Podcast Summary: "How Should I Invest If I Can’t Use a 401K?"

Podcast: Ramsey Everyday Millionaires
Host: Ramsey Network
Date: February 6, 2026
Main Hosts: Dave Ramsey (A), Rachel Cruze (C)
Featured Caller: Deanna from Pennsylvania

Episode Overview

In this episode, a recent college graduate named Deanna calls in to ask how to invest for retirement as a solopreneur without access to a traditional employer 401K. The hosts provide step-by-step strategies for building wealth, paying off debt, and choosing the right investment vehicles for individuals who don’t have access to employer-sponsored retirement plans. The discussion also covers the principles of financial discipline, planning in relationships, and early wealth-building for young adults.

Key Discussion Points & Insights

1. Paying Off Student Debt Before Investing

• Caller Background: Deanna and her boyfriend, both recent grads, owe about $100,000 in student loans combined.
  • Deanna: $60,000
  • Boyfriend: ~$55,000
• Both plan to be debt-free within a year.
  • Deanna: "I'm set to pay mine off in December and he's set to pay his off in December. So we're going to be student loan free in just about a year." (01:00)
• Host Response: Commends the focus on getting debt-free first:
  • Dave Ramsey: "Good for you." (00:56, 00:58 repeated encouragement)

2. Planning for Marriage and Home Purchase

• Deanna and her boyfriend plan to get engaged within a year and a half, saving $50,000 for a down payment and aiming to keep their first home purchase below $150,000.
• Host stresses waiting until after marriage before merging finances or making large purchases together.
  • Dave Ramsey: "It's very, very dangerous to buy a home with someone you're not married to." (02:15)

3. Prioritizing Steps (Ramsey Baby Steps)

• After getting married, debt-free, and with an emergency fund, follow Ramsey's Baby Step 4:
  • Invest 15% of household income for retirement.
  • Any extra goes towards paying down the mortgage faster.

4. Investment Vehicles for Solopreneurs Without a 401K

• Roth IRA:

  • Each spouse should open their own Roth IRA for tax-free growth.
  • Can start as soon as consumer debt is cleared.
  • Dave Ramsey: "Yes, I would start with two Roth IRAs. One of you each have one. You could start that now, for that matter." (02:48)

• SEP IRA (Simplified Employee Pension Plan):

  • Ideal for solopreneurs.
  • Can contribute a larger percentage (up to ~13% after formula).
  • Caveat: If employees are eventually hired and meet tenure requirements, employer contributions may apply.
  • Dave Ramsey: "You can put up to 16% of your income with a formula. Ends up actually being about 13..." (03:39)

• Simple IRA:

  • Another small-business retirement option, low startup costs.
  • Employer required to match employee contributions up to 3% if/when employees are added.
  • Dave Ramsey: "You can set it up as $15 to set the account up. They're very inexpensive...designed for small businesses." (04:28)

• Roth Options Across Accounts:

  • Emphasis on using Roth versions for tax-free growth.
  • Rachel Cruze: "And three, if you include the Roth." (05:00)

5. Investment Strategy

• Ensure all investments are allocated in good, growth-stock mutual funds.
  • Dave Ramsey: "Make sure they're all going in good growth stock mutual funds, and they're all Roth, which is tax free growth." (05:08)

6. Tailoring Advice for Couples

• Spouse with a traditional job can contribute to a workplace 401K.
• Combining multiple retirement accounts is beneficial for household wealth building.
  • Rachel Cruze: "Your husband, once you guys get married, can be investing as well in a 401k if he's at work, too." (05:13)

7. Memorable Advice and Personal Story

• Gentle encouragement to consider a shorter engagement as well as to take timely financial steps.
  • Rachel Cruze: "Maybe you guys fast forward up the engagement. You know, I'm a fan. If you know you're gonna be engaged in a year and a half, go ahead and shorten it like Rachel did." (05:29)
• Light personal anecdotes about their own engagements and timeframes.

Notable Quotes & Memorable Moments

• On co-buying a home pre-marriage:
  • Dave Ramsey: "It's very, very dangerous to buy a home with someone you're not married to." (02:15)
• On debt freedom and planning:
  • Dave Ramsey: "Good for you." (multiple times—00:56, 00:58, 02:00)
• On starting investments as a solopreneur:
  • Dave Ramsey: "You can put up to 16% of your income with a formula. Ends up actually being about 13 when the formula is applied. But you can put a bunch of your income aside in a SEP ira..." (03:39)
• On taxable growth:
  • Rachel Cruze: "Make sure they're all going in good growth stock mutual funds, and they're all Roth, which is tax free growth." (05:08)
• On overall progress:
  • Rachel Cruze: "Honestly, very impressive. You guys, just fresh out of college just in the last year, have a plan to pay off the debt, knocking it out, looking forward to the down payments, [and] thinking about investing...you are in a perfect position and time in your life to start all of this, so congratulations." (05:45)

Timestamps for Key Segments

• 00:20 – 01:00: Deanna outlines financial situation and debt payoff plan.
• 01:00 – 02:11: Discussion of marriage, home buying, and merging finances.
• 02:11 – 03:02: Transition into investment planning post-debt.
• 03:02 – 05:13: Options for solo and self-employed retirement investing (Roth IRA, SEP IRA, Simple IRA).
• 05:13 – End: Mutual fund recommendations, spousal contributions, encouragement for quick engagement, personal anecdotes, congratulatory remarks.

Tone and Style

The episode is direct, supportive, educational, and sprinkled with humor and personal anecdotes that showcase the familiar, down-to-earth style of the Ramsey Network team.