THIS Is What Keeps People Middle Class

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 6 February 2024

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

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Transcript

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0:00.0	Brought to you by the Every Dollar app. Start budgeting for free today. Micah is in Washington, D.C.
0:08.8	Hi, Michael. What's up?
0:11.2	Hey, Dave. Hey, George. Thanks for picking my call. Sure. What's up?
0:15.1	Hey, so a little bit about me. I'm 24. I'm currently debt-free. I make $80,000 a year. I am currently maxing out my
0:24.2	401k and IRA. I want to buy a car that cost $30,000. However, I don't want to get rid of my
0:32.8	current car. It would just be a, you know, a play car. It's a sports car. My question is, is I have $30,000 in cash that I'm prepared to pay for this car.
0:44.5	I'm not sure if it's better to put this in a different sort of investment portfolio
0:48.9	or if it would be okay to splurge and buy this car.
0:58.2	Oh, I see. I thought you were calling the car an investment. My face was turning inside out.
1:02.2	Okay. So what's the car? I'm a car guy. I love gears.
1:09.7	So it's a Nissan 370 Z. Oh, sweet. Nice car. Okay. And what your model?
1:12.1	2019.
1:13.0	Okay.
1:13.8	All right, cool.
1:16.4	And what's the car you're currently driving worth?
1:19.8	It's $13,000.
1:20.8	Okay.
1:21.4	All right.
1:24.8	What's your income trajectory?
1:27.3	When would you be making 90?
1:34.0	Potentially, maybe five years from now.
1:34.5	Whoa.
	...

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