The Ramsey Show Money Is a Tool To Create a Life You Love
Feb 21, 2025
Dive into the complexities of family finances, exploring issues like child support guilt and managing a partner's $70k debt. Discover tips on balancing immediate wants, such as vacations, with long-term goals like home ownership. Learn how to navigate health insurance choices and the differing perspectives on financial tools like 529 plans. With personal stories and expert advice, the discussion emphasizes the importance of communication and planning in fostering financial stability and breaking cycles of trauma.
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High-Deductible Health Plans
- Consider a high-deductible health plan if your family is healthy and you're on Baby Steps 4, 5, or 6.
- Take advantage of the health savings account, a triple tax-advantaged tool for healthcare and retirement.
Early Annuity Withdrawal
- Avoid cashing out annuities early due to penalties unless the penalty is small compared to potential gains by reinvesting.
- Consider waiting until the penalty-free age to withdraw.
Annuities are Bad Investments
- Avoid annuities; they offer poor returns and high fees, preying on stock market fears.
- Invest in 401(k)s instead.
