This Is What Happens When You're Smart Early

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 11 April 2025

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

💵 Sign up for EveryDollar today - Create a free Budget! 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, and are disciplined and responsible! Next Steps: 💰Need help with your investments? Connect with a SmartVestor Pro: (SmartVestor Investing Professionals ) #PaidEndorsement 📝Get your free copy of Ramsey’s Complete Guide to Investing: (Ramsey's Complete Guide to Investing) 🏦Take a retirement assessment to find out how much you’ll need to retire: (Retire Inspired with the R:IQ Retirement Assessment) 📈See how much your investments could be worth over time with this handy calculator: (Investment Calculator) 🧑‍💻Explore free investing tools, articles and more on the Ramsey Investing Hub: (Ramsey Investing Tools and Resources) Listen to more from Ramsey Network 🎙️ The Ramsey Show 🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💰 George Kamel 🪑 Front Row Seat with Ken Coleman 📈 EntreLeadership 💸 The Ramsey Show Highlights Learn more about your ad choices. Ramsey Solutions Privacy Policy

Transcript

Click on a timestamp to play from that location

0:00.0	This episode is brought to you by SmartVester.
0:07.7	Connect with an investing pro near you at Ramsey Solutions.com slash SmartVester.
0:14.2	Nicholas is in Chicago.
0:15.6	Hi, Nicholas.
0:16.2	How are you?
0:17.1	I'm doing well.
0:17.8	Thanks.
0:18.2	Thanks.
0:18.3	Thank you both for taking my call.
0:20.1	Sure.
0:20.3	The call is regarding a Roth conversion that I think I'm doing well. Thanks. Thank you both for taking my call. Sure. The call is regarding a Roth conversion that I think I'm going to do. My position in background
0:27.3	is net worth about $15 million. I retired at $45. It sold off a medical practice.
0:35.8	My wife is still practicing, but I've transitioned into managing our real estate.
0:39.9	So now I file as a real estate professional.
0:43.6	Heavy into real estate, got about $8.5 million worth of real estate spits off $900K in revenue,
0:50.4	about $2.5 million in debt, low rates, three and a half or so.
0:55.9	I'm sitting on a step of about two million.
0:58.7	Brok account of 2.7, about 300k in cash.
1:03.5	The question is, with the $2 million step,
1:06.9	I'm looking at almost a $700K tax hit when I convert that. With my real estate professional
1:14.4	status, if I continue to buy real estate and use the depreciation to offset my wife's income
1:22.1	as well as that raw conversion, should I be going about it that way, or should I liquidate my brokerage account
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Ramsey Network, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Ramsey Network and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.