Dave Ramsey
Appearances
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You see them show up there all the time. We've been friends with these guys a long time. You can trust them because they've got a track record of over 30 years of supplying food, water, recovery to communities around the world. So if you live and give like no one else, you can donate and support their mission at convoyofhope.org slash Ramsey. convoyofhope.org slash Ramsey.
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My goodness, lady. You just keep going. That's amazing. Wow. Well, thank you for sharing that, Christy Sue. Merry Christmas. I've been doing this show for over 30 years, and some of the saddest calls I have taken are from situations that are completely preventable.
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And it doesn't cost much, because Zander shops among a gazillion different companies. It doesn't cost much. You just have to admit that someday you're not going to be here. You've got to say it out loud, and you've got to say, I'm going to say I love you to my family by taking care of them and taking the time to put this stuff in place. The cost of a stinking pizza.
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To get a free quote, call 800-356-4282. That's 800-356-4282, or go to zander.com. George Campbell, Ramsey personality, number one best-selling author, is my co-host today on our annual giving show, brought to you today by the fine folks at Convoy of Hope.
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They partner with churches and civic organizations around the world to help in times of crisis, hunger, and a lot of other wonderful things that they bring in to support literally around the world, but where you'll see them pop up is when you see something on the news like a an Asheville, North Carolina type event, you'll see their trucks and their people on the ground.
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They're immediately helping. So convoyofhope.org slash Ramsey. Be sure and check these guys out. We appreciate them sponsoring today's giving show. On the debt-free stage, live right here in the lobby of Ramsey Solutions, one of our own Ramsey team, Meg Loney is with us. And Meg, welcome. Hey, you're here for the generosity time, the giving show.
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So before we get into that, you've been with Ramsey, what, about six years?
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Seven years. Okay, cool. And tell everybody what you do here.
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Marketing operations specialist. You make things work. What the flip does that mean?
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We'll never understand. She's a senior digital marketing analyst. So, yeah, Meg is smart, people. That's what we're trying to say. She's dumbing it down for us. Yeah, she's trying to dumb it down for her CEO.
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Well, it didn't work. You didn't get down low enough for me. You've got to get the cookies down on the bottom shelf. All right, tell us your generosity story.
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They're our sponsor for our giving show today. No irony there at all. open phones. As we take your calls about your stories, you jump in. The phone number is 888-825-5225. It's all giving all day or receiving all generosity all day. Greg is with us to start the show off. Wichita, Kansas. Hi, Greg. Merry Christmas.
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The Make-A-Wish Foundation has an incredible reputation of making these dreams come true like this. They do a great job. Did they find out about you, or do you apply, or how did you make the connection on that?
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Wow. That's cool. That's cool. I can't think of anything better to do than make sure a child gets a wish like that. That's pretty incredible. Very cool.
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Absolutely, man. So tell us what your generosity story is.
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Yeah, absolutely. And the end of the story is a great one.
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Yeah, that's good. And you did today because you just told the world.
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Amen. And obviously you were part of this team here during all that time, right?
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Amen. Glory, hallelujah. I like that. Good stuff. Very cool. What a great story through a really painful and scary, terrorizing time. I mean, when your kid is sick, it just takes your breath away. That's a whole different thing. It's one thing to get sick. It's a whole other thing to have a kid or a grandkid sick. And that's a process. And then you just go through this slog of getting past it.
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And now we've got a tiger on our hands. That's awesome. Oh, yeah. As it should be.
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As it should be. Very cool, Meg. Thank you very much. Yeah, bring her up. Let everybody see her. Yeah, that's absolutely.
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Love it. Great outfit for the appearance, too. There we go. A great wave from Tilly. The princess. I love it. Very cool stuff.
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Yeah, George. I've never been an ambassador. Have you? No, but I'd like to be. I think we just were co-ambassadors just during the segment. That's right.
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For a moment, we act like we had something to do with it. Very cool. Good stuff, Meg. Thank you for sharing that. Excellent, excellent job. It's the annual giving show, the show on generosity, where we tell stories about giving that has happened to keep everybody inspired, to keep that ball rolling out there. Paying it forward, paying it forward. This is The Ramsey Show.
The Ramsey Show
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Our annual giving show here on The Ramsey Show. Thank you for joining us, America. We're glad you're here. George Campbell, Ramsey personality, is my co-host today. John is with us in Orlando. Hey, John, tell us your story about generosity, and Merry Christmas to you, sir.
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Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. George Campbell, Ramsey personality, number one best-selling author, is my co-host on this very special edition of the Ramsey Show. Today is your favorite and one of our favorite shows to do in the entire year.
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So 24 years ago, you were 13. So you're 37? 36, yeah. 36, okay. Wow. I mean, because 9-11 feels emotionally, for most of us that were alive at that time, like yesterday. Of course. 24 years ago, you were a kid.
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And now you're a 36-year-old man who's taking people to Turks and Caicos. Pretty cool, man. Pretty cool.
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Wow. And I would imagine, I mean, I have the Todd Beamer story and several of the other stories around 9-11. I had friends that were writing the books and doing the stuff and were involved in getting the stories out on some of the heroes that were involved.
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And I would imagine you kept learning for years about different things with your dad having gone back in time and time again to get other people out, it sounds like.
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Wow. Wow. That's incredible. Fabulous story. Thank you, John. Thanks for sharing the details.
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Shifts everything. That's legacy. Yeah, and the thing about that is you don't get to choose your timing. If you're the person doing the giving, you've got to be ready when it happens. You've got to be ready for spontaneous giving. Exactly. You've got to have this instantaneous reaction there. Student loan debt is an epidemic. Defaulting on debt makes you feel even worse.
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But our question of the day sponsor, WhyRefi, refinances defaulted private student loans and builds a custom loan based on your ability to pay. You'll have a payment you can afford with a low fixed interest rate that you couldn't get anywhere else. Go to WhyRefi.com slash Ramsey. That's the letter Y, R-E-F-Y dot com slash Ramsey. Might not be in all states.
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Man. And that's like... Off the back end of an almost scam. Yeah. He was getting scammed and she puts a stop to it as a, you know, brilliant bank employee looking up and seeing, oh, this is not real. You're getting scammed because they were getting ready to do a switch on him is what they were doing.
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Yeah, it'd be a Hallmark movie if they use that. But yeah. Wow, man. That's good, George. I got more.
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Well, when you have a car and you didn't have a car, you can go to work. And when you go to work, you can provide for his family. That's what he's crying about. I mean, that's real. So, I mean, you give somebody a $2,000 car, you change their life. You have somebody a $4,000 car, you change their life. And by the way, you can do 10 of those for only $40,000.
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I mean, cars are like, you start giving away cars, you're like Oprah. I mean, come on, really. I mean, even if they're $2,000 cars or old minivans that come from the mechanic.
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And this lady felt like Oprah handing the keys over to that, and he's squeezing those keys in his hand going, yes, I now got a shot. I got a chance. Well, she gave him dignity. She gave him hope. Absolutely. Both. Very cool. Very good. Every year I collect money and donate items in my papa's honor. There you go, man.
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Annual giving show here on The Ramsey Show. Mortgage rates have dropped, so if you're thinking about buying a home in the next year, contact your local Churchill Mortgage team right now. If you wait, more people will be in the market competing for the same homes and potentially driving up prices. Churchill will help you do the math to be sure your budget is correct, making your home a blessing.
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Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where we help people build wealth, Do work that they love and create actual amazing relationships. George Campbell Ramsey, personality number one, best-selling author, is my co-host today as we do our annual giving show brought to you by Convoy of Hope.
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They're a faith-based organization that partners with local churches and civic groups to provide relief to people affected by disasters and hunger. This is a trustworthy organization. They've been doing this for 30 years, and they do a great job. We want to... Honor their sponsorship today by having you guys go to their website, convoyofhope.org slash Ramsey.
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It's an opportunity for you to support their mission, and they'll show up at places like Asheville, North Carolina, where they were some of the first on the ground, and they'll be some of the last on the ground because they're still there after the TV cameras left. I met Hal, the founder of Convoy for Hope, a couple of years back at an event.
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And he and I got to spend some time together, had an instant connection because he spends his whole life serving people that are struggling in one way or another and has devoted what is now hundreds of millions of dollars of donations annually of food and
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all kinds of things all over the world and so today we've got ed garvin with us ed is the vice senior vice president chief partnership officer at convoy of hope and ed's a former pastor joined convoy of hope matter of fact ed and i had spent some time together we were did an event at his old church down in orlando at calvary one time so welcome ed good to have you well it's an honor to be with you today
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Good to have you, sir. And we're honored to have Convoy of Hope as a part of our giving show. It fits in just perfectly because when those big trucks roll in, when people are hurting, they start smiling because they know help is on the way. They know there's getting ready to be some food, getting ready to be some water, getting ready to be some chainsaws on the ground or whatever is needed.
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Very cool stuff. So talk about how Hal began this 30 years ago and how this thing has evolved because the scale is enormous today. And, you know, this evolution over 30 years, what are you guys most proud of there?
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Right. And in the old days, they just started out, and the first thing they did was what, when Hal first started it?
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At scale. Yeah. All because Mother Teresa asks a pointed question and that begins the journey. And so what are some of the different areas you guys have that our listeners can jump in and support? What are some things where they would see you and know you're there?
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So it's not necessarily just a triage to stop the bleeding, but you also come along and help them completely heal so that poverty is in the rearview mirror. You have sustainable programs in these situations. That's important. Yeah.
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So we look at, in the Ramsey Foundation, one of the things we look at when we're doing giving to organizations, we look at their operations costs and how much is actually going to the need. And you guys are, man, the numbers are, you're only doing about 10% for operations. Everything else, 90% is going out the door to serve the needy and serve the distressed. How do you guys keep your ops so low?
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Very good. Good stuff. Ed Garvin, the Senior Vice President, Chief Partnership Officer at Convoy of Hope. He spent 22 years of his life serving as a lead pastor. Now he's serving this organization as they serve distressed and needy and hungry all around the world and in your backyard. They're our sponsor for our annual giving show today.
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First time we've ever had a sponsor in 30 years of this particular show. And it made sense to have Convoy be that. So we're honored to have you guys along and partnering with us and honored to let our audience know about you guys. Thanks for dropping by, Ed.
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Merry Christmas. Convoyofhope.org slash Ramsey. This is The Ramsey Show. Hey guys, I've never done this before, but I'm partnering with a nutrition company, Field of Greens. Each fruit and vegetable in Field of Greens is selected by doctors to support heart, liver, and kidney health, plus metabolism for healthy weight.
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And your doctor will notice your improved health, or Field of Greens will give you your money back. I can get behind a promise like that. Go to fieldofgreens.com slash Ramsey and get 15% off with promo code Ramsey. fieldofgreens.com slash Ramsey. Folks, the Ramsey Christmas Cash Giveaway is here, and you could win big. We're giving away $500 prizes each week and one grand prize of $5,000.
