CHAPTER FOUR
Conflict No. 3: You vs. the IRS
Y
ou’ve probably heard of Dave Ramsey before. He’s an au- thor, radio host, TV star, and popular purveyor of financial advice. If you’ve ever listened to his show, you know his most famous mantra: get out of debt! Ramsey encourages Americans to pay off their credit card debt, car loans, medical bills – even their mortgages. In general, it’s good advice. Americans could use a lot less debt. But I’m always alarmed Ramsey overlooks one of the biggest debts nearly every American carries. Your Hidden Debt I call this your hidden debt, since so few of us realize we carry it. You may have paid off your mortgage. Student loans may be decades in your past. You may own your car and pay off your credit card bill each month. But if you’ve saved for retirement in a 401(k) or IRA, you are NOT debt free. So, what’s your hidden debt? The taxes you owe in your qualified account. My client Dave never considered his hidden debt.
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