The Ramsey Show - App - NEVER Keep Cash Value Life Insurance (Hour 1)

Episode Date: April 10, 2020

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🎵 Live from the headquarters of Ramsey Solutions Broadcasting from the Dollar Car Rental Studios, it's the Dave Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. I'm Dave Ramsey, your host. Thank you for joining us. Open phones at 888-825-5225. That's 888-825-5225. Courtney starts off this hour in St. Louis.

Hi, Courtney. Welcome to the Dave Ramsey Show. Hi, Dave. It's such an honor to speak with you today. I just want to thank you for all of the great work you do. Well, thank you. Thank you very much. How can I help? Yeah, so I'm calling about a cash value whole life policy that I have, and I'm very familiar with your work and your stance on whole life policies. But when my husband and I purchased

our term life insurance, the agent we bought it from even told us to hold on to this policy. So I'm thinking it may be different than what you typically hear, but it's a policy my parents opened up for me when I was just days old. And so the premium is like just under $7 a month. The death benefits are $15,000. There's a cash value of $950, and then it accumulates dividends. Is it worth holding on to or should I just get rid of it? Never keep cash value life insurance. It is never a good deal. There is no such thing as a good deal in term, and I keep saying term, in whole life life insurance.

And if the agent that you bought your term life from told you that it was a good deal, that means you probably paid too much for your term life. So go to ZanderInsurance.com and shop your term life insurance rates. I think you're paying too much for that, too. Well, when we compared on Zander to the rates he gave us, they were, you know, a dollar or two apart difference. Oh, you've already done that. Okay.

Well, yeah, yeah. On the same exact length of time and everything? Yes. Okay. All right. Good. Well, that's good news. Okay.

No, I would not keep a whole life policy of any kind ever. And the reason is very simple. The rates of return are horrid. You're not making a good rate of return. It's not. Usually it's a 1% to 2% rate of return on the actual cash value. The actual premium dollars you're spending on that, even though it was purchased when you were a child,

$7 a month with what you paid for your term, you would have bought more than $15,000 worth of term now, additional term, if you upped your spend by $7 a month today, even in that case. So it's just not a bargain. There's nowhere in there that it's a good deal. John is with us in San Antonio, Texas. Hey, John, how are you? Good afternoon, Dave.

Thank you for the call. Sure. How can I help? Long-term care insurance. I heard and read you say that it's a good option for coverage and care during your years when you need it. Exactly. But I currently have one that I took out back 10 years ago. My wife is still with me.

Excuse me. How old are you? I'm 71. Okay. Widowed. No children. No family. Retired military.

Drawing Social Security. And I'm still a monthly working part-time. The current premiums are $348 a quarter. The 1st of June, they're going up to $522 per quarter. And in two years, it will raise again by another 33%. And how much does it cover? Good question. Let me find that page for you.

Maximum benefit is $216,000. Okay. And so it covers about three or four or five years' worth? Is that what the idea is? Have they got an annual amount? Maximum amount is $4,500 a month. Okay, $50,000 a year for four years. Yeah.

Okay. Yeah. Yeah, and that's a pretty standard policy. Yeah. Well, the statistics tell us that 70% of people over 65 will spend some time in a nursing home or need in-home care. They'll need long-term care. That's a 7 out of 10 chance of that happening. You'll be spending $2,000 a year for up to a $200,000 benefit that has a 70% probability of occurring. That's a good deal.

Okay. I'm going to do it. Okay. And when it goes up 33% later, I guess we can look at it if you want to at that point. But obviously, the older you are, the more likely you are to spend time in a nursing home or need in-home care. It's like life insurance. I mean, a statistical fact, right?

And so that makes sense. And so you're single, no kids, and what's your net worth? Right now in the 401 and the IRAs, just about 80, between 80 and 85. Okay. All right. So you would burn that up in a year and a half, give or take, if you were to go into a nursing home without this care. And you'd be in a Medicaid situation, a government-provided nursing home, which is welfare, and you will notice a difference in care. So if I'm in your shoes, I'm buying this.

Okay. Yeah, I think it's a good buy. Okay. Thank you for your call, sir. I appreciate you joining us. Open phones at 888-825-5225. Here's some interesting stats. I've got a little cheat sheet on long-term care insurance. Because I don't have it all memorized, then I forget it. 70% of people over 65 will require some type of long-term care. In 1985, there were 100 companies selling long-term care.