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Enter daily for your chance to win at ramseysolutions.com slash giveaway. It's that easy. Plus, our 50 days of Christmas deals is on right now. Get up to 30% off bestsellers and life-changing gifts that won't break the holiday budget. ramseysolutions.com slash store. George Camel Ramsey personality is my co-host today.
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This is our annual giving show where we take calls from you to tell your generosity stories where you were receiving or giving generosity and do that to inspire everyone out there and remind everyone out there there's a lot of good human beings walking this planet. They're everywhere. Brought to you by Convoy of Hope today. The phone number here, 888-825-5225. Jocelyn is in Knoxville. Hi, Jocelyn.
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Yeah, okay. Wow. So that was near home, of course, since you're in Knoxville, right?
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Okay. Very cool. Very cool. That's neat. So I'm thinking, so this guy's 85, and he was 20 when they were renting the cabin in Gatlinburg and got the money back from your great-grandparents, and he was friends with your grandfather. I got that right, didn't I?
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Did your grandmother even know the Gatlinburg story before they bumped into each other?
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And that's pretty serious. That is so cool. I love this story because it took so long to unfold.
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Oh, man. Well, he took that in his heart and for 40 years or whatever, 50 years, you know, he's
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carrying carrying around i mean 25 60 years from 20s to 80s you're right you know and and then 60 years later has a chance to bring it back around that's pretty stinking incredible right there i love that i like the long tail on that yeah amen carla is in nashville merry christmas carla tell us your generosity story merry christmas dave and george uh thanks for having me on sure um
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It's our annual giving show here on The Ramsey Show. Thank you for joining us, being part of the program today, America. Well, Christmas is here. Can you believe it's here? I mean, it's amazing. Last-minute shoppers out there, game time, obviously. This is your last chance to grab some life-changing gifts like books and tools. Up to 30% off right now.
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We've got deals running right now, and they end on Friday. So hurry before they're gone. Like the Total Money Makeover is 30% off. Building a Non-Anxious Life by Dr. John Deloney is 30% off. Breaking Free from Broke, Georgia's number one bestseller, is on sale. Classic Questions for Humans deck cards by Dr. Deloney on sale, just $12. Check it all out at ramseysolutions.com.
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Click on the deals, and they're everywhere. Our annual generosity, our annual giving show, this particular version brought to you by the fine folks at Convoy of Hope. And Landry is next in Oklahoma City. Merry Christmas, Landry.
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Yeah, the fingerprints, I love it. I got to tell you, that is the... The best kind, one of my favorite, it's not the best kind overall, but it's one of my favorite kinds of giving. They gave, I don't know, $20,000, we'll call it there, that turned into hard work and $100,000 plus. So when you can give into something and it causes...
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You come through that trauma and you got a head on your shoulders like this and you're a sophomore in college. You're impressive.
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I really appreciate that. I'm proud of you. Good work. Xander chose well. Yes, they did.
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I bet. Yeah, that's perfect. Very good. Very cool. And you're extremely well-spoken, young lady. I'm proud of you. You just came on in front of millions of people and handled that like a pro.
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I knew they did a lot of generosity things, and they have all kinds of different things they do in giving that we have participated in. I was not aware of that one. That's pretty cool. That's very interesting.
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Yeah, we'll send him a clip of this. That'll make his eyes leak. That's a good thing, because I like watching Jeff cry. It's fun.
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For those of you not figuring out what we're talking about, Jeff Zander is Zander Insurance, and he's been an advertiser on the show for... We've advertised for him for people to, oddly enough, get life insurance. That's where we send you to to get life insurance, and they shop among a bunch of different companies to get you the best deal.
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Obviously, Landry's dad did not have that, and that's how this all set up. And that's probably why they give to this particular fund, you know, as a way to give back, so to speak. And... So we've endorsed that company for, gosh, almost 30 years and sent people there by the hundreds of thousands over the years.
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And then he turns around with some of the profits from running that organization and does this. So what a great generosity story.
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Well done, Jeff. I'm proud of you, my friend. Well done, Landry. You handled that call like a pro. You told that story beautifully. That's awesome. I don't know many sophomores in college can do that.
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Well played. Danielle is in Grand Junction. Hi, Danielle. Merry Christmas.
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you know, something 10x or 20x or 5x to happen because of the giving, because of the generosity. That's a super cool type of generosity.
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Better than I deserve. Tell us your generosity story.
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Love it. Love it. That's well played. And you said you've done how many scholarships so far?
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You just got to raise it up. Have a vision. Exactly. And beautifully done. Beautifully done. And tied to it, the whole debt-free thing. They get to see George. That's right. On Borrowed Future. That's fun. There we go.
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It was a cameo. This is The Ramsey Show. What if this Christmas you could give more than presents under the tree? What if you could give a gift that changes lives and transforms the next generation? You can when you donate foundations and personal finance to a high school in your community.
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You make it possible for students to learn to budget, save and avoid debt, and give them the confidence and direction they need for a brighter future. Find out how to give at ramseysolutions.com slash sponsor, or if you're listening on YouTube or a podcast, just click the link in the description. It's our annual giving show on generosity here on The Ramsey Show.
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George Camel, Ramsey personality, is my co-host today. Frank is with us in Nashville. Hey, Frank, Merry Christmas.
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I'm not getting into this. Dude, I cut so much grass by the time I was 19, God told me I never had to do it again. I'm just saying.
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Oh, I hate it. But, yeah, that's still just a wonderful form of giving where you – to allow someone to, you know, take the gift and can exit with their work or with their whatever. There's some other way to expand the giving. Yeah. Beyond just a one and done kind of thing. And so that's a beautiful, beautiful picture. Yeah, you're right. That did check a lot of boxes.
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Absolutely. Well done, sir. Well played. Well played. The good news is they got a full belly and you got a great story for the rest of your life.
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Well done, Frank. Well done. I like it. I like it a lot. You know, and the interesting thing is, folks, Frank's story is... Merry Christmas to you, Frank. Frank's story is just a reminder. All you got to do is just lift your eyes up just a little bit and look around the room. There's somebody somewhere in the room. I mean, all the time. There's you at the gas pump, at the wherever.
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And, you know, where occasionally a hundred bucks makes a big difference. You know, just a hundred bucks. I mean, you got a million.
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And here's what's interesting. the power of giving what it does is it it reshapes when you give regardless really of what you give to but the more personal it is like frank's situation or some of these stories we've had uh in the last you know last couple hours here are just incredible the uh When you give, it reshapes and changes you permanently.
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You are moving along the spectrum from selfish to selfless. And generous people are highly attractive. Because they smile more. It's hard to find someone who's depressed who's generous. If you're outrageously generous, these are some of the smiliest people you'll run into. It's hard to find someone. If you're outlandishly generous, it spills over into your marriage.
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The entire show is dedicated to giving. We're going to take calls from people who tell us the story of having received or having given at some point in their life just to inspire generosity because we teach you to live like no one else so that later you can live and give like no one else. There we go. Look at that.
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If you're crazy generous, it spills over into your parenting. You're the one that holds the door for someone. You're the one that picks up the groceries when the bag drops at the bottom of it and stuff's rolling all over the parking lot and you help and stop. It reshapes who you are because you become, by definition, other-centered rather than self-centered, selfish.
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And that's the beautiful thing about these stories is it reveals that someone was looking outside of themselves. George, we've had some great stories written in, too. Pick one of them up.
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One of the boxes teach kids to work. Oh, that's right. That was another box.
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How do you do that? That's a magic trick. They were busting it, number one. Number two, they're in agreement that we're going to pay for cash for college. Number three, then they're generous with everything. These are great kids.
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I had nothing to do with the story, but it does. Yeah, it's all around.
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You didn't do that. That's not a made up. This is a real story. That's a real story. It's just really happened. And I had nothing to do with it. I'll just say. But, yeah, that's pretty incredible. That's fun. And, you know, it's interesting, again, this whole thing, the formation of character comes out in this. That's pretty stinking cool right there. This woman is waiting.
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Honey, what happened at work today? I got a $1,200 tip in the form of Eagles tickets. That's wild. Yeah, that's very cool. Very cool. Hey, folks, the next segments of the Ramsey Show are on the Ramsey Network app only or talk radio only. And so if you want to tune into those, you need to download the Ramsey Network app. You always get the last segment of the show by having the Ramsey Network app.
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You can get the first segments of the show in video, audio, whatever. You can search the show. show by questions. If you've got a certain question you want answered, it'll pull up calls from that. You can send us emails directly through the Ramsey Network app. It costs absolutely nothing. There is no subscription and no salesman will call.
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So if you'd love to have more Ramsey Network stuff, including the back ends of this show, the place to do that would be the Ramsey Network app. And again, you can download that for free. on wherever great apps are sold, right? Although this one is not sold. It's free.
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So check it out over at the Apple Store or Google Play or whatever else you need to do to get an app in, and you'll really enjoy picking up the rest of the story, as Paul Harvey used to say. There you go. So good stuff, good stuff.
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Folks, I can't inspire you enough, I can't remind you enough the power of giving and how it loosens up your view of life, how it changes your peripheral vision, how it changes the way you walk through this life versus You know, being so inward focused, you become outward focused, and it just makes you highly attractive.
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Well, and they're never going to call the show and say, you know, I haven't been able to find a job in four months. That won't be them. They'll never make that call because they'll always be able to do something. That's right. Because they're not afraid of that.
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So one of the reasons we love to teach on and preach on and encourage generosity any possible way we can. That puts this hour of The Ramsey Show in the books.
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It's a generational gift, and it's a zero-turn John Deere. Who knew? I like it. Two of Dave's favorite things. I'm telling you, man, that's an expensive tractor. That was a nice gift. Nice gift. You paint green on them, they go up a lot. That's a pretty big deal. So good stuff. Very cool. It's the annual giving show here on The Ramsey Show.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
It's our annual giving show here on The Ramsey Show. George Camel, Ramsey personality, number one bestselling author of the book Breaking Free from Broke. He's my co-host today as we take your calls on your stories of generosity, either receiving or giving. And we're fired up about that. Interesting thing, the folks at EveryDollar, I just talked to our team over there.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Our budgeting app is one of the largest, best-run, best budgeting apps in the world. It's called EveryDollar. You give EveryDollar a name, you can download it for free and get control of your money, and that way Christmas won't sneak up on you next year. But one of the things we're able to do, since obviously the app is ours, we're able to look at the app and
The Ramsey Show
It’s Our 2024 Annual Giving Show!
see what's happening there we can tell in the charity or generosity category of the budget that people using every dollar are giving around 50 million dollars a month 30 to 50 million dollars a month so that's going to be you know somewhere around 500 million dollars
The Ramsey Show
It’s Our 2024 Annual Giving Show!
this year and we just started looking at this and started tracking it this year and so as we start tracking it and start encouraging it we're pretty sure that every dollar users will be easily giving a billion a year away. Wow. And we don't know where it goes. We don't, we're not getting in people's business. We don't, we don't have categories for it.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
That was it. You knew the answer. A real nail biter. Give you the look and you just pick it up.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
It's just the people that they have that in their budget, in their charity line. And it's running 30 to $50 million a month right now. Americans are some of the most generous people in the world. I know we hear about all these things negative in the press or this or that and all these things out there. Everybody's got an opinion.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
But when you actually get into the numbers, the amount that Americans give to each other, to causes inside the country and outside the country, there's not another country on the planet that's even close or ever has been in the history of humanity. This is the most generous group of human beings that has ever walked the face of the earth right now.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
People don't talk about that, but that's the actual data. That's the numbers that we know about generosity nationwide. And just with our app, we can tell easily $500 million just on that one thing there, easily.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
You're exactly right. And, you know, live like no one else so later you can live and give like no one else. There we go. Got it. We can get this down, George, almost like a routine here. Grace is with us in Waco, Texas. Hi, Grace. Welcome to the Ramsey Show. Tell us your generosity story.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Yeah, I cry at an Applebee's commercial, so we can be predicted that I'm going to have a problem. But yeah, the story, some of them are that way, and some of them are just, yeah, that was a good thing. It's okay. Because sometimes there's fireworks and emotion around generosity, and sometimes it's just, no, that's the right thing to do. That's simple.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Amen. Amen. The timing on that's amazing. And the amount matching up the whole thing. That's, that's the way the story should go right there. Yeah.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Exactly. Exactly. Very fun. Very fun. And I'm sure that inspires you guys to be keeping your eyes open for generosity as now that you're married and out there running around doing your own thing, right?
The Ramsey Show
It’s Our 2024 Annual Giving Show!
There you go. I love it. Way to go, Grace. Good job. Thank you for sharing that. That's good. Love that one. Christy Sue is with us in St. Paul, Minnesota. Hi, Christy Sue. Tell us your generosity story.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
So today's giving show is brought to you by the folks at Convoy of Hope. They are a faith-based organization that partners with local churches and civic groups to provide relief, people affected by disasters and hunger. For instance, they were some of the first and still on the ground in Asheville, North Carolina, when that disaster hit. They're that type of thing.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
And I said, the stuff we teach, these biblical financial principles, they're the only financial principles that work in good times and bad times.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
So if we have a banner wonderful year in 2025, she's asking what 2025 is going to do. I said, you know, these are the same principles that are going to work, but they're also the same principles that work when we're not having a banner year. That's right. So you solve for peace both times, and that gets us there. So Martin is in Columbia, South Carolina. Hey, Martin, welcome to the Ramsey Show.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Awesome. You're in a great place. So the baby was like a wake-up call, Martin, time to get real, right?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Yeah, what do you make?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
What do you do for a living?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
You don't make much money, Martin.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Why would I want this business? It doesn't make any money.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Yeah. Well, that would triple your income. But it's going to be seven years before you make any money. It'll be triple his income as an intern compared to what he's making now.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
How long have you been married?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
What's that mean yesterday?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Okay, that's what I thought it meant. Really not long. Like, really not long at all. Like, going to be this weekend, Dave. Merry Christmas. Ho, ho, ho. Here we go. All right, yeah.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Yeah, you need to get your income up substantially, sir. Get your little family married and get them into a little one-bedroom apartment. You don't raise mama and a baby in a camper, honey. Time to man up now. Time to quit playing around. Y'all were playing around and going camping. Now you got a deal. Now you've got a deal. So it's time to step up. You can do it. Hang on. We'll help you.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
We'll put you through Financial Peace University to help you get your money together. But, dude, you've got to get your income up now. Now. This is The Ramsey Show. Hey, I'm excited to talk about a new sponsor, Burna. You all probably know I'm a gun guy, but I'm big on safety, so I'm also a Burna guy. Burna is the un-gun, a less lethal option that protects you in more ways than one.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
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The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
They're legal in all 50 states with no permits required. And because they're not firearms, they can be shipped right to your door. And you can train with a Burna right in your backyard. Plus, our listeners can get the Ramsey Burna bundle for 10% off, which includes a Burna pistol, CO2 cartridges, and ammo.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Wow. Is there any documentation or legal contracts on the $100,000, or was this a handshake?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
And other Burna products like safety alarms, defense sprays, and body armor are also 10% off for Ramsey fans. See why Burna has more than 15,000 five-star reviews. Just go to Burna.com slash Dave to learn more. That's B-Y-R-N-A.com. Slash Dave. Dr. John Deloney, Ramsey Personality, is my co-host today. The best way to make your money behave is a behavior plan for your money. It's called a budget.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Make your money behave. Tell it what to do instead of wondering where it went. The world's best way to do that is called EveryDollar, where you give every dollar an assignment every month. And you agree on it with your spouse. And then you know why you have money. Or you know why you don't have money. That changes everything.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
So download every dollar for free in the App Store or Google Play and use it. You have to have a plan. No one accidentally wins. You know, it's not going to work that way. You're going to have to leave the cave, kill something, and drag it home, boys and girls. And you do this with every dollar, you'll change everything. Hunter is in Panama City. Hi, Hunter. Welcome to the Ramsey Show.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Sure. How can we help?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
And you don't live on the land. You just bought the land.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
But you don't live on it.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
That doesn't matter. I mean, they didn't sign a note? They didn't sign a contract with you to repay?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
I think you meant the EveryDollar app, I hope.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
All right. If I got one called Easy Money, I'm not aware of it, but okay. Yeah, EveryDollar. So you make $70,000, and you're living on nothing, and you have $105,000 worth of debt, including the land.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
What's the land worth?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
But it was appraised at $85 when you bought it? Yes, sir, and we bought it for $75. How long ago did you buy it?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Okay, so it could be worth even more now. Correct, yes, sir. Okay, all right, I'll work with you.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
So it was a handshake, and you wired them the money? Okay.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
And you're free. You're free.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Yeah, well, I think you'll have that dream come true someday. And the fact that you're living in your grandparents' barn dominium tells me you like a piece of dirt, which is cool. I'm with you on that. I like dirt, too. I like a little room, a little elbow room, so to speak. And, I mean, I live in a part of Tennessee where gunfire on Saturdays is a pretty normal sound by the neighbors.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
And so, you know, I like a little room. And the... Uh, uh, you know, you're, you're kind of got that in your blood. I can hear it. Uh, not the gunfire, but the elbow room, the, um, anyway, the, um, and you're, you're, you're in your early twenties.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
All right. And was there any discussion at the time as to what the repayment terms would be?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Okay. All right. What do you do for a living?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
I can't imagine how interesting elopement photography is, but that's a whole other subject. Okay. All right. It's pretty great.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Oh, yeah. All right. I like that you are willing to sacrifice to get where you're going and you're willing to make hard decisions to get where you're going. Those two things tell me you're going to get where you're going. So I'm not worried about you getting to live your dream.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
i think you're going to get there all i'm thinking about is what's the shortest distance between two points between where you are and owning something so probably if i'm you i'm saving like crazy i'm going to get us a little starter house i'm going to make a bunch of money on it over the next four or five years and i'm gonna buy a piece of ground and build on it as my phase two in this process rather than uh phase sub one which you started with the ground way before you were even out of debt on the other thing so
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
And the good news is the ground will get you out of debt for now. And you got zero payments. You can pile cash. You could be able to stack cash all in that barn, man. Just stack it in there and then go get you a nice starter house and let that thing go up in value like the land did and then sell it and build on a piece of ground someday, maybe out there five or 10 years. That would be where I am.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
And that's also about the time you're probably going to be a millionaire.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
So, um, I got a pattern this hour. I got to stop for a second. Uh, Young ladies, you need to be very clear with your fiancés or your husbands. You need to say what you are really thinking and not go along with, I live in the barn loft or the camper. Because there are some young ladies that will go along with that because they agree with the goal and they're all in. And that's fine.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
I'm not talking to you. But you young ladies who these knuckleheads that you are married to are marrying have talked you into living in a barn loft or in a camper. because they think that that's the way. You need to domesticate this wild melephant that you have married and let them know that ladies generally don't like living under bridges. This is a bunch of crap.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
And so it took me a little while to realize this, and you knuckleheads, I'm one of you. I'm only more advanced now. Me too. Because I don't care where I live. I'm the guy that could live in the barn loft or the camper or under the bridge, for that matter. It does not bother me. I mean, it doesn't, really. Happy wife, happy life is one of the equations.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
And then they did sell their house. Then they did sell their house.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
And so you guys are thinking that you're doing something very positive for the future of your family. Meanwhile, you are leaving some marks behind. on that relationship because you're stupid. And I know this because I'm you, okay?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
And so, again, there are some times that I have talked to couples that both of them are all in, and we bought a $2,000 used mobile home, and we lived in it for three years and saved up and paid cash for a home, and both of them were all in. But they had an end goal. They had an end goal, number one. And number two, they were both all in. One of them wasn't going along with it.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
because they think that they married sir galahad and they didn't they married goober and so uh you know this is my wife bless her heart so i'm just just warning some of you ladies you need to speak up and you knuckleheads quit moving your lady that hasn't spoken up into these ridiculous situations to accomplish your dream this is the ramsey show
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
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The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
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The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Their plan bundles together all the protections you need while being the best value out there. It's the only plan I've ever recommended, and you can give it as a gift. Visit Zander.com or call 800-356-4282. There's no better way to protect yourself, your family, while helping others in serious need. That's Zander.com or 800-356-4282.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Okay. Yes. Wow. You got yourself in a pickle, didn't you?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
If you don't know, you can join the Ramsey show and get all three of the segments, all three of the hours, if you will, of the show on the Ramsey network app. You can also search on the Ramsey network app by subject and get all the different calls on a certain subject. Keep you from listening to 26 hours to find out about your car lease or whatever it is. Right.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Um, and you can send us an email on the Ramsey network app, which is what happened today, John.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
