Dave Ramsey's 3 Rules For Investing

[Music] brought to you by the every dooll app start budgeting for free today my father passed away in June um and I inherited pretty large thank you large amount of money and I just I really you know I kind of want to do what's right by him but I mean it's lifechanging and I'd like to kind of get some advice hopefully from you um on how to proceed a little bit I'm a little lost I got you how old was he um he was 77 what happened to him uh brain cancer oh I'm sorry were y'all close very I'm so sorry how old are you 30 cool what do you make a year no 140 this year good for you are you married uh engaged okay good fine when are you getting married um June okay all right one year later wow yeah yeah so how much how much money was left to you sir um invested about 3.4 um a little over 200 cash and couple properties what's the uh 3.4 invested in um it mostly funds mutual funds yes okay all right are you putting money in your 401k now yes are you putting in mutual funds uh some yes how'd you pick the mutual fund um well originally I you do you mean you mean for my contribution to my own um so I I kind of manage it a little bit myself and right now it's kind of split between um index funds um it's it's just with the Fidelity um you know I just put it in mostly an index fund last year and which did pretty well but so my point of asking that is that you have already begun before your Dad's passing to analyze and select Investments so doing that is not rocket science figured that out it it's um couple of three numbers you can look at and you can start to understand and you made some decisions based on some things you read and you went index route for uh and you looked at track records and you you know you've already had your it's not your absolute first time doing this agreed agreed okay so but we do have 3.6 million reasons to get better at it yeah yeah so here's a couple rules and if you'll follow these rules you'll be okay number one rule never put money in something you don't understand I don't care if George camel said to do it I don't care if Dave Ramsey said to do it I don't care if a guy in I'm $1,500 suit said to do it I don't care if a genius on Tik Tok said to do it actually I care don't do that but whatever he said don't do that but uh uh you see what I'm saying I mean don't put money in stuff until you understand now if you got that one say yes yes okay that gives you great confidence then to go slow that's number two you don't have to make any big moves to prove that you know something that you don't know yet take your time till you understand so go slow is number two right all right unless you understand it don't do it number two go slow number three put people in your life in the financial world that have the heart of a teacher that can help you understand and go slow but we're not hiring someone to do our job your job is to understand and manage the money that your father blessed you with so go slow understand it get people to help you understand more because you have a u a a level one understanding of mutual funds and really you probably need to get that up to about a level five or a level six out of 10 okay okay it's probably not that big a deal not that big a jump but you you do need a little do a little bit of learning George and I are going to be doing an investment a virtual event uh investing Essentials tickets are $199 I'm going to give you a ticket I want you to watch it it's on March 3rd and 4th okay okay we're going to go into a bunch of details so we can be one of your teachers but then you take that information and it'll help you make decisions about this portfolio then I want you to go to ramsy solutions.com I want you to click on smartvestor and find a smartvestor pro a mutual fund broker advisor in your area that we endorse that has the heart of a teacher and I want you to interview a couple of them and pick out one you like that you feel good about your fiance feels good about take her with you they have to pass the smell test okay and they have to you have to walk out of their feeling like this person's not greedy this person's not looking at me like a dollar bill this person is looking at me like a young person who's a little scared who needs to be taught and they you're you're hiring a financial Mentor you follow me yes their job is to teach you their job is not to do it for you do not turn this money over to someone else God made it your responsibility not someone else's okay you can have you can invest through someone but they do what you say to do after they taught you and you understand and you go slow and you felt good about it okay that's true of your Tax Advisor that you need to get in your corner that's true of a real estate person if you've got some properties that you need to get in your corner they have to have the heart of a teacher oh and by the way you're getting married you need an estate plan because you're a multi-millionaire so you need an attorney in your corner that does estate planning with the heart of a teacher so you understand you learn from these people I have attorney a tax attorney I have an estate planning attorney I have uh smart Vestor Pros uh I am a real estate expert I've been doing real estate my whole life so I don't have one of those but uh you know I've got people in my life and I'm freaking Dave Ramsey that teach me okay and George and Whitney do too right George absolutely yeah people who live and breathe this stuff every day and that'll help you create some confidence that you're doing the right things to have people looking over your shoulder and helping you understand it and so I love this plan and really what this does is Lea frog you through the baby steps because you never have to touch a scent of debt for the rest of your life what a blessing and so I love that you're you're taking this seriously going hey I don't want to screw this up this is a weight to carry uh but it's a blessing as well well it's going to help Kickstart your marriage that might mean buying a reasonable home in cash one day that doesn't mean you're going to have lifestyle creep and go a bunch of buy a bunch of nice toys but it does allow you to have a very different life that's an amazing Legacy your dad left yeah it's very very cool and you honor his legacy by being responsible yeah exactly that's that's why I'm making this call I was going to say that's why that's why you're a good guy I knew that when you made this call you've already honored his legacy you already honored his memory he's proud of you right now for just cuz you're saying I don't know what to do somebody help me that's the spirit you approach this but you don't go somebody take this cuz I can't handle it it's a hot potato I'm going to pitch it to somebody else that's what a lot of the pro athletes do and then they retire broke after making 10 million a year right yeah cuz somebody screwed them over or or some you know and let me tell you this let me tell you from my experience who screws you more than con con artists is enthusi I Astic ignoramuses that have got some great idea for your money your brother-in-law who wants to open a pizza place that's an enthusiastic ignoramus run okay there's an enthusiastic ignoramus on every corner and they'll screw you a lot more there's a lot more of them than their archon artists so that's why if you understand it you're not going to get screwed if you take your time you feel peace and wisdom not erratic slashing and flashing about instead you got good people in your corner in the multitude of counsil there's safety the Bible says and that's what I did I just built you a board of directors if you listen to me so you're a good man Zach you're going to do a great job your dad's already proud of you I'm proud of you this is the Ramsey Show create your free every dooll budget today the simplest way to budget for your life