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Full Episode
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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