That sounds like a kid on the cereal aisle.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Yes, he's a good person. His dad is not.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
I don't know who's melodramatic, whether it's one of you or both.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
A dollar and a half? A dollar and a half, okay. Yeah. That's what it should cost him to kill a deer. Right. Assuming he can get it in one shot.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Yeah, but the other thing is this. Whatever it is you're trying to fit into your budget when you're working in Baby Step 2, you look at it through a different lens than you do when you're rich someday. That's right. When you're rich someday, you might pay some money to go do a hunt in a certain way. That's right. You might pay someone to process the deer. You might pay someone to have a beer.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
But hunting is different than having it mounted. Hunting is different than processing.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
There are three different activities here. There you go. So we can break this apart and say one possibility is hunting makes me happy. It's the only thing that makes me happy. So go hunting. Kill a deer. Take it out in the backyard. Butcher it. And your family will actually save money on groceries as a result. That's right. So it's a net gain, but no processing fee and no mounting.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
I don't care what they told you, what they tell people. What they tell people doesn't matter. They don't really get a vote because they're the people that don't pay bills and propose absurd business things. They don't get a vote anymore. They lost their vote. What they tell people or what they think is irrelevant. Agreed? Yes. Other than it hurts your husband's feelings.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Then you have to say, matching makes me happy. No, that's a thousand dollar piece of decoration on your wall. Yeah, that collects dust and pretty soon you'll be tired of Bambi's daddy. But, yeah, really, seriously, we mounted a shark one time we caught, and that thing, we couldn't get rid of it.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
No, you can never get rid of it.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
It went from house to house, and finally it's in somebody's attic now. You know what? As soon as that person dies, it's going to end up in someone else's attic. Oh, it's probably going to end up in the dumpster before it's gone. I mean, it's like it served its way past its joy. But fishing makes me happy. No, it doesn't. Okay. So there you go. Yeah.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
So I think the trick here is find ways to do things you love and that are a net gain. This guy could actually go hunting and it saves on the grocery bill net net zero cost and even a positive to the family. That's exactly right. Yeah. That's right. Because a deer tenderloin is phenomenal. I had one for lunch today. There we go. Oh, my mouth just watered.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Crap going on in this. Yeah. Yeah, for real. So, yeah, you he needs to say, I'm all in for our goals. And so I'm going to decrease the grocery budget. Because I'm going to do the butchering this year myself, I'm going to not mount anything I kill this year myself. And if hunting makes you happy, you'll shoot another one you can mount later. That's right.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Arrows are pretty expensive, man. Way more expensive than bullets. Yeah, that's true. You've got to get it back. That's right.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
How can we do as many of the things that we both want to do and it doesn't have a net net loss to our budget that's substantial that keeps us from accomplishing our big goals, which is financial freedom. So we can, if you hunt like no one else later, you can hunt like no one else.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
All right. Open phones this hour at 888-825-5225. I'm not crazy, right? No, you're not. I mean, it's the difference in the kid playing rec league and the kid doing $8,000 a year in travel sports.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Well, but, or, I mean, the family's broke, but the kid's got an $8,000 travel schedule and he's never going to play ball. Right. Past high school. But by God, you know. What? What? I mean, really. We established pretty quick. Daniel Ramsey's a good hockey player, but we established pretty quick he wasn't going to be in the NHL.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
But, I mean, that his dad's being a twerp to him. But, yeah. John?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
And so based on that, we decided how much we're going to invest in this process. You know what I mean? It's like, you know, and you can get your collarbone broken playing high school hockey. You don't have to do this. You don't have to do it on the road somewhere.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Yeah, George. George dealing with deer hunting. That would be good.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
That's not fair. George isn't here to defend himself. This is the Ramsey Show. Hey, you guys, I'm not a fan of the big banks, and you probably already know which ones I mean. But I do like credit unions because they're nonprofit organizations that focus on their members. And I'm proud to endorse Fairwinds Credit Union because they share the Ramsey mission of helping people get out of debt.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
and live generously. In fact, they design products to help keep you from going into debt in the first place. Fairwinds has been in business for over 75 years and they serve hundreds of thousands of members worldwide. You can feel secure because your deposits are federally insured by the NCUA up to $250,000.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
It's easy to join and Fairwinds partners with more than 5,000 credit union locations around the country. So you can bank in person wherever you live. But if you prefer the online experience, you can log on to Fairwinds and do anything you could do at a physical location. So go to fairwinds.org slash Ramsey to learn more. And while you're there,
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Look at the combined checking and savings account bundle they created just for Ramsey fans to help you take control of your finances. That's Fairwinds, F-A-I-R-W-I-N-D-S dot org slash Ramsey. Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where we help people build wealth, Do work that they love and create actual amazing relationships. Dr. John Deloney, Ph.D.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
in counseling, number one best-selling author and host of the very popular Ramsey Network show, The Dr. John Deloney Show. He's my co-host today. Open phones at 888-825-5225. Leonardo is in Chicago. Hi, Leonardo. How are you?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Better than I deserve. What's up?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Okay. Okay, so you hit the lotto, and you got $180,000, and you're 24 years old. What are you going to do with your life? What are you going to do with your life? What do you want to be when you grow up? I mean, when you're 54, what do you look back and go, I like the 24-year-old Leonardo because he made a wise decision at 24. What does that 54-year-old doing at that point?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
It is a noble career, but it feels like you fell backward into that to me. Like your dad's doing it. That's how you figured it out.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
find ways to make money lucratively but i want stability if i'm being honest i i'm tired of feeling stressed if you make 200 000 a year in your business you'll be stable yeah but you have to know you have to you have to know when to walk away from the table yeah but i'm saying don't confuse um boring with stable
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Stable is predictable is all stable is. And if you're better at business than you are at being an electrician, then running a business of some kind is different than speculating and gambling on stocks. So you could be in the business world. Maybe that's what you want to learn how to do. You want to start and operate a business of some kind. You may have something already in mind you'd like to do.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
What's the 54-year-old Leonardo doing that is glad that he did this? It's fulfilling. It's a predictable thing. He's used his skills and his passions to build a wonderful life for himself. What's he doing? That's what you need to do. So I don't know what that is, and I don't know if you do today. So I can't tell you what to do based on this call.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
What I can tell you is you need to go through Ken Coleman's assessment and finding the work. You find the work you're wired to do. I'll send you the copy of the book and the assessment. I want you to take that and then begin to do some analysis. You might even call and talk to Ken on his show or jump on his website and interface with him on email. However you want to do it. I don't care. But, um,
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
I think we've got to figure out, don't make the mistake of picking a career because you think it makes money. Don't make the mistake of picking a career because your dad did. Don't make the mistake of picking a career or a track because it's quote unquote stable.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Because when people say something like that, what that means to me is they don't think running their own small business is stable because and I can promise you that there are more millionaires running small businesses than any other category.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Yeah, exactly. There's not a hack. Quit looking for a way to make money. Look for a way to find something that adds value to the world and that gives you a sense of passion, a sense of peace. I'm going to send you a copy of this assessment in this book on how to read the assessment. I want you to go through it in detail. I want you to take some time and prayer over it. and unpack it.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
If you want to call us back, you can call us back at that point. But call back one day when Ken's on here. We'll go over the results with him. It would be good. Because the results are self-explanatory, by the way. But aside from that, that's what you're looking for. You're looking for something where your passions intersect your talents, not just what someone else did because it made money.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Live from the headquarters of Ramsey Solutions, it's the Ramsey Show. We help people build wealth, do work that they love, and create actual amazing relationships. Dr. John Deloney, Ph.D. in counseling, Ramsey personality, number one best-selling author. He's my co-host today. Open phones at 888-825-5225. Stacey's in Cape Town, South Africa. Hi, Stacey. What's up?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Yeah. And that's not running to your dad's career.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
And it's not running to a career that someone outlined is a good way to make money. That's right. It's it's finding how you're wired.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
and put together okay so we know that the high stress uber high risk environment of day trading which is ludicrous is not for you it's not for anybody but we also know it's not for you you said that but you also said i like business yeah now what's that mean you need to unpack that because that's very valuable phrase right there um uh i've always been in business for myself except for one three month period of time
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
you know yeah and or or i've been straight commission yeah one of the two yeah so that i when i made money when i caused something to happen i made money i've always been able to make the connection between those two so i agree with you i like business but that can open up a lot of doors to you and do a lot of different things you're passionate about and you add value to your people in your life this is the ramsey show
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
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The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
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The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
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The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
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The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Then don't leave out an important step, which is having the right insurance. Don't make the mistake of thinking you can get by with minimal coverage or no coverage at all. Because when Murphy comes knocking, and he will, you'll start backsliding further into debt if you don't have the money to pay for it and if you don't have the right insurance. So take our insurance coverage checkup.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
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The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Guys, student loan debt is an epidemic and defaulting on debt makes you feel even worse. But our question of the day sponsor, why refi refinances defaulted private student loans and builds a custom loan based on your ability to pay. You'll have a payment you can afford with a low fixed interest rate. You couldn't get anywhere else. So go to yrefy.com slash Ramsey.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
That's the letter Y, R-E-F-Y dot com slash Ramsey. Might not be in all states.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
I can't do it. I'm scared of my mommy.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
He needs to run down to Walmart on aisle three and pick up a backbone.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
So if you say a thing, you start a 10-year feud. You can't say a thing. The only thing you can do is encourage your husband to have a backbone. And this is out of line. There's no boundaries here. This is ridiculous. And it needs to stop yesterday.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
tell him you want the locks changed and you want him to call his mother and tell her to not come in your home without clearing it with both of you first, that you're a married couple and this is weird and she shouldn't be doing this. Mom, we love you. Thank you for the help. You can't do this anymore. I've changed the locks.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Your key's not good anymore, and you don't need to come in our home anymore. It's a real short, calm conversation, and he needs to man up and do that. If he cannot do that, you do not have a mother-in-law problem. You have a husband problem, and you'll need to sit down with a marriage counselor. Correct.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Leave and cleave. That's right. Leave your mother and father.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
And cleave to your spouse.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Even if there's a newborn and they ask for your help, you still ask permission.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
So one of the best practical jokes we ever played was a key. Have you heard this one? No. I had a personal assistant 25 years ago, beautiful Christian lady, and she got engaged. So for her engagement party, all the guys, we took her to an ice hockey game in Nashville, and the – the announcer at the hockey game was a friend of mine.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
And so one of the guys in the office that was with us was about 10 guys, went all throughout the whole section and handed every guy a key, went to the hardware store and got keys. And the announcer said, Cherie is getting married next week. Anyone that has a key to her apartment needs to bring it to her. And like 500 guys got up and started bringing keys to her.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Better than we deserve. Wonderful food scene there. Y'all got some nice restaurants, kiddo.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Okay. So... one possibility is Take a deep breath, call dad and say, dad, I shouldn't have loaned you this money without any documentation. I made a huge mistake. It's costing us our relationship. I'm not going to do any business with you because I can't really trust you on transactions. But we still do want to have dinner with you. We still want to interact with you.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
