This is the quickest way to build wealth: Dave Ramsey – Fox Business

This is the quickest way to build wealth: Dave Ramsey – Fox Business

Editor’s note: Money expert Dave Ramsey is CEO of Ramsey Solutions. He has authored seven best-selling books, including “The Total Money Makeover.” His radio show “The Dave Ramsey Show” is heard by more than 16 million listeners each week on 600 radio stations and multiple digital platforms. Each week he answers a question about personal finance in his “Dave Says” column. 

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Dear Dave,

I have $11,000 in a mutual fund account that is not a retirement account. My wife has a retirement account through her job as a teacher, but I do not have one at all. We’re in Baby Step 2, so should we cash out the $11,000 in the investment account to help pay off debt?

Chris

Dear Chris,

If this money is designated as non-retirement funds, I’d say go ahead and cash it out. Use the money to pay down debt, and continue to stay focused on working the Baby Steps.

Get that debt paid off, build an emergency fund of three to six months of expenses, then it’s your turn to start investing.

WHY EVERY ONE OF YOUR DOLLARS DURING CORONAVIRUS NEEDS A NAME: DAVE RAMSEY

The quickest way to build wealth is to get control of your largest wealth-building tool—your income.

When all your money is going out the door to other people, you don’t have that tool at
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