Federico
Appearances
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
knocked off some of the the mud she has she brings me joy yeah yeah she's a sweet wow we got through that one ken let's move on to federico all right just down the road in nashville what's going on federico how's it going guys good afternoon big fan of the show just by the way thank you dave ramsey in high school so oh nice yeah so my situation um i'm 23
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
I'm a recently graduated college out of middle Tennessee university and debt free. I was able to pay it out of pocket, uh, between some, what I was making and scholarships and stuff. Um, so yeah, I have my degree in engineering and I started being a, in may I started as a NASCAR engineer for, uh, uh, the number 25 truck.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Uh, yeah. So I've always been in the automotive, um, field or whatnot. I used to be a technician and, and I mean, now that I have my degree, being able to use it for NASCAR, I mean, it's definitely pretty cool.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Yeah, so downside, it is a 1099. It's my first year ever being on 1099. I've been on W-2 since I was 15. With this being said, I was able to get a lot of money from not having any debt. I was able to save $15,000 on my savings. I have about $3,000 invested in dividends yielding stocks and the S&P 500.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
But with that $5,000, that big chunk of money, I didn't want the, in better words, I didn't want the government to take it, right? I didn't want it just sitting there, not compounding any interest or anything. So my big question was, should I invest into maxing out my 2024 IRA, making that a deductible for last year?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Okay, so I do believe, so I have my Fidelity, I believe it's a traditional IRA. And I was reading up that you can, if your employer doesn't give you retirement, you can deduct up to 100% of it, which is $7,000 for one tax period.