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.
Finding the Right Advisors
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
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