What Should We Do with an Inherited $700,000 401(k)?

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Title	:	What Should We Do with an Inherited $700,000 401(k)?
Lasting	:	7.43
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Views	:	116 rb

Dave you never disappoint
Comment from : ky resh

Go to Vegas put it all on red😅😅
Comment from : Alan Humphrey

fyi anyone other than the spouse, only has 10 years to withdrawl the whole inherited 401k
Comment from : Ken Darcie

Man some of these people have it so good, I’m actually jealous
Comment from : Rajiv Kumar

Wow! I'm blown away by all this
Comment from : SelfLoveU

Mutual funds, lol
Comment from : SigneDeLaCroix

Draw down as slow as legal
Comment from : Joe Meyer

That goes too when hiring a lawyer
Comment from : Jean Laubenthal

She could move up from $2k a month to $3k per month easy
Comment from : K S

Dave Ramsey, what happens tax wise when you park that money into a savings account?
Comment from : Torrent79

Good advice
Comment from : John Ingram

Lambo, rarri, Benz, beamer, Cobra, Stang 🥳
Comment from : Basic Beach Community

Why are americans so spoiled 🤣brTWO GRAND A MONTH 😂brI would kill for that
Comment from : Secretly a Celebrity

I didn't have the same emotional response as the hosts had on the show The wife was the beneficiary of her husbands 401K They likely were counting on the proceeds of the 401K together RMD's will come up and will have to take a distributions either to the end of her life or till the end of the funds This is not found money In Dave's words, she's a millionaire I guess she was before her husband passed away The conversation never went to monthly need I do agree with the recommendation at the end of this
Comment from : Bob Gutman

He is a good son
Comment from : Mr Speyside

Dumbest investment advise ever go with what feels good?👎 what a joke
Comment from : 2bg2soon1

1 Don't go too fast Take things slow to learn, and there comes #2br2 Invest only in what you understand (same as Warren Buffett said), and understanding takes timebr3 Find someone to Teach you not Sell you Someone with a teacher's heart You will know it if you go out of their office and have learnt sth new
Comment from : Cashburner

I would throw the money into dividends stocks With 720k that will generate you at least 20k-30k annually from dividends If his mom is making 2k a month she is making around 30k a year With dividend it will double her and income Savings account have very little APY
Comment from : Nicky Thao

"That sounds younger every day!"
Comment from : Saad Ahmed

If they already have enough unearned income to cover the household yearly, give away the remaining unearned income to poor people, who commit to doing the same thing Matthew 19:21
Comment from : Investor Clarity

Split it between MSFT, AMZN, AAPL, TSLA, GOOGL, WMT, NVDA You just might have a few million in 5 years or so Sell some here or there when you need
Comment from : MX R2020

Reminds me of my neighbor Her son passed and he had a 401k of about 500,000 Ex husband passed and left his to her which was about 400,000 She has her own retirement, and owns every thing She only had used it when her kids or grandkids has asked for money She said after she gave out about 200,000 she finally decided to just not touch it anymore because she doesnt need it
Comment from : michelle richardson

I am so impressed with deceased husband, taking care of his bride, and ensuring her continued lifestyle I'm also impressed with this young man to call in and ask how he can help his mother Dave's advice was outstanding! Guarantee the safety of the money, where she doesn't lose any, double her monthly income, and enjoy her remaining years, however she likes Someone commented on this as a legacy, and I agree 100 with that What a legacy!
Comment from : Robert Clontz

In 2011 we went on Chapter 13, me and my wife make around 100,000 a year, she lost her job in 2008 and after that debt started to pile up She was unemployed for two years We went to one of your seminars in Portland, OR and that changed our lives Now we do not owe a penny to anybody and we are happy, debt free and retired, because we follow your advice We want to thank you for that Thank you
Comment from : Neftalí and Grupo BoriKuas

Don't call Dave Ramsey
Comment from : CSM1470

When he was considering her income, he seemed to not count the pension she receives from her husband; the son didn't mention an amount that would reduce her needs even further
Comment from : Anciano1230

Great advice
Comment from : Sharon Brown

Buy silver juniors and uranium miners for explosive returns
Comment from : Basic Boomer

Putting money in a market account is wrong if its in one, as only 250k is insured not all 729k of it Not clear advice, semi poor advice Should be in 3 different accounts, during this waiting period
Comment from : AncientShadow

My wifey destroyed the 1st Ramsey ELW she talked to It's not a good sign when she new more than those people 3rd company was ok
Comment from : ElainesDomain