So it was such a wonderful practical joke. But yeah, that's much better than this one.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
This is like, it's got a little stalker-esque spirit to it. It does, man. She's got a key, and she sneaks in like Keebler's elves or something and cooks and does the laundry.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
I'm so sorry. I won't help anymore. Yeah. Right? Mart her out. Mart her out.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Hey, I did run into a guy the other day that's opening a new food truck called Wherever You Want to Go. That's the genius. Because when everybody asks where they want to eat, it's wherever you want to go.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Okay, we're heading. We'll go right there.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Love it. All right, boys and girls. Boundaries are necessary. And I will admit that the hardest stage of parenting for me has been parenting children who are no longer in my control. Yeah. It is the hardest stage to stay out of other people's business that are grownups, even if they are from my flesh and blood. And so that does not matter. And I don't have any major issues.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
It's not like any of them are doing anything extremely stupid or something, but still just not telling grownup people what they have to do with your dad voice. It requires a little bit of discipline.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
That one's weird. Came back, the furniture's rearranged. It's kind of like Misery. Yeah, it's got a stalker-esque thing to it. The penguin always faces north. This is the Ramsey Show.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
And we're going to forgive this loan. Forget it. Don't worry about it. Your life won't change one instant if you do that, except you'll be free. Right now, you guys are burning $10 million worth of calories over 100 grand. True. You could let it go for your sake. You could. That's one possibility. The second possibility is almost do that, but just let it go, but don't say anything.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
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The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
RamseySolutions.com slash store. Dr. John Deloney, Ramsey Personality, is my co-host today. Allison is in Mesa, Arizona. Hi, Allison. Welcome to the Ramsey Show. Merry Christmas.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Better than I deserve. How can we help?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Okay, long-term care and annuity for later in life. Help me, give me a little, I don't understand why we're worried about this.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Well, let's just talk nursing home insurance for a minute, or long-term care insurance. The industry has changed dramatically since that category began 25 years ago. Today, about all you can buy is three years of coverage.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
You can buy three years of nursing home care coverage. It'll cost you about $1,000 a month, give or take, if you're in your 60s and you have reasonable health. Okay. I'm just talking about in general terms here. All right. And in general terms, the average nursing home stay in America is 2.8 years.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Because generally, when someone goes to a nursing home, they're not alive for very long after that. That's just a general statistical thing. It doesn't mean nursing homes kill people. That's not what I'm saying. But I mean, we're sick. We're in the later stages. It's not hospice, but it is also elderly. It's a lot of different things. Okay, so 2.8 years.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
So your exposure, if you said $100,000 a year for three years is $300,000. On average. On average. And you have 900 today.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Okay. And so let's fast forward to 71 years old. Your husband recovers from stage four, and you guys are now looking at one of us might need care. And then we would obviously have been talking about long-term care insurance. I generally don't recommend it until you're 60 years old. He's not insurable right now, so it doesn't matter.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
And just forget it. Walk away. And then if they do pay you, let that be just like a pleasant surprise. but don't even have a conversation with them about it. Just forget it and just walk away. But you guys are, it's destroying y'all. It's, you know, they're sitting over there smiling. You're sitting over here freaked out. But again, and if I'm in your shoes, I'm also going to own my part of this.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
He's going to have to get the other side of the cancer diagnosis for a while healed before he's going to be insurable. But having said that, I think you're probably self-insured. And here's why, not because you can't get it, but let's say he's the other side of a cancer diagnosis far enough that you could actually get it. And let's pretend that, are you working outside the home right now?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Yes, I am. We both are. Okay. He's not for long. He's going to be in treatment, right?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Okay. If you did, here's what we've got. You said you've got almost a million dollars in your 401K, right? Correct. If it's invested in good mutual funds and if it averages 10% or more, without adding to it, it will double every seven years.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Okay, and so you're 57, he's 55. At 64 for you, you'd have $2 million. At 71 for you, you would have $4 million. So you'll have between $2 and $4 million before you need to pay for a nursing home and you can afford to write a check for the $300 without having bought any insurance. That's why I'm thinking you're self-insured.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
You can't. You can't worry about it right now because he can't buy it right now. You could buy it, but you don't need to worry about it.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Let's go seven years from today. You have $2 million in a paid-for house. You may not want to buy long-term care insurance. You may want to just say, I'll pay for it if I need to.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Well, you'll just call your investment advisor and say, I need $100,000 a year for a nursing home for my husband, and they'll pull it out of the investments. And instead of $2 million, you'll have $1.7 million left if he stays in a nursing home an average period of time.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
And the only part of this I really would call you two out on is you should never have done this transaction. And if you were going to do the transaction, you should have had a lot more business minded about it. handshake on a hundred grand is ridiculous. And so you asked for it. So when I do something stupid and it costs me money, I call it stupid tax. So I think you paid $100,000 in stupid tax.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
If you don't tear into your nest egg, you're going to be self-insured for long-term care needs when you're in your mid-60s. That's the answer to your question. You're fine. Well done. This is The Ramsey Show.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Dr. John Deloney, Ramsey personality, is my co-host. He's also my compadre on this money and relationships tour we're doing in the spring. We are doing something we've never done. I've done live events for 30 years where I come out on stage and yak at you and tell you what to do with your money. And that kind of stuff. And we're going to do that, but we're going to do it in a different way.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
We're going to let you select the topics you want John and I to talk about while you're sitting in the audience before we come out. We're going to send them out there to your phone, and then we're going to design the show that night, custom for each one of the cities. I think this is going to be cool, John.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
It'll be like sitting here answering questions. We don't know what questions are coming in here.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Yeah, there's several million listening here, but yeah, there's that. Hey, guys, you've got to love it. It's going to be fun. The Money and Relationships Tour. The first one's April 21st in Louisville. It's John and me. So be sure you join us. Durham is in April 23rd. Atlanta, April 25th. Phoenix, May 5th. Fort Worth, May 7th. And Kansas City, May 9th. These are all about 50% or so sold out.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
So you can probably still get your tickets. So that ain't trouble. But they will probably after the first of the year is how these things usually work in our world. They usually take off and it'll probably blow out like sometime in January and you won't be able to get a ticket. So...
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
It's just a matter of when and when you want to pay it, whether you want to tell them today or whether you want to just forget it and say, I'm going to pretend like this never happened. I'm not even going to bring it up in my mind again. We're not going to bring it up in our marriage again. We're not going to ever do business with these people in any – But we can be kind to them.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
jump in there and the seats are all signed seats so you get to select where you're going to sit with Ticketmaster and all that junk which isn't something we've never done before either so this is kind of fun so you if you want to the good seat before they get down to the last few you know you go ahead and get it now right that's right it's not going to be a general admission just walk in wherever it's it's like it's going to a theater
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Yeah, we actually have a sign. You know, it's like these days, if you go to a movie theater, that's what you do, right? So ramseysolutions.com slash tour. Or if you're on YouTube or podcast, you can click the link in the show notes. Andrew is in Columbus, Ohio. Hi, Andrew. Welcome to the Ramsey Show.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Better than I deserve. What's up?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Personal loan and student loans. How much car debt?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Okay, so what is your car worth?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
And that's your two cars? You don't have any other cars?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
How long have you all been married?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Okay, so if you cut up the credit cards and take extra jobs and don't go out to eat and don't go on vacation and live on a scorched earth budget, no life, how fast do you think you can pay this off? Making 80, you need to pay off 100.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
We're ready. Bring it.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
They're a blood family.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
set so we can give them a good future you know and set them up okay let's pretend that you make 80 and you lived on 50 and you put 30 on debt you'd be done in three years right let's pretend you raise that to 100 and you put 50 on debt you'd be done in two years but you're both working extra jobs and you have absolutely no life and it's not an occasional thing you work all the time for two years and you're done okay that's how this that's how the math shakes 24 months
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Forever. Yeah. You cut up your cards and you never borrow money again.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
and she and you are locked arms and you're couponing. The kids are wearing consignment, yes, experienced clothing. You don't have a life. You don't get to do anything, but you get your life back two years from today forever. That's living like no one else, so later you can live and give like no one else. You're going to pay a price to get out of this.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
The deeper you cut into your life, the faster you get out. Does that make sense?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
You think she's going to be on board with that?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Put 50 on it a year, and you're done in two years. Agreed?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Okay. In order to do that, making 80, you need to raise your part-time income by 20. That gets you to 100, and then you're living on 50, and you're putting 50 on there. That's $4,000-plus a month on the debt. Okay. And the math says you're done in two years. That's not false hope. That's real. But I am not saying this can be easy.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Or $1,000. Right, right, right. Or $1,000. You're people that don't have $11 million. It's all about ratios here.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
I'm going to say it's the hardest thing you've ever done in your life. It will change your life. It will transform your marriage. It will change who you are as a man. Two years from now, you will walk different.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
You can do this. But you've got to come alive, brother. I think you've got the language you're using and the way I'm hearing you speak after having done what I do for 30 years, you're giving me all the right signals that you're sick and tired of being sick and tired, and when you get there, you're ready to change. You're ready to do something new.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
If you're ready to change and you're ready to do something new, I can show you how to get out faster than anybody else, but I am warning you ahead of time it's going to be painful, and I'm also going to warn you ahead of time it will work, and I'm also going to warn you ahead of time that it's worth it. you'll be free for the rest of your life. Okay?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Tonight it starts. We're game on. I'm going to send you Financial Peace University, and I'm going to send you every dollar premium free as my gift to you because I've been where you are. I've been scared, hopeless, didn't know what the crap was going on. I know exactly how it feels. It does not feel good. And then I reached the same point.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
I'm sick and tired of being sick and tired, and it changed my life, man. That's why I'm telling you to work. So hang on. We'll send you that and get you guys going on this. And also throw in a total money makeover book for the heck of it. Let's just Merry Christmas. Ho, ho, ho, right? Let's just make sure you get the whole dose and dunk yourself in this stuff.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
And listen, whatever your broke friends say, if they're making fun of you, that means you're on track. If your mother-in-law thinks you joined a cult, that means you're on track. Get it. Get it, baby. Game on. Get it. You can do it. This is The Ramsey Show.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Dr. John Deloney, Ramsey Personalities, my co-host today. Brenda's in Las Vegas. Hi, Brenda. Welcome to the Ramsey Show. Hello. Hi, what's up?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Yeah, I'll pass on the rent to my parents option. So they're going to sell their property there, and it's worth what?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
And they can't buy anything in Las Vegas for half a million. Come on.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
I would buy a nice condo that I didn't have to do any maintenance on in an area that demographically, you know, I'm not moving into a neighborhood that's a bunch of 20-year-olds if I'm 80.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
And those properties, when these two pass away someday, you can market that property. That ain't trouble. You're not going to be stuck in it. It's not a weird property.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Yeah, pay cash for half a million or less. That's what they're moving the other property out for, right?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Your biggest expense in every budget is housing. And when it goes up every year, you've destabilized your environment. So let's take it off the table. Yeah. So let's stabilize the environment, zero payments. And now, now we've got a sustainable situation with peace for them and they're near you. And by the way, the difference in where are they moving from in Florida?