Today, there's 13. The average premium is $2,500 a year. The average time spent in a nursing home, 7 out of 10 go over 65. Under 60, almost no one goes. It's less than 1%. So that's why we tell you not to buy long-term care insurance until you're 60. But it's almost essential when you're over 60. Average time spent in a nursing home is 2.4 years.

The percentage that stay longer than three years is 24%. One in four people stay longer than three years. And most of the coverage lengths are three, four, five years, something like that. They have a rider, and they have somewhere between a $3,000 and $5,000 benefit, very similar to what he just had. And 70% of the claims are for in-home care. Make sure you get in-home care if you're going to buy long-term care insurance because you would rather be at home. It's cheaper to take care of you at home.

It's a better quality of life. Everything's better. So that's the deal. 51% of the claims are for cognitive reasons. The average age of someone filing a claim is 79. Now, here's what normally happens. 75% of you ladies outlive your husbands. So for a married couple that's 62 years old, or your mom and dad are, listen to me right now.

75% of you ladies, your husband's going to die first. Seven out of ten. Three out of four times. He's going to go into the nursing home, run up a $300,000 bill, eat up your nest egg, and when he dies, you're broke. Don't do that.

Get long-term care insurance, take care of the nursing home bill. That way, Papa doesn't crack and scramble the nest egg and leave Mama broke. This is the Dave Ramsey Show. One of the questions I get all the time is, which life insurance company should I use for my term life policy? A valid question, since there are hundreds of companies out there with rates all over the place and riders and add-ons that are simply a waste of money. You need to get this done and make the right decision.

That's why the only company I use and have recommended for over 20 years is Zander Insurance. Zander is a broker who shops the top term life companies for you and finds the best rates available from the only plans I recommend. They also save you time. Whether you want to work online, over the phone, or via text, their team will cater to your needs and help you make the right decision. This is an absolute necessity, and Zander has made the process easy and convenient. Call them at 800-356-4282 or visit Zander.com for instant online quotes. Thank you for joining us. Paulina is in Portland, Oregon.

This is the Dave Ramsey Show. How are you, Paulina? I'm good. How are you, Dave? Better than I deserve. How can I help? Hi. Well, I'm 26. I've been looking to buy a house for about three years now. The market down here is tough. It's low inventory in my budget and just overall pretty high prices.

And so it's kind of been rare that a house that I'm interested in has come to market. It is either location or condition. And it's killing me to have money make me so little interest in a savings account. I paid off about $150,000. And I'm just, like, scared to jump into any old house because this is my first big purchase like this. And I just want it to be more, you know, bluffing rather than a curse. So I'm curious, kind of, like, am I being too picky with housing? Should I jump in on something looking at it from an investment standpoint?

So you're out of debt. Yes. And how much do you have saved? Total, I have about $160,000. Saved? Yeah. And you're looking at what? I'm looking at putting about $150,000. Saved? I was looking at $150,000. Yeah. And you're looking at what? I was looking at putting about $150,000 down on whatever else.

On what price of home? Well, using the rules of the 25% of your take-home, my take-home, so after I take out for taxes and retirement, my take-home is about $3,000 a month. Okay, but your gross income is what? How much are you taking out for retirement? Right now, and I know I need to reduce this based on the baby steps, but right now I'm taking out 18%. And my gross income last year, it's going to change this year

because I switched from night shift to day shift, so we're moving a little bit of a pay differential. But my taxes this year came out to about $89,000. And that was about half the year on night shift, half the year on day shift. So you're thinking about buying a price range home of what? I'm thinking about I really don't want to go with higher $300,000 because it just kind of scares me. I want to have a nice, healthy cushion. I'm definitely more conservative.

So your question is should you buy a $300,000 house now? Kind of. Yes. yes yes you should there's also like you're being too you're being too freaked out calm down it's just a house there's a house on every corner in portland oregon and if you don't like this house you know what you can do with it if you don't like this house you could sell this house and buy another one later okay so it's not like you make, you know what you can do with it? If you don't like this house, you can sell this house and buy another one later. Okay. So it's not like you make a mistake here that you can never, that it's going to ruin your life or something. Just be careful and thoughtful and say, I'm going to buy a nice property in a nice neighborhood, not something weird, not some white elephant thing, but something that if I don't want to stay there, I can resell it if my life changes and I want to move to Boston, I can sell it.

