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Chapter 1: What is the purpose of aggressive goal setting?
Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. Jade Walsh, our Ramsey personality, is my co-host today, number one best-selling author, and we're here to answer your questions about your life and your money. Open phones at 888-825-5225. Andrew starts off this hour in Miami.
Hi, Andrew. Welcome to the Ramsey Show. What's up?
Not too much. Thank you so much for having me, Mr. Ramsey. Sure. So I had two questions regarding whole life insurance. I know your general principle, but I've never actually heard you discuss these two characteristics of whole life insurance or these two scenarios. So I was kind of curious of your opinion. Regarding the subject, if you don't mind.
Sure. I'm an expert on my opinion.
So the first question is like this. Today in America, if a person is a single person is earning $150,000 a year or less, they can put up to $7,000 into a Roth IRA. that grows tax-free. But at $150,000 after taxes, about 130,000, a single person pretty much anywhere in America still has plenty of money. So let's say you're putting money into investment brokerage account.
My question was on whole life insurance, it also grows tax-free. I know it doesn't have the same rate of return, But if a person wanted to increase their long-term tax-free savings, would that be something you would consider as a viable approach, that they've already maxed out their Roth IRA, or if they have a company, a Roth 401k, the sale can only max out at $7,000.
How long ago did you take your job selling a whole life?
I've actually only sold a couple of policies, but no, I'm not actually involved in the industry specifically, so you don't know.
How did you sell policies if you're not involved in the industry? Oh, I am a licensed agent, but I haven't done it in a few years. Because you pretty much spouted their line perfectly. This is the whole life sales line. That's how I knew you were selling it. You nailed it. Like you were just trained like three weeks ago. That's what it sounded like.
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Chapter 2: How should I approach whole life insurance?
And I'm saying, what have you told her about this? Have you told her anything?
I told her, I told her that one, she needs to get married if she wants to rely on his income.
Did you tell her why?
Oh yeah. Um, for sure. It's hard for her to listen to me because I'm not married. Ah, okay. Another strand.
Well, it's you're her kid. That's strand one.
Yeah, and that's another thing too.
Yes, and then you've not been in the type of relationship that she's been in. At least that's the way she's going to view it, which is true. So you're fighting a current 100%. Let me tell you what.
If you ask your mom's dad, he's probably gone, right?
yeah yeah but if we were to ask him a good relationship they didn't know that's probably not a good example if we were to ask her uncle he would have said no i'll bonk him on the head no right or i mean even if you flip the script and put yourself in that situation although i i would love to think that she would tell you to do the the opposite but she might tell you to do the same thing that she's doing so she would smell that one out um
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Chapter 8: What are the risks of relying on someone else's income?
Yes. Yes, it just still feels weird.
Do you feel bad that you didn't pay? Is it because you didn't use your earned money, per se, to pay off all the debt?
It's more a mixture of, I guess, I'm afraid to go back. And then, you know, I've really drastically increased my income. And so I feel a little like, you know, people who are having a harder time. And then the other part of the guilt is, so we have a three-year-old and a five-year-old. Um, and, um, because of the medical stuff and because it just, it was just easier with my wife being home.
Um, we, when she's home, we meal plan better. We, we save more money because we don't need out. We don't save money because my three-year-old would have to go to daycare. We save more money that way. But anytime you go visit family, friends, anything, it's the first, when she goes back and it's like, well, I've increased my income. I think we'll be okay.
They don't get a vote. Who gave them a vote?
I know it's in my head. And I guess what I'm trying to say is how do I get, we're doing fine, but how do I get all that voices out of my head? I assume that once you cut off the debt, it still takes a little bit before you feel that relief.
Listen, I'll, I'll be honest with you. Uh, my husband and I paid off a big amount of debt and immediately you're like, yes, this debt's gone. But you do feel the residual effects of that throughout like your day to day life. For me, it's, I would go to the grocery store. My armpits would still sweat when it was time to swipe my card. Um,
still to this day, I have to stop myself from checking my account to make sure the money's there. So there is that part of it that your body is just used to a certain response when it gets in those familiar circumstances. And I do think that that starts to fade over time. I think the best thing for me, one of the best anecdotes for this has been the budget and just
going over it and saying okay i planned for this and and reminding myself that i'm still doing all of the things that cause me to be a financially responsible adult i'm still doing my investing i am still you know planning for the future i'm still being generous like when i tell myself jade you're checking all the boxes this is okay then it kind of causes my heartbeat all the boxes are checked checked including taking my wife out to a 300 dinner okay
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