you're listening to Ramsey every day millionaires where we talk retirement building wealth and outrageous generosity

Thomas is with us in New York City. Welcome to the Ramsey show. Hey Thomas Merry Christmas

Merry Christmas to you today. Thank you so much. Hello gentlemen. How you doing? Great man. What's up?

Nothing quick question. First of all, I just wanted to preface it by saying David

and listening to show for a while and I really want to thank you for every all your advice. I used to be one of those people that really just thought about well

Yeah, I can afford that payment. I can afford that payment and just all the sudden I'm just under this massive amount of debt and

After listening to for a couple months, I've just basically restructured the way I do everything. I'm just you know

Stop buying stuff. I'm getting my debts paid off. I'm within a couple years. I plan to be completely debt free

So thank you very much for your advice

My question is I've heard you talk a little bit about whole life policies now my wife and I right now have whole life policies

They're good until we're 125 years old. We have about 1.5 million dollars in coverage

Cost is about six hundred and eighty dollars a month to have that and I've heard you sort of say that you didn't think they were a great

investment, but I haven't really heard you get into any details about why you think that is

So as long as you could just talk about that a little bit and you know

Maybe maybe I'm missing something and if if I am I'm sure you'll hit the point. Okay, sure

well the over arching

Main companies that sell whole life the numbers break down about like this

per hundred dollars that you pay in premium

You can buy the same amount of term life insurance 15 year level term 20 year level term for about five dollars

Got it. It's roughly 20x

Okay, and for the insurance

Obviously whole life though has another component to it the term does not have you're obviously aware of that you spend a lot of money on this

...