And so you just think about it that way and buy something reasonable. And with $150,000 down, making $89,000 at 26 years old, the other $150,000 on 15-year fixed rate will be just fine. You should go buy a house. The other thing that I'm kind of catching is, like, I live about an hour and a half out of Portland, and it's a college town, and the college rental market really drives up prices here, and so a lot of the properties are kind of, you know,

like they would pass code, but there's no levels of tax. Paulina, too much drama drama it's a house it's just a house if you buy it and you don't like it get you another one it's just a house you're this is too much drama if you don't want to live in that town, move before you buy. But if you're going to live in that town, just look around, calm down, enjoy the process, you know, and just buy you a house, kiddo. You're in good shape. You're doing really good. You're doing really good. Just enjoy the ride. I mean, you're 26 years old.

You're debt-free with $150,000 in the bank. You know what that makes you? You're 26 years old. You're debt-free with $150,000 in the bank. You know what that makes you? You're a freaking unicorn. I mean, there's nobody like you. You're so far ahead of the game. Way to go, kiddo. I mean, you're the Rambo of money. You killed this.

Okay? You got this. You're doing good. Lisa's with us in Tulsa, Oklahoma. Hi, Lisa. How are you? I'm doing great, Dave. Thanks for taking my call.

Sure. Okay. Okay. Well, I have a question about a letter that we got about an overdue credit card account and a quote program that they're offering us as far as repayment. Now, this has not been sent to collections, so it's like still through Discover. That's who I called, who I got the letter from. So obviously the letter's like, you need to pay or we're going to send this to a lawyer

and the lawyer's going to see you for the full amount and everything like that. How far behind are you? Months and months, six months. Six months, okay. What's the balance? I mean, I don't want to say. It's about $13,800. Gotcha.

And what's your household income? To gross, I just started, I'm trying to think. Sorry, I just started working recently. So maybe $75 gross between the two of our incomes. And I take it you don't have any money. No, we're still like stupid. Okay, all right. And what is their offer?

What's their offer? Well, what they're offering is a, quote, program. Yeah, yeah. It's 60 months, like 0.9% fixed interest. This includes like a credit toward the account. They're like, we'll give you a credit. It was either $1,200 or $1,500 just credit toward the account. And I'm trying to, sorry, I made that up.

What do you got to do? It looks like. What have you got to do? The thing that scared us about this, and this is like why my husband was like, we've got to call Dave and ask him, was one of the requirements is that for at least the first four months, it's like they do, it's like a setup on automatic payment. Okay. They said after four months that we can call and say, okay, you know what?

No, now we want to pay you every month versus it being automatically taken out. How much is the payment? The payment, it's like $230 a month or something like that. How much other debt do you have, not counting your house? Probably at least an equal amount. Not including the house, is probably another. Okay. So $26,000 in debt, making $75,000, $80,000 a year.

You should be completely debt-free in under two years. Would you agree with that? I hope so, yes. No, I don't hope so. You should do it. Yes. Okay. $26,000 in two years is $13,000 a year making $80,000.

If you can't do that, you're lame. Okay. That's not hope. I mean, that's math. You should do that. You need to get on a budget, and you need to quit going out to eat. Okay. And you need to stay home from your vacation, and you need to get this dadgum mess cleaned up.

I would take the deal. This is called a renovation or a rehab. You may have seen one of those two words in the is called a renovation or a rehab you may have seen one of those two words in the in the language a renovation or rehab to rehab your account or renovate your account they're trying to do this not only to get paid but to also keep you as a customer for life you and i are going to do this to get the 1200 in the 0.9 while you pay it off okay yes i don't need to be worried about them having access to our account no i would not because you're going to pay them off really fast anyway yes yes yes we

are yeah i mean you need to be completely debt free in under two years and you need to be get your every dollar budget downloaded get your butt in gear okay it's time to get after it you've been sloppy and you know it. And I know it. I can see it between the lines in this discussion. But you can do this. You're smart. You're articulate.

You can do this. So if you're going to screw around with this account, I might not do it. But if you're going to pop it in the head and pay the whole thing off in under two years, all of your debt except your house, this is a fine deal. It knocks $1,200 off and gets you a better interest rate while you're doing it, and it gets you on track. And so, yes, I would do this. And Discover Card, you know, it's a standard thing that these companies sometimes will offer.

