We Door-Dashed Our Way Into Debt and Obesity

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Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 8 April 2024

⏱️ 6 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.
0:06.4	So we have about my wife and I, $68,000 in credit card debt. I have $30,000 in a Roth IRA.
0:16.9	That's actually in cash. A stock was sold. There was really no profit made.
0:22.7	So I believe I could take that out without penalty.
0:25.5	So I'm wondering if I should treat that $30,000 like cash
0:29.6	or if I should reinvest it into mutual funds to help pay down that credit card debt.
0:35.1	Are you sure this is in a Roth IRA?
0:40.7	Yeah, I'm positive. Is it in like a settlement account? No, it was it was invested in a stock, like one particular company. It made
0:49.7	maybe $2,000 over the course of 10 years, so not terribly great, I guess.
0:54.5	But the...
0:56.1	So who cashed it out?
0:59.7	I did. I sold it.
1:02.2	But how old are you guys?
1:05.1	Oh, I'm 38.
1:06.7	Okay. So there must have been penalties then.
1:09.9	No, no, no, because the rock tire are raised. I don't think they're...
1:13.4	Oh, on your contributions.
1:15.6	Yes, exactly.
1:16.6	Got it. You can take out the contributions without the penalty, but it will count as income.
1:22.1	Okay, so it would count as income then.
1:24.7	I believe so. So I would check on what happened with that transaction.
1:29.0	But if it is sitting in cash, the damage is already done, then yes, this would just be
	...

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