Podcast Summary: The Ramsey Show Highlights – "I Won $3M And Don't Know What To Do With It"

Episode Information:

• Title: I Won $3M And Don't Know What To Do With It
• Host: Ramsey Network
• Release Date: March 24, 2025

Overview: In this episode of The Ramsey Show Highlights, a listener shares his recent lottery win of $3 million but expresses uncertainty about managing the newfound wealth. Host Ramsey Network provides insightful financial guidance, emphasizing the importance of educated investment decisions, understanding financial advice, and building a reliable support system with knowledgeable advisors.

1. Listener's Lottery Win and Concerns

The episode opens with a listener, referred to as B, revealing his lottery win:

[00:14] B: "I won 3 million."

However, he clarifies the actual amount received after taxes and lump-sum deductions:

[00:16] B: "I won 3 million. Unfortunately, I of course, didn't get anywhere near that. I got 997,000. After taxes."

B expresses his frustration and uncertainty about the next steps:

[00:40] B: "Thank you. I was, too. I just don't know what to do now. I've been meeting with a lot of different advisors, but then I'm also reading about a possible market crash and I don't know what to do."

2. Host's Initial Response and Market Insights

The host responds with a blend of empathy and market perspective:

[00:53] A: "I hope there's a market crash right before you put this money in... I'm steadily investing. Real estate and stock market both."

He emphasizes a positive outlook on market investments, subtly advising against panic-driven decisions.

3. Navigating Financial Advisors and Personal Education

B admits feeling overwhelmed by financial jargon and the complexity of investment discussions:

[02:05] B: "I can't say that. I don't really understand at all."

The host shares a personal anecdote about his interaction with Gen Z employees to highlight the importance of understanding financial strategies:

[02:09] A: "They spent about 30 minutes teaching me with a good spirit... I'm always perpetually curious around here."

Ramsey Network underscores the necessity for listeners to seek advisors who prioritize education over complex jargon:

[03:00] A: "Your job is not to hire someone else to do this for you. Your job is to hire someone to teach you to do it for yourself."

4. Emphasizing Education and Confidence in Investments

The host reassures B about investment fears and the importance of informed decision-making:

[03:34] A: "You're not going to lose it. You're going to go slow, and you're not going to put it in anything you don't understand."

He introduces the concept of opportunity cost, illustrating the potential gains from educated investments versus the losses from fear-based decisions:

[05:02] A: "If you put a million dollars in and it makes 20%, that's 200,000. If instead you put it into a savings account because you're scared and you don't learn and you make 1%, you lost $200,000."

B acknowledges the value in this perspective:

[05:15] B: "That's a much better way of looking at it."

5. Actionable Steps and Final Advice

Ramsey Network provides a clear action plan for B and listeners in similar situations:

1. Seek Educated Advisors:

   [04:09] A: "Get comfortable. And don't invest in the stock market or in real estate... Find the ones in your area."

2. Evaluate Advisors:

   [04:50] A: "Interview 2 or 3. Talk to tax people, real estate people, insurance people until they have the heart of a teacher."

3. Trust and Confidence:

   [05:37] A: "Learn, learn, learn, learn, learn. And don't invest in the stock market or in real estate..."

4. Dismiss Poor Advisors:

   [05:15] A: "Tell them to shut up. They're fired."

The host concludes by reiterating the importance of financial education and selecting advisors who instill confidence and understanding:

[05:37] A: "Learn, learn, learn, learn, learn. Get comfortable. And don't invest in the stock market or in real estate... If they make you feel insecure with their snotty approach... fire them."

Key Takeaways:

• Educate Yourself: Understanding the fundamentals of investing is crucial before making significant financial decisions.

• Choose the Right Advisors: Select financial advisors who prioritize teaching and building your confidence rather than overwhelming you with jargon.

• Avoid Panic Decisions: Do not let fears of market fluctuations drive your investment strategies. Stay informed and make calculated decisions.

• Understand Opportunity Cost: Recognize the potential gains from informed investments versus the losses incurred from fear-based inaction.

• Build a Support System: Surround yourself with knowledgeable and supportive professionals who have your best interests at heart.

Notable Quotes:

• [05:02] A: "If you put a million dollars in and it makes 20%, that's 200,000. If instead you put it into a savings account because you're scared and you make 1%, you lost $200,000."

• [03:31] A: "Your job is not to hire someone else to do this for you. Your job is to hire someone to teach you to do it for yourself."

• [05:37] A: "Learn, learn, learn, learn, learn. Get comfortable. And don't invest in the stock market or in real estate..."

Conclusion: This episode of The Ramsey Show Highlights provides valuable insights for individuals who find themselves with unexpected financial windfalls. By emphasizing the importance of education, selecting the right advisors, and understanding investment opportunities, Ramsey Network equips listeners with the knowledge to make informed and confident financial decisions.