Detroit, Michigan, Justin discussed on The Dave Ramsey Show

Automatic TRANSCRIPT

The thank you for joining us so that i ramsey show in detroit michigan to'readjust i'm doing pretty good about you know better than i deserve what's up i didn't question for you i'm paid off half monday over probably left eight months and working on the rest for the upcoming year good and my question com uh for you i like your opinion on for um merson basf investing fifteen percent in a roth ira raise i had kind of a different mindset for retirement and which i'd put the money two my plan i was thinking about was putting money into a rental property and that would be kinda sidestepped me put me over into retirement eventually uh versus my current job now we're gonna find out from you your opinion on investing in the ah investment property the first is the roth ira race i wouldn't do it versus but i i would definitely do both uh the uh what's your household income um well see and class i checked in about one hundred and five thousand taka chill fifteen thousand dollars a year is fifteen percent of your income delay going into baby step four in roth ira raisin 401 k is in good growth stock mutual funds fifteen thousand dollars a year will not put you in the real estate business the adam and pay off the only be one or the other knowledge y'all has not it's not you're missing the point is not one or the other because you're suggesting that fifteen thousand dollars a year by be stepped four should be done in your real estate and i'm saying it's not enough to get you in the real estate oh i became binuya fifteen thousand dollars a yet to buy properties than properties are looking at her between thirty and thirty and sixty thousand that bring in some okay rent i figured that'd be a starting point yeah i would add that in addition to fifteen percent going into your roth ira and 401 case the 15000 going into those things is not going to keep you out of the real estate business nor is it gonna is it enough to get you into the real estate business and so you know i i'm just gonna do my real estate over and above baby step four if i'm in your shoes it's what i've done by the way and i'll tell you the net result all these years later justin i'm fifty seven years old um i've got millions.

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