This is the Ramsey Call of the Day part of the Ramsey Network. Charlie's in Phoenix. Hey Charlie. How are you?
I'm doing good. Thanks for asking. I appreciate that. Sure.
Can we help? Sorry about a question. I retired like three years ago at 60 and I probably have like about one point eight million dollars in investments and only half of the house that's paid off I've been deathfully probably for ten years probably My question is like that ain't right because I didn't savor all my life and I said a hard time I mean I was like a side gig that I make about I'm a thirteen or forty thousand dollars a year up over a few months out of the year and I just want to know what your thoughts are how do you know that I can spin the money that I have sitting in for one case mutual funds and an investment count I am there eight for my life and I've been there 39 years awesome. We have three kids and 16 grandkids.
Wow There's one place to spend all that money on those grandkids. That's incredible. Yeah, well, I do that and I can try to anyway. Are you pulling an income off of your mutual function?
I'm not taking any money out of my mutual funds or my 401k is anything I have like I have about two about three hundred thousand dollars in in a money market account and Emergency fund what you live on? What do I live on? Yeah, well you try your monthly expenses with it's not 13,000 I Yeah, I pay about I use my money market account and the money that I get from my side gig And I like I said, look at that 13 thousand dollars a year doing that. What do you spend how much of your money market a year?
Are you using a year? I don't know Not very much. I'm still in that saving most of the caps unlike I don't know if I want to spend the atom, you know What is your wife work outside the home? No, we're both retired actually retired before I did okay, so you're being confusing as credit All right, you're not living on thirteen thousand dollars a year So where is the rest of the money coming from that you're living on?
Are you draining the money market slowly? You're not living on $20,000 a year. I get it that you're a safer, but you're not living on that Yeah, we live on about 25,000. No, you don't want your property taxes on your house $700 a year yeah What's the house Phoenix Arizona?
What are you living? No? No, I live our houses with about three hundred thousand dollars And I live in a small community at about 35 miles outside of the internet Play called phantom Valley, okay, and your property taxes on 350 dollar house or 700 grand or $700. We actually get seven eight hundred dollars Okay And it's a if 18 homes were feeding down sites from a Two-story house and and now we have the difference in lubricate you should say that the difference between saving and hoarding is Attitude it's attitude.
It's not an amount Okay, and the fact that you are unable to enjoy any of this wealth that you have built and you were living on below the poverty level With your income while you have a million eight in the bank is that that's why you do need to work on this, okay? Yeah, so I want you to get with your investment advisor and I want you to start drawing 60,000 bucks a year 80,000 bucks a year and I want you to take your wife on a nice trip And I want you about her a purse that makes your hair curl and I want you to buy a nice car You have two million dollars young man. I mean my goodness gracious you are amazing you have done a great job But your muscles you only developed one of the three muscles needed to handle money the saving and investing muscle You did not develop the generosity muscle and you did not develop the enjoyment muscle And I don't want you to spend to the point you go broke and I'm not suggesting that you become a spin thrift I'm freaking Dave Ramsey. I'm known for being a tight-wad.
Okay, but I'm but but you you've got to you know psychologically spiritually Emotionally relationally get to the point you enjoy this you don't want your grandkids memory of you to be a guy that piled up All the money in the corner. No one ever saw it you stood in front of it and protected the money You want your grandkids to remember a grandpa that was kind and generous and wise and Thoughtful and thought about the future and also enjoyed the present Yeah, I'll tell you that when I first retired in our money market account You probably had about $350,000 in it 50 grand in three years who you're out of control and being sarcastic, okay? Are you here on site and dude? Yeah, I know I need to change my attitude you've got to enjoy this money and here's the thing Let me tell you how you built a million.
You used a system didn't your your systems guy? Yeah, okay, so you need to say I'm gonna allocate this number of dollars to this category to spend and Then work the system go spend it. You've got to build the enjoyment muscle I don't want you to be out of control. I'm not asking to be irresponsible.
I'm not asking you to be unwise But you you're you called because you know you're out of balance You know that that's muscle that this muscle of enjoyment and the generosity muscle are both weak and so I want you to go give every green kid 500 bucks all the YouTube comments right now we're saying Hey, I know one place you can send a Charlie. Here's my Venmo But sir, you need to sit down with your wife go to a really nice dinner Get a nice estate you can and write down all the goals allocate percentages towards giving and spending and then go do it And force yourself I'd like for you to go on when cruises open back up going to cruise around the world Spend more than you spent all of last year and take the whole family $20,000 out of a million eight you're gonna be okay, man. You're gonna be okay What you live like no one else so that later you can live and give like no one else you got to play that last part out Charlie That's what it was for it's not for piling it up and looking at the pile of money Thanks for tuning in to the Ramsey call of a day to check out all of our podcast just search Ramsey Network on Apple Podcast Spotify or wherever you listen