During an episode of the popular personal finance talk show The Dave Ramsey Show, hosted by financial guru Dave Ramsey, caller Jonathan asked for advice on what to do with the millions he inherited.
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For many people, inheriting millions may be like a dream come true, but for Jonathan, this inheritance came with a tragic story. Jonathan began the call by explaining the tragic circumstances that led to him inheriting millions from his mother. He told Ramsey that his mother was recently killed by her new husband, which shocked Ramsey as he listened to Jonathan tell his story. Jonathan said, “I’ve never made more than about $85,000 in a year, and then I was left with a few million dollars.” He admitted, “I hope I’ve done the right thing with what I’ve done with it. I just wanted to at least get some reassurance that I did the right things.” He also asked Ramsey what he recommends Jonathan do moving forward.
Before delving into the tips, co-host and Ramsey team member Dr. John Delony, who has a Ph.D. in counseling and is an emotional health expert, asked how Jonathan has dealt with the loss of his mother. Jonathan admitted that the first year after his loss was extremely difficult and he felt he was going backwards, but it was because of his children that he came together. Ramsey also asked about the man and if he was in jail for the murder, but Jonathan found out that his mother’s husband had died shortly after.
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Ramsey offered his condolences to Jonathan and said, “Managing $2 million that you don’t know how to manage is scary enough, and then you put this layer on (referring to the murder). It just gets super scary, doesn’t it? ” In addition to the $2 million from his mother, the husband left Jonathan another $1 million, bringing his total, including estates, to $3.5 million. Jonathan revealed that he has not worked since his mother died for emotional reasons. Delony told Jonathan that finding a job is an important part of his recovery. It should have “a purpose. A thing to do. A thing to go to. A thing you’re a part of that the world will be better off because you were a part of it.”
In response, Jonathan revealed that he planned to open a tiki boat tour business and had already purchased a boat for $220,000. Ramsey told him that it is good physically and spiritually that he has a plan and also advised him to invest his money wisely. Ramsey revealed that he has two rules for his investments. The first is, “Don’t put money into something you don’t understand,” and added, “This is a nightmare way to lose money.” He advised against investing in something just because a friend does it or you read somewhere that it’s a good idea. Always invest in something you know or love.
Ramsey admitted that it might mean going to school for a bit and learning from an investment advisor. He also told Jonathan that he invests in real estate in cash. Jonathan said he has about $1.8 million invested in real estate and plans to lease one of the properties once construction is complete. Additionally, Ramsey advised Jonathan to consider sitting down with a SmartVestor Pro to learn about mutual fund investing. According to Ramsey, this can be used by anyone looking to grow their money. By working hard to secure your income, investing your money wisely and not touching it to let it grow by an average of 10% each year, you will be in a very comfortable position for retirement.
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