How Do the Baby Steps Apply If I’m Already a Millionaire?

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 1 August 2025

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	This episode is brought to you by SmartVester. Connect with an investing pro near you at Ramsey Solutions.com
0:11.2	slash SmartVester. Jake is in Knoxville. Hi, Jake. How are you? Hey, Dave. Thanks for taking my call,
0:19.0	and how are you guys doing today? Better than we deserve, sir. How can we help?
0:23.3	Excellent. So I'm a baby steps millionaire and I'm trying to figure out how to manage steps four, five, and six.
0:30.1	Just quick rundown, I've got $2 million in the 401K. I've been contributing the max allowable that the government allows to contribute since about 2010.
0:39.5	And I'm considering dropping that down to the company match, which is 6%, and putting the remainder in either a liquid brokerage account to contribute to kids, to continue contributing to kids college, or to just dump it into the the house which has 225 left on it.
0:56.0	What's your income?
0:57.7	Mine comes $250,000 and my wife just got a job as a teacher.
1:01.8	So she'll be making about $50.
1:03.5	Okay, she got $300,000 income.
1:05.9	Yeah.
1:06.8	Yes.
1:07.6	You know, normally we say 15% of your income going into retirement so that you have some,
1:12.4	and kids' college is baby step five, and then pay off your house is six.
1:17.3	And you're how old?
1:19.0	42.
1:20.0	How old are the kids?
1:21.5	Kids are 12 and 8.
1:23.2	And we do have 125,000 saved for them already.
1:26.7	Okay.
1:27.0	We've been putting $1,200 into a college fund since they were born.
1:30.5	Yeah.
	...

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