Dave Ramsey, Meghan, Germany discussed on Dave Ramsey
I mean when you're sitting on ten fifteen thousand dollars or something like that happens. Just changes the whole scenario. You're exactly right. Turns a crisis into an inconvenience. Certainly losing the ability to walk. It's not an emir inconvenience or having your I'm a heart attacks, not a mere inconvenience. But it is it does take those horrible life situations and eases that so I thank you for calling in that Germany. Well, I'm glad you guys are doing better Meghan is with us in Chicago. Hi, meghan. Welcome to the Dave Ramsey show. Thank you. How are you? Dave better than I deserve. What's up? I just want to say first of all thank you for everything you do because of you. We are now debt free except for how. My brother introduced me to you a while ago. And in three months, we paid off eighteen thousand and my husband's student loan. To go with that for you. Citing very exciting. Took us thirteen years for the first eighteen thousand three months for the last eighteen thousand. I love it. Yeah. Anyway. So my question is where we should be done with baby step number three. We're pretty much done with that pretty by the end of this month. Good by the end of December. But as we were completing baby step two, we did not stop our investments for four three b and are four and I have three b and a four fifty seven. So he he max is that his and I have to that I can max out. So basically right now, we're contributing twenty five percent of our income to those funds. So you're not really following the baby steps, okay? I tried. I my. It down to fifty dollars a month. And he kind of stopped and said, no, we're gonna do, you know, I. You. Doing your plan. Okay. Now, I'm trying to do your plan. But you're not I try dragon someone you know to behind me. So I'm trying to I'm trying to do your plan. And now I want to really do your plan for baby step four or five and six the right way and pay off the house. Okay. So my question is is since when you contribute to those funds or four three four fifty seven pre-tax. Why is it beneficial who not Mexico's out to your house? Not max those out to pay off your house. Oh. No. You can do whatever you want to obviously. And, but the reason is is that all of the data points that we have dealing with millionaires not people with eary's, but people who are real millionaires is that they pay off their home in ten point two years on average. And after studying millionaires and what they do. That's what we determine. And so what we want to put you on a plan to pay off your home, and the most people pay off their home doing our stuff in about seven years if they work our plan, which is fifteen of your income going into retirement, not twenty five percent fifteen percent. And then maybe step set five kids college. If that needs to be addressed and six is then you know, you put the rest of it on and pay off the house and most people that are doing that. While living alive for paying off their home in an average about seven years, which gets you ahead of the game for the millionaire status. But. You can certainly do whatever you wanted to you could never pay off your home and completely fill up all of your retirement, and that's your play. That's okay. But our plan actually tracks and follows with what the typical millionaire has done..