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
But the difference in cost of living there and the cost of living in Las Vegas is very little except real estate. Real estate's way different. I'll go along with that. But a gallon of gas is about the same. A loaf of bread is about the same. It's not like double in Vegas where it is the panhandle in Florida. It might be 10 cents more a gallon or something like that.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
It's 10 cents more a gallon in my neighborhood than it is one county over. because they can get away with it in my neighborhood. But you're going to get some of that kind of stuff. But by and large, cost of living, when you say that, really electricity, not substantially different. Property taxes, maybe higher. Yeah, might have that.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
But real estate related things, that's where you see most, that drives most cost of living indexes into a spiral. If you take real estate out of cost of living indexes, you don't find huge differences in a household budget from city to city. You find some difference, but not huge differences. So that changes the conversation, too, when you reframe it that way.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Who knows? So here's the thing. I mean, that's a really good point to pan back and keep perspective. Because in 2008, when the real estate market, Vegas was one of the – it was the fastest growing city in America at that point. And they got crushed. And they got the hardest hit on the bubble. They had the most value loss of any city in America. Now, it rebounded very quickly.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
And so it just does... So who knows? And who would have predicted 2008? Because Vegas was a boom town. If you'd have done this deal in 2007, 2006, you wouldn't have... You're exactly right.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Because... It's odd that that but it did it went it went in half you could buy real estate everywhere Wow, and then it bound bounded right back. Thank God. It's a wonderful city and the last time I was there They're building like crazy economically. It's a wonderful city again. Yeah, but but that just tells you 2008 not that long ago, right? We're only 15 years.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Yeah, so that you know, it's not that That's a good point. And that, gosh, if you'd have done this deal back then and they were 20 years later, 30 years later, 30 years, 20 years, a long time.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
If you pan back, you'll make better decisions. Yeah, just solve for peace right now. Yeah, solve for peace long-term to make better decisions. I was doing a podcast this morning with a friend of mine that's just started a new one that's famous. It'll be out later.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
No? Why? How come? Because you got a million foreign death benefit minus 600.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
taking uh i mean if they're terminally ill and got a year to live if you want to play that gamble on your parents death game you can um i'm personally not doing that um and i don't think they are i don't think they're one year from grave we i may be one year from grave i don't know but um uh but but the uh you know i
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
you guys are paying so much in such extreme costs and have for so long on these ridiculous things that the last thing i'm going to do is keep giving these people money um i just couldn't do it and so but again if someone's terminally ill that's on one of these policies and you think they're you know you think they got a one year um as my grandpa said he said i'm not buying green bananas
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
you know, you think we're running on the end of this thing, then if you want to play that gamble game against their death, that's called an actuarial table. It's the statistical probability of death versus the game you're playing. And I personally, unless someone is in hospice or something, I'm not going to fool with that. The other question is, are they okay?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Have you got their finances set up in such a way that their mom's going to be okay if dad dies financially? Right. Without these policies, I think she is. And then the same question the other way. But, I mean, you do whatever you want to do. That's a different situation. And then the loan you've got back to them for the doggy, whatever it was, hotel or whatever it was, the...
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
If you've got siblings and so forth, you may have some issues of dividing that up. You may end up owing them, depending on how this will is set up. I don't want to know how the will's done for your sake, but wow. Zero chance he does it. Agreed. This is The Ramsey Show.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Merry Christmas. Hey, check out the last chance to grab some life-changing books and ideas. Better than an ugly tie for people you love. Yeah, get something that actually matters, like Building a Non-Anxious Life by Dr. John Deloney, Breaking Free from Broke by George Camel. Of course, Paycheck to Purpose by my own Ken Coleman sitting here, my co-host today.
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Delayed Gratification Is a Key Ingredient to Building Wealth
Okay, and what do you make in a year?
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Delayed Gratification Is a Key Ingredient to Building Wealth
Obviously, Total Money Makeover, Baby Steps Millionaires. Those are all on sale. Questions for Human Cards by Deloney. Oh, all of this at RamseySolutions.com. And I bet you, for most of you, we can still get it to you. So check it out. But you better not wait. You better not wait. All right, Taylor is in Fort Worth. Hey, Taylor, what's up?
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Delayed Gratification Is a Key Ingredient to Building Wealth
Another way that I've learned on big stuff, whatever the big stuff is that helps me and it helped me to make. That's why I spoke so quickly is if I pan back and I say, all right, I'm now talking to 58 year old Taylor.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Which one would she have wished she had done? Ding, ding, ding, ding. It's real easy. Yeah. I heard it in your voice. Mm-hmm. And it's not your friends. It's not what your friends are doing. I don't give a crap what your friends are doing. I was just listening to you, and you're trying to say, okay, should I go make more money and expand my career and therefore have children later?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
But I kind of, you know, I heard it. I want to have them now.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Yeah, you're fine. You'll be okay. You'll be okay. Just keep working your baby steps, and then at the appropriate time, you can work on a nurse practitioner, which, by the way, is an incredible, wonderful control. That's a beautiful career field. You're going to make so much money, and you're going to have so much access. You'll have all the work you'll ever want. You'll always have work.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
So really good. Devin is in Raleigh, North Carolina. Hi, Devin. How are you?
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Delayed Gratification Is a Key Ingredient to Building Wealth
Better than we deserve.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Oh, high-yield savings is fine.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
You're going to make a little bit of interest, but the money you're going to have for your down payment is going to be from the sweat of your brow, not from the interest rate.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Live from the headquarters of Ramsey Solutions, it's the Ramsey Show. We help people build wealth, do work that they love, and create actual amazing relationships. Ken Coleman, Ramsey personality, number one best-selling author of the book Paycheck to Purpose, is my co-host today. Open phones at 888-825-5225. Leon is with us in San Francisco. Hi, Leon. How are you? Hi Dave, how's it going?
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Delayed Gratification Is a Key Ingredient to Building Wealth
Because you're not going to have it in there long enough to make any interest amount to anything.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
You're the secret sauce to having a down payment, not the investment. I mean, just go ahead and get what you can get, a high-yield savings, what, four or five right now, that kind of thing. There's nothing wrong with that, but I mean, 5% of $100,000 is $5,000. And that means if you had 100 grand in there, you'd have 105. 100 versus 105 does not change the house you buy.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Okay, good. Well, you've done really well. Congratulations. Thank you. There's a couple of rules of thumb. Generally speaking, you do not want to own all the things you have with motors or wheels to be more than about half your annual income. Now, your income is a little wacky because you've made big chunks of money doing a few deals here or there that don't really include your $300,000.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
The 100 is what changes the house you buy. So you're the secret sauce that put the 100 in there. Because, again, interest rates matter a lot more when you're thinking in a long-term time horizon. Mathematically, they matter a lot more. And so, yeah, I would just park it in a high-yield savings. You don't have to think about it.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
That's fun. Absolutely. Mary is on Facebook and says at age 56, how much should I have saved for retirement by now? Oh, no, you're not going to make it. You're going to be fine. I don't even know how much you have, but you're going to be fine. There's not a set number, okay? The goal is by the time you quit working, whenever that is, and the government made up the number 65. No one else did.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
It just made up. Okay, so you can work till 85. You can work till 105. I don't care. You just work until you don't want to work or till you hate that job and you go do something different, right? But if you can live off of 8% of your nest egg and it's invested at 12, you'll be fine. So if you have $500,000, 8% of that would be $40,000 a year. And it'll be growing at a little more than that.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
It'll be growing at about 60,000 a year. So if you grow 60 and you pull off 40, you'll be fine. And that program right there will run in perpetuation. It doesn't have an end. You never run out of money with that program. So if you build a nest egg that you can live off of 8%, then boom, you're going to be there just fine.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
So just start targeting that and be serious about it, be intentional about it, but don't be anxiety ridden about it. This is The Ramsey Show.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Student loan debt is an epidemic, and defaulting on debt makes you feel even worse. But our question of the day sponsor, YRefi, refinances defaulted private student loans and builds a custom loan based on your ability to pay. You'll have a payment you can afford with a low fixed interest rate you couldn't get anywhere else. So go to YRefi.com today. Slash Ramsey, that's the letter Y.
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Delayed Gratification Is a Key Ingredient to Building Wealth
R-E-F-Y dot com slash Ramsey. Might not be in all states.
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Delayed Gratification Is a Key Ingredient to Building Wealth
So this violates that. You know what I'm saying? It's more than half your annual income. So that's one rule I look at. It's not a hard and fast rule. The second thing is, the main thing I do today, if Sharon and I are doing something that feels kind of, Like a weird large purchase that strangely, or even a large amount of money we're giving away in generosity, the same thing.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
And then they can decide. Completely agree. Because, Kate, you did not say she has this extreme passion and apparent natural talent and bent towards X, because you did not say that, that would have led her towards a business. The people that we've talked to that are –
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Delayed Gratification Is a Key Ingredient to Building Wealth
18 or 19 or 21 years old that have had success and they call this show and they are really killing it and we're all kind of aghast at how how far ahead of this curve they are running their own thing they almost always had a natural gift towards something uh technology is not unusual for a 19 year old today to be something that they would
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
You know, they've been screwing around writing code, messing around building apps, and all of a sudden they built an app and took off and ran a business, okay? Or, you know, whatever. That's fine. I mean, that would be Michael Dell. That would be Bill Gates. Both quit college. And Steve Jobs. All three. All three companies were formed by college dropouts. And so, but they were...
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
super nerds with their eye exactly on what they wanted to do. There was no question. Instead, you're asking a very generic thing. My husband and I always wish we were in business, so we wish our daughter would go into business, but none of us have a clue. No, don't go in business. Business is too hard.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Don't put an 18-year-old, 20-year-old out there with no education to go into business doing that. No. If she thinks that in talking with her that she has, Got some entrepreneurial flair and wants to do a business someday, maybe in the future. A great, you know, just get a business degree. Get a degree in finance, a degree in marketing. You'll learn accounting. You'll learn statistics.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
We use the burn the money in the middle of the floor thing. If I took this much money and set fire to it, does my life change? If the answer is yes, then it's too expensive. I see. I think you could lose 8% of your net worth. 250 as a percentage of 3.8 million, and probably not miss it. Okay. Because the 250 is going to be worth 150 in 20 minutes. You know that.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
You'll learn marketing. You'll learn strategic thought. I mean, you'll get some of these basic things and a good four-year degree. That's what I have. And I use a lot of those classes I took 40 years ago every day running Ramsey. You know, it's a $300 million company. It's a dadgum good thing I had a couple of accounting classes. Hello.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
You know, rather than just trying to figure that out with a high school accounting class. And so it's a good thing that I, you know, understand marketing at an academic level before I actually get neck deep in it.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
and then try to figure out how it works out here in the real world too so i would do that if she thinks she's going to go that direction combined with ken's advice of really go in there and study study get go visit these places quit talking about this stuff in the abstract um Here's what we know about entrepreneurs. Business is very hard. It is.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
And people that have never started a small business and run one have this romantic view. Yeah. But there's a lot of dirt under the fingernails, boys and girls. I mean, it's long hours. It's the hardest boss you'll ever work for in your life. That guy's a dadgum slave driver.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Because in air quotes, I always wanted to work for myself. Yeah. You're not going to make it. No, no chance. It's too tough. You're going to get your butt run over in the middle of the street, man. I mean, you're just going to be roadkill. And it's just too, I mean, because you put up with too much, you shovel so much manure, it's unbelievable.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
There's a pony in there somewhere, but you got to shovel the manure. I mean, it's real. And I'm not complaining, and I'm not whining. But I have a call for a certain thing. That's correct. And I've had two in my life. I mean, one on real estate and went broke, and then one doing this. And I could do the real estate tomorrow and still be okay.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
But obviously, God called us to this right here, and I'm happy with that. But yeah, I wouldn't put up with the BS. Nobody will. That's why we see business people quit all the time. It's why we see a chef who is good at cooking and nothing else has a failed restaurant. That's why restaurants have the highest failure rate of almost any stinking business category.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Because somebody thinks because they can cook or like cooking for their friends that that makes them a restaurant owner. No. You've got to hire and fire people all day long. Restaurant has a 325% turnover ratio in a year. It means you have to hire three people to fill that one position during that year. So you're in the hiring business. You're in the firing business.
