David Ramsey Talks to Jerraud, Age 19, Who Is About to Inherit $2,000,000 … What To Do

Jerraud is inheriting $2,000,000 from his grandfather and calls Dave Ramsey for advice on what he should do with the inheritance.

David Ramsey likes the idea that Springfield, Illinois resident Jerraud, who is about to inherit $2,000,000, is scared a little bit with the idea of inheriting $2,000,000. Ramsey sees wisdom in this fear.

Here are three rules David Ramsey offered as advice …

#1. Never invest or do anything with money — for the rest of your life — with anything that you do not understand. Keep it very simple.

#2. Build a personal board of directors: A financial advisor, a tax advisor, a real estate person, an attorney, a CPA, someone in the insurance world. They don’t have to meet together. You don’t have to do everything they say, but learn from them.

#3. Purchase almost nothing. Once you start spending, it’s like a thread on a sweater, and it will start unraveling the whole thing. Get a budget, work, have a career, grow it, invest it, and enjoy a tiny percentage of the money.

In the multitude of counsel, there is wisdom (safety)

— Variation on Proverbs 11:14

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