How Should I Invest So I Don’t Run Out of Money in Retirement?

Summary

Ramsey Everyday Millionaires – Episode Summary

Episode: How Should I Invest So I Don’t Run Out of Money in Retirement?
Date: March 30, 2026
Hosts: Dave Ramsey, co-host (not named, possibly George Kamel or Dr. John Delony)
Format: Live call-in financial coaching

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Episode Overview

This episode centers on a deeply personal and complex financial question: how to invest and secure enough money for retirement, especially when family dynamics, past business decisions, and risky behaviors complicate the situation. A listener, Diane from Chicago, calls in to seek guidance on how to best invest a sizable sum from a recent business sale—while navigating the fallout from her husband's gambling addiction and her plans to start a new franchise.

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Key Discussion Points & Insights

1. Diane’s Financial Situation (00:20–02:28)

• Diane has $600,000 in the bank from a recent business sale, is debt-free, and holds $250,000 in retirement accounts.
• She's 57, previously stayed home to care for children, and is considering opening her own franchise (approximate cost: $125,000).
• All major assets (bank accounts, business proceeds, houses) are in her name due to her husband's gambling issues.
• Her husband receives $3,600 per month in “play money” (from a rental income and Social Security), which he uses in questionable ways.

2. Addressing the Gambling Issue (02:28–04:09)

• Diane’s husband’s gambling led to unknown debts that had to be paid after the business sale.
• The hosts quickly identify the root issue: ongoing financial risk due to the gambling problem.
  • Dave Ramsey [04:02]: “It’s hard to fill up a hole while somebody’s digging out the bottom.”
• Diane asserts some control by keeping all finances in her name, but hosts challenge whether the gambling is truly “under control.”

3. Investment Strategy Recommendations (04:09–05:46)

• The hosts recommend Diane sit down with a Smartvestor Pro and invest the $600,000 (plus $250,000 from retirement) in good mutual funds.
  • Investments should aim to average 10% or more, effectively doubling every seven years.
  • Dave Ramsey [04:26]: “You basically got a million dollars in seven years ... at 71 years old, you’d have 4 million dollars. So you’re going to be fine if you do that and you don’t piss it away with this franchise.”
• Emphasis on protecting the nest egg from both the franchise’s business risk and her husband’s gambling losses.

4. Franchise Opportunity: Optimism & Risk (05:19–07:34)

• Diane is passionate and confident about her own franchise, backed by family support, but has no prior business experience.
• The hosts offer a reality check:
  • Host [05:46]: “That’s not true in the small business world ... there is risk that you’re not perceiving.”
  • The recommendation is to put only a set amount ($125,000) into the franchise and strictly limit further investment.
  • Dave Ramsey [06:44]: “With the level of unrealistic optimism that you’re coming at this with ... you’re going to end up going 300 grand in the hole on this thing ... put the rest ... in some good mutual funds ... so it’s protected from this business risk and the gambling risk.”
• Strong advice against “all-in” optimism without risk boundaries.

5. Boundaries and Emotional Dynamics (07:34–08:06)

• Co-host picks up on possible emotional motivations behind Diane’s franchise plans—possibly seeking independence or validation outside of her husband's destructive patterns.
  • Co-Host [07:34]: “It almost sounded like this business for you is some sort of retaliatory thing ... draw a line in the sand and set some boundaries about how long you’re going to endure this.”
  • Acknowledgment of resentment and the unsustainability of her current arrangement.
  • Co-Host [08:03]: “Allowing this to persist doesn’t feel like the answer. It feels like it’s breeding resentment from you.”

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Memorable Quotes & Moments

• Dave Ramsey [04:02]:
  “It’s hard to fill up a hole while somebody’s digging out the bottom.”
• Dave Ramsey [04:26]:
  “You basically got a million dollars in seven years ... at 71 years old, you’d have 4 million dollars. So you’re going to be fine if you do that and you don’t piss it away with this franchise.”
• Dave Ramsey [06:44]:
  “With the level of unrealistic optimism that you’re coming at this with ... you’re going to end up going 300 grand in the hole on this thing ... put the rest ... in some good mutual funds ... so it’s protected from this business risk and the gambling risk.”
• Co-Host [07:34]:
  “It almost sounded like this business for you is some sort of retaliatory thing ... I would just say draw a line in the sand and set some boundaries about how long you’re going to endure this.”

