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The Ramsey Show
How to Escape Living Paycheck to Paycheck
Dec 11, 2024
Explore the intriguing financial conundrums faced by couples, from navigating expenses on a high income to deciding on major purchases like cars. Delve into the emotional complexities of merging finances in marriage, with discussions on prenuptial agreements and debt management. Learn about the perils of cash value insurance and why term insurance is often a better bet. Plus, uncover strategies for financial stability during life changes, balancing budgeting with long-term investment growth.
01:28:45
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Quick takeaways
- Investing a portion of trust funds in growth stock mutual funds while ensuring liquidity in savings is essential for financial stability.
- High earners must establish a detailed budget to curb excessive spending and identify savings opportunities, regardless of their income level.
Deep dives
Investing Special Needs Trust Funds Wisely
Managing a special needs trust requires careful investment strategies to ensure financial stability for the beneficiary. A recommendation was made to invest a portion of the $170,000 trust funds into a good growth stock mutual fund while keeping another portion in high-yield savings. This approach allows for potential growth while maintaining liquidity for future care needs. The importance of balancing risk and accessibility is emphasized, making it crucial to work with a financial advisor to tailor the investment strategy specifically for the trust's goals.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode