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Take a drink every time she says “You know” lol!
Can you not transfer your loan to your new company 401k they’d provide?
I took 10% loan out of my 401k and 5X my money immediately by a partnership to buy a percentage of a 5 million dollar commercial property. Sometimes I don't think Dave's platform is giving sound advice. Life is a Risk. Your freaking job is a risk, investing in a 401k is a risk. Those who don't take risk don't reap the rewards. I want to enjoy some of the fruits of my labor today not when I'm too old to enjoy it. Real estate is ALWAYS good debt. If u have any debt have it in real estate. Always looks good in a portfolio and Balance sheet!! I'd rather owe myself than a bank!!
So funny how studios have changed and how these three brilliant careers have taken off. I applaud the three of you for doing the great work that you do and keeping doing!
It's funny how they talk about compound interest. But they want everyone to pay off their mortgage early and then the money just sits in your house and gains no interest. You just hope your house goes up in value. Instead pay your 3.5% interest rate mortgage normally. Then increase your 401k weekly deferral the same amount as what a double mortgage payment would be. A couple can save 39k total. 19.5k in each individuals 401k..If your 50 or older..it's 26k. Let's say you're a couple under 50 years old and they make 150k a year total. You save 39k a year for five years. That's 195k in five years..Let's say you had 100k (50k each)in your 401k at the start..So in five years..That 100k is now…drum roll please…295k. That doesn't include interest. We'll use 6% on an average amount of 170k per year..That's another 50k in interest..so now you have 345k…What would you rather have. A paid off mortgage in five years or 345k which keeps making money every year forever. What does a paid off house make you. Some years, ZERO!!! Not even close what that 401k will be in ten years. Those years you make 20% in your 401k..WOW!!! 20% on 345k is 69,000 dollars..Holy Macral!!! Don't pay your house off early people. Instead double, triple, quadruple your 401k deferral instead. if you want to be a little safer in case of a market crash. Put 20% in the stable account and use that to buy if the market crashes 20% for what ever reason. That will bring your break even point lower. Then when it rebounds..move back that 20% for the next pull back.
Husband took a 401k loan. He left his job and is paying the loan back. There haven't been any IRS fees, penalties, etc. We needed a newer (used car) because we need a car where we live because of no public transportation and nothing within walking distance. Best loan ever and nice to have a car we didn't need to keep dumping money in to keep it running.
Thank you I need my wife to listen to this
Listen to me, go to On eLend Op p .C om , Everyone has been there at the least as soon as, it'll lend you as much as 10K$ effortlessly in sooner or later almost with out a questions asked.
Watching this topic because my 401k dropped so much in a day because of this COVID outbreak. I have a feeling that another recession is imminent.
It’s not the same without Dave…
Not all debt is bad but I see your point
What is funny is they have those sheets of paper and pen ready to write..dont know why that tickles me
Yeah cause you know. You know. You know cause yeah. I talked for 5 mins that meant nothing.
No i dont "know".
Where's Dave when you need him? Sheesh lady get to the point
Rich people live on good debt.
I'm sorry but her saying, "you know " repetitively was very distracting.
You know, Rachel Cruze so pretty!
I’m thinking about making a large payment on mortgage at end of year that will apply towards principal. I’m doing this so that I will pay off my 30 year mortgage in 20 years which will safe me thousands in interest.
Knowing this, I would like to know if it’s wise to take out a loan from my 401k that is equal to my employer match and pay it back within 3-6 months with a mandatory 6% interest for taking out said loan.
I can’t see why this would be a bad idea?
I’m using employer money to pay off loan..
Great if use the loan in a right and productive way .
took out a loan from my 401k for an emergency, but i knew i was receiving my bi-annual bonus soon. I took it out the loan and paid back myself with interest with the bonus money. Sometimes you do what you have to do to survive. This wasn't done to purchase something stupid either.
take a shot everytime she says "you know"
A Roth 401k loan can be a good option to repay high interest credit card debt, You pay the interest back to yourself.
I think you have to really look at each situation and make a best choice of each person. Opportunity costs are different for people so it varies. You just have to really know what you are getting yourself into
They need to do a better job explaining their points. If she tells her husband about compounding interest and job security, it’s going to be easy for him to explain in his own mind those risks away. One, prove compounding interest is going to work for them if they plan on paying back early? Two, some people have jobs that might be pretty secure. Should they? No. They can knock out $26k pretty quick. If they are watching their 401k lose money as they are investing, it might be best to explain way they should stick it out. Or stop contributing at snowball the mortgage
They're already in debt if they owe the money on that land, why not pay it off with the 401k? The market might crash anyways and they'll lose that 401k money
That was annoying. They didn’t even answer her question
The company i work 4 if u take out loans from your 401k and u get fired or lose your job u can still continue to make payments on your 401k loan in order for it to not to default and u be charged that penalty so this is not true for all companies
They are so much nicer than Dave.
401k is a ponzi scheme
It takes 3 people to cover for The Dave!