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Important Timestamps

• 00:20–02:28: Diane explains her financial situation and background
• 02:28–04:09: Discussion of the husband’s gambling issue and its ongoing impact
• 04:09–05:46: Investment strategy advice for retirement security
• 05:19–07:34: Franchise risk analysis and advice on limiting business exposure
• 07:34–08:06: Discussion of emotional boundaries and the need for decisive action

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Takeaways & Tone

• The hosts remain practical, direct, and caring, challenging Diane’s assumptions while providing actionable, protective advice.
• The episode underscores the importance of maintaining boundaries, diversifying investments, and not letting optimism override risk assessment—especially in the face of a partner’s addiction.
• Diane’s story exemplifies the complexity of “ordinary” millionaire journeys and the need for discipline, protection, and honesty in financial planning.

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For listeners facing similar dilemmas, or seeking to understand how wealth can be both built and threatened by personal circumstances, this episode offers not just financial advice but wisdom in navigating family dynamics and emotional resilience in retirement planning.

Transcript

[A]

Foreign.

[B]

This episode is brought to you by SmartVestor. Connect with an investing pro near you at RamseySolutions.com SmartVestor Diane is in Chicago. Hey, Diane. How are you?

[A]

Hi. I'm doing well. How are you?

[B]

Better than I deserve. What's up?

[A]

Oh, yeah, same here. Well, I thank you for taking my call. I currently have quite a bit of money in the bank, I feel. And I am thinking about my retirement, and I'd like to know how best I should invest it in order to make it last through retirement.

[C]

How much is it?

[A]

So I have 600,000 in the bank. Wow. I'm debt debt free. I have just 250,000 in retirement, which I don't know what to do with because it's been with a payroll service since we had owned our own business, and it's just been sitting there. I don't know what to do with it. I know nothing about it. I wasn't actively involved in our business. I stayed home and took care of our kids, raised them, and have decided to go into my own franchise. And so I know that I will be using some of that money for the franchise, but I don't know that just sitting in a bank is the best place for it.

[B]

Yeah. How old are you?

[A]

57.

[B]

Okay. And you said you were not involved in the business, and now you're opening a franchise with the business money?

[A]

Yes.

[B]

So your husband was running the business?

[A]

Yes.

[B]

Where is he?

[A]

He's. He's at home. He is supporting me on my business. He's hoping at some point he'll be able to branch out and do something on his own. But everything's been in my name. The bank accounts, the houses, the business. We sold the business last year, and then.

[B]

That where the 600 grand came from?

[A]

Yeah, we sold it for 1.2 million, but we were given a large lump sum, and we paid off some unexpected unknown debts.

[C]

Like. Okay, unknown. You're being cryptic.

[A]

I didn't. I didn't know about it.

[B]

You're gonna have to tell. You have to tell us what's going on because you're not just not making my hump.

[A]

My. My husband has a gambling debt.

[B]

Oh.

[A]

I don't know what he. He gets. He gets a set amount every month that comes in that he collects, and he uses that for extracurricular activities. I have. Nobody uses it.

[C]

How much? You don't know how much he's.

[A]

Oh, no, I know how much he gets. He gets $3,600 a month, and that's his play money. I get 700.

[B]

So he's basically got a gambling problem that ran you guys deeply in debt and that's why everything's in your name.

[A]

Yes.

[B]

Okay. All right, that makes sense.

[C]

So who's supplying the $3,600 a month for him to continue gambling?

[A]

We have $2,500 coming in from a rental that that person bought the business, and he has the option to buy by the end of the year for 350,000 if he exercises that right. And then he also gets Social Security, eleven hundred dollars a month.

[B]

Okay, so at this point, you're okay with losing $40,000 a year with your husband?

