Pulling Out Your Retirement for a Home Reno Is DUMB! (Hour 3)

The Ramsey Show

Ramsey Network

Investing, Education, Business, Self-improvement

4.5 • 38.5K Ratings

🗓️ 17 May 2023

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

Dave Ramsey & Rachel Cruze answer your questions and discuss: "Should I go to law school and if so how should I pay for it?" How much buffer to keep in your checking account, "Can we pull from retirement for home renovations?" "My wife is opposed to budgeting... how do I address this?" "We're expecting quintuplets! How do we prepare?" Support Our Sponsor: Neighborly Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET Join a Personality-led FPU class. Click here! Enter The Ramsey Cash Giveaway for a chance at $3,000! https://bit.ly/TRSgvwy Shop our bestsellers during the $10 Sale! https://bit.ly/TRS10Sale Want a plan for your money? Find out where to start: https://bit.ly/3cEP4n6 Listen to all The Ramsey Network podcasts: https://bit.ly/3GxiXm6 Interested in advertising on The Ramsey Show? https://ter.li/s64ye3 Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Transcript

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0:00.0	Someone with a Q&A
0:06.4	Live from the headquarters of Ramsey Solutions broadcasting from the pods moving in storage studios.
0:34.4	It's the Ramsey show where we help people build wealth do work that they love and create actual amazing relationships.
0:45.4	Rachel Cruz Ramsey personality never one best selling author host co-host of the smart money happy hour exceedingly popular podcast on Ramsey Networks.
0:55.4	With George Camel be sure you check it out she's my co host today the phone numbers triple eight eight to five five two two five Sarah's and Hartford Connecticut high Sarah welcome to the Ramsey show.
1:07.4	Hi Dave my Rachel thanks so much for taking my call sure what's up.
1:12.4	So I'm hoping you can settle this agreement between me and my husband I'm 26 he's 30 you have a household income of around 140,000.
1:21.4	Our network is 250,000 we've never carried that except for our mortgage.
1:27.4	The problem is that I've been feeling super under utilized and unfulfilled at work and have asked for more work more projects and kind of concluded that this field may just not be for me.
1:40.4	So I've dreamed of going to law school so it would be part time in the evening but my husband thinks that giving up the stability and the growth trajectory of our current situation to cash flow it would set us back greatly and is just not worth it.
1:56.4	And I'm just looking for insight on that or what you think.
2:01.4	What do you do now Sarah what kind of line what kind of field are you working in.
2:06.4	Public librarian.
2:09.4	Okay and how much would it take for you to get a law degree have you priced anything out.
2:15.4	Yep it would be $88,000 over four years from site would be doing it part time.
2:22.4	Okay so okay so 22 a year to cash flow and what are you making now as a librarian.
2:32.4	How much of that one 40 years.
2:34.4	65 65 from my full time with projected increases of 9% over the next two years.
2:41.4	Okay.
2:43.4	Okay this is the math of his proposal or his concern is not logical unless he believes you're not going to use the law degree.
2:59.4	Do you think you think you're not going to follow through and be a lawyer.
3:03.4	Like I mean if you have two kids are you going to quit and go home.
	...

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