You're A Millionaire And Didn't Even Know It

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 29 May 2024

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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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? 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. Listen to more from Ramsey Network 🎙️ The Ramsey Show 🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💰 George Kamel 💼 The Ken Coleman Show 📈 EntreLeadership 💸 The Ramsey Show Highlights 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. Chuck is in Green Bay, Wisconsin.
0:25.0	Hi Chuck, how are you?
0:26.0	I'm doing fine.
0:27.0	How are you, Mr. Ranza?
0:28.0	Thanks for taking my call.
0:29.0	My pleasure.
0:30.0	What's up?
0:31.0	Well, I, uh, considering paying off two vehicles that I have and my home and my life has been
0:37.1	pushing me to do this and I'm wondering if it's a good idea. Paying off two vehicles or paying off your home is it a good idea.
0:44.0	paying off two vehicles or paying off your home is it a good idea?
0:45.0	Well, it wouldn't be a bad idea.
0:47.0	No, it would be coming out of my irish.
0:51.0	So I'd be paying taxes on it. Oh. So that's part of it. How old are you? I'm 65 and my wife is 67.
0:59.2	And how much would it take to pay off your vehicles? If I, on the two vehicles, it'd be 30,000.
1:06.6	Okay, and how much to pay off your house?
1:08.8	30,000, that'd be 40.
1:11.0	40 on the house? Yeah, so I figured it'd be 80,000 for my IRA to pay out.
1:17.0	So 70,000 plus taxes.
1:20.0	Okay, and how much is in your total nest egg? I have about 15,000 and non-taxable
1:26.7	savings and probably 980,,000 in annuity and two different investment companies.
	...

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