Where Is The Best Place To Park My Money?

Michels in Phoenix Arizona hi Michelle welcome to the Dave Ramsey show hi Dave thanks for taking my call sure what's up um well my husband and I had gone through a financial piece about a year ago and we've gotten rid of at least one credit card and however my husband decided to take a whole different route with his life and we'll be divorcing oh and so you know I understand that I've got to give them half my 401k and you know our debts we'll take half of the debt so my whole was me a little bit because now I have you know half my debts gone but when we found the house my question is is when we sell the house and I get my portion of the profit should I put that in an account and wait and see if I'm also going to be moving I'm going to be moving actually out of state to another state put that in their account so that I got a new job set up and everything yeah yeah I got a job set up children at home I have two children yeah home we're going wage they're going with me yeah he's paying child support yeah he'll be Jane will be Jane paying child support and alimony no no alimony in either direction okay so when I move I'll actually probably have about a year of rent trees because I'll be living with my parents until they move back up to a different location so I'm looking should I put that money aside until I ready to go buy a house if I've got a nice chunk of money you know I'm not using it what not now or should I put that to my debt I'm thinking I could you know some of it could grow at a faster rate it being put aside you know and I you know in some type of an account to grow it a little bit or sure just put it to pay down the debt and and work you know continue to work the process your your situation makes you more vulnerable and more scared but it doesn't change the principles okay and so I would walk you right up our baby steps but first thing I would do is say let's don't do any of this until you get moved and get settled right I want that money available to make sure you and your kids have a solid foundation to restart from that's that's first and foremost you get the new job you're not worried about lights or water or food and you get your monthly budget back with an income back in a rhythm again okay and okay now we can live on what I make and with the child support we can live on that and here's how we can pay rent when mom and dad come back we got to go rent us a little house and once you get the rhythm of all of that laid out that may take you six months I really don't want you to spend any of this money I just don't want it invested and I don't want to pay it on debt until you get stabilized I would just pile it up over there in the corner just in case kind of fund it's on one lady called it orgy okay fund god only knows okay you know and that kind of thing and it's just sitting there for right now please don't spend it oh please keep your hands off of it because you're going to need it but I but but just in case you guys I don't want you having no debt and no money for groceries right because your income hasn't started yet or something silly like that now how much will you receive from the house your PHA it'll it will probably be about ten to fifteen thousand and how much debt do you have your part my part is it'll be about thirty thousand okay plus and actually in February also get a bonus check which should be about ten to fifteen thousand okay so and then with those two I could pay off all the debt and be done I know that wasn't the numbers you gave me you said you had thirty thousand and dead in ten thousand what correct ten thousand four thousand fifteen thousand did you say fifteen thousand and bonus in thousand five that's not 30 but it's close okay what it doesn't do it no no but I'd be able to do it within the next couple of months assuming your income is stabilized correct you have that job lined up yeah okay what will you be making I'll be making a little bit less than I'm making now I make 115 now I'll be making about probably 108 that's also when I hide okay cool well that gives you real that that's a that's a wonderful part of the story right there okay so we've got that in child support we're going to throw everything slick wood once you get up there get stabilized and get settled into a how's everything that's liquid the bonus check the money coming from the sale the house any other monies you get from anywhere at the debt until the debt is gone then you build your emergency fund of three to six months of expenses just like we taught you in FP you then you'll start in saving for a house if you want to buy a home and then you'll start baby step that's baby step 3b we call it baby step four then is you'll restart your at that time you'll restart your 401k until then you don't add to your retirement I wouldn't cash out any retirement but I would not add anything to it until you get through those other steps just exactly like we taught you but the only the only caveat the only difference is we're going to do nothing for a little while on purpose until we get past the heartbreak of this and the the instability the volatility of all the crap flying around in your life right now right and sometimes just have a little money piled up in the corner makes that a little easier to walk through it doesn't heal a broken heart but it makes it easier to walk through the crap you know what I'm saying oh yes I understand and that's that's all I'm telling you to do rather than being broke on top of the broken heart that makes it double bad in other words so the good news is you got a fabulous income lined up and you're going to be okay from that standpoint now the debts that are left in that he is taking are they exclusively in his name or is your name on them um actually they are exclusively in his name good the one debt that I'm taking is in both of our names perfect so I'm I'm responsible for that one so yeah I didn't want to give that with him exactly and that way if he decides to go off the ranch on his finances as well then you know and I'm not impacted and you're not impacted you're not going to go back and pay something that the divorce decree said you weren't supposed to pay but the law says you're still owe so you don't have that problem because you're getting rid of the house and anything with your name on it you're taking responsibility for anyway so this is a very clean transaction or if we don't count the heart great sorry you're going through this Michele thank you thank you thank you for your break and I really appreciate it if we can help you any further you let us know we're here for you kiddo you know why most people don't win they don't bother you have to bother it to be intentional never again as American Express is going to call my house and ask my wife why she would stay with a man that won't pay his bills

Channel: The Ramsey Show - Highlights

Views: 846,990

Keywords: dave ramsey mutual fund, best mutual funds for 2016, dave ramsey money market account, dave ramsey 2016, dave ramsey how to invest, mutual funds dave ramsey, dave ramsey mutual funds, dave ramsey investing in mutual funds, dave ramsey investing, best place to invest money, dave ramsey emergency fund

Id: yPmURSmaAHg

Length: 6min 54sec (414 seconds)

Published: Sat Jan 09 2016