It's not an unusual offer, a renovation or a rehab. And, you know, what they're hoping to do is to, you know, keep you addicted to the heroin. That's what they want. They want you to continue to stay drug addicted to their product. But we're not going to do is to keep you addicted to the heroin. That's what they want. They want you to continue to stay drug addicted to their product, but we're not going to do that. We're going cold turkey and we're going to pay them off real fast. But we're going to take the $1,200 to help us do that and the better interest rate to help us do that. Good question. Thank you for joining us. Teaching you to live on less than you make.

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I currently have $20,000 in savings. $10,000 in debt, including a car and credit cards. Should I take half my savings and pay off the debt and then rebuild my emergency fund? Oh, by the end of the day, you should also cut up the credit cards. And you should also get on a budget and raise your right hand and swear to never borrow money again so you don't get back in this mess. If you don't change the habits that got you into debt, you will end up back in debt. So we want to make sure that you change the habits in the process.

Definitely. Good question. There's a Gallup poll that's showing that three out of ten Americans use a budget. No wonder so many people are living paycheck to paycheck. They don't have a plan. Seventy percent of people don't do a budget. No wonder so many people are living paycheck to paycheck. They don't have a plan. 70% of people don't do a budget. Jesse says our every dollar budgeting tool changed everything when it came to managing money with her husband. For the longest time, she and Chris

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This is the way you do it. It changes everything, you guys. Douglas is with us in York, Pennsylvania. Hi, Douglas. How are you? Well, I wish I was better than I deserve, Dave. You? I am. How can I help? Unfortunately, my father-in-law passed away last Friday night at

age of 59. He had a stroke, and unfortunately he wasn't able to get to the hospital in time because the swelling in the brain stem got to him. Wow, I'm sorry. Thanks. My question is, he was a big fan of yours.

He actually had term life insurance. So my wife and my brother-in-law are both going to be receiving $200,000 from this policy. So we're kind of, well, my wife and I tried sitting down this past weekend and talking about it, but my wife is still grieving, unfortunately. Sure. But I'm trying to be the man up, trying to be the man here and trying to kind of get some idea what to do with the money. We are following your plan.

We're in baby step number two. We have $40,000 left, and we also have a mortgage left to go. Okay. You have children? Yeah, we have a one-year-old daughter, which actually celebrated her birthday a week before he passed away. Oh, my goodness. And was he married? Is your wife's mom in the picture? No, he was single. And was he married? Is your wife's mom in the picture? No, he was single. He was divorced.

Okay. All right. Well, number one, you can go slowly. You don't prove anything by going super fast. So, I mean, if the check comes to you guys, and it won't come that quickly, it's going to take it a month or two to get there because you're going to have to provide death certificates and other things to the life insurance company to get the money so yeah the uh the lawyer we hired is helping us through it so okay and did

he have other assets did he have other things in his estate um he had his retirement um which is at 69 000 and we had some personal loans that we're going to be taking care of. So out of that $69,000, the funeral is going to be paid for, and some of his personal debts are going to be paid out of. Okay. All right. Well, the insurance is not subject to the debts, but the personal loans or the retirement would be. Okay. Okay.

Did he have a will? Unfortunately, no, he did not. Okay. Did he have a will? Unfortunately, no, he did not. All right. Well, you're just going to use it wherever you are on your baby steps. But take your time. There's no reason to rush your wife. I mean, if you get the check and you just let it sit in a savings account for two months while you think about it, you can do that. That's not evil.

You haven't done anything wrong. But once the emotional cobwebs are out of there and once the basic, you know, the worst part of the grieving goes by, then, yeah, you're going to just walk your baby steps. I'd pay off all your debts. How much do you owe on your home? We owe $130,000. We just recently bought a home. And what's your household income? I actually work full-000. We just recently bought a home. Okay, all right. And what's your household

income? I actually work full-time. I'm a truck driver. Last year, my income was $68,000. Okay, all right, good. All right, well, I'm going to walk you out the baby steps. You'd be debt-free. You'd put an emergency fund of three to six months of expenses aside, and then you make sure you start putting 15% of your household income into retirement. That doesn't affect this money. And I would probably put $10,000 in a 529 for the baby. Yeah, that she wants.

Her dad was pretty adamant. Our daughter, Adeline, was taken care of for college. Absolutely. Absolutely. You put $10,000 in, and you can set another $10,000 aside to add to it in January. And as young as the child is, if it's invested in good mutual funds, that $20,000 might grow to take care of it. That might be enough.

