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Angel is with us and Angel is an Atlanta Georgia I don't welcome -- the -- Ramsey show how are you tonight.
Great -- is better than I deserve how can I help.
While my mother expired January 2000 -- I'm following about what pancreatic cancer you and my father died in February 2 of this year 2008.
Until can't -- -- down.
And -- had been less good I don't think we need to go to school day but I'm fairly decent amount of insurance per child left.
And I want to know -- will be a bit late pulpit there to make sure we don't -- it off.
So how much money is are we talking about.
I'll -- my mother she let -- food about.
I would say about 200000 all the.
So total -- are each.
Well have thought that focus on -- to -- it ain't right so 200000.
From mom and 250000.
From bad you -- -- so you've got about 450000.
OK very good.
And who's taking care of your fifteen year old sister you.
My grandmother right now.
Are you the executor of this estate.
We have thank god the -- -- where we're working on that right now.
-- -- I would recommend that you set up a trust fund for your little sister to not let any of the other relatives get their hands on this money.
OK that'd be protected in used only for your sister.
Okay and they -- the money in the area can be used for -- could only.
Which would include paying for college education it might include buying her a reasonable used car.
It might include covering medical if she had some kind of a medical issue.
I might include making sure she has health insurance those kinds of basic things.
But this does not include any 100000 dollar trip to the Bahamas where she takes all of the family with our.
-- -- you -- me see what I'm afraid.
Right now where we work with a lot of NFL and NHL happily it's a lot of actors and -- music people and sometimes this kind of thing happens around these situations were young young people get a big pile of money they end up losing it.
And a lot of the repair things sadly has to do with relatives.
So I'm a little cynical when it comes to the relatives all right.
So what about what -- -- now and and so in both of these cases what I wanna do don't want to invest this money for the long term.
I want to enjoy some of it and I want to give some of it.
I would your sister's case -- in a park the money for her good only and then when she's an adult that's what she should do.
Now how old are you -- he and I look at that you guys are you married.
Now look I do you have any debt.
-- -- I have let -- play Medicare when they got 141000 that we played out completely flipped on -- and have a good Elantra.
-- -- question how much.
-- 8000 okay in 141000 on the camera what else it.
I'm -- -- -- -- my credit card good do you own a home.
If you raise your right hand -- -- -- -- where I'm never borrow money again I'm gonna tell you to pay off those debts.
-- -- -- -- Your phone broke up just as you made the pledge but that's okay haven't addressed -- All right now so what we're going to do is that that takes care of fourteen and 28000.
-- And than the rest of that I think it's time to consider possibly buying a small home.
Or condominium that you pay cash for.
And what should also have an emergency fund of three to six months of expenses.
And then we will invest for the rest so become debt free.
For an emergency fund of three to six months of expenses aside by a small.
Reasonably priced house or condominium that you pay cash for.
I'm thinking 200000.
In this case and -- -- that's gonna leave you.
A good 100000 plus two and vast.
And that money from 29 to sixteen and we'll turn into millions and millions of dollars if you will leave it alone.
And I would I would bet that -- -- invest that in the good growth stock mutual funds.
That have at least a ten year track record so mutual funds -- paid for house no debt and an emergency fund in place.
And then you just keep working and living on your income and never touching any of -- of the -- you should be easy to live on your income with no debt and no ripped.
So he ought to be able to save every month out of your income what do you make a year.
52000 not make -- 6000.
All you're in good shape -- so in my goodness walk around making 50000 -- not a bill in the world you'll be an awesome condition.
That's how -- would do that and again I would set up a trust for your sister and invest that money and good mutual funds.
-- take care for college to take care of any other major needs that she has and then when she comes out of school.
With that money if she'll leave it alone -- become a multi millionaire.
And by using that money.
If -- just just only pay -- a reasonably priced college.
And any reasonably.
-- a reasonable college experience in the process.
If you want some help sitting down with someone to do the investing.
And you can go to the person that that we endorse I did they do not work for me.
But I endorse them because they have the heart of a teacher and they do investing in mutual -- the way I teach you can go to our website at Dave Ramsey dot com.
Click on ELP four endorsed local provider.
And I click on investing there and you'll find the mutual fund broker in your neighborhood.
So that that is gone through our screening process but mainly does the stuff the way I teach.
And does it -- the harder teacher and they can help you set up a trust and everything for your fifteen year old sister and make sure she is cared for adequately in this process.
And keep the relatives hands off of her money.
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