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Chapter 1: How can I balance spending and saving?
And we're going to have a lot of laughs.
Yeah. That's why it says where your money is, your heart is also. It's a relational component.
This is The Ramsey Show. We'll be right back. Welcome back to The Ramsey Show. 888-825-5225. Taking your calls live. Guess what? Christmas will be here before you know it.
Yeah.
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And if you're listening on YouTube or the podcast, you can click the link in the description. Check them out. All right, let's go out to Chi-Town and talk to Matt. What up, Matt? How we doing, man?
Hi, it's an honor to talk to you, Jaden John.
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Chapter 2: What should I do after paying off my house?
We started in March of this year. $128,000 was an RV that we learned we didn't need.
Okay. Okay. Wow. Wow. Congratulations. I'm happy for you. This is good.
Thank you so much. Okay. So as we get ready to turn retirement back on, we want to know where the backdoor Roth falls into this. We've heard it's matched Roth traditional. We've also heard to match out traditionals in 456s.
So it falls in the same category. You're right. Match beats Roth beats traditional. So if you have a match with your traditional 401k, you would start there. If you had a Roth 401k, you could start there. Which one is yours?
We both have a match. We just weren't sure if the backdoor fell into the same order because of the taxes that we'd have to pay to open like the post-tax. and convert. So it'd be slightly over the 15%. So just double checking that it was still matched back to a Roth and then traditional.
I would still do it that way. I do do it that way. Let me just put it like that. Excellent. Does that answer your question?
It sure does.
Man, congratulations. Ding, ding.
Yeah, thank you all for that.
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Chapter 3: When should I talk to my kids about money?
I wonder it's all really going to be based on what your what your will is and what you plan to do with this money. I mean, obviously, I would not have this set up, John, that if something happened, like if something happened to Sam or I, the kids aren't getting all of this money lickety split.
Correct.
Right. It is something that will come. In increments at certain age points with other certain things in intact, like to Dave Ramsey's point, you can't be on drugs to get this money. Right. And so I'm not sure what your plan is, Maggie, but I want to make sure that's not the case because an 18 year old suddenly getting a million dollars is doesn't usually go well.
Yeah, I'm reading this as she's wondering, when do we sit down and tell our 16 and 21 year old that we have three and a half million dollars in assets? And that's how we're going to divide this up.
And to my point that I'm trying to make is I want to make sure they have the right plan in place first. So that when they do tell them, it's not, hey, and by the way, when you're 18, you're going to get a million dollars. So I think the way to avoid stars in the eyes is to say, here's what's going to happen. Like if we were to pass away, here's what would happen.
You would be gifted the money to pay for school. And at this age, you'd be given the money to have a down payment on a home. And at this age, you'd be given, you know, and walk through it so that at every point in time, it's you're receiving this money and here's what it's for, as opposed to, and you're just going to be Scrooge McDuck rolling in bills, right?
So I think it's all about how you have it set up, how you speak about it. And truly, All of this is about what you've been teaching over time, right, from the time they were eight years old, you know, or younger about how to handle money.
And so the hope is that the 16 year old will have some level of, OK, you know, and as she gets older, even more level of, OK, this is I have to be a manager here. This is not the key to unlock my whole life. And I get to be irresponsible with this.
Yeah, I think the age appropriate is the words that manage here. And quite honestly, I would not sit down. It depends on your 21-year-old. I think I would tell my 16-year-old that, Hey, if mom and I, something happened to dad and I or mom and I, you're going to go live with so-and-so until you turn 18. And we've put together some things.
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Chapter 4: Is investing better than buying a luxury car?
Okay.
And my problem is I have a 21-year-old car that isn't running as well as it used to.
Okay.
So because of that, I'm looking at something a little more fun, a BMW 330i. Okay. And I'm stuck on if I should give in and enjoy a newer, well, it's going to be used, slightly used, a newer vehicle.
What year?
It's a 2021. Okay. Or if I should keep the money because I would cash it out, keep the money to further invest since I do invest pretty aggressively, I'd say.
What percentage are you putting away?
30%.
Okay. How much will the BMW cost?
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Chapter 5: How do I deal with a scarcity mindset?
I mean, if he wants to buy you out, that's great. You'd still get your cut regardless.
6.5 does another for you if you don't want it.
And then, I mean, essentially based off of what you've said, you didn't say how much is in your 401k. Do you know off the top of your head?
Well, I never really worked. So yeah, it's like 60,000.
Nancy, Nancy, I want you to change that language, please. Okay.
Okay.
You, you, you built and held together a home for three decades.
Okay.
I want you to stop saying that you don't have any economic value in this arrangement because you didn't quote unquote punch a clock in an office. You've been working your butt off for 30 years. You've been keeping the books. You've been trying to manage the emotional safety of that home for 30 years. Dave gave me a line. He gave me a quote that has really proven instructive here.
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Chapter 6: What’s the best approach to budgeting for fun?
Because you think you're testing it out.
That's right. Before we do this forever, let's try it out for six months. Let's try it out for a year. That makes sense on paper. What it doesn't take into account, and that may work with a car, right? It may work with a car, but people aren't cars.
And the only way marriages work long term, the only way romantic relationships and partnerships work over time is there has to be a tethered in commitment that says this cannot end.
That's right.
Otherwise, it will. Talk to anybody who's been married for any length of time and they'll tell you, oh yeah, if that thing wasn't in concrete, we would have gone our separate ways for any number of reasons. And so it always comes back to this promise, I will be right here and we'll figure this thing out.
And so you end up living separate, co-managed, co-everythinged lives instead of creating a new life that has one entity moving forward. It's hard, right? It's hard.
I also think it's a guise. I think it's, you know, if you're dating someone and you decide, I know I'm going to use old school language here, you decide to go steady or like, hey, it's just us, like we're not going to see other people, whatever you want to say. That right there kind of has, that's about the...
Before you're married, that's about as far as the relationship goes before you get engaged of saying, I'm only going to date you and only you. But our lives are intertwined. So I kind of have the ripcord I can pull if you turn out to be a psycho or you turn out to be not the one for me. Right. But then we've told ourselves, hey, I can take this.
commitment a step further by saying come live come move in with me or you move in with me but it's really the opposite because you're saying you're telling yourself this is me displaying another level of commitment but it's really you showing a level of uncommitment by saying i don't want to marry you but i want to intertwine our lives but i also want to know that i can pull that same ripcord that's right and so
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