you're listening to ramsy everyday millionaires where we talk retirement building wealth and outrageous generosity.

Let's go to Mitchell now in Chattanooga, Tennessee not too far from us here in the national area. Mitchell how can we help?

Hey thanks for taking my call so a few months back I used 10s principles and got a new career and that's got me out of debt.

I like hearing you go. Yeah so now I can actually start contributing to the company match 401k's and got out of baby set 3 and they have a 6% match so my question is with days 15% going into retirement what I do 6% match and then 9% outside of that or 6% there and then 15% outside of that.

That's a great question and in these instances when you've got a company match we look at that as icing on the cake so I still want you investing 15% of your income into that 401k and if there's a raw option that's even better and then take that 6% match as a bonus but no it's not going to be a 6% and a 9% on your part.

I want you to invest still the full 15% your job could change your life could change the company numbers could change the benefits could change but I want you consistently investing 15% okay and would I do the 15% in the company match on top of the 6% or would I go through an ELP and just do it separately from the company match.

No they have a 401k correct. Yes yes. Yeah so what you want to do there is you'd go up to the match that 6% then you can open up a Roth IRA if you don't have one already and you can work with a smart

investor pro like you mentioned there to get that open and you want to max that out the limit is 6,000 for most people this year and then you go back to the 401k and you can dump money into there and if it's that's if it's not a Roth option.

I assume it's there is no Roth option there. No it's the target date option as far as I know it's a traditional 401k.

Okay if it's traditional then that's what you do is go to the Roth then back to the 401k and finish out your 15% awesome okay thanks thanks so much yeah absolutely congratulations.

What a success story I love it guys got him a new career but by the way that's the bigger shovel yeah that right there if we can help it Ramsey solutions.

Through through the can Coleman show and the resources we created to get that bigger shovel let's go because that's an example Mitchell got a better gig got promoted.

And got out of debt and now he's calling you for investing questions I mean this is what it's about this is the sweet spot when it comes to what we do here can is when you can intertwine the career side the purpose

side with the money side and you realize they actually work hand in hand they do I mean have you ever heard a debt free screen I've not have you ever heard one where they didn't make it

least some more money I mean it just some not many times it's substantial where they make more money yeah so making more money is a big part of getting out of debt.

Thanks for tuning into Ramsey everyday millionaires to check out all our podcasts just search Ramsey Network on Apple podcasts Spotify or wherever you listen.

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