Should I Save or Invest Most of My Income?

Ramsey Everyday Millionaires

Ramsey Network

Careers, Investing, Business

4.6 • 3.6K Ratings

🗓️ 7 February 2024

⏱️ 4 minutes

🔗️ Recording | iTunes | RSS

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Summary

Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Rachel Cruze, John Delony, George Kamel & Jade Warshaw. Helpful Resources: Need Help with your investments? Click here to connect with a SmartVestor Pro. To learn more about how to plan for Retirement click here To learn more about Investing click here Create a college savings plan for your child’s future. Click here to connect with a SmartVestor Pro. Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

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. Williams in Jacksonville, Florida.
0:24.8	Hi William, welcome to the Ramsey Show.
0:26.6	Hi, thank you for taking my call.
0:28.6	Sure, what's up?
0:29.6	Okay, so here in probably the next month or two, I will be going into the Navy and hopefully receiving a sum of money that I am not accustomed to.
0:39.0	And I was wondering if I should save all of the money I make in the Navy since I'll be living with little to no
0:45.4	expenses or if it would be better invested somewhere else.
0:49.8	So how much money are we talking here? About $75,000.
0:54.0	Wow.
0:55.0	Good for you and thank you for your service.
0:58.0	Thank you.
0:59.0	So how much money do you currently have?
1:00.0	Currently I have in savings around $6,000.
1:05.0	Okay.
1:06.0	And what does this look like over the next few years?
1:09.0	Is there an end of the contract or what's next for you after this?
1:13.0	Well it is a career that the Navy can carry me through until retirement but I can also leave
1:19.9	the Navy and make a lot of money working on other places for what I'm going in for.
1:25.0	Okay, the reason I ask is because if you have a long time horizon, investing this money is wise.
1:30.0	But if you're going to need this money in two, three, four years,
	...

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