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

up next we have Mark in Sacramento hey Mark welcome to the show hi I have a question

my only bit that I have is my home my old $295,000 I have a good interest rate to me at 2.14%

I have a small investment account through Edward Jones of about 14,000 and then I have cash of about

a hundred thousand and I want to do something with a hundred thousand to invest it but I very

leery to listen to people on Instagram and follow them and do what they recommend and I was hoping for some guidance

that's some wisdom right there don't take financial advice straight off of Instagram okay Mark so you have you

have no other debts you have a lot of cash I mean six figures of cash which is awesome do you have

anything in retirement do you have any do you have a Roth IRA open do you have 401k at your work

no I don't I do my investment account was intended to be as a retirement my grandfather needed to

pull some cash and he got penalized and that's always been a fear of mine is not being able to have access to my

money that's all do you have the option for a 401k through your or a Roth through your work

you know not at the moment okay that's in the work I work for the family business okay I got you

okay the matter of me setting that up yeah and still Roth IRA could be an option so Mark I would encourage you

though to look into that I understand being able to get to your money is important to you and I get that

but also you're going to miss out on a lot of growth and tax free growth if these accounts are wrapped in a Roth

so if you if it's not just a traditional IRA but it's a Roth and if you get a Roth 401k as well so there's just

so much opportunity for growth there for retirement that I would recommend looking into that so if I were you

and I woke up in your shoes I would take this $100,000 and I would put some of it still and just have

in a money market account for an emergency fund anywhere from three to six months of expenses there I would open up a

Roth IRA and I know the 401k would be a little bit more complicated within the family business but once you get that

up and running funding some money into that and even maxing that out for the year and then taking the rest

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