Hey Dave, Stop telling people to start "FEELING"! That is not smart! I can make you "FEEL", Happy, Sad, "SCARED", I pretty much can make you "FEEL" anything that I want to You should be telling people to "CHECK" their "FEELINGS" and make sure that they are not getting something that makes them feel good or safe but yet they have been taught the wrong way? It is possible that someone can teach someone the wrong thing and they could believe it so much that even if they are being hurt by it they will not see it until it is way too latebrThey need to be asking questions like,br* Why am I feeling the way I am feeling?br* Does what I am learning really add up?br* Do I get different answers when I talk to people whether it is someone who I have been referred to or someone who has no connection to the original person or the person that the original person referred me to?br* Is a person trying to get you to jump into the boat or make you feel like if you don't take the deal you will lose out even if you want it really bad?br* Even when the answer is NO and someone is willing to tell you that answer evenknow you don't want to hear it but they will make a real difference in you getting swi9ndled?
Comment from : Adam Guymon

Whatever you do do not do mutual funds! ETF VOO and VT is all you need
Comment from : CB

Dave is right, don't get in a hurry Read and learn as much as you can about taxes and investing As you can see in the comments, there are a lot of opinions on how you should manage money Make sure you know enough for y'all to make up your own minds
Comment from : Kyle Law

He sounds 69
Comment from : Julie Anderson

Millionaire used to mean something in the 1800s and early 1900s Nowadays, a single modest house can cost a million dollars It’s not how much currency one has but the kind of life one can afford
Comment from : Henry Zhou

Most people don’t leave their families a pack of peanuts, good on him for leaving a legacy
Comment from : M Safrons

Get referrals from people who succeeded in your situation I did and haven't regretted it
Comment from : Too-old Forthischet

Best advice When I lost my husband I was in a fog I didn’t inherit money, but was blessed with a family that helped me figure out how to get out of the house I couldn’t afford and into a condo that was paid off brSometimes you just need to get to a place where you can get through the day to day and grieve, before you can start making the best financial decisions
Comment from : Joan H

Also make sure she doesn't fall for one of those love scams
Comment from : Carolina Berean

Wait, I thought people never inherit lots of money?Don't all millionaires become that way by driving 2 year old cars and saving their money?
Comment from : Joe Murchie

Set up a trust in the mother's name Why would he put the money in a savings account?
Comment from : Shanimarie

Wow this is hard Thanks for helping Dave!
Comment from : Flis Finance

I’m a financial planner in Canada and I love the advice he gives about how you should pick an advisor You should always feel like you are learning and on-board with your advisor Never just blindly trust someone that seems confident but doesn’t take the time to bring you on board I never let me clients make a financial decision they don’t feel 100 comfortable with even if it takes 2-3 meetings
Comment from : Catharina Terry

I don't agree with everything Dave recommends for investment, but I do dig his approach and his humanity Rock on Dave!
Comment from : John Smith

😁✌🖖👌👍 😎
Comment from : john mirbach

How do I make an inherent im 23 with 38k my name and ik is not alot but what if I die tomorrow lol I want someone in my family to have it or pay my funeral with it
Comment from : Music Pro

dave: how old was your dad?brcaller: 69brme: nice
Comment from : sieonigh

This was a great video, I loved Dave’s recommendations and overall how he handled this call
Comment from : Aracely Lopez

😠 Boycott China we all can do it together!!!!!!! 🌎 Is hurting 😥 because of them!!!!!!!🙏
Comment from : Guadalupe Rios

I bet the Mom will never touch any of the money, she will leave the money in the 401K and leave it for her son
Comment from : John K

Sorry for your loss Mike 😔
Comment from : Clair

I'm surprised his dad didn't draft a plan to direct them how to manage the money
Comment from : Duane Jackson

69
Comment from : Jason

Giving a frugal person more money will not change their lifestyle one iota They will just put the money in the bank
Comment from : John K

Inheriting 700k? Must be nice to be priveledged
Comment from : GoyLand DeFree

$2,000 a month with house and car paid etc, More than enough money to live on
Comment from : sdnalyam

Remember way back when when Dave said the corona wasn't a big deal?
Comment from : Scott Williamson

Yolo it on NIO calls 🚀🚀😂💯
Comment from : GameboyTommy

Buy one, two bedroom home in Denver
Comment from : Joe Schmoe

Pay taxesbrPay debtsbrBoost retirement investmentsbrSpend some
Comment from : F Huber