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Delayed Gratification Is a Key Ingredient to Building Wealth
You're in the food sourcing business.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
There's all this stuff that goes with running a business. It's not cooking. That's right. And it blows a chef's mind, and they go, oh, God, I wish I'd never. That's right. We all wish you'd never.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
You know, it's even like when we're talking with entree leaders, these small businesses, and they're getting ready to promote their best salesperson to be sales manager. It's two different skills. That's exactly right. You're managing salespeople is different than making sales.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
So sometimes one of the worst things you can do is take your best seller and turn them into a sales manager because they don't have that skill set. They're good at selling. They're not good at managing sales people.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
So, you know, you need to get in there what it is. So that's a great question, Kate. And we'll have the team send out. I love the student assessment.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
That's right. I'm not completely killing that. But make sure you understand that, you know, business is not romantic. This is the Ramsey Show.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
I mean, we already established 450 turned into 250, right? Right. It's going to go down in value, and the bigger it is, the faster it's going to go. I mean, the good news is most of the loss is gone. The first 10 years, you're going to lose the most of it. And don't get caught up in the illusion it's going to go up in value. They're not. They're going to go down in value.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Live from the headquarters of Ramsey Solutions, it's the Ramsey Show. We help people build wealth. Do work that they love and create actual amazing relationships. Thank you for joining us, America. We're so glad you're here. Ken Coleman, Ramsey personality, number one best-selling author, host of the Ken Coleman Show. And, of course, the book is Paycheck to Purpose.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
The other one's Proximity Principle. He's my co-host today. Open phones at 888-825-5225. Andrew is in Winston-Salem, North Carolina. Hi, Andrew. Welcome to the Ramsey Show.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
put that back into the 401k to hit my 15 is that correct yeah exactly unless your 401k offers a roth and has good options good mutual funds to pick from in which case you could just put it all in there doesn't matter but um okay does your does your company offer a roth 401k
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
It's not whether it's from Fidelity. Fidelity offers Roth 401ks to the employers that use Fidelity to manage their 401ks. And the only question is whether your employer allows that or not. If they do, you need to switch your whole thing to Roth. Now, do you have good long-term options for mutual funds inside that 401k?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Okay. Well, you know, if you've got great options there, I would just put it all there, and I'd put it all in Roth.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
That's what, you know, if that gets you to your 15%, if it doesn't, then you can open a Roth, and I would go to a smart investor pro at RamseySolutions.com to get your investing started. But the mutual fund family, the brand is Fidelity. Okay. There's Vanguard. There's Templeton. There's American Funds. Those are brands like Campbell's Soup.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
And let me just tell you, the new ones are better. They don't make them like they used to. Thank God. I got a 1960 Corvette frame up restoration compared to the new Corvette. It's a piece of crap. I mean, compared. It's a beautiful little antique car, but thank God they don't make them like that anymore.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
But then the mutual funds inside is the vegetable soup or the chicken noodle soup or the chili or whatever analogy or metaphor we want to use here. So you don't have to have all of your soup from Campbell's. You could get a different brand of soup. So it's not required that you go get a Fidelity Roth just because your 401K is that. Not at all. I'm not saying they're bad.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Most of these fund families, these brands, have good funds and bad funds, track record-wise. So you just need to learn about their track records. And if you want some further help, do go to RamseySolutions.com and sit down and Do that. And Ken, the big thing he's doing right is he's actually doing it. Yeah.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
And that's fun to hear. Yep. Yep. Absolutely. And yeah, it's like, man, I got rid of all those payments and I got some money to invest. Time to flip the switch from being a broke person to being a rich person. Right.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
So about what we teach on that number, just take your household income. If you're married, you and your spouse's income total times 0.15. And that dollar amount needs to be going into retirement somewhere, somehow. The best thing you can do is take a match, regardless of if it's Roth or traditional. If your company's matching, like he's got a 6% match, the best thing you could do.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
And the 6% match does not count towards a 15. You are putting 15 in. The fact that they give you 6%, that's irrelevant. It's wonderful, but it's irrelevant to this discussion. So you put in 15%. That was your point. That's right. But it's kind of a rock, paper, scissors, except it only goes one way. Match... beats Roth, beats traditional. So you go down the order.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
You first get all the match you can get. If they have a Roth, like I suggested to him, he may. Then you get the match in a Roth. That's a double win. Then you max out in Roth. And if you can't do anything except traditional beyond that, because, for instance, you did a – your company only has a traditional 401K, so you got the 6% match. Like he may have. He thinks he might have.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Then you move on from that 6%. We move on down. We do Roth at the – At the SmartVestor Pro, well, that Roth amount plus the amount you put in the 401k at 6% match, still not up to 15%. Then the last stage is you'd go back and finish off with the traditional, which he had that exactly right. That's right. He'd been listening and had that figured out exactly. So match beats Roth beats traditional.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
We have, like, brakes that work and power steering and all kinds of modern conveniences now, you know? And so, you know, it's... So, number one, if I burn the money in the middle of the floor, does it affect my children, my grandchildren, my wife? No, it doesn't. You can do it. You can afford the car. I think you can afford the car. Then the last thing I do...
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Because a match is 100% ready to return. You put in $1,000, they put in $1,000. You made $1,000 on your money instantaneously. And there are no mutual funds that have 100% ready to return. None.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
and there are no taxes that are 100 tax rate so you can always win with a match always matches trump card it wins the whole thing tara is in salt lake city hi tara welcome to the ramsey show thank you dave i'm happy to be here good to have you what's up i um little background i have a degree in health care administration and since i had babies i found some jobs
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Well, no, why doesn't he want you touching it? That's weird.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
No, but she also didn't want to and didn't have the skill set to. She does not have an accounting background like you do. This is like someone who says family should never work together. That's bull. Family can work together just fine as long as they know how to do it, as long as they know how to have the relational skills. A therapist that does not have the relational skills to do this scares me.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Well, I mean, he's there up in something. You're doing some kind of teaches people to function with other human beings. That's what therapy does.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Yeah, that's weird. It's weird. No, I think you should be involved. But I think you also need to learn to work together sweetly. This is The Ramsey Show. Hey, I'm excited to talk about a new sponsor, Burna. You all probably know I'm a gun guy, but I'm big on safety, so I'm also a Burna guy. Burna is the un-gun, a less lethal option that protects you in more ways than one.
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Delayed Gratification Is a Key Ingredient to Building Wealth
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Delayed Gratification Is a Key Ingredient to Building Wealth
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Delayed Gratification Is a Key Ingredient to Building Wealth
And other Burna products like safety alarms, defense sprays, and body armor are also 10% off for Ramsey fans. See why Burna has more than 15,000 five-star reviews. Just go to Burna.com slash Dave to learn more. That's B-Y-R-N-A.com.
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Delayed Gratification Is a Key Ingredient to Building Wealth
Leon, is I ask myself some contentment questions, particularly about cars because I'm a car nut. If no one ever sees this car and only I see it and enjoy it, do I still want it? For me, if I'm driving that car, the answer is yes. Because I don't give a crap what you think. I'm going to enjoy that freaking fine piece of machinery, right?
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Delayed Gratification Is a Key Ingredient to Building Wealth
Thank you for joining us, America. We're so glad you're here. Open phones at 888-825-5225. If you want to help us out, we can use your help. Click subscribe. On the format that you're listening or watching, YouTube or a podcast, click the follow button maybe. Maybe the share button also where you can share the show or cut a link out and send it to somebody and say, hey, listen to the Ramsey Show.
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Delayed Gratification Is a Key Ingredient to Building Wealth
It's helping me. Check these guys out on Spotify, Apple, wherever it is, Google Play, wherever it is. on our local talk radio station. Help us share it. Tell people about us. When you do that, it makes a big, big difference. Thank you very much. And those five-star reviews, you can keep those coming, too. They're very, very helpful.
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Delayed Gratification Is a Key Ingredient to Building Wealth
All that changes the algorithms on those things and pushes those formats right up into somebody's face, and we're able to help more people because you guys followed, shared. subscribed and left nice reviews and so on. Jan is with us in Tampa. Hi Jan. Welcome to the Ramsey show.
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Delayed Gratification Is a Key Ingredient to Building Wealth
Yeah, if it's a two-year-old or one-year-old debt, yeah, they're going to, in a lump sum, they won't do that on payment plan. How can we help you today, Jan?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
They have you. I mean, if you quit paying those payments and they don't have anything coming in, they might if you want to do that. But if you can pay this out now that you've done it, pay it out. But if you're not able to do it, then you're not able to do it. You settle a debt when you're not able to pay it.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
It's a balance in there. It's not... It's are you able to, in the next 20 months, you know, pay your lights and water, food, work some extra jobs, and pay your bills? If you are, then pay up. If you're not able to and you're behind and you call them up and you offer them pennies on the dollar as a lump sum, which is what you're talking about, I recommend. But that's only for someone who can't pay.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
It's not a get-out-of-debt technique for someone who's able. I have $10,000 in the bank. I owe $10,000. Write a check. don't settle a debt like that. If you took out the money on the credit card, right? Yeah.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
It doesn't sound like she's trying to violate that, but I'm just trying to distinguish for her. I think she tried to get a deal for a listening audience plan. And now she regrets that. Yeah. That's, that's exactly what it is. Yeah. But that does also sound like you can pay it.
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Delayed Gratification Is a Key Ingredient to Building Wealth
But if you're buying it to impress other people, that's a danger sign spiritually. Agreed? Agreed.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
It's hard, but you can pay it. If you can pay it and do your other stuff, then do it, uh, finish it out. You'll be done. Um, And, you know, maybe they waive some interest or something like that. That's fine. Austin is in Spokane. Hi, Austin. Welcome to the Ramsey Show.
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Delayed Gratification Is a Key Ingredient to Building Wealth
We announced 32 promotions and staff meeting this morning. Exactly. Very normal.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Is it too late at that company to go in and sit down with a supervisor and say, how can I add value?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Hey guys, I've never done this before, but I'm partnering with a nutrition company, Field of Greens. Each fruit and vegetable in Field of Greens is selected by doctors to support heart, liver, and kidney health, plus metabolism for healthy weight. And your doctor will notice your improved health, or Field of Greens will give you your money back. I can get behind a promise like that.