You'd have to sit down with your smart investor pro, and then I'd throw the balance at the house. How much debt did you say you had again? We have 40,000 consumer, roughly. I have seen loans up in Canada, so it depends on the conversion rate. We might win, we might lose on this.

So you pay off 40,000 out of 150, that leaves us 110, and you're making 68, so if we set aside 15 as an emergency fund, that leaves us 95. If we set aside $15,000 as an emergency fund, that leaves us $95,000. If we set aside $20,000 for the $529,000, $10,000 for this year and have the money sitting there for January 1st, put another $10,000 in, that gets us down to $75,000.

You owe $135,000 on your house. $130,000, sorry. $130,000. And I probably would use some of that money for some fun, and you may want to consider giving some of that 75, and then I would throw the balance at the house. All right. Thank you so much, Dave. We really appreciate what you do.

When this money was coming to me, I'm just like, I've got to call Dave and see what he recommends to do. Well, take your time. You're a real task-oriented guy like me, and she's hurting right now. There's nothing that has to figure this out instantly. Just take your time. I mean, you don't want to wait a year, but if it takes you a couple, three months for her to get her feet on the ground,

I mean, this was very sudden, and, you know, he was young. So that's the way I would look at it. Thanks for the call. Dennis is in Kansas City. Hi, Dennis, how are you? I'm doing fine. I've got a faithful renter who's rented from me for three years, never been late, always paid on time,

and their contract is getting ready to come up again, and I got a notice in the mail that she's filing Chapter 7. I'm not sure. Do I want to renew? you know you can you cannot have a discussion with them to collect but you can have a discussion with them about whether or not you're going to renew and so i would just say okay what happened here what's going on and do you want to stay and if so do you want to renew you cannot evict them while they're in a chapter seven until the chapter seven is dismissed okay now they won't last long it'll last a maximum of 90 days i suspect there's something else going on that's not gonna do

with your rent and um my and what you're gonna hear is that that story, and they're going to go, oh, no, we can pay the rent, and we're going to stay. And so they're probably okay, but you do need to get the story behind it and find out how they're planning on handling you. You cannot actually try to collect a debt, so be very careful to not try to collect a debt while someone is under a bankruptcy because there's an injunction on you from doing that. That's what that notice that you got says. This is the Dave Ramsey Show. Business leaders make your life easier with FreshBooks.

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Open phones at 888-825-5225. You jump in. We'll talk about your life, your money. Clayton says, Dave, do you prefer mutual funds to ETFs, even though the concept is similar in that an exchange-traded fund and a mutual fund all have a diversified base, meaning that what they're invested in is not one stock or one bond. It's across a bunch of different things. So you're diversified. They're both invested in good growth stock mutual fund type things. The difference is this. The ETFs, 90-something percent of them, almost all of them, are associated with the S&P 500. They're basically, they mirror an index or an index fund of some kind.

They do have, if you're going to buy an index fund, an ETF is a fine way to do it. There's no trouble with that at all. If you're going to buy an index fund, if you're going to buy an S&P 500. Now the S&P 500 is the standard and poor S&P is a rating company. They rate the top 500 stocks on the New York Stock Exchange, also known as the big board. Meaning the largest 500 companies that are publicly traded in the U.S.

Those 500 form an index that is the most representative measure of what happens with the stock market. It is considered by those of us in the business to be the representation of the market. The Dow Jones Industrial Average you hear about on the news is not as nearly as good a representation as these 500 stocks of the largest thing. So the S&P 500 is considered a 1.0 beta, meaning that it mirrors the market. Anything with a less beta than that is less volatile than the market. Anything with a larger beta than 1.0 is more volatile than the market. Anything with a larger beta than 1.0 is more volatile than the market. So it is the stock market. You're going to make what the stock market makes.

No more, no less when you buy an S&P 500 index fund, whether you buy a mutual fund or whether you buy an ETF. Almost all ETFs fall in that category. It's that simple. That's where they all are. And if they don't, then they're, A, very unusual. I'd be careful. But, B, you're getting into them for other reasons other than long-term investing.

You're wanting to jump in and out of something and, you, and you're wanting to day trade or something like that. But SPDR is the best known of the S&P 500 ETFs out there. It's been around forever. But it's just an S&P 500. That's all it is. That's all it is. I mean, you can buy a mutual fund. You can buy the ETF.

