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Chapter 1: Is pulling from my 401(k) to invest a good idea?
Live from the headquarters of Ramsey Solutions, broadcasting from the Pod's moving and storage studio, it's The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Campbell, joined by Jade Warshaw this hour, and we're taking your calls at 888-825-5225. You've got a burning question on your mind. You don't know who to go to.
You heard something from your brother-in-law. You're not sure if it's true. You saw a TikTok. You want some confirmation or validation. We're here to help you take the right next step for your life and your money. Refugio is going to kick us off in Albuquerque. Refugio, what's going on?
Yes, good afternoon. I'm calling because I had a question. I called Merrill Lynch because I work for Walmart, and so I have 401K, and I'd gone to a live search website, it's, it's this Christian, uh, uh, business kind of, uh, church event.
Chapter 2: How can I start investing wisely?
Nonetheless, um, to get to the point, uh, I thought I would be able with the uncertainty of times, be able to take out some of my 401k and go ahead and pay taxes, which might not be the brightest idea. At least I could start investing on my own, uh, with the tools that I learned from life search. Well, nonetheless, when I went to call, uh,
Merrill Lynch, they told me that I could not get any of my money out unless I were to leave my job, quit my job. And I'm like, well, I don't want to quit my job. And so my question is, and it's kind of like scary. I never thought that you could put money in and not get it out. Have y'all heard of that?
Were they cautioning you of what could happen if you were to remove this before retirement age? Was it more like, hey, you can't access this money, it's your retirement money? Or was it... Does that make sense? Because they may have just been adamant because they didn't want you to...
remove your retirement money or was it like no matter what you can't take this much like i'd love to have more context into that because we would tell you hey don't pull out your 401k right we would tell you not to pull it out yes so no matter they were like um they were like the only way you can take out your money or any part of it is if you have a hardship
And they kind of told me either you're going back to school, you have medical expenses.
Those would be things that would avoid that.
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Chapter 3: What should I do if I get laid off while paying off debt?
And those would be things that would avoid the fees and penalties. So I have a hunch. I don't know that I'm right. I would I would say call them back. But I have a hunch that they were saying you can't pull out your money without penalty and without tax unless it's this. Which is great advice, by the way.
No, I did ask him that question. I go, can I get, even because I told him how much I was going to get, I said, well, can I get half of it? And I'm aware of paying taxes, and I'm aware that it's going to be a 10% penalty. She goes, well, the way it's set up with your company, you can't, you won't be able to get it until you're 59 and a half, or you can actually prove that you have a hardship.
Okay. I would go to your HR department to just get the fine print on this and figure out what's going on. But the good news is you're not going to do that. And here's why, Refugio. I don't want to be the bearer of bad news.
Chapter 4: Why is playing the credit game considered a bad idea?
I'm scared you're about to fall for some kind of scam.
Yeah.
My red flags were going up and up and up when you started talking about this event you went to and they said to cash out the 401k because the times are, the end times are near and you got to give us your money and we'll invest it the right way. Does that not sound a little kooky?
Well, it does. What they were saying is They have this program, which we're going to go back, and it's in Oklahoma City, where you would learn how to day trade or stock trade. No.
Dear Lord, no.
Big, big, big no. And big, bright red flashing giant letters.
At a Christian event, they're telling you to day trade? Jesus would be flipping the tables up in that temple.
Okay. Look, Refugio, you called this show and we, dude, we love you.
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Chapter 5: Should I borrow from my Roth IRA to pay off my house?
We want the best for you. Do not do this. Keep your 401k, your 401k. It's trucking along. It's earning, you know, it's compounding. Keep that. You don't need to get into day trading. That is not it.
And guess what? Those stocks are a part of the same stock market that your 401k is with. So if they're truly talking about some hedge against inflation, the end times, this ain't it. And I'm scared they're about to take all your money, leave you broke. And now you have no money in your 401k and you lost your money elsewhere. So I don't know what this is.
I could be wrong about this, but if there was the word day trade in there at an event and they're telling you to cash your stuff out and put it in this to be safe, man, I would run fast and I would run hard.
Chapter 6: What are the benefits of buying rental property with cash?
And I'm mad at them. Let me just tell you, I'm mad that somebody told you that. That is the worst advice ever. All right. So you got two folks. We are gangster for you. Do not do it. And I'm mad at the folks who told you to do it. That's so messed up.
Refugio, please avoid 401k withdrawals, avoid 401k loans, avoid day trading, and avoid any event where they tell you the end times are coming. Liquidate your assets and give it to us. We'll know what to do with it. Goodness gracious, that scared me. Oh, I'm so glad he called us. My heart is palpitating right now.
Chapter 7: How do I navigate financial decisions after a job loss?
Okay. Let's see if we can get a quick one in here from Emily in Atlanta. Emily, what's going on?
Hey, how are y'all?
Good. We're up against the clock. What's your question today?
So I'm 19 years old. I love watching y'all show. I have about close to $20,000 in my savings just from working. I did not go to college. And... I work for my parents currently, and I'm just wondering where is the best place to start investing.
Okay. Do you have any debt?
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Chapter 8: What are the dangers of day trading and investment scams?
I do not, no, sir. My parents, I was very blessed growing up, and they've taken care of everything for me up till today, or up till now.
That's awesome. Okay, so this $20,000, is part of that an emergency fund?
I don't have any bills, honestly. I still live at home. My parents take care of everything for me. I'm under their insurance at the business. Do you have a car? Yes, sir.
I have a car and they paid for that as well. Is it paid for or they're paying the payment?
No, it's paid for.
Great. Okay. I'd still set aside 10K just to be safe because car repairs, deductibles, insurance, I want you to have some cushion there. Right, right. But with the other, you know, 9, 10K you have, you could fully fund a Roth IRA if you have earned income. You're working?
Yeah, yeah, I do. So, yes, I work for my parents. They own like a glass company right outside of Atlanta. And probably in about five to eight years, I'll be purchasing it from them eventually. And so my income will significantly go up.
That's awesome. What's your income today?
Around $40,000.
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