on site and we're gonna take a draw against that is down to the beach of exactly where they are and they know exactly where they honour schedule. They know exactly where they are and they don't ask for more money than they back. Done the work and its end real easy to see where we exactly are on the budget. Where exactly are on the blueprints, exactly are and here's three problems we gotta solve this week, You know we have a weekly meeting this too over this and manage the dad gum project. Yes, that's how you do it bread, you do that you read experience, love it

happening thanks running around Dave thanks for letting me James childhood are producer killer, Daniels, our social producer, Andy Remsen, your host, we'll be back with you before you know it in the meantime, remember, there's ultimately only one way to financial police and that's to walk daily with the prince of peace, Rice Jesus.

hey, it's Kelly essentially producer and funds for the day rancey. If you would like to hear Danbury screen line on the sound make sure you visit, Tame, Ramsay, dot com, slashed, show and rightish than we would like for you to come to national. Tell your story, I have you: ve got questions about retirement, investing and becoming an everyday millionaire, go beggar and broader with my man, Chris Open on the crucial venture. I M excited to be able to talk to you all week in week out we're gonna focus on your calls, and it's going to focus on building wealth, investing and how to become an everyday millionaire subscribe to the Kosovo show. Wherever you listen about gas hates, producer of the Dave Ramsay Show