Should I Invest While I'm Still in Debt?

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 21 March 2023

⏱️ 5 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Ramsey Call of the Day is a quick, daily dose of advice on life and money in under ten minutes. Hear from experts like Dave Ramsey, Ken Coleman, Rachel Cruze, Dr. John Delony, George Kamel, Kristina Ellis, & Jade Warshaw. Part of the Ramsey Network. Delivered to you five days a week. Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Ramsey Call of the Day, part of the Ramsey Network.
0:10.8	Kim starts off this hour in Jacksonville, Florida.
0:14.1	Hi, Kim.
0:14.6	Welcome to the Ramsey Show.
0:16.0	Hi, thanks.
0:16.8	Thanks for taking my call.
0:17.7	How are you?
0:18.3	Better than I deserve.
0:19.4	How can we help?
0:21.4	Well, to the point of the question, is there ever an exception to start investing before you're
0:29.2	out of debt? Why? So, I'm an RN. I've always worked W-2 jobs. Last year, I started as a 1099, formed an LLC, and I'm filing
0:40.4	with S-Corp, and my CPA is telling me that I need to invest for retirement because I'm not
0:45.5	contributing to Social Security and for the tax deduction. But we have, my husband and I have about
0:53.0	$24,000 in debt right now.
0:55.4	Okay.
0:56.8	Your CPA does not need to be giving you advice on this because he's not very smart.
1:03.1	The, you are paying Social Security.
1:06.7	It's called self-employment tax.
1:09.2	It's 15.3%.
1:11.5	Okay.
1:13.5	You don't get out of Social Security unless you are a pastor who opted out for as a conscientious objector,
1:21.5	but you don't have that option and I don't either.
	...

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