Do I Have Too Much Money In The Bank?

helen is with us to start off this hour in Houston Texas hi Helen how are you I'm just fine and you better than I deserve what's up I got too much money in my checking and savings account well let me give you another ass you can just say you can whip up you can just send it to me I'll give you an address we don't want you to be burdened with that Helen so how much money is in your account sweetie Wow I'm probably about 35,000 over the 150,000 guarantees between it and I don't really know what to do with it just leave it there CDs aren't giving anything I got a good eye ra and a stock mutual fund how much is in all of that Oh quite a bit over a million no not quite okay but it's getting close okay good for you well done I have no debt except my expenses I own my own home my car and I retired in 2008 and I don't spend money so how old are you 77 okay um well way to go hero you killed it you've done a great job with the money I'm so proud of you you're a millionaire you ever thought about that well no not really in that quite I know what I'm doing pretty good for my age no you're doing good by any age I'll just tell you so here's the thing the only downside of that money being in there is it's not got the FDIC insurance as you said you're over the limit on that and that's the only downside it's not earning any money as the other downside but you've got plenty of other money that's earning money and so you could do one of two things you could leave it and say it's not going to earn me much it just gives me a little extra comfort because I like a big pile of cash handy if I want some or if you want to move some of that money you can move some of it into mutual funds if you wanted to and you know I've got enough in the shop parking because I don't want to then don't do it do anymore risk that's fine then don't do it because there's no there's only two ways to go risk and make more no risk and make nothing and right now you got the no risk and you're making almost nothing 1% right and so you're not going to make a bunch but that's ok you're done great if you want to just let it sit there I wouldn't worry about it is it in a bank that's decent oh yeah ok I wouldn't worry about it I'd probably just loose it there based on talking to you I wouldn't sweat it a bit I think you've done a great job let me ask you do you mind if I ask you a question go right ahead did you inherit all of that money or did you guys save it up through your working life save it up during my working life so you started off with nothing basically yes ok you start off with two hundred thousand or something like that oh no I started off just putting aside every month out of my slim paycheck when I first started working in 59 okay alright and were you married no so you've been single your whole life bang on my home how I and what did you what was your career I like for Lester nerf okay alright and what was your average income during your working life Oh probably around average maybe around 50,000 what was the most you ever made uh ninety five thousand so you've got almost you got over a million dollars total including your 401k or mutual funds all the different parts and pieces and this cash that we're talking about totals up over a million dollars I'm wanting young people listening to this that are 27 to hear how it's done this lady's a nurse she never made over a hundred thousand but she saved money every month and invested I'm guessing in your 403b right uh when I first started up until the sixties and said well the seventies there was no kind of pension not all I donated no there wasn't what did you put that money in during that time I put it in individual omelettes CDs okay and then when everything went busted in what 78 I rolled it over into an annuity and then I started working for somebody that I had a pension and then we went to 401k yeah and I always put in the maximum amount okay while making 80 70 80 90 thousand dollars a year all right way to go well I just wanted these young people to hear the formula of how you become a millionaire because some people are watching television and they think all millionaires inherited their money and most of them are you you're the prototypical millionaire in North America you worked your tail off you saved money and you lived on less than you made that makes you a hero in my book oh well thank you so right now I'm on Social Security and my investments and it provides me with a good flexible income oh yeah you're doing time I don't spend money it just keeps building yes well maybe you ought to spend some I think you've earned the right I just hate spending I hate shopping well have you traveled oh yeah I do travel a lot okay where's the coolest place you've been well my family lives in Las Vegas area so I go there Creek frequently which should I allow myself a certain amount to give to the casinos to donate to the casino I love it so what's the most you've ever lost at the casino Oh probably about 600 oh wow you went vague I love it it's fun mr. Winn what's the best house what's the most exotic vacation you ever took um Australia and New Zealand oh that's nice when did you do that uh nine e any money all right by then you were already almost a millionaire yeah I love it you are something else Alan I'm honored to speak with you thank you for taking time to call in and and if I were in your shoes I would just leave that extra money sitting there it's giving you more comfort there than it any place that it's invested and you have earned the right to enjoy your money as well as to be generous with it and so very very very well done you are a prototypical millionaire folks listening to the show Helen is the real world when you say you're going to punish the rich people that's who you're talking about you should be ashamed of yourselves you've left wing nut jobs this is the Dave Ramsey show hey guys thanks for watching if you enjoyed this video click the subscribe button to get the latest content and check out these other great clips from the show and say you have to break the cycle you have to flip this thing on its head and make it behave you've got to get so fired up and wired up that you're broke friends think you've lost your mind you

Channel: The Dave Ramsey Show

Views: 678,191

Rating: 4.8521705 out of 5

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Id: 3PonjgJ5klU

Length: 7min 34sec (454 seconds)

Published: Tue May 31 2016