The ETF's a little cheaper. It's fine if you want to do that. I don't buy the S&P 500 for long-term investing because I buy mutual funds that beat the S&P 500, that have 10- and 20-year and 30-year and 40-year track records of beating the S&P 500. And so this idea of buying ETFs or buying the S&P no-load funds is a concept called passive investing. And it comes from the idea that you can't beat the market. Most mutual funds don't beat the market. Well, most mutual funds don't beat the market. They don't. But most people aren't successful either.

So you just have to decide, are you going to be passive and just ride exactly what the market does, or are you going to look for mutual funds that outperform the market? And there's plenty that do. And so, you know, we've done a bunch of research on this. My mutual funds, I invest in growth that outperform the S&P, growth in income that outperform the S&P, aggressive growth that outperforms the S&P, and international that outperforms the S&P on 20, 30-year track records. And then I look at them to see if they're still outperforming the S&P as a mix overall. And mine have beat the S&P. It's really not hard to find.

I mean, you can just sit down with SmartVestor Pro. They can show you how to do it. Now, there's plenty that don't outperform the S&P. So if you're just going to buy the S&P, the ETF is fine. But I don't really have an argument against the ETF. It's just it just a passive investment. And just to give you an idea, the last 20 years, my mutual funds have averaged 8.53 and the S&P 7.12. The last 30 years, my mutual funds have averaged 11.3, s&p 10.89 the last 40 years 30 the mutual funds i've invested in

have averaged 30.04 as a group and the this is in my personal 401k and the s&p is averaged are 13.04 as a group and the s&p is averaged 11.8 so i'm beating the s&p by about one percent a year on average year in and year out with those mutual funds. And I buy mutual funds that have a track record of outperforming the S&P. So, no, I don't buy ETFs because they're almost all S&P indexed for that reason. It's not that I'm against ETFs. I'm against passive investing because I think you can do better than that with your mutual funds. If you want to buy just an S&P, ETF is a fine way to do it. And that's one way you can do it.

That's another way to skin the cat, so to speak. All right, let's go to Dawn in Denver. Hey, Dawn, welcome to the Dave Ramsey Show. Hi, Dave. I'm thrilled to speak with you. You too. What's up? My mom passed away a few months ago and uh she her estate is being

divided between me and my three siblings and each of us stands to inherit about three hundred thousand dollars okay my situation is that I'm 58. My husband is 67. We have no children. We've been retired for a couple of years. We have been very fortunate to make good money and to save it. And we have total assets of close to $3 million. Good for you.

Well done. Thank you. We've3 million. Good for you. Well done. Thank you. We've been practicing your principles for years. Okay. What would you do with $300,000 that you didn't need? Well, the same thing I did with the $3 million, I guess. I would give some of it, I would invest some of it, and I would enjoy some of it. I would like to invest it in a way that will honor my parents, who were the classic millionaires next door.

Okay. How is your $3 million invested? Two-thirds is in real estate, rental properties that we now live off of the rent. Good. And the other third is in cash and stocks, stocks in our IRAs. Mm-hmm. By stocks, you mean growth stock mutual funds or individual stocks? Growth stock mutual funds. Okay.

All right. So how would you invest the $300K? My hesitation about investing in stocks is that, first of all, right now, you know, the market's up and I feel like it's too expensive. Like Denver real estate isn't? Denver real estate is very expensive, and I can't buy anything in the area I like for $300,000. Okay. So what are you going to do with your $300,000? Well, as money's been coming in, so far I've gotten $56,000. It's just gone into our interest-bearing checking account.

But I don't want that to stay there because I don't want to be tempted to blow it. Okay. I don't think you're going to be tempted to blow it. You're good with money. You guys have done a great job. I want you to give some of it. I want you to invest some of it. And I want you to enjoy some of it.

So I want you to buy something nice or go on a trip you've been hesitating to do. And I want you to buy something nice or go on a trip you've been hesitating to do. And I want you to do some investing. You may put some of your other money with some of this money and buy a piece of real estate. It sounds like that'd be a fine thing to do. And I would look for something to give to that would honor her memory as well. And so if you just keep those three things going your whole life, you'll always win with money always be giving always be investing and saving and always be enjoying money it's not really good for anything else that's about it that pretty well wraps it up you know so hey you've done very well congratulations three million bucks i love it. This is The Dave Ramsey Show.

Hey, it's Kelly, associate producer and phone screener for The Dave Ramsey Show. This episode is over, but if you heard about a product or service and didn't have a chance to write it down, don't worry. We list everything that is mentioned during this episode in the podcast show notes section. Thanks for listening.