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The Ramsey Show

How Can I Best Grow My Money? (Hour 3)

The Ramsey Show

Ramsey Network

Education, Investing, Business, Self-improvement

4.538.5K Ratings

🗓️ 6 January 2023

⏱️ 40 minutes

🧾️ Download transcript

Summary

George Kamel & Jade Warshaw answer your questions and discuss: "Is car sharing on Turo a good side hustle?" What to do when your goals don't align with your financial planner, Investing vs. saving for a future house, What to do with unused 529 money. Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET Want a plan for your money? Find out where to start: https://bit.ly/3nInETX Listen to all The Ramsey Network podcasts: https://bit.ly/3GxiXm6 Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Transcript

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0:00.0

povo

0:01.7

Live from the headquarters of Ramsay Solutions,

0:31.4

broadcasting from the pods, moving in storage studio, it's the Ramsay Show, where

0:36.1

America hangs out and have a conversation about your life and your money. I'm

0:40.4

Ramsay First Anality, George Campbell, join this hour by my good friend, Jade

0:44.7

Worshaw, and we are taking your calls, America, at the number, triple 8 825 225.

0:50.9

That's triple 8 825 5 225. William kicks us off in Wisconsin. William, welcome to

0:58.7

the Ramsay Show. How you doing? Good, how are you guys doing? Doing great, what's

1:03.5

going on? So I'm 20 years old and I recently bought my first two cars to

1:09.5

rent out on this app called Tarot. How do you guys feel about someone investing

1:14.7

into this business model as a way to generate more income? It depends on how

1:19.6

you're investing, are you paying cash? So for the first two cars I have paid

1:24.9

cash and then my plan is just to save whatever the cars make and then slowly buy

1:30.3

more and my question about this is obviously the cars depreciate and if I

1:35.7

am buying more it would probably be over like 50% of your income. How do you guys

1:41.0

feel about that? So you have a primary car that you're driving and that's not

1:45.9

being rented out? Yeah, that's separate from either two. What was the cost of the

1:50.0

other two cars that you bought for this? So one of them is 11,000 and then the

1:55.4

other one is a little bit more expensive. I think it comes in around 25,000.

1:59.6

You paid cash for these? Wow, at 20? Yeah, I have a different business that I've

2:04.9

tried to save as much as possible. What's the other business? Because it sounds like

2:08.8

you should go wrong on that one. So that's actually like I've been doing like

...

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