Woman Wins $3 Million In The Lottery, Dave Ramsey Says 'I Hope There's A Market Crash Right Before You Put This Money In'

Winning the lottery is a dream for many, but for Angela, a recent caller to "The Ramsey Show," that dream became a reality. The Rochester, New York, resident said she had won $3 million in the lottery. However, after opting for a lump sum payout and accounting for taxes, her take-home amount was $997,000—still a significant sum.

Angela called in to ask Dave Ramsey what she should do with the money. She admitted she was meeting with multiple financial advisors but was feeling uncertain, especially with concerns about a potential market crash.

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Dave Ramsey's Response

"I hope there’s a market crash right before you put this money in," Ramsey said. If the market crashes, the downturn would allow her to invest at lower prices, setting her up for strong returns when it rebounds. 

But Ramsey said he doesn't see a market crash happening any time soon. Instead, he advised her to focus on long-term investment strategies rather than short-term market fluctuations.

Investing vs. Playing It Safe

Angela admitted that she felt overwhelmed by financial advice and was unsure about how to proceed. She even considered spreading $250,000 among different banks until she felt more confident. Ramsey strongly advised against this approach and outlined the opportunity cost of not investing.

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To illustrate his point, he explained that if Angela invested her million dollars in the stock market and earned a 20% return in a year, she could gain $200,000. In contrast, leaving the money in a low-yield savings account could result in earning just 1%, which would equate to a much smaller return.

Ramsey emphasized that learning was the key to making wise financial decisions. "It's called opportunity cost. You missed an opportunity by not learning," he told Angela. His advice was clear: educate yourself, work with professionals who take the time to explain things, and invest with a long-term mindset.

Finding the Right Advisors

One of Ramsey's biggest concerns was ensuring Angela found the right financial advisors. He warned her against working with professionals who made her feel intimidated or who talked down to her. Instead, he advised her to look for advisors with the "heart of a teacher." These are professionals who take the time to explain investment strategies in a way that makes clients feel both confident and at peace.

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Ramsey reminded Angela that, ultimately, the advisors work for her. If any advisor makes her feel uncomfortable or insecure, she has the power to fire them and find someone better suited to her needs.

Long-Term Thinking

Ramsey encouraged Angela to view her investment as a long-term plan. "Don’t invest in the stock market or in real estate if you’re wanting to do a short-term play," he advised. "You wanna think ‘I’m not gonna touch this for five years once I put it in there.'" He also suggested turning off the news and avoiding the constant noise surrounding market fluctuations.

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