Should I Reduce Investing To Afford a Roth Conversion?

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 20 September 2024

⏱️ 5 minutes

🔗️ Recording | iTunes | RSS

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Summary

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Transcript

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0:00.0	This episode is sponsored by SmartVester. Connect with an investing pro for free at Ramsey Solutions.
0:11.0	Com slash invest.
0:22.0	You're listening to Ramsey everyday millionaires where we talk investing, retirement, building wealth and outrageous generosity. Michael, welcome to the Ramsey show.
0:27.0	Hello, gentlemen, how are you doing today?
0:30.0	Better than I deserve.
0:31.0	What's up?
0:32.0	So my wife and I are kicking the tires on a Roth conversion and I wanted
0:36.8	to run this plan by you to see if you think it's a good idea. Here's some information about our situation. I'm 42. My wife is 39. We have a net worth just
0:48.0	north of 1 million. No debts. We have a house was paid off.
0:54.0	Yes sir.
0:55.0	Way to go. Well done.
0:57.0	42 year old millionaire.
0:58.0	How much of this million dollars did you inherit?
1:00.0	Zero.
1:01.0	Okay, cool.
1:02.0	All right.
1:03.0	So what's your, what's the rest of the question then?
1:05.0	Oh, so we, I have about, we have about $240,000 in traditional funds and most of that's from company match from over the years.
1:15.0	So what I like to do, oh and by the way on our budget, we use all the extra margin
1:21.1	to just about max out our retirement funds as Roth 401k and IRA.
1:27.0	What I like to do is bring that down to the bare minimum in order to capitalize on my company match and then use that
1:37.2	amount to basically pay the taxes over a three-year period to be around
	...

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