Podcast Summary

Podcast: Ramsey Everyday Millionaires
Episode: Did We Make a Mistake Moving Our 401(k) Into CDs?
Date: December 24, 2025
Hosts: Dave Ramsey, Jade Warshaw (Co-host, Financial Expert)
Caller: Lisa from Charlotte

Episode Overview

In this episode, Dave Ramsey and Jade Warshaw take a call from Lisa, who is seeking financial guidance after moving her and her husband's retirement savings out of the stock market into Certificates of Deposit (CDs) during the pandemic. Concerned about missing out on market gains and nervous about re-entering the market as retirement approaches, Lisa looks for reassurance and advice about her next steps. The hosts use the opportunity to address common fears about investing, the costs of emotional financial decisions, and long-term strategies for building wealth and peace of mind.

Key Discussion Points & Insights

1. Lisa’s Situation (00:14 - 01:31)

• Lisa and her husband, ages 54 and 59, have substantial retirement savings:
  • His 401(k): $535,000
  • Her IRA: $275,000
  • CDs: $200,000
• During the pandemic market dip, Lisa moved retirement funds into 4- and 5-year CDs (earning 4-5% interest) due to fear and her own health concerns (on disability for lupus).
• Lisa is worried they made a mistake by missing out on market recovery and wonders if they should shift the money back into stocks.

2. Analysis & Advice: Leaving the Market (01:31 - 03:13)

• Dave Ramsey:

  • Acknowledges Lisa’s move was a “mistake” but very common:
    • “What we always say is the only person that gets hurt on a roller coaster ride is the person that jumps off. And essentially, Lisa, you did... you jumped off.” [01:52]
  • Explains missed returns:
    • "...seven times what you’ve been making is what you would have earned." [01:59]
  • Stresses importance of staying invested for long-term growth.

• Jade Warshaw:

  • Confirms the sums mean Lisa still holds nearly $1 million in savings.

3. Should They Get Back into the Market? (03:13 - 04:53)

• Dave Ramsey:

  • Encourages Lisa and her husband to “get back in” despite market highs:
    • "You still have a long term, if you will, time to get back in the market…just picture 30 years as an example of what you guys have to kind of ride this out." [03:53]
  • Recommends consulting a financial advisor (SmartVestor Pro), especially to address Lisa’s fear and learn about market recovery stats post-crisis.

• Jade Warshaw:

  • Highlights that missing out on the market growth costs much more in the long run compared to the safety of CDs. Encourages Lisa to do thought exercises on “what would have happened” if she hadn’t moved the money for perspective. [06:41]

4. Paying Off the Home Mortgage (04:53 - 08:59)

• Lisa’s house: worth $900,000, owes $168,000 at 2.5% interest.

• Dave Ramsey:

  • Advises being aggressive about paying off the house, even with low interest.
    • “…the peace part of that. You guys are…your husband’s about to be in his 60s. There’s nothing better than having no payments in the world and owning the place where you live in.” [07:16]
  • Notes no one regrets paying off their house:
    • “I have not gotten one message or one comment that someone who pays off their house regrets it.” [07:57]
  • Cautions against the “math game” of leveraging low-interest mortgage for higher market returns, highlighting emotional and psychological benefits.
    • “…the peace of mind of knowing that my house, I don't owe anyone anything. And there's something so powerful about the autonomy of our money.” [08:27]

• Jade Warshaw:

  • Suggests the worst-case scenario of entering retirement with both a mortgage and reduced investment account balances:
    • “Suppose you go into retirement in a really down or really low year. Now you’ve got less money in your accounts currently and you’ve got your mortgage and this whole life of debt to keep up.” [08:38]

5. Encouragement & Closing Remarks (08:59 - End)

• Lisa’s nervousness is common—hosts encourage her to educate herself further and trust the long-term process.
• Dave and Jade affirm that Lisa and her husband are in a strong financial position and with the right steps, can secure both peace of mind and financial prosperity in retirement.

Notable Quotes & Memorable Moments

• Dave Ramsey:

  • “The only person that gets hurt on a roller coaster ride is the person that jumps off.” [01:52]
  • “Even if it's two and a half percent, you're making 3% on your CDs, you guys are…you have a wash right now. So, yes, I would be aggressive on paying off the house.” [04:54]
  • “I have not gotten one message or one comment that someone who pays off their house regrets it.” [07:57]
  • “…what you can't calculate, what you can't put in a spreadsheet or a formula is that peace of mind of knowing that my house— I don't owe anyone anything. And there's something so powerful about the autonomy of our money.” [08:27]

• Jade Warshaw:

  • “You gotta account for the peace…your husband's about to be in his 60s. There's nothing better than having no payments in the world and owning the place where you live in.” [07:16]
  • “No one has ever said, man, I wish I still had my mortgage.” [07:57]
  • “…if you…play it out in your mind what would have happened if you hadn't made that error…that’ll help with some of the nerves to say, well, everybody who stayed in is actually doing better ahead.” [06:41]
  • “Suppose you go into retirement in a really down…year…you’ve got your mortgage and this whole life of debt to keep up.” [08:38]

Key Segment Timestamps

• 00:14 – Lisa introduces her question and financial background.
• 01:31 – Dave addresses the “mistake” and the roller coaster analogy.
• 03:13 – Discussion of Lisa and her husband's age and outlook for retirement.
• 04:16 – Evaluation of total assets, loans, and income.
• 04:53 – Discussion returns to investing strategy and paying off the home.
• 07:16 – Psychological value and peace of mind from paying off a mortgage.
• 07:57 – No one regrets paying off their home.
• 08:38 – Risks of entering retirement with outstanding mortgage debt.

Takeaways

• Emotional, fear-driven decisions can cost substantial long-term gains in investing.
• Even in mid-50s to late-50s, there’s ample time to benefit from long-term stock market investing.
• Paying off a mortgage offers peace of mind that no spreadsheet or market return can equal.
• Consulting a trusted financial advisor is especially valuable when facing anxiety about investment choices.
• Financial peace is as important as mathematical optimization in retirement planning.