Change Your Mindset, Change Your Life
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What do Dave and Rachel introduce at the beginning of the show?
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Normal is broke and common sense is weird, so we're here to help you transform your life. From the Ramsey Network and the Fairwinds Credit Union Studios, this is the Ramsey Show. I'm Dave Ramsey. The phone number is 888-825-5225. My co-host today, number one best-selling author, Ramsey personality, Rachel Cruz, also my daughter. Jump in and talk, folks. It's what we do here. We're here to help you. Neo. is with us in Jacksonville, Florida. Hi Neo. How are you?
Hello, I am so honored to be on the show. Thank you so much.
Honored to have you. How can we help?
All right, so I have recently had a conversation with my parents about um what they are planning to do for retirement and I was a little concerned. Um they don't have any money invested at all right now. Um and so I was like I didn't pick apart, you know, what they have in savings or debt or whatnot, but how can I convince or how can I have a conversation of investing even at their age? So my mom is fifty five. five and my dad is sixty two.
Oh, I'm surprised they're still alive. They're as old as me. They're as old as me. I can't believe it. Oh. Um Well, the thing that has always helped me sell hope, which when you say I'm too old to invest, that means I've lost hope.
How do they help a caller talk about getting their parents to start investing for retirement?
And so if I wanna sell hope in the world that I'm in, I often use the actual math. Okay. And so I would jump on and play with some numbers and then take the numbers to them and show them on your laptop. Okay? And just go to Ramseysolutions dot com and look at our retirement calculator. Okay. And say, Mom and Dad, if you put in I don't know what their income is or whatever, but you could guess at it and say if you put in five hundred dollars a month You know, when you're seventy two, here's what it'll be. But here's what it'll be if you put it in at three percent in a high yield savings account 'cause you're too old to invest. All right. And um it the market has done unbelievably well in the last five years.
Uh and it's not going to stay at that level forever. It doesn't average as high as it has lately. But in the last four years, in twenty three I mean the the numbers are in twenty three it was twenty six percent, in twenty four it was twenty five percent, in twenty five is eighteen percent, we're already at thirteen percent up this year. So the stock market basically if you put money in uh in twenty three, a lump sum, it would have doubled by now. If you put a hundred thousand in and didn't touch it, it would've al bear already be two hundred thousand just four years later, five years later.
So So is there anything I need to do on my end to help them? Like, okay, if the next step is investing and th I've convinced them that this is a good idea, what would be the next step to Well, the the other thing that holds people back from investing, other than belief that it's not gonna work, is knowledge.
And so uh anything that we don't understand is scary. That's human nature.
Yeah, but to answer your question though, you would you would reach out to a smart vestor pro and sit down with a investment professional with them if they would you know, if you're kind of guiding this journey with them and they want your help and you in the room and your opinions
Yeah, hey Dad, I got in touch with the Smart Vester Pro on the Ramsey site and I talked to him for a minute and they said they'd love to sit down and talk to you. And these people are not there to put their no glasses down on the end of their nose and talk down to you. They are teachers. And if you learn, your fear goes down. And if you believe the numbers are gonna work, your hope goes up.
And what you put your money in. Yeah. And what you put your money in, you trust the system, right? Ultimately, which is the market. Like you are putting your money in and saying, I trust that this is it's not gonna go to zero. I'm gonna trust that if anything, it's gonna make me more money. And so when you sit down with And a investment professional, they can run those numbers, run the history.
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Chapters
8 chapters
1
What do Dave and Rachel introduce at the beginning of the show?
0:04β1:42
2
How do they help a caller talk about getting their parents to start investing for retirement?
1:42β6:58
3
What advice is given to the caller who bought a fixerβupper thatβs turning into a renovation nightmare?
6:58β16:19
4
How do they guide the caller dealing with disability, low income and creditβcard debt?
16:19β1:08:01
5
How can I give a Roth IRA to my adult children without tax penalties?
1:08:01β1:29:49
6
Whatβs the best way to handle $55,000 of creditβcard debt β settlement or a personal loan?
1:29:49β1:49:37
7
Should I buy a $5,000 car now or wait until my house closes and buy a nicer one later?
1:49:37β2:06:31
8
How should a trustee distribute a $300,000 estate to beneficiaries without triggering taxes?
2:06:31β2:07:45