Building Wealth Starts With Setting Aggressive Goals

The Ramsey Show

Ramsey Network

Business, Education, Investing, Self-improvement

4.6 • 36.7K Ratings

🗓️ 9 December 2024

⏱️ 86 minutes

🔗️ Recording | iTunes | RSS

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Summary

📈 Are you on track with the Baby Steps? Get a Free Personalized Plan 📱Listen to the full episode for free in the Ramsey Network app. Watch United States of Anxiety exclusively on the free Ramsey Network app! Dave Ramsey & Jade Warshaw answer your questions and discuss: "Should I invest in a whole life policy?" "My mom has a bad plan, how do I talk her out of it?" "Should I put down less than 20% on a home?" "My wife wants to leave me after I hid $26K of debt," "Should I buy my friend a car?" "My 401(k) was closed without my knowledge" Support Our Sponsors: 🌱 Get 10% off your first month of BetterHelp ◎ Get 10% off Byrna product bundles and more! 🏥 Learn more about Christian Healthcare Ministries 🏡 Get started today with Churchill Mortgage 🔒 Get 20% off when you join DeleteMe 🏦 Go to FAIRWINDS Credit Union for an exclusive account bundle! 🥗 Save 15% on your first Field of Greens order with code RAMSEY 💤 Visit Helix Sleep for special offers! 💻 Visit NetSuite today to learn more 🗂️ Use promo code RAMSEY for 18% off at The Nokbox 💵 Learn more about Timothy Plan 🏛 Get started with YRefy or call 844-2-RAMSEY 🔐 Visit Zander Insurance for your free instant quote today! Next Steps 📞 Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET or click here! 🎟️ Get $100 Off Money & Marriage Getaway with code CHRISTMAS. 🎄Hurry—Your chance to win $5k is almost over! Enter the Ramsey Cash Giveaway today! 💵 Start your free budget today. Download the EveryDollar app! Listen to more from Ramsey Network 🎙️ The Ramsey Show 🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💸 The Ramsey Show Highlights 💰 George Kamel 💼 The Ken Coleman Show 📈 EntreLeadership Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Transcript

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0:00.0	Live from the headquarters of Ramsey Solutions.
0:18.8	It's the Ramsey Show where we help people build wealth, do work that they love,
0:26.6	and create actual amazing relationships.
0:30.9	Jade Walshaw, Ramsey Personality, is my co-host today, number one bestselling author,
0:36.6	and we're here to answer your questions
0:38.6	about your life and your money. Open phones at AAA 825-5-2-2-25. Andrew starts off this hour in Miami.
0:47.5	Hi, Andrew. Welcome to the Ramsey Show. What's up?
0:50.5	Not too much. Thank you so much for having this, Mr. Ramsey.
0:53.8	Sure.
0:55.4	So I had two questions regarding whole life insurance.
0:59.0	I know your general principle, but I've never actually heard you discuss these two characteristics of whole life insurance or these two scenarios.
1:06.7	So I was kind of curious of your opinion regarding the subject, if you don't mind.
1:11.1	Sure.
1:11.4	I'm an expert on my opinion.
1:15.2	So the first question is like this.
1:18.2	Today in America, if 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
1:31.6	taxes, about $130,000, a single person pretty much anywhere in America still has plenty of money.
1:37.6	So let's say you're putting money into an investment brokerage account. My question was on
1:41.9	whole life insurance, it also grows tax-free. I know it doesn't
1:45.2	have the same rate of return, but if a person wanted to increase their long-term tax-free
1:50.9	savings, would that still be, would that be something you would consider as a viable approach
1:55.1	that they've already maxed out their Roth IRA or if they have a company that a Roth 401k,
	...

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