Maybe she enjoys her life Dave, who are you to judge how she enjoys her life and spending? Maybe she has a good quality of life that doesn't need "doubling" lol
Comment from : TeKnoVKNG23

buy loads of bitcorns
Comment from : Babyface ATL

Nice video!! Very engaging from beginning to end Nevertheless, businesses and investment are the easiest way to make money irrespective of which party makes it to the oval office
Comment from : alpha male

Definitely doesn't need to withdraw more money if she doesn't want to Son said $2000 is more than enough
Comment from : Sean Baker

Its actually quite simple Roll it over to a ROTH IRA and put the 700k into some dividend-paying index funds like SPHD A viola, and extra 30k income for life
Comment from : Malco-Mega

Hey Dave, my daughter chased a ball into the street and was hit by a carbrbrDave: Let me get you the number for a smartvestor pro
Comment from : Pig Benis

Certainly can be difficult thinking logically when you're in grieving mode If they take the time and manage it right they will be set for a long while
Comment from : moneybee

Referral pyramid scheme
Comment from : E J

I’d do pretty much nothing for a year and just let the shock settle in brCheck out “A Random Walk Down Wall Street” for some good investing advice brI agree with Dave to avoid the costly “pro”
Comment from : Brendan Evan

The guy was already low balling his mother necessities
Comment from : Ed González

Lol these calls seem to be the majority on this show""hey Dave, I only have 10million $$ and I can't pay my car what should I do?? "
Comment from : Vyathaen

Dad didn't teach mom his investment strategy?brbrIt is unbelievable to me that a husband and wife wouldn't mange this amount of money togetherbrbrIn other words, don't mansplaine mom
Comment from : Thomas Reedy

Dave is judgemental There are many people who are thrilled and joyous just to get up enjoy a cup of coffee, take a walk, enjoy their pets and garden, etc No, not everyone wants to "live it up" to really feel blessed, joyous, happy, contented, etc
Comment from : Raj Beekie

One almost never wants to recieve money in such a way this year many have had to pay a heavy toll
Comment from : Jeroñe

We'll actually bank CDs that are FDIC are safer than money market Money market is not FDIC in many cases
Comment from : Liberty Springs

If you don’t have any, buy a few acres of land to farm and start growing your own food Prepare yourself to be somewhat self sustaining in case what we went through with the pandemic happens again
Comment from : 1jw2

Moms got to pay taxes on the 401k fund, lets not forget that either
Comment from : keeping it real

$250k in an FDIC insured high yield and the rest in SPY
Comment from : wewhoareabouttodie saluteyou

You’re never looking for a broker, period Brokers know how to buy and sell They don’t make money by holding
Comment from : gsquared23

What a smart son calling into Dave Ramsey to make sure he does this right Good on you, man, good on you
Comment from : John Allen

I'd take half out into tangible assets, and invest hard with the rest This circus could be coming to an end
Comment from : Trelleborg

This was awesome 👏🏽
Comment from : Jai Mcgee

That’s a great suggestion use it for mom for a good life take your time
Comment from : Scared of Mice

$700k is a wonderful blessing A smart investor will double it in 7 years A bad investor though
Comment from : Todd Baldwin

Just put it in the S&P 500?
Comment from : Roger Cui

I get a sense that he doesn't really want his mom to spend any of this money
Comment from : Big D

Roll it over Roth it pay the taxes fidelity low cost ETFs five years than live off it
Comment from : K Roddy

I think the great fallacy given to us by the financial industry is that as we age we spend more Unless you have some debilitating health crisis, nothing could be further from the truth I've watched countless seniors spend less! Much less My mother lived on $2000/mth in a paid-off house The only thing she needed was her RMD's to pay her taxes Taxes ended up being her biggest expense for decades! Big shocker
Comment from : BlackMan614

That’s pretty nice
Comment from : iam mohumed

Well I would take half and put it in a savings builder while I look for a good financial plannerand I would take the other half and invest in a tuba degree
Comment from : Torryx

Dave has a heart of a teacher
Comment from : Keep Striving

My dad has got nothing to offer to his kids He worked $10/hr his whole life and never learned a trade It's very sad what he s done with his life Now, he s retired but he still needs to workbrI changed this around for myself I dropped out of college because I didn't want to end up like him With God's help, I will retire next year at just 36 with enough cash flows for me and my family
Comment from : jean lenor