Don’t Let a Disaster Dictate Your Financial Reality | June 11, 2024

The Ramsey Show (June 11, 2024)

Dr. John Delony & George Kamel answer your questions and discuss:
- What to do when you second guess your life choices,
- Mutual funds vs. index funds,
- "Should I save for a house or for a business?"
- Slowing down the debt payoff when life happens,
- "Should I break my lease if I can't afford my rent?"

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[LordBass]

There's been a lot crying in the comments about Dr John, but IMO he's one of the best on the team, especially paired with Ken or George.

[icucmerc]

Start early with diversified investments in stocks, bonds, and real estate. Maximize contributions to tax-advantaged accounts like 401(k)s and IRAs. Regularly review and adjust your strategy to ensure security.

[mmp]

12:04 This is a good explanation of index funds vs. mutual funds and how they are invested. George gave an example of how managed and self automated funds work. This is good info especially for the young ppl starting out.

[jiangpkpful]

Matt you're going to do great in life!

[bettedavis]

1:57:08 George misspoke about the gift amount. Each oatent can give both Mona AND her husband 18k each year. To clarify, per year, Mona's mom can give Mona 18k; Mona's dad can give Mona 18k; Mona's mom can give Mona's husband 18k; Mona's dad can give Mona's husband 18k; so, Mona and her husband can receive a total of 72k per year from Mona's parents.

[lawandahilaire]

George ask all the right questions…it’s like when John says the craziest analogy that doesn’t fit. You can depend on George to bring it back!

[leechburglights]

1:46:50 Congrats Suzanne and Thomas on becoming debt-free! I know the desire for a nice truck. I drove a 93 Chevy Cheyenne without AC, radio, power windows, or cruise control for over 13 years. After recovering from house fire debt and paying off student loans, I paid off my duplex mortgage in 2019. During the pandemic, I saved for a retirement home, buying one for $160k in 2022 with a $60k down payment. I’m on a 15-year fixed mortgage and paying an extra $500 a month. By December 2023, I had saved enough to buy a used 2020 F150 Lariat 5.0 V8 with under 15k miles. It's the nicest vehicle I've ever owned. I lived like no one else so that later you can live and give like no one else.

[bodiestevens]

They are so right I drive a 1988 used Ford Ranger for 9 years it was rusty and wrecked but it got me to work and back

[Paul.J]

I loved the straight hard facts John gave the caller who had 400k in student loans and that it was ok with making 60k a year. You could tell nothing they were saying was getting through to him. John was straight to the point at the end and called him out on all the BS he was giving. It’s what that guy needed to hear in my opinion. It might have come off as “tough love” but that’s the only way that guy was going to get it.

[Joce]

"Little by little the bird builds her nest "..they say in Lebanon..I like the little steps

[heychrisgreen]

Speaking of the father-son “go anywhere you want” trip… Dr. John just described the plot to A Goofy Movie… 🤣

[BP_PE]

George quoting that 57% of active funds beat the index in a single specific 12 month month period is, at best, obfuscating the broader point that over the long term (10+ years, which Ramsey Solutions says investing is for the long term) some 80%+ of active funds don’t beat the index.

[jasondima]

I love Matt’s strategy! You can make more money faster with mutual funds than index funds. But in my opinion I prefer index funds any day of the week. You will save hundreds of dollars just investing in a brokerage account

[bettedavis]

1:57:08 George misspoke about the gift amount. Each parent can give both Mona AND her husband 18k each year. To clarify, per year, Mona's mom can give Mona 18k; Mona's dad can give Mona 18k; Mona's mom can give Mona's husband 18k; Mona's dad can give Mona's husband 18k; so, Mona and her husband can receive a total of 72k per year from Mona's parents.

[katieheidinger]

My aged mom sold her house, my brother help invest it. Now she lives with my husband & I and she pays us $1000. a month. We take care of meals, driving her around taking her to appointments, etc we pay the utilities. She spends her $ on RX, clothes, eating out etc. It’s working great for everyone.

[MrTedTederson]

Some mutual funds see actively managed. Vanguards s&p 500 mutual fund - VFIAX - on the other is not. It's no different than vanguards s&p 500 e.t.f. - VOO. This is where I differ from papa Dave. I'm perfectly comfortable investing in ETFs and index funds.

[davidhughes]

Since mutual funds have fees they must also beat the market to keep up with the markets.

This kid is right but DR don’t make any money off index fund investments that do not require his paid recommendations.

[leechburglights]

23:00 PA is not an expensive state to live in if you choose the right areas. So many affordable homes foe $160k. Heck, even a nice older 1920s home can be had for less than $100. Fix up over time and CHEAP taxes! $80k annual in PA is above the average income. And if you have no debt, other than a mortgage at 25% your takehome income, you can lice an amazing life! 🎉

I live in South western Pennsylvania and love all 4 seasons. Mild winters with light snow, warm summers with highs in the 90s at worst. Life is still affordable here, even if you're single, making $40k. And my God, the opportunities are everywhere.

[Jessica_Newell]

The caller about index vs. mutual sounded ready to rumble! It's just about saving...try your best. No need to pick the Jets vs.the Sharks. 😂😂

[kevinomalley]

Delony is genuinely bat poop crazy in the best way 😂