[A]

No, I'm not, but I have no control over that.

[C]

What's the, what's the plan moving forward? Does he know? Does he know?

[B]

You apparently have a lot of control. You got everything in your name, right?

[A]

Everything's in my name. He knows that I'm opening up this franchise, which will be approximately $125,000 to open the franchise on my own. He, he's just kind of like leaving, letting me leave the money in the bank. But I feel like it's not getting the best return. So I'm looking for ways that I can invest it.

[C]

Yeah, I mean, we could tell you to get with the Smartvestor Pro and invest that money, but I really don't feel like that's the issue of the conversation.

[B]

Yeah, there's a lot. There's so much going. Here's the problem. It's hard to fill up a hole while somebody's digging out the bottom.

[A]

Right.

[B]

And that, that's kind of what we're hearing here. But you, you feel like you've got him, his, his gambling addiction under control. And I question that because I've seen, I've seen so many. Well, I mean, but, but, and so as long as you keep this stuff in your name, I guess you have the option of divorce at some point. If he runs up, you know, let's say he runs up a million dollar gambling debt and you don't want to pay it with the money that's in your name, then you've only got one option at that point. So anyway, that's what you're facing. So yeah, I would take the 600,000 and I'd take the 250,000, and I would sit down with a Smartvestor Pro and begin to invest it in good mutual funds. If it averages 10% or more, it will double every seven years. So you basically got a million dollars in seven years at 50, 50. At 64 years old, you'd have $2 million. At seven more years, at 71 years old, you'd have $4 million. So you're going to be fine if you do that and you don't piss it away with this franchise, if this franchise doesn't go belly up on you. And so, and it sounds like you've never run a business before. He ran the business before and now you're buying a franchise. So that's a little concerning.

[C]

Is the franchise in the same, like, field of expertise or is it something totally different?

[A]

No, it's something that I'm passionate about. Something that is for me, not for him. I don't accept his involvement in it, but I'm very confident and very passionate about this and I'm expecting for it to be very successful and I have a family that is willing to stand behind me and support me. So that's not even a question whether or not that's going to be successful. I'm confident that it will be.

[B]

I got to tell you that that's not true in the small business world. So there is risk that you're not perceiving, apparently. So, yeah, you're gonna buy it and you're gonna do it, but I want to insulate you from you and this bad decision if it's a bad decision. And I want to insulate you from him and his continuous bad decisions with 600 or more thousand dollars going over in a regular low risk investment in comparison to gambling and in comparison to franchise purchasing. And so let's put some money over there. So two things go sideways and this plan doesn't work, then, you know, you've at least got that money working for you. So, yeah, you need to sit down and do that. And you need to put a real limit on the amount of dollars you're going to pour into the franchise before it starts giving you money back instead of you putting money into it.

[A]

Absolutely.

[B]

And because if you don't, with the level of unrealistic optimism that you're coming at this with, and you're positive how positive you are about it, then you're going to end up going 300 grand in the hole on this thing. And if you won't put 125 in it and you believe in it, go do it. Go live your dream. I ain't got a problem with that. What I've got a problem with is these absolute statements. And I've been in business my whole life and there is no absolute 100% people are behind me. I feel positive it's an area I'm passionate about. None of that may matter. You may still lose all that money. So don't. Don't go into this 300 grand with all your positivity. If you want to put 125 in it, do it. And then I'd put the rest of it over and with a smartvestor pro and some good mutual funds and to where it's protected from this business risk and the gambling risk and separate these things.

[C]

Yeah, I'm just. I'm going to call it like I heard it. It almost sounded like this business for you is some sort of retaliatory thing against him to kind of prove that you're doing your thing over here and my thing, I would just say draw a line in the sand and set some boundaries about how long you're going to endure this and to what point before you go and do the things that you need to do and make that separation so that he can get the help that he needs. Because allowing this to persist doesn't feel like the answer. It feels like it's breeding resentment from you.

[B]

Oh, for sure. It kind of should.

[C]

Absolutely.