Pay Off Debt or Invest More Into My Stocks?

hope he's in sacramento hi colby how are you i'm doing good how are you doing mr angie better than i deserve how can chris and i help awesome uh i have a good question currently i'm in my third year of college uh graduating for uh so we've got about a year and a half left and currently right now i'm on baby step one i've already saved my thousand dollars for my starter emergency fund and currently throughout life i've worked hard at many jobs and have saved up to about 37 000 that are all in stocks and currently have a 15 000 car loan and was just curious for baby step two it says pay off all debt um but right now all of my stocks are making more than my monthly payment um which is curious on what i should do and uh how do i set up myself for success in the future i want you to brace yourself buddy because you said a key phrase how do you set yourself up for the future which means you're gonna have to let go of some things you've previously learned and some things you previously thought because what we're about to tell you is going to be a paradigm shift it's going to be counter to anything you've heard and it's going to feel weird and your brain is going to try to resist it because it sounds so weird tell him dave well when chris and the team here did a study on millionaires we studied 10 000 of them not a single one of the 10 000 millionaires that we studied said i kept debt on my car and used that payment to put into single stocks and that caused me to be wealthy not a single one used leveraged car loans to invest in stocks to become wealthy not one of the ten thousand which tells me that your plan sucks that's what the data tells me okay and so you've gotten lucky so far so far the stocks have gone up but they don't always go up and you're carrying this extra debt how are you paying for school um i'm blessed uh my parents are putting me through school great okay the good news is you've got a great financial mind and you have the ability to look at numbers and that's gonna that's gonna bode well for you if it doesn't lead you into taking risks that you don't even realize you're taking yeah so if i woke up in your shoes this morning what would i do if i was your age knowing what i know at 60 years old with a net worth of hundreds of millions of dollars what i would tell you to do is what i would do if i woke up in your shoes if you were my son or dad gum my grandson or whatever i would tell you to pay off the car today move your single stocks into mutual funds and be the tortoise yes don't be the hare yep there it is and and and i'm gonna tell you it's crazy colby but if i could go back in time i'd grab me by my hair [Laughter] ramsay don't go there back in the day but literally in that mindset of getting away from a car payment of staying away from this cryptocurrency phase uh because another phase is coming and it's a get-rich-quick scheme and uh dave taught me something 15 years ago don't get rich build wealth there's a difference in the mindset there's a difference in the approach and i'm going to tell you it feels better yeah you know there's no shortcut to any places worth going and very few people who get wealth quickly keep it it's very unusual uh so somebody hits the lotto the bankruptcy rate of people hit the lotto is four-fold the national average yeah um people who inherit money with no effort and have been taught no character or work ethic promptly lose it and uh now it doesn't mean that everyone does that they don't uh but i mean you can teach your kids and they can the blessing the inheritance can be a blessing because they've got the character but anytime there's quick rich that it's uh the best way to get rich quick is don't get rich quick and so um that's where all of this this where all these these sayings come from true principles and so that's what we tell you to do of course you're you're a grown person you're going to go do what you're going to do but ask yourself what the 30 year old version of you is going to think about the 20 something version of you when you look back did you have a fro when i was baby dave when you had a baby i had a can you think about this listen i had a twa what's that it was a teeny weeny afro oh it was little it was little mama hogan did it to me i wasn't old enough i mean like like when you're a teenager no i don't think it was your hair no no it was it was it was a little i just had a little bit because you're always wearing a football helmet well yeah well you don't want you don't mess it you mash it down yeah i had to i kept it low okay but the story behind the first shaving of the head we said if we made it to the national championship game in college we were all going to shave our heads and i'll be doggone if we didn't make it and so that was the first time a razor touched my head and i never never went back never went back i'm like this is a little bit and then it wasn't optional i like this yeah that's just you it is it is it just can't i can't imagine that head with a fro on it that just would be more than i mean like the full size no i can't you know the big ones yeah you know like the 1970s you remember i mean that would be that would be that's a picture i need no i'll i'll find one on thursdays on whatever it is twitter or instagram i will reach out to mama hogan and i will get that posted on instagram follow me at chrishogan360 you are going to see a small afro soon yeah there you go there it is small one small all right little low yeah

Channel: The Ramsey Show Highlights

Views: 59,507

Keywords: the dave ramsey show, budget money debt cash, real estate, insurance, how to make money, dave ramsey, save, credit card, compound interest, buying house, buy, snowball, Pay Off Debt or Invest More Into My Stocks?, debt, personal finance, investing, money, paying off debt, should you invest or pay off debt, invest or pay off debt, invest

Id: 3EbmBlKD7Fo

Length: 5min 51sec (351 seconds)

Published: Fri Feb 19 2021