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Delayed Gratification Is a Key Ingredient to Building Wealth
Go to fieldofgreens.com slash Ramsey and get 15% off with promo code Ramsey. fieldofgreens.com slash Ramsey. Hey guys, Dave Ramsey here, and I got a big announcement. I'm coming to a city near you live on the Money and Relationships Tour with Dr. John Deloney. This is the most interactive event we've ever done. You get to decide what we talk about. You do not want to miss this.
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Delayed Gratification Is a Key Ingredient to Building Wealth
We'll be coming to Louisville, Durham, Atlanta, Phoenix, Fort Worth, and Kansas City in April and May of 2025. Get your tickets and more information at ramsesolutions.com slash tour. You ever stood in the grocery store line nervous that when you spent that money it was going to cause check to bounce? I have. That's scary. Life's too short to live scary like that. You want to stop it?
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Delayed Gratification Is a Key Ingredient to Building Wealth
You have to tell your money what to do instead of wondering where it went. That happened to me when we were going broke. I got a brand new baby, a toddler and a marriage hanging on by a thread. Sharon would have left, but she didn't have a car. I mean, we were not, it was not good at our house. And I remember I can show you the Kroger. I was standing in line.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
I'm writing a check and I can't figure out in my head if when I buy these groceries, if there's going to be enough money to pay the electric bill, if the electricity is going to get cut off because I bought groceries. See, when you have a written, detailed plan, you'll never have that feeling again. You'll know.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
This is how much I have for groceries, and that means I have enough for lights and enough for water and enough for the rent and enough for the kids' school activity. and enough for whatever, because you've got it written down. And you know, if I stay inside this number that's written down for this category, that means the other categories get to exist without any trouble. The stress goes way down.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
The anxiety evaporates. The old word we used to use is you are empowered. Remember being empowered for things, Ken? That was a long time ago.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Yeah. It's okay. You're empowered. You're in control of your money instead of it. Money is a great slave. It's a horrible master. You need a written, detailed game plan for your money. It's called a budget. And that's why we developed EveryDollar, because EveryDollar gets an assignment before the month begins, and you agree on it with your spouse.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
You can download the world's best budgeting app called EveryDollar for free in the App Store or at Google Play. Or you can click the link in the description if you're on podcast or YouTube. Kathy is with us in Indianapolis. Hi, Kathy. Welcome to the Ramsey Show.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
No, I said, is that her father?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Okay, so she doesn't want a relationship with her father.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
I mean, he yells at people or what?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Before we buy toys, we grow up and pay off the mortgage. So you need to pay off the mortgage, too. You've got the money in brokerage to pay it off. You've got the money in brokerage to buy this car, and you're still fine, and you've still got the exact same net worth when we're done with this discussion. So until the car goes down in value.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
I do not like that your daughter and your grandkids are driving this. You owe your marriage more than that. How long have you been married?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
So you need to go, you without your daughter's input, I'm tired of her input already, you need to go sit down with a counselor and start talking to the counselor about how to talk to your husband of 40 years that you're going to require him to sit down in counseling with you and you need to be able to give some words to that for you to stay in the marriage.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Yeah, because you ran off to another city for three weeks at a time and griped with your daughter about how bad a man this is that you've been married to for 40 years. Of course, it's not getting better.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Then you guys have to decide if you're going to be married and then you need to decide that. And then you'll decide whether you're going to do stuff. No, I would not try to live in two different cities and act like we're not married when we're still married. That would, that would be suicidal relationally, emotionally, financially.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Um, when you, when you divorce, you turn your, your balance sheet into a business. And you're just going to look at what we own and what we owe, and that's going to be split. And so you got to start thinking about that.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
No, I wouldn't do any of that. I think you've got a whole lot bigger problem than whether you're in stocks or bonds, honey. In a marriage of 41 years, you need to think about it. You all need to concentrate on that. You need to put a bow on that one way or another. Either we're in a healing mode.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
um or we're in an ending mode when it ends you take your poker chips off the table then you sit down and you know you can go to ramsey solutions and click on smart investor pro they'll sit down put you in some mutual funds is what i would do it's pretty simple i wouldn't be in stocks i wouldn't be in bonds i wouldn't be in 70 30 it wouldn't be in 90 10 be 100 of mutual funds that's what i'm in and you've been listening to me you already knew that
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
So, wow. That's a sad place you're in, honey. Real sad. This is The Ramsey Show. Folks, the Ramsey Christmas Cash Giveaway is here, and you could win big. We're giving away $500 prizes each week and one grand prize of $5,000. Enter daily for your chance to win at RamseySolutions.com slash giveaway. It's that easy. Plus, our 50 days of Christmas deals is on right now.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Get up to 30% off bestsellers and life-changing gifts that won't break the holiday budget. RamseySolutions.com slash store. Ken Coleman, Ramsey Personalities, my co-host. This is the last segment on the podcast and on YouTube. If you want to pick up the next segment, all you do is go to Ramsey Network app. It's completely free. Download the app.
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Delayed Gratification Is a Key Ingredient to Building Wealth
You can watch, listen to the show, all of the show, including the next segment, the after show, so to speak. And those of you on talk radio always get what you always get. And there's all kinds of other stuff on the Ramsey Network app, all the other shows. You can search this show by subject. You can send emails, and it's 100% free. There's not a subscription level on it at all.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
We're not selling a subscription. It's a completely free app, the Ramsey Network app. Be sure and join it. Put that on your phone. Start listening, using that to consume this show. Nicholas is in Washington, D.C. Hi, Nicholas. How are you?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Better than I deserve. What's up?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
You graduated from college and took $130,000? What's your degree in? Computer science. Way to go, dude. Man, look at you.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Here's what I would do in your situation. You need to do a detailed written plan, and you're good at detailed written plans with a computer science degree, of what you're going to do with every dollar before the month begins. Now, you do not know exactly what your take-home pay is yet, but you can probably get pretty close, okay? And I would not stay with your parents six months and save money.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
I would stay there three months until you found a nice place and get out.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Perfect. Then budget that out. Stay there three months and find you an apartment and get the heck out, man. Start your life.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Nope. You need to bid a fourth of your income, a fourth of your take-home pay.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
So you may want to get a two-bedroom, get a roommate, or you may want to live a little bit further out with a bit more of a commute than you were looking at. You're not going to be able to afford to live in the cool area of D.C., not on $130,000. It's not a $130,000 budget. Yeah. But you can live in the area. You just can't live in the cool kids area. And that's where the apartment was. Yeah.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
No, I think you need to dump everything you got on the 30k until you get rid of it.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
He can afford it, and it's not going to ruin him.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Then after that, I would start, I'd make sure you had an emergency fund of three to six months of expenses. After that, I'd start putting 15% of my income away towards retirement in my 401k. And, um, really you should be there within a year, but, um, let's take this year and get the 30 K and build an emergency fund of 20,000 cash. Start talking about maybe buying a house someday.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
And let's start putting money in our 401k at that point.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
I'm going to send you a copy of the book, The Total Money Makeover, which outlines what we call the baby steps, Nicholas, and it'll walk you through every little bit of that and jump online and get every dollar of the budgeting app for free and get started on laying out your budget and give every dollar a game plan before the month begins, but completely concentrate on the debt until it's gone.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
I mean, if you call me up and you tell me you make $300,000 a year, and I dreamed about it since I was a child, I'll kiss my butt. And I got no money, and I'm going to go get a car loan to buy that. No, I'm going to rip you to shreds. No, that'd be dumb. Okay? For your own sake, because I love you. But, yeah. Yeah. But, I mean, yeah, really. So, honestly, it doesn't make the sale to me –
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
And, you know, two to three months at your parents' house is plenty in this situation.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Now, we have this sense when we take a step up, when we level up, and you're leveling up by graduating and getting a great job. It's human nature to have a sense of going, I deserve. That's right. And let me help you with what you deserve. You don't deserve anything unless you can pay for it. That's your measure whether you deserve it or not. No, I don't care.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
If you have the money, you deserve it. If you don't have the money, you don't deserve it. You haven't made enough yet. And that slows your butt down and pushes you into a contentment zone, which goes, okay, and then I'm going to live like no one else so that later I can live and give like no one else. Nick's in West Palm Beach. Hi, Nick. How are you?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Better than I deserve. What's up?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Better than I deserve. What's up?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
How big a bonus do you, we're talking about?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
How much money do you have?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Because I've had to quit doing that myself. I always wanted that since I was a child. That's not justification for spending money you don't have. So go make some money. But if you have the money and it's just something you want, then go for it. I mean, it's not the end of the world. But that's the trick. Well done. Well done. Well done. This is The Ramsey Show.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
You'll lose them. That's right. You have the money.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
It's not like you have $30,000 in bonuses and $30,000. Right. Sure, sure.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
yes and so and and if the truth is we're not profitable enough to pay out bonuses this year but that's not even the truth here truth is you have the money you just want to put it on debt instead and um so i in that case no i think part of running your business is a small and these are small christmas bonus and yeah just be i definitely would give that out i'd give it out today by the way in cash as soon as you get off the phone this is the ramsey show
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
One of the questions I get all the time is, which life insurance company should I use for my term life policy? A valid question since there are hundreds of companies out there with rates all over the place and riders and add-ons that are simply a waste of money. need to get this done and make the right decision.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
That's why the only company I use and have recommended for over 25 years is Zander Insurance. Zander is a broker who shops the top term life companies for you and finds the best rates available from the
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
only plans i recommend they also save you time whether you want to work online over the phone or via text their team will cater to your needs and help you make the right decision this is an absolute necessity and zander has made the process easy and convenient call them at 800-356-4282 or visit zander.com for instant online quotes Ken Coleman, Ramsey personality, is my co-host today.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Thank you for joining us. Merry Christmas, America. We're glad you're with us. Robert is in New Jersey. Hey, Robert, welcome to the Ramsey Show.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
So apparently your parents don't need the actual life insurance, right? Um, well, I mean, look, they took these out, uh, thinking, Hey, what I'm asking is that if your dad died today, your mom's not going to get much money because the loans, the loans are repaid from the death benefit.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
The total value... So if you have a face value of 1.4 and you have loans of 600, they currently have $800,000 in actual proceeds would come to your mom if your dad died.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Um, Well, I don't think you guys are going to do what I would do because you're so far afield and your parents are so heavily emotionally invested in this process that I don't think there's a snowball's chance that you guys are actually going to do this. But you asked, so I'll tell you. I owe you that. What would I do? I would cancel the whole life policies completely, cash them out, and end it.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
I would just end it. Because your mom is going to be fine. And if they want you to execute a note for $600,000 back to them, then you would owe them that money because you've reduced the amount they're going to get from the cancellation of the policies by the loan you've taken out. So, you know, they either need to get equity in the business and or more equity in the business.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
I know, but does that offset the loan? No. You're still paying on the loan. Gotcha. Right?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
You can't. Your parents can cancel them today.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Right. Okay. But they got rid of all the expenses. And you're not paying interest on your own money.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Okay, so a 10-year-old has lost $200,000 in value. Yes. That's about right. Okay. And what's your net worth? You sound like you're a bazillionaire or something.