We're Debt Free With $100,000, What Do We Do?

We're Debt Free With $100,000, What Do We Do?

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, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, and John Delony.

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• The Ramsey Show (Highlights):

[bbtank]

"When nothing is going right is when the car won't start."

That's the truth. Seems like every time you ahead by a few thousand dollars, there's always some blindsiding bill that sets you right back to where you started.

[lkjg]

"Guys can live under a bridge." LOL. Probably the most truthful thing Dave has ever said.

Yeah. I've gone the "renovate while living there" route. Not fun. Wouldn't do it again. Take down the wallpaper and paint turned into take down the plaster, need to rewire, need to insulate, need new windows, redo the floors, new light fixtures, ad infinitum....

[zeenasislandkitchen]

Have a blessed day everyone. Praying we all have financial peace and have the discipline required to be an everyday millionair.

[michaelwoods]

At one point we asked our adult children about what to do with money like that and they all said the same thing--"It's your money. Do whatever you want!" The outcome is that we didn't know of any good ideas so we put it into Vanguard mutual funds.

[yaserchow]

They have made some sound financial decisions. I'm happy for them.

[LukeofAllTrades.]

Max out your 401k and Roth IRA today. And HSA if you have one. If it's possible to sneak them into 2021 contributions, do that. Weird that he didn't ask any of the other baby step 3, 4, 5 questions.

[littleripper]

It's funny because my dad has been trying to switch my brain like Dave is doing here. Once your debts are paid off and you're saving at some point you have to live your life a bit otherwise what are you even doing this for?

[Globerson]

Dave a $10k car today IS a $3k car... anything acceptable is 15-20 now-a-days

[jamesklinkhammer]

Finally dave says spend some money!! We don't live forever....I drive a 21 ram hemi and love it

[dakotaakers]

Dave needs to update his used car thinking. I bought a 2017 Kia Forte in 2019 for $10, 500 with 50k miles on it. Today with 90k miles that car is worth the same amount if not a little more. The difference between a 3k car and a 10k car is substantially less then he thinks.

[Joenzinator]

Freeing up your brain to do more long term thinking / planning is a real thing. Driving around looking to save a couple bucks, or cutting coupons, or any other activity that takes a significant amount of time to save a buck. When that's no longer necessary, and you can think BIG, you really start to win with money.

I look at my accounts, and when I've made more on my investments this year than my job, it really makes me start to think about how my time is best spent.

[robloxvids]

Why doesn't he ask how much they're saving for retirement? Do they have or plan on having kids? ESA? Why have they "earned the right" to upgrade their house and buy cars? We have no idea if they are following the baby steps.

[chrisvolk]

A 3k car two years ago is an 8k car or more now.

[mattcollins]

Is it even possible to find a $10, 000 car right now?

[marshallhosel]

$20k house, $15k car, $12k Roth IRA’s, $ HSA if eligible, remainder in VBR, Vanguard Small Cap Value ETF. My thoughts anyway.

[aiswebmaster]

The couple sounds capable of flipping homes, maybe they should say a little more and then buy another property to flip. I know debt is bad, but flipping isn't quite the same, since you are buying to sell it. Or they could buy a fixer upper, fix it up and then rent. With inflation, it is a great time to own things, though a home is much better to own then a car honestly. That or drop it in a brokerage account in an index fund that follows the S&P 500, and build some wealth.

[MrNGTfan]

100k is not that much at 30 I wouldn’t be buying or renovating anything with that much.

[marcenelj]

What's their annual income? Dave never asked.

[steelcastle]

These are the young couples that still drive the hand-me-down AMC Pacer (because it still runs...barely).
Not all young people use credit like out-of-control crackheads.

[kara]

I wouldn't personally invest in a nicer car if the one I had was working just fine, but Dave is a car guy. Would I take a nice vacation? - YES.