Why You Should Stop Investing if You’re in Debt

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 14 May 2024

⏱️ 5 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.
0:06.7	My wife and I are in Baby Step 2. We've just driven in end and found you, which is fantastic. However,
0:11.8	it occurred to us that we hit tax season and we had to pay this year and we're worried about stopping our investments because we're going to have to pay probably three times more next year in taxes. So I'm really wondering what's the justification of, you know, it's not paying
0:26.5	ourselves first and investing and more so paying the government and losing out on some of that
0:31.6	money, even though we'll have more to go towards baby step two. How much are you putting in your 401 case?
0:40.1	I have a 6% and a 6% match.
0:43.0	The match doesn't count for taxes.
0:44.6	How much are you putting in the 401 case in cash?
0:47.7	About $540 a month.
0:49.8	So $6,000 a year?
0:52.0	Yes, sir.
0:52.7	And what's your household income?
0:55.0	131,000 a year? Yes, sir. And what's your household income? 131,000.
0:57.0	Okay.
0:58.0	So this saves you $2,000 in taxes.
1:01.0	Okay.
1:02.0	Right?
1:03.0	Yeah.
1:04.0	Yeah.
1:05.0	It does.
1:06.0	Okay.
1:07.0	And how much debt do you have?
	...

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